A new Forbes analysis says Superman lost money in theaters. The movie’s reported costs were about $350 million. The worldwide box office hit $615.8 million.

After theaters take their cut, Warner Bros. likely kept around half of that box office, which falls short of covering costs. Streaming and digital sales may push the film into the black later, but the theatrical run alone looks underwater.

What the Report Actually Says

Forbes ran the numbers on Superman’s run and landed on a simple point. The film did not recoup its costs in theaters. The domestic run wrapped on October 2, 2025, after 84 days, with $354.2 million in the U.S. and $261.1 million abroad. That totals $615.8 million worldwide.

The Budget Picture

Production: about $225 million Global marketing: about $125 million Estimated total before residuals, interest, and overhead: roughly $350 million

Marketing spend at that level raises eyebrows. One hundred and twenty five million to tell everyone a movie exists is wild. Yet that is where studio tentpoles live now.

The Box Office Math that Hurts

Studios do not keep the full box office. A common rule of thumb is a roughly 50–50 split with theaters worldwide, even though splits can vary by territory and week.

Apply that to $615.8 million and Warner Bros. would retain something in the neighborhood of $308 million. That is short of the reported $350 million outlay. The gap looks like roughly $40 million before you factor in residuals and other expenses.

Tax Credits Help, but only So Much

Big productions chase incentives. Parts of Superman filmed in Ohio and Ontario, both known for rebates. Not every dollar qualifies, and estimates often put the net savings around 10 to 15 percent of the production side. If that knocks the effective production down into the $190 to $200 million range, the all-in total might slide toward $320 to $325 million. Better, sure. Still tight against that $308 million studio share from theaters.

“But streaming will save it,” right?

Probably helps. Premium video on demand, transactional digital, physical media, and subscription streaming all bring in money. Studios also like to count value created on their platforms, such as new or retained subscribers.

Why Greenlight a Sequel?

Two things can be true. The first film did not cover its costs in theaters. The studio can still see a path forward for the brand. Warner Bros. already moved on Man of Tomorrow, and Supergirl was in motion.

That suggests leadership set an acceptable level of near-term pain to seed a longer franchise plan. Launching a universe is expensive. Studios sometimes treat the opener like a pilot with spectacle.

So, Flop or Not?

If you define flop as “failed to turn a profit in theaters,” then yes, by the available math it came up short. If you define flop as “a project the studio regrets and abandons,” the answer looks different. Follow the behavior. Sequels in motion. Ongoing spin-up around the IP. That signals confidence, or at least commitment.

What we can say with a straight face is this. Superman earned a lot, cost a lot, and theatrical alone did not clear the bar. We’ll see if the cape flies high on streaming. And it’s clear the studio is okay to continually bet on long-tail revenue.