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National CineMedia NCMI Barter Transaction Revenue — Cost of Goods Sold

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ALTGRental Revenue — Cost of Goods Sold
$4M-23.1%

Other financials

Income statement

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Revenue$58.4M+12.7%
Gross profit$54.7M+12.6%
Operating income-$12.8M-6.7%
Net income-$9.9M+7.5%
EPS (diluted)-$0.110.0%

Balance sheet

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Cash & equivalents$46.1M+14.4%
Total debt$21.9M+62.2%
Total equity$334.3M-4.5%
Total assets$446.3M-3.4%

Cash flow

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Operating cash flow$18.1M+202%
CapEx$700.0K-58.8%
Free cash flow$17.8M+236%

Valuation

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Market cap$370.43M-13.1%
Enterprise value$346.23M-13.4%
P/S1.5×-0.3×

Profitability

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Gross margin94.2%-0.4pp
Operating margin-11.9%
Net margin-9.5%
FCF margin6.3%-10.4pp

Returns & leverage

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Return on equity-5.9%
Debt / equity0.1×0.0×
Current ratio1.8×+0.1×

Where this comes from

Reported directly by National CineMedia in its filing.

Tagged under the XBRL concept us-gaap:CostOfGoodsAndServicesSold.

The source filing: National CineMedia’s 10-K, filed February 26, 2026.

Filed
Feb 26, 2026, 4:21 PM EST
Fiscal year
FY2025
Accession
0001193125-26-076788

The Company enters into barter transactions that exchange advertising program time for products and services used principally for selling and marketing activities, as well as for equity interests. The Company records barter transactions at the estimated fair value of the products, services and equity interests received if that can be reasonably estimated. If the fair value of the products and services received cannot be reasonably estimated, the Company utilizes the stand-alone selling price of the advertising services in the underlying contract. Revenue for advertising barter transactions is recognized when advertising is provided, and products and services received are charged to expense when used or recognized as investments as received, as applicable. Revenue from barter transactions for the years ended January 1, 2026, December 26, 2024 and December 28, 2023 was $3.4 million, $0.5 million and $0.1 million, respectively. Expense recorded from barter transactions for the years ended January 1, 2026, December 26, 2024 and December 28, 2023 was $0.5 million, $0.3 million and $0.1 million, respectively. This expense is included within “Selling and marketing costs” on the audited Consolidated Statements of Operations.

Item 8. Financial Statements and Supplementary Data

FAQ

What is National CineMedia's barter transaction revenue — cost of goods sold?
National CineMedia (NCMI) reported barter transaction revenue — cost of goods sold of $125K in Q4 2025.
How has National CineMedia's barter transaction revenue — cost of goods sold changed year-over-year?
National CineMedia's barter transaction revenue — cost of goods sold increased by 66.7% year-over-year, from $75K to $125K.
What is the long-term trend for National CineMedia's barter transaction revenue — cost of goods sold?
Over 4 years (2021 to 2025), National CineMedia's barter transaction revenue — cost of goods sold has grown at a -8.1% compound annual growth rate (CAGR), from $700K to $500K.
What does barter transaction revenue — cost of goods sold mean?
This metric captures the direct costs incurred to fulfill advertising obligations associated with barter transactions. It includes the expenses directly attributable to delivering the advertising content or promotional services provided in exchange for non-cash assets. Monitoring this cost helps assess the operational efficiency and profitability margins of the company's barter-based advertising segment.

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