IMAX (IMAX) Q4 2025 earnings summary

Executive summary

• Achieved record global box office of $1.28 billion in 2025, up 40% year-over-year, with local language box office reaching $405 million and 36% share from local content.

• Installed 160 systems worldwide in 2025, a 10% increase year-over-year, and signed 166 new and upgraded system agreements, driving 3.5% network growth.

• Delivered record total revenue of $410.2 million, up 16% over 2024, and record Adjusted EBITDA of $184.9 million, with a 45.1% margin.

• Stock performance outpaced global media and entertainment peers, up over 44% in 2025.

• Expanded content portfolio and partnerships, including exclusive streaming and live event deals with Apple and Netflix.

Financial highlights

• Q4 2025 revenue grew 35% year-over-year to $125.2 million; full-year revenue up 16% to $410.2 million.

• Adjusted EBITDA margin hit 45.1% for the year, up 570 basis points year-over-year; Adjusted EPS reached $1.45, up $0.50 year-over-year.

• Record operating cash flow of $127 million and free cash flow of $85.2 million, with Adjusted EBITDA conversion of 46%.

• Gross margin for the year was 60%, up 600 basis points year-over-year.

• Net income for 2025 was $45.5 million, up 39% year-over-year; net income margin 11.1%.

Outlook and guidance

• 2026 guidance projects $1.4 billion in global box office, 160–175 system installations, and Adjusted EBITDA margin in the mid-forties, with a floor of 45%.

• Targeting high single to low double-digit revenue CAGR through 2028, Adjusted EBITDA margin over 50% by 2028, and Adjusted EPS growth at twice the rate of revenue.

• Free cash flow conversion expected at approximately 50% in 2026 and growing.

• Strong film slate for 2026–2028, including at least 12 Filmed For IMAX releases, major tentpoles, and local language films, with 60% of 2027 already booked.

• Expanding network in high-potential markets such as Japan, Australia, Germany, and France.