New York, Feb 27, 2026, 09:07 EST — Premarket
- IMAX climbed roughly 0.7% in premarket trading, building on its 14.4% surge from the previous session.
- The company is projecting $1.4 billion in global IMAX box office for 2026, with system installs pegged between 160 and 175.
- Benchmark raised its price target on IMAX to $44 and maintained a buy rating.
IMAX Corp inched up 0.7% to $42.07 before the bell Friday, building on Thursday’s 14.4% surge to $41.77. Investors continue to digest the company’s record-year performance and its 2026 ambitions.
IMAX delivered its quarterly numbers and offered an outlook built on a heavier slate of films and a ramp-up in screen installations. The company reported 2025 revenue up 16% at $410.2 million. For 2026, guidance targets global IMAX box office hitting $1.4 billion, with 160 to 175 new systems expected to be installed and mid-40s for adjusted EBITDA margin. CEO Rich Gelfond described 2025 as “transformational” and is projecting a “record” $1.4 billion box office haul in 2026. Securities and Exchange Commission
Why it’s coming up: this trade boils down to visibility. IMAX’s revenue hinges on box-office numbers and how many screens it has, and the company is assuring investors both figures are headed higher this year. “Adjusted EBITDA” cuts out interest, taxes, and some one-time charges — investors lean on that to see what the core business is really earning.
On the call, executives sought to clarify why headline profit looked slimmer than the robust adjusted figure. Finance chief Natasha Fernandes pointed to $22 million in one-off charges for the fourth quarter, citing expenses linked to repurchasing most of the 2026 convertible notes, plus a non-cash goodwill impairment. She also noted that the first quarter usually marks the slowest stretch for box office revenue—and said January’s global box office climbed 16% from the previous year.
Much of the upbeat sentiment hinges on what IMAX refers to as its “tentpole” slate — those splashy, high-cost films designed to draw big numbers — along with a wider selection of international movies. On the call, Gelfond made the case that premium formats are carving out a larger role in studio strategy, while the company highlighted new installations in markets it still considers underpenetrated.
Analysts on Wall Street wasted no time. Mike Hickey at Benchmark bumped his price target on IMAX to $44, up from $42, sticking with a buy call. In a note picked up by TheFly, Hickey argued IMAX “exits 2025 as a structurally stronger and more strategically important player” in the global theatrical space. TipRanks
Even so, it’s a messy picture. IMAX’s projections bank on studios sticking to their planned releases and on steady audience turnout worldwide—China’s a particular wild card, given how much release timing and domestic titles can move the needle. If the box office softens or major movies get bumped from prime slots, the impact would show up fast in IMAX’s content revenue and cash flow.
Premium large-format screens are a battleground, too. IMAX has its brand—and the experience it touts—but exhibitors have their own upscale formats in the mix. Studios, for their part, aren’t obligated to carve out special windows for IMAX.
Coming up, traders are eyeing new box-office numbers as the calendar turns. The company usually shares month-end updates right after the close of each month, offering an early look at how 2026 might shape up before the spring releases kick in.
