Disney Posts Strong Earnings Despite Slowdown in Park Visitors

LOS ANGELES — Add weak theme park attendance to the long list of challenges facing Disney’s new chief executive.

Josh D’Amaro, who took over Disney in March, publicly faced Wall Street for the first time Wednesday, reporting quarterly earnings that exceeded analyst expectations. Investors liked what they heard, especially regarding streaming profit growth; Disney shares climbed 8% in morning trading, helped by a broader Dow Jones Industrial Average rally.

Even so, Disney reported a rare decrease in attendance at its theme parks in Florida and California. The decline was small — only 1% compared with the same quarter last year. But its parks are closely watched as a bellwether for consumer confidence. When a core metric like attendance weakens, it can be a sign that people are pessimistic about the economy.

Are higher gasoline (including airline) prices prompting fewer pilgrimages to see Mickey? Have Disney’s own price increases dented demand? Are there fewer travelers from overseas, part of a decline in international tourism across the United States since President Donald Trump returned to office? Is there a shortage of new rides?

D’Amaro and Hugh Johnston, Disney’s chief financial officer, blamed international travel and competition in Florida with Epic Universe, a new NBCUniversal theme park.

“We recognize that domestic attendance is an important metric for investors, and we’re focused on it as well,” Johnston told analysts on a conference call. “The good news is, as we look forward, we expect growth to improve in the back half, and our forward bookings are very encouraging as we look to the rest of the year.”

Disney has been offering heavy discounts to keep turnstiles clicking. One summer offer allows children ages 3 to 9 to visit Disneyland in California on a “park hopper” ticket for $50 (compared with $168 to $279 under standard pricing).

With an avuncular tone — more fireside chat than corporate pep rally — D’Amaro used the call to lay out his long-term vision for the company. It’s not all that different from the course set by his predecessor, Robert A. Iger: Invest in creativity, increase consumer engagement, use emerging technology to “power our storytelling,” and make more money from it.

“Our immediate priority is disciplined execution,” D’Amaro said.

There was no mention of the Trump administration’s recent order to review all station licenses by ABC, which is owned by Disney. The Federal Communications Commission has said the review is related to an investigation into ABC’s diversity and inclusion policies, but it arrived after Trump demanded that the network fire its late-night host, Jimmy Kimmel.

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This article originally appeared in The New York Times.

By Brooks Barnes/Mark Abramson
c. 2026 The New York Times Company

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