Warner Bros. is riding high on one of its most successful years at the box office, but not every film in its 2025 lineup is bringing home profits. According to industry insiders, Paul Thomas Anderson’s latest film One Battle After Another—described by many as the director’s magnum opus—is turning out to be a costly affair for the studio.

A Critical Darling That’s Struggling Financially

Despite strong reviews and early awards buzz, the R-rated dark comedy has fallen short of breaking even.
Industry sources cited by Variety claim the film could lose around $100 million after its theatrical run. So far, the movie has grossed $140 million worldwide, but experts suggest it needs to hit $300 million globally just to break even.

Why the Numbers Don’t Add Up

Reports indicate Warner Bros. invested $130 million in production and another $70 million in marketing and promotion. Adding to that, Leonardo DiCaprio, who stars in the film, reportedly has a first-dollar gross deal — meaning he earns a percentage of revenue before the studio recoups any of its costs.

While this setup benefits DiCaprio, it significantly reduces the film’s profitability for Warner Bros.

Warner Bros. Responds to Profit Loss Claims

However, a spokesperson for Warner Bros. has dismissed the loss rumors, telling Variety:

“Warner Bros. refutes these anonymous and uninformed estimates. Films across our 2025 slate — including One Battle After Another — have achieved financial rewards, contributing to over $4 billion in global box office revenue this year.”

That statement holds true — Warner Bros. is the first and only studio in 2025 to surpass the $4 billion mark in box office revenue. But it’s important to note: box office revenue doesn’t necessarily equal profit.

Warner Bros.’ 2025 Winning Streak

While One Battle After Another underperformed domestically (debuting with just $21 million), the studio has had a remarkable year overall. Warner Bros. recorded seven consecutive releases crossing the $40 million mark in their opening weekends — a rare feat for any studio.

Here’s a look at some of Warner Bros.’ biggest hits this year:

Film	Opening Weekend (Domestic)	Domestic Total To Date
A Minecraft Movie	$162.7 million	$423.9 million
Sinners	$48 million	$278.5 million
Final Destination: Bloodlines	$51.6 million	$138.1 million
F1: The Movie	$57 million	$189.5 million
Superman	$125 million	$354.1 million
Weapons	$43.5 million	$151.3 million
The Conjuring: Last Rites	$84 million	$173 million

The streak ended in September when One Battle After Another opened below expectations — but given its critical acclaim and Oscar buzz, the studio still views it as a strategic win.

Awards Season Could Turn the Tide

Despite the financial setback, One Battle After Another has been hailed as one of 2025’s best films. Early reviews praise Anderson’s direction and DiCaprio’s performance, with several critics predicting strong Academy Awards nominations, including Best Picture and Best Director.

Warner Bros. often positions prestige films for awards consideration even when box office returns are modest — a move that strengthens the studio’s reputation during Oscar season.

What’s Next for Warner Bros.?

Warner Bros. Motion Picture Group CEOs Pamela Abdy and Michael De Luca recently renewed their contracts, following a string of strong business decisions and record-setting releases. Looking ahead, the studio has several high-profile 2026 projects lined up:

• Emerald Fennell’s Wuthering Heights
• Maggie Gyllenhaal’s The Bride! — starring Christian Bale and Jessie Buckley, reportedly with a $100+ million budget.

While One Battle After Another might not deliver blockbuster profits, its artistic prestige reinforces Warner Bros.’ commitment to bold, auteur-driven cinema.

Warner Bros. may be facing a financial hit from One Battle After Another, but its dominance in 2025’s box office — combined with award-season momentum — keeps it firmly in the winner’s circle.
As the film heads deeper into awards campaigning, the studio’s focus is shifting from box office numbers to Oscar gold.