It’s the cartoon that built an empire.On Nov. 18, 1928, an animated film called Steamboat Willie premiered at Universal’s Colony Theater in New York City. The roughly seven-minute cartoon was produced by an animation studio founded five years earlier by Walt Disney and his brother, Roy.While earlier animated shorts had experimented with synchronized sound, Steamboat Willie was the first to make it a commercial and critical success.“This one represents a high order of cartoon ingenuity, cleverly combined with sound effects,” Variety wrote a few days later, referring to “Cartoonist, Walter Disney,” as the publication called him, and adding that “the union brought forth laughs galore.”The cartoon also featured two characters who had appeared in a pair of earlier Disney shorts with limited distribution: Mickey Mouse and Minnie Mouse.“Mickey Mouse popped out of my mind onto a drawing pad on a train ride from Manhattan to Hollywood, at a time when the business fortunes of my brother Roy and myself were at their lowest ebb and disaster seemed right around the corner,” Disney later recalled.
Steamboat Willie was a groundbreaking innovation in animation, introducing the world to the now-iconic Mickey Mouse. Photo by Mario Tama on Getty Images
That now-renowned rodent helped transform The Walt Disney Company (DIS) into an entertainment juggernaut that spans film, television, streaming, theme parks, and consumer products, with more than 230,000 employees globally.And to think that Walt Disney was once fired from a Missouri newspaper after an editor said he “lacked imagination and had no good ideas.”Mickey Mouse — widely regarded as the most iconic cartoon character in the world — remains Disney’s global mascot, with a birthday celebrated, appropriately enough, on Nov. 18, the day the Steamboat Willy film premiered almost a century ago.Disney’s portfolio includes major brands such as Pixar, Lucasfilm, Marvel Studios, ESPN, and National Geographic.Disney’s pervasive cultural relevanceConsider Disney’s amazing output over the years, from animated classics such as Snow White and the Seven Dwarfs, Pinocchio, Bambi, and Cinderella to The Little Mermaid, Aladdin, and Moana.A generation of TV viewers in the 1950s and the 1960s tuned in on Sunday nights to watch Walt Disney’s Wonderful World of Color, hosted by the man himself.”Disney is quite pervasive within our modern culture,” Martyn Griffin, an expert on the cultural perceptions of work and organization, told the BBC in 2019. “Home videos exposed kids over and over again to the ideas in Disney films. If they were doing this from a young age, it is bound to have an impact.”On July 17, 1955, the Mouse House opened Disneyland in Anaheim, Calif., telling visitors that the theme park is “dedicated to the ideals, the dreams and the hard facts that have created America — with the hope that it will be a source of joy and inspiration to all the world.”More Dow company histories: History of Walmart: Company timeline & factsHistory of Caterpillar: Company timeline & factsHistory of Chevron: Company timeline & factsHistory of Microsoft: Company timeline & factsToday, the company operates 12 theme parks across 6 resorts worldwide, attracting roughly 140 million to 145 million visitors annually.Disney is the global leader in theme park attendance, and the flagship Magic Kingdom at Walt Disney World is consistently the world’s most-visited theme park.Disney Experiences, which manages theme parks, cruise lines, resort hotels, and consumer products, is the company’s most profitable segment, often accounting for more than 60% of operating income.
Mickey Mouse takes part in a cavalcade parade on Main Street USA at the Magic Kingdom Park at Walt Disney World in Orange County, Florida.Anadolu/Getty Images
Disney’s early years Despite the success of Mickey Mouse, Walt Disney faced significant hardships in those early years, including intense financial pressure at the studio, the loss of key talent to rival firms, and periods of severe stress as the company rapidly expanded.After taking some time off, Disney decided to create a full-length animation feature, Snow White and the Seven Dwarfs, which premiered at the Carthay Circle Theatre in Los Angeles on December 21, 1937.The first full-length animated feature produced in the United States, Snow White was an immediate critical and commercial success.It went on to become the highest-grossing film of its time, earning about $8 million at the box office, or roughly $183 million in today’s dollars.Related: Microsoft’s logo over the years: A timeline of innovationWalt Disney’s death, company struggles & reboundWalt Disney died on Dec. 16, 1966, at 65 years old. At the time, he was involved in planning the California Institute of the Arts (CalArts) and the Florida Project, which was the code name for Walt Disney World. The company struggled with declining profits following his death — particularly in animation, which saw its staff shrink from 500 to 125 employees, with the company only hiring 21 people from 1970 to 1977.In 1984, major shareholders, including Roy E. Disney (Walt’s nephew), Sid Bass, Lillian Disney, Diane Disney, and Irwin L. Jacobs — who together owned about 36% of the company’s shares — forced out CEO Ron Miller and replaced him with Michael Eisner, a former president of Paramount Pictures, and appointed Frank Wells as president.Related: History of Apple: Company timeline and factsThe company rebounded through international expansion and Disney Renaissance, a period from 1989 to 1999 in which Walt Disney Animation Studios revitalized its brand with a series of successful, critically acclaimed animated musicals.Beginning with The Little Mermaid and peaking with The Lion King, the era produced a string of hit films that combined Broadway-style music with increasingly advanced animation techniques.Disney in the 21st centuryThe 21st century has been a period of significant growth and transformation for The Walt Disney Company, particularly under CEO Bob Iger, who took the helm in 2005 and led major acquisitions including Pixar, Marvel Entertainment, Lucasfilm, and 21st Century Fox.The company expanded into streaming in 2019 with the launch of Disney+.However, despite its strength in streaming and theme parks, some observers say Disney faces ongoing challenges, including concerns about creative stagnation, a reliance on remakes, and periods of financial volatility.Bob Chapek succeeded Iger in 2020 but was ousted two years later amid significant streaming losses and pressure on Disney’s stock. Iger returned as CEO on Nov. 2.Related: The Dow’s best dividend stocks: A shortlist for income investorsDisney’s stock splits & addition to the DowThe Walt Disney Co. held its IPO on Nov. 12, 1957, debuting on the New York Stock Exchange at $13.88 per share. Since then, Disney has executed seven stock splits.On May 6, 1991, Disney was added to the Dow Jones Industrial Average, replacing USX Corp., to become the first pure entertainment company in the index.Disney suspended its dividend in 2020 during the COVID-19 pandemic and resumed payments in 2024. It currently pays an annual dividend of $1.50 per share, typically distributed in semiannual installments in January and July.The company has undergone multiple stock splits since 1956, including in 1986 and 1992, most recently a 3-for-1 split in July 1998, followed by a minor share adjustment in 2007.Related: What happens when a stock splits in the Dow Jones Industrial Average?How is Disney’s stock doing now? The company reported record revenue of $94.43 billion for fiscal 2025, up 3.35% from the previous year, while net income rose 12% to $12.4 billion.“Overall, our results reflect our hard work and strategic investments,” Iger told analysts during a recent earnings call. “I’m incredibly proud of what we’ve accomplished to position Disney for continued growth.”On March 18, 2026, Josh D’Amaro, former head of Disney Experiences, became CEO and has focused on restructuring the company to strengthen its core operations.His key priorities include enhancing streaming profitability and expanding international theme park investments, including new resorts abroad.Looking ahead: Disney’s future Analysts say that risks remain for Disney, including intense competition in streaming, high content costs, and potential softness in theme park attendance.Still, investment firms remain broadly optimistic on Disney stock, citing improving streaming profitability, strong performance in the Experiences segment, and what some analysts describe as a relatively attractive valuation.“I only hope that we never lose sight of one thing — that it was all started by a mouse,” Walt Disney once said.A timeline of the Walt Disney Company’s history & milestones December 5, 1901: Walt Disney is born in Chicago, Ill. October 16, 1923: Brothers Walt and Roy Disney found the Disney Brothers Cartoon Studio in Hollywood, California. Nov. 18, 1928:Steamboat Willie, an animated film featuring the first public appearance of Mickey Mouse, premieres at Universal’s Colony Theater in New York City.Dec. 21, 1937:Snow White and the Seven Dwarfs premieres at the Carthay Circle Theatre in Los Angeles.March 8, 1940: Disney’s market cap surpassed $1 million immediately upon its initial public offering (IPO) on the over-the-counter market.July 19, 1950:Treasure Island, the studio’s first completely live-action feature film, is released in the United States.Nov. 12, 1957: Disney debuts on the New York Stock Exchange at $13.88 per share.July 17, 1955: Disneyland opens in Anaheim, Calif.Dec. 16, 1966: Walt Disney dies at 65 years old.Oct: 1, 1971: The Walt Disney World Resort opens near Orlando, FL.Sept. 22, 1984: Michael Eisner becomes Disney’s Chairman and CEO. Related: History of Coca-Cola: Timeline, facts & milestonesMay 6, 1991: Disney is added to the Dow Jones Industrial Average. Oct. 1, 2005: Bob Iger becomes CEO, succeeding Michael Eisner.Jan. 24, 2006: Disney announces it will acquire Pixar for $7.4 billion. The deals closes in May, and the company’s market cap grows from just over $62 billion to over $155 billion in the years following.March 20, 2019: Disney acquires 21st Century Fox — including its film and television studios (20th Century Fox, Fox Searchlight Pictures, 20th Century Fox Television) and other assets — for $71.3 billion.Feb. 25, 2020: Bob Chapek becomes CEO, succeeding Iger.Nov. 20, 2022: Iger returns as CEO.Feb. 2, 2026: Disney reports record full-year fiscal 2025 revenue of $94.4 billion.March 18, 2026: Josh D’Amaro, former head of Disney Experiences, becomes CEO.Related: History of Nike: Company timeline and facts