Core Viewpoint - Walt Disney's shares have fallen below $100 for the first time in over 10 months, despite the company having more positive news than negative during this period [1] Financial Performance - Fiscal 2025 saw a revenue increase of 3%, with adjusted earnings and free cash flow rising by 18% and 19% respectively, surpassing Wall Street's profit expectations for all four quarters [4] - Fiscal 2026 began positively with another earnings beat, and the company is projected to achieve double-digit earnings growth in the next two fiscal years [4] Business Segments - Disney is performing well outside of its legacy linear networks business, with three films surpassing $1 billion in global box office receipts last year, aside from one blockbuster from China [5] - The theme park segment continues to thrive, even in Florida, despite competition from Comcast's Universal Epic Universe, which is the first major new attraction in 24 years [5] - The streaming business became profitable in fiscal 2024 and is expected to accelerate further in 2025 [5] Economic Context - The company faces challenges due to inflationary pressures, particularly rising fuel costs affecting travel, which may reduce consumer spending on entertainment [2] - Advertisers are likely to cut back on spending during economic uncertainty, impacting Disney's revenue from advertising [3]