Disney Stock (DIS): The Parks Carry the Profit, in Numbers

Michael Whitman · Trading since 2017, full-time since 2020 · YouTube creator, 137K subscribers · Published 2026-11-07 · Updated 2026-11-08

Disney stock trades on the New York Stock Exchange under the ticker DIS. Most people know the company through its films and Disney+, but the filings tell a different story about where the profit comes from: theme parks, cruise ships and merchandise earn more than the studios, the TV networks and ESPN put together. That split, and the long road to a profitable streaming service, explain most of what the share price has done since 2019.

Quote pages give the price, a P/E near 24 and an analyst target. They do not show the profit by segment, the streaming losses year by year, or when the dividend stopped and restarted. We rebuilt those from Disney’s 10-K and 10-Q filings and its 8-Ks, and added the price record and how the stock reacts on results day.

DIS at a glance: price, ratios and payout

All valuation figures use the November 6, 2026 close. Earnings and revenue are the four quarters to June 27, 2026, from the fiscal third-quarter 10-Q filed August 5. Disney’s fiscal year ends on the Saturday nearest September 30, so the fiscal 2026 annual report was still to come on that date.

In 2026 to November 6 the price rose 2.6%, or 3.4% with dividends, against 7.8% for the S&P 500. Over the last 252 sessions it ranged from $92.42 (March 27, 2026) to $118.95 (November 4, 2026). In the nine months to June 27 Disney bought back 68 million of its own shares for $7.2 billion, the 10-Q says.

How it works at Disney: three segments, one that carries the profit

Since fiscal 2023 Disney reports three segments. Entertainment holds the studios, the ABC and cable networks, Disney+ and Hulu. Sports is mostly ESPN. Experiences is the parks and resorts, Disney Cruise Line and consumer products. Before that the parks sat in a segment called Parks, Experiences and Products (fiscal 2019-2020) and Disney Parks, Experiences and Products (fiscal 2021-2022), and each reorganization moved some businesses between segments. The table shows every year as first reported in that year’s 10-K. On today’s Experiences definition, as restated in the fiscal 2023 and 2024 10-Ks, fiscal 2021 was a $120 million loss and fiscal 2022 $7.285 billion, 60.1% of segment profit.

Each year as first reported. Shares are of the sum of the segments, before eliminations between them.

The original data: seven years of segment profit from the 10-Ks

Parks against everything else. We took each segment’s operating income from the XBRL data in every Disney 10-K since fiscal 2019 and the latest 10-Q, and summed the non-parks segments.

• The pandemic flipped the mix. In fiscal 2020, with parks closed for months, the parks segment lost $81 million while the media businesses earned $8.717 billion. Two years later the parks earned $7.905 billion and everything else $4.216 billion.
• Since fiscal 2022 the parks have out-earned the rest every year, with a peak share of 69.6% in fiscal 2023. The share has eased to 56.9% because the media side recovered, not because the parks shrank: parks profit rose each year from fiscal 2021 to fiscal 2025.
• Revenue and profit tell different stories. The parks bring in a bit over a third of segment revenue but well over half of segment profit, so a slow year at the parks moves Disney’s earnings more than the revenue split suggests.

Streaming, from loss to profit. The 10-K tables split Entertainment into linear networks, Direct-to-Consumer (Disney+ and Hulu) and content sales. The fiscal 2023 to 2025 reports restate this line on the same basis back to fiscal 2021.

• Across fiscal 2021 to 2023 the line lost $7.172 billion, with the worst year, fiscal 2022, at −$3.424 billion.
• It turned positive in fiscal 2024, at $143 million, and earned $1.327 billion in fiscal 2025.
• The fiscal 2026 10-Qs no longer show a separate Direct-to-Consumer operating line, so this series stops at fiscal 2025.

Download the data: segment profit and earnings-day moves. Both can be reused with a credit and a link back, under the site license.

A worked example: from Disney’s EPS lines to a P/E of 24.1

Every input below comes from Disney’s filings except the November 6 close.

1. Trailing earnings. Diluted EPS was $4.12 for the nine months to June 27, 2026, $6.85 for fiscal 2025 and $6.12 for the nine months to June 28, 2025. Four quarters = $4.12 + $6.85 − $6.12 = $4.85.
2. P/E. $116.75 ÷ $4.85 = 24.1. See the P/E ratio page for what that multiple can and cannot tell you.
3. Market value. $116.75 × 1,726,686,902 shares = $201.59 billion.
4. Sales. $76.397 billion + $94.425 billion − $71.961 billion = $98.86 billion of revenue, so price-to-sales is 2.04.
5. Book value. Equity attributable to Disney shareholders was $110.03 billion; $201.59 billion ÷ $110.03 billion = 1.83. Our price-to-book page explains the measure.

Fiscal 2025 EPS of $6.85 was far above the $2.72 of fiscal 2024 and the $1.29 of fiscal 2023. The trailing figure is lower because almost all of that fiscal 2025 profit fell in its first nine months: the fourth quarter added only $6.85 − $6.12 = $0.73 a share.

The Disney dividend: stopped in 2020, rebuilt from 2023

Disney paid twice a year: $0.88 a share in July 2019 and again in January 2020. The fiscal 2020 10-K says the board “did not declare a dividend with respect to fiscal year 2020 operations”, and the fiscal 2023 10-K adds that no dividend was declared or paid in fiscal 2021, 2022 or 2023.

• Restart: on November 30, 2023 the board declared $0.30 a share, paid in January 2024.
• Since then: $0.45 (July 2024), $0.50 (January and July 2025) and $0.75 (January and July 2026).
• Size: $1.50 over the last 12 months against $1.76 for fiscal 2019. In fiscal 2025 Disney paid $1.80 billion of dividends, 14.5% of its $12.40 billion net income.

From the close on January 2, 2020 ($148.20) to November 30, 2023 ($92.69), the day the board declared the $0.30 restart, the price fell 37.5% while the S&P 500 rose 40.2%. Our dividend yield page shows how the yield is worked out.

Iger, Chapek, D’Amaro: the CEO changes as filed

• November 20, 2022: the board brought back Robert A. Iger as CEO and ended the employment of Robert A. Chapek. The news came out over a weekend; on Monday, November 21, the stock rose 6.3%, from $91.80 to $97.58.
• February 2, 2026: the board voted to name Josh D’Amaro, then chairman of Disney Experiences, as CEO from March 18, 2026, with Iger becoming Senior Advisor. The press release went out before the open on February 3, the day after the fiscal first-quarter results. The stock fell 7.4% on the results day and moved −0.2% on the CEO news.
• From the November 18, 2022 close, the last before Iger’s return, to November 6, 2026 the price rose 27.2% (31.2% with dividends); the S&P 500 rose 86.0%. From the March 17, 2026 close, the day before D’Amaro took over, it is up 16.4%, against 9.8% for the index.

When Disney reports: 30 results days, 12 moves of 5% or more

Disney filed results after the 4 p.m. Eastern close until February 2024, and before the open since May 2024. We kept the 30 Item 2.02 8-Ks from May 2019 to August 2026, each a quarterly results release, and measured the close-to-close move in the first session that could react.

• The median move was 4.57%, against 0.92% on the other 1,856 sessions since May 9, 2019.
• 12 of the 30 moved 5% or more; on other days only 1.7% of sessions did.
• Direction: 13 were up, against a 49.0% up-rate on other days, a gap well within chance (two-sided binomial p = 0.59) on a small sample.
• The largest were −13.16% on November 9, 2022, the release before Iger’s return, and +11.50% on February 8, 2024. The latest, on August 5, 2026, was +3.65%.

When it fails: what can still go wrong for a parks-led Disney

A closed park hits harder than a flop. Fiscal 2020 showed it: the parks segment went from $6.758 billion of operating income to a loss in one year. Anything that keeps visitors home, from a pandemic to a sharp fall in travel spending, lands on the segment that now earns most of the profit.

It has fallen 60% before. From the March 8, 2021 record of $201.91 the close fell to $79.32 on October 4, 2023, a 60.7% drop, on the way through streaming losses, the dividend gap and a CEO change. The price lost 14.5% in 2021 and 43.9% in 2022. Our drawdown page explains how to read a fall like that.

Streaming profit is new and now less visible. Two years of profit follow three years that lost $7.172 billion, and the fiscal 2026 filings no longer report the line on its own.

TV networks are shrinking. Linear networks operating income in Entertainment fell from $4.119 billion in fiscal 2023 to $2.955 billion in fiscal 2025.

Questions people ask

Does Disney pay a dividend?

Yes, twice a year. The last two payments were $0.75 a share each, in January and July 2026, a 1.28% yield at $116.75. It paid nothing between January 2020 and January 2024.

Who is Disney’s CEO?

Josh D’Amaro, since March 18, 2026, per the 8-K filed February 3, 2026. Robert A. Iger, CEO from November 2022, became Senior Advisor.

What is Disney’s market cap?

$201.59 billion at the November 6, 2026 close, using the 1,726,686,902 shares on the latest 10-Q cover. The market cap page covers how it is measured.

How much of Disney’s profit comes from the parks?

56.9% of segment operating income in fiscal 2025 and 60.6% in the nine months to June 27, 2026, on 37.5% and 37.7% of segment revenue.

Is Disney+ profitable?

The Direct-to-Consumer line, which includes Disney+ and Hulu, earned $1.327 billion in fiscal 2025 after $143 million in fiscal 2024. It lost $3.424 billion in fiscal 2022.

Related

Disney’s dividend history is a useful contrast with the steady raisers covered in dividend growth investing and on the dividend aristocrats page. Its buyback program is covered by our stock buybacks page. For another large company page built the same way from its filings, see Johnson & Johnson stock, and for the long view on holding a single stock, long-term investing.

This page is educational, not financial advice. Test every idea on your own charts before risking money.