Question · Q4 2025
John Hedrick asked for clarification on the domestic parks attendance in the fourth quarter, questioning if it was impacted by competition, macro factors, or other elements. He also sought comments on the overall demand for the cruise business and how cruise margins compare to overall parks margins, and the expected impact of cruise growth on the segment.
Answer
CFO Hugh Johnston clarified that domestic parks attendance was in line with expectations, with competition like Epic impacting other Florida competitors more than Disney. He reported very strong demand for the cruise business, with utilization rates consistent despite added capacity. While not disclosing specific cruise margins, he characterized it as a very attractive business with high guest satisfaction scores and attractive margins.