Bloomberg Intelligence Senior Media Analyst Geetha Ranganathan discusses Disney's earnings and the factors weighing on the stock. She joins Caroline Hyde and Ed Ludlow on "Bloomberg Tech."

Hollywood

Disney's shares have fallen by 10%, marking their largest drop since November 2022, as investors react to ongoing uncertainty about the company's leadership succession and a less optimistic outlook for fiscal 2026. Despite achieving 19% EPS growth in fiscal 2025, analysts were disappointed by the lack of more concrete guidance for the coming year, especially with several business catalysts on the horizon.

The succession debate is reportedly narrowing to Dana Walden, head of creative, and Josh D'Amaro, head of parks, with speculation about whether Disney might adopt a co-CEO structure. The company is expected to make a final decision on its leadership by the end of March, as succession planning remains a persistent concern for stakeholders.

Succession questions hang over Disney

The market's not giving any sort of optimism here. Why are they beating up so hard on Disney. Yeah I think after you know Caroline you come off of fiscal 2025 delivering 19 percent EPS growth. You know you obviously have some very solid momentum in the business. Yes granted fiscal first quarter of 2026 looks a little light. They're dealing with a lot of different cost issues whether it's on the studio side in terms of launch costs for you know cruises. So there's a little bit of all of that that they have to contend with. But I think you know the street was really expecting I think something much more specific and much more concrete something better than just double digit EPS growth for 2026 especially when they have the benefit of a lot of different catalysts that come in fiscal 2026. I mean the stock's down 10 percent right. That puts it on track for its biggest drop since November of 2022. You heard the final question asked and answered to Hugh of what happens next with succession. Is that an overhang on the stock here. I think a little bit. And I mean you know we know that you know the Disney succession issue has really been bungled so many times right now. It's this has been an ongoing question for them for for almost a decade I would say. You know it seems like things are moving in the right direction. It's kind of turning into I think a two horse race between Dana Walden who heads the creative division at Disney as well as Josh tomorrow who heads the parks. And this has kind of been the eternal question for Disney. Do you have somebody who is at the head of creative who can talk to talent who can talk to all of those Hollywood executives. Or do you need somebody who you know heads the parks who you know which is basically 60 percent of the company's profit. I really don't know how it's going to shake out. Maybe they have a co-CEO structure like like Netflix like Spotify is doing. But again we have to wait and watch till the end of March.

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