Imax has already crossed $600 million in global box office receipts for the current quarter, CEO Rich Gelfond said, a milestone that puts the large-format exhibitor far beyond its previous quarterly high while the period is still underway.
Speaking at the Goldman Sachs Communacopia media conference, Gelfond said the company’s best quarter had previously landed “in the mid-three hundreds,” a mark set in the third quarter of 2023. The new total comes as Imax rides a major theatrical surge led by Universal and Christopher Nolan’s The Odyssey, along with what Gelfond described as a broader box office recovery and expanding revenue opportunities across ticket sales, theater installations and merchandise.
“I think it’s really the beginning,” Gelfond said of the company’s current momentum.
The executive singled out The Odyssey as a key driver, saying, “When we looked at our slate for the year, I was the most bullish person in the company on The Odyssey.” He noted that Imax’s previous single-film record was $230 million in global box office receipts for the initial run of Avatar. By comparison, Gelfond said the company is now “knocking on the door of a half a billion dollars,” adding that Imax operates on “1% of the screens in the world.”
“How many films do a half a billion, let alone an Imax only?” he said.
Imax’s business model includes splitting box office revenue with theaters and, in some cases, studios depending on the exhibitor arrangement. Gelfond said the company receives about 18 cents on the dollar.
A broader slate beyond one film
Gelfond also pointed to the company’s upcoming mix of programming, emphasizing studio titles, sports, music, local-language fare and special-event content. He said Imax released 120 pieces of content last year, and cited an Oasis concert as part of the music pipeline.
Among forthcoming film titles, he referenced good tracking for Sony’s Resident Evil and highlighted Dune: Part Three, saying tickets went on sale a few weeks ago. According to Gelfond, if sales stopped now, three months ahead of release, the film would rank among the highest pre-sales in Imax’s 60-year history.
The company’s future slate also includes several high-profile projects from streamers and studios. From Netflix, David Fincher’s The Further Mis-Adventures of Cliff Booth, starring Brad Pitt, is set to debut with an exclusive two-week Imax theatrical window on November 25. Greta Gerwig’s Narnia: The Musician’s Nephew is also slated for an exclusive two-week Imax theatrical window in early 2027.
Additional projects Gelfond mentioned include The Thomas Crown Affair from Amazon MGM, directed by and starring Michael B. Jordan, due in March; Sony’s four Beatles movies, which begin rolling out in 2028; and Joseph Kosinski’s Miami Vice ’85.
Gelfond said Imax is aiming to build brand loyalty around a wider variety of programming. While he said he still believes in superhero movies, he suggested the format’s future is not dependent on them.
“I don’t think there’s anything so unique about [them] that says, wow, I’ve got to see this in Imax,” he said, adding that “some of that has run its course” over the past few years. The goal, he said, is to get audiences to ask, “What’s playing at the Imax theater?”
“I’m not saying we’re there yet,” Gelfond said, “but I think momentum is clearly happening.”
Merchandise joins the Imax playbook
Gelfond also described merchandise as a growing area of focus after a test involving Imax popcorn buckets. The company put 2,500 buckets on sale, he said, and “within 90 minutes they were gone.” More were added, but demand continued to outpace supply.
“When you look at our plans for 2027, we’re going to lean into merchandising,” Gelfond said.
Filmmaker relationships amid consolidation
Asked about industry consolidation, Gelfond downplayed concern, framing Imax’s core strength as its direct ties to creators rather than corporate ownership structures.
“Our primary relationships are with filmmakers,” he said. “So, wherever the filmmakers end up … they’re the ones that we’re really talking to about the content.”
He added: “We’ve built this business over 60 years and we have the relationships … Those relationships with the filmmakers are not going anywhere.”
Gelfond said studios recognize Imax’s ability to help drive global box office, while streamers see value in how Imax can affect the broader streaming equation. He cited Apple’s F1, directed by Kosinski, and Phil Lord and Christopher Miller’s Hail Mary for Amazon MGM.
He also called Warner Bros. “a great partner” and said Imax has spoken multiple times with David Ellison and Paramount about the possibility that, if a merger happens, Paramount would “certainly ramp up” Imax productions. Gelfond described Imax’s Paramount relationship as “terrific,” referencing past collaborations on the Mission Impossible movies and Top Gun: Maverick.
On the expansion front, Gelfond said Imax has been using its growing cash position to broaden its network. The company’s earlier model relied on exhibitors funding installations while Imax licensed its technology. It later shifted more toward joint ventures, taking a larger share of box office while also contributing more capital.
“Since they’ve been doing very well,” he said of those installations, “the paybacks have been even better than we modeled.”