In a stunning blow to Disney’s Marvel Cinematic Universe (MCU), The Fantastic Four: First Steps, released in July 2025, has become one of the franchise’s most significant box office disappointments, shattering hopes of a billion-dollar hit. Disney CEO Bob Iger, who had championed the film as a bold new chapter for Marvel’s First Family, expressed shock during a recent earnings call, acknowledging the film’s dramatic 66% second-weekend drop and its failure to meet lofty financial expectations. The film, which marked the official integration of the Fantastic Four into the MCU, was anticipated to kick off Phase 6 with a bang, but its underwhelming performance has raised serious questions about Marvel’s future strategy and Iger’s leadership in navigating the studio’s post-pandemic challenges.

With a global box office of just $371.9 million against a production budget exceeding $400 million, The Fantastic Four: First Steps has fallen far short of the billion-dollar benchmark set by Marvel’s biggest hits like Avengers: Endgame and Spider-Man: No Way Home. The film’s failure has sparked heated discussions among fans, industry insiders, and analysts, with many pointing to creative missteps, market saturation, and a perceived shift toward “woke” storytelling as reasons for the flop. As Disney grapples with a string of recent underperformers, Iger’s vision for Marvel’s dominance is under scrutiny, and the Fantastic Four’s stumble has cast a shadow over the MCU’s ambitious plans for 2026 and beyond.

A High-Stakes Launch Falls Flat

The Fantastic Four: First Steps was positioned as a cornerstone of Marvel’s Phase 6, introducing Reed Richards, Sue Storm, Johnny Storm, and Ben Grimm to a new generation of MCU fans. Directed by Matt Shakman and starring Pedro Pascal, Vanessa Kirby, Joseph Quinn, and Ebon Moss-Bachrach, the film promised a fresh take on Marvel’s First Family, blending retro-futuristic aesthetics with high-stakes action. Its July 2025 release was met with a solid opening weekend of $117.6 million domestically, buoyed by strong reviews praising its visual style and the cast’s chemistry. However, the film’s second weekend saw a steep 66% drop, grossing just $40 million, a decline comparable to other MCU disappointments like Ant-Man and the Wasp: Quantumania (70% drop) and Captain America: Brave New World (68% drop).

Iger, speaking during Disney’s Q3 2025 earnings call on August 6, expressed pride in the film’s creative achievements, describing it as an “original property” that successfully introduced the Fantastic Four to audiences unfamiliar with the characters. He emphasized Marvel’s goal of mining its library for fresh stories, but his optimistic framing was overshadowed by the stark reality of the box office numbers. The film’s $371.9 million global haul, while making it the highest-grossing Fantastic Four film to date, fell far short of the billion-dollar dreams that Disney had pinned on it. Fans and analysts alike were quick to point out that previous Fantastic Four films, produced by 20th Century Fox, were not MCU entries, making Iger’s “original property” claim feel like a stretch to some.

The film’s failure to sustain momentum has been attributed to several factors. Its release in one of 2025’s most competitive months, alongside blockbusters like Jurassic World Rebirth and Wicked: For Good, likely split audiences. Additionally, the film’s heavy reliance on nostalgia and its complex multiverse narrative may have alienated casual viewers, a recurring issue for the MCU’s Multiverse Saga. Social media reactions on X highlighted frustration with the film’s pacing and its focus on setting up future projects, with one user posting, “Fantastic Four was fun but felt like a two-hour trailer for Avengers: Doomsday. Where was the standalone story?” Others criticized its perceived emphasis on progressive themes, echoing broader debates about Marvel’s direction.

Iger’s Strategy Under Fire

Bob Iger, who returned as Disney’s CEO in November 2022 after Bob Chapek’s abrupt dismissal, has made revitalizing Marvel a top priority. His tenure has been marked by a push to balance quality over quantity, a response to earlier criticisms that Marvel’s flood of Disney+ shows and films diluted its brand. In 2023, Iger acknowledged that projects like The Marvels suffered from a lack of supervision during production, exacerbated by pandemic restrictions and an overemphasis on streaming content. His 2024 announcement to cap Marvel’s output at three films and two TV series per year was meant to address these issues, with The Fantastic Four: First Steps positioned as a flagship example of this new focus.

However, the film’s flop has intensified scrutiny of Iger’s strategy. Critics argue that Marvel’s reliance on interconnected storytelling and its integration of legacy characters from the Fox acquisition, like the Fantastic Four and X-Men, has led to creative fatigue. The film’s post-credits scenes, which set up appearances in Avengers: Doomsday and Avengers: Secret Wars, were praised by diehard fans but criticized by others for prioritizing franchise setup over a cohesive standalone narrative. Posts on X reflected this sentiment, with one user writing, “Marvel needs to stop making every movie a setup for the next one. Give us a complete story!”

Iger’s claim that The Fantastic Four: First Steps is an “original property” has also drawn skepticism. While the film introduced the Fantastic Four to the MCU for the first time, its status as a reboot of a franchise with three prior films (2005, 2007, and 2015) undermines the “original” label. The 2015 Fantastic Four film, widely panned and grossing just $168 million worldwide, set a low bar, but the MCU’s version was expected to soar past it with ease. Instead, its performance has fueled concerns that Marvel is struggling to translate its comic book legacy into consistent box office success.

A “Woke” Backlash and Creative Missteps

A significant portion of the backlash against The Fantastic Four: First Steps has centered on its perceived “woke” elements, a term that has become a catch-all for fan discontent with progressive themes in media. The film’s marketing emphasized a diverse supporting cast and a reimagined Sue Storm as a scientist with equal prominence to Reed Richards, moves that some fans felt deviated from the comics’ traditional dynamics. On X, posts like “Marvel turned Fantastic Four into a lecture on inclusivity instead of a fun superhero movie” captured this frustration, echoing similar criticisms leveled at The Marvels and Captain America: Brave New World.

While the film’s creative team defended these choices as a way to modernize the Fantastic Four for 2025 audiences, the backlash highlights a broader challenge for Marvel: balancing fan expectations with the desire to appeal to new demographics. The film’s villain, Galactus, was reimagined with a nuanced backstory that some felt slowed the pacing, further alienating viewers seeking straightforward action. These creative decisions, combined with a crowded release window, contributed to the film’s inability to sustain its initial buzz.

Financial and Strategic Fallout

The financial impact of The Fantastic Four: First Steps’ underperformance is significant. With a production budget exceeding $400 million, not including marketing costs, the film needed to gross at least $800 million to break even, a threshold it is unlikely to reach. This marks another costly misstep for Marvel, following 2023’s Ant-Man and the Wasp: Quantumania ($476 million worldwide) and The Marvels ($206 million worldwide), the latter being the MCU’s lowest-grossing film. Iger’s push for profitability has been a cornerstone of his second tenure, but these repeated flops have raised concerns about Disney’s ability to maintain its box office dominance.

The failure has also cast doubt on Marvel’s plans for the Fantastic Four in future projects. While the characters are confirmed to appear in Avengers: Doomsday (2026) and Avengers: Secret Wars (2027), the lack of a standalone sequel announcement suggests Disney may be reevaluating their role. Iger’s comments about the film “successfully launching” the franchise into the MCU ring hollow in light of its financial performance, and analysts speculate that Marvel may shift focus to safer bets like Spider-Man: Brand New Day or Thunderbolts, both slated for 2026.

Looking Ahead

Despite the setback, Iger remains optimistic about Disney’s slate, citing upcoming releases like Zootopia 2, Avatar: Fire and Ash, and The Mandalorian and Grogu as potential hits. He has emphasized a return to “great movies” that resonate with audiences, whether through original stories or reimagined franchises. However, the Fantastic Four flop underscores the challenges of reviving legacy properties in a crowded superhero market. Marvel’s competitors, like DC Studios under James Gunn, have gained ground with projects like Superman (2025), adding pressure on Disney to deliver.

For Iger, the road ahead involves rebuilding trust with audiences and investors. His decision to unify Hulu and Disney+ into a single app in 2026 aims to boost engagement, but the film division’s struggles remain a weak spot. Fans on X have called for Marvel to focus on standalone stories and reduce multiverse complexity, with one post stating, “Marvel needs to go back to basics—good characters, good stories, no agenda.” Whether Disney can course-correct remains uncertain, but the Fantastic Four flop has made one thing clear: Marvel’s billion-dollar dreams are on shaky ground, and Iger’s leadership will be tested as he navigates this turbulent chapter.