IMAX (IMAX) Q2 2026 earnings summary

Executive summary

• Achieved record-breaking Q2 2026 results, with revenue up 12% to $103 million, driven by The Odyssey's $52 million global opening and strong international box office performance.

• Adjusted EPS reached $0.43 (up 65% year-over-year), and adjusted EBITDA margin hit 46.6%, reflecting robust profitability.

• IMAX's global network expanded to 1,809+ locations across 91 countries, with system installations at a decade high and over 50% share of global premium cinema locations.

• Significant growth in local language content, strategic partnerships with studios and streaming platforms, and strong merchandising initiatives.

• Cash from operations for H1 2026 was $36 million, with $13.7 million deployed for share repurchases in Q2.

Financial highlights

• Q2 2026 revenue: $102.8–$103 million (up 12% year-over-year); adjusted EBITDA: $48 million (46.6% margin); adjusted net income: $24.2 million; adjusted EPS: $0.43.

• Gross margin for Q2 2026 was 61.2%, up 270 basis points year-over-year.

• Cash balance as of June 30, 2026: $159.9–$160 million; total debt: $243.8–$292 million.

• Free cash flow for H1 2026 was $23 million, up from $8.1 million in the prior year.

• Net leverage ratio improved to 0.7x as of June 30, 2026.

Outlook and guidance

• 2026 guidance projects ~$1.4 billion global box office, 160–175 system installations, and mid-40s adjusted EBITDA margin.

• Management expects continued growth from international markets, a robust film slate, and new brand opportunities.

• Three-year targets include adjusted EBITDA margin over 50% by 2028 and adjusted EPS growth at twice the rate of revenue.

• Sufficient capital and liquidity are expected to fund operating needs over the next twelve months.