IMAX Corporation

IMAX reported Q2 2026 revenue of $103 million, up 12% from $92 million a year ago. Adjusted EPS was $0.43, up 65% year over year, and adjusted EBITDA was $48 million with a 46.6% margin, up 400 basis points from 42.6%. Gross profit was $63 million, up 17% year over year, with a 61% margin; Content Solutions gross profit was $22 million, roughly flat, and Technology Products and Services revenue was $65 million, up 16%, with a 60% gross margin, up 600 basis points. For the first half, cash from operations was a $36 million inflow versus $30 million a year ago. Management said it remains on track for a record $1.4 billion in global box office for the full year, maintained its 2026 EBITDA guidance, and reiterated a full-year adjusted EBITDA margin target in the mid-40s. Natasha Fernandes also said the install guidance range remains $160 million to $175 million.

Rich Gelfond framed The Odyssey as a defining IMAX moment, saying the film is the purest expression yet of the company’s value proposition and is already producing results beyond expectations. He repeatedly emphasized that IMAX is becoming the center of the cultural conversation, with record presales, strong weekday holds, and sustained fan demand for 70-millimeter showings. His tone was highly confident and upbeat, but he also pointed to a broader slate beyond Odyssey, including Dune Part Three, Spider-Man, Narnia and other IMAX-centric titles that he believes support a strong pipeline into 2027.

Natasha Fernandes highlighted broad-based financial strength: revenue up 12%, adjusted EBITDA of $48 million, EBITDA margin of 46.6%, gross profit of $63 million, and adjusted EPS of $0.43. She said operating expenditures excluding stock comp were $29 million, down from $30 million a year ago, reflecting cost discipline and modest R&D growth, and noted that first-half operating cash flow was $36 million even after $10 million of lease incentive payments. She also said IMAX deployed $13.7 million to share repurchases in Q2, ended June 30 with $160 million of cash and $292 million of debt, and had net leverage of 0.7x.

Analysts focused on what Odyssey’s success means for future growth, 70-millimeter capacity, pricing, China, system sales mix, cash conversion and merchandising. Management said it is already briefing filmmakers and studios on how to lean into IMAX marketing, that 70-millimeter expansion is possible but economically finite, and that the current exhibitor/studio pricing model is working well though IMAX sees room for higher ticket prices on film. On China, Rich said first-half performance was disappointing but recent trends are improving, with Spider-Man presales described as strong and a cautiously optimistic view on Odyssey and other titles; Natasha said margin strength reflected box office above the level where incrementality usually kicks in, plus higher take from lease incentives. They also said merchandising is a meaningful opportunity but this year was mainly about proving the model, while the China in-vehicle entertainment partnership requires little or no R&D or capex from IMAX.