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Side-by-side financial comparison of IMAX CORP (IMAX) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
Wheels Up Experience Inc. is the larger business by last-quarter revenue ($183.8M vs $125.2M, roughly 1.5× IMAX CORP). IMAX CORP runs the higher net margin — 0.5% vs -15.7%, a 16.2% gap on every dollar of revenue. On growth, IMAX CORP posted the faster year-over-year revenue change (35.1% vs -10.2%). IMAX CORP produced more free cash flow last quarter ($28.0M vs $-58.3M). Over the past eight quarters, IMAX CORP's revenue compounded faster (25.8% CAGR vs -3.4%).
IMAX Corporation is a Canadian production theatre company which designs and manufactures IMAX cameras and projection systems as well as performing film development, production, post-production and distribution to IMAX-affiliated theatres worldwide. Founded in Montreal in 1967, it has headquarters in the Toronto area, and operations in New York City and Los Angeles.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
IMAX vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $125.2M | $183.8M |
| Net Profit | $637.0K | $-28.9M |
| Gross Margin | 57.6% | 14.3% |
| Operating Margin | 19.3% | -0.9% |
| Net Margin | 0.5% | -15.7% |
| Revenue YoY | 35.1% | -10.2% |
| Net Profit YoY | -88.0% | 67.0% |
| EPS (diluted) | $0.02 | $-0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $125.2M | $183.8M | ||
| Q3 25 | $106.7M | $185.5M | ||
| Q2 25 | $91.7M | $189.6M | ||
| Q1 25 | $86.7M | $177.5M | ||
| Q4 24 | $92.7M | $204.8M | ||
| Q3 24 | $91.5M | $193.9M | ||
| Q2 24 | $89.0M | $196.3M | ||
| Q1 24 | $79.1M | $197.1M |
| Q4 25 | $637.0K | $-28.9M | ||
| Q3 25 | $20.7M | $-83.7M | ||
| Q2 25 | $11.3M | $-82.3M | ||
| Q1 25 | $2.3M | $-99.3M | ||
| Q4 24 | $5.3M | $-87.5M | ||
| Q3 24 | $13.9M | $-57.7M | ||
| Q2 24 | $3.6M | $-97.0M | ||
| Q1 24 | $3.3M | $-97.4M |
| Q4 25 | 57.6% | 14.3% | ||
| Q3 25 | 63.1% | 6.8% | ||
| Q2 25 | 58.5% | 8.3% | ||
| Q1 25 | 61.4% | 10.8% | ||
| Q4 24 | 52.2% | 13.9% | ||
| Q3 24 | 55.8% | 13.9% | ||
| Q2 24 | 49.4% | 2.3% | ||
| Q1 24 | 59.3% | -0.6% |
| Q4 25 | 19.3% | -0.9% | ||
| Q3 25 | 27.2% | -33.1% | ||
| Q2 25 | 15.6% | -31.4% | ||
| Q1 25 | 19.3% | -45.5% | ||
| Q4 24 | 10.3% | -26.0% | ||
| Q3 24 | 21.2% | -21.6% | ||
| Q2 24 | 3.2% | -40.3% | ||
| Q1 24 | 15.3% | -42.9% |
| Q4 25 | 0.5% | -15.7% | ||
| Q3 25 | 19.4% | -45.1% | ||
| Q2 25 | 12.3% | -43.4% | ||
| Q1 25 | 2.7% | -55.9% | ||
| Q4 24 | 5.7% | -42.7% | ||
| Q3 24 | 15.2% | -29.8% | ||
| Q2 24 | 4.0% | -49.4% | ||
| Q1 24 | 4.1% | -49.4% |
| Q4 25 | $0.02 | $-0.04 | ||
| Q3 25 | $0.37 | $-0.12 | ||
| Q2 25 | $0.20 | $-0.12 | ||
| Q1 25 | $0.04 | $-0.14 | ||
| Q4 24 | $0.09 | $-0.13 | ||
| Q3 24 | $0.26 | $-0.08 | ||
| Q2 24 | $0.07 | $-0.14 | ||
| Q1 24 | $0.06 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $151.2M | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $337.9M | $-392.1M |
| Total Assets | $894.0M | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $151.2M | $133.9M | ||
| Q3 25 | $143.1M | $125.3M | ||
| Q2 25 | $109.3M | $107.0M | ||
| Q1 25 | $97.1M | $171.8M | ||
| Q4 24 | $100.6M | $216.4M | ||
| Q3 24 | $104.5M | $115.9M | ||
| Q2 24 | $91.6M | $141.5M | ||
| Q1 24 | $81.0M | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $337.9M | $-392.1M | ||
| Q3 25 | $349.5M | $-374.5M | ||
| Q2 25 | $320.4M | $-347.8M | ||
| Q1 25 | $299.5M | $-288.1M | ||
| Q4 24 | $299.5M | $-202.1M | ||
| Q3 24 | $289.4M | $-117.7M | ||
| Q2 24 | $267.2M | $-72.2M | ||
| Q1 24 | $258.8M | $936.0K |
| Q4 25 | $894.0M | $968.8M | ||
| Q3 25 | $889.6M | $973.0M | ||
| Q2 25 | $868.6M | $1.0B | ||
| Q1 25 | $848.3M | $1.1B | ||
| Q4 24 | $830.4M | $1.2B | ||
| Q3 24 | $847.6M | $1.0B | ||
| Q2 24 | $827.4M | $1.1B | ||
| Q1 24 | $824.1M | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 644.43× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $29.4M | $-18.4M |
| Free Cash FlowOCF − Capex | $28.0M | $-58.3M |
| FCF MarginFCF / Revenue | 22.3% | -31.7% |
| Capex IntensityCapex / Revenue | 1.1% | 21.7% |
| Cash ConversionOCF / Net Profit | 46.11× | — |
| TTM Free Cash FlowTrailing 4 quarters | $118.9M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.4M | $-18.4M | ||
| Q3 25 | $67.5M | $-37.1M | ||
| Q2 25 | $23.2M | $-62.9M | ||
| Q1 25 | $7.0M | $-47.9M | ||
| Q4 24 | $11.5M | $37.9M | ||
| Q3 24 | $35.3M | $-16.9M | ||
| Q2 24 | $35.0M | $-25.2M | ||
| Q1 24 | $-11.0M | $-73.8M |
| Q4 25 | $28.0M | $-58.3M | ||
| Q3 25 | $64.8M | $-60.4M | ||
| Q2 25 | $20.9M | $-78.6M | ||
| Q1 25 | $5.3M | $-62.6M | ||
| Q4 24 | $6.9M | $-70.2M | ||
| Q3 24 | $34.2M | $-21.9M | ||
| Q2 24 | $33.5M | $-30.8M | ||
| Q1 24 | $-12.1M | $-77.8M |
| Q4 25 | 22.3% | -31.7% | ||
| Q3 25 | 60.7% | -32.6% | ||
| Q2 25 | 22.8% | -41.5% | ||
| Q1 25 | 6.1% | -35.3% | ||
| Q4 24 | 7.4% | -34.3% | ||
| Q3 24 | 37.3% | -11.3% | ||
| Q2 24 | 37.6% | -15.7% | ||
| Q1 24 | -15.3% | -39.5% |
| Q4 25 | 1.1% | 21.7% | ||
| Q3 25 | 2.6% | 12.5% | ||
| Q2 25 | 2.6% | 8.3% | ||
| Q1 25 | 1.9% | 8.3% | ||
| Q4 24 | 5.0% | 52.8% | ||
| Q3 24 | 1.2% | 2.6% | ||
| Q2 24 | 1.8% | 2.9% | ||
| Q1 24 | 1.4% | 2.0% |
| Q4 25 | 46.11× | — | ||
| Q3 25 | 3.27× | — | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | 2.99× | — | ||
| Q4 24 | 2.16× | — | ||
| Q3 24 | 2.54× | — | ||
| Q2 24 | 9.78× | — | ||
| Q1 24 | -3.35× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IMAX
| Technology Sales | $46.6M | 37% |
| Image Enhancement And Maintenance Services | $38.1M | 30% |
| Joint Revenue Sharing Arrangement | $20.4M | 16% |
| Maintenance | $16.3M | 13% |
| Finance Income | $2.8M | 2% |
| Other Content Solutions | $1.6M | 1% |
UP
Segment breakdown not available.
