Just because a company is the most iconic name in its industry doesn't necessarily mean it can't continue delivering market-beating returns for years to come. These two stocks, in particular, are household names and remain well below the highs, despite impressive business results. Both have the opportunity to grow profits tremendously over time, and investors who get in at these levels could be handsomely rewarded.

Making all the right moves

Disney (DIS 0.18%) recently reported its fiscal first-quarter earnings, and the numbers were rather positive all around. The company beat expectations on the top and bottom lines, and while it was widely expected that the Disney+ streaming service would lose subscribers following its price hike, the loss was significantly better than expected.

However, the most significant news items didn't have to do with the numbers themselves. In his first earnings release since returning, CEO Bob Iger announced some changes that investors were thrilled to hear. The company is restructuring into three divisions, cutting $5.5 billion in costs, and plans to reinstate its dividend by the end of the year.

In a nutshell, Disney's parks, experiences, and products divisions are absolute cash machines, generating 21% year-over-year revenue growth and dramatically increasing per-guest spending in recent years. The streaming business adds billions in recurring revenue, and if Disney can figure out how to make that side of the business profitable, shareholders could be handsomely rewarded.

Record profitability and plenty of room to grow

There have been investor concerns that Airbnb (ABNB 1.17%) would be hit hard by a slowdown in consumer spending, but its fourth-quarter earnings told a different story. In fact, not only did Airbnb just report its first full profitable year, but its 23% net margin is extremely impressive. Airbnb beat analyst expectations on both the top and the bottom lines as travel proved more resilient in the inflationary environment than many had predicted.

Airbnb saw a 24% year-over-year surge in fourth-quarter revenue, had $13.5 billion in booking volume on its platform in the fourth quarter, and generated $3.4 billion in free cash flow for the full year. Airbnb ended 2022 with 6.6 million active listings on its platform -- 900,000 more than a year prior.

Looking forward, Airbnb plans to double down on attracting new hosts to its platform and building new and innovative products. For example, it recently launched a program that allows renters (not just homeowners) in Airbnb-friendly communities to become hosts.

There could be plenty of room to keep the growth story going for years. Airbnb estimated its total addressable market for experiences and short- and long-term stays to be $3.4 trillion in size – and this estimate was made before the recent wave of inflation pushed prices higher.

Don't expect a smooth ride

Both of these could be excellent stocks for patient long-term investors, but it's important to brace for some short-term turbulence, especially if a recession arrives. Both are somewhat cyclical businesses, and demand for theme parks and travel could certainly take a hit if times get tougher. Plus, Disney is still trying to figure out how to make money from streaming, and Airbnb will need to be increasingly innovative to keep its growth rate strong. The point is that I have no idea what either of these stocks will do in the next few weeks or months, but if you measure your investment returns in periods of five or more years, they are worth a closer look.