How Imax makes millions from theaters it doesn't own

Morgan Stanley initiated coverage of Imax with an overweight rating and a $63 price target, suggesting 18% upside. The bank cites Imax's growing network, film slate, and box office revenue growth. Imax's box office is projected to reach $1.7 billion in 2028, up from $1.5 billion in 2026. The success of 'The Odyssey' highlights the value of Imax's technology and brand. 12 of 14 analysts rate Imax a buy or strong buy, and shares are up 21% over the past three months.

AMC Entertainment (AMC) shares rose 7% to $2.88 after announcing debt refinancing, pushing its nearest large maturity from 2029 to 2031. The move involves a private placement of first lien notes due 2031 and a cash tender offer for outstanding 2029 notes, funded by new debt facilities. Cinemark (CNK) and IMAX (IMAX) stocks also rose, but less significantly. AMC's refinancing aims to simplify its debt structure and extend maturities, though it does not reduce the total debt.

IMAX Corporation (IMAX) reported strong global growth at the Bank of America 2026 Media, Communications & Entertainment Conference. CEO Rich Gelfond highlighted record box office performance, international expansion, and new revenue streams. Current-quarter box office is on track to exceed $600 million, with significant contributions from international markets and local-language films. The company operates 1,800 theaters, with 500 in backlog, and aims to expand further. IMAX is also diversifying

IMAX stock reached a new all-time high on Monday, rising 3.89% to $54.79. The surge was driven by the record-breaking success of The Odyssey, which became the highest-grossing IMAX release. CEO Rich Gelfond expects this to be their best year. Analyst Steve Frankel predicts IMAX will exceed estimates in the second half of 2026, with shares potentially rising to $60. The company's Q2 2026 revenue grew 12% to $103 million, with adjusted earnings up 65% to $0.43 per share.

IMAX reported Q2 2026 revenue of $103M (up 12% YoY) and EPS of $0.43 (up 65%), driven by strong demand for 'The Odyssey'. The stock has gained 42% YTD, with institutional inflows contributing to a 103.5% rise over the past year. IMAX shows strong sales and EPS growth rates of 11.7% and 18.7% respectively over three years, with EPS expected to rise 14% this year.

IMAX shares rose about 5% on Monday after the company said Christopher Nolan’s film The Odyssey became the highest-grossing IMAX release of all time. IMAX reported $289 million in ticket sales, plus $37 million in the fourth weekend, and said IMAX theaters account for 26% of total tickets. IMAX added that 70mm locations have grossed over $37 million and presales near $40 million.