Pixar's Onward has opened to $12 million USD on Friday and is headed to a $40 million opening weekend. That figure will be good enough to take first place but is somewhat down from Pixar's usual numbers. The film is 22nd Pixar film released in theaters since the first Toy Story graced theater screens in November 1995. As Exhibitor Relations noted below, the film is opening more in line with The Good Dinosaur, which opened to a $39.2 million opening weekend during the Thanksgiving holiday in 2015. That film went on to lose $85 million for Disney/Pixar despite favorable reviews, becoming Pixar's first box office bomb.
Onward also marks the earliest a Pixar animated film has been released as they typically choose to release films during the Summer or in combination with a holiday (i.e. when kids are out of school). Complicating matters further will be the impact of the COVID-19 coronavirus, which will likely limit the film's international earnings.
It will be interesting to see if Soul (which releases later this year in June) will have a more favorable box office climate as schools will be out for the summer and COVID-19 should hopefully be contained.