The Walt Disney Company released its fourth quarter and full fiscal year 2025 earnings report this morning, revealing a record-breaking year for the Disney Experiences division, which includes Disney’s global theme parks, resorts, and cruise line operations.
For fiscal year 2025, Disney Experiences achieved an all-time high operating income of $10 billion, an 8% increase ($723 million) over the previous year. The division also posted a record Q4 operating income of $1.9 billion, up 13% ($219 million) compared to the same quarter last year.
Record Results for Disney Experiences
According to Disney’s report, the increase in operating income was driven by strong performance across both domestic and international parks, as well as continued growth in the cruise business.
At the domestic parks, operating income rose year-over-year, largely due to higher guest spending and the success of Disney Cruise Line, which saw an increase in passenger cruise days following the launch of the Disney Treasure earlier in the year. The gains were partially offset by increased costs tied to fleet expansion.
International parks also delivered higher operating results, led by Disneyland Paris, which benefited from increased attendance, higher guest spending, and new offerings such as World of Frozen, set to officially open this spring.
Overall, the Experiences division recorded $8.77 billion in revenue for Q4, a 6% increase from the prior year, and $36.16 billion for the full fiscal year, also up 6%.
Disney’s Statement on 2025 Performance
In commentary accompanying the earnings report, Disney highlighted the strength and ongoing expansion of its Experiences business:
“Our Experiences segment delivered record operating income of $1.9 billion for Q4 (up 13% compared to the prior year) and record operating income of $10 billion for the full year (up 8% compared to fiscal 2024). In addition, we continue to add value for our guests, resulting in strong customer satisfaction. Despite increased competition in the marketplace, Walt Disney World and Disneyland remain the two most visited theme parks in the world, offering an unparalleled guest experience.
We are looking forward to two new cruise ships joining our fleet in the coming months: The Disney Destiny’s maiden voyage kicks off next week on November 20, and the Disney Adventure will launch in March, marking the first time we have a ship homeported in Asia. This will bring our fleet to a total of eight cruise ships. This spring, we are excited to open World of Frozen at Disneyland Paris. And with expansion projects underway at every one of our theme parks, five additional cruise ships scheduled for launch beyond fiscal 2026, and a new theme park planned for Abu Dhabi, the strategic investments we are making now will help ensure our offerings remain best-in-class and appeal to audiences worldwide well into the future.
Overall, this quarter caps another strong fiscal year for the Company. We continue to execute across our strategic priorities as we build for the future, deliver the very best in entertainment to consumers, and create value for shareholders.”
Parks Attendance & Guest Spending
Despite record profitability, overall attendance at Disney’s domestic theme parks was down 1% in 2025 compared to a 1% increase in 2024, proving flat visitation trends over the past two years.
International attendance, however, continued to grow with a 1% in 2025 following a 9% increase in 2024, driven by strong demand in Asia and Europe.
While attendance dipped slightly, guest spending continues to rise, allowing Disney to achieve higher income with fewer visitors. Domestically, per-guest spending increased 5% year-over-year, up from a 3% gain in 2024, fueled by regularly increased prices on tickets, parking, dining, and merchandise. Internationally, per-capita spending grew 2%, following a 4% increase the previous year.
Looking ahead, Disney projects continued growth for the Experiences division. Fiscal Q1 2026 will include $90 million in pre-opening costs tied to the upcoming Disney Destiny and Disney Adventure cruise ships, as well as $60 million in dry dock expenses.
Disney’s guidance for the 2026 fiscal year anticipates high single-digit percentage growth in operating income, with most of the gains expected in the second half of the year as new projects and ships debut.
