Broadway Box Office Analysis- May 2025 + Which Shows Might Rule Summer?

The past month represented the strongest May grosses in Broadway history, with each week being well over the $40 million mark for the second month in a row. These grosses were high enough to make the 2024-2025 Broadway season the highest grossing season in history, beating the 2018-2019 season. This month was also the first month since spring 2018 that there were 40 concurrently running shows, and every Broadway Theatre had performances playing this month. With so many shows open, the average capacity of shows is lower than it had been in previous months, but average ticket price remained strong. 

As in previous months, this list uses Theoretical Average Monthly Gross as the primary metric; a figure calculated by using the average attendance, capacity and average ticket price industry-wide for the month, multiplied by the number of performances played and the size of the theater. This combined with looking at a show's total gross and gross per performance allows for analysis on a rate basis, rather than strictly a cumulative basis, normalizing weeks where there may be partial performance weeks or extra performances.  

May Average Ticket Price: $132.43; May Average Capacity: 89.73%

Shows are ordered from largest percentage difference to theoretical average to smallest in their respective categories (split into shows from this year and long runners). 

24-25 (+25/26) Season 

1. Othello- Theoretical Average Monthly Gross: $3,966,279; May Total Gross: $15,711,287; Percent Difference: +233%; Gross Per Performance: $400,896; April Rank: #1

To the shock of nobody, Othello once again tops the list of grosses on a rate basis. They set their own personal bests in gross per performance for the month as well as difference to the house average, with only one week of performances left, these grosses will likely only increase. 

2. Good Night and Good Luck- Theoretical Average Monthly Gross: $5,875,265; May Total Gross: $16,010,428; Percent Difference: +173%; Gross Per Performance: $500,326; April Rank: #2

Good Night and Good Luck once again clocks in as the overall highest grossing show, breaking several of their own records this past month on their way to announcing the recoupment of their initial investment. They also only have a handful of performances left, and they are surely going to be some of the most lucrative individual performances ever on Broadway. 

3. Glengarry Glen Ross- Theoretical Average Monthly Gross: $5,121,606, May Total Gross: $9,928,950; Percent Difference: +94%; Gross Per Performance: $300,877; April Rank: #3

Glengarry Glen Ross announced their recoupment after 9 weeks of performances. This top three has remained unchanged since March’s report, 

4. Just In Time- Theoretical Average Monthly Gross: $2,623,905; May Total Gross: $4,670,811; Percent Difference +78%; Gross Per Performance: $145,963; April Rank: #6

Just In Time jumps Hamilton to be the highest ranked musical on this list. The Jonathan Groff-led Bobby Darin jukebox musical continues to delight sold out audiences. On Thursday they announced that they were extending performances into 2026, and with grosses like these it’s pretty easy to see why. 

5. The Picture of Dorian Gray- Theoretical Average Monthly Gross: $3,192,536; MayTotal Gross: $4,987,086; Percent Difference: +56%; Gross Per Performance: $184,707; April Rank #5

Star-led play number four on this list, The Picture of Dorian Gray has held in a very strong position. Perhaps the best reviewed of the star-led plays at the top of the list, Sarah Snook’s tour-de-force performance garnered a Tony nomination, the production earning 6 in total. They are certainly very well poised for the remainder of their run. 

7. Oh, Mary!- Theoretical Average Monthly Gross: $3,403,471; MayTotal Gross: $4,376,706; Percent Difference: +29%; Gross Per Performance: $136,772; April Rank: #10

Earlier this month Oh, Mary! extended ticket sales through the end of September, and they have continued to perform very well at the Lyceum. With the return of Cole Escola as Mary Todd Lincoln, grosses were slightly slower at the start of the month from where they had been, but they have increased their takings practically every week, and have continued to hold well over $1 million. 

11. Buena Vista Social Club- Theoretical Average Monthly Gross: $3,989,096; May Total Gross: $4,676,999; Percent Difference: +17%; Gross Per Performance: $146,614; April Rank: #15

Buena Vista Social Club’s grosses have increased every week since the middle of April, landing them at the number two spot for new musicals over the past month. Their 10 Tony nominations are continuing to serve them well, as likely will their Tiny Desk Concert, released this past week. 

12. Maybe Happy Ending- Theoretical Average Monthly Gross: $3,700,086; April Total Gross: $4,000,627; Percent Difference: +8%; Gross Per Performance: $125,020; April Rank: #19

Maybe Happy Ending’s grosses have responded well to their 10 Tony Award nominations, putting in their best month so far en route to two of their three best weeks so far at the end of the month. This show could absolutely catch fire at the box office with a Best Musical win. 

13. Sondheim’s Old Friends- Theoretical Average Monthly Gross: $2,445,175; April Total Gross: $2,496,916; Percent Difference: +2%; Gross Per Performance: $78,029; April Rank: #16

Old Friends is the first show in a non-profit house on this list, and their grosses have been very strong. Not much change from last month but they continue to do well. 

14. Operation Mincemeat- Theoretical Average Monthly Gross: $3,004,181; April Total Gross: $3,064,456; Percent Difference: +2%; Gross Per Performance: $95,764; April Rank: #11

Operation Mincemeat slips slightly in our rankings, although their grosses are still very strong. Londons Best Musical winner finished out the month strong however, posting one of their best weeks. However, they were the only Best Musical nominee to not have their highest grossing week on Memorial Day weekend. 

16. Purpose- Theoretical Average Monthly Gross: $2,209,404; April Total Gross: $2,106,324; Percent Difference: -5%; Gross Per Performance: $65,823; April Rank #30

Purposes grosses have been steadily increasing, and it is now among the higher grossing shows at the Hayes in recent memory. The Pulitzer-prize winning play just extended their run until the end of August as well. 

17. Call Me, Izzy- Theoretical Average Monthly Gross: $222,461; May Total Gross: $211,172; Percent Difference: -5%; Gross Per Performance: $105,586; April Rank: N/A

It’s too soon to get much information from the grosses of Call Me, Izzy. The Jean Smart led play had a good first two previews, but we’ll see how they do from here!

18. Death Becomes Her- Theoretical Average Monthly Gross: $5,669,916; April Total Gross $5,310,579; Percent Difference: -6%; Gross Per Performance: $165,956; April Rank: #27

Death Becomes Her’s grosses have responded well to their 10 Tony Nominations, and though they are a little bit lower down this list, they are a surefire hit at this point- the size of the Lunt-Fontanne is more to blame than the show itself. 

21. John Proctor is the Villain- Theoretical Average Monthly Gross: $2,935,731; April Total Gross: $2,409,767; Percent Difference: -18%; Gross Per Performance: $75,305; April Rank: #36

The play with the most Tony Nominations comes in as our highest rising show this month, jumping an incredible 15 positions on our list. John Proctor is the Villain just announced an extension until July 13, and they have increased their grosses every week.

24. Gypsy- Theoretical Average Monthly Gross: $6,046,390; April Total Gross: $4,583,830; Percent Difference: -24%; Gross Per Performance: $143,245; April Rank: #26

Gypsy had a very similar month to last, though they were starting to show some positive signs towards the end of the month (their grosses last week were very strong in spite of multiple unscheduled absences from Audra McDonald). At this point it’s up to the Tony Awards to determine the fate of this show. 

26. Sunset Boulevard- Theoretical Average Monthly Gross: $5,941,277; April Total Gross: $4,451,875; Percent Difference: -25%; Gross Per Performance: $139,121; April Rank #34

Sunset Boulevard has been steadily increasing their grosses week to week, though that was slightly affected by a scheduled absence for Nicole Scherzinger last week. Nevertheless, they continue to climb back up the grosses lists as the most Tony nominated revival. 

27. Pirates! The Penzance Musical- Theoretical Average Monthly Gross: $2,764,607; April Total Gross: $2,043,977; Percent Difference: -26%; Gross Per Performance: $63,874; April Rank: #31

Pirates! continues to do well for RTC, grosses are on the low end right now but they might increase as we get in towards the summer. 

32. Smash- Theoretical Average Monthly Gross: $5,365,695; April Total Gross $3,411,488; Percent Difference: -36%; Gross Per Performance: $106,609; April Rank: #24

Smash had a tough month. They were somewhat on the cusp last month and slipped this month. The Imperial is one of the larger houses on Broadway, and they have struggled thus far to fill it. They did release a cast album earlier this month, and put up slightly stronger grosses during the holiday week, hopefully that can change their fortune.

33. The Last Five Years- Theoretical Average Monthly Gross: $3,681,072, April Total Gross: $2,275,903; Percent Difference: -38%; Gross Per Performance: $71,122; April Rank: #21

The Last Five Years is struggling, there are no two ways about it. After posting mediocre grosses last month, they turned in a very poor four week set in May, especially for a star-led, limited run show. Hopefully they can show some improvements as they head towards closing. 

34. Redwood- Theoretical Average Monthly Gross: $3,288,437; April Total Gross: $2,010,982; Percent Difference: -39%, Gross Per Performance: $83,791; April Rank: #35

Redwood was the first of the post-Tony nominations casualties after being shut out(and there are likely to be more but nothing has announced just yet). They finished out this month stronger than April, though their grosses were never able to surpass their second week of previews. 

35. Stranger Things The First Shadow- Theoretical Average Monthly Gross: $6,061,601; April Total Gross: $3,703,003; Percent Difference: -39%; Gross Per Performance: $115,719; April Rank: #23

Stranger Things: The First Shadow had a tougher month of May, although better than some other large cast, spectacle driven plays. In spite of not being nominated for Best Play, Stranger Things still managed a decent 5 Tony nominations. Once the TV show starts building momentum later this year their grosses are certain to pick up.  

38. Dead Outlaw- Theoretical Average Monthly Gross: $3,985,293; April Total Gross: $2,063,661; Percent Difference: -48%; Gross Per Performance: $64,489; April Rank: #39

Dead Outlaw has been steadily increasing throughout the month, but with grosses at less than $600k a week on average, they are still not in a very good position. Ostensibly they could be a less expensive show to run given the small size of the production, but even then they want to be climbing up this list some. Hopefully they can gain some momentum after the Tony Awards. 

39. Floyd Collins- Theoretical Average Monthly Gross: $4,019,518; April Total Gross: $2,030,245; Percent Difference: -49%; Gross Per Performance: $63,448; April Rank: #37

Rounding out the bottom of both the revivals and the non-profit theatres is Floyd Collins. In spite of a warm critical response (and a warm awards response), the box office returns have remained cold. Their Tony nominations showing was strong however, coming in second amongst the musical revivals with six. 

40. Boop! The Betty Boop Musical- Theoretical Average Monthly Gross: $4,323,739; April Total Gross $2,027,269; Percent Difference: -53%; Gross Per Performance: $63,352; April Rank #38

Boop’s struggles continue. Based off of the operating costs, they are averaging a nearly $300k loss every week. There’s just not much you can do to come back from that I’m afraid, though maybe they can run a little bit longer if Jasmine Amy Rogers wins the Tony Award for Best Leading Actress. 

41. Real Women Have Curves- Theoretical Average Monthly Gross: $4,011,913; April Total Gross: $1,489,929; Percent Difference: -63%; Gross Per Performance: $46,560; April Rank: #40

At the bottom of our list comes Real Women Have Curves. Unfortunately, it’s difficult to see where Real Women Have Curves can go from here. In spite of critical acclaim, they only mustered 2 Tony nominations, and these grosses are unsustainably low. At this point, it would take a miracle for them to see the end of the summer. 

Long-Runners

6. Hamilton- Theoretical Average Monthly Gross: $5,034,855, MayTotal Gross: $7,087,032; Percent Difference: +41%; Gross Per Performance: $221,470; April Rank: #4

In spite of relinquishing the top spot for musicals on our list (thanks to a very strong month for Just In TIme), Hamilton remains the highest grossing long running show relative to the size of their house. They announced Thursday that they will be performing at this years Tony Awards with most of the original cast as part of their 10 year anniversary celebration, which will only help them. It was a slightly slower May for them than last year, but their Memorial Day grosses were much higher than last year, finishing out the month strong. 

8. Wicked- Theoretical Average Monthly Gross: $7,324,117; May Total Gross: $8,851,220; Percent Difference: +21%; Gross Per Performance: $276,601; April Rank: #7

Wicked showed the first signs of slightly slowing down this month, only increasing their grosses 25% year to year instead of 35% year over year. It’s Wicked, they have part two of the film coming out this fall, they are just fine and will continue to be just fine for the foreseeable future. 

9. The Outsiders- Theoretical Average Monthly Gross: $3,894,027, May Total Gross: $4,659,662; Percent Difference: +20%; Gross Per Performance: $145,614; April Rank: #8

The Outsiders continues to slow down a little bit as the hype of last years Best Musical Tony win dies down a little. That said, coming in at fifth overall amongst open ended shows is still a very strong sign for the continued success of this show. 

10. The Lion King- Theoretical Average Monthly Gross: $6,449,482; May Total Gross: $7,653,648; Percent Difference: +19%; Gross Per Performance: $239,177; April Rank: #9

It was a tougher month of May for the Lion King, although they ontinue to be one of the top grossers on Broadway. However they are unlikely to reclaim their title from last year as highest grossing Broadway show over the course of the year, due partly to the success of Wicked, but they have also slipped a step. Down 3% YTD and 9% comparing the same stretch last year to this year, it remains to be seen what will happen this summer, but these could be signs of tourism slowing down. 

15. Moulin Rouge!- Theoretical Average Monthly Gross: $4,943,589; May Total Gross: $4,757,373; Percent Difference: -4%; Gross Per Performance: $148,668; April Rank: #18

Moulin Rouge’s successes continue with the duo of (now departed) Boy George and Jordan Fisher. It will be interesting to see how the grosses fair without Boy George, but later this year they will have the return of Taye Diggs to the Broadway stage, which is sure to increase sales. 

19. MJ: The Musical- Theoretical Average Monthly Gross: $5,274,429; May Total Gross: $4,827,321; Percent Difference: -8%; Gross Per Performance: $150,851; April Rank: #12

It was a pretty tough May for MJ, a nearly 20% decrease from the same period last year. International tourism being projected down is a very bad sign for MJ moving forward, which usually does very well during the summer months. We’ll see what happens this year. 

20. &Juliet- Theoretical Average Monthly Gross: $3,901,632; May Total Gross: $3,296,269; Percent Difference: -16%; Gross Per Performance: $103,008; April Rank: #14

&Juliet had a much worse month than last, and one of their lower months they’ve ever had. But, these grosses are likely far from unsustainable, especially as summer tourist season comes back, even if it’s in a diminished state. 

22. Cabaret- Theoretical Average Monthly Gross: $4,068,954; May Total Gross: $3,248,192; Percent Difference: -20% Gross Per Performance: $101,506; April Rank: #13

Eva Noblezada and Orville Peck haven’t had the same box office pull of either of the previous duos of Emcee and Sally, though it’s possible Eva’s being out sick recently (Broadway stars are humans too!) has had an effect. We’ll see if they can improve as we head into the summer months. 

23. The Book of Mormon- Theoretical Average Monthly Gross: $4,053,754; May Total Gross: $3,203,754; Percent Difference: -21%; Gross Per Performance: $100,117; April Rank: #22

The Book of Mormon missed a step in May, down both in gross per performance and relative to itself and peer shows. They were down 12% compared to this stretch last year, bucking the trend of what had started as a really nice year for Book of Mormon. 

25. Hadestown- Theoretical Average Monthly Gross: $3,490,934; May Total Gross: $2,635,425; Percent Difference: -25%; Gross Per Performance: $82,357; April Rank: #17

Hadestown slips as one of the furthest dropping long running shows in May. They are one to keep an eye on, this month was a sizeable drop from last year, and crucially also the year before (previously they had been doing worse than last year but better than two years ago). 

28. Aladdin- Theoretical Average Monthly Gross: $6,567,368; May Total Gross $4,825,662; Percent Difference: -27%; Gross Per Performance: $150,802; April Rank: #20

Aladdin continues to chug along in the New Amsterdam, really they are another one that is low on this list more as a function of the massive size of the house rather than the show significantly underperforming. With fewer tourists in the city after the Easter holiday, they slipped in our rankings, and also slipped at the box office compared to this time last year. Nevertheless, Aladdin’s strong year continues, holding around 3% higher than last year. 

29. Hell’s Kitchen- Theoretical Average Monthly Gross: $5,540,622; May Total Gross: $3,907,848; Percent Difference: -29%; Gross Per Performance: $122,120; April Rank: #28

This cast of Broadway Veterans continues to do well at the Shubert Theatre, holding well over $900k in gross per week, it’s the size of the house that has placed them further down this list rather than poor box office sales. 

30. The Great Gatsby- Theoretical Average Monthly Gross: $5,647,100, May Total Gross: $3,937,996; Percent Difference: -30%; Gross Per Performance: $123,062; April Rank: #25

It was a tougher month for the Great Gatsby, though they have continued to put up good grosses, averaging just under $1 million per week. This is another show that does very well when tourists are in town, it will be worth monitoring this summer as we track to what extent international tourism has been affected. 

31. Six- Theoretical Average Monthly Gross: $3,920,646; May Total Gross: $2,558,774; Percent Difference: -35%; Gross Per Performance: $79,962; April Rank: #24

Six had maybe the worst month of their Broadway run in May, failing to crack $750k gross in any given week. Given the size of the show, they likely did not take much if any loss, but if this downward trend continues it does not bode well for the future of this show. 

36. Chicago- Theoretical Average Monthly Gross: $4,106,982; May Total Gross: $2,277,935; Percent Difference: -45%; Gross Per Performance: $71,185; April Rank: #33

Chicago’s grosses slipped from last month, and were down 10% compared to last May. This fits into the broader pattern of this year, with the show being down 11% YTD. 

37. Harry Potter and the Cursed Child- Theoretical Average Monthly Gross: $6,168,078; May Total Gross: $3,321,982; Percent Difference: -46%; Gross Per Performance: $103,812; April Rank: #29

Cursed Child clocks in at the bottom of our list, some of which has to do with the size of the Lyric Theatre, but this was also one of the worst months for Cursed Child in it’s history. They are no longer the only spectacle drive, major-IP based play on Broadway, and it stands to reason that the emergence of Stranger Things may be eating into their grosses- and that is to say nothing of the North American Tour or people's frustrations with J.K. Rowling. 

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Show Ranking

1. Othello (-)
2. Good Night and Good Luck (-)
3. Glengarry Glen Ross (-) 
4. Just In Time (+2)
5. The Picture of Dorian Gray (+2)
6. Hamilton (-2)
7. Oh, Mary! (+3)
8. Wicked (-1)
9. The Outsiders (-1)
10. The Lion King (-1)
11. Buena Vista Social Club (+4)
12. Maybe Happy Ending (+7)
13. Sondheim's Old Friends (+3)
14. Operation Mincemeat (-3)
15. Moulin Rouge! (+3)
16. Purpose (+14)
17. Call Me, Izzy (NEW)
18. Death Becomes Her (+9)
19. MJ: The Musical (-7)
20. &Juliet (-6)
21. John Proctor is the Villain (+15)
22. Cabaret (-9)
23. The Book of Mormon (-1)
24. Gypsy (+2)
25. Hadestown (-8)
26. Sunset Boulevard (+8)
27. Pirates! The Penzance Musical (+4)
28. Aladdin (-8)
29. Hell's Kitchen (-1)
30. The Great Gatsby (-5)
31. Six (-7)
32. Smash (-)
33. The Last Five Years (-12)
34. Redwood (+1)
35. Stranger Things: The First Shadow (-12)
36. Chicago (-3)
37. Harry Potter and the Cursed Child (-8)
38. Dead Outlaw (+1)
39. Floyd Collins (-2)
40. Boop! The Betty Boop Musical (-2)
41. Real Women Have Curves (-1)

SHOW OPENING RECAP: May 24: Call Me, Izzy (opens June 12)

SHOW CLOSING RECAP: May 18: Redwood

THE MONTH AHEAD

Award season is in full swing as we head in towards the Tony Awards on June 8. From there there will be all of the highs and all of the lows as shows extend ticket sales, or announce early closure, or announce that they’ve recouped their investment. Summer’s right around the corner!

NOTE: All figures in this post are based off of weeks ending May 4, May 11, May 18, and May 25

 

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