Bob Iger handed the Disney CEO job to Josh D'Amaro in March, and the stock is up 4% since then. That gain trails the 8% rise Disney shares posted during Iger's second run over 40 months. The gap leaves investors with a simple question: whether the new chief can translate a heavy spending plan into faster growth.
Disney's $60 billion bet
$60 billion is going into Disney's experiences business over 10 years, with half aimed at theme parks. Less than a third is set aside for infrastructure, and the rest goes to cruise ships. The split shows where capital is being concentrated inside the company: physical assets that can draw repeat visits and support higher spending per guest.
7% revenue growth and 15% adjusted earnings growth in the latest quarter give that plan some current support. Disney's experiences segment produced 54% of segment operating profit, while global theme parks posted a 4% increase in guests and domestic resorts delivered a 3% gain. Per capita revenue at the theme parks rose 4%, giving the spending program a clear operating base.
Josh D'Amaro after March
March marked the handoff from Iger to D'Amaro, less than five months into his run as CEO. Iger, who led Disney from 2005 to 2020 before returning two years later, built his reputation on large studio deals, including Pixar, Lucasfilm, and 21st Century Fox. D'Amaro inherits a company where the capital plan is now tilted toward experiences rather than another acquisition-led strategy.
$9 billion in repurchases this fiscal year adds a second use for cash beside the $60 billion commitment. That mix matters for shareholders because one pool is aimed at building parks, infrastructure, and cruise ships, while the other returns capital directly to owners. D'Amaro is also expected at D23 this weekend with Neil Patrick Harris, putting the experiences push in front of the audience most tied to it.
4% stock gains since March still leave Disney behind the 8% advance during Iger's second stint, and AI is not the top capital priority. For now, the market can see where the money is going and where the leadership baton landed; the remaining test is whether that spending plan can keep turning guests, visits, and per-capita revenue into a better share price.
