Walt Disney Company (The)

Evidence of pricing power is strongest in Experiences and improving in streaming. Parks and Cruise continue to lift pricing with limited demand destruction when tied to capacity additions and experience upgrades; FY2025 Experiences operating income hit a record, aided by mix and pricing.

Streaming ARPU rose as Disney prioritized profitability over subscriber growth, with Entertainment DTC generating $1.33 billion OI for the year; FY2026 guidance targets a 10% margin for Entertainment SVOD, implying continued ARPU and ad monetization gains.

Linear network ad pricing is pressured by ratings declines, and theatrical pricing is limited by market norms. Net: demonstrated pricing power where the moat is deepest (Experiences) and latent power in SVOD if engagement remains strong and churn stays controlled.