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Jun 28, 2025
Disney Q3 2025 Earnings Report
Disney reported stronger Q3 2025 earnings driven by profitability in streaming and growth in Parks & Experiences.
Key Takeaways
The Walt Disney Company delivered solid Q3 results with increased revenue, net income, and EPS. The Direct-to-Consumer segment turned profitable, and Experiences saw double-digit growth. Adjusted EPS also improved, reflecting better operating efficiency.
Revenue rose to $23.65 billion, up from $23.16 billion in Q3 2024.
Direct-to-Consumer segment posted $346 million in operating profit versus a loss last year.
Disney+ and Hulu combined subscriptions grew to 183 million.
Net income jumped to $5.26 billion, more than double from the prior year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Disney expects continued growth in streaming, driven by the Charter deal boosting Hulu subscriptions and increased international Disney+ uptake.
Positive Outlook
- Over 10 million net new Disney+ and Hulu subscriptions expected in Q4.
- Hulu to drive majority of the subscriber gains due to Charter deal.
- Direct-to-Consumer segment expected to remain profitable.
- Disney+ subscribers projected to increase modestly in Q4.
- Expanded parks and experiences pipeline to continue boosting results.
Challenges Ahead
- Star India JV expected to continue contributing equity losses.
- Content Sales/Licensing segment under pressure from weaker film performance.
- International linear network revenues may decline post-Star India transaction.
- Restructuring charges may continue to weigh on net results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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