Disney Q2 Earnings Preview: Streaming, Theme Parks, Box Office Key Items To Watch

Media giant The Walt Disney Company DIS could highlight streaming strength, box office strength and theme park growth when the company reports second-quarter financial results before the market opens Wednesday.

Here are analyst estimates for the quarter, what they’re saying before the results and key items to watch.

Earnings Estimates: Analysts expect Disney to report second-quarter revenue of $23.14 billion, up from $22.08 billion in last year's second quarter, according to data from Benzinga Pro.

The company has beaten analyst estimates for three straight quarters and five of the last 10 quarters.

Analysts expect Disney to report second-quarter earnings per share of $1.20, down from $1.21 in last year's second quarter.

What Analysts Are Saying: In a March investor note, Goldman Sachs analyst Michael Ng said the company's second-quarter financials will likely show strength in direct-to-consumer. He maintained a Buy rating and price target of $140 ahead of the results.

Ng said "Mufasa: The Lion King,” "Moana 2" and price increases will likely help the company's DTC segment.

He noted that domestic theme park attendance likely declined in the second quarter due to the shift of the Easter holiday and natural disasters. Ng highlighted that future theme park growth shows strength.

"We're encouraged by the growth in summer bookings despite recent softness in select travel datapoints and competition from Epic Universe.”

In a recent investor note, Bank of America analyst Jessica Reif Ehrlich also maintained a Buy rating with a $140 price target ahead of earnings.

She highlighted reacceleration for the Parks business, profitability for DTC and a strong movie slate that could help other business segments.

Ehrlich said there are concerns about macro uncertainty and Universal’s opening of the Epic Universe theme park in Florida, but Disney is facing comps that inflation and large costs for new cruise ships.

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Key Items to Watch: Disney's theme park segment could get increased attention from investors and analysts ahead of the Epic Universe opening date of May 22, which has already found the company offering discounts to better compete.

While the theme park segment could see lower attendance during the year, it is a key driver of the company’s operating income, and management has guided operating income for the segment to grow 6% to 8% for the full fiscal year.

Disney+ and other streaming segments will be another key area to watch. The first quarter ended with 178 million Disney+ Core and Hulu subscriptions and 125 million Disney+ Core paid subscribers.

In recent quarters, the number of core Disney+ subscribers has fallen. Still, it is sometimes due to the end of previous packages and promotional offers with lower average revenue per user.

Movies will likely be a key topic in the earnings results and commentary. Disney released "Captain America: Brave New World" and "Snow White" in the quarter. "Snow White" was a disappointment at the box office and the latest Captain America film was also lower than recent Marvel movies with domestic gross of $200.4 million and a worldwide total of $415.0 million.

The good news is Disney has five of the top-grossing movies in 2025, thanks to a slow slate from competitors and several 2024 carryovers. Here are the current top 10 films from Disney based on domestic gross in 2025:  

• #2: "Captain America: Brave New World": $200.4 million
• #4: "Mufasa: The Lion King": $126.4 million
• #6: "Snow White": $86.1 million
• #8: "Thunderbolts": $74.3 million
• #10: "Moana 2": $56.4 million

Disney had three of the top four grossing movies in 2024: "Inside Out 2," "Deadpool & Wolverine," and "Moana 2."

"Thunderbolts" was recently released and will be part of third quarter results and could be among the items highlighted by Disney for future growth, including the release of a third Marvel film for 2025 with "Fantastic Four: First Steps" in July.

Disney could also highlight the success of season 2 of "Andor" and strong viewership for the 2025 NFL Draft as items that will help the third quarter.

DIS Price Action: Disney stock trades at $92.16 Tuesday versus a 52-week trading range of $80.10 to $118.63. Disney stock is down 16.8% year-to-date in 2025 and down over 20% in the last year.

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