New York time check: This article is being published at 3:32 p.m. ET on Friday, December 26, 2025.
Disney stock today: where DIS is trading and what the market backdrop looks like
In late-afternoon trading, The Walt Disney Company (NYSE: DIS) is down about 1%, changing hands around $113 per share in an extremely light post-holiday session. [1]
The broader tape helps explain the muted move:
- U.S. stocks have been mixed to slightly lower in thin trading as investors return from the Christmas holiday, with volume on the NYSE running well below normal, according to the Associated Press. [2]
- Reuters notes the S&P 500 has been hovering near record levels and within about 1% of 7,000, with markets still focused on the 2026 interest-rate path and late-year positioning. [3]
- MarketWatch also flagged that Disney’s decline contributed to pressure on the price-weighted Dow in today’s session. [4]
Is the stock exchange open right now? Yes. U.S. markets typically run 9:30 a.m. to 4:00 p.m. ET, and December 26 is a regular trading day (not a market holiday). [5]
With the closing bell approaching, investors should keep in mind that price moves can accelerate in the final minutes of a low-liquidity session—and headline-driven after-hours trading can still reshape the day’s narrative.
Why Disney stock is in focus: 3 headlines investors are still digesting
Disney’s day-to-day stock moves often reflect a tug-of-war between (1) streaming profitability, (2) parks and experiences resilience, and (3) sports/ESPN economics. But in December, a fourth factor pushed to the front: generative AI and IP control.
1) Disney–OpenAI partnership: new monetization path, new brand questions
On December 11, Disney and OpenAI announced a three-year licensing agreement that allows OpenAI’s Sora and ChatGPT Images to generate content using a curated set of Disney-owned characters (Disney, Pixar, Marvel, Star Wars), alongside a $1 billion equity investment by Disney in OpenAI (with warrants as well). [6]
Key details investors are weighing:
- Disney says it will become a major customer of OpenAI, using APIs for new tools and experiences (including Disney+) and deploying ChatGPT internally. [7]
- The agreement excludes talent likenesses and voices, and Disney/OpenAI describe guardrails around responsible use. [8]
- Disney emphasizes that the transaction is subject to definitive agreements and approvals, which matters for timing and certainty. [9]
Strategically, investors will be watching for two things:
- whether this becomes a meaningful new revenue stream (licensing + potential distribution inside Disney+), and
- whether it meaningfully reduces (or increases) Disney’s IP and reputational risk in the AI era.
Wired framed the deal as a potential “blueprint” for how major IP holders may pursue licensing agreements where possible and enforcement where needed, quoting Emory law professor Matthew Sag on why neither side is likely to win an “absolute victory” in AI copyright disputes. [10]
2) The Google cease-and-desist: Disney signaling tougher IP enforcement
A day before (and around the same time as) the OpenAI news cycle, Reuters reported that Disney sent a cease-and-desist letter to Google, according to CNBC reporting. [11]
Even without all details public, the juxtaposition is telling for markets: Disney appears to be pursuing a dual strategy—partnering with one AI leader while challenging another—to protect its franchises and shape terms of use.
3) Board governance: Jeff Williams nominated for Disney’s board
Disney also announced that Jeff Williams, Apple’s longtime operations leader and former COO, has been nominated to Disney’s board of directors. [12]
For investors, this is less about an immediate catalyst and more about governance and operational discipline—a theme that can matter as Disney juggles streaming product integration, ESPN distribution changes, and large-scale capex across parks/cruises.
The fundamentals: what Disney told investors in its latest earnings and guidance
Disney’s most recent results (fiscal Q4 and full-year 2025, ended September 27, 2025) remain the baseline for most analyst models today.
Key FY2025 takeaways (from Disney’s release and SEC filing)
Disney reported:
- FY2025 revenue:$94.4 billion, up about 3% year over year. [13]
- FY2025 diluted EPS:$6.85 (vs. $2.72 in FY2024), and adjusted EPS of $5.93 (up 19% year over year). [14]
- Experiences segment: record full-year segment operating income of $10.0 billion; Q4 segment operating income $1.9 billion, with growth in domestic and international parks & experiences. [15]
- Direct-to-consumer (DTC): Q4 DTC revenue rose and DTC operating income increased to $352 million in the quarter; Disney also disclosed 196 million Disney+ and Hulu subscriptions and 132 million Disney+ subscribers at quarter-end. [16]
Guidance that still matters for DIS in 2026
Disney’s forward-looking targets were also investor-friendly on capital returns and profitability:
- FY2026 capex guidance: about $9 billion. [17]
- Content investment (Entertainment + Sports): about $24 billion. [18]
- Share repurchases: a target to double repurchases to $7 billion (vs. fiscal 2025). [19]
- Dividend: Disney declared $1.50 per share, in two $0.75 installments (Jan. 15, 2026 and July 22, 2026). [20]
CEO Bob Iger’s tone emphasized operational progress and streaming trajectory, saying Disney made “meaningful progress” in DTC while investing in high-quality offerings and returning more capital to shareholders. [21]
Investor interpretation: The market has largely treated “Experiences durability + streaming profitability + shareholder returns” as the core bull thesis, while keeping a close eye on the linear TV decline and sports rights inflation as the primary offsets.
Streaming and ESPN: pricing, bundling, and why churn still matters
Disney is actively steering consumers toward bundles that can lift average revenue per user and reduce churn—but investors also worry that frequent price changes across the streaming industry can create long-term resistance.
Two timely developments:
- Disney is running a limited-time bundle offer for the Disney+, Hulu, ESPN Unlimited package at $29.99/month for 12 months, with the deal ending January 5, 2026 (and auto-renewing afterward at the then-current retail price; currently listed as $35.99/month for the ad-supported option). [22]
- ESPN has detailed the ESPN Unlimited plan (and how it differs from ESPN Select), including the promotional bundle positioning that keeps Disney+ and Hulu in the ecosystem. [23]
From a stock perspective, these promos are not just “marketing.” They’re part of how Disney can:
- stabilize subscriber relationships as it integrates apps and content experiences, and
- support DTC margins while investing heavily in sports and entertainment content.
Box office momentum: a near-term sentiment tailwind (with legal noise in the background)
While streaming is a valuation centerpiece, Disney’s studios still matter—especially during the holiday corridor, when box office headlines can influence sentiment and earnings expectations for the Entertainment segment.
Recent Reuters reporting highlighted:
- The third Avatar film, “Avatar: Fire and Ash,” opened with roughly $345 million in global ticket sales through Sunday and is positioned as a major holiday season release. [24]
- “Zootopia 2” has been tracking toward the $1 billion global box office club, with particularly strong international performance. [25]
- Separately, Disney and James Cameron faced a copyright lawsuit tied to the Avatar franchise, though the film still reached theaters and the story continues to evolve. [26]
For DIS holders, the simplified takeaway is: strong box office can soften pressure elsewhere, but investors typically discount one-off film wins unless they translate into durable franchise flywheels (merch, parks synergy, streaming engagement).
Wall Street forecasts: where analysts see DIS heading (and the key numbers to watch)
Analyst views on Disney remain broadly constructive, with price targets implying upside from current levels—though opinions vary by firm and by which segment they believe will drive the next leg higher.
Consensus price targets
MarketWatch’s analyst compilation lists:
- High target: $160
- Median: $136
- Average: $133.76
- Low: $77
(Updated Dec. 26, 2025.) [27]
Zacks, in a separate aggregation, shows an average target around $135 (updated Dec. 26, 2025). [28]
What analysts are emphasizing right now
Recent commentary themes include:
- Cruise expansion as an underappreciated growth lever: Barron’s notes analysts watching Disney Cruise Line expansion as a meaningful contributor into fiscal 2026. [29]
- Disney as a “bounce-back” media name into 2026: Barron’s reported Wells Fargo positioning Disney as a top media pick for 2026, citing streaming, parks, and cruises as potential drivers (while acknowledging linear TV headwinds). [30]
- Strategic patience in an industry consolidation moment: Another Barron’s analysis cites MoffettNathanson analyst Robert Fishman arguing Disney could be a relative winner by staying out of certain M&A battles while strengthening its own streaming/services stack. [31]
- Post-earnings target changes: Evercore ISI’s Kutgun Maral raised a Disney price target to $142 while maintaining an Outperform rating after the earnings report, according to The Fly. [32]
How to use these forecasts responsibly: Price targets are typically 12-month views that can shift quickly after earnings, guidance changes, macro shocks, or major content/performance surprises. They’re best used as scenario markers, not promises.
What investors should know before the next session
Because the market is currently open and liquidity is thin, Disney stock could still see a late-day swing. Here’s a practical checklist heading into the close and the next trading day.
Into today’s close
- Watch for late headlines (AI/IP, streaming bundles, sports distribution). These can move DIS disproportionately in thin trade. [33]
- Keep an eye on index dynamics: Disney is a Dow component, and marketwide positioning into year-end can amplify moves. [34]
If you’re holding through the weekend
- AI deal follow-through: Any update on definitive agreements, approvals, or implementation timelines for the Disney–OpenAI partnership could matter. [35]
- Streaming promo cliff: The Disney+/Hulu/ESPN Unlimited promotion ends Jan. 5, 2026—investors will care about whether promos drive durable retention or short-term sign-ups. [36]
- Macro sensitivity: With stocks near records, investors remain focused on rate-cut expectations and Fed signaling, which can affect high-profile consumer and media names. [37]
Next earnings: the date is not perfectly consistent across calendars
Several market calendars currently point to early February 2026 for Disney’s next earnings report, but the exact date varies by source (some list Feb. 4, others Feb. 11). Treat any date as provisional until Disney confirms. [38]
Key links and primary sources (for editors and investors)
- Disney FY2025 earnings release (financials + guidance): [39]
- Disney–OpenAI agreement announcement: [40]
- Reuters report on Disney’s $1B OpenAI investment and licensing details: [41]
- Reuters report on Disney’s cease-and-desist letter to Google: [42]
- MarketWatch analyst price-target snapshot for DIS: [43]
Bottom line: Disney stock is drifting lower in a quiet holiday session, but the real debate for DIS investors is happening at the strategic level: whether Disney can convert streaming profitability + experiences strength + disciplined capital returns into a sustained re-rating, while navigating AI-era IP risk and the evolving economics of sports distribution. [44]
References
1. www.marketwatch.com, 2. apnews.com, 3. www.reuters.com, 4. www.marketwatch.com, 5. www.cbsnews.com, 6. thewaltdisneycompany.com, 7. thewaltdisneycompany.com, 8. thewaltdisneycompany.com, 9. thewaltdisneycompany.com, 10. www.wired.com, 11. www.reuters.com, 12. thewaltdisneycompany.com, 13. thewaltdisneycompany.com, 14. thewaltdisneycompany.com, 15. thewaltdisneycompany.com, 16. thewaltdisneycompany.com, 17. thewaltdisneycompany.com, 18. thewaltdisneycompany.com, 19. thewaltdisneycompany.com, 20. thewaltdisneycompany.com, 21. thewaltdisneycompany.com, 22. www.disneyplus.com, 23. www.espn.com, 24. www.reuters.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.marketwatch.com, 28. www.zacks.com, 29. www.barrons.com, 30. www.barrons.com, 31. www.barrons.com, 32. www.tipranks.com, 33. thewaltdisneycompany.com, 34. www.marketwatch.com, 35. thewaltdisneycompany.com, 36. help.disneyplus.com, 37. www.reuters.com, 38. www.marketbeat.com, 39. thewaltdisneycompany.com, 40. thewaltdisneycompany.com, 41. www.reuters.com, 42. www.reuters.com, 43. www.marketwatch.com, 44. thewaltdisneycompany.com
