December 11, 2025 10:59 am EST

When Steven Soderbergh expressed frustration over the commercial failure of his well-reviewed Black Bag back in March, his comments crystallized one aspect of film-industry anxiety in the post-pandemic years.

The spy thriller’s box office disappointment seemed almost to confirm that star-driven mid-budget movies for discerning grown-ups are no longer a viable Hollywood business. Soderbergh suggested that shrinkage of the theatrical market for films like Black Bag would further cement the monopoly of massive franchise entries promising maximum spectacle, if little else of substance.

But even those blockbusters are no longer the surefire profit generators they once were. For every financial hit like Jurassic World: Rebirth or Superman, there’s a costly under-performer like Captain America: Brave New World, Tron: Ares or even Mission: Impossible — The Final Reckoning, despite grossing almost $600 million worldwide.

While Black Bag notched up a near-perfect 96 percent Rotten Tomatoes score and had strong support from its distributor, the Soderbergh movie came and went in theaters almost unnoticed. Which points to a broader industry pathology across the spectrum — the diminishing cultural imprint of movies.

The crowded streaming landscape, the decline of the collective moviegoing experience and the ever-shortening window between theatrical and home-viewing are just some of the factors that have made movies appear more marginal — issues certain to be amplified with news of the Netflix-Warner Bros. merger and what seems an inevitable squeeze on competition.

The flatlining numbers for film production in Los Angeles are another cause of industry pessimism. Can we still call it the Dream Factory if everyone has decamped to Budapest?

Contrary to all that justifiable alarm, however, this still turned out to be an exceptional year for movies, and the success of audacious, highly original entertainment like Sinners or One Battle After Another (or, fingers crossed, the upcoming Marty Supreme) lets us hope we’re not yet condemned to be stuck in an endless loop of the same regurgitated IP.

When I started narrowing down my picks for best of the year, I had a shortlist of almost 30 releases that left a lasting impression — a mix of standout work from international auteurs, American indie darlings, relative newcomers and seasoned Hollywood directors.

I can’t get too caught up in handwringing in a year when my list is too loaded to find room for movies as beautiful as Richard Linklater’s one-two punch Blue Moon and Nouvelle Vague; Norwegian director Dag Johan Haugerud’s Sex, Dreams, Love trilogy about intimacy, gender and sexuality; Jia Zhang-ke’s melancholy story of lost love in a rapidly changing modern China, Caught by the Tides; or Harris Dickinson’s trenchant directing debut, Urchin.

Read on for my ranked Top 10 (plus 10 alphabetically listed honorable mentions), followed by those of my clever colleagues Jon Frosch and Sheri Linden. And instead of grumbling that half these titles are movies you’ve never even heard of, seek them out. You might even agree!
DAVID ROONEY



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