“One Battle After Another” sold an estimated $22.4 million in tickets in North America from Thursday afternoon through Sunday, a solid result for an original, R-rated, genre-jumping film with a nearly three-hour running time.
If only it didn’t cost so much to make.
From an artistic standpoint, “One Battle After Another” — directed, written and produced by Paul Thomas Anderson — is an unqualified triumph. Critics called it “brilliantly directed” and “an absolute masterpiece.” Hollywood is awash in chatter about Oscar attention, partly because the film is political, a type of primal scream about authoritarianism and citizen resistance.
“It’s an interesting film on many levels — a bold creative vision and a gutsy risk,” David A. Gross, a film consultant who publishes an influential newsletter on box office numbers, said in an email.
The risk comes mostly from the price. Mr. Anderson’s past films have cost $20 million to $40 million, not including marketing. “One Battle After Another,” which stars Leonardo DiCaprio as a broken-down revolutionary, cost Warner Bros. at least $130 million to make. (Some competing studios put the budget much higher.) Marketing costs easily added $70 million.
Mr. DiCaprio’s representatives typically demand that studios give him a cut of ticket sales. Oscar campaigns can cost $20 million or more, according to film awards strategists.
As a result, for Warner Bros. to make money, “One Battle After Another” will need to attract substantial crowds in the weeks ahead. The audience over the weekend was 65 percent male, according to box office analysts, suggesting that there was room for the film to broaden its reach among women, in particular. “One Battle After Another” features powerhouse performances from actresses like Teyana Taylor, Chase Infiniti and Regina Hall.
A challenge will come next weekend, however, from Taylor Swift, who announced this month — in a surprise to Hollywood — that she would team with North America’s largest theater chain, AMC Entertainment, to release “Taylor Swift: The Official Release Party of a Showgirl.” The film is essentially a marketing stunt for her new album, but ticket sales for the one-weekend release are expected to total $30 million to $50 million, according to Deadline, a trade industry publication.
But there is one sign that “One Battle After Another” could have staying power: Ticket buyers gave the film an A in CinemaScore exit polls. That grade usually foretells strong word-of-mouth recommendations.
Overseas ticket sales will be crucial, analysts said. Mr. DiCaprio’s films tend to do quite well internationally. (Examples include “The Wolf of Wall Street” and “The Revenant.”) Over the weekend, “One Battle After Another” sold an estimated $26.1 million in tickets outside the United States and Canada, for a global total of $48.5 million, according to Warner Bros.
“One Battle After Another” has been viewed by some box office analysts as a test for Mr. DiCaprio’s star power. Now 50, he is no longer the heartthrob who incited “Leo-mania” in the culture. The $22.4 million opening for “One Battle After Another” in North America was 35 percent below the first-weekend average for Mr. DiCaprio’s previous five wide-release films, according to an analysis by Mr. Gross.
“It’s disheartening that an acclaimed, buzzy and aggressively fun Leonardo DiCaprio flick that checks off most of the boxes of what constituted a Leo breakout in the 2010s can barely crack $20 million in its 2025 domestic debut,” Scott Mendelson, a box office analyst who also publishes a subscription newsletter, wrote on Saturday.
Warner Bros. faced similar profitability questions in April, when Ryan Coogler’s expensive “Sinners” arrived in theaters. The studio’s leaders, Pam Abdy and Mike De Luca, dismissed the skepticism and were proven right: Mr. Coogler’s film grew into a runaway hit, generating $367 million worldwide. “Sinners” is also viewed in Hollywood as a strong candidate for multiple Oscar nominations, including best picture and best director.
Mr. De Luca and Ms. Abdy rose in their careers through the traditional film business, where losses are sometimes tolerated as part of a broader portfolio strategy. As long as most releases make money, an occasional miss is fine, especially if it is a critical darling. Warner Bros. has been on a hot streak since March, delivering hits like “A Minecraft Movie,” “Sinners” and “The Conjuring: Last Rites.”
In other words, “One Battle After Another” could end up as a loss leader — an unprofitable project that is nonetheless viewed inside the company as a success because it delivers other forms of value, including enhancing Warner’s reputation in Hollywood’s artistic community.
Warner Bros. declined to comment on Sunday.
Mr. Gross noted that “One Battle After Another” has strong post-theatrical prospects. “It’s going to net more money in its ancillary business than in theatrical, meaning more income from digital sales and rental and streaming,” he said.
Brooks Barnes covers all things Hollywood. He joined The Times in 2007 and previously worked at The Wall Street Journal.
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