Disney’s New CEO Is Eyeing Thousands of Job Cuts, Two Weeks Before Earnings
Two weeks before earnings, Disney's new CEO is weighing a restructuring that could reshape tens of thousands of jobs, and the question is whether Wall Street will celebrate the savings or punish the risk.
On November 2, 2026, people familiar with the matter said Disney (NYSE:DIS | DIS Price Prediction) is considering cutting thousands of jobs. They also said it has asked some managers to meet a 20% annual cost-savings target through job eliminations, expense reductions, or both. Disney declined to comment, and no number beyond “thousands” has been reported.
The 20% figure is a savings goal for some managers’ budgets. It does not describe a share of staff or a companywide target, so you can’t turn it into a job count.
The shares rose 1.98% during regular trading on November 2, before the report came out, and were last quoted at $113.14. That gives Disney a market value of roughly $195.36 billion. The stock sits about 3.4% below its 52-week high of $117.09 and is up 0.22% for the year ahead of the November 17 earnings report.
What D’Amaro Has Actually Put on the Record
Josh D’Amaro succeeded Bob Iger as CEO on March 18, 2026. He reportedly plans to put part of the savings back into film and TV programming, technology, theme parks, and cruise ships.
What Disney has said on the record is narrower. On the August 5 call, CFO Hugh Johnston spoke. He said the company is looking at “meaningful reductions to cost, including labor and SG&A,” meaning selling, general and administrative expenses. Disney has not said which units would be affected. It also has not said how large any restructuring charge (a one-time cost for severance and related items) would be, or when the cuts would happen.
Thousands More After a Year of Smaller Rounds
Disney already cut jobs in April, mostly to consolidate marketing, and again in July, when several hundred corporate roles were eliminated, and Pixar and National Geographic were hit hardest. About 300 more jobs, mainly in human resources and technology, went on September 29. At the same time, Disney offered voluntary early retirement to directors and above aged at least 50 with 10 or more years at the company.
In late October, Disney made 100 to 200 more cuts in Experiences. A California filing lists 159 permanent layoffs at a Walt Disney Imagineering site in Glendale, effective December 29.
In 2023, Iger cut 7,000 roles as part of a $5.5 billion savings effort. Cutting again three years later suggests cost control is now ongoing work at Disney. President Dana Walden described it as a “need to constantly evaluate how you’re structured and how big the organization is.”
Experiences Is Where Cuts Carry Real Risk
Disney ended fiscal 2025 with about 231,000 employees. About 80% of its workers are in Experiences, the parks, cruises, and products unit, which produced more than 56% of operating income that year. The report did not say whether the savings target reaches park operations, and lower park staffing could hurt the guest experience that supports Disney’s pricing.
Disney would be cutting while the business is doing well. Fiscal third-quarter revenue rose 7% to $25.248 billion, and segment operating income rose 21% to $5.555 billion. Adjusted EPS rose 28% to $2.06. The pressure comes from AI, lower box office revenue, streaming competition, and slower attendance at international parks.
Buybacks reached $7.245 billion in the first nine months of fiscal 2026, compared with $2.496 billion a year earlier. The full-year target is at least $9 billion.
What Disney’s November Earnings Report Could Reveal About the Cuts
Disney trades at about 16 times earnings, a modest price, while management still expects double-digit adjusted EPS growth in fiscal 2027, excluding the extra 53rd week. Savings that go back into parks, cruises and content should widen margins.
The main risks are a large restructuring charge that would cut into reported earnings and the loss of creative talent while a new CEO settles in.
The test comes before the market opens on November 17, with a webcast at 8:30 a.m. ET. If Disney confirms a cost program with a dollar savings figure and sets a fiscal 2027 buyback target of $9 billion or more, a close above $117.09 would mark a new 52-week high. If management stays vague, the $92.19 low from March 27 becomes the level to keep in mind.
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Omor Ibne Ehsan is a writer at 24/7 Wall St. He is a self-taught investor with a focus on growth, cyclical, and dividend equities that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as penny stocks.
