Batman v Superman will not be as profitable for Warner Bros. as 2013’s Man of Steel, according to a new report. Batman v Superman is expected to make a profit of $278 million for Warner Bros., factoring in combined revenue from its theatrical release, home video, TV, and merchandise, SNL Kagan analyst Wade Holden told Bloomberg. By comparison, Warner Bros. made an estimated $300 million from Man of Steel when adding up box office receipts and the other items, according to the analyst.

A profit in the range of hundreds of millions of dollars is a significant achievement and by the numbers, the action movie is indeed a success. But it may not a success on the level Warner Bros. was hoping for.

“I’m sure that it’s a bit of a disappointment,” Holden explained. “They were probably hoping for box-office numbers similar to Avengers: Age of Ultron, since Batman v Superman had DC’s three most well-known comic book heroes together in the same movie.”

Also important to note when comparing Batman v Superman and Man of Steel is that Batman v Superman had a bigger production budget. Globally, Batman v Superman has already made more than $720 million at the box office, while Man of Steel took in $668 million during its run in 2013.

Whatever the case, Bloomberg reports that Warner Bros. management is pleased with Batman v Superman‘s performance, despite a steep second-week dropoff and not-so-kind reviews.

Bloomberg’s reports digs much deeper into the numbers and contextualizes them further. Go read the report here.