Disney, good parks and streaming but uncertainty about visitors weighs heavily

While Walt Disney's headquarters are preparing to decide who will sit on the throne after Bob Iger, the accounts for the first fiscal quarter of 2026 (between October and December 2025) send a clear signal: the 'Magic Kingdom' is today a company with booming accounts, but at the centre of a tension in opposite directions: suspended between the impact of its theme parks and the uncertainties of a geopolitical situation that is also knocking loudly on Disneyland's doors.

The numbers released, however, tell of a healthy giant: $26 billion in sales (+5%) and a net profit of $2.4 billion. The adjusted profit is $1.63 per share, above Wall Street's expectations. The real driving force of the group is the 'experiences' part. The division, which includes parks and cruises, hit a record $10 billion in revenues (+6%) and $3.3 billion in operating income (+6%). Propelling this are a +1% increase in attendance at US parks and a +4% increase in per capita spending, as well as higher cruise bookings.

It is no coincidence that Josh D'Amaro, the manager overseeing this profit machine, is considered by analysts to be the most likely internal candidate to succeed CEO Iger. Yet even in the realm of Mickey Mouse, what the company calls 'headwinds for international visitors' are beginning to blow. The company has warned of more 'modest' growth in the short term, due to tensions between the Trump administration and historical partners such as Mexico and Canada, which have already contributed to a 6% drop in foreign tourists to the US.

While Bob Iger, who returned at the end of 2022 to make up for the fiasco of the previous succession - which had seen Bob Chapek in the role of ceo - declares himself 'incredibly proud of everything we have achieved in the last three years', the challenge for the next ceo is expected to redde rationem this week, according to rumours. And if D'Amaro can boast the successes of the parks, his rival Dana Walden can show off the renaissance of streaming. Disney+ and Hulu saw operating income jump 72% to $450 million, thanks to hits like 'Zootropolis 2' and the new 'Avatar' chapter.

Against this backdrop, however, the 35% drop in the operating profit of the Entertainment division (which also includes the TV and film part) impacted the share price, which lost up to 8% during the session, also weighed down by the uncertain forecasts on international theme park visitors.