Parks are just one aspect of their business. There are also movies and now Disney+ is a big chunk too.
On the movies side, things have never really recovered since the pandemic (perhaps the upcoming Avatar movie may help), several movies went straight to streaming, and recent box office releases failed to impress revenue-wise for reasons that can generally be debated elsewhere. I will just briefly quote several lines from Variety Online describing their last 2 box major office flops, leaving personal commentary out:
(Lightyear) Pixar’s next feature film, “Lightyear” — starring Chris Evans as the putative real-life inspiration for the “Toy Story” character Buzz Lightyear — does feature a significant female character, Hawthorne (voiced by Uzo Aduba), who is in a meaningful relationship with another woman. While the fact of that relationship was never in question at the studio, a kiss between the characters had been cut from the film. Following the uproar surrounding the Pixar employees’ statement and Disney CEO Bob Chapek’s handling of the “Don’t Say Gay” bill, however, the kiss was reinstated into the movie last week.
(Strange World) "The animated feature introduces viewers to Ethan Clade, a biracial, openly gay teenager who gets completely tongue-tied when he’s near his crush, Diazo."
Lightyear grossed about 25% of what Toy Story 4 grossed back in 2019. Strange World just came out recently and is on track to lose the company $100M+. Regardless of one's opinion regarding the plots, keep in mind that quite a few countries refused to even air both of these movies at all, including China and it's 1.5 billion population, because some of the content is banned in those countries.
On the Disney+ side, I am actually surprised myself that they are losing money. I guess content acquisition is expensive, and there is a lot of competition with other streaming services (Netflix, Amazon, HBO, Paramount+, Peacock etc). But they did just raise prices and also had lots of people who went from paying $4/month to full price (the 3-year advance purchase promo they had back in 2019 through D23 - I was on that myself). That may help.