Filing Flows › Imax (IMAX) › Q4 2025
Imax (IMAX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Imax (IMAX) reported revenue of $125M for the fourth quarter 2025 (Q4 2025), +35% from a year earlier and +17% from the quarter before. Operating margin was 19.3%, net earnings $637K (0.5% of revenue).
Imax, Q4 2025: revenue $125M (+35% year over year), operating margin 19.3%, net earnings $637K, operating cash flow $29.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $125M | +17% | +35% |
| Gross profit | $72.1M | +7% | +49% |
| Operating profit | $24.1M | -17% | +153% |
| Net earnings | $637K | -97% | -88% |
| Operating cash flow | $29.4M | -56% | +156% |
| Free cash flow | $28.0M | -57% | +307% |
What changed
Revenue was $125.2M in Q4 2025, up 35% year over year and up 17% from the previous quarter. Image enhancement and maintenance services was the largest line at 44% of revenue.
Gross margin was 57.6%, up 5.4 points from a year earlier. Operating profit was $24.1M, a 19.3% margin (up 9.0 points year over year). Of the extra revenue versus a year earlier, 45% reached operating profit, above the 10% margin then. Operating expenses grew 24% against revenue growth of 35%. The fastest-growing cost line was Other operating costs (+110%). Net earnings were $637K, down 88% year over year. The effective tax rate was 61.8%.
Operating cash flow was $29.4M (up 156% year over year), 1163% of net income including minority interests. Non-cash charges added back $16.0M of depreciation and amortization and $7.7M of share-based compensation. Working capital and other items added $3.1M. Capital expenditures of $1.4M left free cash flow of $28.0M.
Questions
What was Imax's revenue in the fourth quarter 2025?
Imax (IMAX) reported revenue of $125M for the fourth quarter 2025 (Q4 2025), +35% from a year earlier and +17% from the quarter before.
Was Imax profitable in the fourth quarter 2025?
Operating profit was $24.1M (19.3% of revenue) and net earnings $637K.
Source: Imax 10-K on SEC EDGAR.