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Arnold hasn't been a huge smash at the domestic box office but he continues to rule in the foreign territories. As a result his films still make enough money to warrant his huge salaries.
The problem here is that the day for his type of hero has long past. I would love to see another Conan movie but it would probably suck. The original Conan movies were relatively low budget films that were dripping in cheese. Arnold's ego and the studio accountants wouldn't allow a film like that to be made (considering what they'd have to pay him to be in it).
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"My hands are on fire. Hands are on fire. Ain't got no more time for all you charlatans and liars."
- Old Man Luedecke
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