Disney (DIS) earnings Q4 2025

Disney It reported fiscal fourth-quarter earnings on Thursday that beat analysts’ earnings expectations but missed revenue as the company’s entertainment business remains under pressure from TV networks and a lackluster theatrical release slate.

Disney shares fell more than 4% in premarket trading.

Here’s what Disney did reported Compared to Wall Street’s expectations, according to LSEG, for the period ending Sept. 27:

• Earnings per share: Adjusted $1.11, expected $1.05
• Revenues: 22.75 billion dollars is expected against the expectation of 22.46 billion dollars

Net income for the quarter was $1.44 billion, or 73 cents per share; That was more than double the $564 million, or 25 cents per share, that Disney reported in the same period last year. Adjusting for one-time items, Disney reported earnings per share of $1.11.

The company’s total revenue for the quarter was approximately $22.5 billion, slightly lower than in the same quarter last year.

Disney also said it plans to increase its dividend and double its share buyback plan for fiscal 2026.

“Overall, we’re ending the year with great momentum,” Disney CFO Hugh Johnston told CNBC’s “Squawk Box” on Thursday about the company’s broadcast and experience businesses.

Revenue for Disney’s entertainment unit fell 6% from last year to $10.21 billion, driven by linear TV networks and theatrical releases.

Disney’s TV networks, including ESPN, are so far unavailable to customers: GoogleYouTube TV has been the streaming provider of the paid TV package since October 31 due to the ongoing carriage dispute between the two companies.

Disney’s streaming growth was also a result of increasing service options. Transport agreement earlier this year Charter Communications expanded to the cable TV provider’s customers access to ad-supported Hulu. Originally, Charter’s pay-TV customers only got Disney+.

While about half of the increase in streaming subscribers is attributable to the Charter carriage agreement, Johnston said “the other half is retail,” with much of that coming from international markets. Disney, like its media counterparts Warner Bros. Discovery And netflixhas seen much of its recent streaming growth come from global customers.

The company also launched its ESPN direct-to-consumer app in August, which mirrors all content from TV networks, ESPN+ and other add-ons. The app is also available for Charter’s pay TV subscribers.

Disney has stopped reporting subscriber metrics for ESPN+ and has not provided guidance on the newly launched app that shares the same name as the TV network. On Thursday, Johnston said ESPN’s availability via streaming helps reduce customer churn and also increases engagement with ESPN.

But Johnston characterized Disney’s packages as a driver for the ESPN app and streaming in general.

“One of the things that I think we’re most excited about is that 80% of these new retail subscriptions on ESPN are actually bundled subscriptions, which again should contribute to engagement, contribute to retention and frankly make the service more valuable over time,” Johnston told “Squawk Box.”

Flagship streaming service Disney+ added 3.8 million paid subscribers, bringing its total subscriber count to 131.6 million; Hulu had 64.1 million customers. Disney was in the process of integrating Hulu, which it took full control of at the beginning of this year, into the Disney+ application.

This marks the last time the company will report subscriber numbers and average revenue per unit, or ARPU, for streaming services, which include Disney+ and Hulu.

Instead, Disney will follow in the footsteps of giant Netflix, which stopped updating investors on its subscriber count earlier this year.

Revenue for Disney’s sports division, ESPN, rose 3% to nearly $4 billion, while operating income was flat at $898 million compared with the same period last year. ESPN’s domestic operating revenue decreased primarily due to higher programming costs as well as costs from the app’s launch in August.

Revenue from the experiences segment, which includes theme parks, resorts and cruises, as well as consumer products, increased 6% to $8.77 billion. The segment’s operating income increased 13% to $1.88 billion.

The current economy is not impacting the Disney consumer in the experience business, Johnston said on “Squawk Box” Thursday. He noted that reservations increased 3% in the first quarter of Disney’s fiscal year, and per capita spending at the parks increased 5%.

“We kept our momentum going there,” Johnston said.

Disney attributed growth in its cruise business to its gains, although they were offset by higher fleet expansion costs. Disney’s fleet expand once again at the end of this month.