Disney Says Film Studio’s Expenses Weigh on Current Quarter

Summary

Bloomberg Intelligence Podcast Summary

Episode: "Disney Says Film Studio’s Expenses Weigh on Current Quarter"
Hosts: Scarlett Fu & Paul Sweeney
Date: November 13, 2025

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Episode Overview

This episode of Bloomberg Intelligence brings together Scarlett Fu and Paul Sweeney alongside leading Bloomberg analysts to examine recent market trends, with deep dives into Disney’s fiscal performance, streaming strategy, succession planning, Cisco’s AI-fueled growth, and the shifting landscape of the athleisure and retail sectors. The discussion is data-driven, candid, and peppered with quotes and clear opinions from experts.

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Disney’s Latest Results and Strategic Challenges

With Geetha Ranganathan, US Media Analyst, Bloomberg Intelligence
[Segment Start: 01:54]

Key Discussion Points:

1. Disney’s Q4 Fiscal Results: “Good, Not Great”

• (02:30) Geetha Ranganathan: “It came off as a little bit of a lackluster report. … The parks business brings in about 60% of profits. Things seem to be going pretty strong. … But Disney has this very, very tough balancing act.”
• Parks posted a 13% jump in operating profit, but performance was counterbalanced by weak linear TV and unpredictable studio results.
• 2026 guidance is promising, but negative sentiment lingers due to “drag down from the TV networks and the studios”.

2. Streaming Bundling & Subscriber Momentum

• Disney’s future hinges on bundling strategy—evident in ESPN’s premium app and cross-platform packages.
• (03:34) Geetha Ranganathan: “The traction has been pretty good … The whole bundling strategy … is really going to be the main driver for earnings growth for them going forward.”
• 40% of new subscribers take the Disney bundle.
• Price increases and churn management are central to the model.

3. The Bundling Dilemma: Consumer Confusion

• (04:36) Paul Sweeney: “Is the consumer better off? And my answer is absolutely not.”
• Scarlett notes the cycle of bundling/unbundling in media: “It’s too confusing. It’s way too confusing.” (04:42)
• Geetha sees ongoing upside as bundling expands, possibly with Fox, NBC, or Amazon integrating their sports apps.
• Collaboration with FOX’s new Fox One streaming product is in the works.

4. Content Rights & Platform Powerplays

• Ongoing standoff between Disney and YouTube TV highlights industry “game of chicken” over distribution.
• Disney commands about 40% of US sports viewing, making them hard to ignore for rivals.
• (06:06) Geetha Ranganathan: “When it comes to sports content, I have to say Disney has the upper hand a little bit.”

5. Succession Planning for Bob Iger

• Uncertainty remains, with decision expected by March 2026.
• (06:48) Geetha Ranganathan: “Right now it's really looking like it's going to be internal candidates. … I think they're going to kind of keep it internal.”

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Cisco’s Quarter: Growth, AI, and Strategic Bets

With Woo Jin Ho, Senior Technology Analyst, Bloomberg Intelligence
[Segment Start: 10:12]

Key Discussion Points

1. Cisco’s Solid Results & AI Growth

• Cisco reported a “beat and raise” quarter, though guidance remains “maybe even a little conservative” given recent momentum.
• Stocks hit an all-time high, fully recovering from the 2000s tech bubble.
• (11:33) Woo Jin Ho: “On the core networking side, there’s still the 800-pound gorilla there. … They have this tremendous upgrade cycle … The AI is actually the cherry on top.”

2. AI Revenue and Competition

• AI now a clear growth lever: $1B revenue in 2025, on track for $3B; $1.3B orders in the most recent quarter.
• Facing strong competition: Arista (networking), Broadcom (chips), Nvidia (switching).
• Cisco’s balance sheet provides M&A firepower.

3. Acquisitions & Security

• Recent Splunk acquisition reflects pivot to recurring software revenue.
• Past M&A (up to a decade ago) now starting to bear fruit.
• Investments in infrastructure (e.g., Cohere, CoreWeave) hint at future AI positioning.
• (13:04) Woo Jin Ho: “They’re going to start leaning into the AI side … But it’s going to be small and unlikely large.”

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Tracing Retail and Athleisure Trends

With Poonam Goyal, Senior US E-Commerce and Retail Analyst, Bloomberg Intelligence
[Segment Start: 17:27]

Key Discussion Points

1. Athleisure Market Overview

• Category still outpaces broader apparel, though Lululemon’s 2025 share collapse (down 55%) signals turbulence.
• (18:02) Poonam Goyal: “The athleisure market is still big and growing. … It’s still Nike, right? At over $40 billion in sales annually, Adidas is the second.”

2. Brand-Specific Dynamics

• Lululemon’s challenge is product differentiation, not brand perception.
• Nike is actively turning its business around and expected to recapture momentum in late 2026.
• Allbirds struggling with product resonance.
• (18:31) Poonam Goyal: “If you look at Nike, Nike is clearly under a turnaround. … Next year, we’re looking at low single-digit growth rates for the whole year.”

3. Globalization of Athleisure

• Asia (especially China) is vital for future growth, despite mixed trends.
• European markets lean “dressier”, but athleisure’s global presence is expanding.

4. Under Armour’s Perpetual Turnaround

• CEO Kevin Plank returns; focus is on product excellence, reduced off-price sales, and athlete endorsements.
• (20:59) Poonam Goyal: “I’d say that in the early signs of it, they’re doing what they need to do. It’s working, but I’m not sold yet. … It needs to be sustained.”

5. Competitive Scene

• Category remains hypercompetitive. Even legacy brands like Puma struggle to stay relevant.

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Notable Quotes & Memorable Moments

• “The history of media is about bundling and unbundling. … Now we’re back to bundling again.”
  – Scarlett Fu (04:17)

• “There’s way too much fragmentation. … It’s becoming a great source of friction for the average consumer.”
  – Geetha Ranganathan (04:57)

• “Product is still king. You have to have the right product, you have to have the right customer connection.”
  – Poonam Goyal (20:59)

• “After 25 years … they’ve gotten that market cap back, so good for them and their patient shareholders.”
  – Paul Sweeney on Cisco’s rebound (11:01)

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Timestamps for Major Segments

• Disney’s Earnings Analysis: 01:54 – 07:21
• Cisco’s Results & Tech Outlook: 10:12 – 14:05
• Athleisure & Retail Trends: 17:27 – 21:42

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Tone and Language

• Candid, data-driven commentary: Analysts deliver both praise and skepticism, balancing optimism about new strategies with acknowledgement of persistent challenges.
• Conversational and accessible: The hosts and experts keep the jargon minimal and relatable, making industry dynamics clear even for non-experts.

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Summary Takeaways

• Disney continues to juggle profitable parks, striving streaming, and struggling linear TV—and sees bundling and sports rights as the path to future growth.
• Succession uncertainty around Bob Iger persists but is expected to resolve with an internal candidate.
• Cisco’s networking dominance continues, now supercharged by AI, with further growth likely from recent and future smart investments.
• The athleisure market remains robust globally, but brands like Lululemon and Under Armour face existential tests around product innovation and customer connection.

Listen to the next episode for continued coverage of sector dynamics and company strategies with Bloomberg’s team of expert analysts.

Transcript

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[Scarlett]

Let's move on here because we're talk about how the Dow Industrials is outperforming the NASDAQ 100 for a third straight day. So that move to go beyond MAG7 is certainly taking place here, at least recently. Although I look within the Dow Industrials, it is really Amgen and Cisco leading the way and the biggest drags on that measure are Caterpillar and Disney. So let's talk a little bit about Disney right now with our very own Geetha Ranganathan. She is our US Media Analyst for Bloomberg Intelligence. And Geetha, you took a look at Disney's fiscal fourth quarter results and your verdict is good, not great.

[Geetha Ranganathan]

Yeah, that's exactly right, Scarlett. It came off as a little bit of a lackluster report. I mean everything if you look at the fundamental drivers of the company, which is really the parks business brings in about 60% of profits. Things seem to be going pretty strong There we saw a 13% jump in operating profit for the fiscal fourth quarter. Again, the guidance for 2026 seems pretty good as well, but really, Disney really has this very, very tough balancing acts. On the one hand, they have the parks business, they have the streaming business, which is doing really well from a profitability standpoint. But to drag it down, you have the linear TV networks and then you have the hit and miss nature of the Hollywood studio business. So they have to contend with all of those different moving parts. And I think that the drag down from the TV networks and the studios is kind of weighing a lot on the narrative today.

[Paul]

Geeta, talk to us about some of their bundling of all their streaming services, particularly that ESPN app that really put a lot of the real valuable sports programming on that ESPN app. How are the early results from terms of subscriber growth?

[Geetha Ranganathan]

So they didn't give us any hard number there, Paul, in terms of the number of subscribers that they got on the ESPN ultimate product, which is priced at 29.99amonth. But they did talk about in general that the traction has been pretty good. They talked about the whole bundling strategy because that is where Disney really wins. I mean, if we've seen some of the numbers from Disney, we know that 40% of new subscribers actually take the Disney bundle. And this is really going to be the strategy for them going forward. Right? You get people in with the bundle and that's how you kind of stem churn. You're able to take price increases. So it's really going to be the main driver for earnings growth for them going forward. And that's exactly what they indicated on the on the call as well.

[Scarlett]

Paul, I can't remember who said this, but it's so true that the history of media is about bundling and unbundling. We went through this period where everyone cut the cord and everyone unbundled and now we're back to bundling again. Although it's, you know, in these discrete groups where Disney might bundle Disney plus and ESPN plus together and then if you are a T Mobile subscriber, you might get some other options and here.

[Paul]

But here's my point, that's fine. Is the consumer better off? And my answer is absolutely not.

[Scarlett]

It's too confusing. It's way too confusing. Geetha, when it comes to bundling, how much more can they do though? I mean, I see what you're saying about how it's paying off right now, but I mean, can they continue to innovate on their bundling or is it or have we reached the limits of it?

[Geetha Ranganathan]

I don't think we've reached the limits at all, Scarlett. So I think what they're ultimately, what they're ultimately aiming for with their ESPN product and you know, they just introduced the streaming product a couple of months ago. I think ultimately they wanted to kind of become the premier sports destination. So, you know, ultimately I wouldn't be surprised if you see a Fox or an NBC or you know, even maybe an Amazon kind of feeding in all of their apps so that you go to this one stop shop for, you know, ESPN and you're able to see all different kinds of sports content because you're absolutely, absolutely right. There's way too much of fragmentation. It's becoming, it's becoming a great source of friction for the average consumer. And so I think they're going to seek out a lot more different bundling opportunities. We're already seeing them kind of do something with ESPN ultimate and Fox one, which is Fox's streaming product that they also just introduced a few months ago. So they're going to look to partner with different media platforms across the ecosystem and I think that is going to be a source of, you know, great upside opportunity for them eventually.

[Scarlett]

Is everyone willing to play ball on something like that, Geeta? Or is there someone who's going to say, you know what, you can't get me in here and I own or I have the rights over X number of NFL games.

[Geetha Ranganathan]

So actually that's what we're seeing right now. There is the standoff going, going on between Disney and YouTube TV and it's really all, again, it's just a game of chicken here. So, you know, when it comes to sports content, I have to say Disney has the upper hand a little bit. So if you just kind of look at sports viewing in the United States, Disney has about 40% of sports viewing just with, you know, marquee rights tied to all major leagues. You know, college football, NFL, NBA, mlb, they have it all. So I think it becomes a little harder to say no to them. But again, never say never.

[Paul]

All right, Keith, I'm reluctant to ask this question, but I feel like I have to. What's the latest on Bob Iger succession plan?

[Geetha Ranganathan]

Yeah, this is the big thing that we're all looking at in fiscal 2026. So James Gorman, who's kind of heading up this whole succession planning committee pa has said that, you know, the board will be out with a decision by the end of March. So Bob Iger's contract comes to an end. By the end of 2026. So hopefully we do have some kind of clarity on that. Right now it's really looking like it's going to be internal candidates. I mean, there was some, you know, rumors and buzz about whether they were looking externally, but I think they're going to kind of keep it internal.

[Paul]

Stay with us. More from Bloomberg Intelligence coming up after this.

[Baillie Gifford Representative]

What is actual investing? We believe that it's a real world task to deliver thoughtful capital deployment. It's not about speculating over the short term. It's about understanding the long term opportunities for companies through technological progress or new business models. So we seek out those exploring big new ideas that will change the world. Then we back them to give those ideas time to flourish. Bailey Gifford Actual Investors Find out [e-mail].

[Paul]

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[Scarlett]

Let's talk about some of the big movers in the market today. And one is an old school name that we've been talking a lot about and that's Cisco coming out with results that show that it's definitely a part of this AI conversation. Woo Jin Ho is the Bloomberg Intelligence Senior Technology Analyst. He covers Cisco and Woojin. You are looking at this beat and raise quarter for Cisco and thinking that the outlook is maybe even a little conservative and Cisco can do better than what it's promised.

[Paul]

Yeah.

[Woo Jin Ho]

Hey Scarlet, thanks for having me on. I'll tell you, they did raise their outlook off of the first quarter beat in the second quarter guide, but when I look at the second half of the year, you know, there were $100 million below consensus expectations. So given the strong momentum that they've already had in the first half of the year, I don't see why it can't get any better.

[Paul]

All right, the Stock's hitting a 52 week high today and I put up my GP chart which graphs out, I go all the way back to March of 2000. I think they've just set a new all time high that was set back in March 31st of 2000. So after 25 years it's a long round trip. They've gotten that market cap back, so good for them and their patient shareholders. So talk to us about the competitive landscape for somebody like Cisco here. How has that changed and how are they stacked up?

[Woo Jin Ho]

Yeah, so we got to look at in two or three different buckets. Right. On the core networking side, there's still the 800 pound gorilla there and that's actually been doing a lot better than I had anticipated. And they have this tremendous upgrade cycle that they're going to have grow off of for the next couple of years. And you know, given that they have the largest networking base out there, there's a lot to upgrade and that's going to be supplemental growth. Now the AI is actually the cherry on top of this. Right. They're relatively a newer player to AI. They've, they've been more known to the enterprise base and that's been growing quite nicely. $1 billion in revenue in fiscal 25. They said on the call yesterday they're going to be they're on pace for $3 billion in revenue, $1.3 billion in order in this quarter alone. And they have the products to win. So who do they come up against on the front? Arista on the networking side, Broadcom on the chip side, Nvidia on the switching side. So they are coming up against some heavy hitters and Cisco has the balance sheet, importantly the balance sheet to help support their growth in terms of M.

[Scarlett]

And A is there are you looking for them to do anything? I was just checking in. It seems like they did buy software maker Splunk in 2024 to diversify into security products. Is now a good time for them to kind of build out their empire a little bit more?

[Woo Jin Ho]

Yeah. And this is one of the things that I'm waiting for. Right. The Splunkier, the Splunk M and A was more of their hey let's, let's switch over to a recurring revenue software software based era. Right. I think the phase three of M and A is going to be more on the side now I will tell you M and A, the acquisitions they made about a decade ago is actually start to come into fruition here to help some of their infrastructure. But you know, some, some of the interesting things that they've invested in over the past, I would say a year, two or two, they've been investing in some infrastructure guys and such as a cohere and I believe they have a little piece of core weave as well. So I'm curious where they go with that going forward. But it's going to be they're going to start leaning into the AI side is my guess. But it's going to be small and unlikely large.

[Paul]

Stay with us. More from Bloomberg Intelligence coming up after this. Support for the show comes from public.com you're thoughtful about where your money goes. You've got your core holdings, some recurring crypto buys, maybe even a few strategic option plays on the side. The point is you're engaged with your investments and Public gets that. That's why they built an investing platform for those who take it seriously. On public you can put together a multi asset portfolio for the long haul. Stocks, bonds, options, crypto, it's all there. Plus an industry leading 3.6% APY high yield cash account. Switch to the platform built for those who take investing seriously. Go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market paid for by Public investing. All investing involves the risk of loss, including loss of principal. Brokerage services for U.S. listed registered securities options and bonds in a self directed account are offered by Public Investing Inc. Member FINRA and SIPC Crypto trading provided by Zerohash. Complete disclosures [e-mail] Disclosures.

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[Scarlett]

All right, let's talk a little bit about the retail sector and Athleisure because that was a big thing a couple of years ago, but it seems like it's had its moment and you just look at Lululemon shares and how they've done and that kind of tells you what's happened to the Athleisure Trend. Lululemon shares down by 55% in 2025. Poonam Goyal is Senior US E Commerce and Retail analyst here at Bloomberg Intelligence. And she More and put them. You recently authored a report about how Adidas may lead athleisure in 2026. But how big is that Athleisure market right now?

[Poonam Goyal]

The athleisure market is still big and growing. So when you think about who dominates, it's still Nike, right? At over $40 billion in sales annually, Adidas is the second. And when you think of Lululemon, it's far behind. It's still, you know, expected to be at $12 billion in the next year.

[Scarlett]

Of a specialist.

[Poonam Goyal]

It is. Exactly. But in terms of the market, when you think about Athleisure and you think about the broader apparel market, Athleisure is still growing faster than the broader, broader apparel.

[Scarlett]

What are the growth rates?

[Poonam Goyal]

The growth rates, if you look at Nike, Nike is clearly under a turnaround. But if you look at the average growth rate, you're looking at the single digits. It's in the high single digits to mid single digits. And if you think about it, next year, we're looking at low single digit growth rates for the whole year. But that's because there is turmoil between the names, right? There are some names that are losing share, especially the smaller names. Like when you think of Allbirds, right? Allbirds has gone through a whole transformation or is trying to, and it's really not resonating with its shoppers like it planted. When you think of Lululemon, the issue isn't the brand. The issue is the product. It's the product that isn't resonating as well as it did because there isn't just much of a difference between what we already see out there and then Nike, I think, is doing a phenomenal job right now to turn around its business. So we do expect it to gain traction in the second half of next year.

[Paul]

Is I haven't seen you in forever. I used to see her every day. Now it's been forever. Punim was actually literally one of our first analysts we hired back in the beginning of bi.

[Scarlett]

Pretty incredible. I love, I love it coming together.

[Paul]

Is Athleisure a global marketplace? Because when I went over to Italy a few months ago, my friend who lives in Rome says, do not bring any of the Athleisure stuff. We don't do that here in Italy. We dress like adults. Is it. Talk to us about the global trends.

[Poonam Goyal]

It is a global trend now, yes. Europe is probably more on the dressier end of it. Absolutely. But I think it's a growing trend in Asia, which is a very important market for athleisure. China especially. Still very important. While trends have been mixed there for the last few years, we do think that as people begin to explore the outdoors, begin to explore fitness and health and wellness in a more meaningful way, that market is growing in that region and it is very important to growth.

[Scarlett]

How. Where does a company like Under Armour fit in here?

[Poonam Goyal]

So Under Armour is one of those companies that I've kind of went back and forth with. This might be. I've seen them trying to turn around their business several times in the last 20 years. So Kevin Plank is back in the seat. They're focusing on the right things. When you look at their playbook, they're focusing on product, they're focusing on reducing wholesale penetration and off price, where you really dilute the brand. And they're focusing on bringing marketing endorsers as athletes back in a more meaningful way. Sounds great, but.

[Scarlett]

Except we've heard it before.

[Poonam Goyal]

We've heard it before. So I think execution is really key here and then just sticking to it. Right. Because it's very easy to fall off the product cycle. And for retail, irrespective of everything that we talk about, product is still king. You have to have the right product, you have to have the right customer connection. And Under Armour is trying to build that. I'd say that in the early signs of it, they're doing what they need to do. It's working, but I'm not sold yet. I need to see it play out and stay. It needs to be sustained. I think that's the key here.

[Paul]

I think that business is just so competitive. I mean, there's so many good brands there. And I mean, you almost forget about a puma, you know, who's been around.

[Poonam Goyal]

Forever and they're struggling.

[Podcast Host / Narrator]

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