Disney has once again reignited a sluggish box office with the release of “Frozen II,” which earned $42 million from 4,440 screens on Friday and is currently estimated to earn a staggering $125 million in its opening weekend.

Unadjusted for inflation, that stands as the fourth highest domestic opening weekend for any animated film, sitting only behind this year’s remake of “The Lion King” ($191 million), last year’s “Incredibles 2” ($182 million) and 2016’s “Finding Dory” ($135 million). It is also on pace to become the first animated film with a $300 million-plus global opening, topping the $245.9 million opening of “Lion King” set back in July.

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This opening for “Frozen II” push Disney past $3 billion in annual domestic grosses for the third time in studio and industry history. That total should blow by $3.5 billion by year’s end given that “Frozen II” should...