Superman Still Lost Money Theatrically Despite ‘Strong Performance’ in WB’s Q3 Earnings

by

Warner Bros. Discovery announced its third-quarter earnings, and the movie Superman played a significant role in the positive results. The studio’s theatrical revenue increased by 74% compared to last year, largely thanks to Superman’s strong performance, as well as contributions from The Conjuring: Last Rites, Weapons, and continued success with F1.

While a 74% increase sounds good, it’s important to consider the full picture. This large jump is somewhat misleading because Warner Bros. didn’t have a major hit movie during the same period last year. Although Beetlejuice 2 came out in early September, it didn’t significantly affect the third quarter’s results, making the previous year’s numbers unusually low. If Warner Bros. had a successful film out at that time last year, the increase wouldn’t be nearly as high.

Superman did help the quarter, but the film’s individual profitability tells a different story.

Superman Didn’t Recoup Its Costs in Theaters

Sources say the actual production cost of Superman was around $350 million, much higher than the previously reported $225 million. When you include worldwide marketing expenses, the total cost of the film reached between $475 and $525 million.

The movie Superman earned $615.9 million worldwide in theaters. After cinemas took their cut, Warner Bros. likely kept around $320–335 million. However, that amount didn’t fully cover the film’s total expenses.

In simple terms, Superman lost money theatrically.

This totally confirms what a source told me a while back, and it’s exactly what Forbes recently figured out too. It’s good to see everyone on the same page!

Why WB’s Earnings Still Look Strong

Warner Bros.’ financial reports don’t disprove the idea that movies are losing money in theaters, because the studio doesn’t break down profits for each individual film.

The studio’s third-quarter earnings include revenue from all sources, such as successful horror movies, licensing agreements, continued interest in Formula 1, digital purchases, and distribution of its older content.

Studio earnings before interest, taxes, depreciation, and amortization (EBITDA) more than doubled compared to last year. Even a major film like Superman might lose money in theaters, but overall quarterly profits can still increase if other films perform well.

Despite not earning back its production costs in theaters, Superman still helped increase revenue and had a positive impact this quarter.

Studios EBITDA represents the movie division’s earnings before taxes and specific costs, essentially showing how much profit it generated during the quarter.

Why Theatrical Profit Still Matters

Even for a major film like Superman, doing well in theaters is still important. Strong box office numbers create positive buzz, build confidence in the franchise, increase the potential for merchandise sales, and allow for larger budgets for future movies.

If a major blockbuster film doesn’t perform well in theaters, the studio has to make up the difference through digital purchases, streaming services, and international television licensing. This process is slower and generally less profitable than a strong theatrical run.

If a movie does well in theaters, it shows audiences are enjoying where the series is headed. However, if the first film in a new series doesn’t perform as hoped, it creates extra pressure for any future installments.

What This Means for the DCU

Look, Superman wasn’t a disaster, but it didn’t exactly soar at the box office either. It made enough money to help the studio overall, especially when paired with less expensive, more profitable films. But honestly, it didn’t perform as well as hoped in theaters, and that’s putting some pressure on the next movies coming out of the DCU. I’m hoping they can really nail the next one!

Supergirl is scheduled for release in 2026, and James Gunn’s Man of Tomorrow will follow in 2027. However, both films will be closely watched after Superman didn’t make a profit in theaters.

Read More

2025-11-06 19:02