Disney Q2 2025 Earnings Report
Key Takeaways
Disney saw robust growth in Q2 2025, led by strength in the Entertainment and Experiences segments. Adjusted EPS rose 20% year-over-year, and Direct-to-Consumer streaming subscribers increased. Net income returned to strong profitability compared to the prior-year loss.
Revenue grew to $23.6 billion, up from $22.1 billion in Q2 2024.
Net income hit $3.3 billion, reversing a net loss in the same period last year.
Disney+ and Hulu gained 2.5 million subscriptions quarter-over-quarter.
Free cash flow more than doubled to $4.9 billion.
Disney
Disney
Disney Revenue by Segment
Disney Revenue by Geographic Location
Forward Guidance
Disney expects continued strength in its Entertainment and Experiences segments, modest streaming subscriber growth, and stable operating income growth across business units.
Positive Outlook
- Disney+ subscribers expected to modestly increase in Q3 FY25.
- Adjusted EPS guidance of $5.75 for FY25, up 16% from FY24.
- Experiences segment to grow 6–8% in FY25.
- Sports segment expected to grow 18% in operating income.
- $17 billion in cash from operations projected, $2 billion above prior guidance.
Challenges Ahead
- Sports operating income impacted by programming cost spikes.
- Write-off related to Venu JV negatively impacted results.
- International parks saw lower attendance and higher costs.
- Star India JV contributed $103 million equity loss in Q2.
- Restructuring and impairment charges of $109 million booked.
Revenue & Expenses
Visualization of income flow from segment revenue to net income