Bank of America analysts project that Disney’s fiscal first quarter will produce a mixed performance, reflecting fluctuating parks attendance, slower-than-expected streaming subscriber growth and timing shifts in film releases. The team forecasts theme-park per-capita guest spending up just 2% year-over-year in the quarter, versus 5% growth in the prior quarter, while Disney+ net additions may total 1.1 million, below the 1.5 million consensus estimate. Analysts expect profitability in streaming to improve in the back half of the year as content amortization peaks and higher average revenue per user from ad-supported tiers scales up. They model full-year free cash flow for the company at $9.8 billion, up 12% versus last year, driven by stronger theatrical and consumer product revenue in the second half.

In a tit-for-tat escalation, Dish has lodged federal antitrust and breach-of-contract claims against Disney in the Southern District of New York, contending that its refusal to grant Dish the same carriage terms enjoyed by other distributors violates Most Favored Nation clauses. Dish argues that its temporary Sling Passes, which launched in August and offer day, week and weekend access to ESPN for a one-time fee, comply with the existing license agreement’s lack of minimum term requirements and present pricing ‘‘objectively reasonable’’ compared with monthly subscriptions. Judge Arun Subramanian declined Disney’s request for a preliminary injunction in November, ruling that Disney had not shown quantifiable harm to ESPN’s direct-to-consumer platform. Dish now seeks dismissal of two key counts in Disney’s amended complaint while pursuing Sherman Act violations related to Disney’s bundling of lower-value channels.

Disney’s board has signaled it will announce Bob Iger’s successor in the coming months, breaking with the abrupt handoff seen in 2020 and allowing for a transition window of nearly a year. Investors anticipate the new CEO will emerge from Disney’s senior ranks to ensure continuity across its four key segments: parks & experiences, media networks, direct-to-consumer and studio entertainment. At the same time, the company is expected to resist large-scale media acquisitions in 2026, still integrating its Fubo purchase and navigating regulatory scrutiny. With three consecutive films topping $1 billion globally in 2025, Disney’s content pipeline remains robust, underpinning analyst forecasts of double-digit earnings growth from streaming profitability and a return to mid-teens operating margins by fiscal 2027.