{
 "schema": "hk.cei.card/v1",
 "entity_id": "BR20",
 "name": "Disney Cruise Line",
 "parent": "The Walt Disney Company",
 "peer_group": "Premium ocean",
 "primary_segment": "Family premium ocean",
 "core_geographies": "North America / Caribbean / Europe / global rollout",
 "release": "cei-2026-q4",
 "edition": "Q4 2026",
 "methodology": "v2.1",
 "grading_scale": "v2.1",
 "score": 87,
 "grade": "B",
 "rank": 3,
 "of": 50,
 "peer_rank": 2,
 "peer_size": 11,
 "confidence": {
  "score": 100,
  "method": "counted_citations_v1",
  "counted_citations": [
   "DIS_AR25",
   "DIS_4Q25",
   "DIS_Q126",
   "DIS_ADVENTURE26",
   "DIS_PERKS25",
   "DIS_DESTINY25",
   "DIS_TREASURE25",
   "BR20_PXFLEET",
   "BR20_PXAWARD",
   "BR20_PXRATE"
  ]
 },
 "summary": "For a family-premium moat, Disney is one of the hardest benchmarks to ignore.",
 "narrative": "Disney Cruise Line has pricing power few brands can match, built on unique IP, family trust and demand that behaves like scarcity. Disney Adventure's 2026 launch extends that reach into Asia. Heavy capital spending raises the bar for return proof.",
 "strengths": [
  "Unique IP and family trust create unusual demand quality.",
  "Brand equity supports premium family pricing and loyalty.",
  "The brand has room for global rollout without losing its identity."
 ],
 "fragilities": [
  "High capital intensity raises the bar for return proof.",
  "Scaling operations has to preserve a very high service expectation.",
  "Disney must keep turning brand heat into durable economics, beyond initial excitement."
 ],
 "what_moves_this_letter": [
  "Whether expansion keeps Disney's pricing power intact.",
  "Whether the family premium stays visibly differentiated as capacity rises.",
  "Whether new ships convert into repeat value as well as headline demand."
 ],
 "pillars": [
  {
   "id": "demand_quality",
   "name": "Demand Quality",
   "weight_pct": 13,
   "score": 89,
   "class_median": 81.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "pricing_revenue_integrity",
   "name": "Pricing & Revenue Integrity",
   "weight_pct": 13,
   "score": 91,
   "class_median": 83.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "destination_itinerary_advantage",
   "name": "Destination & Itinerary Advantage",
   "weight_pct": 13,
   "score": 86,
   "class_median": 82.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "product_experience",
   "name": "Product & Experience",
   "weight_pct": 12,
   "score": 87,
   "class_median": 80.0,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "distribution_channel_productivity",
   "name": "Distribution & Channel Productivity",
   "weight_pct": 9,
   "score": 83,
   "class_median": 75.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "ancillary_onboard_monetization",
   "name": "Ancillary & Onboard Monetization",
   "weight_pct": 9,
   "score": 84,
   "class_median": 73.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "crm_loyalty_ltv",
   "name": "CRM, Loyalty & LTV",
   "weight_pct": 9,
   "score": 94,
   "class_median": 79.5,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "commercial_execution_discipline",
   "name": "Commercial Execution Discipline",
   "weight_pct": 13,
   "score": 84,
   "class_median": 79.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "strategic_flexibility_resilience",
   "name": "Strategic Flexibility & Resilience",
   "weight_pct": 9,
   "score": 80,
   "class_median": 74.0,
   "evidence_mode": "official_source_snapshot"
  }
 ],
 "card_source_codes": [
  "DIS_AR25",
  "DIS_4Q25",
  "DIS_Q126",
  "DIS_ADVENTURE26",
  "DIS_PERKS25",
  "DIS_DESTINY25",
  "DIS_TREASURE25",
  "BR20_PXFLEET",
  "BR20_PXAWARD",
  "BR20_PXRATE"
 ],
 "guest_rating": {
  "source": "Cruise Critic member reviews",
  "value": 4.2,
  "reviews": 2496,
  "url": "https://www.cruisecritic.com/cruise/disney/reviews",
  "read_on": "2026-09-17"
 },
 "developments": [
  {
   "date": "2026-05-06",
   "headline": "Disney Adventure launched in March with 'very strong' bookings",
   "detail": "Disney called the March launch of Disney Adventure a meaningful milestone in extending its reach into Asia. It said bookings for the ship have been very strong.",
   "source_id": "DIS_2Q26"
  },
  {
   "date": "2026-08-05",
   "headline": "Domestic parks and experiences revenue +11% including expanding Disney Cruise Line",
   "detail": "In fiscal Q3 2026, domestic parks and experiences revenue grew 11%, including the expanding Disney Cruise Line fleet. Total Parks & Experiences revenue rose 10%, and strength at Disney Cruise Line helped offset softness at the Asia parks.",
   "source_id": "DIS_3Q26"
  },
  {
   "date": "2026-08-05",
   "headline": "New ships lift stateroom capacity about 50%",
   "detail": "Fiscal Q3 2026 was the first full quarter with Disney Destiny and Disney Adventure, which raised stateroom capacity about 50% year on year. Disney said it remains encouraged by occupancy and forward bookings.",
   "source_id": "DIS_3Q26"
  },
  {
   "date": "2026-09-17",
   "headline": "Product & Experience pillar added",
   "detail": "Cruise Critic members rate the line 4.2 of 5 across 2,496 reviews. Eight ships are in service. Disney Believe, a Wish-class ship, is due in late 2027, followed by three ships of a new class planned for 2029 to 2031 and a Wish-class sister for Oriental Land Company in 2029. Ranked No. 1 large-ship ocean cruise line in Travel + Leisure's World's Best Awards 2025 and named Best Cabins in Cruise Critic's 2025 Best in Cruise Awards.",
   "source_id": "BR20_PXFLEET"
  },
  {
   "date": "2026-09-18",
   "headline": "First Disney Believe gigablock floated out",
   "detail": "The first of three gigablocks for Disney Believe was floated out at Meyer Werft in Papenburg. The ship is due to sail in late 2027.",
   "source_id": "DIS_BELIEVE26"
  }
 ],
 "current_sources": [
  "DIS_2Q26",
  "DIS_3Q26",
  "DIS_DESTINY25",
  "DIS_TREASURE25",
  "DIS_PERKS25",
  "BR20_PXFLEET",
  "BR20_PXAWARD",
  "BR20_PXRATE",
  "DIS_BELIEVE26"
 ],
 "sources_verified_on": "2026-10-01",
 "sources": {
  "DIS_AR25": {
   "title": "The Walt Disney Company Fiscal Year 2025 Annual Report",
   "date": "2025 annual report published in 2026",
   "url": "https://investors.thewaltdisneycompany.com/files/doc_financials/2025/ar/2025-Annual-Report.pdf",
   "label": "Disney 2025 Annual Report"
  },
  "DIS_4Q25": {
   "title": "The Walt Disney Company Reports Fourth Quarter and Full Year Earnings for Fiscal 2025",
   "date": "November 2025",
   "url": "https://www.sec.gov/Archives/edgar/data/1744489/000174448925000154/fy2025_q4xprxex991.htm",
   "label": "Disney Q4 / FY25 Earnings Release"
  },
  "DIS_Q126": {
   "title": "Disney Q1 FY26 Earnings: Executive Commentary",
   "date": "February 2026",
   "url": "https://thewaltdisneycompany.com/news/disney-q1-earnings-2026/",
   "label": "Disney Q1 FY26 Executive Commentary"
  },
  "DIS_ADVENTURE26": {
   "title": "Disney Cruise Line Makes Asia Debut with Maiden Voyage of \"Disney Adventure\"",
   "date": "March 2026",
   "url": "https://thewaltdisneycompany.com/news/adventure-cruise-ship-joe-schott/",
   "label": "Disney Adventure Maiden Voyage Release"
  },
  "DIS_PERKS25": {
   "title": "Disney Cruise Line Castaway Club (loyalty programme page)",
   "date": "accessed 5 September 2026",
   "url": "https://disneycruise.disney.go.com/why-cruise-disney/castaway-club/",
   "label": "Disney Cruise Line: Castaway Club"
  },
  "DIS_DESTINY25": {
   "title": "'Disney Destiny' Will Introduce New 'The Lion King' Restaurant, 'The Incredibles' Sweet Shop, and More Hero-Worthy Features",
   "date": "July 30, 2024 (ship entered service late 2025)",
   "url": "https://thewaltdisneycompany.com/news/disney-destiny-lion-king-restaurant-incredibles-sweet-shop/",
   "label": "The Walt Disney Company: Disney Destiny announcement"
  },
  "DIS_TREASURE25": {
   "title": "Entertainment and Experiences Onboard the 'Disney Treasure'",
   "date": "March 5, 2025",
   "url": "https://thewaltdisneycompany.com/news/disney-treasure-entertainment-experiences/",
   "label": "The Walt Disney Company: Disney Treasure entertainment and experiences"
  },
  "BR20_PXFLEET": {
   "title": "Disney Cruise Line — Wikipedia",
   "date": "accessed September 2026",
   "url": "https://en.wikipedia.org/wiki/Disney_Cruise_Line",
   "label": "Disney Cruise Line — Wikipedia"
  },
  "BR20_PXAWARD": {
   "title": "Travel + Leisure Ranks Disney Cruise Line Best Large-Ship Ocean Cruise Line in World's Best Awards 2025",
   "date": "July 2025",
   "url": "https://disneycruiselineblog.com/2025/07/travel-leisure-ranks-disney-cruise-line-best-large-ship-ocean-cruise-line-in-worlds-best-awards-2025/",
   "label": "Travel + Leisure Ranks Disney Cruise Line Best Large-Ship Ocean Cruise Line in World's Best Awards 2025"
  },
  "BR20_PXRATE": {
   "title": "Cruise Critic Member Reviews",
   "date": "read 17 September 2026 (site blocks automated re-verification; read in a browser 1 October 2026)",
   "url": "https://www.cruisecritic.com/cruise/disney/reviews",
   "label": "Cruise Critic Member Reviews"
  },
  "DIS_2Q26": {
   "title": "The Walt Disney Company Reports Second Quarter and Six Months Earnings for Fiscal 2026",
   "date": "May 6, 2026",
   "url": "https://www.sec.gov/Archives/edgar/data/1744489/000174448926000036/fy2026_q2xprxex991.htm",
   "label": "Disney Q2 FY2026 earnings (8-K exhibit 99.1)"
  },
  "DIS_3Q26": {
   "title": "The Walt Disney Company Reports Third Quarter and Nine Months Earnings for Fiscal 2026",
   "date": "August 5, 2026",
   "url": "https://www.sec.gov/Archives/edgar/data/1744489/000174448926000056/fy2026_q3xerxex991.htm",
   "label": "Disney Q3 FY2026 earnings (8-K exhibit 99.1)"
  },
  "DIS_BELIEVE26": {
   "title": "Disney Believe Updates: New Disney Cruise Ship Sailing in Late 2027",
   "date": "September 18, 2026",
   "url": "https://disneyparksblog.com/dcl/meet-the-disney-believe-the-next-disney-cruise-line-ship/",
   "label": "Disney Parks Blog: Disney Believe ship's log"
  }
 },
 "unresolved_source_ids": [],
 "card_url": "https://hawkeskwortnik.com/commercial-excellence-index/industry/#brand=BR20",
 "page": "https://hawkeskwortnik.com/readings/cei/disney-cruise-line",
 "data": "https://hawkeskwortnik.com/data/cei/cei-2026-q4/BR20.json",
 "method": "https://hawkeskwortnik.com/readings/method",
 "license": "CC BY-ND 4.0, attribute to Hawkes & Kwortnik with the edition",
 "note": "Copied from the data the live report card renders. Ungraded or missing values are null, never imputed."
}