Pixar's beloved franchise returns today with a $275 million global debut forecast, a 93% Rotten Tomatoes score, and a plot that pits Woody and Buzz against the ultimate villain: a frog-shaped smart tablet. But after 31 years and $3 billion, the question is no longer whether the toys can win — it's whether franchise nostalgia can carry a sequel this far.
The toys are back. Again.
Thirty-one years after Woody first told Buzz that there was a snake in his boot, Pixar's most beloved franchise returns to theaters today with Toy Story 5 — a film that industry trackers expect to pull in $140 million domestically across 4,425 theaters and $275 million globally, making it the strongest domestic opening of 2026 and a franchise best. International markets are projected to contribute $135 million, with the film launching across approximately 87% of overseas territories, including China.
The projected numbers would comfortably surpass the franchise's previous record, set by 2019's Toy Story 4, which opened to $120.9 million domestically and $249 million worldwide. Pre-sales have reached $25 million, placing the film ahead of The Super Mario Galaxy Movie and Zootopia 2 at the same stage. But Inside Out 2 still holds Pixar's overall global record with $384 million, while Incredibles 2 leads domestic Pixar openings at $182.6 million.
The fifth installment, directed by Andrew Stanton (Finding Nemo, WALL-E), sees Jessie stepping into the lead role. Woody — now sporting a "dad paunch and bald spot" — returns to help after Jessie calls him for backup, as Bonnie is losing interest in her toys to a frog-shaped smart tablet called Lilypad, voiced by Greta Lee. The film pits the toys against the threat of electronics taking over playtime.
The reviews are strong but not unanimous. The film has earned a 93% "Certified Fresh" rating on Rotten Tomatoes — solid, though the lowest in the franchise's history, following Toy Story 3 (98%) and Toy Story 4 (97%). An original Taylor Swift single, "I Knew It, I Knew You," released June 7 has already pulled in 4.7 million YouTube views, backing the returning original voice cast.
The stakes are enormous. The franchise has generated over $3 billion worldwide and ranks as Disney+'s most-watched property with over 2 billion hours streamed. Given its reported $250 million budget — excluding marketing — making it Pixar's most expensive film ever and the second-most expensive animated movie in history, Toy Story 5 will likely need to clear $1 billion worldwide to be deemed a true success.
Toy Story 5 opens in theaters on June 19 in the US and UK, with Japan following on July 3 and Germany on July 23. The Juneteenth holiday this Friday is expected to boost opening day turnout. For Pixar and Disney, the question is no longer whether audiences will show up — they will. The question is whether the toys can still make them cry.
The Director's Defense
Andrew Stanton, the Academy Award-winning director of Finding Nemo and WALL-E, is no stranger to pressure. But directing his first Toy Story film — the fifth installment of Pixar's crown jewel franchise — comes with unique challenges.
Stanton has defended making a fifth movie, saying the sequel tackles the "existential problem" that "nobody plays with toys anymore". In an interview with Empire magazine, the director explained: "Honestly, it's not even really about a battle so much as the realisation of an existential problem: that nobody's really playing with toys anymore. Technology has changed everybody's lives, but we're asking what that means for us — and to our kids. We can't just get away with making tech the villain."
Although Toy Story 3 was a fitting bookend for the franchise, Stanton — who has written for the series since the original Toy Story in 1995 — explained that the evolving nature of childhood has allowed Toy Story to adapt and live on. "So 3 was the end … of the Andy years. Nobody's being robbed of their trilogy. They can have that and never watch another if they don't want to. But I've always loved how this world allows us to embrace time and change. There's no promise that it stays in amber."
Why Jessie Takes the Lead
For the first time in the franchise's history, Jessie — the cowgirl doll voiced by Joan Cusack — takes center stage. Director Andrew Stanton said exploring Jessie's character was one of the main reasons he wanted to return to the franchise: "I want to explore Jessie. I want to put her in the main driver's seat."
According to co-director and co-writer McKenna Harris, the decision to spotlight Jessie felt long overdue. Introduced in Toy Story 2, the character quickly became a fan favourite thanks to her emotional backstory and energetic personality. Producer Lindsey Collins believes Jessie has one of the richest character arcs in the franchise, noting that audiences know more about Jessie's past than almost any other toy, including Woody and Buzz. From her heartbreaking experience of being abandoned by her former owner Emily to finding a new family with Andy's toys, Jessie has carried some of the franchise's most emotional moments.
The filmmakers felt that there was still more of her story left to tell, making her the natural choice to lead the next installment. ScreenRant's review praised the decision, writing: "Toy Story 5 is a more complete return to form, with its refreshing narrative bolstered by the decision to put Jessie in the lead over Woody and Buzz. Woody's story has already been masterfully told, but there was plenty more to explore with Jessie and her struggles with abandonment."
Toy Meets Tech
The story picks up a few years after the fourth installment and focuses on an eight-year-old Bonnie Anderson who is navigating the social pressures of growing up. She begins turning her attention away from traditional toys in favour of electronics, online games and group chats. The antagonist is not inherently evil but represents a systemic shift.
Greta Lee voices Lilypad, a highly addictive smart tablet device that arrives with disruptive ideas about what is best for Bonnie, leaving Buzz, Woody and Jessie worried that traditional playtime is becoming completely obsolete. The film explores how the toys adapt when faced with a world increasingly dominated by screens.
The voice cast brings back Tom Hanks as Woody, Tim Allen as Buzz Lightyear, and Joan Cusack as Jessie the Cowgirl. Keanu Reeves will also be seen reprising his popular role of Duke Caboom from the last film. Additional cast members include Annie Potts, Wallace Shawn, Ernie Hudson, and John Ratzenberger. The film features an original score by Oscar winner Randy Newman, who returns to score his fifth Toy Story feature.
The Taylor Swift Connection
Taylor Swift contributed an original song titled "I Knew It, I Knew You" to the soundtrack. The singer announced the collaboration on June 1, writing a poignant note on social media about the creative process and how it took her back to the days of being a Toy Story kid. The song, written and produced by Swift and Jack Antonoff, returns to her country roots.
The connection runs deeper than just music. Swift, whose initials "TS" famously match Toy Story's abbreviation, has been a lifelong fan of the franchise. The song is written from Jessie's perspective, adding an emotional layer to the film's soundtrack. The music video, released June 5, has already amassed millions of views, further building anticipation for the film's release.
The Business of Nostalgia
The economics of Toy Story 5 are staggering. At $250 million, it is Pixar's most expensive film ever and the second-most expensive animated movie in history, surpassed only by Disney's Tangled ($260 million). The film shares the second spot with 2019's The Lion King remake, which was also made for $250 million. For comparison, Toy Story 3 and Toy Story 4 were both made on $200 million budgets.
Using the standard Hollywood rule of thumb, a $250 million film needs to generate approximately $625 million at the global box office just to break even. Given that Toy Story 4 grossed over $1.07 billion worldwide in 2019, the fifth installment has a clear path to profitability — but the theatrical landscape of 2026 is very different from 2019.
Boxoffice Pro's weekend preview notes that after three decades of box office magic, exhibition knows they've got a friend in the Toy Story franchise. The panel is predicting a franchise-record finish for Toy Story 5, which will also mark the best opening weekend of the year to date. There hasn't been a true tentpole family film on the schedule since Super Mario Galaxy's $131.7 million bow back in April. While Pixar has had mixed fortunes on the originals front, "this is as meat-and-potatoes as it gets for the animation giant."
The Critical Consensus
The 93% Rotten Tomatoes score is strong by any standard, but it represents a slight dip for a franchise that has maintained near-perfect critical ratings across four films. The original Toy Story and Toy Story 2 both hold 100% critic scores. Toy Story 3 has a 98% rating, with Toy Story 4 closely behind at 97%.
While a 93% score is still strong, Toy Story 5 falls short of several Pixar releases from the past decade. Hoppers and Coco both earned 97% from critics this year, while Turning Red and Soul landed at 95%. Finding Dory scored 94% and Incredibles 2 matched the 93% mark. As NDTV noted, "That drop says more about the franchise's near-perfect track record across the first four films than it does about any negative reaction to the fifth."
ScreenRant's review was glowing, with critic Jordan Williams awarding the film a score of nine out of 10, praising the film's powerful and emotionally affecting story. Exclaim! called it "top-tier Pixar". Empire questioned "Why are you doing this, Pixar?" — a question that captures the tension between critical acclaim and the sense that perhaps the story had already been perfectly told.
The Bottom Line
Toy Story 5 arrives at a pivotal moment for the movie industry, as studios continue searching for ways to bring audiences back to theaters in the streaming era. The film's success — or failure — will send a signal about the enduring power of franchise nostalgia, the willingness of audiences to return to theaters for event films, and the wisdom of Pixar's decision to revive a story that had already found what seemed like a perfect ending.
The toys are back. The question is whether audiences will still want to play.
