IMAX Research | Milton Maxwell

IMAX

IMAX Corporation

37.78

-1.26-3.23%

Dec 16, 4:00:02 PM EST

Upcoming Earnings

Report date

-/-

Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

FY Q4 '25

China timing clarified; pricing upside flagged.

2/25/26Feb 25, 2026

Q&A reinforced IMAX's scripted blockbuster outlook but clarified China's soft Chinese New Year as a B-slate timing shift, with slipped titles boosting summer instead. Management flagged unscripted pricing upside potential for event films like Odyssey and Dune 3, hoping exhibitors test higher premiums. Filmmaker pitches are flooding in. Elevated demand signals deeper Hollywood ties and ROW catalysts via strong ROI data. Cash prioritizes seeding network growth over buybacks; sports like F1 eyes international expansion despite hurdles. Confident tone persists—watch pricing capture and install acceleration.

Key Stats

Market Cap

2.03B

P/E (TTM)

53.21

Basic EPS (TTM)

0.71

Dividend Yield

Recent Filings

10-K

FY2025 results

2/25/26Feb 25, 2026

IMAX shattered records in FY2025 ended December 31, 2025, with global box office hitting $1.28B—a 40% y/y surge and 13% above the 2019 peak—fueled by 122 new releases including 67 local language films generating 32% of total GBO. Network expanded 3.2% to 1,864 systems via 98 new installs, while backlog dipped to 434 from 440 yet signals steady growth with 72% international weighting. Q4 momentum accelerated on hits like Ne Zha 2 ($167M, China's top IMAX ever) and Demon Slayer ($96M, Japan's record), boosting Content Solutions margins to 66% from 53% as diversified programming optimized playtimes. Cash swelled to $151M on $127M operating inflows; $251M remains for buybacks. No 2026 guidance disclosed. Exhibitor consolidation narrows partners, risking leverage if key chains falter. Backlog conversion isn't guaranteed.

8-K

IMAX smashes 2025 records

2/25/26Feb 25, 2026

IMAX crushed 2025 with record $410M revenue, up 16% YoY, fueled by $1.28B global box office—a 40% surge. Record 160 system installs and 166 signings expanded the network to 1,864 locations, while cash from operations hit $127M, up 79%. Guidance calls for $1.4B box office and mid-40s Adjusted EBITDA margin in 2026. Momentum builds.

8-K

IMAX refinances 2026 notes with 2030 convertibles

11/6/25Nov 6, 2025

IMAX Corporation closed a $250 million offering of 0.75% convertible senior notes due 2030 on November 6, 2025, using net proceeds of $241.1 million plus cash and credit borrowings to repurchase nearly all of its $230 million 2026 notes for $276 million, including interest. This refinancing extends debt maturity while capping dilution via $21.9 million in capped call transactions at a $57.10 strike, 75% above the November 3 stock price. Notes convert at $42.42 per share, a 30% premium. Hedging unwinds may pressure shares short-term.

8-K

IMAX smashes Q3 records

10/23/25Oct 23, 2025

IMAX Corporation posted record Q3 2025 revenue of $106.7 million, up 17% year-over-year, fueled by a blockbuster $368 million global box office that surged 50% amid a soft domestic market. Net income climbed 48% to $22.6 million with margins hitting 21%, while system installations hit 95 year-to-date, on pace for 150-160 full-year. IMAX thrives on diverse content. A robust Q4 slate eyes $1.2 billion box office, but trade tensions loom.

10-Q

Q3 FY2025 results

10/23/25Oct 23, 2025

IMAX Corporation reported strong Q3 2025 results, with revenues up 17% to $106.7M and net income attributable to common shareholders up 49% to $20.7M. The company achieved record Q3 box office of $367.6M, a 50% increase year-over-year, driven by hits like F1: The Movie and Demon Slayer: Infinity Castle. Content Solutions revenue surged 49% to $44.8M due to robust film performance, while Technology Products and Services grew 4% to $60.4M. Gross margin improved to 63% from 56%, reflecting higher box office. Operating income rose 50% to $29.0M, and diluted EPS increased to $0.37 from $0.26. Cash from operations reached $97.7M YTD, up significantly, with $143.1M in cash equivalents. No non-GAAP metrics were disclosed in the 10-Q. The company maintains a $375M revolving credit facility with $346M available.

About

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events in the United States, Greater China, rest of Asia, Western Europe, Canada, Latin America, and internationally. It operates through Content Solutions; and Technology Products and Services segments. The company offers IMAX film remastering, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced, which provides end-to-end technology across streaming content and entertainment devices at home; AI-driven video quality solutions for media and entertainment companies; and streaming technology software products. It also provides preventative and emergency maintenance services, and quality monitoring to the IMAX network; film post-production services; and IMAX film and digital cameras for content creators. In addition, the company engages in the distribution of large-format documentary films to institutional theaters, as well as live performances and interactive events with artists and creators; after-market sales of IMAX System parts and 3D glasses; sale or lease of IMAX theater systems; provision of management services to theaters, as well as production advice and technical assistance to documentary and Hollywood filmmakers; and rental of company's proprietary 2D and 3D large-format film cameras. The company markets its theater systems through a direct sales force and marketing staff to science and natural history museums, zoos, aquariums, and other educational and cultural centers, as well as theme parks, private home theaters, tourist destination sites, fairs, and expositions. It offers its services under the IMAX, IMAX 3D, Experience It In IMAX, The IMAX Experience, DMR, Filmed For IMAX, IMAX Live, IMAX Enhanced, and IMAX StreamSmart. IMAX Corporation was founded in 1967 and is headquartered in Mississauga, Canada.

CEO

Mr. Richard Lewis Gelfond J.D.

IPO

6/10/1994

Website

https://www.imax.com

Employees

700

Sector

Communication Services

Industry

Entertainment