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Sep 27
Disney Q4 2025 Earnings Report
Disney reported higher net income and strong streaming growth in Q4 2025.
Key Takeaways
Disney delivered a solid Q4 with strong net income growth, driven by record performance in Experiences and increased subscriptions in its streaming platforms. However, entertainment and sports segments saw declines in operating income compared to the previous year.
Net income more than doubled to $1.31 billion from $460 million a year ago.
Experiences segment delivered record Q4 revenue and operating income.
Disney+ and Hulu gained 12.4 million subscriptions in Q4.
Entertainment segment operating income dropped 35% YoY due to weaker theatrical slate.
Disney
Disney
Disney Revenue by Segment
Disney Revenue by Geographic Location
Revenue by Segment
Entertainment Revenue
CapyFin.comSports Revenue
CapyFin.comExperiences Revenue
CapyFin.comRevenue by Geographic Location
Domestic Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Disney expects FY2026 to deliver double-digit adjusted EPS growth with investments in content, theme parks, and cruise line expansions driving long-term value.
Positive Outlook
- Entertainment DTC SVOD operating margin expected to reach 10%.
- Double-digit segment operating income growth in Entertainment.
- High-single digit growth in Experiences segment.
- Sports segment to grow in low-single digits, weighted to Q4.
- Share repurchase target doubled to $7 billion.
Challenges Ahead
- Q1 operating income to face $400 million hit from weaker theatrical slate.
- $140 million decline in political ad revenue in Q1 vs. last year.
- Unfavorable comps due to $73 million prior-year Star India income.
- $90 million in pre-opening cruise line expenses expected in Q1.
- $60 million in dry dock expenses projected in Q1.