Disney's earnings projections looking magical

The Magic Kingdom has been on a tear: Disney shares are trading at an all-time high, up nearly 45 percent over the past 12 months.

Expectations continue to rise ahead of results due out Tuesday afternoon. Disney is projected to grow revenue 6 percent to $13.225 billion, while earnings are projected to grow 11 percent to $1.42 per share.

Read More 2015 on track to set box office record

This comes as two analysts raised their price targets for the stock on Monday. Stifel Nicolaus analyst Benjamin Mogil reiterated his "buy" rating on the stock to $130.

Driving his expectations higher: projections that "Star Wars" will gross around $2.2 billion globally. Disney's biggest headwinds, Mogil says, are foreign exchange rates,

The theme parks are continuing to drive growth, on higher attendance on spending. Here are four other key areas in focus in Disney's report:

1) Media networks: On the heels of CEO Robert Iger's announcing on Squawk Box that he thinks it's inevitable that Disney will sell ESPN straight to consumers, there are sure to be plenty of questions about the future of ESPN and the rest of the company's valuable media networks business. With costs rising, margins are expected to be under pressure. Investors will also be listening for any color on the impact of cord cutting and just how soon Iger imagines selling ESPN outside the bundle.

2) The Studio: While "The Avengers" is expected to bolster the quarter's studio results, analysts are projecting the company will take a write-down of $130million to $140 million on "Tomorrowland." The upside—since the film is not part of a franchise—RBC analyst David Bank says he doesn't expect that box office disappointment to "ripple" into Disney's other earnings streams.

Read More Zuck talks up 3-D content

3) Shanghai park: As Shanghai Disneyland Park's opening next year nears, we can expect plenty of questions about expectations for traffic and the impact of a volatile Chinese market plus foreign exchange rates.

4) "Star Wars": Wall Street is "Star Wars" crazy. The brand is expected to be not only a catalyst for the studio, but also for consumer products. Any details about the film could send projections for the box office soaring.

Read More Two bulls on Disney