News Disney’s Q1 FY26 Earnings Results Webcast

[Sirwalterraleigh]

I agree, we just struggle to justify the price without all the perks that disappeared 5 years ago. I keep hoping there will eventually be pushback from those cuts but I guess those of us that don’t feel it’s worth it anymore are the minority.

The only reason they haven’t increased the hotel prices is they lost a ton of demand 10 years ago for them.

one of my favorite factoids ever: take a guess what the occupancy was falling to on off peak times at wilderness lodge when they announced “copper creek”…reducing the 700 room rack capacity by 50%

55%…bleeding from the seams. Not just there either…the “deluxe” have been tough to move without steep discounts…
don’t believe in coincidence…no rack rooms would be converted do dvc if they could sell them. They’d just build more.

 

[BrianLo]

Streaming was expected to have OI and margins much greater than what it has now. Yeah it's making money, but when your margins are so low, you have to wonder what exactly is going on? Wall Street certainly has noticed.

And for clarity, I have never agreed with Wall Street’s original predictions either. Those were way out of whack with mine and you can find me criticizing the stock bubble of 5 years ago that fundamentally was not valuing anything.

 

[Chef Mickey]

Can you clarify what you mean by 3%?



Revenue is up 11% and OI 72% YoY.

Net income is only slightly better than in 2018.

 

[JD80]

Only if you are saying 'hotel prices' -- Your out of pocket spend has been through the roof for your spending on property as a whole.

Compared to what? There are more ways to spend money, but none of them are necessary.

 

[BrianLo]

Net income is only slightly better than in 2018.

I am only talking about streaming/SVOD. I don’t disagree with the current stock valuation.

 

[flynnibus]

Compared to what? There are more ways to spend money, but none of them are necessary.

'necessary'

Ok, use a simple metric... to get what you used to have.
Fastpass... parking... dining... merchandise... etc

Sure nothing is 'necessary' besides admission if your metric is "I'm here".

There is a reason Disney's revenue keeps growing more than ticket price increases... SPENDING

 

[Vegas Disney Fan]

What perks are making up for the cost of tickets? Standby Lines are better today than they were during the FP+ days in 2017/18/19. You don't need LLMP unless you're trying to do a 1:1 comparison without any other consideration.

The hotels have less value to us because you’re paying the same price but no longer have Magical Express, package delivery, or luggage delivery.

The parks have less value because you’re paying more and then have to pay an extra $60 a person per day for LL and ILL if you don’t want to wait in hour plus long lines. We had pretty much mastered FP to where we could hit a couple majors early with short lines, use our FPs in the afternoon for a couple majors with short waits, and stay late for a couple majors with short waits.

Now we either pay for LL and ILL or we simply go back to the hotel in the afternoon to avoid the 1 to 4 chaos, losing 3 hours of park time really decreases the value of those tickets, it does however increase the value of the resort. This is part of the reason we’ve considered a resort only stay while skipping the parks.

 

[Chef Mickey]

I am only talking about streaming/SVOD. I don’t disagree with the current stock valuation.

I see. I’m just saying, the EPS is brutal and reflects the stock performance. This company is a joke and has the worst management in the s&p500.

The board is absolutely terrible and likely corrupt. They don’t even execute their fiduciary duty.

Why is EPS down y/y? Why haven’t they grown since 2018 despite acquiring and entire revenue stream in Fox?

How do they make LESS money than 8 years ago despite all the prices increases?

This company is comically bad.

 

[Sirwalterraleigh]

Selling out and limiting ticket sales on a limited ticket event doesn't help Disney.. so they aren't really motivated to have sell outs as some sort of buzz thing... It's counter to the idea of 'low crowds'. They want people singing about their experience... not promote "We have this thing, that you can't have..."

Calling it prior gets the word out - mostly for free via social media and bloggers - puts a sense of demand and drives FOMO for the ends go around. Make sure you buy early next time.


Now I agree with the tactics…if it that’s what they’re doing. They probably are NOT doing them. But even if not…there would be an easy advantage to it.

 

[Vegas Disney Fan]

Only if you are saying 'hotel prices' -- Your out of pocket spend has been through the roof for your spending on property as a whole.

I think this is a major factor also, the room price may be the same but the foods gotten much more expensive, $40 for breakfast for 2 at the resort is a rough way to start the day, then another $30 for a snack and soda, then another $50 for a quick service lunch, then another $40 for cocktails, then another $100 for dinner. I think our last trip we averaged $150 a day each for food and drink alone… over a 5 day trip we spent $1500 on food, it’s always been expensive but now it just feels outrageous.

And that’s not even counting the nicer sit down restaurants, add in Le Cellier, the Boathouse, Chefs de France in place of a couple of those $100 dinners and it was probable over $2000 for food for 5 days.

 

[Sirwalterraleigh]

What perks are making up for the cost of tickets? Standby Lines are better today than they were during the FP+ days in 2017/18/19. You don't need LLMP unless you're trying to do a 1:1 comparison without any other consideration.

Fp+ was a disaster

They admitted it…by killing it

 

[BrianLo]

I see. I’m just saying, the EPS is brutal and reflects the stock performance. This company is a joke and has the worst management in the s&p500.

The board is absolutely terrible and likely corrupt. They don’t even execute their fiduciary duty.

Why is EPS down y/y? Why haven’t they grown since 2018 despite acquiring and entire revenue stream in Fox?

How do they make LESS money than 8 years ago despite all the prices increases?

This company is comically bad.

Agree, sometimes my opinion is being put in the weeds and I never actually reach the broader point. The stock ticker hasn’t accounted yet, but rough napkin math at the current price is putting the P/E ratio down around 11. The company has never been priced lower for their earnings in my forum lifetime. The stock price clearly is reflecting this pessimism.

I don’t like what they just did to their reports, because I actually can’t quite tell what the heck is happening under the hood anymore.

600M just evaporated from entertainment - and it is not from streaming nor their movies based on the commentary. I can’t really tell what the Fubo transaction costs amounted to.

 

[monothingie]

Can you clarify what you mean by 3%?



Revenue is up 11% and OI 72% YoY.

Net income is only slightly better than in 2018.

Taking Year over Year - OI in 2025 was slightly less than it was in 2015.

 

[MisterPenguin]

It’s simply….not.

Disney does not release what the “sell out” number is nor their set capacity threshold. So there is no way to truly measure demand or how impressive the sell out is. and that’s on them. They choose not to release numbers.

You double down on not knowing what's happening , so it's odd that you explain to us what's happening.

 

[Chef Mickey]

Agree, sometimes my opinion is being put in the weeds and I never actually reach the broader point. The stock ticker hasn’t accounted yet, but rough napkin math at the current price is putting the P/E ratio down around 11. The company has never been priced lower for their earnings in my forum lifetime. The stock price clearly is reflecting this pessimism.

I don’t like what they just did to their reports, because I actually can’t quite tell what the heck is happening under the hood anymore.

600M just evaporated from entertainment - and it is not from streaming nor their movies based on the commentary. I can’t really tell what the Fubo transaction costs amounted to.

Low p/e is usually code for horrible management. Sometimes, it turns around. Like IBM finally got a decent CEO after 20 years of failure. If you’re patient enough, the right guy could turn it around. CEO matters. Lots of them deserve every penny. Iger deserves prison time for the damage he’s done, however.

 

[Chef Mickey]

Taking Year over Year - OI in 2025 was slightly less than it was in 2015.

Good god that is depressing.

 

[BrianLo]

Low p/e is usually code for horrible management. Sometimes, it turns around. Like IBM finally got a decent CEO after 20 years of failure. If you’re patient enough, the right guy could turn it around. CEO matters. Lots of them deserve every penny. Iger deserves prison time for the damage he’s done, however.

And - to be fair - it also speaks to the broader collapse of the media industry. Iger survives because Disney (barely) survived where most other peers did not.

We’ll see how they do now that they’ve woken up and decided they are a theme park company again. It is what a lot of people wanted for the last couple decades.

The stock is cheap though and properly so.

 

[monothingie]

Disney supercharged its parks. The booming division still has room to run

For Disney's fiscal first quarter, experiences represented 38% of the company's total revenue, yet generated a whopping 71% of its operating income.

www.cnbc.com

Let's see who wrote this puff piece gem.

Yup checks out.

 

[John park hopper]

Higher guest spending ----Duh everything costs more

 

[Sirwalterraleigh]

I don’t like what they just did to their reports, because I actually can’t quite tell what the heck is happening under the hood anymore.

There’s a reason for all the “strategic reorganization” that’s gone on nonstop for years…it created a fog of war scenario