Bob Iger, the CEO of Disney, confirmed that Toy Story 5 is in the works at Pixar during Disney's 2023 Q1 Financial Results conference call.

The news follows the 2019 release of Toy Story 4 and the 2022 Chris Evans-led spin-off Lightyear.

Mark Nielsen, producer of the Toy Story franchise, has previously stated that each film is treated as if it's the first and the last film to be made.

Actor Tim Allen, who played Buzz Lightyear, has expressed support for a fifth installment and has seemingly confirmed his return with a recent reaction to the news.

The ending of Toy Story 4 left fans on a bittersweet note as Woody and Bo Peep got their happy ending.

Toy Story 5 has two options: either continue without Woody or undo the ending of the last movie to reunite the toys.

Toy Story is one of the biggest brands in Disney and Pixar's arsenal, and the franchise is likely to continue in some form, including spin-offs and Disney+ content.

The sequel plan for another popular animated franchise was also announced during the same conference call.

Toy Story 5 does not yet have an official release date and Bob Iger gave no indication of how far along the development may be.