Tom Cruise’s $357 Million Classic Blasts Back Into Theaters

Top Gun is going wheels-up in theaters again. Paramount just circled a date for a 40th anniversary re-release, and it is landing right in the middle of a very crowded May 2026. Yes, again. And this time, there is a bittersweet wrinkle.

The date, the competition, the plan

The 40th anniversary theatrical re-release of Top Gun hits on May 13, 2026. Paramount is sliding it between two other franchise swings: Mortal Kombat II arrives May 8, and Disney has The Mandalorian and Grogu set for May 22. So if you like IP, that stretch of May is basically an all-you-can-eat buffet.

This will be the movie’s fourth trip through theaters overall: the original opened May 16, 1986; it came back in 3D in February 2013; then again in May 2021 to prime the runway for Top Gun: Maverick. The 2026 return slots into a longer runway for Paramount’s big-screen strategy, which also now includes new Teenage Mutant Ninja Turtles and Sonic the Hedgehog movies penciled in for 2028.

Why bring back the original?

Apart from the round-number birthday, the math still works. In 1986, Tony Scott’s sun-blasted fighter-jet romance took off to more than $357 million worldwide, making it the year’s top-grossing film and turning Tom Cruise’s Lt. Pete "Maverick" Mitchell into a full-on cultural fixture. Decades later, the sequel did what sequels almost never do: Top Gun: Maverick launched on May 27, 2022 and soared to around $1.496 billion worldwide. You can see why Paramount wants more afterburner.

The Val Kilmer absence

The 2026 re-release will be the first Top Gun theatrical moment without Val Kilmer, who played Tom "Iceman" Kazansky. Kilmer died on April 1, 2025 at 65. Following Paramount’s announcement, Tom Cruise, Anthony Edwards, and Jennifer Connelly shared tributes to their co-star. Expect the re-release to double as a remembrance for fans who grew up quoting the guy.

What this means for Top Gun 3

Paramount has already put a third Top Gun on its priority board and shared some early development chatter a few months back. No cast or production timeline yet, but a high-profile anniversary run in theaters is a good way to stoke interest while they line up the next mission.

• May 16, 1986: Original Top Gun opens, eventually earning over $357 million worldwide and leading 1986’s box office
• February 2013: 3D re-release
• May 2021: Theatrical reissue ahead of the sequel
• May 27, 2022: Top Gun: Maverick premieres, grosses about $1.496 billion worldwide
• April 1, 2025: Val Kilmer (Tom "Iceman" Kazansky) dies at 65
• May 13, 2026: 40th anniversary re-release lands between Mortal Kombat II (May 8) and The Mandalorian and Grogu (May 22)
• Looking ahead: Paramount’s 2028 slate includes new Teenage Mutant Ninja Turtles and Sonic the Hedgehog movies