DIS
Walt Disney
Content / Subscription
★ Quality 12/100Price today
$105.31
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What this business is made of
The business
Disney charges for the same characters across movies, parks, and streaming, decade after decade.
Disney makes money three ways: streaming (Disney+, Hulu, ESPN), its theme parks and cruises, and licensing its content. Today the parks are the profit machine; streaming just started turning a profit. It brought in $94.4B in the last fiscal year.
A century of characters that never age: Mickey, Marvel, Star Wars, Pixar. The parks are nearly impossible to copy — they demand a decade-plus investment plan. Streaming, on the other hand, is a war with no moat: Netflix hits just as hard there.
Revenue history
From $67.4B to $94.4B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $94.4B · FY2025
Of every $100 in sales, $87 goes to costs and operations; $13 is left as net profit (13% margin).
Catalysts and risks
Disney+ has reached operating profitability after years of losses.
Parks investment plan of over $60B across ten years.
Launch of ESPN direct-to-consumer by subscription.
Debt of $42B against just $5.7B in cash.
Parks suffer in a recession: people cut vacations first.
Traditional cable is bleeding out and dragging linear ESPN down with it.
Charlie's note
“At 10x free cash flow you're paying for a library of characters that never expires, plus parks that devour capital. 8% growth is fine, but with the debt and ESPN shedding its skin, this is a business to sit and wait on, not to rush into.”
Analysis · July 2026
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