Breaking Down Disney's Big Announcements: What Lies Ahead?

On November 13, 2025, Disney dropped its Q4 earnings report for fiscal year 2025 and held the usual earnings call. The company covered everything—theme parks, Disney+, the cruise line, and a bunch of other updates. So, what’s really happening inside the Walt Disney Company right now?

Let’s zoom out first. Disney posted $22.5 billion in revenue for Q4, which basically matches what they made in Q4 last year. For the entire fiscal year, revenue ticked up 3% to $94.4 billion, up from $91.4 billion the year before. Operating income across all business segments jumped 12% for the year, hitting $17.6 billion compared to $15.6 billion last year. Diluted earnings per share for Q4 shot up to $0.73, way up from $0.25 in Q4 2024. And if you look back at Q3, revenue was up 2% to $23.7 billion, and earnings per share leaped to $2.92 from $1.43. Clearly, Disney’s financials are moving in the right direction.

Now, breaking it down a bit—how are Disney’s separate businesses doing?

Let’s start with Disney Experiences, which covers the theme parks, cruise line, and merchandise. For the full year, this division brought in $10 billion in operating income, up $723 million from last year. In Q4 alone, operating income hit $1.9 billion, up $219 million over the same period last year.

International Parks & Experiences really stood out, with Q4 operating income up 25% to $375 million. Domestic parks and experiences also grew—up 9% to $920 million. That said, attendance at U.S. parks actually slipped 1% this year, while international parks saw a 1% boost (though last year’s international attendance skyrocketed by 9%).

Even with slightly fewer visitors at home, guests spent more: 5% more at domestic parks and 2% more at international ones. People shelled out for food, merchandise, and those pricey premium extras. Resorts and vacations revenue climbed 5%, thanks to more cruise passengers, higher hotel occupancy, and a bump in Disney Vacation Club sales.

Speaking of hotels, Disney’s doing well there too. Domestic hotel occupancy climbed to 87%, up from 85%; international hotels hit the same 87%, up from 82%. More people want to stay on Disney property, and that demand just keeps growing.

During Q3, parks and experiences brought in $9.8 billion. Disney had already hinted that summer bookings were up—and the numbers back that up.

Looking ahead, Disney’s investing big in new park projects.

There’s Pueblo Esperanza for Animal Kingdom, a Monsters, Inc. land for Hollywood Studios, and an Avatar land coming to Disneyland. The cruise line’s expanding too. All these projects will shape attendance—and the company’s bottom line—in the next few years.

During the earnings call, Bob Iger fielded a question about Disney+ and its future. He said AI could turn Disney+ into a one-stop portal for everything Disney. Imagine not just streaming shows, but also engaging with parks and user-generated content—think TikTok or Instagram Reels, but Disney-flavored. That’s the direction they’re considering.

So, what’s next for Disney? These earnings calls do more than just recap—they give us a sneak peek at what’s working, and where Disney wants to spend its money next. Revenue, attendance, subscriber numbers, and operating income all point to what’s hot (and what’s not). And that could hit you directly: the shows you find on Disney+, your subscription price, or the cost of your next park visit might all change as Disney shifts its focus.