The Walt Disney Company has announced earnings for its fourth quarter and full year ended 27 September 2025.
Financial Results for the Quarter and Full Year:
- Revenues in Q4 of $22.5 billion were comparable to Q4 fiscal 2024, and increased 3% for the year to $94.4 billion from $91.4 billion in the prior year.
- Income before income taxes for Q4 increased to $2.0 billion from $0.9 billion in Q4 fiscal 2024, and increased to $12.0 billion for the year from $7.6 billion in the prior year.
- Total segment operating income increased 12% for the year to $17.6 billion from $15.6 billion in the prior year.
- Diluted earnings per share (EPS) for Q4 increased to $0.73 from $0.25 in Q4 fiscal 2024. Adjusted EPS decreased 3% for Q4 to $1.11 from $1.14 in Q4 fiscal 2024. For the year, diluted EPS increased to $6.85 from $2.72 in fiscal 2024, and adjusted EPS increased 19% to $5.93 from $4.97 in fiscal 2024.
Key Points:
- Total segment operating income decreased 5% for Q4 to $3.5 billion from $3.7 billion in Q4 fiscal 2024
- Entertainment: Full year segment operating income increased 19% to $4.7 billion. Q4 segment operating income of $691 million, a decrease of $376 million compared to the prior-year quarter, driven by theatrical slate comparisons. For Q4:
- Direct-to-Consumer revenue increased 8%, net of an adverse impact of 2 percentage points as Disney+ Hotstar was included in the prior-year quarter’s results
- Direct-to-Consumer operating income increased $99 million to $352 million
- At the end of the quarter, 196 million Disney+ and Hulu subscriptions, an increase of 12.4 million vs. Q3 fiscal 2025, and 132 million Disney+ subscribers, an increase of 3.8 million vs. Q3 fiscal 2025
- Linear Networks operating income declined $107 million vs. Q4 fiscal 2024 driven by the Star India transaction, as Star India contributed $84 million to results in Q4 last year
- Domestic Linear Networks operating income decreased due to lower advertising driven by decreases in viewership and political advertising (political advertising had a $40 million adverse impact on results vs. Q4 fiscal 2024)
- Content Sales/Licensing and Other declined $368 million vs. Q4 fiscal 2024, reflecting the record theatrical performances of Inside Out 2 and Deadpool & Wolverine in the prior-year quarter
- Sports: Q4 segment operating income of $911 million, a decrease of $18 million compared to the prior-year quarter. For Q4:
- Domestic ESPN operating income declined 3% vs. the prior-year quarter, as higher marketing and programming and production costs were partially offset by higher advertising and subscription and affiliate revenues
- Domestic advertising revenue increased 8%
- Experiences: Record full year segment operating income of $10.0 billion, an increase of $723 million compared to the prior year. Record Q4 segment operating income of $1.9 billion, an increase of $219 million compared to the prior-year quarter. For Q4:
- International Parks & Experiences operating income grew 25% to $375 million
- Domestic Parks & Experiences operating income grew 9% to $920 million
Message From Our CEO:
“This was another year of great progress as we strengthened the company by leveraging the value of our creative and brand assets and continued to make meaningful progress in our direct-to-consumer businesses,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “Our strategy, coupled with our portfolio of complementary businesses and a strong balance sheet, enables us to continue investing in high-quality offerings for our consumers and increasing our returns to shareholders, and I’m pleased with our many achievements this fiscal year to position Disney for the future.”
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