New York, January 22, 2026, 19:56 EST — after-hours.
Shares of The Walt Disney Company were mostly flat in after-hours trading Thursday following a proxy filing that set a virtual annual meeting for March 18. The filing also revealed the board plans to appoint its next CEO in early 2026. Disney’s stock edged up 4 cents, or roughly 0.04%, to $113.21, after fluctuating between $112.20 and $114.24 during the regular session. Chairman James P. Gorman described succession planning as a “top priority.” 1
The proxy statement — the key document shareholders rely on to vote on directors and executive pay — has evolved into a barometer for Disney’s governance and timing, beyond just compensation details. Investors want clearer signals on when the company will move past discussing the next CEO and finally appoint one.
This matters more than ever as Disney bets heavily on streaming and theme parks to drive growth, while traditional TV keeps shrinking. A drawn-out CEO search could just add uncertainty to an already tight outlook on margins and cash flow.
The proxy materials highlighted operating momentum Walt Disney claims to have achieved in fiscal 2025, including $1.3 billion in operating profit from its entertainment direct-to-consumer segment, which covers its streaming services. They also noted about $3.5 billion in share buybacks completed in fiscal 2025, with a $7 billion repurchase target set for fiscal 2026, alongside a $1.50 per-share cash dividend. 2
Separately, a Form 144 notice filed Thursday revealed Chief People Officer Sonia L. Coleman intends to sell 2,473 shares, valued at roughly $281,922. The filing noted the shares came from restricted stock units vesting and cited a Rule 10b5-1 trading plan set up in May 2025. 3
Disney plans to report its fiscal first-quarter earnings ahead of the market open on Feb. 2, the company announced. A webcast with company executives will follow at 8:30 a.m. ET that same day. 4
But the trade has clear vulnerabilities. A weaker ad market, rising sports-rights fees, or a drop in travel spending could squeeze cash flow, making it tougher to justify buyback targets—especially with streaming competitors tightening the grip on content budgets.
The stock’s been hovering around $113, and Feb. 2 is the next major event—not only for the quarterly results but also for any fresh hints on when the CEO might step down.
