Walt Disney is moving toward thousands of job cuts, with some managers asked to find 20% in annual cost savings, people familiar with the matter said on Nov. 2.
The cuts would land in different amounts across divisions, from TV networks to the motion picture studio.
The 20% figure is a budget savings goal for certain managers. It is not a percentage of the workforce and not a companywide goal, so it does not add up to a specific number of jobs.
Savings can come from expense cuts as well as eliminated roles. Disney has cut from 7K roles in 2023 to a few hundred in September, and the next round is expected to be the largest of 2026. Disney declined to comment.
Disney's layoff rounds got smaller after 2023
Announced job cuts by round. The reported 2026 round has no disclosed figure.
Bar chart. Layoff round. 2023: Jobs cut 7,000. April 2026: Jobs cut 1,000.
Source: Bloomberg, Variety, Deadline, 247 Wall St, Nov. 2 to 3, 2026
The rounds so far
Josh D'Amaro took over as chief executive officer from Bob Iger on March 18, and cuts have run through the year since.
April eliminated about 1K roles, mostly tied to consolidating marketing under chief marketing and brand officer Asad Ayaz. July took several hundred corporate jobs, with Pixar and National Geographic among the hardest hit.
Another round in late September cut human resources and technology roles.
In late October, the Experiences division cut 100 to 200 people, most at the Imagineering campus in Glendale, California. A state filing lists 159 permanent layoffs at that site, effective Dec. 29.
"Technology set their sights on our business, and we must survive and thrive and grow."
Dana Walden, Disney's president and chief creative officer
Disney ended fiscal 2025 with about 231K employees worldwide.
Why investors are watching Nov. 17
Disney reports fiscal fourth-quarter results before the market opens on Nov. 17, with a webcast at 8:30 a.m. ET.
The company is cutting from a position of strength. Fiscal third-quarter revenue rose 7% to $25.248B, segment operating income rose 21% to $5.555B, and adjusted EPS rose 28% to $2.06.
Pressure is building anyway, from artificial intelligence and a softer box office to streaming rivalry and thinner attendance at parks abroad. Netflix has been cutting jobs too.
D'Amaro plans to reinvest part of the savings into film and TV programming, technology, theme parks, and cruise ships. Management has promised double-digit growth in adjusted EPS for the current fiscal year.
Two risks sit against the savings story. A large restructuring charge, meaning the one-time cost of severance and related items, would eat into reported earnings.
Disney hasn't said how big one might be.
The second risk is talent. About 80% of Disney's workers sit in Experiences, the unit that delivered more than 56% of operating income in fiscal 2025.
Thinner staffing there can show up in the guest experience that justifies park pricing.
Buybacks reached $7.245B in the first nine months of fiscal 2026, up from $2.496B a year earlier, against a full-year target of at least $9B.
If D'Amaro attaches a dollar figure to the cost program on Nov. 17, investors get their first hard number behind a year of rolling layoffs.
