MARCUS CORPMCS
MARCUS CORP Segments Disclosure
12. Business Segment Information
The Company’s primary operations are reported in the following two business segments: movie theatres and hotels and resorts. The Marcus Corporation’s chief operating decision maker (CODM) is the Company’s Chief Executive Officer. The measure of segment profit and loss the CODM uses to evaluate performance is operating income of each segment. The CODM uses this measure to evaluate trends and assess segment operating performance as compared to budget, historical periods, the industries each segment operates in and their competition in order to determine how to allocate resources to each segment. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies.
Following is a summary of business segment information for fiscal 2025, fiscal 2024 and fiscal 2023:
| Theatres | Hotels/Resorts | Total | |||||||||||||||||||||
Fiscal 2025 | |||||||||||||||||||||||
| Total Revenues | $ | 462,741 | $ | 295,269 | $ | 758,010 | |||||||||||||||||
| Less: Costs and expenses | |||||||||||||||||||||||
| Theatre operations | 234,680 | — | 234,680 | ||||||||||||||||||||
| Rooms | — | 43,624 | 43,624 | ||||||||||||||||||||
| Theatre concessions | 82,169 | — | 82,169 | ||||||||||||||||||||
| Food and beverage | — | 63,900 | 63,900 | ||||||||||||||||||||
| Advertising and marketing | 6,752 | 19,080 | 25,832 | ||||||||||||||||||||
| Administrative | 23,763 | 44,201 | 67,964 | ||||||||||||||||||||
| Depreciation and amortization | 41,755 | 26,873 | 68,628 | ||||||||||||||||||||
| Rent | 22,946 | 1,875 | 24,821 | ||||||||||||||||||||
| Property taxes | 10,561 | 5,479 | 16,040 | ||||||||||||||||||||
| Impairment charges | 5,172 | — | 5,172 | ||||||||||||||||||||
| Reimbursed costs | 3,051 | 37,649 | 40,700 | ||||||||||||||||||||
Other segment items (2) | 2,455 | 38,172 | 40,627 | ||||||||||||||||||||
| Total costs and expenses | 433,304 | 280,853 | 714,157 | ||||||||||||||||||||
| Operating income | $ | 29,437 | $ | 14,416 | $ | 43,853 | |||||||||||||||||
| Investment income | 878 | ||||||||||||||||||||||
| Interest expense | (11,472) | ||||||||||||||||||||||
| Other income (expense), net | 2,848 | ||||||||||||||||||||||
| Equity losses from unconsolidated joint ventures, net | (611) | ||||||||||||||||||||||
Corporate items (1) | (26,789) | ||||||||||||||||||||||
| Net earnings before income taxes | $ | 8,707 | |||||||||||||||||||||
| Theatres | Hotels/ Resorts | Corporate Items (1) | Total | ||||||||||||||||||||
| Additional Disclosures | |||||||||||||||||||||||
| Share-based compensation | $ | 1,015 | $ | 1,153 | $ | 5,334 | $ | 7,502 | |||||||||||||||
| Assets | 606,256 | 333,922 | 74,354 | 1,014,532 | |||||||||||||||||||
| Capital expenditures | 28,351 | 51,893 | 2,967 | 83,211 | |||||||||||||||||||
| Theatres | Hotels/Resorts | Total | |||||||||||||||||||||
Fiscal 2024 | |||||||||||||||||||||||
| Total Revenues | $ | 447,723 | $ | 287,506 | $ | 735,229 | |||||||||||||||||
| Less: Costs and expenses | |||||||||||||||||||||||
| Theatre operations | 225,472 | — | 225,472 | ||||||||||||||||||||
| Rooms | — | 43,425 | 43,425 | ||||||||||||||||||||
| Theatre concessions | 78,406 | — | 78,406 | ||||||||||||||||||||
| Food and beverage | — | 60,419 | 60,419 | ||||||||||||||||||||
| Advertising and marketing | 5,485 | 18,903 | 24,388 | ||||||||||||||||||||
| Administrative | 23,304 | 42,540 | 65,844 | ||||||||||||||||||||
| Depreciation and amortization | 45,352 | 21,917 | 67,269 | ||||||||||||||||||||
| Rent | 23,551 | 1,899 | 25,450 | ||||||||||||||||||||
| Property taxes | 9,607 | 5,029 | 14,636 | ||||||||||||||||||||
| Impairment charges | 6,823 | — | 6,823 | ||||||||||||||||||||
| Reimbursed costs | 1,314 | 39,160 | 40,474 | ||||||||||||||||||||
Other segment items (2) | 6,262 | 35,737 | 41,999 | ||||||||||||||||||||
| Total costs and expenses | 425,576 | 269,029 | 694,605 | ||||||||||||||||||||
| Operating income | $ | 22,147 | $ | 18,477 | $ | 40,624 | |||||||||||||||||
| Investment income | 2,231 | ||||||||||||||||||||||
| Interest expense | (10,972) | ||||||||||||||||||||||
| Other income (expense), net | (1,513) | ||||||||||||||||||||||
| Debt conversion expense | (15,521) | ||||||||||||||||||||||
| Equity losses from unconsolidated joint ventures, net | (604) | ||||||||||||||||||||||
Corporate items (1) | (24,454) | ||||||||||||||||||||||
| Net loss before income taxes | $ | (10,209) | |||||||||||||||||||||
| Theatres | Hotels/ Resorts | Corporate Items (1) | Total | ||||||||||||||||||||
| Additional Disclosures | |||||||||||||||||||||||
| Share-based compensation | $ | 932 | $ | 1,053 | $ | 6,221 | $ | 8,206 | |||||||||||||||
| Assets | 643,488 | 310,856 | 90,184 | 1,044,528 | |||||||||||||||||||
| Capital expenditures | 20,961 | 48,930 | 9,319 | 79,210 | |||||||||||||||||||
| Theatres | Hotels/Resorts | Total | |||||||||||||||||||||
Fiscal 2023 | |||||||||||||||||||||||
| Total Revenues | $ | 458,394 | $ | 270,835 | $ | 729,229 | |||||||||||||||||
| Less: Costs and expenses | |||||||||||||||||||||||
| Theatre operations | 230,770 | — | 230,770 | ||||||||||||||||||||
| Rooms | — | 41,071 | 41,071 | ||||||||||||||||||||
| Theatre concessions | 75,903 | — | 75,903 | ||||||||||||||||||||
| Food and beverage | — | 57,871 | 57,871 | ||||||||||||||||||||
| Advertising and marketing | 4,277 | 18,362 | 22,639 | ||||||||||||||||||||
| Administrative | 23,609 | 35,423 | 59,032 | ||||||||||||||||||||
| Depreciation and amortization | 48,378 | 18,569 | 66,947 | ||||||||||||||||||||
| Rent | 23,952 | 1,801 | 25,753 | ||||||||||||||||||||
| Property taxes | 12,253 | 5,583 | 17,836 | ||||||||||||||||||||
| Impairment charges | 1,061 | — | 1,061 | ||||||||||||||||||||
| Reimbursed costs | — | 37,420 | 37,420 | ||||||||||||||||||||
Other segment items (2) | 2,015 | 37,222 | 39,237 | ||||||||||||||||||||
| Total costs and expenses | 422,218 | 253,322 | 675,540 | ||||||||||||||||||||
| Operating income | $ | 36,176 | $ | 17,513 | $ | 53,689 | |||||||||||||||||
| Investment income | 2,426 | ||||||||||||||||||||||
| Interest expense | (12,721) | ||||||||||||||||||||||
| Other income (expense), net | (1,832) | ||||||||||||||||||||||
| Equity losses from unconsolidated joint ventures, net | (149) | ||||||||||||||||||||||
Corporate items (1) | (19,763) | ||||||||||||||||||||||
| Net earnings before income taxes | $ | 21,650 | |||||||||||||||||||||
| Theatres | Hotels/ Resorts | Corporate Items (1) | Total | ||||||||||||||||||||
| Additional Disclosures | |||||||||||||||||||||||
| Share-based compensation | $ | 900 | $ | 979 | $ | 4,515 | $ | 6,394 | |||||||||||||||
| Assets | 696,128 | 280,568 | 88,407 | 1,065,103 | |||||||||||||||||||
| Capital expenditures | 15,131 | 22,890 | 753 | 38,774 | |||||||||||||||||||
(1) Corporate items include amounts not allocable to the business segments. Corporate revenues consist principally of rent and the corporate operating loss includes general corporate expenses. Corporate information technology costs and accounting shared services costs are allocated to the business segments based upon several factors, including actual usage and segment revenues. Corporate assets primarily include cash and cash equivalents, furniture, fixtures and equipment, investments and land held for development.
(2) Other segment items includes losses or gains on disposition of property, equipment and other assets, preopening expenses, and other operating expenses.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Mar 1, 2024 | |
| 2022 | Mar 2, 2023 | |
| 2021 | Mar 3, 2022 | |
| 2020 | Mar 5, 2021 | |
| 2019 | Feb 24, 2020 | |
| 2018 | Mar 12, 2019 | |
| 2017 | Mar 13, 2018 | |
| 2016 | Mar 14, 2017 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.