James Cameron’s return to Pandora with “Avatar: Fire & Ash” meant big business for Imax. Revenue at the exhibition technology company climbed 35% to $125.2 million for the fourth quarter of 2025, compared to $92.7 million in the year-ago period. The company said that the third “Avatar” film, which Cameron urged moviegoers to see in Imax, drove record box office for the quarter, contributing $112 million in ticket sales to become Imax’s highest grossing Hollywood film.
However, net income for the quarter shrank 64% to $2.5 million, down from $6.9 million in the same period in 2024. Imax also reported adjusted earnings per-share of 58 cents, compared to the 27 cents per-share it logged a year earlier. Included in the results is $22 million of one-time charges, including $15 million for the repurchase of over 99% of convertible notes due 2026.
Movie theaters have struggled to regain their popularity since COVID shut down the sector more than five years ago. Yet Imax has continued to draw crowds with filmmakers like Cameron, Christopher Nolan and Denis Villeneuve all using the company’s cameras to shoot their blockbusters. Looking ahead, Imax said it is targeting a record $1.4 billion in global box office in 2026, citing Nolan’s “The Odyssey” and Villeneuve’s “Dune: Part Three,” both of which were filmed using the company’s technology, as big draws. The company also predicted that upcoming releases such as “The Mandalorian and Grogu” and “Project Hail Mary” will play well on its screens.
“We believe we are far from our peak, but rather, in a period of evolution and growth,” Imax chief Richard Gelfond told analysts on an earnings call. “With superior immersive technology and unmatched scale, Imax is the premiere global platform for blockbuster content. And blockbuster content continues to grow in importance across the ecosystem. The world’s greatest filmmakers, studios, even streamers — are leaning into blockbuster theatrical releases, as drivers of IP and value throughout the chain. As this trend accelerates, Imax becomes an increasingly valuable player. We’re the only game in town with a global platform, content portfolio and well-recognized brand.”