Disney’s Mixed Q4 Results Show Streaming and Parks Offset TV Decline

Disney's fiscal fourth-quarter earnings revealed a tale of two businesses. While linear TV operations continued their decline, the company's streaming services and theme parks provided enough momentum to keep revenue flat at $22.46 billion. Operating income slipped 5% to $3.48 billion, reflecting the ongoing transition away from traditional media.

The market responded with muted Optimism as DIS shares opened steady. Investors appear to recognize this as another step in Disney's multi-year turnaround—a process that remains uneven but fundamentally intact. The stock continues to trade within its established $80-$125 range, a pattern unchanged for three years running.

Management signaled confidence by announcing aggressive capital returns. A $7 billion buyback program doubles previous commitments, while the dividend jumps 50% to $1.50 per share. These moves suggest Disney believes its streaming profitability trajectory and parks' resilience can ultimately re-rate the stock.