Yeah, it could have been worse. But just the fact they were in the red at all is the indictment here, they should've been in the green 300-400 million with one of the Fab Four.
A few posts above, something I hadn't commented on, about Musker's criticism they didn't keep the focal point of the film on the father-daughter story... That was definitely true. I agreed with others that the
love story between Eric and Ariel was better than in the animated film, but at the cost of the story that actually mattered. I suppose because they were playing very careful with everything around the Triton story because the character is quite vile in a very raw way in the grotto scene and modern Disney can't even handle "Body language~!"

How were they going to let a character like that one exist without altering it a great deal to make him more sympathetic to justify his redemption later? We had to have the whole bit about Ariel's mother being killed by a human. A lot of the additions that have been tacked onto the film over the years in the Broadway show and the remake (Ursula being Triton's sister, Ariel's mother being killed by a human, etc.) have taken much more from the story than they've added.
Personally, I think Beauty and the Beast is the only one of those four films where the romance was actually the focal point. The reason those films worked so well is they were a hodgepodge of so many great things (music, romance, comedy, drama, etc.), with a heavier focus on one aspect from film to film. TLM / TLK have more drama, B&tB romance, and
Aladdin comedy. It's too bad those days are mostly gone sans
Frozen sequels. TBH, it almost feels pointless to have any new princess film selling itself as "the first" fill-in-the-blank princess with one film to another, since they don't really feel like a princess film without villains, strong soundtracks, romance, all the various outfits and so on like the old films.