Revenue, income up at Disney's theme parks
Revenue and income rose at Disney's theme park segment in the last three months of 2025 over the same period one year ago, the company reported this morning.
Disney reported a 7% increase in revenue at both its domestic and international parks and experiences for the three months ending December 27, 2025, compared with the same period in 2024. Domestic revenue rose to $6.9 billion for the quarter, while international rose to $1.75 billion.
Disney attributed the growth to the launches of the Disney Treasure cruise ship in December 2024 and the Disney Destiny in November 2025, which increased the company's available cruise day inventory. The company also noted recovery from Hurricane Milton's adverse effects in the final quarter of 2024. Disney said that attendance at domestic parks was up 1% for the quarter, while per capita spending was up 4%.
Domestic operating income rose 8%, to $2.15 billion, while international income rose 2%, to $428 million. Overall, both revenue and operating income rose 6% for the Disney Experiences segment, which also includes Disney's consumer products division.
"We had a solid start to the fiscal year with quarterly revenue exceeding $10 billion for the first time," CEO Bob Iger said. "We have expansion projects underway at every one of our theme parks, and next month, we're excited to welcome guests to the new World of Frozen at the completely reimagined Disney Adventure World at Disneyland Paris. This milestone marks the beginning of a bold new era for Disneyland Paris, nearly doubling the size of the second park.
"At Disney Cruise Line, we recently launched the Disney Destiny, which has received outstanding reviews from guests. We're also preparing for the launch of the Disney Adventure next month, which will be our first ship home-ported in Asia, bringing immersive Disney storytelling to more people globally than ever before."
Disney said that it expects modest income growth for the current quarter, due to "international visitation headwinds at our domestic parks," with stronger income growth coming in the back half of the year.
At Walt Disney World specifically, "bookings are up 5% for the full year, weighted more toward the back half, so certainly trending very positively in that regard," CFO Hugh Johnston said.
"We pivoted our marketing and sales efforts... to a more domestic audience, and we were able to keep attendance rates high from that perspective."
The Experiences segment carried the company in the quarter, with its 6% growth partially offsetting a 35% income loss at Entertainment and 23% loss in Sports.
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Replies (4)
Maybe they don't necessarily need to get bigger by land , but they need to be building more high- capacity attractions.
Can the increased growth at WDW be attributed to EU? Would it be ridiculous to say that people planning Universal trips are bundling with Disney?
They Keep raising their prices then say - revenue UP....
@Brian - That's my point and concern. The fact that revenue was up just 4% with a reported 1% attendance increase, that pretty much justifies the massive expansion projects that Disney has started in the past year. It usually takes 2-03 quarters to see trends, particularly since there have been a lot of external factors of late, so I guess we should give kudos to decision makers who have already put the wheels in motion to increase park capacity before the numbers start going in full reverse. I think the plethora of discounts right now is a way to stem the tide in the short term until all the new projects are up and running.
As many of us stated back in 2023/24 when Disney (and Universal to a lesser extent) started focusing so much on the upper-crust guests that it would eventually come to haunt them. These results would somewhat validate that concern, and why Disney is putting so much capital investment to improve and expand their parks, because so many of them have become mature and are going to flatline if they raise prices any more than they already have. So the solution here is to likely stabilize prices in the short term as new attractions/lands come on line, which will allow Disney to pack more people in the parks, which will increase revenue organically instead of through pricing, which is what they've been doing since the Pandemic.
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"Disney said that attendance at domestic parks was up 1% for the quarter, while per capita spending was up 4%."
This would explain why Disney has closed RoA to better utilize that park space for attractions and increased park capacity. If the parks could only increase attendance 1% during the busiest time of year, the parks need to get bigger or optimize the use of existing park space to allow for greater capacity. With percap only increasing just 4% (even though the cost for most theme park related expenses probably rose @10% from 2024), the data indicate that price controls have not been able to compensate for the overall lack of growth in attendance, and that most guests are unwilling to continue to spend more. That means if the Parks and Experiences Division is going to continue to carry the water for the Walt Disney Company, the parks have to get bigger.