Christmas morning for cinephiles has come and gone, with many films receiving a bounty of presents or a big lump of coal. Records were broken, tears were shed, and campaigns to win these trophies are now in full swing. With the dust settling (for now), let's break down who the big winners and losers were.

Winner: Sinners

By taking advantage of the new category for achievement in casting and, surprisingly, getting Delroy Lindo nominated for Best Supporting Actor, Sinners broke the all-time nomination record. Across a total of sixteen categories, Ryan Coogler's film didn't miss a single category it was predicted to be nominated for. With the SAG and PGA awards on the horizon, the film has clearly shown it still has some juice left in the fight for Best Picture.

Loser: Wicked: For Good

Once the reviews were out, it seemed inevitable that Wicked: For Good would take a step down from the ten nominations its predecessor got. At the very least, we expected the crafts to make a repeat appearance, especially when the costumes and production sets won Oscars last year. Alas, every branch of the Academy collectively shunned the sequel, handing it a big, fat goose egg on nomination morning.

Winner: Bugonia

The ho-hum initial reactions following Bugonia’s premiere at the Venice International Film Festival spurred everyone to think this would go the way of Kinds of Kindness or The Lobster instead of The Favourite and Poor Things. Instead, it landed somewhere in the middle, netting four total nominations, including Best Picture. Emma Stone has proved to be her generation’s Meryl Streep / Cate Blanchett, nabbing her fifth acting nomination before the age of 37. She and Lanthimos have four feature films together, with three of them being nominated for Best Picture.

Loser: Paul Mescal

Between Joseph Fiennes being snubbed for Shakespeare in Love and now Paul Mescal for Hamnet, taking on the role of William Shakespeare is an Oscar curse. Mescal received a nomination for Best Supporting Actor from every major precursor, and Hamnet has been a top-tier Best Picture since its premiere at the Telluride Film Festival in August. Adam Sandler or Miles Caton were predicted to be the possible upset options. However, it was Caton’s Sinners co-star Delroy Lindo who came in with the steel chair, netting his first-ever Oscar nomination in a very long and respected career.

Winner: Sentimental Value

What started with a 19-minute standing ovation at the Cannes Film Festival back in May has culminated in nine Oscar nominations. After being fully blanked by SAG, all four members of its ensemble were Oscar-nominated. The film was even nominated for Best Film Editing, which had a very outside shot at receiving. The battle for Best International Feature is now down to it and The Secret Agent, both of which netted a nomination for Best Picture.

Loser: It Was Just an Accident

Jafar Panahi’s film has now broken the three-film streak of Palme d’Or winners being nominated for Best Picture. Even a few weeks ago, the film seemed like a surefire bet to get in, performing extremely well at the initial critics' awards. However, cracks started to form right when Oscar voting began, and the film only managed to get in for Best Original Screenplay and Best International Feature. With other Cannes titles like Sentimental Value and The Secret Agent overperforming on expectations, it seems likely that Panahi will go home empty-handed.

Winner: Warner Bros.

For a studio that is supposedly being swallowed up by the Netflix machine, Warner Bros. made quite the statement for itself on Oscar nomination morning. Their Best Picture nominees of Sinners and One Battle After Another combined for a total of twenty-nine nominations, with the former clearing the record with sixteen. It can also take half-credit for the four nominations garnered by F1, which it distributed with Apple Original Films in the United States. All three of those films are expected to be heavy favorites in multiple categories at the Oscar ceremony, so this level of dominance will likely continue.

Loser: Searchlight Pictures

Likely regarded as one of the strongest speciality distributors in the awards game, this year marks the first time since 2005 that Searchlight Pictures was fully blanked from the Oscars. Back in the summer, they seemed to have a strong one-two punch in Rental Family and Is This Thing On?. Once both of those films underperformed, they switched horses to The Testament of Ann Lee. That also didn’t go anywhere; the film’s rejection from many shortlists sealing its doom way before Oscar nomination morning. In 2026, they have new films from Tony Gilroy and Martin McDonagh, so they shouldn’t be out of the conversation for very long.

Winner: Global Cinema

We’ve been living in a Renaissance period for international representation at the Oscars for a few years now. It’s now common for multiple foreign language films to be nominated for Best Picture, with this year’s entries being Sentimental Value and The Secret Agent. Other international films that picked up nominations include It Was Just an Accident (Best Original Screenplay), Sirât (Best Sound), Kokuko (Best Makeup & Hairstyling), and The Ugly Stepsister (Best Makeup & Hairstyling). With borders becoming less and less of an obstacle amongst the cinephile community, this trend will only increase the more we venture into the future.