The Walt Disney Company is a global entertainment conglomerate that operates through three main segments: Entertainment, Sports, and Experiences. The company offers a wide range of products and services, including streaming platforms, television channels, theme parks, resorts, and consumer products. Disney generates revenue from subscription fees, advertising, affiliate fees, theatrical distribution, theme park admissions, and merchandise sales, making it a significant player in the entertainment and leisure industries .
- Entertainment - Offers linear networks and direct-to-consumer services such as Disney+, Hulu, and Disney+ Hotstar, along with content sales and licensing, including theatrical, TV/VOD, and home entertainment distribution.
- Experiences - Operates domestic and international theme parks and resorts, Disney Cruise Line, and consumer products, generating revenue from admissions, vacations, merchandise licensing, and retail sales.
- Sports - Focuses on ESPN-branded television channels and ESPN+ direct-to-consumer service, with additional offerings from Star-branded sports channels in India, earning revenue through affiliate fees, advertising, and subscriptions.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Robert A. Iger ExecutiveBoard | Chief Executive Officer | Board Member at Microsoft Corporation and HCA Healthcare, Inc. | Resumed as CEO on Nov 20, 2022. Previously served as CEO (2005-2020) and Executive Chairman (2020-2021). Led acquisitions of Pixar, Marvel, Lucasfilm, and 21st Century Fox. | View Report → |
Horacio E. Gutierrez Executive | Senior EVP, Chief Legal and Compliance Officer | None | Joined Disney in 2022 as General Counsel. Promoted to Chief Legal and Compliance Officer in Dec 2023. Former Chief Legal Officer at Spotify. | |
Hugh F. Johnston Executive | Senior Executive Vice President and CFO | Board Member at Microsoft Corporation and HCA Healthcare, Inc. | Appointed CFO on Dec 4, 2023. Former EVP and CFO at PepsiCo (2010-2023). Extensive experience in financial strategy and operations. | |
Kristina K. Schake Executive | Senior EVP and Chief Communications Officer | None | Joined Disney in June 2022. Leads global communications strategy. Former Global Communications Director at Instagram and Counselor for Strategic Communications at HHS. | |
Sonia L. Coleman Executive | Senior EVP and Chief Human Resources Officer | None | Joined Disney in 2008. Appointed CHRO in April 2023. Leads global HR strategy, diversity initiatives, and organizational design. | |
Amy L. Chang Board | Director | Director at Procter & Gamble | Director since 2021. Expertise in technology trends, cybersecurity, and AI. Former Global Communications Director at Cisco. | |
Calvin R. McDonald Board | Director | CEO and Board Member at lululemon athletica inc. | Director since 2021. CEO of lululemon. Expertise in retail, brand-building, and customer engagement. | |
Carolyn N. Everson Board | Director | Director at Under Armour and The Coca-Cola Company; Senior Advisor at Permira and Boston Consulting Group | Director since 2022. Former President of Instacart and VP of Global Marketing Solutions at Meta. Expertise in advertising and marketing. | |
D. Jeremy Darroch Board | Director | Director at Reckitt Benckiser Group PLC | Director since 2024. Former CEO of Sky. Expertise in finance, accounting, and risk management. | |
Derica W. Rice Board | Director | Director at The Carlyle Group, Bristol-Myers Squibb, and Target Corporation | Director since 2019. Former CFO of Eli Lilly and President of CVS Caremark. Expertise in finance, accounting, and risk management. | |
James P. Gorman Board | Chairman of the Board (effective Jan 2025) | None | Appointed to Disney's Board in Feb 2024. Former Chairman and CEO of Morgan Stanley. Expertise in financial strategy and governance. | |
Maria Elena Lagomasino Board | Director | Director at The Coca-Cola Company | Director since 2015. CEO of WE Family Offices. Extensive experience in wealth management and governance. | |
Mark G. Parker Board | Chairman of the Board | Executive Chairman of NIKE, Inc. | Director since 2016. Became Chairman in 2023. Former CEO of NIKE, Inc. Brings expertise in brand management, innovation, and governance. | |
Mary T. Barra Board | Director | Chair and CEO of General Motors Company | Director since 2017. Leads GM's transformation to electric vehicles. Expertise in innovation and human capital management. | |
Michael B.G. Froman Board | Director | President of the Council on Foreign Relations | Director since 2018. Former Vice Chairman at Mastercard. Expertise in international affairs and digital governance. |
- Despite focusing on strengthening your core business with high-quality content, how do you plan to balance the need for selective investments in international markets, notably EMEA and APAC, without significantly disrupting cash flow or overall company performance?
- With the continued decline in linear networks, what specific strategies are you implementing to manage this business over the next several years, and how will you mitigate its impact on Disney's overall financial health?
- As you prepare to launch ESPN's flagship direct-to-consumer offering in early fall 2025, how will you address potential integration challenges of live sports and betting features to ensure a compelling and personalized customer experience while driving subscriber growth?
- Given the competitive landscape and the importance of live sports to advertisers, how confident are you in achieving advertising growth stronger than the 3% seen in 2024, especially considering the shift from linear to streaming platforms and your recent investments in ad tech?
- Considering your guidance for high single-digit adjusted EPS growth in fiscal 2025 and acceleration to double-digit growth in fiscal 2026 and '27, what are the key risks that could hinder these projections, and what measures are you taking to address them?
Research analysts who have asked questions during Walt Disney earnings calls.
Benjamin Swinburne
Morgan Stanley
5 questions for DIS
David Karnovsky
JPMorgan Chase & Co.
5 questions for DIS
Jessica Reif Ehrlich
Bank of America Securities
5 questions for DIS
Michael Morris
Guggenheim Partners
5 questions for DIS
Kannan Venkateshwar
Barclays PLC
4 questions for DIS
Robert Fishman
MoffettNathanson
4 questions for DIS
John Hodulik
UBS Group AG
3 questions for DIS
Michael Ng
Goldman Sachs
3 questions for DIS
Steven Cahall
Wells Fargo & Company
3 questions for DIS
Bryan Kraft
Deutsche Bank AG
2 questions for DIS
Kutgun Maral
Evercore ISI
2 questions for DIS
Peter Supino
Wolfe Research
2 questions for DIS
John Hedrick
UBS
1 question for DIS
Laurent Yoon
Bernstein
1 question for DIS
Robert Fishman
MoffettNathanson LLC
1 question for DIS
Steve Cahill
Wells Fargo
1 question for DIS
Tim Nollen
Macquarie Group
1 question for DIS
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
FuboTV Inc. | 2025 | Disney’s announced acquisition combines its Hulu + Live TV business with Fubo, creating a new vMVPD where Disney holds 70% and Fubo shareholders 30%; the combined entity, expected to have over 6.2 million subscribers and immediate cash-flow positivity at closing (planned for the first half of 2026), also involves strategic synergies including litigation settlements and a $145 million term loan. |
Hulu | 2023 | Disney’s acquisition of NBCU’s remaining 33% stake in Hulu was triggered by NBCU’s put right and is valued based on a floor of $27.5 billion with an approximate payment of $8.61 billion (net of capital call contributions), along with a 15-year tax benefit sharing, thereby giving Disney 100% ownership and full control over Hulu’s 49 million subscribers. |
Recent press releases and 8-K filings for DIS.
- Fiscal 2025 adjusted EPS rose 19% year-over-year; the company forecasts double-digit adjusted EPS growth in fiscal 2026 and plans $7 billion in share repurchases plus a 50% rise in its cash dividend to $1.50 per share.
- The studios achieved four $1 billion+ global franchise hits in the past two years; Lilo & Stitch is the highest-grossing Hollywood film of 2025, drew 14.3 million Disney+ views in five days and generated over $4 billion in consumer products retail sales; Disney crossed $4 billion in global box office for the fourth consecutive year.
- Streaming operating income grew 39% in Q4 and reached $1.3 billion for FY 2025—up $1.2 billion from last year and $300 million ahead of guidance—as ESPN’s new DTC service and app enhancements drive subscriber engagement and ad demand.
- The experiences segment set record operating income, up 13% in Q4 and 8% for the full year; the cruise fleet expands to eight ships with two launches imminently and five more beyond FY 2026, alongside ongoing theme-park and resort investments worldwide.
- Adjusted EPS for fiscal 2025 rose 19% year-over-year, with fiscal 2026 expected to deliver double-digit EPS growth; board approved $7 billion in share repurchases (versus $3.5 billion in FY 2025) and a 50% dividend increase to $1.50/share.
- Streaming (DTC) operating income grew 39% in Q4, reaching $1.3 billion for the full year (up $1.2 billion), beating prior guidance by $300 million and transforming a $4 billion loss three years ago.
- ESPN’s DTC launch attracted primarily new users, with 80% of subscribers adopting the “trio” bundle (Disney+, Hulu, ESPN), driving deeper engagement and advertiser demand.
- Studios delivered four $1 billion+ global hits in two years, led by live-action Lilo & Stitch (highest-grossing Hollywood film YTD) with 14.3 million Disney+ views in five days; upcoming slate includes Zootopia 2 and Avatar: Fire and Ash.
- Experiences segment achieved record operating income, up 13% in Q4 and 8% for the full year, supported by new cruise ships and ongoing park expansions.
- The Walt Disney Company reported Q4 FY2025 revenues of $22.5 billion, flat year-over-year, and full-year revenues of $94.4 billion, up 3%.
- Q4 diluted EPS was $0.73 versus $0.25 in the prior-year quarter; full-year diluted EPS was $6.85 versus $2.72, and adjusted full-year EPS rose 19% to $5.93.
- At quarter end, Disney’s Direct-to-Consumer segment had 196 million combined Disney+ and Hulu subscriptions, including 132 million Disney+ subscribers.
- For FY2026, Disney expects double-digit segment operating income growth in Entertainment, low-single digit in Sports and high-single digit in Experiences; it forecasts $19 billion cash from operations, $9 billion of CapEx, a $7 billion share repurchase target and a $1.50 per share dividend.
- Disney reported Q4 revenue of $22.5 billion, flat YoY, and full-year revenue of $94.4 billion, up 3%.
- Income before income taxes rose to $2.0 billion in Q4 (vs $0.9 billion) and to $12.0 billion for the year (vs $7.6 billion).
- Diluted EPS was $0.73 in Q4 (vs $0.25) and $6.85 for the year (vs $2.72).
- Total segment operating income was $3.5 billion in Q4 (down 5%) and $17.6 billion for the year (up 12%).
- Disney+ and Hulu subscriptions reached 196 million, including 132 million Disney+ subs at quarter end.
- Total revenue rose 8.7% year-over-year to $378.0 million, with 9.1% growth on a constant currency basis.
- Recorded a net loss of $11.1 million and Adjusted EBITDA of $5.1 million (1.4% margin).
- Ended Q3 with $584.6 million in cash and equivalents and no debt.
- Q4 2025 guidance: revenue of $330–340 million (-5.1% to ‑2.3% constant currency) and Adjusted EBITDA loss of $6.5–1.5 million.
- Disney is expanding its ESPN sports brand into Asia with tailored live sports content per market, building on integrations in Australia and New Zealand.
- The company has produced over 150 original titles in the Asia Pacific region since 2021, investing heavily in local content production in Japan and Korea.
- This strategy aims to drive Disney+ subscriber growth and diversify revenue streams, positioning it as a bullish indicator for stock performance.
- Market-specific rollouts will secure regional sports rights to align with local fan bases and launch timings.
- Disney pulled its channels, including ESPN, ABC, Disney Channel, FX, and National Geographic, from YouTube TV after failing to reach a new distribution agreement by the October 31, 2025 deadline, affecting ~10 million subscribers during peak sports seasons.
- The dispute centers on pricing: Disney accuses Google (YouTube TV) of leveraging its $3 trillion market cap to undercut standard terms, while YouTube TV counters that Disney is using a blackout threat to pressure for higher fees.
- YouTube TV’s standard rate is $82.99/month, and it is offering a $20 monthly credit to subscribers if Disney’s channels remain unavailable, though the blackout’s duration is unspecified.
- This marks YouTube TV’s third major contract standoff in two months, following similar disputes with Fox and NBCUniversal.
- Disney finalized the acquisition of a majority stake in Fubo, combining it with Hulu + Live TV to form the sixth-largest U.S. pay-TV provider with nearly 6 million subscribers.
- Disney holds approximately 70% of the merged entity, Fubo shareholders retain about 30%, and Disney will extend a $145 million term loan in 2026.
- Subscription prices for Hulu and its bundled services will increase by $2–$8 across plans starting November 5, 2025.
- Fubo’s advertising sales group will be integrated into Disney’s ad organization, aiming to enhance data-driven campaigns and efficiencies.
- Disney remains in a retransmission dispute with YouTube TV, risking blackouts of channels like ESPN and ABC after October 30, 2025.
- YouTube TV, with nearly 10 million subscribers, risks losing Disney-owned channels if no carriage deal is reached by the October 30 deadline.
- The dispute centers on programming rates: YouTube TV is pushing for reduced fees, while Disney insists on fair compensation, accusing Google of seeking below-market carriage costs.
- Disney warns subscribers they could lose access to ABC, ESPN and other networks, and YouTube TV has pledged a $20 credit for any extended blackout.
- Negotiations are complicated by Disney’s stakes in competing services (Hulu + Live TV, Fubo) and ESPN’s launch of a new direct-to-consumer app with exclusive content unavailable to YouTube TV users.
- This marks the fifth major carriage conflict for YouTube TV in recent months, following disputes with NBCUniversal, Fox, Paramount and ongoing blackouts with TelevisaUnivision.
- Revenues of €213 million in the first nine months of 2025, up 5.2% at constant currency and perimeter versus €203 million in 2024.
- Gameloft revenue of €210 million (+5.2%), with PC/console segment at €93 million—nearly 45% of total—up 16.5% at constant currency and perimeter.
- Third quarter revenues of €68 million, down 1.0% at constant currency and perimeter compared to Q3 2024.
- AMF ruling requires Bolloré SE to launch a public buyout offer for Vivendi shares; hearing before the French Supreme Court scheduled for November 25, 2025.