Disney Experiences Posts Record Income in 2025
The Walt Disney Company released its Q4 and yearly earnings report earlier this morning. Disney Experiences did very well. In fact, the division that includes theme parks and cruise ships had a record operating income of just under $10 billion in 2025. That’s $723 million more than 2024. But those numbers don’t tell the complete story.
Theme park attendance
Disney’s 2025 theme park performance was steady overall. Domestic attendance was down 1% while international attendance grew a modest 1%. With so many major projects currently under construction at Walt Disney World and Disneyland Resort, it’s hard to imagine 2026 delivering dramatically stronger numbers. But once Monstropolis, Piston Peak, Tropical Americas, and the Avengers Campus expansion are complete, we expect to see improvements.
Consumer spending
Where Disney did see meaningful movement was in spending. Domestic per-guest spending climbed 5%, an improvement over 2024’s 3% increase. International per-guest spending rose 2%, though that was a slowdown from the 4% bump seen the prior year. Increases in prices for theme park tickets, Annual Passes, and Lightning Lanes certainly helped offset flat attendance numbers.
Hotel demand also remained healthy. Domestic hotel occupancy rose to 87%, up from 85%, while international occupancy matched that 87% mark, up from 82%. And guests who stayed on-site spent more: per-room spending increased 3% domestically and 6% internationally.
Disney Cruise Line growth
Finally, Disney Cruise Line performed very well, thanks in large part to the addition of the Disney Treasure. Two more ships will add even more passenger cruise days, but that revenue will be offset by $90 million in pre-opening expenses and $60 million in dry dock expenses in Q1 2026.
So yes, Disney Experiences posted another record year on paper, but the real story is a little more nuanced. Attendance didn’t surge, and with so much construction happening on both coasts, it wasn’t expected to. What kept the division moving was guest behavior: people spent more, stayed longer, and booked rooms at higher rates. And the cruise line, boosted by the Disney Treasure, continued to be a reliable bright spot.
