Josh D’Amaro Explains the Value of ‘Moana’ and ‘The Mandalorian & Grogu’
2026 has been a fascinating year at the box office for Disney, with the studio experiencing some of its highest highs and lowest lows.
While films such as The Devil Wears Prada 2, Toy Story 5, and Spider-Man: Brand New Day have been undeniable blockbusters, other releases, including The Mandalorian & Grogu and the live-action Moana, have fallen short of expectations.
Photo: Marvel Studios
Against that backdrop, Disney CEO Josh D’Amaro presented the company’s fiscal third-quarter earnings this morning.
Photo: Disney
Interestingly, he did not shy away from the studio’s theatrical disappointments.
D’Amaro Comments on Disney’s Box-Office Bombs
When discussing Disney Entertainment’s performance, D’Amaro specifically identified The Mandalorian & Grogu and Moana as films that underperformed at the box office.
Photo: Disney
He also emphasized, however, that Disney measures the value of its films far beyond ticket sales.
“Even when our franchise films don’t meet our box office expectations, as with The Mandalorian and Grogu and the live-action Moana, our investments in these core properties fuel other parts of our company,” D’Amaro said.
Photo: Lucasfilm
“The Mandalorian and Grogu drove healthy growth in retail sales for the Star Wars franchise and drew guests to the updated Millennium Falcon attraction at Disneyland and Walt Disney World, and led to significant engagement in gaming as well,” he explained.
Photo: Disney
“And the live-action Moana is expected to be a strong title on Disney+, building on the success of the original film, which is one of the most-streamed movies of all time.”
It All Comes Back to the Flywheel
As D’Amaro noted, Disney’s films cannot be judged solely by their box office performance.
Photo: Disney
For decades, the company has built its business around the Disney flywheel, with theatrical films serving as the foundation for consumer products, streaming, television, theme park attractions, publishing, games, and other businesses.
Viewed through that lens, films such as The Mandalorian & Grogu and Moana still carry tremendous strategic value, even if they fall short in theaters.
Image: Disney
Grogu, for example, remains one of the most popular Star Wars characters when it comes to merchandise.
Meanwhile, the Moana franchise continues to be one of Disney+’s biggest success stories, with the original film ranking among the most-streamed movies of all time.
(Photo Illustration by Mateusz Slodkowski/SOPA Images/LightRocket via Getty Images)
In other words, not all Disney box office disappointments are created equal.
While Disney undoubtedly hoped both films would perform better theatrically, their value extends far beyond ticket sales.
That is the unique power of Disney.
