Disney earnings: Highlights and misses for fiscal 2025

In a twelvemonth erstwhile Hollywood struggled to find its footing and "macro uncertainty" dented galore consumer-facing businesses, Disney’s taxable parks and streaming work nevertheless carried the institution to a beardown 2025 finish.

For the 4th ended September 30, Disney reported gross of $22.5 billion, level from a twelvemonth ago, and adjusted net down 3%. For the afloat year, gross roseate 3% to apical $94 billion, portion adjusted EPS jumped 19%. Net nett reached $10 billion, up 36%. Free currency travel climbed 18% to conscionable implicit $10 billion.

But the header numbers belie adjacent much absorbing trends nether the hood. Let's instrumentality a look.

Disney’s all-important Experiences part — which houses its taxable parks, cruises, and user products, i.e. toys — remained Disney’s fiscal anchor. Operating income from this conception roseate 13% for the 4th and 8% for the twelvemonth to a grounds $10 billion, driven by beardown request astatine some home and planetary parks — astonishing fixed the commercialized wars and unreality of “macro uncertainty” mentioned connected truthful galore earning calls passim the year. In a twelvemonth erstwhile user assurance has wobbled and governmental and economical uncertainty dominated headlines, adjacent 10% maturation successful home parks is other impressive.

Cruise bookings deed records, too, and user products gross surged 14%, led by a $4 cardinal Stitch-merchandising bonanza.

While the live-action Lilo & Stitch remake provided 1 of Disney’s biggest merchandising wins successful years, the lack of a superhero oregon Star Wars tentpole meant the company’s box-office numbers fell for the year, adjacent arsenic Zootopia 2 and Avatar: Fire and Ash are acceptable to onshore precocious this year, successful the company's fiscal 2026. Wish 2 and Pixar’s Elio performed solidly but not spectacularly — turning a profit, if ne'er becoming juggernauts.

Against the weaker twelvemonth for the container office, Disney’s streaming services much than delivered. Its direct-to-consumer concern posted a $1.3 cardinal yearly profit, reversing a nonaccomplishment conscionable 2 years ago, with Disney+ and Hulu present counting astir 200 cardinal combined subscribers. Overall, the Entertainment segment’s wide income fell 35% successful the quarter, reflecting lighter theatrical output and a 26% diminution successful contented sales.

In Sports, ESPN’s advertizing gross roseate 8% amid beardown NFL and college-football viewership, offsetting higher costs tied to the motorboat of its standalone streaming work and enhanced app. As if to celebrate, CEO Bob Iger appeared connected ESPN 2 connected Thursday morning.