LOS ANGELES—Walt Disney Co.’s superhero epic “Avengers: Endgame” became the first movie to gross more than $1 billion in its debut at the world-wide box office.

The Marvel Studios blockbuster, powered by record-setting hauls in the U.S. and China, collected an estimated $1.2 billion in its first five days of release. An estimated $350 million of that total came from the U.S. and Canada, an amount that blew past the previous opening-weekend record set last year by “Avengers: Infinity War” by about $92 million.

Hollywood...