IMAX Corporation reported fourth‑quarter 2025 results that surpassed consensus estimates, with revenue of $125.2 million, up 35 % year‑over‑year, and an adjusted earnings per share of $0.58, a beat of $0.15 or 34.9 % over the $0.43 consensus estimate. Adjusted EBITDA rose to $57.1 million, a 53 % year‑over‑year increase, and the adjusted EBITDA margin expanded to 45.6 % from 40.1 % in the same quarter last year.
The revenue growth was driven by a 62 % year‑over‑year increase in gross box office to $336.2 million, reflecting a rebound in audience demand and a 3.8 % share of global box office, up 700 basis points from the prior year. Strong performance in the U.S. and international markets, coupled with a robust slate of IMAX‑exclusive releases, contributed to the top‑line beat.
The earnings beat was supported by margin expansion and disciplined cost management. Adjusted EBITDA margin growth to 45.6 % indicates that higher‑margin content and technology services offset any cost inflation, while operational leverage from increased system installations helped spread fixed costs over a larger revenue base.
Management guided for 2026 with a projected global box office of $1.4 billion, 160‑175 new system installations, and an adjusted EBITDA margin in the mid‑40s, above 45 %. The guidance signals confidence in sustained demand for premium cinematic experiences and the continued scalability of IMAX’s technology platform.
CEO Rich Gelfond said, "2025 was a transformational year for IMAX, in which we took our performance to the next level and firmly established IMAX as a premier global platform for entertainment and events." He added, "We exceeded virtually every target for box office and financial performance for the year and expect to deliver a record $1.4 billion in global box office in 2026."
These results reinforce IMAX’s competitive position in the premium cinema market, demonstrating the effectiveness of its content‑diversification strategy and global network expansion. The record box‑office performance and growing market share underscore the company’s ability to capture premium demand, while the guidance for 2026 indicates a trajectory of continued growth and profitability.
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