Disney CFO Highlights Strength of Higher-Income Guests as Key Driver Behind Parks Performance

Disney CFO Hugh Johnston says higher-income guests remain a core driver of Disney's parks business, helping stabilize demand and support per-cap spending even without major new domestic attractions. Speaking at yesterday's Wells Fargo Technology, Media, and Telecom Summit, Johnston discussed guest mix, bookings, spending, and how Disney viewed competition from Universal's Epic Universe.

Johnston said Disney's domestic parks "tend to be at the higher income deciles," and that these consumers "continue to do well." He connected that stability to steady attendance trends, strong per-cap spending, and positive booking indicators heading into fiscal 2026.

Photo: WDWMAGICSpenging trends remain solid at Walt Disney World, with domestic per-caps growing 5% for the year

Attendance, Spending, and Competition From Epic Universe

Attendance at the domestic parks was down 1% for fiscal 2025 - a result Johnston said matched internal expectations. He noted the company entered the year with questions circulating about the opening of Epic Universe in Orlando, but said Disney believed it had the situation managed. As the year played out, attendance "came in within our expectations." A hurricane in the first quarter created a one-point drag, making underlying attendance effectively flat.

Per-cap spending remained strong across tickets, food and beverage, merchandise, and paid add-ons. Johnston said domestic per-caps grew 5% for the year and described the spending trends as solid.

Domestic park operating income grew 8% for the full year and 9% in the fiscal fourth quarter.

Photo: WDWMAGICWalt Disney World is heading into the holiday season with bookings up 3%

Yield Strategy and Guest Mix

Johnston said yield is a major focus in years without new domestic park capacity. That includes ticket pricing, in-park spending, Lightning Lane, VIP Tours, and other paid options. He said the team has "gotten increasingly better at getting that yield up," particularly when attendance remains steady.

He also confirmed that Disney is testing dynamic pricing at Disneyland Paris. Early results are positive, but he said domestic adoption would not happen this year. Read more: Disney CFO Says Dynamic Pricing Could Be Coming to Walt Disney World and Disneyland

Bookings Point to Steady Demand

Bookings for the first quarter of fiscal 2026 are pacing up 3%, with full-year bookings also ahead of last year. Johnston noted that only about 40% of park visitors stay at Disney hotels, so bookings are only one indicator, but he said the trends support a stable outlook for the year.

A Strategy Built Around Spending Power

Johnston's comments highlight how higher-income guests continue to shape park performance, from spending levels to early booking trends. As Disney prepares for new attractions in the years ahead - including Cars-based additions at Walt Disney World, Encanto and Indiana Jones at Animal Kingdom, and expansions in Paris and Shanghai - the company continues to rely on steady demand from guests who support higher per-cap revenue.

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