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
4 questions for DIS
David Karnovsky
JPMorgan Chase & Co.
4 questions for DIS
Jessica Reif Ehrlich
Bank of America Securities
4 questions for DIS
Michael Morris
Guggenheim Partners
4 questions for DIS
Robert Fishman
MoffettNathanson
4 questions for DIS
John Hodulik
UBS Group AG
3 questions for DIS
Kannan Venkateshwar
Barclays PLC
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
Peter Supino
Wolfe Research
2 questions for DIS
Kutgun Maral
Evercore ISI
1 question for DIS
Laurent Yoon
Bernstein
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.
- The ESPN flagship streaming app launched today, offering all sports content outside the traditional TV bundle and expected to enhance Disney’s market position without significantly accelerating cord-cutting.
- Bundling ESPN, Disney Plus and Hulu at an introductory $29.99 for one year may serve as a new catalyst for Disney’s family entertainment offering.
- Sports streaming rights remain a crown jewel, with baseball rights price escalation slowing relative to basketball and football, though impending NFL renegotiations could drive further increases.
- Kartoon Studios posted Q2 2025 revenue of $10.3 million, up 22.6% YoY, marking its fifth consecutive quarter of revenue growth.
- Production services revenue rose 44.4% YoY, while operating loss narrowed 31% YoY, reflecting enhanced operational efficiency.
- G&A expenses declined 10.1% YoY, underscoring disciplined cost control as the company advances toward profitability by year-end 2025.
- Streaming performance was robust, with FAST views up 221% YoY and SVOD subscriptions growing for the seventh consecutive month, driving audience expansion.
- Total revenues of $60.4 million, up 29% year-over-year (Q2 2025 vs Q2 2024)
- Operating income of $2.9 million versus a loss of $7.7 million in Q2 2024; EBITDA of $6.3 million versus an EBITDA loss of $3.6 million
- Cinema segment revenue grew 32% to $56.8 million, with cinema operating income of $5.5 million versus a $4.6 million loss last year
- Basic loss per share narrowed to $0.12 from $0.57; net loss attributable to Reading of $2.7 million versus $12.8 million in Q2 2024
- Brooks Running set an all-time quarterly revenue high for the second straight quarter, with 19% global revenue growth in Q2 2025.
- Regional performance included North America +13%, EMEA +44%, and APLA +55%, driven by China (+80%) and Korea (+218%).
- The brand outpaced the U.S. performance running footwear market (9% growth overall; 16% in premium priced $100+) and secured three of the top six performance footwear styles.
- Key product drivers were the Glycerin super franchise (+27%), EMEA’s Glycerin (+50%) and Adrenaline GTS (+33%), and APLA’s Hyperion family (+150%).
- Stocks closed lower as investors reacted to President Trump’s tariff measures, with all major U.S. indices ending the session down.
- Activist investor campaigns are rising, driven by market volatility and the pursuit of value in underperforming companies.
- High-profile proxy fights include Nelson Peltz’s Trian Partners challenge to Disney’s board and Elliott Management’s campaign against BP, underscoring intensified demands on governance.
- Activists are using upcoming 13F filings (June 30th ownership data) and advance-notice bylaw provisions to plan proxy contests for 2026, frequently settling privately before public announcements.
- Tom Rogers expects ESPN as a streaming service and potential acquisition of NFL Network and Red Zone (via an equity deal granting the NFL a 10% stake) to be the centerpiece of Disney’s earnings announcement.
- Analysts project 2–3 million ESPN streaming subscribers by year-end, though any NFL Network deal may not close before the season starts.
- Disney plans to integrate ESPN streaming with Disney + and Hulu into a family bundle, pricing Hulu and Disney + at $6 more than standalone ESPN streaming to drive subscriptions.
- Last quarter, ad revenue per subscriber on Hulu and Disney + declined despite two-thirds of new subscribers choosing ad tiers, indicating a need for a catalyst.
- Disney shares have gained only 10% including dividends since August 2015, trailing both the S&P 500 (+253%) and Netflix (+955%)
- The experiences division (theme parks and cruises) generated a record $15.6 billion in operating profit last fiscal year, accounting for 60% of total profits
- Wall Street expects operating profit to rise 18% to $17.5 billion in FY2025, led by continued parks growth and streaming gains
- Disney’s direct-to-consumer segment remains profitable but is only about 20–25% of Netflix’s international streaming scale
- Analysts caution that becoming a full pay-TV substitute requires substantial content investment, which may be deferred under Bob Iger’s near-term profit focus
- S&P 500 and Nasdaq both closed at fresh record highs, advancing 0.6% and 0.5% respectively, with the Dow also up 0.6%, as communication services and industrials led year-to-date gains.
- The communication services sector, which includes Disney, outpaced the broader market in the first half of 2025, driven by names like Meta (+25% YTD) and Netflix, while tech (XLK) benefitted from Nvidia and Microsoft each rising about 15%.
- Canada has rescinded its 3% digital services tax—originally retroactive to 2022 and estimated to raise $3 billion—removing a potential levy on U.S. digital firms and easing regulatory uncertainty for media and streaming companies.
- Disney is among seven entertainment stocks on a top picks list, with the media group’s median YTD return of 17.5% versus 1% for the S&P and 90% of peers near 52-week highs.
- The company has 125 million global Disney+ subscribers, holds 12% of the VOD market, and generated $3 billion in streaming revenue last quarter.
- Disney’s summer box office performance is described as “decent,” and a technical setup suggests a stop-loss at $100 and a breakout target around $120.
- Disney completed a contractual appraisal process on June 9, 2025, resulting in an additional payment of $438.7 million to NBCU for its 33% interest in Hulu.
- The additional payment will be recorded as a reduction in net income attributable to Disney, but it is expected to be excluded from Adjusted EPS and will not impact fiscal 2025 guidance.
- The acquisition of NBCU’s Hulu interest is scheduled to close on or before July 24, 2025.