The MCU's five blockbuster phases have each brought their own record-breaking hits and financial milestones. From Iron Man's debut in Phase 1 to the epic Infinity Saga culmination in Phase 3, Marvel Studios rewrote the playbook of franchise-building during the 2010s. However, the 2020s have been more of a mixed bag, leading to Phases 4 and 5 having a rollercoaster ride of box office results.
Marvel Studios has now released 36 films in theaters, spanning five distinct phases of interconnected storytelling that began with Iron Man in 2008. Phase 5 unfolds, it's set to wrap up on Disney+ with Ironheart, which has already drawn mixed reactions online following early screeners.
However, the theatrical conclusion of Phase 5 will come with The Fantastic Four: First Steps, a highly anticipated reboot that could boost the box office and help lift the phase's underwhelming average.
While much of the box office conversation around the MCU tends to focus on its biggest franchises (like Avengers or Spider-Man), standout hits (Endgame, No Way Home), or notable flops (The Marvels, Eternals), there's less discussion around how each individual phase performs as a whole. When stacked side by side, the rankings by box office might just surprise longtime fans.
Phase 3 — $1.24 Billion Average
Phase 3 is the undisputed box office champion of the MCU, with an unprecedented six of its eleven films crossing the coveted $1 billion mark. From the explosive launch of Captain America: Civil War to the emotional finale of Avengers: Endgame, this was Marvel Studios at the peak of its powers.
Even its "smallest" entry, Ant-Man and the Wasp, earned over $620 million globally and justified a trilogy. And of course, Avengers: Endgame wasn't just a box office hit, it became one of the highest-grossing films of all time, standing shoulder to shoulder with 2009's Avatar.
Every film in Phase 3 was a major theatrical event, making this 11-film stretch a legendary run that's unlikely to ever be replicated, not just by Marvel, but by any studio managing a shared cinematic universe. Here's the full Phase 3 breakdown:
- Civil War – $1.15 billion
- Doctor Strange – $677.7 million
- Guardians Vol. 2 – $863.8 million
- Spider-Man: Homecoming – $880.2 million
- Thor: Ragnarok – $853.9 million
- Black Panther – $1.35 billion
- Infinity War – $2.05 billion
- Ant-Man and the Wasp – $622.7 million
- Captain Marvel – $1.13 billion
- Endgame – $2.79 billion
- Far From Home – $1.13 billion
Average = $1.24 billion.
Phase 2 — $876.9 Million Average
With only six films, Phase 2 still manages an impressive box office average thanks to two billion-dollar blockbusters: Iron Man 3 and Avengers: Age of Ultron. Interest at the time was building rapidly, and the studio's ability to maintain momentum after the groundbreaking success of The Avengers was on full display.
One of the most remarkable entries here is Guardians of the Galaxy, which shocked many by turning a relatively unknown group of comic book characters into global stars. Its massive $772.8 million global haul in 2014 proved Marvel could take risks, tell weird stories, and still pack theaters, paving the way for future swings like Doctor Strange, Eternals, and Shang-Chi.
While Ant-Man was the lowest earner of the phase, it still delivered a strong enough return to justify two sequels. In hindsight, Phase 2 wasn't just a follow-up to early success; it was Marvel's launchpad into full-scale cultural dominance.
Here's how Phase 2 performed at the box office:
- Iron Man 3 – $1.21 billion
- Thor: The Dark World – $644.8 million
- Captain America: The Winter Soldier – $714.4 million
- Guardians of the Galaxy – $772.8 million
- Avengers: Age of Ultron – $1.4 billion
- Ant‑Man – $519.3 million
Average = $876.9 million
Phase 4 — $814.3 Million Average
Despite being widely seen as the start of the MCU's decline in quality and cultural momentum, Phase 4 still delivered a solid box office average, and for many fans, that may come as a surprise.
From 2021 to 2022, this post-Endgame phase was marked by a flood of new content, with seven theatrical films and a slew of Disney+ series debuting simultaneously. The MCU had never felt more overwhelming or harder to keep up with, yet audiences still showed up in droves to theaters.
Spider-Man: No Way Home was the crown jewel of the phase, earning a staggering $1.91 billion worldwide during the COVID-19 pandemic, a nearly unthinkable feat in late 2021. That said, it's important to note that those box office earnings went primarily to Sony, not Disney.
Meanwhile, Black Widow, which was significantly impacted by a simultaneous Disney+ release, underperformed financially and even sparked a lawsuit from Scarlett Johansson. Still, entries like Doctor Strange in the Multiverse of Madness and Thor: Love and Thunder were huge hits despite mixed reviews, proving just how strong Marvel's theatrical brand remained. In hindsight, Phase 4 wasn't a financial failure but may have laid a flimsy foundation for the rest of the Multiverse Saga.
Phase 4 breakdown:
- Black Widow – $379.8 million
- Shang‑Chi – $432.2 million
- Eternals – $402.1 million
- Spider‑Man: No Way Home – $1.91 billion
- Doctor Strange 2 – $955.8 million
- Thor: Love and Thunder – $760.9 million
- Black Panther: Wakanda Forever – $859.2 million
Average: $814.3 million
Phase 1 — $635.7 Million Average
This was the beginning of it all. When Iron Man hit theaters in 2008 and pulled in nearly $600 million, it was not lightning in a bottle; it was a spark that lit this entire universe on fire. With each subsequent film, Marvel Studios built something audiences hadn't seen before: a series of standalone stories that led to something bigger.
That "something" was The Avengers, and when it arrived in 2012 and earned over $1.5 billion, it didn't just cap off Phase 1, it redefined Hollywood. Suddenly, every major studio wanted a cinematic universe, but few could match the planning or payoff.
While Phase 1 includes several of the MCU's lowest-grossing entries, its success can't be overstated. The groundwork laid here, especially the post-credits teases and growing sense of interconnectivity, created the template for blockbuster storytelling in the 2010s.
Here's the full Phase 1 breakdown:
- Iron Man – $585.4 million
- The Incredible Hulk – $264.8 million
- Iron Man 2 – $623.9 million
- Thor – $449.3 million
- Captain America: The First Avenger – $370.6 million
- The Avengers – $1.52 billion
Average = $635.7 million
Phase 5* — $610.7 Million Average
Phase 5 currently ranks as the lowest-grossing MCU phase on average, and it's not hard to see why. While the phase still has one major title to go, The Fantastic Four: First Steps, set to release on July 25, the six films so far have produced mixed financial results, to say the least.
Deadpool & Wolverine was a massive success, racing past $1.3 billion and reminding fans what Marvel magic can look like at its best. Similarly, Guardians of the Galaxy Vol. 3 was a fan-favorite sendoff that carried 2023's theatrical performance on its back.
But for every win, there's been a setback. Quantumania opened Phase 5 on a sour note, disappointing both critically and financially. Then came The Marvels, which didn't just underperform, it became the biggest box office bomb in MCU history, earning barely over $200 million.
This year, Captain America: Brave New World and Thunderbolts* also fell short of expectations; the latter had glowing early reviews but still failed to connect with mainstream moviegoers, highlighting Marvel's waning grasp on the box office. Here's a full breakdown of Phase 5:
- Quantumania – $476.1 million
- Guardians Vol. 3 – $845.6 million
- The Marvels – $206.1 million
- Deadpool & Wolverine – $1.34 billion
- Captain America: Brave New World – $415.1 million
- Thunderbolts* – $382.0 million
Average: $610.7 million
