It’s earnings day for The Walt Disney Company, and this one could get heated. CEO Bob Iger will face analysts and investors just hours after the company revealed a stunning 35% drop in operating income across its Entertainment Division — the very segment overseen by would-be CEO successor Dana Walden.
While much of Hollywood trade media is busy celebrating Disney+ subscriber gains, the reality under the surface is much darker. Linear TV continues to crater, studios are underperforming, and the content side of the company — historically Disney’s crown jewel — just delivered one of its worst quarters on record.
Dana Walden via Variety YouTube
That Park Place will be updating this article live throughout the Disney Earnings Call as Iger and CFO Hugh Johnston field questions about the numbers behind those headlines. We’ll separate the spin from the story, track reactions from analysts, and break down what this quarter really means for the company’s leadership and future.
Stay tuned here as we update in real time with every key quote and figure as the call unfolds. Watch and listen along LIVE with the Valliant Renegade YouTube channel in the player below.
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8:06 a.m. – Prior to the start of the Earnings Call, Disney Stock sits at $116.65, up 5.09% over the last 5 days. Pre-Market Trading is down to $110.67 as the market reacts to news of Disney Entertainment’s 35% loss.
8:18 a.m. – Disney is projecting that it will make $400 million less in box office revenue to close out 2025 during a period that includes Avatar: Fire and Ash. On the Valliant Renegade stream, Jonas J. Campbell pointed out that Disney is basically admitting they don’t make much money from Avatar.
8:33 a.m. – Iger cited “strong earnings growth” as the call began. The board has declared a cash dividend of $1.50 per share. He then touted the film studio success by once again bragging about Lilo & Stitch, discussing the movie’s performance on Disney+ as well. He couldn’t hype any other movies as Disney has not had another theatrical hit. No mention of Fantastic Four, Tron: Ares, or anything else.
Lilo and Stitch with Nani in the Live Action Lilo & Stitch movie – YouTube, IGN
8:39 a.m. – Iger brought up the new ESPN live service and app. Said he’s “thrilled” with the response from fans. He put an emphasis on gambling integration despite major gambling scandals in the NBA and MLB.
8:41 a.m. – Iger touted growth in the experiences division of about 13%. He mentioned expansions in the theme parks and new cruise ships joining the Disney Cruise Line fleet. No mention of the fact that domestic Disney Parks attendance has dropped 1%.
8:46 a.m. – Iger was asked about the ESPN launch and claimed it was a success for a lot of reasons. He touted the attraction of new users (both people who were already subscribers and people who were not…which is everyone…). He said he’s encouraged that people are finding and using the app’s new features. However, he refrained from talking about how many people actually signed up (which was the question that he was asked). The panel on Valliant Renegade’s stream described this response as “word salad.”
Bob Iger via CNBC Television YouTube
8:47 a.m. – Iger said that 80% of people who signed up for ESPN signed up for the Disney bundle. But declined to give actual numbers.
8:50 a.m. – Iger was asked about the lighter box office for Disney this year. He said he was encouraged by the company’s upcoming slate, citing Zootopia 2 and Avatar: Fire and Ash. He then ran down the 2026 box office slate, which he also did at the start of the call. “Obviously not every film works,” Iger said, but claimed they’ve crossed a substantial global box office amount, once again hyping Lilo and Stitch. “We feel good about the direction of the studio.”
8:52 a.m. – CFO Hugh Johnston declined to respond to a question about the ongoing dispute with YouTube TV as they are active negotiations. He said that while there were losses they were also picking up revenue from people cancelling YouTube TV.
The YouTube TV Logo – YouTube TV
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8:54 a.m. – Iger touted AI giving them the ability to provide more personalization to Disney+, including the ability to create User-Generated Content and consume content developed by other users in short-form. He also said that games are coming to Disney+.
9:01 a.m. – Johnston said that Theme Parks bookings domestically are up 3%, but no mention about Park Attendance dropping by 1%. They moved off this question fast.
9:05 a.m. – They were asked about Domestic Parks attendance being light and whether that comes from increased competition. There was a long silence before the answer. Johnston said that demand shouldn’t be considered light as it was within their expectations. He said that increased competition is impacting their competitors in Orlando more than it’s impacting them. It’s unclear what he meant by this as he moved on from the question quickly to talk about the cruise line.
Empty Main Street USA and Cinderella Castle hub on Labor Day 2025 Magic Kingdom Disney World – Photo Credit: That Park Place
9:10 a.m. – In the final question of the call, Bob was asked about generative AI and what role he sees it playing in Disney going forward. Iger characterized conversations with AI companies as “productive” and said he’s seeking their tech to drive engagement with consumers. He said protecting their IP is “imperative” for Disney and noted that they’ve been engaged in doing so alongside a number of entities. He said they see opportunities for AI in the production process and across the company, both for guests and cast members. He did not give a definitive answer on HOW that’s going to happen.
9:11 a.m. Iger spoke about the YouTube TV dispute. He says the priority is the consumer and that they don’t want interruption. He said the deal proposed is equal to or better than what other large distributors have agreed to. He said the deal must reflect the value they bring to the table while saying he’s not trying to break new ground. He claimed YouTube and Alphabet have told them they’re the largest provider on their platform.
What’s your reaction to the Disney Earnings Call for Q4 2025? Sound off in the comments and let us know!
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Bragging about children’s movies and Avatar is all he has left. This is a disaster. Of all the IPs he’s bought, he has nothing in the pipeline. Notice he didn’t mention this stupid Mandalorian and baby yoda movie, so I doubt he believes that will be a hit.
Oh, and no mention of Doomsday, either. If he though that this would be a success, he would have mentioned that, too. It’s what these liars do not tell us… that is a major part of the story. All is not well in Star Wars and M-She-U land.
Thinking about it, he didn’t brag about the Predator Gaylands movie. That’s a flop, for sure.
A few YouTubers lost my respect (not that they’ll care) when they gave it a positive (if luke-warm) review.