Disney parks broke record in 2025, but early signs show slower 2026

Disney is one of those companies that makes headlines practically every day. Whether it's because it is raising theme park entry prices or streaming fees, or because people are protesting various company policies, another day brings another development.

This week's headlines focused on the nearly 8% drop in share prices following the company's November 13 earnings call.

You'd think the news must have been really bad.

But in fact, The Walt Disney Company reported strong fourth-quarter and full-year results Nov. 13, led by its Parks and Experiences division, which has been its most reliable growth engine as its traditional media division revenues face pressure.

• Disney’s fiscal fourth-quarter revenue was $22.46 billion, roughly flat year over year, while net income jumped to $1.31 billion, up from $460 million a year earlier.
• For the full year, Disney reported $94.4 billion in revenue and $12.4 billion in net income, increases of 3% and 170%, respectively.
• Adjusted earnings per share were $1.11 for the quarter and $5.93 for the full year —up 19% from fiscal 2024.
• Disney announced plans to double its share-repurchase authorization to $7 billion and raise its annual dividend to $1.50 per share, signaling confidence in cash flow.
  Source: Disney

Disney theme parks and experiences are crushing it

The standout of the quarter was the Experiences segment, which includes Disney’s theme parks, resorts, and cruise line.

According to the company’s executive commentary: “Our Experiences segment delivered record operating income of $1.9 billion for Q4 (up 13% compared to the prior-year quarter) due to higher results at International Parks & Experiences.”

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International Parks & Experiences operating income rose 25%, fueled by “higher attendance and an increase in guest spending, partially offset by higher costs for new guest offerings.” Domestic parks income grew 9% due to cruise-line performance.

Overall, the Experiences unit generated $1.9 billion in Q4 revenue — up 13% compared to the year prior — and $10 billion for the full year, a 8% increase. Bookings for fiscal 2026 Q1 are up 3%, while guest spending at Walt Disney World Resort is up 5%.

Slower growth ahead for Disney

Disney’s guidance points to moderation in growth for FY 2026. The company expects high-single-digit percentage growth in segment operating income compared to fiscal 2025, with growth weighted to the second half of the year, according to the earnings report.

Executives also highlighted increased operating costs tied to expansions and new cruise ships:

“$160 million in pre-opening expenses, driven by the Disney Adventure and Disney Destiny … $120 million in dry-dock expenses.”

While growth remains positive, these figures suggest that year-over-year gains may be less pronounced than the record results of FY 2025, particularly in the first half of the year.

Expanding the Disney theme park footprint

Disney is continuing to invest heavily in its global network, especially in the Parks and Experiences sector. Plans for late 2025 and 2026 include:

• Two new cruise ships — the Disney Destiny (launching this month) and the Disney Adventure (first ship home-ported in Asia, March 2026).
• Expansion projects at all major parks, including new attractions in Disneyland Paris and Hong Kong Disneyland and the new theme park in Abu Dhabi currently in development.

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“With expansion projects underway at every one of our theme parks, five additional cruise ships scheduled for launch beyond fiscal 2026, and a new theme park planned for Abu Dhabi, the strategic investments we are making now will help ensure our offerings remain best-in-class and appeal to audiences worldwide well into the future,” CEO Bob Iger and CFO Hugh Johnston emphasized during the call.

Disney parks attendance trends

U.S. park attendance was modestly down (~1%), but Disney offset this with higher guest spending, strong international attendance, and cruise-line growth. Analysts note that Disney is increasingly focusing on yield over volume, using dynamic pricing, premium experiences, and cross-platform integration with Disney Plus to boost revenue per guest.

"At its theme parks, Disney can deliver a better experience by charging higher prices and selling fewer tickets. That may not be something people want to hear out loud, but it’s a reality," noted TheStreet Co-Editor and Disney travel expert Dan Kline.

The combination of international growth and higher guest spending helps sustain revenue, even as domestic attendance shows signs of plateauing.

Disney’s parks and experiences unit remains the company’s clearest growth engine. While full-year guidance indicates that growth in 2026 may be slower than last year, the company’s strategic investments in cruise expansion, new attractions, and global park projects position the business for continued momentum.

Related: Disney World drops popular characters