<p>From “<strong><a href="https://thescienceofhitting.com/p/disney-rewiring-the-earnings-engine">Disney: Rewiring The Earnings Engine</a></strong>” (November 2025):</p><p>“While I believe the stock is attractively priced at current levels, and is likely to deliver strong returns over the next five years, I think that conclusion is reasonably accounted for <a href="https://thescienceofhitting.com/p/portfolio-change-04302026">at its current portfolio weighting</a> - admittedly, an answer partly informed by the pain incurred owning Disney over the past 5+ years. There are two scenarios where that conclusion may change: if the stock price faces continued near term pressure, or if we receive encouraging details on early adoption of ESPN flagship… While this remains a messy story, I see reason to believe today’s setup is favorable for patient investors.”</p><p>The messiness cited above applies to Disney in a few ways: they operate in an industry that is undergoing significant change; they have <a href="https://www.bloomberg.com/news/articles/2026-02-03/disney-says-parks-chief-josh-d-amaro-will-succeed-iger-as-ceo">a new CEO</a> who may aspire to put his own stamp on Disney’s strategy, <a href="https://www.hollywoodreporter.com/business/digital/new-star-wars-games-fortnite-mandalorian-partnership-1236580640/">particularly in gaming / interactive</a>; and the company recently restructured its segment financials - <a href="https://www.sec.gov/Archives/edgar/data/1744489/000174448923000203/fy2023_q4xreportingxchange.htm">again</a> - with less granular reporting, most notably within DTC and at ESPN.</p><p>And yet, I think that <a href="https://s206.q4cdn.com/979796730/files/doc_events/2026/May/06/q2-fy26-transcript.pdf">the Q2 FY26 call</a> – CEO Josh D’Amaro’s first – was unambiguous and focused. It was a step in the right direction for Disney that reflects some fresh perspective as the company begins the post-Iger era.</p><p>Disney’s strategy is focused on four key areas:</p>
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