Before the bell rings, Disney reports its earnings. Here's what you need to know.

• Disney reports its third-quarter earnings before the bell on Wednesday.
• The company will hold an earnings conference call at 8:30 a.m. ET.
• Disney's streaming segment will be the focal point for Wall Street, with the focus being on whether it achieves profitability by the end of the year.
• Disney's theme parks, particularly Disneyland Resort in California, will be closely examined following a decline in profits last quarter.

Since Bob Iger returned as CEO in 2022, Wall Street will closely monitor the ongoing turnaround of the company, with a particular focus on the performance of its streaming and theme parks businesses.

Here is what Wall Street expects Disney to report, according to LSEG:

• Earnings per share: $1.19 expected
• Revenue: $23.071 billion expected

Last quarter, Disney+ and Hulu recorded their first profit in the streaming industry.

Disney+ Core subscribers grew by more than 6 million to 117.6 million global customers during Disney's second quarter, while Hulu subscribers increased 1% to 50.2 million. However, ESPN+ subscribers fell 2% to 24.8 million.

Disney's streaming unit, consisting of Disney+, Hulu, and ESPN+, is closely monitored by Wall Street as the company aims to achieve profitability for the combined services by the end of the year.

Despite progress towards the milestone in the last quarter due to Disney+ and Hulu, ESPN+'s persistent losses and soft guidance indicate a challenging path ahead, according to Paul Verna, vice president of content for eMarketer.

In the third quarter, customer additions were not anticipated by executives, but they predicted a return to growth in the fourth quarter during the company's last earnings call.

Despite ESPN+ negatively impacting Disney's streaming division, its TV network remains a positive aspect for the company's traditional TV business. However, this traditional TV business is predicted to decline as customers continue to cut pay TV bundle cords.

Disney's theme parks division is a key focus, as they have been the profit driver for the company. The state of Disney's U.S.-specific parks will be of interest, in particular.

Over the next decade, Disney has committed to investing $60 billion in its theme parks, indicating the significance of this sector to the company.

The revenue of the U.S. parks and experiences division increased by 7% to $5.96 billion in the last quarter, with international sales surging 29% to $1.52 billion. This was due to higher attendance and prices at Hong Kong Disneyland Resort. Verna from Emarketer predicts that this positive momentum will continue for the parks.

The year-over-year decline in profits at Disneyland Resort in California was attributed to cost inflation, including high labor expenses by executives.

The Universal theme parks of Comcast negatively impacted last month's earnings, but executives are optimistic about the business, particularly with the opening of a new theme park in 2025.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.