News Disney’s Fiscal Full Year and Q4 2025 Earnings Results Webcast

[Andrew C]

Only real surprise here was streaming subscriber growth against the Kimmel headwind. Not sure how they pulled that rabbit out.

Because it was never as bad for them as some wanted to make it out to be? The loud minority.

 

[Dranth]

Only real surprise here was streaming subscriber growth against the Kimmel headwind. Not sure how they pulled that rabbit out.

Good occupancy and nothing earth shattering again for attendance. I’m sure that will be the Rorschach test for the conversation later today.

I’d say pretty ho hum quarter and good guidance.

My guess is that a lot of people that canceled rejoined when they backed off. That is what we did anyway.

 

[Jrb1979]

Is it shutting down, per se? It seems more like they’ve discontinued the Penn association and are going in with Draft Kings. I acknowledge I don’t know all the specifics vis a vis whether ESPN Bet was fully in house or a licensing arrangement.

They are shutting down. The agreement with Draftkings is more of a sponsorship then their own platform

 

[BrianLo]

Because it was never as bad for them as some wanted to make it out to be? The loud minority.

My guess is that a lot of people that canceled rejoined when they backed off. That is what we did anyway.

It’s more that the quarterly subscriber growth was good. Not down, not flat.

Though I wasn’t trying to actually open a controversial topic. I’m just surprised.

 

[bmr1591]

Only real surprise here was streaming subscriber growth against the Kimmel headwind. Not sure how they pulled that rabbit out.

I really don’t think that whole situation was as threatening to their support as some think. Kimmel isn’t the name he once was.

 

[Sirwalterraleigh]

The Kimmel stuff was just noise…it mattered almost nil and cannot be used as excuses from the main course today

Some of the analyst write ups (middle of the night…which is more useful that the official spin) even floated hurricanes

They…had…none!

Believe what you see

 

[BrianLo]

80% of this quarters issues were the studios. The best growth was out of experiences and the second best out of DTC.

 

[Dranth]

I really don’t think that whole situation was as threatening to their support as some think. Kimmel isn’t the name he once was.

These things never are, but it wasn't some insignificant number either. Also, I don't think it was so much about Kimmel but more the principle of it.

 

[Sirwalterraleigh]

Dont worry another 7bln in buybacks next year….
Holding strong only down close to 5% this morning

The Swiss guard must be sleeping in this morning…usually there’s a party going on by now for this kinda fluff

Cake and balloons

 

[ABQ]

I found it amazing they released their Q1 Fiscal 2026 entertainment guidance and are willing to admit it's dismal AF "adverse impact to segment operating income of $400 million compared to Q1 2025" Not looking for much out of Zootopia and they finally state that they don't make money on Avatar.

 

[Sirwalterraleigh]

80% of this quarters issues were the studios. The best growth was out of experiences and the second best out of DTC.

Uh huh…

Why should there be any “issues” when the holy “markets” are growing by leaps and bounds and consumers spending continues to barrel towards the sun?

…use small words, please

I believe…and this shocked even me…they are the third WORST performing listing on the Dow 30 for the year?

 

[MisterPenguin]

Once Upon a Dream

 

[Sirwalterraleigh]

I found it amazing they released their Q1 Fiscal 2026 entertainment guidance and are willing to admit it's dismal AF "adverse impact to segment operating income of $400 million compared to Q1 2025" Not looking for much out of Zootopia and they finally state that they don't make money on Avatar.

That stuck out immediately to me

That and I still haven’t taken a breath since they posted a negative in domestic attendance (which they don’t even have to quote…which is really telling)

We know the there would be “increased revenue and OI”…that’s how a strip mine operates

 

[ABQ]

That stuck out immediately to me

That and I still haven’t taken a breath since they posted a negative in domestic attendance (which they don’t even have to quote…which is really telling)

We know the there would be “increased revenue and OI”…that’s how a strip mine operates

Not really giving much for the wunderkind D'Amaro's CEO campaign.

 

[Sirwalterraleigh]

Not really giving my for the wunderkind D'Amaro's CEO campaign.

He’s not the CEO…more on that prolly Black Friday at like 3 am EST

 

[CoastalElite64]

I found it amazing they released their Q1 Fiscal 2026 entertainment guidance and are willing to admit it's dismal AF "adverse impact to segment operating income of $400 million compared to Q1 2025" Not looking for much out of Zootopia and they finally state that they don't make money on Avatar.

Where does it say Avatar doesn't make money?

 

[MisterPenguin]

Last quarter was mixed compared to the same quarter last year.

But year over year was good.

Except for linear. Cord cutting is cuttingful. But, still profitable. While linear was down 14% for the year, DTC had a more than 100% increase.

DTC profit in 2024 -- $143 M
DTC profit in 2025 -- $1.3 B

 

[PREMiERdrum]

This mirrors exactly what we've been seeing on the business end of things- A narrowed product appeal and a customer pool stripped of diversity. Surely the mouse-as-gospel, upper-middle-class families who swipe the credit card for whatever Disney is charging will never get squeezed to hard, right?

FWIW I'm encouraged by the expansion of the luggage transfer service program test, restoring an actual and convenient benefit to staying onsite.

 

[MisterPenguin]

This mirrors exactly what we've been seeing on the business end of things- A narrowed product appeal and a customer pool stripped of diversity. Surely the mouse-as-gospel, upper-middle-class families who swipe the credit card for whatever Disney is charging will never get squeezed to hard, right?

Where do you see this in the reports?

 

[MisterPenguin]

Domestic Experiences Capex...

2024 -- $5.4B

2025 -- $8.0B