Imax Corp. (IMAX)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$416.1M

Revenue growth

14.8%

Net income, last twelve months

$40.9M

Earnings per share

$0.72

Gross margin

59.6%

Operating margin

20.2%

Net margin

9.8%

Free cash flow

$126.6M

Return on equity

11.5%

Market value

$2.8B

Price to earnings

70.1x

Cash

$159.9M

Debt

$282.6M

Debt to equity

0.79

Shares outstanding

54.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 23 July 2026.

• Revenue rose 12% in quarter. Revenue was $102.8 million, up from $91.7 million. Gross margin was $62.9 million, up 17%, and gross margin percentage rose to 61.2% from 58.5%.
• Diluted and adjusted EPS rose. Diluted EPS was $0.27 against $0.20. Adjusted EPS was $0.43 against $0.26, which the release describes as a record second-quarter figure.
• Adjusted EBITDA margin widened to 46.6%. Total Adjusted EBITDA was $48.0 million, up 23%, with a margin of 46.6% against 42.6%. Net income margin was 15.5% against 13.3%.
• Six-month net income and EPS rose. Six-month revenue was $184.2 million, up 3%, and net income was $22.0 million, up 8%. Six-month diluted EPS was $0.35, up 40%, while six-month gross margin fell 90 basis points to 59.0%.
• Operating income rose to $20.8 million. Income from operations was $20.8 million against $14.3 million a year earlier. Net income attributable to common shareholders was $15.4 million, up 36%.
• The Odyssey opened to $52 million. The Odyssey, shot with IMAX film cameras, had a $52 million opening weekend, which the release says was 20% of global box office. Management called it the biggest IMAX opening in like-for-like markets.
• Holds and presales point to historic run. Management said holds were record-breaking, with the company's highest-grossing Monday and Tuesday ever, and about $60 million in presales for later showtimes.
• Second-quarter global box office up 1%. Global box office was $285 million, up 1%, the highest second quarter since 2019. International excluding Mainland China rose 24%. Michael, The Mandalorian & Grogu and The Super Mario Galaxy Movie were the top titles.
• Highest international share of any major release. Management said The Odyssey delivered the highest IMAX international market share in like-for-like markets of any major release in the company's history.
• Technology Products and Services revenue up 16%. Technology Products and Services revenue was $64.8 million, up 16%, and gross margin was $39.0 million, up 29%. Growth came from higher systems sales, rental revenues and amendments and renewals of existing agreements.
• Content Solutions revenue edged up 2%. Content Solutions revenue was $34.7 million, up 2%, and gross margin was $21.9 million, down 2%, a 63% margin against 66%. The release attributes the margin to its diversified global model.
• Six-month Content Solutions down, Technology up. Six-month Content Solutions revenue was $66.1 million, down 3%, with gross margin of $40.2 million, down 13%. Six-month Technology Products and Services revenue was $113.1 million, up 7%, with gross margin of $65.9 million, up 11%.
• All Other revenue rose. All Other, which includes the Streaming and Consumer Technology business, had revenue of $3.3 million, up from $2.1 million, and gross margin of $2.0 million, up from $1.0 million.
• 38 systems installed, highest Q2 in decade. The company installed 38 systems against 36 a year earlier, including 18 under sales arrangements against 13. The release calls 38 the highest second-quarter count in a decade.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By product, FY2025

By region, FY2025

Company events

The newest 8-K filings of 220 held.

Every filing

The newest filings with the SEC of 507 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

295 funds held it at 30 Jun 2026: 127 added and 71 trimmed in the quarter. The largest:

What the company does

It digitally remasters films and other content into the IMAX format and sells or leases IMAX theater systems to exhibitors. As of 31 December 2025, there were 1,864 IMAX Systems operating in 91 countries and territories. The company does not own the locations in its network, except for one, and is not an exhibitor. It employed 679 people.

How the business is organised The company reports two segments. Content Solutions provides content enhancement and distribution services to movie studios and content creators. Technology Products and Services covers the sale, lease and maintenance of IMAX Systems for exhibitors. A third group, All Other, includes the Streaming and Consumer Technology business, one owned and operated IMAX System in Sacramento, California, a profit-sharing arrangement with one theater, and management services for three other theaters. The company also indirectly owns 71.57% of IMAX China Holding, Inc., whose shares trade on the Hong Kong Stock Exchange.

What it sells In a typical film remastering and distribution arrangement, the company receives a share of a film's box office from the studio. The fee averages approximately 12.5% of box office on a gross basis before sales taxes. In Greater China it often receives a lower percentage of net box office. Some filmmakers join the Filmed For IMAX program and shoot with IMAX cameras. The company says these films can show up to 26% more image on a standard IMAX screen than a conventional screen. In select locations, films shot with IMAX cameras use a 1.43 aspect ratio.

The company also distributes large-format documentaries, with distribution rights to approximately 75 films. It delivers live and interactive events to over 400 locations. It works with more than 60 content owners. Through its IMAX Enhanced program it extends its technology to streaming services and consumer devices.

How the systems are sold and leased The company no longer offers the Xenon system for new signings. - **Sales and sales-type leases:** the customer pays initial fees and ongoing amounts. - **Traditional joint revenue sharing arrangements:** the company bears most of the equipment and installation costs and earns a percentage of box office receipts. - **Hybrid arrangements:** the customer pays fixed upfront amounts, typically half of a sale, and a percentage of box office that is typically half that of a traditional arrangement.

Exhibitors also pay annual maintenance fees. The backlog of signed commitments stood at 434 systems.

Who it sells to The customers for systems are mainly commercial multiplex exhibitors. Institutional locations such as museums, science centers, zoos and aquariums, and commercial destinations such as theme parks, are a much smaller part. The network has 1,796 commercial multiplexes, 10 commercial destinations and 58 institutional locations. The company estimates a worldwide addressable market of 4,466 commercial locations, which puts its penetration at 40%. Studios and content creators are the other customer group. The company notes that consolidation among exhibitors and studios can make individual customers a larger share of its business.

Where it operates

- United States: 413 - Canada: 51 - Greater China: 810 - Asia excluding Greater China: 204 - Western Europe: 162 - Latin America: 71 - Rest of the World: 153

About 76% of commercial multiplex systems are outside the United States and Canada. The company has sales and marketing staff in offices in Canada, the United States, Greater China, Europe and Asia. It assembles projectors at its facility in Mississauga, Ontario, and subcontracts most parts and sub-assemblies to third-party suppliers. Sound systems use proprietary parts from outside vendors for approximately 50% of their materials. The company also staffs a Network Operations Centre that monitors the network around the clock. Under full-service programs its personnel typically visit each location every six to twelve months.

How it competes and what it protects The company says its network is more than double the size of its nearest competitor. It faces exhibitors and technology companies that offer their own premium large-screen auditoriums. It also competes with streaming, television, gaming, sports and concerts for leisure time. The company names its brand, filmmaker relationships, system reliability, maintenance and the return on an IMAX System for exhibitors as its strengths.

It held 89 patents and had 13 patents pending in the United States as of 31 December 2025. Of its 679 employees, 467 work outside the United States.

*From IMAX's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/921582/000162828026011770/imax-20251231.htm)*

From the company's 10-K.