The Walt Disney Company

The Walt Disney Company stands as the world's most iconic entertainment corporation, built over 100+ years from a small animation studio into a diversified global empire generating $94.54 billion in annual revenue. Founded by brothers Walt and Roy Disney in 1923 as Disney Brothers Cartoon Studio, the company pioneered feature-length animation with Snow White and the Seven Dwarfs (1937), revolutionized theme park entertainment with Disneyland (1955), and transformed modern media through strategic acquisitions of Pixar, Marvel, Lucasfilm, and 21st Century Fox.

Disney's business model spans five major segments operating in synergy to maximize franchise value. Disney Experiences (theme parks and resorts) generated $34 billion revenue and $10 billion operating income in fiscal 2025, representing 37% of corporate revenue and 59% of operating profit. This division operates 12 theme parks across six resort destinations (Walt Disney World, Disneyland, Tokyo Disney, Disneyland Paris, Hong Kong Disneyland, Shanghai Disney), cruise ships, and vacation experiences serving over 150 million annual guests. The parks serve as the company's profit engine, subsidizing investments in streaming and content production while reinforcing emotional connections with Disney franchises through immersive physical experiences.

The entertainment business encompasses film studios (Walt Disney Pictures, Marvel Studios, Lucasfilm, Pixar, 20th Century Studios), television networks (ABC, ESPN, Disney Channel, FX, National Geographic), and streaming platforms (Disney+, Hulu, ESPN+). Disney dominated the 2024 box office as the first studio to surpass $5 billion globally since 2019, led by Inside Out 2 ($1.7 billion, #1 animated film of all time), Deadpool & Wolverine ($1.34 billion, #1 R-rated film globally), and Moana 2. The streaming business achieved a transformative milestone in fiscal 2024-2025, reaching combined profitability of $1.33 billion after cumulative losses exceeding $11 billion since Disney+ launched in November 2019. With Disney+ reaching 126 million subscribers, Hulu contributing additional subscribers, and ESPN+ serving sports audiences, Disney's total streaming ecosystem exceeds 230 million subscriptions.

CEO Bob Iger returned to leadership in November 2022 after successor Bob Chapek's brief tenure, implementing aggressive cost restructuring including 7,000 layoffs and $7.5 billion in savings targets. Iger's strategic priorities include achieving sustainable streaming profitability, balancing theatrical versus streaming release strategies to maximize content value, developing ESPN's standalone direct-to-consumer product launching fall 2025, and managing the transition from declining linear television (ESPN cord-cutting, ABC network challenges) toward digital-first distribution. The company faces significant headwinds including theme park attendance pressures, content cost inflation exceeding $30 billion annually, and political conflicts in Florida where Governor Ron DeSantis targeted Disney's special tax district (Reedy Creek) after the company opposed the "Don't Say Gay" education bill, ultimately settling in March 2024 with a $17 billion development plan.

Disney's competitive moat derives from unmatched intellectual property spanning nine decades of storytelling. The company owns rights to thousands of beloved characters, franchises, and stories that generate revenue across multiple platforms: theatrical releases, streaming exclusivity, theme park attractions, consumer products licensing ($63 billion in licensed merchandise sales annually as #1 global licensor), video games, live entertainment, and cruise experiences. Recent acquisitions transformed Disney's franchise portfolio: Pixar ($7.4B, 2006) brought animation innovation and characters like Toy Story and Finding Nemo; Marvel ($4B, 2009) delivered the Marvel Cinematic Universe generating over $30 billion in box office revenue; Lucasfilm ($4B, 2012) added Star Wars; and 21st Century Fox ($71B, 2019) provided adult-oriented content, international distribution, and Hulu control. Looking ahead, Disney navigates delicate succession planning with Iger's replacement expected to be named in early 2026, faces intensifying streaming competition from Netflix and tech giants, and must balance short-term profitability pressures with long-term investments in content, technology, and global expansion essential for maintaining leadership across the rapidly evolving entertainment landscape.