The Walt Disney Company
The Walt Disney Company operates as an entertainment company in Americas, Europe, and the Asia Pacific. It operates in three segments: Entertainment, Sports, and Experiences. The company produces and distributes film and television content under the ABC Television Network, Disney, Freeform, FX, Fox, National Geographic, and Star brand television channels, as well as ABC television stations and A+E television networks; and produces original content under the Disney Branded Television, FX Productions, Lucasfilm, Marvel, National Geographic Studios, Pixar, Searchlight Pictures, Twentieth Century Studios, 20th Television, and Walt Disney Pictures banners. It also provides direct-to-consumer streaming services through Disney+, Disney+ Hotstar, and Hulu; sports-related video streaming content through ESPN, ESPN on ABC, ESPN+ DTC, and Star; sale/licensing of film and episodic content to television and video-on-demand services; theatrical, home entertainment, and music distribution services; DVD and Blu-ray discs, electronic home video licenses, and VOD rental services; staging and licensing of live entertainment events; and post-production services. In addition, the company operates theme parks and resorts, such as Walt Disney World Resort, Disneyland Resort, Disneyland Paris, Hong Kong Disneyland Resort, Shanghai Disney Resort, Disney Cruise Line, Disney Vacation Club, National Geographic Expeditions, and Adventures by Disney, as well as Aulani, a Disney resort and spa in Hawaii. Further, it licenses its intellectual property (IP) to a third party that owns and operates Tokyo Disney Resort; licenses trade names, characters, visual, literary, and other IP for use on merchandise, published materials, and games; operates a direct-to-home satellite distribution platform; sells branded merchandise through retail, online, and wholesale businesses; and develops and publishes books, comic books, and magazines. The company was founded in 1923 and is based in Burbank, California.
What does it do?
Disney is one of the most recognizable entertainment companies on the planet. It owns the stories, characters, and worlds that billions of people grew up with — Marvel superheroes, Star Wars, Pixar films, and of course, classic Disney itself. Beyond movies, it runs theme parks like Walt Disney World and Disneyland, cruise lines, and TV networks including ABC and ESPN. Think of it as a giant storytelling machine that turns beloved characters into movies, merchandise, TV shows, and theme park rides.
Disney is at a crossroads that the whole media industry is watching closely — it's trying to reinvent itself for the streaming age while keeping its traditional TV and theme park businesses healthy. Investors care right now because Disney+ finally turned profitable in 2024 after years of bleeding money, proving the streaming bet may actually pay off. With a $174 billion valuation, how Disney navigates the collapse of cable TV and the rise of streaming sets a template for every major media company.
How does it make money?
Disney makes money across three main buckets. Its Experiences segment — theme parks, resorts, and cruise ships — is the most profitable, generating tens of billions in revenue from ticket sales, hotels, and merchandise. Its Entertainment segment earns money through Disney+, Hulu, and traditional TV networks like ABC, plus box office revenue from films. Sports revenue comes largely from ESPN, which charges cable providers and is now expanding into direct-to-consumer streaming. Total revenue hit $94.4 billion last year, up from $91.4 billion the year before.
Why do investors care?
The growth story hinges on two things: streaming profitability and theme park expansion. Disney+ and Hulu becoming a reliable profit engine — rather than a money pit — would be a major shift after years of heavy losses. Meanwhile, Disney has announced billions in new theme park investments globally, betting that people will always pay a premium for in-person magic. What has to go right is ESPN's streaming launch succeeding, Disney+ holding onto subscribers without heavy discounting, and park demand staying strong even if the economy slows.
Deep Dive
MemberA full investor briefing on The Walt Disney Company — history, leadership, risks, and outlook.