Disney has warned that attendance at its American theme parks could decline due to 'international visitor headwinds', as foreign tourists stay away amid fears about President Donald Trump's policies and rhetoric. Overseas arrival numbers dropped sharply in the last few months of 2025, with September down 7.7% compared to the previous year, according to the National Travel and Tourism Office (NTTO).
Canadians and Mexicans, who make up the bulk of foreign tourists to the US, are increasingly staying away amid bellicose rhetoric from the president, who has threatened military action against Mexico and called for Canada to become the 51st state. The White House defended the administration's record, with Deputy Press Secretary Anna Kelly stating that under President Trump, the US is the 'best place to live or visit'.
Despite the drop in attendance, Disney reported higher revenues in the last quarter, as visitors who did come spent more at parks and on cruises. Net income reached $2.4bn on revenue of $26bn, boosted by streaming hits including Avatar: Fire and Ash and Zootopia 2. Disney predicted modest growth in its experiences business this quarter and higher growth later this year with the launch of its eighth cruise ship.
However, analysts warn that falling attendance could be a warning sign. Rich Greenfield of LightShed Partners told the Financial Times that investors are watching closely, noting that theme parks are now the primary reason to own Disney stock. Other destinations have been hit harder, with Las Vegas seeing a 9.6% drop in November traffic year-over-year, and Air Canada's traffic to Las Vegas down 40%.
In 2024, Canadians made up 28% of foreign tourists to the US, but that fell to 23% in 2025, resulting in a $4bn loss to the US economy. The NTTO estimates that every 40 international visits support one US job, so the decline represents a likely loss of American jobs. Las Vegas Mayor Shelley Berkley pleaded with Canadians to return in September, saying 'We love you, we need you, and we miss you.'
The US remained the world's third-most-visited country in 2025 and the largest travel and tourism economy, despite a 7% dip in foreign tourism spending, which was largely offset by increased domestic spending.
