It depends on how you define profit; Hollywood movies (almost) never make a profit, no matter the box office and other revenue. That's way getting a big cut of the net profits is a losing proposition. That doesn't mean, however, that Hollywood doesn't make money.
Hollywood pioneered a genius accounting trick - the rolling break, meaning the more revenue the higher the costs attributed to the movie so the actual movie never shows a profit.
For example:
Studio creates MovieCO, a wholly owned subsidiary that it lends, with interest, x millions to make a movie. The loan is payed back from the gross, meanwhile distribution, marketting, studio overhead, etc. are all charged to the movie and the more money it makes the more gets charged.
Hollywood Accounting is a brilliant, if shady, system, and fascinating to learn.