The Oscar race for visual effects is down to 20.

With multiple sources confirming to Variety, the list of finalists includes a mix of anticipated blockbusters and franchise entries, with major studios Disney, Warner Bros., Universal, Paramount and Netflix dominating the field. The finalists were notified ahead of the Thanksgiving holiday.

The Disney parent company had the most films represented with seven among the 20. Among the most prominent titles are two from 20th Century Studios with Dan Trachtenberg’s “Predator: Badlands,” the seventh film in the sci-fi-horror franchise, and the highly anticipated James Cameron’s “Avatar: Fire and Ash,” the third installment in the groundbreaking franchise, which will screen for guild members and critics beginning Sunday, Nov. 30. In addition, Marvel Studios nabbed a pair of selections with the superhero blockbusters “The Fantastic Four: First Steps” and “Captain America: Brave New World,” while Walt Disney Pictures was represented with “Lilo and Stitch” and “Tron: Ares.”

Warner Bros. Discovery was second among the studios with the most entries: Bong Joon Ho’s black comedy “Mickey 17,” Jared Hess’ video game adaptation “A Minecraft Movie,” Ryan Coogler’s gothic vampire drama “Sinners” and James Gunn’s superhero reboot “Superman” under the DC Studios banner. The studio also co-distributed Joseph Kosinski’s race car drama “F1,” starring Brad Pitt, alongside Apple Original Films, which produced the movie. Apple also managed to sneak Paul Greengrass’ survival thriller “The Lost Bus,” starring Matthew McConaughey and America Ferrera, into the top 20.

Universal Pictures pulled off an impressive hat trick with its three big 2025 moneymakers: Jon M. Chu’s musical sequel “Wicked: For Good,” Dean DeBlois’ live-action remake “How to Train Your Dragon” and Gareth Edwards’ dinosaur flick “Jurassic World: Rebirth.”

Netflix steered one of its best picture frontrunners into the fold with Guillermo del Toro’s “Frankenstein,” in addition to Anthony and Joe Russo’s first-quarter release “The Electric State,” which stars Millie Bobby Brown and Chris Pratt.

Edgar Wright’s remake of “The Running Man” with Glen Powell debuts on the list for Paramount Pictures, alongside the last film in the popular Tom Cruise action franchise, “Mission: Impossible – The Final Reckoning.”

The Academy does not release the top 20 externally and declined to comment or confirm if these films had advanced to the next round.

The preliminary voting period for the Oscars shortlist begins Monday, Dec. 8, at 9 a.m. PT and ends Friday, Dec. 12, at 5 p.m. PT. The shortlists in 12 categories will be announced on Tuesday, Dec. 16. Afterward, the VFX bake-offs will take place Jan. 10-11, when the final 10 films will present to members of the branch for final nomination consideration. Voting for all branches occurs Jan. 12-16, with the nominations being announced Thursday, Jan. 22.

The 98th Academy Awards are scheduled for March 15, 2026.

The Top 20 finalists are below:

“Avatar: Fire and Ash” (20th Century Studios)
“Captain America: Brave New World” (Marvel Studios)
“The Electric State” (Netflix)
“F1” (Apple Original Films/Warner Bros.)
“The Fantastic Four: First Steps” (Marvel Studios)
“Frankenstein” (Netflix)
“How to Train Your Dragon” (Universal Pictures)
“Jurassic World: Rebirth” (Universal Pictures)
“Lilo and Stitch” (Walt Disney Pictures)
“The Lost Bus” (Apple Original Films)
“Mickey 17” (Warner Bros.)
“A Minecraft Movie” (Warner Bros.)
“Mission: Impossible – The Final Reckoning” (Paramount Pictures)
“Predator: Badlands” (20th Century Studios)
“The Running Man” (Paramount Pictures)
“Sinners” (Warner Bros.)
“Superman” (DC Studios)
“Thunderbolts*” (Marvel Studios)
“Tron: Ares” (Walt Disney Pictures)
“Wicked: For Good” (Universal Pictures)