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Netflix posted second-quarter revenue growth of 16% on Thursday after the closing bell.
The streamer raised its full-year revenue guidance, citing “healthy” member growth and ad sales.
Netflix reported revenue of $11.08 billion for the second quarter, higher than Wall Street’s estimates of $11.07 billion, according to data compiled by LSEG.

Cheng Xin | Getty Images

Netflix posted an earnings beat Thursday, as revenue grew 16% during the second quarter of 2025.
The company updated its full-year revenue forecast, noting that it expects revenue to be between $44.8 billion and $45.2 billion, up from a range of $43.5 billion to $44.5 billion. Netflix’s higher forecast reflects the weakening of the U.S. dollar compared with other currencies as well as “healthy” member growth and ad sales, the company said in a statement.

Notably, this is the second quarter that Netflix is not releasing quarterly updates on subscription data.
“Year-over-year revenue growth was primarily a function of more members, higher subscription pricing and increased ad revenue,” the company said in a statement.
Here’s how the company did, compared with estimates from analysts polled by LSEG:

Earnings per share: $7.19 vs. $7.08, according to LSEG
Revenue: $11.08 billion vs. $11.07 billion, according to LSEG

Net income for the period was $3.1 billion, or $7.19 per share, up from $2.1 billion, or $4.88 per share, during the same quarter a year earlier.
Revenue in the second quarter jumped nearly 16% year over year, reaching $11.08 billion.

The company reported net cash generated from operating activities during the quarter was $2.4 billion, up more than 84% from the prior-year period. Free cash flow also grew, reaching $2.3 billion, a 91% increase. Netflix increased its full-year free cash-flow guidance to between $8 billion and $8.5 billion, up from around $8 billion.
Netflix emphasized its second-quarter operating margin of 34.1%, an improvement of nearly 3 percentage points from the prior quarter and of nearly 7 percentage points from the year-earlier period.
However, it warned that “operating margin in the second half of 2025 will be lower than the first half due to higher content amortization and sales and marketing costs associated with our larger second half slate.”
This is likely why shares dipped around 1% in after-hours trading. The next two quarters feature a robust calendar of events, shows and films, such as the second season of “Wednesday,” the finale of “Stranger Things,” “Happy Gilmore 2” and Guillermo del Toro’s “Frankenstein.” More

Builder confidence has been in negative territory now for 15 straight months.
Confidence rose slightly in July due to the recently passed budget bill.
Buyer traffic saw a 1 point drop to 20, which is the lowest reading since the end of 2022.

A construction worker carries a sheet of OSB sheathing as he builds a roof on a residential homes in Irvine, California, U.S., March 28, 2025. 
Mike Blake | Reuters

The nation’s homebuilders continue to see weakening demand from potential buyers concerned about the broader economy. As a result, they are cutting prices at the highest rate in three years, according to the monthly builder confidence survey from the National Association of Home Builders.
Builder confidence in July rose 1 point to 33 on the NAHB index, a slight improvement. Still, anything below 50 is considered negative sentiment. The index stood at 41 last July, and it has been in negative territory now for 15 straight months.

The slight boost this month came from the recently passed budget act, which provided some tax relief for households, home builders and small businesses. Mortgage rates, however, have been hovering in the same narrow, elevated level for several months.
“While this new law should provide economic momentum after a disappointing spring, the housing sector has weakened in 2025 due to poor affordability conditions, particularly from elevated interest rates,” said Buddy Hughes, NAHB chairman and a builder from Lexington, North Carolina.
That’s why 38% of builders said they cut prices in July, the highest share since the NAHB began tracking the metric in 2022. Just 29% were cutting back in April. The average price reduction was 5% in July, where it has been every month since November.

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Builders have been buying down mortgage rates to help get buyers in the door, which has cut into their margins some, but not as much as price cuts.
“Should the public builders supplement mortgage rate buydowns with more outright price reductions they would likely experience a larger negative gross margin and EPS drag as they would be unlikely able to offset the margin drag with increased volumes and SG&A leverage,” said Jonathan Woloshin, real estate and lodging analyst with UBS.

Of the index’s three components, current sales conditions rose 1 point to 36 and sales expectations in the next six months increased 3 points to 43. Buyer traffic saw a 1 point drop to 20, which is the lowest reading since the end of 2022.
“Single-family housing starts will post a decline in 2025 due to ongoing housing affordability challenges,” said Robert Dietz, chief economist at the NAHB. “Single-family permits are down 6% on a year-to-date basis and builder traffic in the HMI is at a more than two-year low.”
Regionally, builder sentiment was strongest in the Northeast where it rose 2 points, flat in the Midwest and dropped further in the South and West, where it was weakest.
Correction: Builder sentiment in the Northeast rose 2 points. An earlier version misstated the move.

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Prices on items like baby gear and home goods climbed at Walmart in recent weeks, while the cost of dozens of other products CNBC tracked remained the same.
The trends are an indicator of where prices are changing, and aren’t, as President Donald Trump’s tariffs take hold.
Nationwide inflation data has started to show tariffs hitting in some areas after months of mostly muted affects.
Walmart, the largest U.S. retailer, said in May that tariffs would force it to raise prices on some items.

A family shops in a Walmart Supercenter on May 15, 2025 in Austin, Texas.
Brandon Bell | Getty Images

SECAUCUS, N.J. — As customers walk the aisles of Walmart stores, there are some early signs that higher tariffs are changing pricing.
The nation’s largest retailer warned in May that it would have to raise prices for its shoppers as President Donald Trump’s new duties drive up the cost of many imported goods. About two months later, some household items on Walmart’s shelves have higher prices, according to a CNBC analysis.

CNBC tracked prices of about 50 products across merchandise categories including apparel, electronics, toys and groceries over seven weeks at Walmart’s Secaucus, New Jersey, location. About a dozen of the items CNBC followed increased in price during that time, including a frying pan, a pair of jeans and a car seat, according to the analysis. Many of those items are manufactured in countries that face significant tariff rates. Even in cases where prices on imported items increased, it’s unclear if the moves were all or partly due to cost increases from tariffs.

The price analysis offers a snapshot into what Trump’s duties mean for consumers’ wallets, a key concern since he started rolling out tariffs on dozens of U.S. trading partners earlier this year. While nationwide inflation data had seen a muted effect from tariffs in recent months, that showed some signs of changing in June. Though the consumer price index increased by 0.3% for the month and 2.7% year over year, the prices of tariff-sensitive segments like apparel and household furnishings rose at higher rates of 0.4% and 1%, respectively, from May.
Walmart is a critical indicator of pricing trends for multiple reasons. It’s the largest retailer in the U.S., a place where millions of Americans buy not only their regular groceries but also purchase furniture, shoes and other general items. It also explicitly warned that the tariffs were so high, it would be forced to raise prices.
“We’re wired for everyday low prices, but the magnitude of these increases is more than any retailer can absorb,” Chief Financial Officer John David Rainey said in an interview with CNBC. The discounter’s comment sparked criticism from the White House, with Trump telling the company in a social media post to “EAT THE TARIFFS.”
Walmart is a single company. The store where CNBC tracked prices is one among more than 4,500 locations across the U.S., and its suppliers play a role in whether prices rise. Even so, the areas where CNBC saw price hikes at Walmart in many cases reflected trends in national data tracked by the government and research firms.

It isn’t just Walmart. Other retailers said this spring that they have raised or expect to hike prices, including Best Buy, Costco, Nike and E.l.f. Beauty.
In a statement, Walmart said “pricing fluctuations are a normal course of business and are influenced by a variety of factors.”
“We’re committed to keeping prices as low as possible for as long as possible, including the over 6,500 rollbacks we’re currently offering, in addition to managing inventory and reducing cost,” its statement said.

Where prices are changing — and staying the same

Beautiful frying pan on display at Walmart.
Melissa Repko | CNBC

Most of the items that CNBC tracked at Walmart stayed the same price. However, some products saw a noticeable increase.
The price of a 12-piece set of pots and pans from Beautiful, a private-label kitchenware brand that’s exclusive to Walmart and co-founded by Drew Barrymore, rose from $99 to $149. A 12-inch frying pan from Beautiful climbed from $24.97 to $31.97.
In addition, the price of a Graco convertible stroller and car seat increased in price from $199.99 (then noted as a Walmart rollback, or limited-time discount from the $249 original price) to $299.
Some items’ packaging offered clues that tariffs could play a role in the hikes. The Beautiful pots and pans and Graco car seat are all made in China, according to labels on their packaging. Trump has put new 30% tariffs on goods imported from the country this year.
Graco’s parent company, Newell Brands, declined to comment on the price increase at Walmart. In its earnings call in late April, the company, which also owns Yankee Candle, Rubbermaid and other brands, said it has raised prices on its baby gear by about 20%. Most baby gear sold in the U.S. is made in China.
The price of Levi Strauss Signature Jeans for Men increased by a dollar from $23.98 to $24.98 at the Secaucus Walmart, bringing it in line with the cost of similar women’s jeans.
On an earnings call in July, the company said it is absorbing some of the tariff costs and anticipates new duties will impact the business by $25 million to $30 million for the rest of the year, or 2 to 3 cents on earnings per share. 
Levi’s CFO, Harmit Singh, told CNBC in an interview that most of Levi’s goods come from countries like Pakistan, Bangladesh and Indonesia. Goods from all of those countries currently face 10% tariffs, and Trump has proposed higher rates for some of those nations as of Aug. 1.
Tags of the signature jeans sold by Walmart, which came in multiple styles and washes, said they were made in Pakistan, Bangladesh, Tanzania and Lesotho.

Across retailers, prices have increased in some key categories, but their impact hasn’t been as dramatic as some feared when Trump implemented new tariffs, said Marshal Cohen, chief retail advisor for Circana, a market research company that tracks consumer spending patterns across merchandise categories. Those items with elevated prices include coats and jackets, casual shorts, golf shirts, plush toys, and small household appliances, he said.
Here’s how much prices rose in some categories as of the week ended May 31, relative to the week ended March 8, according to Circana data:

Juvenile products, cribs and furniture: +23 to 27%
Polo or golf shirts: +21%
Plush toys: +19%
Casual dinnerware: +23%
Electric toothbrushes: +12%
Televisions: +12%

Despite some price pressures, consumer spending has held up, Cohen said. Unit sales of food and beverage at retailers are roughly flat in terms of units so far this year, according to Circana’s data that runs through July 5 and compares with the year-ago period. Sales of discretionary general merchandise or nonfood items are down by about 1% in units compared with the year-ago period, the firm found.
Early imports and supply chain strategies have helped retailers and brands tamp down on the number and magnitude of tariff-related price increases, said Jonathan Gold, vice president of supply chain and customs policy at the National Retail Federation, a major industry trade group. He said many retailers imported goods early after hearing Trump’s plans for tariffs on the campaign trail. And he said companies have used U.S. Customs-sanctioned foreign trade zones and so-called bonded warehouses to store goods duty-free until they head to shelves, in the hopes that the tariff rate may fall.
Gold added companies are trying to predict if tariffs may go up or down, which will factor into their costs and their pricing decisions. Tariff levels have remained in flux as Trump delays some duties and announces others.
“Companies are just kind of scratching their heads trying to figure it out,” Gold said.
However, there were price decreases at Walmart, too: Mattel-owned Barbie Swim dolls dropped in price from $7.97 to to $5.97. The Barbies are made in Indonesia, according to their packaging. Mattel did not respond to a request about the reasons behind the price drop.
Dolls, including Barbies, are one of the items that have come up in tariff policy debates after Mattel said it may have to raise prices. Trump said that American children “could be very happy” with fewer dolls under his trade proposals.

Factors outside of tariffs

Tariffs aren’t the only dynamic driving prices, however. Some items that are not imported increased or decreased in price, too.

Whole milk is on display at Walmart.
Melissa Repko | CNBC

Eggs prices dropped at Walmart. A dozen large eggs from Walmart’s Great Value brand dropped in price from $3.47 to $2.72. They show how factors outside of tariffs are affecting consumers’ wallets, since egg prices have risen and more recently fallen after an avian flu outbreak spread and then eased.
The price of gallons of Walmart’s Great Value milk also rose. And several brands in Walmart’s coffee aisle, including its Great Value Donut Shop brand, increased in price.
Coffee has been vulnerable to price rises because of droughts and frost hitting the global coffee supply. On top of that, some of the top suppliers of coffee could face steep tariffs. Trump recently proposed a 50% duty on Brazil, the largest U.S. supplier of green coffee beans and the source for about a third of the country’s total supply, according to data from the U.S. Department of Agriculture.

Folgers coffee on display at Walmart.
Melissa Repko | CNBC

The cost of a 40.3-ounce container of Folgers coffee climbed from $16.43 to $19.24 at the Secaucus Walmart during the time CNBC tracked prices.
J.M. Smucker, which owns coffee brands including Dunkin Donuts and Folgers, did not respond to a request for comment. On an earnings call in June, however, the company told investors that tariffs on coffee were weighing on its profits. Coffee accounts for roughly a third of J.M. Smucker’s revenue.
Circana’s Cohen said some brands have phased in price increases, hiking them by a more tolerable level of no more than 10% to 12% or focusing on infrequent purchases.
While tariff-related price jumps haven’t been as noticeable yet, Cohen said he expects more meaningful increases to come in the upcoming months. He said consumers may feel more of the pinch during the holiday season, since many Christmas decorations and toys are made in China or other parts of Asia.
— CNBC’s Amelia Lucas contributed to this report.

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Bristol Myers Squibb and Pfizer said they will start selling their blockbuster blood thinner, Eliquis, directly to some patients at a more than 40% discount.
The companies’ new effort would bypass traditional middlemen, including pharmacy benefit managers and insurers, to cut the drug’s monthly cost from a list price of around $606 to $346.
But the discounted price of Eliquis is still more than nine times the average monthly out-of-pocket cost paid by patients who are commercially insured, and significantly higher than Medicare’s new negotiated price for the drug under the Inflation Reduction Act.

George Frey | Reuters

Bristol Myers Squibb and Pfizer on Thursday said they will start selling their blockbuster blood thinner, Eliquis, directly to patients at a more than 40% discount.
The move comes as the Trump administration ramps up pressure on the pharmaceutical industry to cut drug prices, and threatens to impose sweeping tariffs on pharmaceuticals imported into the U.S. 

The companies’ new effort would bypass traditional middlemen, including pharmacy benefit managers and insurers, to cut the drug’s monthly cost from a list price of around $606 to $346. Starting Sept. 8, uninsured, underinsured and self-pay patients will be able to purchase the medicine directly from the Eliquis 360 Support program, which will ship their prescriptions directly to their homes.
But the discounted price of Eliquis is still more than nine times the average monthly out-of-pocket cost of $38 paid by patients who are commercially insured. The price under the new program is also significantly higher than the $231 per month price that Medicare negotiated under a provision of the Biden administration’s Inflation Reduction Act. That negotiated price is set to take effect next year. 
The negotiated price is what Medicare will pay for Eliquis, and does not set what Medicare patients will pay for the drug now or in the future, Bristol Myers Squibb and Pfizer said in a joint statement. They added that the negotiated price does not reflect “the substantial clinical and economic value of this essential medicine.”
More than 90% of Eliquis prescriptions in the U.S. are currently covered through insurance. But Bristol Myers Squibb and Pfizer said the new effort aims to expand access to the treatment, reduce out-of-pocket costs for patient and provide transparent pricing for a different group of patients.
“This program passes more savings directly to patients and demonstrates our continued focus on identifying innovative solutions that foster the best outcomes for each individual while prioritizing access to care,” said Bristol Myers Squibb CEO Chris Boerner.

In a note on Thursday, Leerink Partners analyst David Risinger said he believes the move came in response to Trump’s plan to lower U.S. drug costs by linking prices to those paid in other developed countries. The president signed an executive order on that plan in May. 
Risinger said the drugmakers already offer hefty rebates on Eliquis to pharmacy benefit managers, so the firm does not expect the program to create a “net pricing headwind” for Bristol Myers Squibb and Pfizer. More

Zohran Mamdani’s primary win in New York City’s mayoral race and proposal to raise taxes on millionaires have touched off fears of a new wave of wealth flight from the city.
So far, there is little evidence of a slowdown in high-end real estate or real wealth losses in New York.
At the center of the economic concern is Mamdani’s so-called “millionaire tax.”

Zohran Mamdani’s primary win in New York City’s mayoral race and proposal to raise taxes on millionaires have touched off fears of a new wave of wealth flight from the city. Yet so far, there is little evidence of a slowdown in high-end real estate or real wealth losses in New York.
Florida real estate brokers say they’ve seen a surge in inquiries from the New York wealthy looking to move to Miami or Palm Beach. Business owners are threatening to leave the city or close. And New York developers, caught in the crosshairs of Mamdani’s rent control platform, have banded together to fund Mamdani’s opponents in the November general election.

At the center of the economic concern is Mamdani’s so-called “millionaire tax.” He’s proposed an additional 2% tax on New Yorkers earning more than $1 million a year. Added to the city’s current top rate of 3.876%, the tax would bring the combined New York City and state tax to 16.776%, by far the highest in the country. The combined federal, state and city rate would be 53.776%.
And New York’s high earners won’t have to go to Florida to avoid the tax. They can simply move to neighboring Long Island or Westchester County or even New Jersey. Unlike New York state, New York City can’t tax people who work in the city but have their primary residence elsewhere.
“New York City can only tax its own residents,” said Jared Walczak, vice president of state projects at the Tax Foundation. “A high earner doesn’t need to give up the convenience of the city, they just need to move outside the five boroughs. Migration across city lines is the easiest.”

Zohran Mamdani gestures as he speaks during a watch party for his primary election, which includes his bid to become the Democratic candidate for New York City mayor in the upcoming November 2025 election, in New York City, U.S., June 25, 2025.
David Delgado | Reuters

Importantly, Mamdani wouldn’t be able to raise income taxes. The city’s income tax rates are set by Albany, where Gov. Kathy Hochul has said she will block any tax hike. “I don’t want to lose any more people to Palm Beach,” Hochul told the New York Post.
Critics also fear Mamdani’s policies toward the police and public safety could make the city even more dangerous, becoming the final straw for many business owners and top earners who were already considering leaving. The top 1% of New Yorkers pay over 40% of the income taxes, so losing even a small number of high earners would set off a downward spiral of lower revenue and lower services and more out-migration.

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New York state had a net loss of $14 billion in net adjusted income due to taxpayers leaving between 2021 and 2022, according to the Tax Foundation and IRS data. The city’s revenue from personal income taxes declined between 2022 and 2024, from $16.7 billion in 2022 to $14 billion last year — although they’re still above the pre-Covid levels of $13.4 billion in 2019, according to data from the New York City comptroller.
At the same time, however, there are signs that New York’s powerful wealth machine is constantly replenishing the ranks of millionaires and billionaires, more than making up for the rich who move out. The number of millionaires in New York City has more than doubled over the past decade — despite the Covid losses — to over 2.4 million, according to Altrata. There are now over 33,000 New Yorkers worth $30 million or more, nearly double that of Miami, according to Altrata. Whether it’s measuring millionaires, multi-millionaires or billionaires, New York City has maintained its dominance as the richest wealth hub in the world.

“New York remains a powerful magnet for the wealthy, offering a blend of luxury consumption, vibrant culture, high-quality education and lifestyle cachet, with the borough of Manhattan the epicenter of ultra-prime real estate,” said a report from Altrata and REALM.
Demand for pricey luxury apartments in New York also shows no signs of slowing, even after Mamdani’s win in the June 24 primary. There were 64 contracts signed between June 23 and July 13 for apartments priced over $4 million, up 13% over last year, with a sales total of more more than $555 million in sales, according to Olshan Realty. Among the signed contracts was a $35 million, three-bedroom spread on Fifth Avenue that was first listed in December.
“The luxury market is on pace for one of its best years,” said Donna Olshan, of Olshan Realty, who also cautioned that any potential Mamdani-related weakness could show up in the Fall.
Not only did New York’s millionaire and billionaire population rebound quickly after Covid, but high earners also bounced back. While the city lost a net 5,000 households earning $1 million or more during the pandemic, their ranks have grown from 30,400 in 2019 to 34,127 in 2022, the latest period available, according to the Fiscal Policy Institute.
Nathan Gusdorf, executive director of the Fiscal Policy Institute, said the narrative of wealth flight from New York is fed in part by the media, which highlights a small number of high-profile billionaires who move from New York to Florida. Stories about billionaires like Josh Harris, Carl Icahn and Daniel Och decamping to Florida ignores the broader ebb and flow of wealth in New York. New York’s powerful economy, fueled by the financial services industry, continues to produce more new millionaires than it loses.
“We do not have a fixed population of millionaires that just declines whenever one of them leaves,” Gusdorf said. “The city regenerates that lost millionaire population.”
Even if Mamdani were to win the mayorship in November and raise taxes, the direct impact on wealth flight may be more limited than many expect. According to the Fiscal Policy Center’s latest research, the top 1% of New Yorkers by income (those making more than $800,000 a year) leave the city at one quarter the rate of all other income groups. When the New York wealthy do move, they have most often oved to other high-tax states like New Jersey, Connecticut or California – suggesting lifestyle rather than taxes are the driver.  
“There is a strong indication that higher tax rates at the state level imposed on the top earners are not having real behavioral effects,” Gusdorf said.
Others, however, say taxes have outsized importance for the wealthy, proven by the sweeping population moves in recent years from high-tax to low- or no-tax states like Florida and Texas.
A study by the California Center for Jobs and the Economy described a “taxodus,” or net loss of $5.3 billion in personal income tax, from high earners who left after a 2016 extension of higher taxes on the wealthy.
“High tax rates do lead to outmigration and lower income growth,” Walczak said. More

Disney’s portfolio of intellectual property has been the bedrock of its theme parks since Disneyland first opened 70 years ago.
Much of the IP that has been imbued in the park in the last decade has come from four major studio acquisitions — Pixar, Marvel, Lucasfilm and 20th Century Fox.
Last year, revenue growth in Disney’s experiences division, which includes parks, resorts, cruises and consumer products, was the strongest of any Disney division.

General views of Sleeping Beauty Castle at Disneyland on April 06, 2024 in Anaheim, California.
Aaronp/bauer-griffin | Gc Images | Getty Images

The “Happiest Place on Earth” turns 70 this week.
Disneyland, a pillar of the Anaheim, California, community since 1955, was a passion project of founder Walt Disney, a place where adults and their children could have fun together. It also served as a place where the longtime media company could show off and weave together different pieces of its business from films, television shows and comic strips to music and merchandising.

Disney’s portfolio of intellectual property has been the bedrock of its theme parks since the very first location opened its doors. These days, the company’s experiences division, which includes parks, resorts, cruises and consumer products, remains one of its best profit drivers. Operating income for the unit for fiscal 2024 was more than double that of the content-centric entertainment division, where the IP originates.
Disneyland in Anaheim began with more than a dozen attractions, many of which were pulled directly from Disney’s archive of theatrical films. Among them were Mad Tea Party based on “Alice in Wonderland,” Mr. Toad’s Wild Ride from “The Adventures of Ichabod and Mr. Toad,” Peter Pan’s Flight, Snow White’s Enchanted Wish and Dumbo the Flying Elephant.
Over the past seven decades, Disney has opened a total of 12 theme parks across the United States, Europe and Asia, with another set to open in Abu Dhabi, United Arab Emirates, in the coming years. It also has a fleet of cruise ships, which is set to double by 2031, and nearly 60 resort hotels and vacation properties globally.
“If you go back now 70 years ago, Walt knew the great stories that he was creating, if he combined those with the technologies that were at hand at the time with this idea of an immersive experience that he could create something that no one else had ever done,” said Josh D’Amaro, chairman of Walt Disney’s parks and resorts. “And it really set the Disney brand apart.”

Vice president Richard M Nixon, Mrs. Patricia Nixon, Tricia Nixon, 9 years, Julie Nixon, 7 years, Donnie Nixon (nephew), Fess Parker (actor), CV Wood, Junior (General manager of Disneyland), Anaheim, California, August 11, 1955.
University Of Southern California | Corbis Historical | Getty Images

The first rides at Disneyland were interspersed with original creations like Jungle Cruise, Autopia and the Disneyland Railroad.

While Disney would bring a number of non-IP attractions to life over the next few decades — Matterhorn Bobsleds, Pirates of the Caribbean, Haunted Mansion, Big Thunder Mountain and Space Mountain, among them — in the last decade, the company has committed to utilizing its existing catalog of stories to fuel new and updated attractions in its domestic and international theme parks.

Collecting stories

Much of that strategy has come in the wake of CEO Bob Iger’s acquisition of four major studios — Pixar (2006), Marvel (2009), Lucasfilm (2012) and 20th Century Fox (2019) — which brought coveted franchises under the House of Mouse roof.
“I think we’ve been fortunate now in that we have gone after that IP, brought it into the Disney fold, and just made the brand even more powerful,” D’Amaro said.
Many of these brands already appeared in the company’s parks as part of licensing deals, like Star Tours, which opened in 1987; Indiana Jones Adventure, added in 1995; and Buzz Lightyear Astro Blaster, which debuted in 2005.
The company also opened entire lands — curated areas that have themed rides, food and entertainment centered on one piece of IP. This included A Bug’s Land, which opened in 2002 at Disney’s California Adventure park, based on Pixar’s “A Bug’s Life” and Pandora — The World of Avatar, which opened in 2017 and is set on the fictional planet Pandora from Fox’s “Avatar” film and built at Animal Kingdom in Florida.

General views the Pandora The World Of Avatar Dedication at the Disney Animal Kingdom on May 23, 2017 in Orlando, Florida.
Gustavo Caballero | Getty Images Entertainment | Getty Images

Many of these additions came under the leadership of then-CEO Michael Eisner, who helmed the company from 1984 until 2005.
Chief among his acquisitions was securing the IP for Star Wars and Indiana Jones — two of the biggest franchises of the time — according to Gavin Doyle, founder of MickeyVisit.com. Eisner “went and licensed it and brought it into the parks,” Doyle said.

Attendees sit in the Millennium Falcon: Smugglers Run ride following the unveiling of Star Wars: Galaxy’s Edge at Walt Disney Co.’s Disneyland theme park in Anaheim, California, U.S., on Wednesday, May 29, 2019.
Bloomberg | Getty Images

Decades later, Disney acquired Lucasfilm, which owns both film franchises, and expanded their presence.
In 2019, the company opened two identical Star Wars-themed lands, one in Florida at Hollywood Studios and one in California at Disneyland. A new Indiana Jones attraction is planned for Disney’s Animal Kingdom as part of the park’s new Tropical Americas area. It is set to open in 2027.

Fueling Disney parks with IP

Last year, revenue growth in Disney’s experiences division was the strongest of any Disney division.
Experiences posted record revenue and profit for fiscal 2024, with revenue rising 5% for the full year to $34.15 billion and operating income up 4% to $9.27 billion.
Heading into 2025, the company said it expected to see 6% to 8% profit growth for experiences in fiscal 2025 — and that’s before it breaks ground on a slew of planned land expansions, new rides and re-themed attractions.
“While investor focus understandably remains on near-term attendance and consumer spending trends, renewed momentum in creating successful content with Disney’s premium IP play a crucial role in generating long-term earnings power across parks, Disney+ and accelerating the unique advantage of the Disney flywheel across its portfolio,” said Robert Fishman, analyst at MoffettNathanson.
Disney is relying heavily on IP as part of its 2023 pledge to invest $60 billion in experiences over the next decade.
On the docket is a new villains land coming to Magic Kingdom, a “Monsters Inc.” land at Hollywood Studios, an “Encanto” ride at Animal Kingdom and the expansion of Avengers Campus with two new attractions. Disneyland is also expected to open a new Avatar area inspired by the scenery in the upcoming “Avatar: Fire and Ash.”
Of course, these new developments also come with some drawbacks. Fan-favorite rides and even whole lands have shuttered or been re-themed as a result.
Anaheim’s A Bug’s Land closed in 2018 so the space could be used to build Avengers Campus, a Marvel-themed land. DinoLand at Animal Kingdom is disappearing to make space for the new Tropical Americas area. At Magic Kingdom, Rivers of America, Tom Sawyer Island and the Liberty Square Riverboat have shut down to make room for an area called Piston Peak — a second Cars-themed land modeled after America’s natural parks.
For individual rides, the most recent change was the re-theming of Splash Mountain at both Disneyland and Walt Disney World. It was refreshed as Tiana’s Bayou Adventure, based on the characters from “The Princess and the Frog.”

People pass by while riding in the Tiana’s Bayou Adventure log flume thrill ride at the Magic Kingdom Park at Walt Disney World on April 3, 2025, in Orlando, Florida.
Gary Hershorn | Corbis News | Getty Images

While some Disney parks fans have balked at the changes the company has made to the parks, the strategy has expanded the company’s fan base and driven revenue growth across its global footprint.
“It’s interesting because the IP is not always for the most vocal theme park fan,” Doyle said. “By definition, the IP is meant to broaden the audience.”
“The whole company’s premised on entertaining, great storytelling,” D’Amaro said. “And in all of our stories, whether they be in animation or through our traditional characters or Star Wars or Marvel or Pixar, there’s this sense of connection to these characters. There’s this emotion that’s created, and then we carry that through into the theme parks.”

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PepsiCo’s quarterly earnings and revenue beat Wall Street’s expectations.
The company reiterated its full-year outlook.

Cases of Pepsi soda are displayed at a Costco Wholesale store on April 25, 2025 in San Diego, California.
Kevin Carter | Getty Images

PepsiCo on Thursday reported quarterly earnings and revenue that topped analysts’ expectations, despite weaker demand for its food and drinks in North America.
Shares of the company rose roughly 2% in premarket trading.

Here’s what Pepsi reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $2.12 adjusted vs. $2.03 expected
Revenue: $22.73 billion vs. $22.27 billion expected

Pepsi reported second-quarter net income attributable to the company of $1.26 billion, or 92 cents per share, down from $3.08 billion, or $2.23 per share, a year earlier.
Excluding restructuring and impairment charges and other items, the company earned $2.12 per share.
Net sales rose 1% to $22.73 billion. Pepsi’s organic revenue, which excludes acquisitions, divestitures and foreign currency, increased 2.1% during the quarter.
But the company is still seeing softer demand for its products. Pepsi’s worldwide volume fell 1.5% for its food and was flat for its drinks. The metric strips out pricing and foreign exchange changes.

Volume dropped again in North America, although CEO Ramon Laguarta said in a statement that the domestic business is improving. The company’s North American food division, which includes both Frito-Lay and Quaker Foods, saw its volume shrink 1%.
Pepsi’s domestic drinks segment reported that its volume fell 2% in the quarter, although its namesake soda was one bright spot. Executives said in prepared remarks that volume for Pepsi rose during the quarter, and Pepsi Zero Sugar saw double-digit volume growth.
As part of Pepsi’s strategy to boost its North American sales, it’s leaning into the protein craze and multicultural product offerings, like those from Siete Foods and Sabra. The company is also working on ensuring better in-store availability and placement of its products.
Pepsi is also cutting costs and trying to improve its profit margins. The company closed two manufacturing plants for its North American food business during the quarter. Pepsi also said it is trying to make its transportation and logistics more efficient.
The company added it is evaluating how it spends its marketing dollars to make sure it is getting the best return on its investment. And Pepsi is also looking for any overlap between its North American food and beverage businesses to cut down on duplication and better integrate the two divisions.
Pepsi reiterated its full-year outlook. It still expects its core constant currency earnings per share to be roughly unchanged from the prior year and organic revenue to grow by a low single-digit percentage.
Last quarter, the company cut its earnings forecast, citing new tariffs, economic volatility and a more cautious consumer.

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