EXCLUSIVE: Disney’s cruise ship fleet generated $3 billion in the last fiscal year—and the company plans to add 5 more in a $60 billion expansion

Disney has historically refused to describe in detail the revenues earned by its growing cruise ship business. Its CFO, Hugh Johnston, has declined to do so on previous earnings calls.“We don’t break out cruise ships,” explained Hugh Johnston on its Q3 call last year. But Fortune can reveal that a Disney filing in the U.K.—where its ships are based for tax reasons—reveals that cruise revenue passed the $3 billion mark last year for the first time, fuelled by the addition of a sixth ship to its fleet as part of a $12 billion expansion. 

Fortune reached out to Disney for comment.

Disney’s ships look more like floating theme parks than cruise liners. They are filled with cuddly characters, Broadway-caliber shows and water slides with screens set into the tubes to tell stories about Mickey Mouse while riders rocket past on rafts.

The ships are part of Disney’s Experiences division, which also includes its theme parks and is the company’s biggest cash cow. Experiences generated 57% of Disney’s $17.6 billion operating income in 2025 and nearly 40% of its $94.4 billion revenue. 

However, the company’s financial disclosures in the U.S. don’t break out numbers for the cruise line.

Instead, the company only gives general guidance on its performance in its earnings calls and releases. However, filings for a subsidiary in the U.K.—which, perhaps deliberately, does not use the “Disney” name—shine a spotlight on the success of Disney’s cruise line.

Although Disney’s cruise line is headquartered near its theme park complex in Orlando, Florida, it is directly owned by a subsidiary in London called “Magical Cruise Company.” 

Disney chose London for tax reasons

There is a good reason for this shell structure: Shipping companies based in the U.K. benefit from a highly advantageous regulatory scheme known as Tonnage Tax. Instead of paying standard corporate tax on actual income, qualifying cruise lines pay a fixed tax rate........

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