Business
The summer box office sizzled, but brace for a cooldown until November
Movie stills from Disney’s “Lilo & Stitch” and “Fantastic Four” and Warner Bros. Discovery’s “Superman.”
Courtesy: Disney | 20th Century Studios | Marvel Studios | Warner Bros. Discovery
Superheroes, dinosaurs and a genetically altered alien dog helped propel the summer box office haul above 2024 levels, but that momentum is about to stall.
Heading into the final stretch of the summer season — which started the first weekend in May and wraps up on Labor Day — the domestic box office is expected to reach at least $3.75 billion, according to data from Comscore. That’s about a 2% uptick from the previous summer.
Hollywood had hoped the 2025 summer would be a return to form for the box office, reaching the $4 billion mark, which had become the standard prior to the pandemic. Ticket sales reached that figure in 2023, thanks to the powerhouse team up of Warner Bros.’ “Barbie” and Universal‘s “Oppenheimer.” However, the the past two summers have borne the brunt of production shutdowns caused by the dual writers and actors strikes two years ago.
Last summer, Disney and Pixar’s “Inside Out 2” and Marvel’s “Deadpool & Wolverine” helped buoy the May-to-August season to $3.67 billion, much higher than box office analysts had predicted earlier in the year.
Summer box office tallies
- 2024 — $3.7 billion
- 2023 — $4 billion
- 2022 — $3.4 billion
- 2021 — $1.7 billion
- 2020 — $176.2 million
- 2019 — $4.3 billion
- 2018 — $4.4 billion
- 2017 — $3.8 billion
- 2016 — $4.4 billion
- 2015 — $4.4 billion
- 2014 — $4 billion
- 2013 — $4.7 billion*
- 2012 — $4.2 billion
* Record summer box office revenue
Source: Comscore
Hollywood had hoped that the combination of major franchise titles — a new entry from the “Jurassic World” series alongside reboots of Superman and the Fantastic Four — would be enough to fuel the 2025 summer stretch to the $4 billion mark. Yet, none of those films generated more than $350 million domestically.
In fact, the highest-grossing film of the summer has been Disney’s live-action remake of “Lilo & Stitch,” which has tallied $421 million domestically as of Sunday. The second-highest is “Superman,” which stands at $340 million.
In previous summers, top films like “Inside Out 2,” “Barbie” and “Top: Gun Maverick” each brought in at least $600 million in ticket sales.
“What started with a historic Memorial Day weekend gave way to a mix of underperformers and crowd-pleasing hits,” said Shawn Robbins, director of analytics at Fandango and founder of Box Office Theory. “The back half of the season rebounded with several blockbusters and sleeper hits, but we continue to see audiences are highly selective when a barrage of franchise movies is out there despite many of those films generating positive reviews. Some connect in a big way, while others simply don’t catch on.”
Still, movie theater operators reported solid audience numbers and ticket sales during the second quarter, which included May and June box office figures.
“As to the strengthening industrywide box office, we firmly believe that this was not a short-lived spike, but rather, the beginning of a sustained and powerful resurgence for our entire industry,” Adam Aron, CEO of AMC, said during an earnings call last week.
Similarly, Cinemark CEO Sean Gamble noted during the company’s earnings call earlier this month that the April release of “A Minecraft Movie,” which ran well into the summer months, alongside “a steady stream of highly compelling new releases week after week, ignited a surge of summer moviegoing momentum.”
But he also warned that, as is typical in the theatrical business, August and September at the box office tend to “de-throttle a little bit.”
That is certainly the case this year, as well, but it is likely to extend well into October as well. While “Tron: Ares” and “Mortal Kombat II” are expected to draw in audiences during that month, box office analysts don’t expect a major breakout hit until late November.
“The post-summer corridor is looking a bit bereft of standout blockbusters,” said Paul Dergarabedian, senior media analyst at Comscore. “We’ll have to rely on the cumulative success of some low to mid-range performers along with what looks to be a really nice selection of awards caliber and indie films. That said, we may want to brace ourselves for a few fallow weeks at the box office.”
AMC’s Aron noted that the upcoming third-quarter box office will be “so-so given some seasonal, but not alarming softness,” but told investors to “hold onto your hats for the size of the box office in the fourth quarter.”
The turning point is expected to come Nov. 21 with the release of Universal’s “Wicked: For Good.” The highly anticipated sequel to last year’s hit “Wicked” is expected to open to over $100 million and steadily collect ticket sales through the rest of the year at the box office.
“Zootopia 2” arrives for the Thanksgiving holiday and is also expected to exceed $100 million during its opening frame.
“Avatar: Fire and Ash” will cap off the year and is expected to bolster the box office during the first few weeks of 2026.
“The final months of the year have potential to be nothing short of stellar,” Robbins said.
Disclosure: Comcast is the parent company of NBCUniversal, Fandango and CNBC.
Business
SIA chief set to meet Tata Sons and AI chairman N Chandrasekaran today – The Times of India
MUMBAI/ NEW DELHI: Air India’s mounting losses and operational issues are leading to serious concerns among both its parent groups. Goh Choon Phong, CEO of Singapore Airlines (SIA, which has a 25.1% stake in AI) is in Mumbai and is expected to meet Tata Sons and AI chairman N Chandrasekaran on Thursday.The meeting comes in the backdrop of AI scouting for a new CEO after the resignation of incumbent Campbell Wilson. The airline is also staring at a loss of over Rs 22,500 crore in FY 2026 and has sought fresh fund infusion from Tata and SIA. The Ahmedabad crash last June and the continued closure of Pakistan airspace since Operation Sindoor, followed by US-Iran war since Feb 28, made things worse for the already deep-in-losses Maharaja.AI did not comment on the likely losses for last fiscal and whether it has sought fund infusion from the promoters. While reviving AI, which spent its last few years as a PSU in abject penury till Tata acquired it along with AI Express on Jan 27, 2022, was never expected to be easy, the slow pace of change and mounting losses, have now put the strain on promoters.While SIA is seeing its profits decline due to AI losses, Tata Sons is under pressure over mounting losses of its new unlisted ventures, especially AI and Tata Digital. Addressing their concerns and sending a clear message to AI employees, Chandrasekaran had last week told them to “be precise on costs and remain grounded in the reality of the situation”.People in the know said Tatas knew turning around AI would be tough. That’s why they did not bid for the airline in 2018. The terms changed in 2021 in the second round and they successfully bid for it, with Ajay Singh of struggling-to-survive SpiceJet being the other bidder. “There is serious concern in SIA over both financial and reputational loss that AI is causing. Whether Thursday’s meeting between Choon Phong and Chandra is to decide on the new CEO or the hiccups AI is facing, will be discussed threadbare. There is also talk of SIA planning to pull out of AI but that seems unlikely,” said a person in the know.
Business
Chancellor cuts bills for thousands more firms as she continues Washington talks
Rachel Reeves has expanded plans to cut electricity bills for thousands of UK manufacturing firms as she continues talks in Washington focused on the economic fallout from the Iran conflict.
The Chancellor, who is in Washington for the International Monetary Fund (IMF) spring meetings, said the plan will help UK businesses compete and create jobs despite the uncertain economic backdrop.
During her trip, she has stepped up criticism of US-Israeli military action in Iran, saying war was a “mistake” and has not made the world a safer place.
Her comments came as she was due to meet US treasury secretary Scott Bessent, who has referred to the impact of the war as “short-term volatility for long-term gain” which he said would prevent Tehran developing a nuclear weapon.
Ms Reeves also cautioned against knee-jerk responses to the cost-of-living crisis triggered by the war in a joint statement with international counterparts at the IMF.
In a bid to help businesses hit by rising costs, a plan announced last summer to cut electricity bills by up to 25% for more than 7,000 UK businesses will be expanded to cover 10,000 firms.
The British Industrial Competitiveness Scheme (BICS) will cut costs by up to £40 per megawatt-hour from 2027 by exempting businesses from certain extra charges that currently support green energy and back-up power supply systems.
An additional one-off payment in 2027 will be given to an extra 3,000 businesses, including companies in the automotive, aerospace, steel and pharmaceuticals sectors.
The Government said it will also cover the support firms would have received if the BICS had been in place from this month.
The scheme is expected to be worth up to £600 million per year from next April.
Ms Reeves said: “This Government has the right plan for the economy: backing British industry, cutting electricity costs and building a stronger, more resilient future.
“Today’s announcement will cut energy bills for over 10,000 manufacturers, helping businesses to compete, win and create good jobs across the country, and to deliver our modern industrial strategy.”
Business Secretary Peter Kyle said: “We are a Government of action, and when global instability puts businesses under pressure we’ll always do what’s needed to support them and ensure Britain’s resilience.
“By extending the reach of BICS by 40%, we’re acting decisively to tackle the number one issue that businesses face head-on.”
Household energy bills are forecast to increase this year because of the conflict pushing up global oil and gas prices, while motorists are already feeling the impact of higher costs at the pump.
Ms Reeves has signalled that any energy bill help this year will be targeted at the poorest households, rather than a universal bailout of the type offered by Liz Truss when she was prime minister after the Russian invasion of Ukraine.
The White House has said talks are ongoing about holding fresh face-to-face negotiations between the US and Iran and that Washington had not yet formally requested an extension of the ceasefire due to expire next Tuesday.
Business
Goldman Sachs bond traders stumbled as Wall Street rivals thrived: ‘A fire is being lit under’ them
David Solomon, CEO Goldman Sachs, speaking on CNBC’s Squawk Box at the World Economic Forum in Davos, Switzerland on Jan. 22nd, 2026.
Oscar Molina | CNBC
When Goldman Sachs executives were asked about disappointing results in the firm’s fixed income division this week, they made it sound as though the trading environment was simply not in their favor.
Fixed income revenue fell 10% in the first quarter, coming in $910 million below analysts’ expectations, according to StreetAccount data. It was an unusually large miss for one of Goldman’s flagship Wall Street businesses.
“It was basically just a function of the overall environment making markets,” CFO Denis Coleman told an analyst on Monday after the bank’s earning report. “We remain actively engaged with clients, but our performance in rates and mortgages was relatively lower.”
But as nearly all of Goldman’s rivals, including JPMorgan Chase, Morgan Stanley and Citigroup, posted blockbuster results for first-quarter fixed income in the days that followed, one thing became clear to Wall Street: Goldman Sachs’ vaunted fixed income traders had underperformed.
JPMorgan saw fixed income trading revenue jump 21% to $7.1 billion, the bank’s second-biggest haul ever. Morgan Stanley, where fixed income is less a priority than equities, posted a 29% jump in the bond business. Citigroup saw bond trading revenue jump 13% to $5.2 billion.
Since before the 2008 financial crisis, when Lloyd Blankfein led Goldman Sachs, the firm’s fixed income division had been the envy of Wall Street. Goldman was known for its trading prowess, a reputation forged in periods of dislocation when its desks generated outsized gains. The bank’s identity as a trader’s firm — one expected to outperform in turbulent times — has endured in the decade-plus since.
That makes the first-quarter stumble particularly notable.
“It seems that something went wrong at Goldman in fixed income,” said veteran Wells Fargo analyst Mike Mayo, who called the bank’s results “worst-in-class.”
“I’d imagine that at Goldman, a fire is being lit under the traders, managers and risk overseers in FICC after such an underperformance,” Mayo said in an interview with CNBC, using an acronym standing for fixed income, currencies and commodities, the formal name for that business.
The prevailing theory is that Goldman was caught offsides on trades tied to interest rates in the first quarter, according to several market participants who asked for anonymity to speak candidly.
That’s because of the positioning that many Wall Street firms had at the start of this year, when markets were expecting the Federal Reserve to cut interest rates at least twice in 2026, these people said.
But after the price of oil surged with the advent of the Iran war, roiling expectations for inflation, the markets began pricing those cuts out, with some investors even bracing for the possibility of rate hikes this year.
Fixed income was the sole blemish on a quarter in which Goldman Sachs exceeded expectations handily, thanks to the firm’s equities traders and investment bankers. Despite the earnings beat, the firm’s shares dropped as much as about 4% on Monday following the report.
Goldman Sachs declined to comment. But on Monday, CEO David Solomon sought to put the quarter’s performance into context:
“When I look at the scale and the diversity of the business, it’s performing very, very well,” Solomon said during the company’s conference call. “Some quarters, it’s going to be stronger here, stronger there.”
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