It lost $74M in the theatrical window. But then again, they cut its theatrical window to 30 days to feed the D+ monster.
But, there are other windows in which to monetize content. While D+ isn't profitable yet, its losses could be much greater if not for very popular content like Encanto.
And there's been $12M in home video sales so far.
Plus there are the music residuals from all the music streaming and with Encanto being the number one album and Bruno the number one song on Billboard for weeks and weeks... it adds up.
Plus there is burnishing the brand. Very popular content associated with Disney makes people feel warm and fuzzy about Disney, and so, they buy Disney content and products more and more.
Encanto in the parks is on the same trajectory somewhere in between Frozen and Tiana. Each year, there is more.
Not to mention the movie, along with Coco, roping in the huge Spanish-speaking market into Disney's fold.
Remember: Tangled also lost money at the box office. It has a life still after the theaters.