Shares of Walt Disney (DIS -0.89%) took flight Thursday morning, jumping as much as 11.8%. As of 11:59 a.m. ET, the stock was still up 6.7%.

The catalyst that sent the media company higher was its quarterly financial results, which contained a few happy surprises for investors.

Sprinkling some pixie dust

For its fiscal 2024 fourth quarter (ended Sep. 28), the company reported revenue that climbed 6% year over year to $22.6 billion. However, it was the bottom-line results that brought the magic, as the company's cost-cutting measures are bearing fruit and boosting profitability, as adjusted earnings per share (EPS) of $1.14 surged 39%.

For context, analysts' consensus estimates were calling for revenue of $22.49 billion and adjusted EPS of just $1.11, so Disney cleared both hurdles with ease.

The headline was profitability for the company's entertainment streaming segment -- which includes Disney+ and Hulu. The segment reported an operating profit of $253 million, soaring past Wall Street's expectations of $131 million. Perhaps more importantly, Disney said it expects profitability to more than triple to $875 million in 2025.

CEO Bob Iger and CFO Hugh Johnston highlighted the success of a number of strategic efforts during the just-concluded fiscal year. Disney returned to form with a number of box office hits, including Inside Out 2 and Marvel's Deadpool & Wolverine, which "broke numerous box office records, becoming the top two movies of the year to date." The company also cited its historic night at this year's Emmys, which resulted in "a record-breaking 60 Emmy Awards."

Disney expects its winning streak to continue. For the 2025 fiscal year (which began Sep. 29), the company is guiding for high-single-digit adjusted EPS growth and dividend increases commensurate with its increase in profitability. Management is also forecasting double-digit EPS growth in both fiscal 2026 and fiscal 2027.

Despite the robust results, Disney stock remains attractively priced, selling for just 21 times forward earnings, a steal for a company with so many ways to win.