IMAX Corporation (NYSE: IMAX) today reported excellent financial results for the fourth quarter and full-year of 2025, demonstrating the value of its unique global entertainment platform and broad content portfolio.

“2025 was a transformational year for IMAX, in which we took our performance to the next level and firmly established IMAX as a premier global platform for entertainment and events,” said Rich Gelfond, CEO of IMAX. “We exceeded virtually every target for box office and financial performance for the year and expect to deliver a record $1.4 billion in global box office in 2026.”

“Our slate for 2026 is arguably the strongest we’ve ever seen, with a record of at least 12 Filmed For IMAX releases worldwide; a highly anticipated offering of family films in a time where we’re growing market share with family audiences; and more international blockbusters than ever. The year is highlighted by huge, IMAX-centric tentpoles — including Christopher Nolan’s ‘The Odyssey,’ the first theatrical feature shot entirely with IMAX film cameras; and Filmed For IMAX releases including Denis Villeneuve’s ‘Dune: Part Three,’ Jon Favreau’s ‘The Mandalorian and Grogu,’ and Greta Gerwig’s ‘Narnia’ — and our strong slates for 2027 and 2028 continue to come into view.”

“We are leveraging our box office momentum to expand our global network, particularly in underpenetrated, high-PSA markets including Japan, Australia, Germany, and France. Based on our record box office performance and growing market share, we’ve increased our total addressable market to nearly 4,500 zones worldwide — double our current combined number of systems in operation and backlog.”

“IMAX has become increasingly integral in launching blockbusters around the world, and we believe we are entering a new period of evolution and growth as a result. Blockbuster content continues to grow in importance across the ecosystem — the world’s greatest filmmakers, Hollywood studios, international studios, even streamers are leaning into blockbuster theatrical releases as drivers of IP and value throughout the chain. We look forward to capitalizing on our position to further serve our global audience, drive strong financial results, and deliver positive returns for our shareholders.”

Content Solutions Segment

Content Solutions fourth quarter revenue of $38.2 million increased 50% year-over-year. Fourth quarter 2025 IMAX gross box office increased 62% year-over-year to $336.2 million, setting a new fourth quarter record. Gross margin for Content Solutions of $21.8 million increased 84% year-over-year.

Content Solutions full year 2025 revenue of $151.3 million increased 21% year-over-year. Full year 2025 IMAX gross box office increased 40% year-over-year to $1.28 billion, setting a new full year record. Gross margin for Content Solutions of $99.7 million increased 50% year-over-year. Content Solutions margin expanded significantly, going from 53% in 2024 to 66% in 2025, driven by the operating leverage in our business that accompanies box office growth.

Full year 2025 box office growth of 40% was driven by a diverse mix of global content that resulted in IMAX delivering a record 3.8% of the global box office, an increase in share of 70 basis points year-over-year. Highlights included:

A total of 67 local language titles from 14 countries including two of our top five titles of the year: the breakout animated title “Ne Zha 2” in China and the Japanese anime hit “Demon Slayer: Infinity Castle”

10 Hollywood Filmed for IMAX releases that included four titles (“Sinners,” “Mission Impossible – The Final Reckoning,” “F1: The Movie” and “Tron Ares”) where IMAX delivered 20% or more of the opening weekend domestic box office

Record Q4 box office anchored by “Avatar: Fire and Ash” contributing $112 million in the calendar year box office to become IMAX’s top grossing Hollywood title in 2025

Technology Products and Services Segment

Technology Products and Services fourth quarter revenue and gross margin increased 32% year-over-year to $84.6 million and 44% year-over-year to $49.1 million, respectively.

Technology Products and Services full year 2025 revenue and gross margin increased 16% year-over-year to $251.3 million and 24% year-over-year to $143.2 million, respectively. Technology Products and Services margin increased from 53% in 2024 to 57% in 2025, which primarily reflects the positive incremental flow through of the higher level of box office tied to rental revenues.

Demand for IMAX systems is growing. During 2025, the Company installed 160 systems, an increase of 10% compared to 146 systems installed in 2024. Of the 2025 installations, 82 systems were under sales arrangements, compared to 63 in the prior year, and 98 were new locations compared to 77 in the prior year.

Commercial network growth continues with the number of IMAX locations increasing to 1,796 from 1,735 in the prior year period. The Company ended 2025 with a backlog of 434 IMAX systems.

Operating Cash Flow and Liquidity

Net cash provided by operating activities for 2025 increased 79% year-over-year to $127 million, reflecting higher operating profits and improvements in working capital.

In 2025, the Company renewed and expanded its senior secured revolving credit facility, increasing the Company’s borrowing capacity from $300 million to $375 million. The renewed facility includes a reduction in borrowing costs, reflecting improved market conditions and the Company’s strong financial position. The facility is designed to provide IMAX with increased financial flexibility to support ongoing operational needs, network expansion, refinancing of existing debt and other general corporate purposes.

As of December 31, 2025, the Company’s available liquidity was $545 million. The Company’s liquidity included cash and cash equivalents of $151 million, $338 million in available borrowing capacity under the Company’s credit facility, and $56 million in available borrowing capacity under IMAX China’s revolving facilities. Total debt, excluding deferred financing costs, was $289 million as of December 31, 2025.

In 2025, the Company issued $250 million of 0.750% Convertible Senior Notes due 2030 (“2030 Convertible Notes”). In connection with the pricing of the Convertible Notes, the Company entered into privately negotiated capped call transactions with an initial cap price of $57.10 per share of the Company’s common shares.

Share Count and Capital Return

The weighted average basic and diluted shares outstanding in the fourth quarter of 2025 were 53.9 million and 56.3 million, respectively, compared to 52.8 million and 54.7 million in the fourth quarter of 2024. The weighted average basic and diluted shares outstanding for the full year of 2025 were 53.6 million and 55.5 million, respectively, compared to 52.6 million and 53.9 million for the full year of 2024.

In June 2025, the Company’s Board of Directors approved an extension of its share repurchase program through June 30, 2027 and an increase of approximately $100.0 million in the Company’s share repurchase program. As of December 31, 2025, the Company’s total share repurchase authority is $500.0 million with approximately $250.7 million available under the program.

About IMAX Corporation
IMAX (NYSE: IMAX) is a global leader in entertainment technology, delivering immersive cinematic experiences through proprietary software, architecture, and projection systems. Filmmakers, studios, and artists worldwide use IMAX to connect with audiences at scale, making its network one of the most powerful platforms for blockbuster events and entertainment.

Headquartered in New York, Toronto, and Los Angeles, IMAX operates 1,829 systems across 89 countries and territories as of September 30, 2025. IMAX China Holding, Inc., a subsidiary of IMAX Corporation, trades on the Hong Kong Stock Exchange under stock code “1970.” IMAX and related marks are trademarks of IMAX Corporation. For more information, visit www.imax.com.