What Happened to IMAX Corporation?

IMAX Corporation, founded in Montreal in 1967 by Graeme Ferguson, Roman Kroitor, and Robert Kerr, initially focused on large-format educational and documentary films for museums and science centers. A significant turning point occurred in the late 1990s and early 2000s with the company's strategic shift towards mainstream Hollywood feature films, facilitated by releases like Disney's 'Fantasia 2000' and the introduction of Digital Media Remastering (DMR) technology in 2002. This innovation allowed major studios to convert their films into the immersive IMAX format, broadening its appeal and integrating it into the global theatrical release schedule.

The 2020s have marked a period of remarkable growth and record-breaking achievements for IMAX, even amidst a challenging landscape for the broader cinema industry. In 2025, IMAX delivered its strongest performance in history, generating a record $1.28 billion at the global box office. This represented a 40% year-over-year increase and surpassed its previous 2019 record by 13%. This success was widespread, with record box office figures in North America, China, and other international markets, spanning 35 countries and territories. IMAX also captured its biggest global market share ever at 3.8% from just over 1,800 locations worldwide. The company's diversified content strategy, including a focus on local language films, proved effective, with two of the top five IMAX films in 2025 originating outside Hollywood.

IMAX has carried this strong momentum into 2026. While Q1 2026 saw a slight year-over-year dip in global box office due to a tough comparison with a record Chinese New Year in Q1 2025, North America and Rest of World (excluding China) box office demonstrated substantial growth of 75% and 60% respectively. The second quarter of 2026 showcased IMAX's continued strength, with the company reporting revenue of $103 million, a 12% increase year-over-year, and adjusted earnings per share (EPS) of $0.43, up 65%. These results significantly beat consensus estimates, driven largely by the highly anticipated release of Christopher Nolan's 'The Odyssey' in July 2026.

'The Odyssey,' the first feature film shot entirely with IMAX film cameras, proved to be a transformational event for the company. It achieved a record-breaking $52 million global IMAX opening weekend in July 2026. By August 10, 2026, 'The Odyssey' had become the highest-grossing IMAX release of all time, accumulating $289 million in ticket sales and accounting for 26% of the film's overall box office. The film's extraordinary performance also made July 2026 the highest-grossing month in IMAX's 50-year history, with $257 million in global ticket sales. As of August 17, 2026, 'The Odyssey' continued its strong run, delivering a robust debut in China and contributing to IMAX's fourth consecutive weekend exceeding $50 million in global box office.

IMAX's strategic expansion continues through new installations and upgrades to its advanced 'IMAX with Laser' systems. Recent partnerships in 2025 and 2026 include agreements with major exhibitors such as Cinemark, Apple Cinemas, HOYTS Cinemas, and TOHO Cinemas, adding and upgrading numerous locations across the U.S., Australia, New Zealand, and Japan. As of June 30, 2026, the global IMAX network comprised 1,809 systems, with a robust backlog of 421 systems. Financially, the company remains strong, reporting $551 million in available liquidity and total debt of $292 million as of June 30, 2026. While CEO Rich Gelfond took a temporary medical leave of absence in March 2026 for pneumonia treatment, the senior executive team has maintained consistent operations. The company projects continued growth, guiding for a record global box office of $1.4 billion for the full year 2026.