IMAX (IMAX) Cash Flow: Operating & Free Cash Flow

IMAX Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for IMAX Corporation (IMAX) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	45.53	32.70	33.07	-19.88	-9.58	-157.49	58.57	33.60	12.52
Depreciation & Amortization	62.45	65.50	60.02	56.66	56.08	52.70	62.98	57.44	66.81
Deferred Income Tax	0.77	-5.63	-1.45	-2.07	3.00	23.62	6.76	-6.92	-4.02
Stock Based Compensation	26.82	23.21	24.23	27.57	26.08	22.04	23.57	23.72	24.08
Change in Working Capital	-36.38	-47.02	-62.46	-64.90	-64.76	-3.71	-69.37	-10.75	-9.14
Change in Accounts Receivable	-1.32	20.67	-19.60	-22.93	-52.45	20.67	-13.00	35.27	-45.06
Change in Inventory	-0.08	-1.50	-0.29	-5.53	11.45	1.64	1.94	-14.02	10.83
Change in Accounts Payable	-0.48	-6.38	-0.54	8.50	-4.75	0.41	-11.77	7.75	4.20
Change in Other Working Capital	17.25	1.97	-42.04	3.18	2.51	-26.43	-46.54	-39.75	20.88
Other Operating Activities	17.25	1.97	5.20	3.18	2.51	39.82	7.86	12.89	-4.88
Net Cash from Operating Activities	127.07	70.84	58.62	17.32	6.07	-23.01	90.38	109.97	85.37
Investing Activities
Capital Expenditures	-41.92	-41.22	-32.84	-32.62	-17.78	-9.26	-50.84	-56.87	-71.99
Acquisitions	0.00	0.00	0.00	-15.94	0.00	0.00	-40.49	0.00	-1.61
Purchases of Investments	0.00	0.00	0.00	-4.73	17.77	0.00	-15.15	0.00	-1.61
Sales/Maturities of Investments	0.00	0.00	1.05	0.00	17.77	0.00	0.00	0.00	0.00
Other Investing Activities	-33.75	-8.45	-8.34	-4.39	-4.09	-1.90	37.56	-8.70	-3.61
Net Cash from Investing Activities	-41.92	-41.22	-31.79	-53.29	-0.01	-9.26	-65.99	-56.87	-73.60
Financing Activities
Debt Repayment	-385.53	-43.38	-13.74	-4.55	-307.61	287.61	-20.00	14.33	-2.00
Common Stock Issued	4.01	0.00	0.00	0.00	0.88	0.00	0.00	0.00	0.00
Common Stock Repurchased	-1.45	-17.97	-26.84	-83.17	-23.97	-41.24	-35.65	-78.48	-51.27
Other Financing Activities	-33.97	-4.98	-7.95	-8.67	-29.30	-5.80	-1.46	-6.72	-4.26
Net Cash from Financing Activities	-34.08	-6.04	-48.53	-58.51	-132.72	240.57	-57.12	-70.86	-57.54
Summary
Effect of Forex Changes on Cash	-0.50	0.81	0.50	2.17	-1.01	-0.41	0.63	0.63	-0.27
Net Change in Cash	50.58	24.39	-21.20	-92.31	-126.66	207.90	-32.11	-17.14	-46.03
Cash at Beginning of Period	100.59	76.20	97.40	189.71	317.38	109.48	141.59	158.73	204.76
Cash at End of Period	151.17	100.59	76.20	97.40	189.71	317.38	109.48	141.59	158.73
Free Cash Flow	85.15	29.62	25.78	-15.30	-11.71	-32.27	39.54	53.10	13.38
Supplemental Disclosures
Interest Paid	-	5.72	3.93	0.72	3.25	5.77	-	-	-
Income Taxes Paid	-	14.58	17.81	13.96	18.48	4.76	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About IMAX Cash Flow

What is IMAX's free cash flow?

IMAX generated free cash flow of $85.15M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $127.07M minus $41.92M of capital expenditures. That was up 187.5% from $29.62M a year earlier. Free cash flow equaled 20.8% of revenue.

How much does IMAX spend on capital expenditures?

IMAX spent $41.92M on capital expenditures in fiscal 2025, compared with $41.22M a year earlier. That equals 33.0% of operating cash flow.

Does IMAX pay dividends or buy back shares?

Yes. In fiscal 2025 IMAX returned $1.45M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition