IMAX Posts 35% Q4 Revenue Gain, $336M Box Office and 160 New Installations
Fourth-quarter revenue climbed 35% year over year, while box office totaled $336 million, up 16% from its prior record. The company added 160 installations in 2025, ended with $151 million in cash and 0.7x net leverage, and guided to 160–175 new units with a 45%+ EBITDA margin floor in 2026.
1. Q4 and Full-Year Performance
IMAX achieved 35% year-over-year revenue growth in Q4, while box office reached $336 million, a 16% increase over its previous record. Fourth-quarter gross margin rose to 58% (up 540 basis points), contributing to full-year gross margin of 60% ($246 million, up 600 basis points) and a record $1.28 billion global box office.
2. Network Expansion and Balance Sheet
The company added 160 new system installations in 2025, finishing the year with $151 million in cash, $289 million in debt and a net leverage of 0.7x. Installations were at the high end of guidance, including 65 in Q4, with half of expansion driven by underpenetrated international markets and strategic partnerships in North America.
3. 2026 Outlook and Guidance
IMAX guided for 160–175 installations in 2026 with a 45%–55% sales-to-joint venture mix and a minimum 45% Adjusted EBITDA margin. Management forecast $1.4 billion in global box office next year, underpinned by at least 12 Film for IMAX titles including Christopher Nolan’s “The Odyssey,” “Dune: Part Three” and key local-language releases.