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IMAX delivered a record-shattering Thanksgiving performance, generating $40.8 mln in worldwide box office receipts during the holiday period. This marks a 70% jump yr/yr from the prior record of $24 mln, fueled by the powerhouse combo of Disney's Zootopia 2 and Universal's Wicked: For Good.

• Thanksgiving worldwide box office: $40.8 mln, a new IMAX record (+70% yr/yr). Zootopia 2 IMAX debut: $32.1 mln worldwide, including an impressive $20.5 mln from China.
• The strong performance highlights resilience in consumer demand, even amid waning consumer confidence and inflationary pressures.
• Family-oriented films are emerging as a major growth vector for IMAX, supplementing its traditional strength in superhero, sci-fi, and fantasy content.
• Results set a constructive tone heading into the December 18 global release of Avatar: Fire and Ash, the first new Avatar film since 2022's The Way of Water.

Despite the record numbers, shares of IMAX are trading slightly lower, likely because the market had already priced in strong holiday results. The stock had been climbing since early November as enthusiasm built around the Thanksgiving slate and the upcoming Avatar release.

Briefing.com Analyst Insight

IMAX's record Thanksgiving weekend is a meaningful signal that premium theatrical experiences remain in demand—even in a shaky macro environment. The ability to drive higher-priced ticket sales during a period of constrained consumer budgets underscores the strength and differentiation of the IMAX brand.

We also view the company's increased focus on family-friendly content as strategically important. This category historically provides broader audience reach and less volatility than blockbuster-driven slates. The success of Zootopia 2 in IMAX formats supports management's view that family titles represent a high-growth adjacency to the company's core genres.

While the stock's muted reaction may disappoint some investors, we see it as a reflection of already-elevated expectations rather than a negative shift in fundamentals. With the highly anticipated Avatar: Fire and Ash release approaching, these Thanksgiving results should help ease concerns about the holiday period and keep momentum intact heading into year-end.