Josh D’Amaro Talks Disney World Strategy in First CNBC Interview as CEO

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“We kind of are defying gravity on that front.” Josh D’Amaro joined CNBC’s Julia Boorstin for his first CNBC interview since becoming Disney’s CEO five months ago, speaking outside the Disney+ Expo hall at D23 before doors opened.

The D’Amaro CNBC interview covered parks growth, streaming strategy, and his plan to run Disney as one unified business.

Here’s what he said.

Quick Summary

• D’Amaro pointed to revenue growth and 28% earnings growth in his first full quarter
• He called the parks division “a big surprise to people”
• His focus is storytelling, speed, technology, and operating as “one Disney”
• Streaming becomes the company’s “digital centerpiece” with one account across everything
• Disney’s stock is down 11% over the past year, up 4% since he became CEO
• He said he isn’t satisfied with where the stock sits

The First Quarter Assessment

D’Amaro said he feels good about where the company stands after his first full quarter as CEO, pointing to revenue growth, 28% earnings growth, and what he called a surprise from the parks division.

“The parks, I think, were a big surprise to people, and they just keep generating returns for the company,” D’Amaro said. Streaming also expanded its margins during the quarter.

He credited former CEO Bob Iger for handing him a strong business:

• Streaming turned profitable under Iger
• The Parks Division saw investment D’Amaro said is now paying off
• ESPN completed its move to direct-to-consumer streaming
• The film slate remains strong

The Four Priorities

From here, D’Amaro said his focus shifts to four areas:

• Storytelling
• Moving with more speed and urgency
• Embracing technology
• Operating as “one Disney” across every division

“There are so many other competitors out there that would love to have the IP that we have, that would love to have the collection of businesses that we have and the scale,” D’Amaro said. “If we operate as one consolidated business across everything that we do, that is incredibly powerful.”

Streaming as the “Digital Centerpiece”

D’Amaro described streaming as becoming the company’s “digital centerpiece.” That means one account and one membership across all of Disney, including the parks.

Disney already collects data through Disney+ and through your visits to Walt Disney World. D’Amaro said combining that data lets Disney speak to guests “with one voice” instead of treating each business separately.

For park guests, that could mean a more connected link between your streaming account and your park visits — from planning tools to loyalty perks. D’Amaro said the goal is to raise lifetime value for fans and returns for shareholders.

What “One Account” Actually Means

This is the part worth thinking about rather than skimming.

The upside is real. A single login connecting Disney+, park tickets, resort bookings, and dining would genuinely simplify a system that is currently fragmented across My Disney Experience, Disney+, shopDisney, and Disney Vacation Club. Anyone who has reset four different Disney passwords in one week understands the appeal.

The other reading is equally accurate. “Combining that data lets Disney speak to guests with one voice” describes a considerably more detailed customer profile — what you watch, when you visit, what you buy, where you stay, and how those correlate.

Both descriptions are true at once, and D’Amaro’s framing of “lifetime value” is candid about the commercial logic. He isn’t hiding the ball.

Worth watching how this is implemented, and what the opt-outs look like.

On the Stock Price

Disney’s stock is down 11% over the past year, though it’s up 4% since D’Amaro became CEO.

He said he isn’t satisfied with where the stock sits right now, but pointed to third-quarter earnings as proof his strategy is working.

“Some of the businesses that investors have questions about, parks for example, in Q3, I think we kind of are defying gravity on that front, and that’s just because of how we’re investing in these businesses,” D’Amaro said.

The Parks Numbers Behind That Claim

For context on “defying gravity,” Disney’s fiscal Q3 results showed:

• Experiences revenue of $9.97 billion, up 10%
• Operating income of $3.02 billion, up 20%
• Domestic park attendance up 3%
• Per capita spending up 4%

Worth noting the operating income figure included roughly $100 million in one-time tariff refunds, contributing about four points of that 20% growth. Underlying operational growth was closer to 16% — still strong, just not quite the headline number.

The Plan Going Forward

D’Amaro said the plan stays the same:

• Grow streaming
• Keep investing in the parks and experiences business
• Finish the ESPN direct-to-consumer transition
• Keep making strong films

Why This Interview Matters for Parks Fans

A CEO who came up through the parks now running the whole company is a genuinely unusual situation.

D’Amaro was Chairman of Disney Experiences before taking the top job, and before that he held roles at Disneyland Resort and Walt Disney World. That’s a different background from Iger, whose career ran through ABC and network television.

The practical question is whether that changes capital allocation. Parks are capital-intensive with long payback periods, and they have historically had to argue for funding against studio and streaming priorities.

A CEO who understands that argument from the inside may weight it differently. The expansion slate announced at this same D23 — the largest in Walt Disney World’s history — suggests he does, though most of that was approved before he took over.

The Bottom Line

The D’Amaro CNBC interview covered his first full quarter as CEO, with revenue growth, 28% earnings growth, and parks performance he described as “defying gravity.”

His four priorities are storytelling, speed, technology, and operating as one Disney, with streaming becoming a “digital centerpiece” linked to a single account across all businesses including the parks.

Disney’s stock is down 11% over the year and up 4% since he took over. He said he isn’t satisfied with where it sits.

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