The Walt Disney Company | June 2026

 Last month, I visited Disneyland Paris together with my girlfriend. Going to Disneyland isn’t a monthly or yearly trip for most of us. Therefore, I thought it would be a perfect opportunity to analyze The Walt Disney Company this month. This was a great idea because I mentioned I experienced the 'Disney Magic' not only as a visitor of the parks but was also able to look at it from an investor's point of view. Speaking of perspective, we have to clarify the Disney Parks aren’t the most important segment for Disney in terms of revenue. In fiscal year 2025, around 38% of Disney's revenue was thanks to its 'Experiences' segment. If we look at operating income, Disney's magical parks become more important with 57% of the group's operating income. That's why it was meaningful to visit the park as an adult and see why people visit Disneyland. The other 43% is largely thanks to its ‘Entertainment’ division, where Disney hosts its non-sports-focused global film and ‘episodic’ content production. Think of services like Disney+ and Hulu, but also linear networks such as ABC Network, Disney, and National Geographic. The remaining turnover comes from Disney’s ESPN brand, where they have various sports programming rights. Think of the NFL, NBA, Wimbledon, and, most critical to me, the Dutch Eredivisie. Yes, I have a subscription at ESPN to watch matches of my favorite football club, Ajax. Disney is an absolute beast in storytelling and building fascinating characters and brands. However, their stock performance has been a disaster lately. Since the 27th of January 2015, the stock has been down 1%. Ouch. What’s left is a dividend payout of around 1% yearly. You could have earned more return on your savings account. Clearly, there is a lot to discuss about this magical company. As Winnie the Pooh would say, “Let’s go on an adventure.”Disclaimer:Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.You can also find us on:X ⁠@DutchInvestors⁠Substack ⁠@The Dutch Investors⁠Instagram ⁠@The Dutch Investors⁠