The Walt Disney Company stock closed last night at $113.3 a share before reporting their earnings for the first quarter (Q1) of fiscal year 2025 which ended on December 28, 2024. According to the earnings report, revenues increased 5% for Q1 to $24.7 billion from $23.5 billion in Q1 fiscal 2024. Income before income taxes increased 27% for Q1 to $3.7 billion from $2.9 billion in Q1 fiscal 2024. Diluted earnings per share (EPS) increased 35% for Q1 to $1.40 from $1.04 in Q1 fiscal 2024. Total segment operating income increased 31% for Q1 to $5.1 billion from $3.9 billion in Q1 fiscal 2024 and adjusted EPS increased 44% for Q1 to $1.76 from $1.22 in Q1 fiscal 2024.
“Our results this quarter demonstrate Disney’s creative and financial strength as we advanced the strategic initiatives set in motion over the past two years,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “In fiscal Q1 we saw outstanding box office performance from our studios, which had the top three movies of 2024; we further improved the profitability of our Entertainment DTC streaming businesses; we took an important step to advance ESPN’s digital strategy by adding an ESPN tile on Disney+; and our Experiences segment demonstrated its enduring appeal as we continue investing strategically across the globe. Overall, this quarter proved to be a strong start to the fiscal year, and we remain confident in our strategy for continued growth.”
At Experiences, Domestic parks and experiences’ operating results for the current quarter were unfavorably impacted by Hurricane Milton and, to a lesser extent, Hurricane Helene. As a result of Hurricane Milton, Walt Disney World Resort was closed for a day and Disney Cruise Line canceled a cruise itinerary. Operating results at Disney’s domestic parks and experiences decreased compared to the prior-year quarter due to increased guest spending, higher costs primarily due to the fleet expansion at Disney Cruise Line and inflation, and lower volumes attributable to declines in attendance, reflecting the impact of the hurricanes.
The increase in operating income at Disney’s international parks and experiences was primarily attributable to growth in guest spending, higher volumes primarily attributable to an increase in attendance, and an increase in costs primarily due to new guest offerings.

Experiences saw revenue in QI grew 3% and operating income was comparable to the prior-year quarter, as growth in International Parks & Experiences operating income was offset by a decline in Domestic Parks & Experiences. Q1 results reflect the adverse impact of Hurricanes Milton and Helene of approximately $120 million, and approximately $75 million of pre-opening expenses driven by the launch of the Disney Treasure, which in aggregate drove an estimated 6 percentage-point headwind to the year-over-year segment operating income growth rate. Overall, the quarter proved to be a solid start to the fiscal year across our Experiences businesses.
International Parks & Experiences operating income in Q1 increased 28% compared to the prior-year quarter driven by higher guest spending and attendance, partially offset by higher costs related to new guest offerings.
Domestic Parks & Experiences operating income declined 5% compared to the prior-year quarter driven by higher costs including from fleet expansion at Disney Cruise Line, and lower attendance reflecting the impact of the hurricanes, partially offset by higher guest spending. We estimate the hurricanes and pre-opening expenses at Disney Cruise Line had a 9 percentage-point headwind to the year-over-year operating income growth rate.
First quarter results for the Experiences segment demonstrated Disney’s strong and enduring appeal in family travel. The company continues work on a robust slate of new projects as leveraging popular IP in innovative ways and execute against a carefully designed and planned investment strategy. Disney remains deliberate about pricing and the guest experience, and are focused on providing guests great value with a vast array of options to visit our theme parks.
This quarter Disney successfully launched the Disney Treasure – the sixth ship in Disney Cruise Line’s fleet – and opened Tiana’s Bayou Adventure at Disneyland Resort as well as the new Island Tower at Walt Disney World’s Polynesian Village Resort. Looking ahead, the company is excited to kick off Disneyland’s 70th anniversary celebration in May and Hong Kong Disneyland’s 20th anniversary celebration later this year. And there are another seven cruise ships in development, with two expected to launch toward the end of calendar year 2025 – the Disney Destiny and the Disney Adventure – as the company leverages this growing business to bring beloved IP to more corners of the globe.
For the full year, Disney expects total pre-opening expenses related to Disney Cruise Line expansion of approximately $200 million, including roughly $40 million in Q2. Disney continues to expect full year segment operating income growth to be in the 6% to 8% range compared to fiscal 2024.
Overall, this Q1 2025 proved to be a strong start to the fiscal year. The Walt Disney Company is optimistic about the year to come, and remains confident in their strategy for continued growth.
There were no additional details regarding Disney Cruise Line in the press release. We will update this post if we hear anything during the earnings call and Q&A.
For more information and an overall report click over to the Q1-2025 Earnings Report.
Up next for The Walt Disney Company is the Annual Meeting of Shareholders on March 20th.