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Consumer electronics · Technology · Fiscal year ends Dec 31
IMAX reported revenue of $410M in the fiscal year ended Dec 2025, up 16.5% from the year before. Operating income was $84M, an operating margin of 20.5%, and net income was $35M. Operating cash flow of $127M less capital expenditure of $8M left free cash flow of $119M.
Ranks among the 4 consumer electronics companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 255 | 301 | 375 | 352 | 410 |
| Cost of revenue | 120 | 144 | 160 | 162 | 164 |
| Gross profit | 134 | 156 | 214 | 190 | 246 |
| Research & development | 6.9 | 5.3 | 10.1 | 5.1 | 5.8 |
| Selling, general & admin | 117 | 138 | 144 | 133 | 138 |
| Operating income | 11.0 | −4.8 | 50.4 | 43.9 | 84.2 |
| Interest expense | 7.1 | 5.9 | 6.8 | 8.1 | 7.4 |
| Pre-tax income | 11.0 | −9.8 | 46.1 | 37.7 | 63.3 |
| Income tax | 20.6 | 10.1 | 13.1 | 5.0 | 17.8 |
| Net income | −22.3 | −22.8 | 25.3 | 26.1 | 34.9 |
| Diluted EPS | −0.38 | −0.40 | 0.46 | 0.48 | 0.63 |
| Diluted shares | 59.1 | 56.7 | 55.1 | 53.9 | 55.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 190 | 97.4 | 76.2 | 101 | 151 |
| Receivables | 110 | 136 | 136 | 108 | 108 |
| Inventory | 26.9 | 31.5 | 31.6 | 32.8 | 32.5 |
| Net PP&E | 260 | 253 | 243 | 240 | 243 |
| Goodwill | 39.0 | 52.8 | 52.8 | 52.8 | 45.8 |
| Total assets | 883 | 821 | 815 | 830 | 894 |
| Deferred revenue | 81.2 | 70.9 | 67.1 | 52.7 | 50.4 |
| Long-term debt | 2.5 | – | – | – | – |
| Total liabilities | 453 | 491 | 469 | 452 | 466 |
| Shareholders' equity | 356 | 263 | 273 | 299 | 338 |
| Backlog (remaining obligations) | – | – | – | 26.5 | 28.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 6.1 | 17.3 | 58.6 | 70.8 | 127 |
| Capital expenditure | 3.6 | 8.4 | 6.5 | 8.4 | 8.2 |
| Free cash flow | 2.5 | 8.9 | 52.1 | 62.4 | 119 |
| Depreciation & amortisation | 56.1 | 56.7 | 60.0 | 65.5 | 62.4 |
| Stock-based compensation | 25.6 | 27.0 | 23.6 | 22.8 | 26.6 |
| Acquisitions | – | 15.9 | 0.0 | 0.0 | – |
| Share buybacks | 13.9 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 18.0% | 24.6% | −6.0% | 16.5% |
| Operating income growth (YoY) | – | −144.0% | – | −13.0% | 92.0% |
| EPS growth (YoY) | – | – | – | 4.3% | 31.3% |
| Gross margin | 52.7% | 52.0% | 57.2% | 54.0% | 60.0% |
| Operating margin | 4.3% | −1.6% | 13.4% | 12.5% | 20.5% |
| Net margin | −8.8% | −7.6% | 6.8% | 7.4% | 8.5% |
| Return on equityBlank when equity is negative | −6.3% | −8.7% | 9.3% | 8.7% | 10.3% |
| Free cash flow margin | 1.0% | 3.0% | 13.9% | 17.7% | 29.0% |
| Cash conversion (CFO ÷ net income) | −0.27x | −0.76x | 2.31x | 2.72x | 3.64x |
| Receivable days | 158 | 165 | 133 | 112 | 96 |
| Inventory days | 82 | 80 | 72 | 74 | 72 |
| Interest cover | 1.55x | −0.82x | 7.39x | 5.43x | 11.4x |
| Debt ÷ equity | 0.01x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −187 | – | – | – | – |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.