The Walt Disney Company reported its fourth quarter and full year financial results for 2025, reporting an increase of 12.4 million subscribers for the platforms.
The Walt Disney Company today reported earnings for its fourth quarter and full year ended September 27, 2025.
Revenues in Q4 of US$22.5 billion were comparable to Q4 fiscal 2024, and increased 3% for the year to US$94.4 billion from US$91.4 billion in the prior year.
Direct-to-Consumer revenue increased 8%, net of an adverse impact of 2 ppts as Disney+ Hotstar was included in the prior-year quarter’s results. Direct-to-Consumer operating income increased US$99 million to US$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 US$107 million vs. Q4 fiscal 2024 driven by the Star India transaction, as Star India contributed US$84 million to results in Q4 last year.
Content Sales/Licensing and Other declined US$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 US$911 million, a decrease of US$18 million compared to the prior-year quarter.
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%.
“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.”
