Disney theme parks may have eaten through the pent-up demand for travel following the worst of COVID-19 pandemic, as executives said Tuesday that attendance growth is slowing down.

In the three months ending March — which is the second quarter for Disney’s fiscal year — domestic theme park revenue was up by 3 percent and operating income was flat. International theme parks in Paris, Hong Kong and Shanghai performed better year-over-year, with 29 percent growth in revenue and a 87 percent jump in operating income. 

The company’s Experiences segment, which includes Disney parks along with the Disney Cruise Line, reported $8.3 billion in revenue overall for the quarter, up 10 percent over the same time period in 2023. 

Disney CEO Bob Iger said, “In terms of attendance, what we’re basically communicating is, relative to the post-Covid highs, things are tending to normalize.” Both Iger and CFO Hugh Johnston said there is “healthy growth” ahead for Disney parks, though Johnston did predict lower demand for the rest of this fiscal year. 

Iger added, “I certainly feel like the business is still doing very, very well. Obviously, we’ve got the best in the business in terms of product, and people still have a strong desire to basically go on vacation and come to see us.”

Despite Disney reporting positive results in other segments — including Disney+ and Hulu turned last year’s $587 million loss into a $47 million profit for the quarter — its share price dropped by 11 percent on Tuesday, closing at $105.39 per share.