The Marvel Cinematic Universe (MCU) is the highest-grossing film franchise in history. With the most recent release, Deadpool & Wolverine, taking the box office by storm, the 34 films have collectively grossed over $30 billion (£23bn) globally. But Marvel hasn't always been the cash cow it is today, and in the 1990s, the company filed for bankruptcy.

From its early comic book origins to the box office juggernaut of today, discover how Marvel went from bust to a multibillion-dollar empire.

All dollar amount in US dollars

As the 1940s came to a close, superheroes fell out of favour with comic readers, leading Timely Comics to cancel its superhero titles in 1950.

The following year, Goodman established his own distribution company and Timely Comics was rebranded as Atlas Magazines. Atlas began experimenting with comics in other genres, including humour, westerns, horror, and science fiction.

The Silver Age of comics began in 1956 when rival company DC Comics successfully revived the superhero genre. In the early 1960s, Atlas rebranded as Marvel Comics. During this decade, it introduced some of its most iconic heroes, including the Fantastic Four, Spider-Man, the Incredible Hulk, and Iron Man.

Unlike the patriotic heroes of the Golden Age, Silver Age superheroes were more relatable, flawed, and humorous. Legendary comic book writer Stan Lee (pictured) wrote most of the comics during this period, with Jack Kirby and Steve Ditko serving as the primary artists.

The interconnected Marvel comic book world, known as The Marvel Universe, launched in 1961 when Stan Lee and Jack Kirby created the Fantastic Four.

Fantastic Four No.1 was the first comic where characters and events from one book could impact others. This innovative idea laid the foundations for the Marvel Cinematic Universe we know today.

Marvel changed ownership multiple times throughout the 1980s and 1990s. In 1989, Ronald Perelman (pictured) bought the company for $82.5 million, the equivalent of around $210 million (£160m) today. Perelman took the company public in 1991.

As the popularity of comic books and collectibles grew, Perelman embarked on a $700 million ($1.6bn/£1.2bn today) acquisition spree. He purchased trading card companies like Fleer Corporation and SkyBox and also purchased a 46% stake in ToyBiz, a manufacturer that created action figures based on Marvel characters.

However, in the early 1990s, the comic book market became oversaturated, with publishers prioritising quantity over quality. Marvel shifted its focus to producing more collectibles, but the demand for this merchandise was declining.

When the comic book market crashed in 1993, Marvel's sales decreased by 70%, leaving the company with massive debts.

Despite the box office disaster that was Marvel's 1986 collaboration with Universal Studios, Howard the Duck (pictured), Ronald Perelman wanted to shift Marvel's focus to movies. He proposed merging ToyBiz with Marvel Comics to launch the film production company Marvel Studios. However, shareholders rejected the idea.

By 1996, Marvel's stock, which had once traded at $35.75, had plummeted to just $2.38. To make matters worse, the company was a whopping $610 million in debt, the equivalent of around $1.3 billion (£1bn) today. 

In December 1996, Perelman filed for Chapter 11 bankruptcy without shareholder consent, aiming to retain control of the company and move forward with his plans to enter the film industry.

This sparked a fierce legal battle between Perelman and the shareholders. Ultimately both sides lost, and in 1997, ToyBiz executives Isaac Perlmutter and Avi Arad (pictured) were appointed as the new owners of Marvel.

Under new leadership but still struggling with debts, Marvel began selling off the cinematic rights to its characters to major film studios. Unfortunately, these deals were unfavourable for Marvel. For instance, Blade (1998), which was produced by New Line Cinema, grossed $70 million ($136m/£104m today) at the box office, but Marvel received a mere $25,000 ($49k/£37k today).

Similarly, the first two films in Tobey Maguire's Spider-Man trilogy, produced by Sony, earned close to $2 billion ($3.3bn/£2.5bn today) collectively, yet Marvel's share was only $62 million ($105m/£80m today).

In 2003, Marvel considered selling the rights to iconic characters such as Thor and Captain Marvel to film studios. However, under the leadership of Avi Arad and Isaac Perlmutter and with the guidance of film producer David Maisel (pictured), Marvel made the game-changing decision to produce the movies themselves and retain 100% of the profits.

This move would allow Marvel to embrace the interconnected nature of its comics, setting the stage for a shared cinematic universe.

The Marvel Cinematic Universe (MCU) officially launched in May 2008 with the release of Iron Man, starring Robert Downey Jr. as the iconic hero. The film was a blockbuster hit, grossing over $585 million globally, or around $871 million (£681m) in 2024 money.

The roaring success of Iron Man led to Disney acquiring Marvel for a substantial $4 billion ($5.9bn/£4.5bn today) in 2009.

The MCU releases its films in phases. Phase One consisted of Iron Man (2008), The Incredible Hulk (2008), Iron Man 2 (2010), Thor (2011), Captain America: The First Avenger (2011), and The Avengers (2012).

Collectively, these films grossed over $3.8 billion (£2.9bn) at the worldwide box office. The most successful film of Phase One, The Avengers, grossed $1.5 billion, the equivalent of $2.1 billion (£1.6bn) when adjusted for inflation.

Phase Two kicked off with Iron Man 3 in 2013. This was followed by Thor: The Dark World (2013), Captain America: The Winter Soldier (2014), Guardians of the Galaxy (2014), Avengers: Age of Ultron (2015), and Ant-Man (2015).

These six films collectively earned over $5.2 billion (£4bn) globally. Avengers: Age of Ultron was the biggest box office hit of the phase, grossing the 2024 equivalent of $1.9 billion (£1.5bn) worldwide.

Phase Three saw the release of 11 films: Captain America: Civil War (2016), Doctor Strange (2016), Guardians of the Galaxy Vol. 2 (2017), Spider-Man: Homecoming (2017), Thor: Ragnarok (2017), Black Panther (2018), Avengers: Infinity War (2018), Ant-Man and the Wasp (2018), Captain Marvel (2019), Avengers: Endgame (2019), and Spider-Man: Far From Home (2019).

Collectively, these movies grossed over $13.5 billion (£10.3bn). Avengers: Endgame was the top performer, earning over $2.7 billion (£2.1bn) globally. This impressive sum makes it the highest-grossing film in the entire MCU. 

The first three phases of the MCU are known as The Infinity Saga. Phase Four, which began with the release of Black Widow (2021), launched The Multiverse Saga. Other movies in this phase include Shang-Chi and the Legend of the Ten Rings (2021), Eternals (2021), Spider-Man: No Way Home (2021), Doctor Strange in the Multiverse of Madness (2022), Thor: Love and Thunder (2022), and Black Panther: Wakanda Forever (2022).

Collectively, these seven films grossed $4.8 billion (£3.7bn) worldwide.

The initial releases of Phase Four—Black Widow, Shang-Chi and the Legend of the Ten Rings, and Eternals—faced challenges due to the COVID-19 pandemic, which negatively impacted their box office performance. To make matters worse, the films also received mixed critical reception.

However, things turned around for Marvel with the release of Spider-Man: No Way Home. As the highest-grossing film of Phase Four, it earned over $1.9 billion (£1.5bn) worldwide. The subsequent films in this phase also became instant blockbusters.

Marvel kicked off Phase Five in February 2023 with the release of Ant-Man and the Wasp: Quantumania, which earned a respectable $476 million (£363m) at the global box office. 

In May of the same year, Guardians of the Galaxy Vol. 3 hit screens, grossing a stellar $845 million (£645m).

But the third release of Phase Five, The Marvels, was a major flop when it debuted in November 2023. The ill-fated flick grossed just $206 million (£160m) worldwide. When factoring in its production budget and marketing costs, it lost a painful $237 million (£185m), according to Deadline.

For the first time in years, Marvel was in peril, with fans criticising the studio for its increasingly formulaic approach to filmmaking. Its TV offerings on Disney+ were flopping, and it was forced to drop actor Jonathan Majors, the MCU's new supervillain Kang, after he was found guilty of assault. Marvel desperately needed a new superhero to turn its fortunes around...

Enter Hugh Jackman and Ryan Reynolds. Marvel is now seemingly back on top thanks to the fourth release of Deadpool & Wolverine, a superhero comedy which hit screens this July and has grossed over $1 billion (£765m) at the time of writing.

This impressive gross makes it the second R-rated film in history to surpass the $1 billion mark at the box office. The gritty crime thriller Joker, loosely based on the DC comic book character, first achieved this feat in 2019.

Marvel will release two more films as part of Phase Five: Captain America: Brave New World and Thunderbolts, both set for release in 2025.

The movies feature all-star casts. Hollywood legend Harrison Ford will portray the iconic comic book character Thaddeus "Thunderbolt" Ross, while Florence Pugh will reprise her role as Black Widow in Thunderbolts.

Phase Six will commence in July 2025 with the release of The Fantastic Four: First Steps. Other films in this phase include Blade (November 2025), Avengers: Doomsday (May 2026), and Avengers: Secret Wars (May 2027).

While Phase Six will conclude The Multiverse Saga, fans need not fret as Marvel has at least four more films in the works beyond this, though their release dates are unknown. These include a movie titled Armor Wars, an untitled Spider-Man film starring Tom Holland, an untitled Shang-Chi movie, and an untitled X-Men project.

This July, Marvel fans went wild when it was revealed that Robert Downey Jr. is set to return to the MCU. Rather than reprise his iconic Iron Man role, he'll portray the supervillain Dr. Doom in Avengers: Doomsday and Avengers: Secret Wars. How his surprising return will shape the narrative remains a mystery, but in the Marvel multiverse, anything is possible.

Robert Downey Jr. reportedly earned over $435 million (£340m) playing Iron Man, making him one of the richest actors in the world. His bank balance is set to balloon, with reports suggesting he'll earn over $100 million (£77m) for his epic MCU comeback. 

Now discover where Robert Downey Jr. ranks among the richest actors in the world