Is Leonardo DiCaprio’s One Battle After Another Warner Bros.’ Biggest Box Office Flop of 2025?

Leonardo DiCaprio and Paul Thomas Anderson made a critics-wowing, capital-S Serious movie. The problem: audiences largely shrugged. And now Warner Bros. is stuck defending the numbers while quietly pushing the film into awards season. Here is how we got here.

The money math that is making everyone tense

On paper, 'One Battle After Another' should be a layup: DiCaprio, PTA, starry ensemble, grown-up subject matter. In reality, it is staring down a major shortfall. Variety reported the movie is on track to lose close to $100 million. Box Office Mojo has it at about $141 million worldwide so far, which sounds decent until you line it up against the costs: roughly $130 million to make, plus another $70 million to sell it. When your all-in spend is around $200 million, you generally need something like $300 million worldwide just to crawl to break-even after theater cuts.

There is also DiCaprio's deal, which gives him a piece of the profits from the jump. That makes every dollar recovered on the studio side a little harder. Put that together and you can see why people are whispering about the B-word: biggest Warner Bros. flop of 2025.

WB says: not so fast

Once the loss talk went viral, Warner Bros. pushed back hard, calling the circulating figures wrong and pointing to a very big year overall. A studio spokesperson said:

'Warner Bros. refutes Variety's anonymous sources and their uninformed estimates. Films across the studio's slate, including One Battle After Another, have achieved financial reward in 2025 with more than $4 billion earned to date.'

Translation: even if this one is soft, the studio is doing fine. Variety countered that the $4 billion number is box office revenue, not profit, which is true and important. Box office is the top line; profitability is what is left after all the bills and back-end deals get paid. Both things can be true at once: WB is up big overall, and this particular film may be dragging on the bottom line.

The streak that snapped

One reason this one is under the microscope: it broke a hot run. Warner Bros. had seven straight movies open above $40 million domestically in 2025. Then 'One Battle After Another' arrived in September and launched with just $22 million in the U.S. Here is what that streak looked like before the skid, plus the skid:

• A Minecraft Movie - $162.7 million
• Sinners - $48 million
• Final Destination: Bloodlines - $51.6 million
• F1: The Movie - $57 million
• Superman - $125 million
• Weapons - $43.5 million
• The Conjuring: Last Rites - $84 million
• One Battle After Another - $22 million

So why is it struggling?

Short version: this is not a popcorn play. PTA's 2025 film is R-rated and built around political upheaval, war, idealists colliding, and knotty feelings. It is talky, adult, and pointed. That is catnip for critics, but most casual moviegoers lean toward superhero highs, cozy romances, or clean-hit horror. A dense political drama is not everybody's Saturday night.

The marketing did not help. The movie threads politics, dark comedy, and romance, which is tricky to sell clearly. Then WB did a cross-promo with Fortnite. Creative swing, sure, but for a somber PTA drama it feels like trying to pitch a wine tasting at a Monster Truck rally. The message just did not reach the right crowd.

And there is the director factor. Paul Thomas Anderson is one of the most respected filmmakers working, full stop. He is also historically a niche box office performer. 'The Master', 'Phantom Thread', 'Licorice Pizza' — all acclaimed, all modest earners. 'One Battle After Another' is playing to that same pattern: ravey reviews, limited commercial ceiling.

Awards push and the road ahead

Despite the slow start, WB is not throwing in the towel. The studio is giving DiCaprio and PTA a real Academy Awards push, hoping the prestige bump stretches the run and softens the financial hit. Whether that is enough to change the narrative — or keep this from wearing the 2025 flop crown — comes down to legs, overseas holds, and how loudly Oscar season speaks.

'One Battle After Another' is now playing in theaters worldwide.