IMAX (IMAX) Q2 2026 earnings summary

Executive summary

• Achieved record-breaking Q2 2026 results, with revenue up 12% year-over-year to $103 million, driven by The Odyssey's $52 million global opening and the highest number of system installations in a decade.

• Adjusted EPS reached $0.43 (up 65% year-over-year), and adjusted net income was $24.2 million, reflecting strong profitability.

• IMAX maintains a premium brand with a global network of 1,809+ locations in 91 countries, accounting for over 50% of global premium cinema locations.

• Significant growth in local language content and partnerships, with 75 local language titles expected in 2026 and expansion into new countries.

• Strategic collaborations with major studios and streaming platforms, including exclusive live events and blockbuster releases through 2027.

Financial highlights

• Q2 2026 revenue was $102.8 million (up 12% year-over-year), with gross margin at 61.2% and adjusted EBITDA of $48 million (46.6% margin).

• Adjusted net income for Q2 2026 was $24.2 million; net income was $15.9 million (15.5% margin).

• Free cash flow for the first half of 2026 was $23 million, up from $8.1 million in the prior year.

• Cash and cash equivalents stood at $159.9 million as of June 30, 2026; total liquidity was $551 million.

• Net leverage ratio improved to 0.7x as of June 30, 2026.

Outlook and guidance

• 2026 guidance projects ~$1.4 billion global box office, 160-175 system installations, and mid-40s adjusted EBITDA margin.

• Management expects continued growth from international markets and a robust film slate for the remainder of 2026, including Dune: Part Three.

• Three-year targets include adjusted EBITDA margin over 50% by 2028 and adjusted EPS growth at twice the rate of revenue.

• Strong content pipeline into 2027, with major tentpole releases and international expansion.

• Sufficient capital and liquidity to fund anticipated operating needs over the next twelve months.