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

[CoastalElite64]

Agreed, Disney is not just a theme park company. And I think the comparison to Kodak is not only not an "incredible bad comparison" but in fact quite apropos precisely considering the technological disruption to, and consumer behavior changes around, linear television, and arguably theatrical films. Kodak is kind of a case study in fact. Yes, Disney has attempted to "change with the times" with Disney+/Hulu but just because they're trying doesn't mean it will be successful.

They are already more successful than the other studios on streaming.

No, not sure your point. But last time we were in So. Cal. I took the family to Universal instead of Disney because I find Disney's ticketing and Lightning Lane B.S. off-putting. And the lame Madame Leota gift shop also made me think Disney wasn't even trying anymore. So, little things can affect attendance.

These complains are very online niche. They also are the opposite of the mainstream trends, since Universal Los Angeles is bleeding attendance.

 

[GhostHost1000]

Disney stated that the record volumes of attendance were hurting their business too. You can't keep cramming more people into the parks and expect people to be OK with that.

So between the two, what hurts more, overcrowding or high prices?

Overcrowding is able to be managed expanding and making changes at the pace needed to accommodate (which they failed to do)

High price increases is not something that will continuously be sustainable

 

[SamusAranX]

I see that people are *still* falling for the “Disney wants less people in their parks!” silliness

 

[el_super]

Did you read the rest of my post? I said people will stop buying LL if lines are short (due to decreased attendance) which if they continue to lose customers will happen eventually. I said nothing about online booking/upcharge system.

So why wouldn't they just increase the gate ticket price to accommodate for the lost revenue, since they are basically providing the same level of service they are currently up charging for?

People are already willing to pay the (gate price)+40 for LL. So the actual market value of an experience with short lines is already set.

 

[CoastalElite64]

Besides a brief dip in 2022, coinciding with Fed rate hikes, we've been on an unprecedented run. That immediately recovered.

We have not had an economic downturn, since COVID raised wages while also exponentially raising house values, not to mention many other factors. No one's portfolio has been wiped out, like we saw in 2008 when we saw ~40% drop.

Like I said in my original post, the top 10% of households saw significant gains in the past 10 years, to where they're super rich (on paper) and have the confidence to spend freely. If the market takes a big hit (we're going all in on AI), and those gains are wiped out and they become much less wealthy (on paper), history says the won't be spending like it's all Monopoly money.

We haven't experienced anything close to the dot.com bubble or housing crisis.

Year	Return
2009	26.46%
2010	15.06%
2011	2.11%
2012	16.00%
2013	32.39%
2014	13.69%
2015	1.38%
2016	11.96%
2017	21.83%
2018	–4.38%
2019	31.49%
2020	18.40%
2021	28.71%
2022	–18.11%
2023	26.29%
2024	25.02%

The stock market is not the economy.
And lots of signs point to AI being a bubble that will pop.

 

[Sirwalterraleigh]

I have a hard time buying into anything @PREMiERdrum says anymore, after he led me to believe that the NCAA was going to go scorched earth on Ann Arbor and have Michigan competing in D3 for the next century....

The Nits suck…find another outlet for your anger, cry into your Coach Franklin commemorative towel…and move on…

 

[DrStarlander]

Oh it's just weird because you seemed to imply that their view of Disney, which seems dependent on something out of Disney's control was influencing your decision, but now that wasn't the case.


Doesn't universal have a front of the line system? I thought they did. Hmmm

I'm not sure what you're talking about. I said, to quote myself:

But meanwhile the next generation -- exposed to easy global travel and social media feeds filled with incredible overseas adventures -- may see a WDW vacation as fake, corporate, and repetitive. For example, my teenage boys would rather go to Tokyo or Iceland over WDW because the places and adventures are real.

I wasn't making a point about Magical Express or room discounts. When did I discuss those? I've never used either. My point was about my kids' travel preferences being for real-world destinations/adventures and that there could be a generational shift away from fake- to real-world destinations as social media makes peer-travel to exciting destinations visible, while global travel is getting easier and easier. When my son was 15-years-old he'd say "Let's go to Korea!" He probably saw a video in his feed. Was that as typical 10, 20, 30 years ago?

As for Universal, I hadn't been there in 35 years, I have no level of disappointment about Universal like I do Disney. They haven't "gotten worse" for me like Disney has. I didn't buy their Express Pass because my gut feeling was that, unlike Disneyland, it wasn't necessary.

They are already more successful than the other studios on streaming.

Yes but they are not just competing with other studios, there's no prize for that. They are also competing with others in streaming. I think they are third now and could drop to fourth depending on what happens to Max (i.e., Max+Paramount or Max+Peacock). Given the size and dominance of Disney historically in entertainment, fourth would be a concerning position to fight from.

 

[Sirwalterraleigh]

The stock market is not the economy.
And lots of signs point to AI being a bubble that will pop.

Indeed..:the stock market is not an accurate reflection off the consumer product market…

What is a reflection is that a company makes its product available and attractive to as much of its market as possible

 

[DrStarlander]

These complains are very online niche. They also are the opposite of the mainstream trends, since Universal Los Angeles is bleeding attendance.

That's true, many complaints including some of mine are niche. But my neighbors (I live several states away) also complain about Disney Parks nowadays, and they don't know anything about theme parks, just regular people.

I can't explain the USH attendance, I don't follow the park enough. I could have gone to Santa Monica or the Getty Museum instead of USH. My point was that I didn't go to Disneyland.

 

[Serpico Jones]

Disney should hire someone like Jason Kilar at a high level to help them with tech and distribution.

 

[Sirwalterraleigh]

I actually enjoyed universal Hollywood (first time) this year…more than epic

But it’s a “smattering” of different universal park concepts and is built on the side of mountain…

I don’t think the repeat draw is there…unlike Disneyland

 

[DisneyNittany]

The stock market is not the economy.
And lots of signs point to AI being a bubble that will pop.

Correct. Which is why I keep highlighting the fact that “the economy” is being buoyed by the top 10%. For the other 90% it is not good right now.

However, we are not in nor have we experienced a real economic downturn. When the top 10% portfolios start taking hits, and that occurs, then we will see if/how Disney is impacted. For the past 10-15 years, and more recently the past 5-7 years, the people they are targeting haven’t had to think twice about spending money.

 

[Basil of Baker Street]

As mentioned above, Disney gives discounts regularly throughout the year.

Discounts sell out the last of inventory that hasn't been sold out yet.

The whales pay rack up front. The little fish get the scraps.

If discounts are a sign of imminent failure, then I guess every retail venue is also about to crash out.

Yes. But I see discounts well into summer of 2026. I cant believe that is scrap inventory.

 

[el_super]

My point was about my kids' travel preferences being for real-world destinations/adventures and that there could be a generational shift away from fake-

Yeah understood. There's just not a whole lot Disney can do to change that. That broader societal change isn't something that can be countered or changed by Disney management, so if they are going to become the next Kodak because people think Korea is a cooler place to visit, then what's to be done about that?

Contrast that to the type of changes people have been mentioning that are under Disney's control: like service changes or increased prices. Those things are easily reversible if Disney was in any real danger.

I didn't buy their Express Pass because my gut feeling was that, unlike Disneyland, it wasn't necessary.

Yeah it's not really worth it. Lines aren't that long since, hardly anyone goes there.

 

[UNCgolf]

I understand that plenty of people do consider cruises as a viable alternative to a theme park, but I will never understand why. They aren't even remotely similar things to me.

Like, yes, it's an alternative vacation you could take, just like going to Europe is an alternative. But, at least to me, it's like suggesting someone that wants to go skiing could just go to the beach instead.

 

[Basil of Baker Street]

And to add, what I think has hurt the parks more than anything is they have lost that all inclusive feel. Luggage drop off, DME, 3 free FP,s often free or reasonably priced DDP. Which is why we are seeing a bump in DCL, IMO.

 

[el_super]

I understand that plenty of people do consider cruises as a viable alternative to a theme park, but I will never understand why. They aren't even remotely similar things to me.

It makes a lot of sense when you put it in the context of family vacation destination. Families go to Disney Parks to spend time together and honestly, a lot of them are not big coaster enthusiasts.

Cruise ships allow for an environment where a family can split up and do different things and still come together for dinner.

 

[DrStarlander]

I understand that plenty of people do consider cruises as a viable alternative to a theme park, but I will never understand why. They aren't even remotely similar things to me.

I hear neighbors talking about Disney, Hawaii, Mexico, Belize, and Costa Rica in the same sentence when discussing possible vacation destinations. They're not "theme park people," they are just looking for a fun family vacation.

 

[Andrew C]

I hear neighbors talking about Disney, Hawaii, Mexico, Belize, and Costa Rica in the same sentence when discussing possible vacation destinations. They're not "theme park people," they are just looking for a fun family vacation.

They should put all those choices in a hat and then pull out one to decide. Would be fun.

 

[Nevermore525]

I understand that plenty of people do consider cruises as a viable alternative to a theme park, but I will never understand why. They aren't even remotely similar things to me.

Cruises, specifically Disney Cruises offer a lower scale intensity of planning while still offering an immersion into Disney. Family can choose in a given day how many Disney or Non-Disney centric activities they do and being on a ship there’s a bit more freedom for each member to do their own thing.

Kids could spend a full day in the clubs with new friends, parents could spend time relaxing in the adult areas or spa, you could spend your day on the pool deck watching Disney films, you could do any number of daily activities.

Other cruise lines certainly offer varying aspects of things one could do as well, but at least for Disney Cruise Line there’s a way for those who have to have a Disney related trip get that “fix” without some of the hustle and bustle of the parks.