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News Disney’s Fiscal Full Year and Q4 2025 Earnings Results Webcast

D

DCBaker

Premium Member
Original Poster
The Walt Disney Company will host a live audio webcast to discuss fiscal full year and fourth quarter 2025 financial results beginning at 8:30 a.m. ET / 5:30 a.m. PT on Thursday, November 13, 2025.

Disney will release results before the opening of regular trading on November 13, 2025 and post earnings materials at www.disney.com/investors.

Disney’s Q4 FY25 Earnings Results Webcast - The Walt Disney Company

The Walt Disney Company will host a live audio webcast to discuss fiscal full year and fourth quarter 2025 financial results beginning at 8:30 …Read More
thewaltdisneycompany.com thewaltdisneycompany.com
 
D

DCBaker

Premium Member
Original Poster
Financial docs are now live at this link: https://thewaltdisneycompany.com/app/uploads/2025/11/q4-fy25-earnings.pdf

Here are a few details from the financial release:

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(1) 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(1) 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(1) increased 19% to $5.93 from $4.97 in fiscal 2024.
Key Points:
  • Total segment operating income(1) 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 ppts 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
Guidance and Outlook(1):
  • Q1 Fiscal 2026:
    • Entertainment:
      • DTC SVOD operating income(2) of approximately $375 million
      • Theatrical slate comparisons to drive an adverse impact to segment operating income of $400 million compared to Q1 fiscal 2025
      • Lower political advertising revenue of $140 million compared to Q1 fiscal 2025
      • Unfavorable comparison to $73 million of Star India operating income in Q1 fiscal 2025
    • Experiences:
      • $90 million in pre-opening expenses at Disney Cruise Line, driven by the Disney Destiny and Disney Adventure
      • $60 million in dry dock expenses at Disney Cruise Line
  • Fiscal Year 2026:
    • Entertainment:
      • Double digit percentage segment operating income growth compared to fiscal 2025, weighted to the second half of the year
      • Operating margin of 10% for Entertainment DTC SVOD(2)
    • Sports:
      • Low-single digit percentage segment operating income growth compared to fiscal 2025, with growth weighted to Q4 reflecting the timing of rights expenses, which adversely impacts year-over-year comparability in Q2 and Q3
    • Experiences:
      • High-single digit percentage growth in segment operating income compared to fiscal 2025, weighted to the second half of the year
      • $160 million in pre-opening expenses, driven by the Disney Adventure and Disney Destiny
      • $120 million in dry dock expenses
      • $24 billion in content investment across Entertainment and Sports
    • Double digit adjusted EPS(1) growth compared to fiscal 2025
    • $19 billion in cash provided by operations(2)
    • $9 billion of capital expenditures
    • Doubling share repurchases target to $7 billion compared to fiscal 2025
    • The Board has declared a cash dividend of $1.50 per share, payable in two installments of $0.75 per share, payable on January 15, 2026 (record date December 15, 2025) and July 22, 2026 (record date June 30, 2026)
  • Fiscal Year 2027:
    • Double digit adjusted EPS(1) growth compared to fiscal 2026
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.”

Domestic Parks and Experiences

Operating income at our domestic parks and experiences increased compared to the prior-year quarter due to growth at Disney Cruise Line attributable to an increase in passenger cruise days, partially offset by higher fleet expansion costs, both reflecting the launch of the Disney Treasure in the first quarter of the current year.

International Parks and Experiences

International parks and experiences’ operating results increased compared to the prior-year quarter, primarily due to growth at Disneyland Paris. The increase at international parks and experiences was attributable to:
  • Volume growth due to an increase in attendance
  • An increase in guest spending
  • Higher costs attributable to new guest offerings
Consumer Products

The increase in operating income at consumer products was due to higher licensing revenue.

Experiences revenues and operating income were as follows:

Q4-1.png
 
BrianLo

BrianLo

Well-Known Member
Only real surprise here was streaming subscriber growth against the Kimmel headwind. Not sure how they pulled that rabbit out.

Good occupancy and nothing earth shattering again for attendance. I’m sure that will be the Rorschach test for the conversation later today.

I’d say pretty ho hum quarter and good guidance.
 
Tha Realest

Tha Realest

Well-Known Member
Jrb1979 said:
I'm surprised they didn't say anything about ESPN bet shutting down next month.
Click to expand...
Is it shutting down, per se? It seems more like they’ve discontinued the Penn association and are going in with Draft Kings. I acknowledge I don’t know all the specifics vis a vis whether ESPN Bet was fully in house or a licensing arrangement.
 

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