- IMAX delivers best quarterly financial performance in company history, breaking records across key metrics including:
- Revenue of $175 million, up 64% year-over-year and Gross Margin of $126 million, up 88% year-over-year.
- Strong operating leverage driven profitability with Net Income(1) of $117 million at a record margin of 67% and Adjusted EBITDA(2) of $121 million at a record margin of 69%, up over 2000 basis points year-over-year.
- Net income per diluted share of $1.96, up 430% year-over year and Adjusted EPS(1,2) of $2.21, up 370% year-over-year — both quarterly figures eclipsing any full year result in IMAX history.
- Cash from Operating Activities of $86 million, up 28% year-over-year.
- Company reports record quarterly global box office of $712 million — up +90% over the previous quarterly record of $372 million.
- Christopher Nolan’s The Odyssey makes history as highest grossing IMAX release of all time, with over $550 million in worldwide box office and delivering more than 30% of the film’s global box office.
- Signings for IMAX systems reach over 100 year-to-date — 65% new locations — as sales activity accelerates following the record-breaking performance of The Odyssey and amidst strong pre-sales for December’s Dune: Part Three.
- Dune: Part Three and Chinese release of Avengers: Doomsday kick off promising 2027 slate currently taking shape, with strong Chinese New Year offering led by Wandering Earth 3; Filmed for IMAX releases including Star Wars: Starfighter and Superman sequel Man of Tomorrow; Avengers: Secret Wars; and the IMAX debut of the original Star Wars, presented in IMAX 70mm film for the first time ever.
NEW YORK–IMAX Corporation (NYSE: IMAX) reported the best quarterly financial results in company history for the third quarter of 2026, as the global entertainment platform surged to new heights with record global box office in the period.
“What IMAX achieved goes beyond simply a ‘great quarter’ and transcends the many records we shattered in the period. What we believe we are witnessing is an awakening to the power and potential of our platform to impact global culture, unlock new commercial opportunities, and inspire a new level of demand and awe in audiences around the world,” said Rich Gelfond, CEO of IMAX Corporation.
“Christopher Nolan’s The Odyssey is a historic cinematic achievement crafted entirely with IMAX technology and its record-breaking success marks a new era of opportunity for our company. The record margins we generated in the quarter demonstrate the unique strength of our model, and the growing value of scarce events and experiences in an increasingly A.I.-driven world underscore a powerful opportunity for our business, as we look ahead to a remarkably strong slate over the next several years.”
“Our momentum is fueling sales activity with exhibitors around the world, with our team delivering more than 100 signings for IMAX systems worldwide year-to-date — including 65% new locations and strong growth across priority Rest of World markets.”
“With the global release of Dune: Part Three and our release of Avengers: Doomsday in China carrying into a very strong 2027 slate, we are excited for the year ahead and confident in our belief that there has never been a better time to be in the IMAX business. This ‘IMAX awakening’ sits inside a bigger culture shift of people around the world — particularly young people — seeking connection, community, and shared experiences that feel bigger than any one person’s screen. IMAX has always delivered these moments, and we believe this trend has only begun to benefit our business.”
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| (1) | For the three months ended September 30, 2026, Net income attributable to common shareholders includes $36.7 million ($0.63 per diluted share) of valuation allowance release related to certain Canadian federal and provincial deferred tax assets that are expected to be utilized in future years. | |
| (2) | Non-GAAP Financial Measure. See the discussion at the end of this earnings release for a description of the non-GAAP financial measures used herein, as well as reconciliations to the most comparable GAAP amounts. | |
Third Quarter Financial Highlights
| Three Months Ended September 30,(Unaudited) | Nine Months Ended September 30,(Unaudited) | |||||||||||||||||||||
| In millions of U.S. Dollars, except per share data | 2026 | 2025 | YoY % Change | 2026 | 2025 | YoY % Change | ||||||||||||||||
| Total Revenue | $ | 174.6 | $ | 106.7 | 64 | % | $ | 358.8 | $ | 285.0 | 26 | % | ||||||||||
| Gross Margin | $ | 126.3 | $ | 67.3 | 88 | % | $ | 235.0 | $ | 174.0 | 35 | % | ||||||||||
| Gross Margin (%) | 72.3 | % | 63.1 | % | 920bps | 65.5 | % | 61.1 | % | 440bps | ||||||||||||
| Net Income | $ | 117.1 | $ | 22.6 | 418 | % | $ | 139.1 | $ | 43.0 | 223 | % | ||||||||||
| Net Income Margin (%) | 67.1 | % | 21.2 | % | 4590bps | 38.8 | % | 15.1 | % | 2370bps | ||||||||||||
| Net Income Attributable to Common Shareholders | $ | 113.8 | $ | 20.7 | 450 | % | $ | 133.4 | $ | 34.2 | 290 | % | ||||||||||
| Net Income Per Share – Diluted(1) | $ | 1.96 | $ | 0.37 | 430 | % | $ | 2.35 | $ | 0.62 | 279 | % | ||||||||||
| Total Adjusted EBITDA(2)(3) | $ | 120.9 | $ | 51.8 | 133 | % | $ | 199.4 | $ | 127.8 | 56 | % | ||||||||||
| Total Adjusted EBITDA Margin (%)(2)(3) | 69.3 | % | 48.6 | % | 2070bps | 55.6 | % | 44.9 | % | 1070bps | ||||||||||||
| Adjusted Net Income(1)(2) | $ | 127.9 | $ | 26.2 | 388 | % | $ | 161.7 | $ | 48.0 | 237 | % | ||||||||||
| Adjusted Earnings Per Share – Diluted(1)(2) | $ | 2.21 | $ | 0.47 | 370 | % | $ | 2.84 | $ | 0.87 | 226 | % | ||||||||||
| Weighted average shares outstanding (in millions): | ||||||||||||||||||||||
| Basic | 55.0 | 53.8 | 2 | % | 54.7 | 53.6 | 2 | % | ||||||||||||||
| Diluted(4) | 58.0 | 55.6 | 4 | % | 56.9 | 55.2 | 3 | % | ||||||||||||||
| _________________________ | ||
| (1) | Attributable to common shareholders. | |
| (2) | Non-GAAP Financial Measure. See the discussion at the end of this earnings release for a description of the non-GAAP financial measures used herein, as well as reconciliations to the most comparable GAAP amounts. | |
| (3) | Total Adjusted EBITDA is before adjustments for non-controlling interests. Total Adjusted EBITDA per Credit Facility attributable to common shareholders, excluding non-controlling interests, was $115.2 million and $187.7 million for the three and nine months ended September 30, 2026, respectively (2025 – $48.0 million and $112.7 million, respectively). The Company’s Credit Facility covenant is calculated on a trailing twelve-month basis. | |
| (4) | For the three months ended September 30, 2026, the calculation of diluted weighted average shares outstanding includes any shares potentially issuable upon the conversion of the Convertible Notes, as the average market price of the Company’s common shares exceeded the conversion price and the effect was dilutive. The capped call transactions are excluded from the calculation of diluted earnings per share because their effect would be antidilutive. | |
Third Quarter Segment Results(1)
| Content Solutions | Technology Products and Services | |||||||||||||||||||||
| Revenue | Gross Margin | GrossMargin % | Revenue | Gross Margin | GrossMargin % | |||||||||||||||||
| 3Q26 | $ | 94.0 | $ | 71.7 | 76 | % | $ | 77.3 | $ | 53.4 | 69 | % | ||||||||||
| 3Q25 | 44.8 | 31.9 | 71 | % | 60.4 | 34.8 | 58 | % | ||||||||||||||
| % change | 110 | % | 125 | % | 28 | % | 53 | % | ||||||||||||||
| YTD26 | $ | 160.0 | $ | 111.9 | 70 | % | $ | 190.4 | $ | 119.3 | 63 | % | ||||||||||
| YTD25 | 113.0 | 77.9 | 69 | % | 166.7 | 94.1 | 56 | % | ||||||||||||||
| % change | 42 | % | 44 | % | 14 | % | 27 | % | ||||||||||||||
| _________________________ | ||
| (1) | Please refer to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2026 for additional segment information. | |
Content Solutions Segment
- Third quarter Content Solutions revenues and gross margin increased 110% to $94 million and 125% to $72 million year-over-year, respectively. IMAX’s global platform delivered a record 76% gross margin reflecting the significant incrementality within the IMAX business model as our platform scales and box office increases.
- Third quarter global box office of $712 million marked IMAX’s highest quarterly box office in its history and increased 94% year-over-year leading IMAX to deliver 6.7% of the industry’s third quarter global box office (on less than 1% of worldwide screens). Top grossing third quarter titles included The Odyssey ($538 million) and Spider-Man: Brand New Day ($58 million).
Technology Products and Services Segment
- Third quarter Technology Products and Services revenues and gross margin increased 28% to $77 million and 53% to $53 million year-over-year, respectively, driven by rental revenue growth tied to higher box office and amendments and renewals of existing agreements which more than offset lower systems under sales arrangements installations.
- During the third quarter of 2026, the Company installed 32 systems compared to 38 systems in the third quarter of 2025. Of the quarter’s installs, 15 systems were under sales arrangements, compared to 17 in the prior year.
- Commercial network growth continued with the number of IMAX locations reaching 1,820 systems as of September 30, 2026 compared to 1,759 systems as of September 30, 2025. The Company ended Q3 2026 with a backlog of 409 IMAX systems.
Operating Cash Flow and Liquidity
Net cash provided by operating activities for the nine months ended September 30, 2026 increased 25% year-over-year to $122 million, reflecting higher operating profits and the elevated conversion of profits to cash flow as margins increase.
As of September 30, 2026, the Company’s available liquidity was $641 million. The Company’s liquidity included cash and cash equivalents of $208 million, $375 million in available borrowing capacity under the Company’s revolving credit facility, and $58 million in available borrowing capacity under IMAX China’s revolving facilities. Total debt, excluding deferred financing costs, was $251 million as of September 30, 2026.
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 2030 Convertible Notes, the Company entered into privately negotiated capped call transactions with a 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 third quarter of 2026 were 55.0 million and 58.0 million, respectively, compared to 53.8 million and 55.6 million in the third quarter of 2025.
During the third quarter of 2026 and 2025, the Company did not have any repurchases of common shares.
In June 2026, the Company’s Board of Directors approved an extension of its share repurchase program through June 30, 2027. As of September 30, 2026, the Company’s total share repurchase authority was $500.0 million with approximately $237.0 million available under the program.
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture, and equipment to create experiences that take you beyond the edge of your seat to a world you’ve never imagined. Top filmmakers and studios are utilizing IMAX systems to connect with audiences in extraordinary ways, making IMAX’s network among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX’s principal executive offices are located in Mississauga, Ontario, Canada and New York, New York. As of September 30, 2026, there were 1,887 IMAX systems (1,820 commercial multiplexes, 10 commercial destinations, 57 institutional locations) operating in 91 countries and territories.
Shares of IMAX China Holding, Inc., a subsidiary of IMAX Corporation, trade on the Hong Kong Stock Exchange under the stock code “1970”.
IMAX®, IMAX® 3D, Experience It In IMAX®, The IMAX Experience®, DMR®, Filmed For IMAX®, IMAX Live®, and IMAX Enhanced® are trademarks and trade names of the Company or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions. For more information, visit www.imax.com. You can also connect with IMAX on Instagram (www.instagram.com/imax), Facebook (www.facebook.com/imax), LinkedIn (www.linkedin.com/company/imax), X (www.twitter.com/imax), and YouTube (www.youtube.com/imaxmovies).
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