Disney Experiences Defies “EPIC” Competition with Record $10 Billion Year. The Walt Disney Company’s Experiences segment, which includes its global theme parks and cruise lines, has closed out its fiscal year with a dazzling performance, delivering a record $10.0 billion in full-year operating income, an increase of $723 million over the prior year. This stellar result, fueled by a strong fourth quarter (Q4) that saw operating income hit a record $1.9 billion (up 13%), suggests that increased competition in the Orlando market has done little to dent Disney’s dominance.
The results strongly indicate that Walt Disney World has successfully weathered the grand opening of Universal’s new Epic Universe park, while the most significant headwind for the theme park division came from across the Atlantic.
The Orlando ‘Competition’ That Wasn’t
For months, analysts had speculated that the opening of Universal’s highly anticipated Epic Universe would siphon attendance and revenue from Walt Disney World. However, the data paints a different picture. Domestic Parks & Experiences’ operating income grew by a healthy 9% to $920 million in Q4, signaling that the Orlando market is expanding enough for both major players to thrive, at least for now.
CEO Robert A. Iger noted the company’s pride in the domestic parks’ continued resilience “despite increased competition in the marketplace.” The fact remains that both Walt Disney World and Disneyland remain the two most visited theme parks in the world, according to the TEA Global Experience Index. It appears Walt Disney World’s strategy of maintaining strong customer satisfaction and leveraging its unparalleled brand equity is paying off.
Meanwhile, Universal’s parent company, Comcast, also reported a significant boom. The new park helped drive Universal’s theme park revenue to soar by nearly 19% in its first full operating quarter. This signals that Epic Universe is successfully drawing new travelers to the Orlando area, rather than simply diverting guests away from Disney World. In short, both sides are celebrating EPIC profits.
Olympic Hurdles Trip Up Disneyland Paris
The real financial stumble for the Experiences segment came not from a rival theme park, but from a global sporting event. The 2024 Paris Olympics appear to have directly impacted Disneyland Paris, as the concentration of tourists and disruption in the region discouraged regular park attendance. International Parks & Experiences’ operating income, while still growing 25% to $375 million in Q4 (likely due to strong showings at Asian parks), would have been even stronger absent the Olympic drag on the French resort. Disneyland Paris saw low crowd levels and reduced operating hours during the Games, a temporary setback that executives are confident will resolve post-Olympics, especially with the upcoming opening of World of Frozen this spring.
A Fleet and a Future: Disney’s Expansion Strategy
Beyond the parks, Disney Cruise Line was a strong performer, and the company is rapidly expanding its seagoing fleet. The Disney Destiny’s maiden voyage is set for next week, November 20, with the Disney Adventure launching in March, marking the first time a Disney ship will be homeported in Asia.
Iger highlighted the company’s strategic, forward-looking investments: “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.” With expansion projects underway at every theme park, five additional cruise ships scheduled to launch beyond fiscal 2026, and a new theme park planned for Abu Dhabi, Disney is clearly betting big on its Experiences segment for continued, long-term growth.
