A Record-Breaking Opening Weekend

Walt Disney Company (DIS) just had the kind of weekend that reminds everyone why the House of Mouse still matters. Zootopia 2 dominated the Thanksgiving box office with $156 million domestically and a stunning $556 million globally over the five-day holiday stretch from Wednesday through Sunday.

Those aren't just good numbers. They're historic. The film landed the fourth-largest opening weekend of all time, trailing only Avengers: Endgame, Avengers: Infinity War, and Spider-Man: No Way Home. In North America, it scored the second-biggest Thanksgiving opening ever, coming in behind only Moana 2's $225 million haul.

But here's where it gets really interesting: China absolutely loved this movie. The sequel pulled in $271 million in the Middle Kingdom, marking the second-largest non-local opening in Chinese box office history. Only Avengers: Endgame did better. In just one weekend, Zootopia 2 already surpassed the original film's entire $236 million Chinese run and became the fourth-highest-grossing animated film ever in that market.

Why such strong performance in China? Part of it comes down to smart brand building. The Zootopia Land attraction at Shanghai Disneyland, which opened in 2023, kept the franchise fresh in consumers' minds. That kind of synergy between theme parks and films is exactly what Disney does best, and it's paying off at a time when many American media companies struggle to connect with Chinese audiences.

Imax Gets A Boost Too

"The incredible response to Zootopia 2 reflects both its worldwide appeal and the remarkable work of our filmmakers and cast," said Disney Entertainment co-chair Alan Bergman. "It's a proud moment for Disney Animation and all of us at Disney, not to mention a great way to start the holiday season."

The rising tide lifted other boats as well. Imax Corp (IMAX) had its biggest Thanksgiving ever, raking in $40.8 million globally over five days—up 70% from last year's holiday weekend. Zootopia 2 alone delivered $32 million on Imax screens, becoming both the biggest Thanksgiving title and the biggest November opening in the premium theater company's history. Of that total, $7.6 million came from domestic theaters while $24.5 million came from international locations, with China contributing a hefty $20.5 million.

The strong Imax performance, combined with continued demand for Wicked: For Good, suggests that audiences are still willing to pay premium prices for the right theatrical experiences.

Disney's Growing 2025 Box Office Dominance

Zootopia 2 isn't just performing well with audiences—critics love it too. The film holds a 7.7 score on IMDb and boasts 91% from critics and 95% from moviegoers on Rotten Tomatoes. Those kinds of ratings typically translate into strong legs through the holiday season.

The sequel already ranks 14th domestically for 2025, and Disney dominates the upper reaches of the box office charts with three top 10 films and five in the top 15, according to BoxOfficeMojo:

• #2: Lilo & Stitch – $423.8 million
• #6: The Fantastic Four: First Steps – $274.3 million
• #9: Captain America: Brave New World – $200.5 million
• #11: Thunderbolts – $190.3 million
• #14: Zootopia 2 – $156.0 million

Globally, Zootopia 2 already sits at #10 for the year, giving Disney two top 10 films and five in the top 15 worldwide.

And there's more coming. Avatar: Fire and Ash hits theaters on December 19, and expectations are sky-high given the franchise's track record. The first Avatar (2009) grossed $2.92 billion worldwide, making it the highest-grossing film of all time globally and fourth domestically. Avatar: The Way of Water (2022) wasn't far behind with $2.34 billion globally, ranking third all-time worldwide and seventh domestically.

Looking ahead to 2026, Disney's pipeline looks even more promising. The studio will release its first theatrical Star Wars film since 2019 with Mandalorian and Grogu. Toy Story 5 and a live-action Moana are also on the slate. The potential crown jewel? Avengers: Doomsday, set for December 2026, bringing back fan-favorite Marvel characters in what could be another all-time box office champion.

But The Stock Still Lags

Here's the puzzle: Disney is crushing it at the box office, yet the stock can't seem to catch a break. Shares traded at $105.15 on Monday, up a modest 0.7% for the day but down 5% year-to-date in 2025. The 52-week range spans from $80.10 to $124.69, and Disney is currently trading closer to the bottom half of that spectrum.

The disconnect makes sense when you consider the timing. While Zootopia 2 and Avatar: Fire and Ash will deliver blockbuster numbers in late 2025, those results won't show up in Disney's earnings reports until 2026. Still, strong box office performance could boost investor sentiment heading into the new year and potentially trigger a short-term rally as Wall Street prices in the expected revenue bump.

For now, Disney shareholders are left waiting to see if record-breaking box office magic can translate into stock price momentum. The content is clearly connecting with audiences worldwide. The question is whether that's enough to win over investors who've watched the shares slide while the broader market climbed.