Here’s what to expect when Disney reports before the bell

Disney will report its fiscal fourth-quarter earnings before the bell on Thursday, and Wall Street will be paying close attention to the state of its streaming and theme parks businesses. Investors will also be listening for any details on the search for CEO Bob Iger’s successor.

Here is what Wall Street expects Disney to report on Thursday, according to analysts polled by LSEG:

• Earnings per share: $1.10 expected
• Revenue: $22.45 billion expected

Wall Street has been paying close attention to streaming’s path to profitability. Last quarter Disney’s combined streaming business, which consists of Disney+, Hulu and ESPN+, turned a profit for the first time.

Subscriber growth will be top of mind, too, especially as Disney’s competitors in recent weeks have reported hefty subscriber gains. Warner Bros. Discovery said Max added 7.2 million subscribers during its most recent quarter, Netflix added 5 million customers, and Comcast’s Peacock reported 3 million additions.

Still, media companies have begun to focus on profit-driving measures, such as ad-supported tiers and password sharing crackdowns.

“In the wake of huge subscriber gains at Max but deceleration at Netflix, all eyes are on Disney’s streaming numbers. The company is sure to experience a bump due to its password-sharing crackdown, but that will be short-lived,” said Mike Proulx, research director and vice president at Forrester.

The state of the theme park business will also be top of mind. Theme parks have been experiencing a slowdown in consumer demand in the U.S. Last quarter Disney reported flat attendance, particularly at its U.S. parks.

Meanwhile, Disney recently announced it will name CEO Iger’s replacement in early 2026, led by incoming chairman of the board, James Gorman. Investors will be keen to hear further details on the search.

This story is developing. Please check back for updates.