IMAX Corp. raised the prospect of continued momentum at the Goldman Sachs Communacopia + Technology Conference on Wednesday, pointing to a string of high-profile film releases driving box office gains and underscoring the breadth of its global screen rollout.
Shares of IMAX traded at $51.56, giving the company a market capitalization of $2.83 billion. The stock has gained 71.6% over the past year, outpacing many entertainment-sector peers.
Revenue through the first two quarters of fiscal 2026 totaled $416 million, up nearly 15% from a year earlier. Box office revenue in the third quarter was reported at $600 million, and management noted that incremental box office above $250 million per quarter converts to the bottom line at roughly 85%. Full-year EBITDA margin is guided to the mid-40s, with a stated floor of 45%. Year-to-date EBITDA margin through June came in at 42.6%, and levered free cash flow over the trailing twelve months was $104 million, representing free-cash-flow conversion of more than 50%.
"Increasingly, this is about converting demand into capacity and capacity into earnings," CFO Natasha Fernandes said.
IMAX currently operates 1,800 locations across 91 countries. The company estimates a total addressable market of 4,500 screens, meaning roughly half the potential footprint remains unrealized. International penetration outside China sits at about 35%, according to the company.
The film slate continues to be a central driver. IMSX's marketing chief Anne Globe highlighted strong brand metrics: unaided awareness among moviegoers now exceeds 80%, up from 75% a year ago, and the company reports over 12 million followers globally across social platforms and nearly 1 million newsletter subscribers. IMAX released 67 titles in the prior year and expects more than 75 this year.
Fernandes cited The Odyssey as evidence of the model extending beyond any single blockbuster. "Not just about one big title. It's a proof point about our business and about the future of our business," she said, noting the film had been extended to play through the end of September.
Earlier releases such as Dune also demonstrated long-range demand planning. That title, released Dec. 18, 2024, was originally slated for two weeks in December before rolling into January; advanced ticket sales began four months ahead on Sept. 14, 2024, across 41 locations offering the studio's 70-millimeter format. A previous hit, Demon Slayer in Japan, drove a 20% increase in the IMAX network and generated approximately $80 million in box office.
"The power of the IMAX platform really comes from the combination," Fernandes said. "We have a global network, we have proprietary technology — we have 80 engineers continuously developing it — and we have relationships with filmmakers and studios." She added that IMAX remained a "highly valued strategic asset."
Films and franchises referenced during the conference included projects from Legendary, Warner Bros., and Kodak, alongside mentions of properties tied to artists and entertainers such as Travis Scott, as well as formats linked to F1 and League of Legends.
