Market Newsdesk

Creating America’s First Transcontinental Railroad: Union Pacific and Norfolk Southern’s Amended STB Merger Application Estimates Shippers Will Save $3.5 Billion Annually

OMAHA, Neb. & ATLANTA–(BUSINESS WIRE)–
Union Pacific Corporation (NYSE: UNP) and Norfolk Southern Corporation (NYSE: NSC) today submitted an amended merger application to the Surface Transportation Board (STB) seeking approval to create America’s first transcontinental railroad. Additional analysis reinforces that the combination will drive growth, enable substantial cost savings for shippers and strengthen the U.S. supply chain.

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“After completing the additional work requested by the STB, the facts remain clear: This merger enhances competition and delivers real public benefits that make America’s supply chain stronger,” said Union Pacific CEO Jim Vena. “Our analysis uses complete systemwide traffic data provided by all Class I railroads to identify even more opportunities for our combined railroad to grow and compete.”

The analysis in the updated application is the first in rail merger history to use 100% actual traffic data provided by all six North American Class I railroads, rather than the sample data available from the STB – making it the most thorough assessment of market and operational impacts ever.

“This merger is fundamentally about growth,” said Norfolk Southern President and CEO Mark George. “Shippers have been clear about what they value, and the data backs it up. When single-line rail service is available, they choose it. Our combined network will deliver seamless freight moves within and across the Mississippi watershed markets with one Class I railroad accountable from origin to destination.”

Cost Savings for Shippers and Consumers

The deeper analysis confirms the merger will make rail significantly more competitive with long-haul trucking, taking approximately 2.1 million trucks off the road. Shifting freight from higher-cost trucks to low-cost rail will save shippers an estimated $3.5 billion annually – savings expected to flow through to consumer prices, making American goods more affordable. Shippers also will save on inventory and equipment costs with the combined railroad’s faster, more reliable service.

Positive Impact on Competition

The Union Pacific-Norfolk Southern combination is an end-to-end merger connecting the eastern and western United States with virtually no overlap. The goal: Growth through new routes and improved service that removes interchange handoffs that can add 24-48 hours and cost to the supply chain.

To meet the additional growth opportunities identified using the more robust Class I traffic data, the amended application increases the anticipated number of new premium intermodal lanes operating seven days a week from six to seven, with a new lane connecting Northern California and the Southeast. The analysis also confirms the combined company will have sufficient equipment and infrastructure capacity available to support the projected growth.

Additionally, the amended application confirms the merger will preserve customer access to competitive railroad alternatives and will have no meaningful impact on geographic competition or on the availability of independent routes.

“Our projections show the combined railroad will move about the same number of ton‑miles as our Western competitor does today, underscoring how this merger will enhance competition in the marketplace,” Vena said. “That competition will spur innovation and help lower costs – benefits that shippers and American consumers will feel directly.”

More High-Paying Union Jobs

Additional growth also will create more high-paying union jobs. The amended application estimates the combined company will need 1,200 net new union jobs by the third year of the merger to handle new business, up from 900 in the original application. This growth is in addition to the unprecedented jobs-for-life guarantee – every union employee with a job at the time of the merger will continue to have one.

Projected Market Shares

As requested by the STB, the amended application includes more detailed market share projections that account for the growth the combined railroad expects to achieve as shippers shift traffic from trucks and other railroads to its faster, more reliable coast-to-coast service.

“The analysis confirms what we’ve been saying: Our merger will create strong growth by providing customers a superior service product, which in itself creates competition in the railroad industry,” George said. “The announcement of our merger alone has caused other railroads to respond with new offerings.”

Additional Transparency of Merger Agreement

In response to the STB’s request for additional documents related to Union Pacific and Norfolk Southern’s merger agreement, the amended application goes further than required by entering these documents into the public record.

The Terminal Railroad Association of St. Louis

The Terminal Railroad Association of St. Louis (TRRA) is a Class III railroad that operates 170 miles of track, including two bridges over the Mississippi River. Union Pacific owns 42.84% of TRRA and Norfolk Southern owns 14.29%. The railroads initially requested authority to take a temporary controlling interest in TRRA to allow them time, if needed, to sell enough shares to prevent Union Pacific from retaining a controlling interest post-merger. In the amended application, the railroads commit to divest or otherwise relinquish control of TRRA as a condition to the merger’s close, so there will be no control of TRRA.

Superior Data and Analysis Confirm Merger Benefits

“We appreciate the STB’s feedback and look forward to continuing to work with them through the process,” Vena said. “We are confident our updated application meets their guidance and presents an even stronger case for why America needs a seamless coast-to-coast railroad to reinvigorate the rail industry.”

The transaction remains subject to STB review and approval within its statutory timeline and will be subject to continuing STB oversight post-closure. The Union Pacific and Norfolk Southern application to the STB is available for public review on its website. The statements contained herein are qualified in their entirety by reference to the full application to the STB.

The two companies expect the transaction to be completed in the first half of 2027. For more information, visit AmericasGreatConnection.com.

About Union Pacific

Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable, and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.

About Norfolk Southern

Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a 22-state freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid approximately 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver approximately 7 million carloads annually, from agriculture to consumer goods. Norfolk Southern also has the most extensive intermodal network in the eastern U.S. It serves a majority of the country’s population and manufacturing base, with connections to every major container port on the Atlantic coast as well as major ports across the Gulf Coast and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this communication are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause Union Pacific’s, Norfolk Southern’s or the combined company’s actual results, levels of activity, performance, or achievements or those of the railroad industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements may be identified by the use of words like “may,” “will,” “could,” “would,” “should,” “expect,” “anticipate,” “believe,” “project,” “estimate,” “intend,” “plan,” “pro forma,” or any variations or other comparable terminology.

While Union Pacific and Norfolk Southern have based these forward-looking statements on those expectations, assumptions, estimates, beliefs and projections they view as reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond Union Pacific’s, Norfolk Southern’s or the combined company’s control, including but not limited to, in addition to factors disclosed in Union Pacific’s and Norfolk Southern’s respective filings with the U.S. Securities and Exchange Commission (the “SEC”): the occurrence of any event, change or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between Union Pacific and Norfolk Southern providing for the acquisition of Norfolk Southern by Union Pacific (the “Transaction”); the risk that potential legal proceedings may be instituted against Union Pacific or Norfolk Southern and result in significant costs of defense, indemnification or liability; the possibility that the Transaction does not close when expected or at all because required Surface Transportation Board or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Transaction); the risk that the combined company will not realize expected benefits, cost savings, accretion, synergies and/or growth from the Transaction, or that such benefits may take longer to realize or be more costly to achieve than expected, including as a result of changes in, or problems arising from, general economic and market conditions, tariffs, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Union Pacific and Norfolk Southern operate; disruption to the parties’ businesses as a result of the announcement and pendency of the Transaction; the costs associated with the anticipated length of time of the pendency of the Transaction, including the restrictions contained in the definitive merger agreement on the ability of Union Pacific and Norfolk Southern, respectively, to operate their respective businesses outside the ordinary course during the pendency of the Transaction; the diversion of Union Pacific’s and Norfolk Southern’s management’s attention and time from ongoing business operations and opportunities on merger-related matters; the risk that the integration of each party’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate each party’s businesses into the other’s businesses; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of Union Pacific’s or Norfolk Southern’s customers, suppliers, employees, labor unions or other business partners, including those resulting from the announcement or completion of the Transaction; the dilution caused by Union Pacific’s issuance of additional shares of its common stock in connection with the consummation of the Transaction; the risk of a downgrade of the credit rating of Union Pacific’s indebtedness, which could give rise to an obligation to redeem existing indebtedness; a material adverse change in the financial condition of Union Pacific, Norfolk Southern or the combined company; changes in domestic or international economic, political or business conditions, including those impacting the transportation industry (including customers, employees and supply chains); Union Pacific’s, Norfolk Southern’s and the combined company’s ability to successfully implement its respective operational, productivity, and strategic initiatives; a significant adverse event on Union Pacific’s or Norfolk Southern’s network, including, but not limited to, a mainline accident, discharge of hazardous materials, or climate-related or other network outage; the outcome of claims, litigation, governmental proceedings and investigations involving Union Pacific or Norfolk Southern, including, in the case of Norfolk Southern, those with respect to the Eastern Ohio incident; the nature and extent of Norfolk Southern’s environmental remediation obligations with respect to the Eastern Ohio incident; new or additional governmental regulation and/or operational changes resulting from or related to the Eastern Ohio incident; and a cybersecurity incident or other disruption to our technology infrastructure.

This list of important factors is not intended to be exhaustive. These and other important factors, including those discussed under “Risk Factors” in Norfolk Southern’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 9, 2026 (available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000702165/000162828026006268/nsc-20251231.htm) and Norfolk Southern’s subsequent filings with the SEC, Union Pacific’s most recent Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 6, 2026 (available at https://www.sec.gov/ix?doc=/Archives/edgar/data/100885/000010088526000037/unp-20251231.htm) and Union Pacific’s subsequent filings with the SEC, may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. References to Union Pacific’s and Norfolk Southern’s website are provided for convenience and, therefore, information on or available through the website is not, and should not be deemed to be, incorporated by reference herein. The forward-looking statements herein are made only as of the date they were first issued, and unless otherwise required by applicable securities laws, Union Pacific and Norfolk Southern disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable law or regulation.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260430887534/en/

Union Pacific Media Inquiries:

[email protected]

Union Pacific Investor Inquiries:

Diana Prauner

402-544-4227 or [email protected]

Norfolk Southern Media Inquiries:

[email protected]

Norfolk Southern Investor Inquiries:

Investor Relations

KEYWORDS: Nebraska Georgia United States North America

INDUSTRY KEYWORDS: Rail Transport Logistics/Supply Chain Management Other Transport

MEDIA:

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Marcus Corporation Reports First Quarter Fiscal 2026 Results

Marcus Theatres and Marcus Hotels & Resorts both significantly outperform their respective industries

MILWAUKEE–(BUSINESS WIRE)–The Marcus Corporation (NYSE: MCS) today reported results for the first quarter fiscal 2026 ended March 31, 2026.

“Both Marcus Theatres and Marcus Hotels & Resorts significantly outperformed their respective industries during the first quarter of fiscal 2026,” said Gregory S. Marcus, chief executive officer of Marcus Corporation. “Fueled by a robust film slate that included Project Hail Mary, the first tentpole success of the year, as well as strong carry-over of holiday films and new family-friendly films that played well in our markets, Marcus Theatres started the year strong. The string of hit films continued into April with the blockbuster The Super Mario Galaxy Movie and the success of Michael. As typically is the case, travel was seasonally slower over the winter months, yet Marcus Hotels & Resorts continued to outperform its competitive sets, with especially strong performance from newly renovated assets. Momentum is building for both divisions as we head into the spring and summer, with growing excitement for the coming slate of new highly anticipated films – including several franchise favorites – and the return of the busy summer travel season.”

The first quarter of fiscal 2026 was comprised of five fewer operating days than the first quarter of fiscal 2025 due to the transition in the Company’s fiscal year in the prior year first quarter. See Fiscal Year Change section below for further discussion. Year-over-year comparisons herein are on an as-reported basis and include the impact of the five fewer operating days unless otherwise noted.

First Quarter Fiscal 2026 Highlights

• Total revenues for the first quarter of fiscal 2026 were $154.4 million, a 3.8% increase from total revenues of $148.8 million for the first quarter of fiscal 2025.

• Operating loss was $19.3 million for the first quarter of fiscal 2026, a 5.6% improvement from operating loss of $20.4 million for the first quarter of fiscal 2025.

• Net loss was $15.4 million for the first quarter of fiscal 2026, compared to net loss of $16.8 million for the first quarter of fiscal 2025.

• Net loss per diluted common share was $0.51 for the first quarter of fiscal 2026, compared to net loss per diluted common share of $0.54 for the first quarter of fiscal 2025.

• Adjusted EBITDA was $2.6 million for the first quarter of fiscal 2026, an increase from Adjusted EBITDA loss of $0.3 million for first quarter of fiscal 2025.

Marcus Theatres^®

Total Theatre revenues were $92.9 million for the first quarter of fiscal 2026, a 6.4% increase over the first quarter of fiscal 2025 (despite five less operating days during fiscal 2026). Division operating loss was $2.8 million for the first quarter of fiscal 2026, a $3.5 million improvement compared to the first quarter of fiscal 2025. Adjusted EBITDA was $8.0 million for the first quarter of fiscal 2026, a 117.1% increase over the first quarter of fiscal 2025.

Same store admission revenues for the first quarter of fiscal 2026 increased 9.8% compared to the prior year quarter, which outperformed the industry by 4.8 percentage points, according to data received from Comscore. On a calendar quarter basis, same store admission revenues increased 29.0% over the comparable calendar quarter of fiscal 2025, outperforming the industry by 7.6 percentage points.

Same store attendance increased 1.9% in the first quarter of fiscal 2026 compared to the reported first quarter of fiscal 2025. On a calendar quarter basis, same store attendance increased 19.1% over the comparable calendar quarter of fiscal 2025. Average ticket prices increased 7.8% compared to the prior year quarter due to strategic price changes designed to optimize peak demand periods, a higher percentage of sales coming from premium large format screens, and a more favorable film mix. Average concession revenues per person increased 2.4% during the first quarter of fiscal 2026 compared to the prior year quarter, resulting from increased movie-themed merchandise sales, concession menu price increases, and a higher number of transactions per person.

“While the galactic success of Project Hail Mary led the way during the first quarter of fiscal 2026, moviegoers’ excitement for several other films, including family-friendly hits like Hoppers, Zootopia 2, Goat, and the continuing success of Avatar: Fire and Ash, also meaningfully contributed to our results,” said Jeffry F. Tomachek, incoming president of Marcus Theatres. “Strong box office momentum carried over into the second quarter of fiscal 2026 with the epic debut of The Super Mario Galaxy Movie contributing to our highest grossing five-day Easter weekend since 2019. That film’s continued performance, along with last weekend’s record-breaking opening of Michael, which was the top domestic opening for a music biopic, and strong pre-sales for tomorrow’s opening of The Devil Wears Prada 2, give us even more confidence as we head deeper into what is shaping up to be an exciting year at Marcus Theatres. Looking ahead to the summer movie season, we expect strong audience turnouts for family favorites and beloved franchises including Spider Man: Brand New Day, Star Wars: The Mandalorian and Grogu,Toy Story 5 and Minions & Monsters, appealing spectacles like Masters of the Universe and The Odyssey, and thrillers like Disclosure Day and Verity. As always, our team is ready to deliver memorable movie moments with enticing promotions, hot off the shelf merchandise, and of course the industry’s leading food, beverages and amenities.”

During the first quarter of fiscal 2026, Marcus Theatres’ top five highest-performing films were Project Hail Mary, Hoppers, Avatar: Fire and Ash, Scream 7 and Zootopia 2. The second quarter of fiscal 2026 kicked off with the blockbuster success of The Super Mario Galaxy Movie and the record-breaking opening weekend of Michael, with a strong film slate scheduled for the remainder of the year, including The Devil Wears Prada 2, Mortal Kombat II, Star Wars: The Mandalorian & Grogu, Masters of the Universe, Scary Movie, Disclosure Day, Toy Story 5, Supergirl, Jackass: Best and Last, Minions & Monsters, Moana, The Odyssey, Spider-Man: Brand New Day, Super Troopers 3, Paw Patrol: The Dino Movie, Insidious: Out of the Further, Practical Magic 2, Resident Evil, Forgotten Island, Digger, Verity, Other Mommy, The Social Reckoning, Street Fighter, The Cat in the Hat, Godzilla minus Zero, Hunger Games: Sunrise on the Reaping, Hexed, Focker-In-Law, Dune: Part Three, Avengers: Doomsday, The Angry Birds Movie 3 and Jumanji: Open World.

On April 7, the company announced that Jeffry F. Tomachek, chief financial officer of Marcus Theatres, will be promoted to president of the division. Tomachek succeeds Mark A. Gramz, who will retire from the company May 1, 2026. Tomachek began his career at Marcus Theatres in 1998 as division controller. Over nearly three decades with the company, Tomachek was promoted into various roles with increasing leadership responsibility in areas such as accounting, finance, design, construction, real estate, food and beverage strategy, and marketing. In 2020, he was named executive vice president and division chief financial officer.

Marcus^® Hotels & Resorts

During the first quarter of fiscal 2026, Marcus Hotels & Resorts reported total revenues before cost reimbursements of $51.7 million, a 1.1% decrease from the first quarter of fiscal 2025, which included five more operating days than in the first quarter of fiscal 2026.

Division operating loss of $7.9 million during the first quarter of fiscal 2026 was negatively impacted by fewer operating days, an increase in depreciation expense of $0.4 million due to hotel renovations completed during fiscal 2025, and higher labor costs. Adjusted EBITDA loss was $0.3 million in the first quarter of fiscal 2026, which was also negatively impacted by five fewer operating days and unfavorable ski conditions at Grand Geneva Resort & Spa in Lake Geneva, Wisconsin.

Revenue per available room, or RevPAR, increased 13.7% in the first quarter of fiscal 2026 compared to the prior year period. During the first quarter of fiscal 2026, Marcus Hotels & Resorts outperformed the industry by 9.8 percentage points and significantly outperformed its competitive sets by 16.6 percentage points, which includes the favorable impact of Hilton Milwaukee being fully operational during the first quarter of fiscal 2026 compared to the first quarter of fiscal 2025 when the hotel was under renovation. Excluding the estimated impact of the Hilton Milwaukee renovation on the prior year period, Marcus Hotels & Resorts outperformed its competitive sets by 11.5 percentage points during the first quarter of fiscal 2026.

“Despite the winter months being our slowest season, the Marcus Hotels & Resorts team nevertheless delivered strong revenue results,” said Michael R. Evans, president of Marcus Hotels & Resorts. “Our hotels significantly outperformed their competitive sets during the first quarter of fiscal 2026, even after adjusting for the impact of the Hilton Milwaukee renovation on the prior year period. As we approach the busier spring and summer travel seasons, our unwavering focus on driving operational performance and unmatched commitment to the guest experience positions us well to continue capturing strong group bookings and leisure demand, especially at our newly renovated properties.”

Earlier this year Marcus Hotels & Resorts opened The Marc Hotel, a new 175-room independent hotel adjacent to the Baird Center in Milwaukee. This May, Grand Geneva Resort & Spa will open its new short-course golf course, Wee Nip. The 11-hole course is designed to cater to golfers of all skill levels and add another experience to Grand Geneva’s already established golf offerings, which include two championship courses, Brute and Highlands.

Fiscal Year Change

The first quarter of fiscal 2026 was comprised of five fewer operating days than the first quarter of fiscal 2025 due to the transition in the Company’s fiscal year in the prior year first quarter. During fiscal 2025 the Company’s fiscal year changed from a 52-53 week fiscal year ending on the last Thursday of each year to a fiscal year ending on December 31 of each year, with quarterly results for three-month periods ending March 31, June 30, September 30 and December 31. The first quarter of fiscal 2025 consisted of the three month period beginning December 27, 2024 and ended on March 31, 2025 (comprised of five operating days between December 27-31, 2024, plus 90 operating days in the calendar first quarter of 2025).

Conference Call and Webcast

Marcus Corporation management will hold a conference call today, Thursday, April 30, 2026, at 10:00 a.m. Central/11:00 a.m. Eastern time. Interested parties may listen to the call live on the internet through the investor relations section of the company’s website: investors.marcuscorp.com or dialing 1-646-307-1963 and entering the passcode 8761289. Listeners should dial in to the call at least 5-10 minutes prior to the start of the call or should go to the website at least 15 minutes prior to the call to download and install any necessary audio software.

A telephone replay of the conference call will be available through Thursday, May 7, 2026, by dialing 1-800-770-2030 and entering passcode 8761289. The webcast will be archived on the company’s website until its next earnings release.

Non-GAAP Financial Measure

Adjusted EBITDA has been presented in this press release as a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. The company defines Adjusted EBITDA as net earnings (loss) attributable to The Marcus Corporation before investment income or loss, interest expense, other expense, gain or loss on disposition of property, equipment and other assets, equity earnings or losses from unconsolidated joint ventures, net earnings or losses attributable to noncontrolling interests, income taxes, depreciation and amortization and non-cash share-based compensation expense, adjusted to eliminate the impact of certain items that the company does not consider indicative of its core operating performance. A reconciliation of this measure to the equivalent measure under GAAP, along with reconciliations of this measure for each of our operating segments, are set forth in the attached table.

Adjusted EBITDA is a key measure used by management and the company’s board of directors to assess the company’s financial performance and enterprise value. The company believes that Adjusted EBITDA is a useful measure, as it eliminates certain expenses and gains that are not indicative of the company’s core operating performance and facilitates a comparison of the company’s core operating performance on a consistent basis from period to period. The company also uses Adjusted EBITDA as a basis to determine certain annual cash bonuses and long-term incentive awards, to supplement GAAP measures of performance to evaluate the effectiveness of its business strategies, to make budgeting decisions, and to compare its performance against that of other peer companies using similar measures. Adjusted EBITDA is also used by analysts, investors and other interested parties as a performance measure to evaluate industry competitors.

Adjusted EBITDA is a non-GAAP measure of the company’s financial performance and should not be considered as an alternative to net earnings (loss) as a measure of financial performance, or any other performance measure derived in accordance with GAAP and it should not be construed as an inference that the company’s future results will be unaffected by unusual or non-recurring items. Additionally, Adjusted EBITDA is not intended to be a measure of liquidity or free cash flow for management’s discretionary use. In addition, this non-GAAP measure excludes certain non-recurring and other charges and has its limitations as an analytical tool. You should not consider Adjusted EBITDA in isolation or as a substitute for analysis of the company’s results as reported under GAAP. In evaluating Adjusted EBITDA, you should be aware that in the future the company will incur expenses that are the same as or similar to some of the items eliminated in the adjustments made to determine Adjusted EBITDA, such as acquisition expenses, preopening expenses, accelerated depreciation, impairment charges and other adjustments. The company’s presentation of Adjusted EBITDA should not be construed to imply that the company’s future results will be unaffected by any such adjustments. Definitions and calculations of Adjusted EBITDA differ among companies in our industries, and therefore Adjusted EBITDA disclosed by the company may not be comparable to the measures disclosed by other companies.

About The Marcus Corporation

Headquartered in Milwaukee, Marcus Corporation is a leader in the entertainment and hospitality industries, with significant company-owned real estate assets. Marcus Corporation’s theatre division, Marcus Theatres^®, is the fourth largest theatre circuit in the U.S. and currently owns or operates 975 screens at 77 locations in 17 states under the Marcus Theatres, Movie Tavern^® by Marcus and BistroPlex^® brands. The company’s hospitality division, Marcus^® Hotels & Resorts, owns and/or manages 17 hotels, resorts and other properties in eight states. For more information, please visit the company’s website at www.marcuscorp.com.

Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the adverse effects future pandemics or epidemics may have on our theatre and hotels and resorts businesses, results of operations, liquidity, cash flows, financial condition, access to credit markets and ability to service our existing and future indebtedness; (2) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division (including disruptions in the production of films due to events such as tariffs or a strike by actors, writers or directors or future pandemics); (3) the effects of theatre industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (4) the effects of adverse economic conditions in our markets; (5) the effects of adverse economic conditions on our ability to obtain financing on reasonable and acceptable terms, if at all; (6) the effects on our occupancy and room rates caused by the relative industry supply of available rooms at comparable lodging facilities in our markets; (7) the effects of competitive conditions in our markets; (8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (9) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our business; (10) the effects of changes in the availability of and cost of labor and other supplies essential to the operation of our business; (11) the effects of tariffs that are implemented or merely threatened on our costs; (12) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (13) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; (14) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or other incidents of violence in public venues such as hotels and movie theatres; and (15) a disruption in our business and reputational and economic risks associated with civil securities claims brought by shareholders. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Our forward-looking statements are based upon our assumptions, which are based upon currently available information. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

THE MARCUS CORPORATION Consolidated Statements of Operations (Unaudited) (in thousands, except per share data)
		Three Months Ended
		March 31, 2026				March 31, 2025
Revenues:
Theatre admissions		$	44,825			$	40,931
Rooms			20,462				19,275
Theatre concessions			39,565				38,000
Food and beverage			17,460				17,829
Other revenues			21,694				22,874
			144,006				138,909
Cost reimbursements			10,398				9,857
Total revenues			154,404				148,766
Costs and expenses:
Theatre operations			50,729				49,670
Rooms			10,318				9,906
Theatre concessions			17,170				17,451
Food and beverage			15,056				14,629
Advertising and marketing			5,735				5,244
Administrative			25,311				24,716
Depreciation and amortization			17,835				17,838
Rent			6,187				6,217
Property taxes			4,282				4,409
Other operating expenses			10,563				10,606
(Gain) loss on disposition of property, equipment and other assets			81				(1,365	)
Reimbursed costs			10,398				9,857
Total costs and expenses			173,665				169,178
Operating income			(19,261	)			(20,412	)
Other income (expense):
Investment income			20				74
Interest expense			(2,630	)			(2,822	)
Other income (expense)			(447	)			(444	)
Equity earnings (losses) from unconsolidated joint ventures			(674	)			(570	)
			(3,731	)			(3,762	)
Earnings (loss) before income taxes			(22,992	)			(24,174	)
Income tax expense			(7,639	)			(7,358	)
Net earnings (loss)			(15,353	)			(16,816	)
Net earnings (loss) per common share – diluted		$	(0.51	)		$	(0.54	)
Weighted average shares outstanding – diluted			30,681				31,596

THE MARCUS CORPORATION Condensed Consolidated Balance Sheets (Unaudited) (In thousands)
	March 31, 2026			December 31, 2025
Assets:
Cash and cash equivalents	$	11,229		$	23,448
Restricted cash		3,125			3,134
Accounts receivable		16,594			19,082
Other current assets		19,481			18,912
Property and equipment, net		689,841			697,712
Operating lease right-of-use assets		142,826			142,115
Other assets		108,962			110,129
Total Assets	$	992,058		$	1,014,532
Liabilities and Shareholders’ Equity:
Accounts payable	$	31,687		$	44,523
Income taxes		594			—
Taxes other than income taxes		14,967			18,482
Other current liabilities		79,016			81,390
Current portion of finance lease obligations		2,618			2,827
Current portion of operating lease obligations		16,320			16,219
Finance lease obligations		8,008			8,452
Operating lease obligations		148,894			148,977
Long-term debt		174,062			159,007
Deferred income taxes		27,205			30,905
Other long-term obligations		47,520			46,372
Equity		441,167			457,378
Total Liabilities and Shareholders’ Equity	$	992,058		$	1,014,532

THE MARCUS CORPORATION Business Segment Information (Unaudited) (In thousands)
	Theatres				Hotels/ Resorts				Corporate Items				Total
Three Months Ended March 31, 2026
Revenues	$	92,928			$	61,403			$	73			$	154,404
Operating income (loss)		(2,810	)			(7,931	)			(8,520	)			(19,261	)
Depreciation and amortization		10,263				7,188				384				17,835
Adjusted EBITDA		8,018				(283	)			(5,139	)			2,596
Three Months Ended March 31, 2025
Revenues	$	87,357			$	61,322			$	87			$	148,766
Operating income (loss)		(6,281	)			(6,044	)			(8,087	)			(20,412	)
Depreciation and amortization		10,706				6,736				396				17,838
Adjusted EBITDA		3,694				1,011				(4,964	)			(259	)
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.

Supplemental Data (Unaudited) (In thousands)
		Three Months Ended
Consolidated		March 31, 2026				March 31, 2025
Net cash flow provided by (used in) operating activities		$	(15,221	)		$	(35,329	)
Net cash flow provided by (used in) investing activities			(6,629	)			(22,779	)
Net cash flow provided by (used in) financing activities			9,622				29,252
Capital expenditures			(6,648	)			(23,005	)

THE MARCUS CORPORATION Reconciliation of Net Earnings (Loss) to Adjusted EBITDA (Unaudited) (In thousands)
		Three Months Ended
		March 31, 2026				March 31, 2025
Net earnings (loss)		$	(15,353	)		$	(16,816	)
Add (deduct):
Investment (income) loss			(20	)			(74	)
Interest expense			2,630				2,822
Other expense (income)			447				444
(Gain) Loss on disposition of property, equipment and other assets			81				(1,365	)
Equity earnings (losses) from unconsolidated joint ventures			674				570
Income tax benefit			(7,639	)			(7,358	)
Depreciation and amortization			17,835				17,838
Share-based compensation (a)			3,824				3,545
Theatre exit costs (b)			—				135
Other non-recurring (c)			117				—
Adjusted EBITDA		$	2,596			$	(259	)

Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Reportable Segment (Unaudited) (In thousands)
		Three Months Ended March 31, 2026
		Theatres				Hotels & Resorts				Corp. Items				Total
Operating income (loss)		$	(2,810	)		$	(7,931	)		$	(8,520	)		$	(19,261	)
Depreciation and amortization			10,263				7,188				384				17,835
(Gain) loss on disposition of property, equipment and other assets			76				5				—				81
Share-based compensation (a)			489				338				2,997				3,824
Other non-recurring (c)			—				117				—				117
Adjusted EBITDA		$	8,018			$	(283	)		$	(5,139	)		$	2,596

		Three Months Ended March 31, 2025
		Theatres				Hotels & Resorts				Corp. Items				Total
Operating income (loss)		$	(6,281	)		$	(6,044	)		$	(8,087	)		$	(20,412	)
Depreciation and amortization			10,706				6,736				396				17,838
(Gain) loss on disposition of property, equipment and other assets			(1,362	)			(3	)			—				(1,365	)
Share-based compensation (a)			496				322				2,727				3,545
Theatre exit costs (b)			135				—				—				135
Adjusted EBITDA		$	3,694			$	1,011			$	(4,964	)		$	(259	)

(a)		Non-cash expense related to share-based compensation programs.
(b)		Reflects non-recurring costs related to the closure and exit of one theatre location in the first quarter of fiscal 2025.
(c)		Other non-recurring includes professional fees related to the sale of historic tax credits resulting from the renovation at Hilton Milwaukee.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429751969/en/

Investors: Chad Paris

(414) 905-1100

[email protected]

Media: Megan Hakes

[email protected]

KEYWORDS: Wisconsin United States North America

INDUSTRY KEYWORDS: Film & Motion Pictures Lodging General Entertainment Entertainment Travel

MEDIA:

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Intercontinental Exchange Approves Second Quarter Dividend of $0.52 per Share

ATLANTA & NEW YORK–(BUSINESS WIRE)–
Intercontinental Exchange (NYSE: ICE), one of the world’s leading providers of financial market technology and data powering global capital markets, announced today a $0.52 per share dividend for the second quarter of 2026, which is up 8% from the $0.48 per share dividend paid in the second quarter of 2025. The cash dividend is payable on June 30, 2026 to stockholders of record as of June 15, 2026. The ex-dividend date is June 15, 2026.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges — including the New York Stock Exchange — and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.

SOURCE: Intercontinental Exchange

ICE- CORP

View source version on businesswire.com: https://www.businesswire.com/news/home/20260430610062/en/

ICE Investor Relations Contact:

Steve Eagerton

+1 904 854 3683

[email protected]

[email protected]

ICE Media Contact:

Rebecca Mitchell

+44 207 065 7804

[email protected]

[email protected]

KEYWORDS: New York Georgia United States North America

INDUSTRY KEYWORDS: Finance Banking Professional Services Residential Building & Real Estate Construction & Property

MEDIA:

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Rodney Christo Named Interim CFO and Chief Accounting Officer

Conference Call to be Held Wednesday, May 6, 2026, at 8:30 am ET