The main things hurting them was
1) COVID hurt their theme park bottom lines for a couple years
2) Big dollar projects that failed on ROI or were projected to
3) Oversaturation of IPs like Star Wars or Marvel with poorly received product diminishing their profitability
Basically, they either put out mediocre stuff or invested too much in projects to the point it wasn’t profitable. Indiana Jones 5 is a perfectly decent movie, but it failed to be a huge hit to make back the money they spent. And expensive stuff like Antman3 was blasted by critics and moviegoers alike
Disney isn’t alone in that regard. Netflix lost tons of money bankrolling projects that flopped, like that superhero show Jupiter Rising