Just looked at Disney's latest earnings and trying to figure out why the stock has barely moved since. Q1 results actually beat on EPS at $1.63, up 3.8% vs expectations, but revenues came in just slightly below at $25.98B with 5% year-over-year growth. So mixed signals there.

What caught my attention is the streaming side - Disney+ and Hulu combined are finally hitting profitability with $450M operating income, up 72% from the prior quarter. Their streaming revenue grew 11% to $5.35B, which is solid. But here's the thing: they stopped disclosing individual subscriber numbers and ARPU metrics, so we're basically flying blind on how many actual users they have on each platform now.

The pain points are pretty clear though. Entertainment segment operating income tanked 35% year-over-year, partly because of that YouTube TV carriage dispute that cost them roughly $110M. Then there's the Star India situation - advertising revenue dropped 6% because of how that transaction is being accounted for. And with the Fubo acquisition closing in October, we're seeing higher costs baked into the numbers.

On the positive side, their Experiences segment (theme parks and cruises) grew 6% with operating income hitting $3.31B. Domestic parks were especially strong, up 8%, thanks to new cruise ships and higher guest spending. Consumer products income also ticked up 3%.

For Q2, management is guiding for streaming profit around $500M - that's roughly $200M better than last year. But Sports segment operating income is expected to drop $100M due to higher rights expenses. So the growth story is getting more complicated.

Estimates have actually shifted down 6% in the past month, which might explain why the stock isn't exactly ripping higher despite solid streaming progress. Looks like investors are pricing in some caution around international visitation headwinds and those elevated content costs. The board is voting on a new CEO in early February, and Josh D'Amaro from Experiences is the frontrunner - that could be a catalyst either way. For now, holding at a Zacks Rank 3 seems about right.