Revenue growth remains inconsistent, evidenced by a 6.1% year-over-year contraction in 2026Q1, even as the company preserves a 56.3% gross margin through premium pricing power.
| 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 |
|---|
| Sales/Revenue | 404.92M | 410.21M | 352.21M | 374.84M | 300.81M | 254.88M | 137M | 395.66M | 374.4M | 380.77M | 377.33M | 373.81M | 290.54M | 287.94M | 282.75M | 235.1M | 248.61M | 171.21M | 102.72M | 111.18M | 122.47M | 128.87M | 128.31M | 119.26M | 129.1M | 118.66M | 173.12M | 192.84M | 190.4M | 158.5M | 114.35M |
| Revenue Growth % | 12.56% | 16.47% | -6.04% | 24.61% | 18.02% | 86.04% | -65.37% | 5.68% | -1.67% | 0.91% | 0.94% | 28.66% | 0.9% | 1.83% | 20.27% | -5.44% | 45.21% | 66.68% | -7.61% | -9.21% | -4.97% | 0.43% | 7.59% | -7.62% | 8.8% | -31.46% | -10.23% | 1.28% | 20.13% | 38.61% | 41.39% |
| Cost of Goods Sold | 169.63M | 172.64M | 162.01M | 160.5M | 144.45M | 120.48M | 115.46M | 181.49M | 166.47M | 195.52M | 174.66M | 154.52M | 117.15M | 123.33M | 129.51M | 121.03M | 110.96M | 89.66M | 65.17M | 74.67M | 75.05M | 69.99M | 68.23M | 67.28M | 75.63M | 97.39M | 112.66M | 97.97M | 95M | 61.1M | 46.41M |
| COGS % of Revenue | - | 42.09% | 46% | 42.82% | 48.02% | 47.27% | 84.28% | 45.87% | 44.46% | 51.35% | 46.29% | 41.34% | 40.32% | 42.83% | 45.8% | 51.48% | 44.63% | 52.37% | 63.44% | 67.16% | 61.28% | 54.31% | 53.17% | 56.42% | 58.58% | 82.08% | 65.07% | 50.81% | 49.9% | 38.55% | 40.59% |
| Gross Profit | 235.29M | 237.57M | 190.2M | 214.34M | 156.35M | 134.41M | 21.54M | 214.17M | 207.93M | 185.25M | 202.68M | 219.29M | 173.39M | 164.6M | 153.25M | 114.06M | 137.65M | 81.55M | 37.55M | 36.51M | 47.42M | 58.88M | 60.08M | 51.98M | 53.47M | 21.27M | 60.46M | 94.86M | 95.4M | 97.4M | 67.94M |
| Gross Margin % | 58.11% | 57.91% | 54% | 57.18% | 51.98% | 52.73% | 15.72% | 54.13% | 55.54% | 48.65% | 53.71% | 58.66% | 59.68% | 57.17% | 54.2% | 48.52% | 55.37% | 47.63% | 36.56% | 32.84% | 38.72% | 45.69% | 46.83% | 43.58% | 41.42% | 17.92% | 34.93% | 49.19% | 50.1% | 61.45% | 59.41% |
| Gross Profit Growth % | - | 24.91% | -11.26% | 37.09% | 16.33% | 523.98% | -89.94% | 3% | 12.24% | -8.6% | -7.57% | 26.47% | 5.34% | 7.41% | 34.35% | -17.14% | 68.79% | 117.17% | 2.86% | -23% | -19.47% | -2% | 15.6% | -2.79% | 151.4% | -64.82% | -36.26% | -0.56% | -2.05% | 43.37% | 39.13% |
| Operating Expenses | 146.87M | 141.97M | 146.34M | 163.94M | 161.19M | 123.42M | 143.36M | 136.89M | 162.75M | 153.8M | 144.08M | 131.52M | 115.52M | 99.5M | 94.35M | 85.1M | 87.01M | 61.76M | 53.65M | 48.75M | 43.6M | 36M | 36.44M | 33.93M | 37.05M | 115.15M | 78.79M | 40.43M | 64.2M | 49.6M | 46.48M |
| OpEx % of Revenue | - | 34.61% | 41.55% | 43.74% | 53.59% | 48.42% | 104.64% | 34.6% | 43.47% | 40.39% | 38.18% | 35.18% | 39.76% | 34.56% | 33.37% | 36.2% | 35% | 36.07% | 52.23% | 43.85% | 35.6% | 27.94% | 28.4% | 28.45% | 28.7% | 97.04% | 45.51% | 20.96% | 33.72% | 31.29% | 40.65% |
| Selling, General & Admin | 138.06M | 137.85M | 132.7M | 144.41M | 138.04M | 117.78M | 108.48M | 123.83M | 117.48M | 109.88M | 123.46M | 112.97M | 93.26M | 84.85M | 81.56M | 73.16M | 78.76M | 56.21M | 43.68M | 44.7M | 42.53M | 37.47M | 36.36M | 33.31M | 34.91M | 48.96M | 53.38M | 34.45M | 38.8M | 32.1M | 29.48M |
| SG&A % of Revenue | - | 33.61% | 37.68% | 38.52% | 45.89% | 46.21% | 79.18% | 31.3% | 31.38% | 28.86% | 32.72% | 30.22% | 32.1% | 29.47% | 28.84% | 31.12% | 31.68% | 32.83% | 42.53% | 40.21% | 34.73% | 29.08% | 28.33% | 27.93% | 27.04% | 41.26% | 30.84% | 17.86% | 20.38% | 20.25% | 25.78% |
| Research & Development | 6.3M | 4.12M | 5.1M | 10.11M | 5.3M | 6.94M | 5.62M | 5.2M | 13.73M | 20.86M | 16.32M | 12.73M | 16.1M | 14.77M | 11.41M | 7.83M | 6.25M | 3.75M | 7.46M | 5.79M | 3.62M | 3.22M | 4.03M | 3.79M | 2.36M | 3.38M | 6.5M | 3.14M | 2.7M | 2.1M | 2.48M |
| R&D % of Revenue | - | 1% | 1.45% | 2.7% | 1.76% | 2.72% | 4.1% | 1.31% | 3.67% | 5.48% | 4.32% | 3.41% | 5.54% | 5.13% | 4.04% | 3.33% | 2.51% | 2.19% | 7.26% | 5.21% | 2.95% | 2.5% | 3.14% | 3.18% | 1.83% | 2.85% | 3.75% | 1.63% | 1.42% | 1.32% | 2.17% |
| Other Operating Expenses | 1000K | 0 | 8.53M | 9.43M | 17.85M | -1.31M | 29.26M | 8.23M | 31.55M | 23.07M | 4.31M | 5.82M | 6.16M | -122K | 1.38M | 4.11M | 2M | 1.79M | 2.5M | -1.75M | -2.54M | -4.69M | -3.95M | -3.18M | -219K | 62.8M | 18.91M | 2.84M | 22.7M | 15.4M | 14.52M |
| Operating Income | 86.85M | 95.6M | 43.86M | 50.4M | -4.83M | 10.98M | -121.82M | 77.28M | 45.18M | 31.44M | 58.6M | 87.77M | 57.87M | 65.1M | 58.89M | 28.97M | 50.65M | 19.8M | -16.09M | -12.24M | 3.82M | 22.88M | 23.64M | 18.05M | 16.42M | -93.88M | -18.33M | 54.44M | 31.2M | 47.8M | 21.45M |
| Operating Margin % | 21.45% | 23.31% | 12.45% | 13.45% | -1.61% | 4.31% | -88.92% | 19.53% | 12.07% | 8.26% | 15.53% | 23.48% | 19.92% | 22.61% | 20.83% | 12.32% | 20.37% | 11.56% | -15.67% | -11.01% | 3.12% | 17.75% | 18.42% | 15.14% | 12.72% | -79.12% | -10.59% | 28.23% | 16.39% | 30.16% | 18.76% |
| Operating Income Growth % | - | 117.97% | -12.97% | 1142.57% | -144.01% | 109.02% | -257.64% | 71.06% | 43.67% | -46.34% | -33.24% | 51.67% | -11.11% | 10.54% | 103.3% | -42.8% | 155.82% | 223.02% | -31.48% | -420.48% | -83.31% | -3.22% | 30.98% | 9.93% | 117.49% | -412.13% | -133.68% | 74.47% | -34.73% | 122.81% | 312.12% |
| EBITDA | 149.62M | 158.05M | 109.36M | 110.42M | 51.83M | 67.07M | -69.12M | 140.26M | 102.61M | 98.25M | 105.08M | 130.57M | 91.63M | 102.27M | 91.68M | 54.13M | 71.18M | 38.85M | 1.93M | 5.5M | 20.69M | 38.55M | 38.7M | 27.68M | 32.49M | 5.92M | 43.3M | 79.66M | 53.9M | 63.2M | 35.97M |
| EBITDA Margin % | 36.95% | 38.53% | 31.05% | 29.46% | 17.23% | 26.31% | -50.45% | 35.45% | 27.41% | 25.8% | 27.85% | 34.93% | 31.54% | 35.52% | 32.42% | 23.03% | 28.63% | 22.69% | 1.88% | 4.95% | 16.9% | 29.92% | 30.16% | 23.21% | 25.17% | 4.99% | 25.01% | 41.31% | 28.31% | 39.87% | 31.46% |
| EBITDA Growth % | 52.11% | 44.52% | -0.96% | 113.05% | -22.72% | 197.03% | -149.28% | 36.68% | 4.44% | -6.5% | -19.52% | 42.51% | -10.41% | 11.55% | 69.37% | -23.95% | 83.23% | 1917.03% | -64.98% | -73.42% | -46.33% | -0.38% | 39.8% | -14.8% | 448.67% | -86.32% | -45.65% | 47.8% | -14.72% | 75.68% | 79.07% |
| D&A (Non-Cash Add-back) | 62.77M | 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 |
| EBIT | 77.51M | 95.6M | 45.78M | 52.94M | -3.89M | 18.08M | -122.11M | 78.13M | 46.52M | 31.95M | 59.66M | 88.74M | 58.27M | 65.16M | 58.98M | 29.03M | 51.04M | 19.32M | -15.71M | -11.38M | 4.86M | 23.88M | 23.91M | 19.02M | 16.3M | -34.01M | -7.18M | 54.44M | 31.2M | 47.8M | 21.45M |
| Net Interest Income | -3.3M | -4.56M | -5.9M | -4.33M | -4.45M | -4.87M | -4.62M | -688K | -1.07M | -915K | -315K | -693K | -519K | -1.29M | -604K | -1.77M | -1.49M | -13.75M | -17.33M | -11.58M | -10.48M | -11.27M | -12.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.73M | 2.8M | 2.18M | 2.49M | 1.43M | 2.22M | 2.39M | 2.1M | 1.84M | 1.03M | 1.49M | 968K | 405K | 55K | 85K | 57K | 399K | 98K | 381K | 5.51M | 6.28M | 5.61M | 4.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.67M | 7.36M | 8.08M | 6.82M | 5.88M | 7.09M | 7.01M | 2.79M | 2.92M | 1.94M | 1.8M | 1.66M | 924K | 1.34M | 689K | 1.83M | 1.89M | 13.85M | 17.71M | 17.09M | 16.76M | 16.88M | 17.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -30.5M | -32.31M | -6.16M | -4.28M | -4.93M | 3K | -9.16M | -1.94M | -1.57M | -1.43M | -744K | -693K | -519K | -1.29M | -604K | -1.77M | -1.49M | -14.33M | -17.33M | -16.23M | -15.72M | -15.87M | -16.81M | -18.22M | -5.25M | -28.11M | -24.59M | -12.11M | -17.5M | -9.8M | 7.52M |
| Pretax Income | 56.35M | 63.29M | 37.7M | 46.12M | -9.77M | 10.99M | -130.98M | 75.34M | 43.6M | 30.01M | 57.85M | 87.08M | 57.35M | 63.81M | 58.29M | 27.2M | 49.16M | 5.47M | -33.42M | -28.47M | -11.9M | 7.01M | 6.83M | -168K | 11.17M | -121.99M | -42.92M | 42.32M | 13.7M | 38M | 28.97M |
| Pretax Margin % | 13.92% | 15.43% | 10.7% | 12.3% | -3.25% | 4.31% | -95.61% | 19.04% | 11.65% | 7.88% | 15.33% | 23.29% | 19.74% | 22.16% | 20.61% | 11.57% | 19.77% | 3.2% | -32.53% | -25.61% | -9.72% | 5.44% | 5.33% | -0.14% | 8.65% | -102.81% | -24.79% | 21.95% | 7.2% | 23.97% | 25.34% |
| Income Tax | 8.06M | 17.77M | 5M | 13.05M | 10.11M | 20.56M | 26.5M | 16.77M | 9.52M | 16.79M | 16.21M | 20.05M | 14.47M | 16.63M | 15.08M | 9.29M | -52.57M | 274K | 92K | 472K | 6.22M | 1.13M | -69K | -386K | -3.61M | 11.01M | -13.14M | 16.64M | 9.8M | 17.3M | 13.57M |
| Effective Tax Rate % | 14.31% | 28.07% | 13.25% | 28.3% | -103.47% | 187.17% | -20.23% | 22.26% | 21.83% | 55.95% | 28.02% | 23.03% | 25.22% | 26.06% | 25.87% | 34.17% | -106.95% | 5.01% | -0.28% | -1.66% | -52.23% | 16.12% | -1.01% | 229.76% | -32.29% | -9.02% | 30.61% | 39.32% | 71.53% | 45.53% | 46.85% |
| Net Income | 43.46M | 34.88M | 26.06M | 25.34M | -22.8M | -22.33M | -143.78M | 46.87M | 22.84M | 2.34M | 28.79M | 55.84M | 39.74M | 44.12M | 41.34M | 15.26M | 101.24M | 5.02M | -33.6M | -26.94M | -16.85M | 7.75M | 7.7M | 231K | 11.97M | -145.11M | -92.95M | 25.23M | 1.8M | 20.7M | 15.4M |
| Net Margin % | 10.73% | 8.5% | 7.4% | 6.76% | -7.58% | -8.76% | -104.94% | 11.84% | 6.1% | 0.62% | 7.63% | 14.94% | 13.68% | 15.32% | 14.62% | 6.49% | 40.72% | 2.93% | -32.71% | -24.23% | -13.76% | 6.02% | 6% | 0.19% | 9.27% | -122.3% | -53.69% | 13.09% | 0.95% | 13.06% | 13.47% |
| Net Income Growth % | 73.07% | 33.83% | 2.86% | 211.12% | -2.11% | 84.47% | -406.78% | 105.16% | 874.57% | -91.86% | -48.45% | 40.54% | -9.93% | 6.72% | 170.88% | -84.93% | 1916.33% | 114.94% | -24.73% | -59.89% | -317.29% | 0.65% | 3235.06% | -98.07% | 108.25% | -56.13% | -468.35% | 1301.83% | -91.3% | 34.44% | 320% |
| Net Income (Continuing) | 48.29M | 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 | 11.17M | -133M | -29.78M | 25.68M | 3.9M | 20.7M | 15.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 355K | -309K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 800K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 691K | 89.84M | 78.75M | 72.45M | 66.41M | 74.29M | 79.28M | 95.4M | 87.2M | 75.86M | 64.54M | 53.27M | 43.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.8M | 3M | 1.61M |
| EPS (Diluted) | 0.77 | 0.63 | 0.48 | 0.46 | -0.40 | -0.38 | -2.43 | 0.76 | 0.36 | 0.04 | 0.42 | 0.78 | 0.56 | 0.64 | 0.61 | 0.22 | 1.52 | 0.09 | -0.79 | -0.67 | -0.42 | 0.19 | 0.19 | 0.01 | 0.18 | -4.69 | -3.04 | 0.85 | 0.03 | 0.68 | 0.50 |
| EPS Growth % | 39.64% | 31.25% | 4.35% | 215% | -5.26% | 84.36% | -419.74% | 111.11% | 800% | -90.48% | -46.15% | 39.29% | -12.5% | 4.92% | 177.27% | -85.53% | 1588.89% | 111.39% | -17.91% | -59.52% | -321.05% | 0% | 1800% | -94.44% | 103.84% | -54.28% | -457.65% | 2733.33% | -95.59% | 36% | 354.55% |
| EPS (Basic) | - | 0.65 | 0.49 | 0.47 | -0.40 | -0.38 | -2.43 | 0.76 | 0.36 | 0.04 | 0.43 | 0.79 | 0.58 | 0.66 | 0.63 | 0.24 | 1.59 | 0.10 | -0.79 | -0.67 | -0.42 | 0.20 | 0.20 | 0.01 | 0.18 | -4.69 | -3.11 | 0.85 | 0.03 | 0.71 | 0.54 |
| Diluted Shares Outstanding | 56.39M | 55.54M | 53.86M | 55.15M | 56.67M | 59.13M | 59.24M | 61.49M | 63.21M | 65.54M | 68.26M | 71.06M | 69.75M | 68.96M | 67.93M | 67.86M | 66.68M | 54.52M | 42.39M | 40.31M | 40.27M | 42.02M | 39.98M | 36.9M | 33.2M | 30.94M | 30.57M | 31.25M | 29.64M | 30.44M | 30.58M |
| Basic Shares Outstanding | 54.13M | 53.64M | 52.65M | 54.31M | 56.67M | 59.13M | 59.24M | 61.31M | 63.08M | 65.38M | 67.58M | 69.53M | 68.35M | 67.15M | 65.85M | 64.5M | 63.58M | 52.82M | 42.39M | 40.31M | 40.27M | 39.9M | 39.32M | 36.9M | 33.2M | 30.94M | 29.89M | 29.69M | 29.64M | 29.15M | 28.51M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical and content concentration
According to recent financial disclosures, IMAX experienced a 6.1% year-over-year revenue contraction in 2026Q1, following a period of inconsistent growth that highlights the company's heavy reliance on the timing of major theatrical tentpole releases and the inherent seasonality of the global film exhibition industry.
The revenue trajectory appears tethered to the release cadence of high-profile blockbusters, which creates significant quarter-to-quarter variance. Investors should monitor whether the current volatility reflects a structural shift in consumer demand or merely the timing of the studio pipeline.
As reported in quarterly filings, IMAX maintained a gross margin of 56.3% in 2026Q1, demonstrating the company's ability to preserve premium pricing power despite the broader industry's struggle with rising operational costs and the inherent cyclicality of the global box office environment.
The stability of gross margins suggests that the proprietary DMR process and licensing model provide a buffer against the lower-margin hardware sales. This indicates that the company's value proposition remains intact even when top-line growth faces headwinds from external market conditions.
Based on the latest income statement data, IMAX's operating margin compressed to 12.2% in 2026Q1, suggesting that fixed SG&A expenses continue to exert pressure on profitability during periods where revenue growth fails to scale sufficiently to absorb the company's specialized operational cost base.
The inability to consistently expand operating margins during revenue dips implies that the company's cost structure remains relatively rigid. Further investigation is warranted to determine if management can achieve greater efficiency in SG&A spending to protect bottom-line performance during slower release cycles.
Analysis of the reported figures reveals that stock-based compensation remains a persistent expense, totaling $5.8 million in 2026Q1, which significantly impacts the quality of net income and suggests that shareholders should adjust for non-cash dilution when evaluating the company's true underlying profitability and EPS growth.
The discrepancy between net income and cash-generative performance is exacerbated by these recurring equity-based charges. Investors should be cautious of relying solely on GAAP EPS, as the consistent use of stock-based compensation may mask the true cash-on-cash return generated by the core business operations.
While the company maintains a strong balance sheet, the 2026Q1 results highlight a vulnerability to theatrical window compression, as the reliance on high-margin box office participation leaves the firm exposed to any sustained decline in the global appetite for premium, large-format cinematic experiences.
Short-term performance risks are amplified by the company's geographic concentration in China, where regulatory and economic shifts could disrupt the revenue-sharing model. The market may be underestimating the potential for margin compression if studios continue to prioritize streaming or shorter theatrical windows over the traditional IMAX release model.
Quick answers to the most common questions about buying IMAX stock.
For fiscal year 2025, IMAX Corporation (IMAX) reported total revenue of $410.2M. This represents a 258.7% increase compared to $114.3M in 1996.
IMAX Corporation (IMAX) is profitable, generating $34.9M in net income for the fiscal year ending 2025 with a net profit margin of 8.5%.
IMAX Corporation (IMAX) reported an operating income of $95.6M, resulting in an operating profit margin of 23.3%. This margin reflects the operational efficiency of the business before interest and taxes.
IMAX Corporation (IMAX) generated $237.6M in gross profit for the year, representing a gross profit margin of 57.9%. This demonstrates the company's core pricing power and production efficiency.