Free cash flow generation remains highly sensitive to theatrical cycles, as evidenced by the swing from a negative 22.9% FCF margin in 2024Q1 to a 61.6% peak in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 123.88M | 127.07M | 70.84M | 58.62M | 17.32M | 6.07M | -23.01M | 90.38M | 109.97M | 85.37M | 77.87M | 84.2M | 86.91M | 55.03M | 73.63M | 6.25M | 58.49M | 13.78M | -6.55M | -6.22M | -5.79M | 2.09M | 11.41M | -9.18M | 20.36M | 2.68M | -54.09M | -2.59M | 23.9M | 11.6M | 26.78M |
| Operating CF Margin % | - | 30.98% | 20.11% | 15.64% | 5.76% | 2.38% | -16.8% | 22.84% | 29.37% | 22.42% | 20.64% | 22.53% | 29.91% | 19.11% | 26.04% | 2.66% | 23.52% | 8.05% | -6.37% | -5.6% | -4.73% | 1.62% | 8.89% | -7.7% | 15.77% | 2.26% | -31.24% | -1.34% | 12.55% | 7.32% | 23.42% |
| Operating CF Growth % | 163.38% | 79.38% | 20.85% | 238.4% | 185.59% | 126.36% | -125.46% | -17.82% | 28.82% | 9.62% | -7.52% | -3.11% | 57.91% | -25.26% | 1078.65% | -89.32% | 324.37% | 310.48% | -5.26% | -7.43% | -376.82% | -81.67% | 224.25% | -145.11% | 659.59% | 104.95% | -1989.19% | -110.83% | 106.03% | -56.68% | 576.41% |
| Net Income | 43.46M | 45.53M | 32.7M | 33.07M | -19.88M | -9.58M | -157.49M | 58.57M | 33.59M | 12.52M | 39.32M | 64.62M | 41.81M | 44.42M | 41.85M | 16.11M | 101.24M | 5.2M | -33.51M | -28.94M | -18.12M | 5.88M | 6.9M | 218K | 1.61M | -133M | -29.78M | 25.68M | 3.9M | 20.7M | 15.4M |
| Depreciation & Amortization | 62.76M | 62.45M | 65.5M | 60.02M | 56.66M | 56.08M | 52.7M | 62.98M | 57.44M | 66.81M | 46.48M | 42.8M | 33.76M | 37.17M | 32.79M | 25.16M | 20.54M | 19.05M | 18.02M | 17.74M | 16.87M | 15.68M | 15.06M | 9.63M | 16.07M | 99.8M | 61.63M | 25.23M | 22.7M | 15.4M | 14.52M |
| Stock-Based Compensation | 27.34M | 26.82M | 23.21M | 24.23M | 27.57M | 26.08M | 22.04M | 23.57M | 23.72M | 24.07M | 31.59M | 22.38M | 15.47M | 12.69M | 14.22M | 12.81M | 28.52M | 19.18M | 3.32M | 4.79M | 2.88M | 4.11M | 3.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 737.35K | 772K | -5.63M | -1.45M | -2.07M | 3M | 23.62M | 6.76M | -6.92M | -4.02M | 4.94M | -1.34M | 627K | 12.9M | 14.72M | 7.99M | -55.06M | 8K | -749K | -68K | 5.92M | 0 | -1.14M | 81K | -4.41M | 24.57M | -5.2M | -24.14M | 4M | 14M | 8.98M |
| Other Non-Cash Items | 19.85M | 27.88M | 2.07M | 5.2M | 19.94M | -4.76M | 39.82M | 7.86M | 12.89M | -4.88M | -13.59M | -8.21M | -11.12M | -18.39M | -14.69M | -6.46M | -7.96M | -7.77M | -5.55M | -7.76M | -7.02M | -8.53M | -1.21M | -4.19M | 961K | -3.21M | -6.8M | -13.96M | 40.6M | -4.1M | 5.18M |
| Working Capital Changes | -30.23M | -36.38M | -47.02M | -62.46M | -64.9M | -64.76M | -3.71M | -69.37M | -10.75M | -9.14M | -30.87M | -36.06M | 6.36M | -33.76M | -15.26M | -49.38M | -28.79M | -21.89M | 11.93M | 8.02M | -6.33M | -15.04M | -11.8M | -14.92M | 6.12M | 14.52M | -73.93M | -15.4M | -47.3M | -34.4M | -17.29M |
| Change in Receivables | 14.89M | -1.32M | 20.67M | -19.6M | -22.93M | -62.99M | 20.67M | -13M | 35.27M | -45.06M | -6.04M | -36.15M | 6.6M | -44.05M | -2.79M | -21.13M | -14.14M | -20.61M | 1.75M | 6.77M | -11.11M | -3.2M | -5.92M | -584K | 3.38M | 1.33M | -111K | -1.5M | -12.8M | -15.1M | -7.95M |
| Change in Inventory | -4.39M | -76K | -1.5M | -285K | -5.53M | 11.45M | 1.64M | 1.94M | -14.02M | 10.83M | -3.83M | -21.07M | -7.6M | 1.88M | -422K | -1.26M | -3.83M | 10.08M | 837K | -1.6M | 57K | -1.85M | -245K | 7.85M | 8.09M | 6.85M | -6.66M | 2.88M | 2.5M | -1.4M | -3.79M |
| Change in Payables | -11.47M | 0 | -6.38M | -535K | 8.5M | -4.75M | 414K | -11.77M | 7.75M | 4.2M | -3.36M | 9.18M | -5.19M | 7.24M | -8.14M | 5.59M | 100K | 1.5M | 145K | 874K | 3.96M | 1.64M | 44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -33.92M | -41.92M | -41.22M | -31.79M | -53.29M | -7K | -9.26M | -65.99M | -56.87M | -73.6M | -64.89M | -78.8M | -61.85M | -42.28M | -35.52M | -63.51M | -23.82M | -27.57M | -22.42M | -737K | 6.37M | -10.24M | -1.36M | -1.81M | -3.18M | 5.68M | 45.34M | -108.21M | -72.1M | -53.5M | -48.53M |
| Capital Expenditures | -14.5M | -8.17M | -32.77M | -24.49M | -28.23M | -13.68M | -7.35M | -47.91M | -48.18M | -66.78M | -58.19M | -71.73M | -56.94M | -35.79M | -29.31M | -38.82M | -26.61M | -1.43M | -2.81M | -2.53M | -1.99M | -1.6M | -320K | -1.56M | -1.54M | -1.09M | -27.64M | -22.46M | -14M | -12.7M | -15.54M |
| CapEx % of Revenue | 3.58% | 1.99% | 9.3% | 6.53% | 9.38% | 5.37% | 5.37% | 12.11% | 12.87% | 17.54% | 15.42% | 19.19% | 19.6% | 12.43% | 10.37% | 16.51% | 10.7% | 0.83% | 2.73% | 2.27% | 1.62% | 1.24% | 0.25% | 1.31% | 1.19% | 0.92% | 15.97% | 11.65% | 7.35% | 8.01% | 13.59% |
| Acquisitions | 0 | 0 | 0 | 0 | -15.94M | 0 | 0 | -40.49M | 0 | -1.61M | -1.91M | -2M | -2.5M | -4M | -381K | -2.48M | -3.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -900K | -25.72M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -5.86M | -33.75M | -8.45M | -8.34M | -4.39M | -4.09M | -1.9M | 37.56M | -8.7M | -3.61M | -4.79M | -5.07M | -2.92M | -2.49M | -5.83M | 11.08M | 27.7M | -1.07M | -1.14M | -325K | 2.25M | -516K | -1.43M | -246K | -1.64M | -760K | -7.62M | -30.39M | -25.2M | -32.5M | -14.81M |
| Cash from Financing | -41.16M | -34.08M | -6.04M | -48.53M | -58.51M | -132.72M | 240.57M | -57.12M | -70.86M | -57.54M | -125.78M | 204.69M | 51.96M | -4.38M | -34.85M | 45.14M | -24.22M | 7.18M | 39.02M | -1.29M | 286K | 3.63M | -29.21M | 24.19M | -5.87M | -12.51M | 2.48M | 1.87M | 127.4M | 3.4M | 73.56M |
| Debt Issued (Net) | -28.16M | -26.89M | 11.62M | -13.74M | 33.32M | -80.33M | 287.61M | -20M | 14.33M | -2M | -2M | 24.96M | 4.71M | -11M | -44.08M | 37.58M | -32.5M | -129.1M | 20M | 0 | 0 | 0 | -29.23M | 27.28M | -6.02M | -12.54M | 0 | 0 | 132.2M | -2.3M | 94.35M |
| Equity Issued (Net) | -12.13M | 2.55M | -17.97M | -26.84M | -83.17M | -23.96M | -41.24M | -35.65M | -78.48M | -51.27M | -118.51M | -34.28M | -3.06M | 0 | 314K | 0 | 0 | 130.77M | 17.93M | 420K | 286K | 3.63M | 558K | 1.72M | 152K | 31K | 1.44M | 1.87M | 400K | 5.8M | -17.44M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -400K | 0 | 0 |
| Share Repurchases | -18.88M | -1.45M | -17.97M | -26.84M | -83.17M | -23.96M | -41.24M | -35.65M | -78.48M | -51.27M | -118.51M | -34.28M | -3.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -365K | -2.2M | 0 | -19.48M |
| Other Financing | -862.73K | -9.74M | 313K | -7.95M | -8.67M | -28.42M | -5.8M | -1.46M | -6.72M | -4.26M | -5.27M | 214.01M | 50.31M | -2.15M | 8.92M | -306K | 0 | 5.51M | 1.09M | -1.71M | 0 | 0 | 265K | -4.82M | 0 | 0 | 1.03M | 0 | -4.8M | -100K | -3.36M |
| Net Change in Cash | 48.93M | 50.58M | 24.39M | -21.2M | -92.31M | -127.67M | 207.9M | -32.11M | -17.14M | -46.03M | -112.69M | 210.95M | 76.96M | 8.21M | 3.2M | -12.25M | 10.31M | -6.94M | 10.12M | -8.22M | 799K | -4.64M | -18.32M | 13.48M | 10.75M | -4.52M | -3.67M | -108.99M | 79.5M | -102.6M | 51.88M |
| Free Cash Flow | 115.28M | 118.9M | 29.62M | 25.78M | -15.3M | -11.71M | -32.27M | 39.53M | 53.1M | 13.38M | 14.9M | 7.41M | 27.05M | 16.76M | 38.49M | -54.78M | 31.19M | 12.04M | -9.78M | -8.75M | -8.22M | -57K | 10.7M | -10.74M | 18.82M | 1.59M | -81.73M | -25.05M | 9.9M | -1.1M | 11.24M |
| FCF Margin % | 28.47% | 28.99% | 8.41% | 6.88% | -5.09% | -4.59% | -23.55% | 9.99% | 14.18% | 3.51% | 3.95% | 1.98% | 9.31% | 5.82% | 13.61% | -23.3% | 12.55% | 7.03% | -9.52% | -7.87% | -6.72% | -0.04% | 8.34% | -9.01% | 14.57% | 1.34% | -47.21% | -12.99% | 5.2% | -0.69% | 9.83% |
| FCF Growth % | 117.37% | 301.41% | 14.9% | 268.5% | -30.65% | 63.7% | -181.61% | -25.54% | 296.99% | -10.22% | 101.07% | -72.6% | 61.4% | -56.47% | 170.27% | -275.61% | 159.16% | 223.03% | -11.83% | -6.37% | -14328.07% | -100.53% | 199.59% | -157.09% | 1084.14% | 101.94% | -226.22% | -353.07% | 1000% | -109.79% | 1194.78% |
| FCF per Share | 2.04 | 2.14 | 0.55 | 0.47 | -0.27 | -0.20 | -0.54 | 0.64 | 0.84 | 0.20 | 0.22 | 0.10 | 0.39 | 0.24 | 0.57 | -0.81 | 0.47 | 0.22 | -0.23 | -0.22 | -0.20 | -0.00 | 0.27 | -0.29 | 0.57 | 0.05 | -2.67 | -0.80 | 0.33 | -0.04 | 0.37 |
| FCF Conversion (FCF/Net Income) | 2.65x | 3.64x | 2.72x | 2.31x | -0.76x | -0.27x | 0.16x | 1.93x | 4.81x | 36.42x | 2.71x | 1.51x | 2.19x | 1.25x | 1.78x | 0.41x | 0.58x | 2.74x | 0.19x | 0.23x | 0.34x | 0.27x | 1.48x | -39.75x | 1.70x | -0.02x | 0.58x | -0.10x | 13.28x | 0.56x | 1.74x |
| Interest Paid | 0 | 0 | 5.72M | 3.93M | 715K | 3.25M | 5.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 14.58M | 17.81M | 13.96M | 18.48M | 4.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Theatrical window and content volatility
As reported in recent financial statements, IMAX's operating cash flow to net income ratio has fluctuated wildly, reaching a peak of 44.18 in 2025Q4, which suggests that reported net income frequently fails to capture the underlying cash-generating capacity of the company's core technology licensing business model.
The significant divergence between net income and operating cash flow indicates that non-cash items and working capital swings are the primary drivers of reported profitability. Investors should interpret this volatility as a sign that accounting earnings are highly sensitive to the timing of revenue recognition rather than immediate cash inflows.
Based on the provided quarterly data, IMAX's free cash flow margin has swung from a negative 22.9% in 2024Q1 to a robust 61.6% in 2025Q3, illustrating the extreme sensitivity of the company's cash generation to the timing of major theatrical releases and global box office performance.
This erratic free cash flow trajectory suggests that the company's business model is not yet optimized for consistent cash generation across all quarters. The reliance on high-margin participation revenue creates a 'feast or famine' dynamic that complicates long-term cash flow forecasting for institutional investors.
According to the company's cash flow statements, working capital changes have been a persistent drag on cash, with a notable $22.9 million outflow in 2023Q4, indicating that the firm frequently ties up significant liquidity in receivables and inventory ahead of major film release cycles.
The recurring negative working capital adjustments suggest that IMAX's cash conversion cycle is heavily influenced by the payment terms of its studio partners and theater exhibitors. This pattern warrants further investigation into whether the company is effectively managing its credit risk during periods of industry-wide box office contraction.
As evidenced by the financial data, IMAX's capital expenditure as a percentage of revenue has remained largely contained, peaking at 14.3% in 2024Q3, which suggests that the company is successfully maintaining its proprietary hardware ecosystem without requiring excessive, recurring reinvestment into its existing global theater footprint.
The relatively low capital intensity implies that the company's primary growth engine is the expansion of its network rather than the maintenance of existing assets. This asset-light characteristic appears to provide a structural advantage over traditional exhibitors that must constantly reinvest in physical theater infrastructure.
Quick answers to the most common questions about buying IMAX stock.
IMAX Corporation (IMAX) generated $127.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
IMAX Corporation (IMAX) generated $118.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
IMAX Corporation (IMAX) spent $8.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, IMAX Corporation (IMAX) spent $1.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.