Disney’s New Chapter in 2026

Just before Thanksgiving, Zootopia 2 lit up global screens, proving Disney’s creative engine is still alive. The upcoming Avatar: Fire & Ashes will further bolster the holiday box office.

However, Disney’s true profit engine is not movies but Disney Experiences—parks, cruises, merchandise, and resorts—led by Josh D’Amaro. In FY2025, this division generated over $8.1 billion in operating profit, surpassing film, streaming, and sports combined.

With CEO Bob Iger’s contract expiring at the end of 2026, the board faces a succession choice. The two leading candidates are:

• Josh D’Amaro: A veteran operations leader with 27 years at Disney, covering parks, merchandise, and cruises. Expert in experience economy and IP monetization.
• Dana Walden: Hollywood entertainment powerhouse, excels in content creation and streaming. Drove multiple hits and achieved early streaming profitability.

Their philosophies differ sharply: D’Amaro focuses on experience and commercialization, while Walden emphasizes storytelling and creative content.

The next CEO will face three key challenges:

1. Park expansion: Can $60B investment maintain 20%+ ROI?
2. Streaming growth: How to achieve double-digit growth amid competition from Netflix, Amazon, and YouTube TV?
3. Revitalizing IP: Can Marvel, Star Wars, and Pixar return to “must-watch” status rather than just “watchable”?

Disney’s board has a strict transition plan: announce the successor early 2026 and complete the handover by year-end. Whether an experience-focused CEO or content-focused CEO takes the helm, 2026 will mark a true new chapter for Disney.