Short answer
IMAX CORP (IMAX) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $410M (+16.5% year over year) and net income of $35M.
- Top risk flagged: Foreign currency risk hedged with $48.4M notional cash flow contracts; $1.7M gain in OCI in 2025 versus $3.5M loss in 2024
FY2025 key financial metrics · XBRL
- Revenue
- $410M
- +16.5% YoY
- Net income
- $35M
- +33.8% YoY
- Operating margin
- 20.5%
- +8.1 pp YoY
- Gross margin
- 60.0%
- +6.0 pp YoY
- EPS (diluted)
- $0.63
- +31.3% YoY
- ROE
- 10.3%
- +1.6 pp YoY
- Operating cash flow
- $127M
- +79.4% YoY
Source: XBRL data from the IMAX CORP (IMAX) FY2025 10-K on SEC EDGAR. USD.
IMAX CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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