Key Partners
- Sports leagues — NFL, NBA, college football/CFP (FACT).
- Pay-TV and vMVPD distributors paying affiliate fees (FACT).
- Oriental Land Co. — Tokyo Disney Resort licensee, royalties (FACT).
- Hong Kong government (52%) and Shendi (57%) park partners (FACT).
- Miral — licensed Abu Dhabi resort, no Disney capital (FACT).
- Consumer-products licensees and third-party studios (FACT).
Key Activities
- Produce films/series across 10 studio banners (FACT).
- Operate Disney+, Hulu and the ESPN DTC plans (FACT).
- Produce live sports and news; run ABC and cable channels (FACT).
- Run parks in Florida, California, Paris, Hong Kong, Shanghai + 6 cruise ships (FACT).
- Content spend $22.7B FY25; ~$24B planned FY26 (FACT).
- License IP to merchandise and park partners (FACT).
Key Resources
- Franchises — Disney, Pixar, Marvel, Star Wars, Nat Geo (FACT).
- ESPN brand + multi-year sports rights (FACT).
- Walt Disney World ~25,000 acres; ~23,000 rooms (FACT).
- Disney Cruise Line — 6 ships, 2 more in FY26 (FACT).
- Long-lived assets $85.9B at FY25 year end (FACT).
- ~231,000 employees (FACT).
Value Propositions
- One-stop family streaming — Disney+, Hulu, bundles (FACT).
- Immersive parks, resorts and cruises (FACT).
- Live sports on ESPN, now via DTC plans (FACT).
- Big live audiences for advertisers (FACT).
- Licensable characters for product makers (FACT).
- Domestic park per-capita spending +5% FY25 (FACT).
Customer Relationships
- Monthly subscriptions + bundles (FACT).
- Disney+ ARPU +11% FY25 after price increases (FACT).
- Disney Vacation Club memberships (FACT).
- Hotels ~87% occupancy FY25 (FACT).
- Multi-year affiliate and licensing contracts (FACT).
- Lifelong fandom across generations (INFERENCE).
Channels
- Disney+, Hulu and ESPN apps (FACT).
- ABC + cable channels via pay-TV distributors (FACT).
- Theatrical release, then home entertainment (FACT).
- Owned parks, hotels and cruise ships (FACT).
- Retail and licensees for merchandise (FACT).
- Americas 81% · Europe 12% · APAC 7% of FY25 revenue (INFERENCE %).
Customer Segments
- Streaming households — Disney+ 131.6M, Hulu 64.1M (FACT).
- Families and travelers at parks and on cruises (FACT).
- Sports fans via ESPN linear + DTC (FACT).
- Advertisers across TV and streaming (FACT).
- Pay-TV distributors (affiliate fees) (FACT).
- Merchandise licensees and Tokyo/Abu Dhabi licensees (FACT).
Cost Structure
- Cost of services $52.7B; products $6.1B FY25 (FACT).
- SG&A $16.5B; D&A $5.3B FY25 (FACT).
- Content spend $22.7B incl. sports rights FY25 (FACT).
- Experiences labor $8.9B (+7%) FY25 (FACT).
- Capex $8.0B FY25; ~$9B planned FY26 (FACT).
- Operating cash flow $18.1B; FCF ≈ $10.1B (FACT / INFERENCE).
Revenue Streams
- FY2025 revenue $94.4B (+3%) (FACT).
- Subscription & affiliate fees $37.8B (~40%) (FACT / INFERENCE %).
- Park admissions $11.7B; resorts & vacations $9.2B (FACT).
- Merch, food & beverage $9.6B; licensing $3.9B (FACT).
- Advertising $11.1B; theatrical $2.6B (FACT).
- Main engine (reviewed): subscription — streaming + affiliate fees (INFERENCE / model).