IMAX CORP (IMAX) FY2025 10-K Annual Report
IMAX CORP (IMAX) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
IMAX CORP FY2025 10-K Analysis
Business Overview
- • Core business: Proprietary IMAX Film Remastering enhances films for exclusive IMAX format distribution, earning ~12.5% global box office revenue
- • New emphasis on local language film releases, reaching 67 films in 2025, generating $405.4M or 32% of total global box office
- • Strategic shift toward international growth with focus on Japan, India, France, South Korea, and expanded local film distribution beyond native markets
- • Increase in films with "IMAX DNA" to 15 titles in 2025 (from 10 in 2024), boosting average box office index by over 8%
- • Noteworthy top-grossing IMAX releases include China's Ne Zha 2 and Japan's Demon Slayer: Infinity Castle, record holders in their markets
Management Discussion & Analysis
- • Film releases 2026: 21 titles released, 30 additional titles announced including IMAX DNA and local language films
- • Other Content Solutions: 75 documentary distribution rights as of Dec 31, 2025, including collaborations with NBA, Grizzly Creek, Beach House Pictures
- • Technology Products and Services: Revenue driven by IMAX Systems sales, leases, maintenance, with variable average revenue and gross margin per system
- • Risks: Dependence on exhibitors for system installation, financial difficulties could delay revenue recognition or reduce new commitments
- • Forward outlook: Ongoing negotiations for more films, additional local language and exclusive IMAX events expected in 2026
Risk Factors
- • Foreign currency risk hedged with $48.4M notional cash flow contracts; $1.7M gain in OCI in 2025 versus $3.5M loss in 2024
- • Geopolitical exposure with $130.2M financing receivables and working capital in CAD, RMB, JPY, EUR; 10% FX move impacts $13.0M fair value
- • Operational risk from counterparty credit exposure on derivatives limited to major financial institutions
- • Financial risk from $37.0M variable-rate debt (8% of total liabilities); 10% interest rate rise raises interest expense by $0.2M
- • Market risk from foreign currency fluctuations impacting Selling, General, and Administrative Expenses by $0.3M per 1% FX change in CAD
IMAX CORP FY2025 Key Financial MetricsXBRL
Revenue
$410M
▲ +16.5% YoY
Net Income
$35M
▲ +33.8% YoY
Gross Margin
60.0%
▲ +601bp YoY
Operating Margin
20.5%
▲ +808bp YoY
Net Margin
8.5%
▲ +110bp YoY
ROE
10.3%
▲ +162bp YoY
Total Assets
$894M
▲ +7.7% YoY
EPS (Diluted)
$0.63
▲ +31.3% YoY
Operating Cash Flow
$127M
▲ +79.4% YoY
Source: XBRL data from IMAX CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
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