News Disney’s Q3 FY25 Earnings Results Webcast

[DCBaker]

The Walt Disney Company will host a live audio webcast to discuss fiscal third quarter 2025 financial results beginning at 8:30 a.m. ET / 5:30 a.m. PT on Wednesday, August 6, 2025.

Disney will release results before the opening of regular trading on August 6, 2025 and post earnings materials at www.disney.com/investors.

Disney’s Q3 FY25 Earnings Results Webcast - The Walt Disney Company

The Walt Disney Company will host a live audio webcast to discuss fiscal third quarter 2025 financial results beginning at 8:30 a.m. ET / …Read More

thewaltdisneycompany.com

 

[MisterPenguin]

Disney Wraps Upfront With Sports Advertising Near $4B, Overall Volume Flat

Disney Advertising completed its 2025-2026 Upfront with overall volume flat from year before, despite increased sales in sports and streaming.

deadline.com

 

[MisterPenguin]

Fox will launch the new service at a heady time. Disney’s ESPN is also set to debut a new direct-to-consumer service, and use it to drive consumers to expand their use of the company’s streaming properties, which also include Hulu and Disney+. Disney is widely expected to offer details of a new business alliance between the National Football League and ESPN when it unveils its earnings on Wednesday.​

Murdochs Aim to Make Bigger Streaming Splash With Fox One at $19.99 Per Month

Fox Corp,. will launch the new Fox One streaming service August 21 and seek $19.99 per month for the streaming service

variety.com

 

[DisDude33]

Aside from the deal with NFL do you think we’ll get more information about the new ESPN streaming service tomorrow?

 

[DCBaker]

More ESPN news before the earnings call:

ESPN, a subsidiary of The Walt Disney Company, and WWE, part of TKO Group Holdings, Inc., today announced a landmark rights agreement as ESPN platforms, including the new ESPN direct-to-consumer streaming service, will become the exclusive U.S. domestic home of all WWE Premium Live Events (PLEs), including the two-night cultural phenomenon WrestleMania, starting in 2026. This deal makes ESPN home to the highest-profile WWE events of the year.

The ESPN DTC service will stream all WWE PLEs annually, in their entirety, with select simulcasting on ESPN linear platforms. Marquee PLEs include WrestleMania and SummerSlam – both two-night events – and Royal Rumble, Survivor Series, Money in the Bank, among others. WWE will continue to produce all PLEs.

Jimmy Pitaro, Chairman, ESPN: “WWE has an immense, devoted and passionate fanbase that we’re excited to super-serve on our new ESPN DTC platform. This agreement, which features the most-significant WWE events of the year, bolsters our unprecedented content portfolio and helps drive our streaming future.”

Mark Shapiro, President and Chief Operating Officer, TKO: “We are proud to reinforce the “E” in ESPN at such an exciting juncture in its direct-to-consumer journey. WWE Premium Live Events are renowned for exactly the type of rich storytelling, incredible feats of athleticism and can’t-miss, cultural tentpole experiences that have become synonymous with ESPN. Through our UFC relationship, we have experienced firsthand how transformational an ESPN presence can be, and we know this will be an exceptional partnership at a time of great innovation for both companies.”

Nick Khan, President, WWE: “WWE’s agreement with ESPN is a pivotal moment for our millions of fans across the United States: the leader in sports entertainment partnering with the biggest brand in sports media. Bringing WWE’s flagship events to ESPN’s platform is tremendously exciting. We know the sky is the limit.”

ESPN platforms, including its DTC service, will have the opportunity to stream WWE’s pre-and post-event shows tied to all Premium Live Events.

ESPN Platforms to Become Exclusive U.S. Domestic Home of All WWE Premium Live Events

ESPN and WWE have reached a landmark agreement as ESPN platforms become the exclusive U.S. domestic home of all WWE Premium Live Events starting in 2026.

thewaltdisneycompany.com

 

[DCBaker]

ESPN’s Direct-to-Consumer service and enhanced app launches August 21:

ESPN will launch its new previously announced direct-to-consumer streaming service on Thursday, August 21, bringing the full suite of ESPN networks and services – within an enhanced ESPN App with new, personalized features and functionality – directly to fans.

Timed for a marquee stretch of live sports programming across ESPN platforms, the launch of ESPN DTC coincides with the start of the college football and NFL seasons, US Open tennis, international soccer, women’s college soccer, volleyball, field hockey, and more – with the start of the WNBA playoffs, PLL playoffs, and NBA and NHL seasons, as well as UFC and WWE events just around the corner.

Designed to give fans more choice and flexibility, ESPN DTC will offer two plans, including an unlimited plan for $29.99/month that gives fans access to all of ESPN’s linear networks – ESPN, ESPN2, ESPNU, SECN, ACCN, ESPNEWS, ESPN Deportes – in addition to ESPN on ABC, ESPN+, ESPN3, SECN+, and ACCNX, covering 47,000 live events each year, on-demand replays, studio shows, original programming, and more. Bundling opportunities for the ESPN unlimited plan with Disney+ and Hulu include a special offer at launch for $29.99/month for the first 12 months.

All subscribers to ESPN’s unlimited plan – either through ESPN DTC or a traditional Pay TV provider – will have live and on-demand access to all of ESPN’s leading studio shows – including SportsCenter, Get Up, First Take, NFL Live, The Pat McAfee Show, Pardon the Interruption, College GameDay, NBA Today, Inside the NBA, The Rich Eisen Show, and more – plus a robust, on-demand library featuring 30 for 30 films, ESPN Originals, replays, and more.

The enhanced ESPN App will introduce a more personalized, dynamic viewing experience for fans. New features will include updated multiview options, integrated game stats, betting information, fantasy sports and commerce, along with a personalized SC For You.

ESPN’s Direct-to-Consumer Service and Enhanced App Launching August 21

ESPN will launch its new previously announced direct-to-consumer streaming service on Thursday, August 21, bringing the full suite of ESPN networks and services – within an enhanced ESPN App with new, personalized features and functionality – directly to fans.

thewaltdisneycompany.com

 

[DCBaker]

Financial docs are now live at this link: https://thewaltdisneycompany.com/app/uploads/2025/08/q3-fy25-earnings.pdf

Here are a few details from the financial release:

Financial Results for the Quarter:

• Revenues increased 2% for Q3 to $23.7 billion from $23.2 billion in Q3 fiscal 2024
• Income before income taxes increased 4% for Q3 to $3.2 billion from $3.1 billion in Q3 fiscal 2024
• Total segment operating income(1) increased 8% for Q3 to $4.6 billion from $4.2 billion in Q3 fiscal 2024
• Diluted earnings per share (EPS) for Q3 improved to $2.92 from $1.43 in Q3 fiscal 2024, and adjusted EPS(1)increased 16% for Q3 to $1.61 from $1.39 in Q3 fiscal 2024

Key Points:

• Entertainment: Segment operating income of $1.0 billion, a $179 million decrease versus Q3 fiscal 2024
  • Direct-to-Consumer revenue increased 6%, which included an adverse impact of 3 percentage points due to Disney+ Hotstar being included in the prior-year quarter’s results
  • Direct-to-Consumer operating income increased $365 million to $346 million
  • 183 million Disney+ and Hulu subscriptions, an increase of 2.6 million versus Q2 fiscal 2025
  • 128 million Disney+ subscribers, an increase of 1.8 million versus Q2 fiscal 2025
  • Linear Networks operating income declined $269 million versus Q3 fiscal 2024 largely driven by the Star India transaction
  • Content Sales/Licensing and Other declined $275 million versus Q3 fiscal 2024, reflecting the performance of titles in the quarter compared to the strong performance of Inside Out 2 in the prior-year quarter
• Sports: Segment operating income of $1.0 billion, an increase of $235 million versus Q3 fiscal 2024
  • Year-over-year increase reflects the impact of a $314 million loss at Star India in Q3 fiscal 2024
  • Domestic ESPN operating income declined 7% versus the prior-year quarter primarily due to higher programming and production costs reflecting contractual rate increases for the NBA and college sports
  • Domestic advertising revenue growth of 3%
• Experiences: Segment operating income of $2.5 billion, an increase of $294 million versus Q3 fiscal 2024
  • Operating income in the quarter reflects a ~$40 million benefit from timing of the Easter holiday, and a ~$30 million impact from pre-opening expenses at Disney Cruise Line
  • Domestic Parks & Experiences operating income grew 22% to $1.7 billion

Guidance and Outlook:

• Q4 Fiscal 2025:
  • Total Disney+ and Hulu subscriptions: Increase of more than 10 million compared to Q3 fiscal 2025, with the majority of the increase coming from Hulu as a result of expanded Charter deal
  • Disney+ subscribers: Modest increase in Disney+ subscribers compared to Q3 fiscal 2025
• Fiscal Year 2025:
  • Adjusted EPS(1) of $5.85, an increase of 18% over fiscal 2024
  • Entertainment Direct-to-Consumer: Operating income of $1.3 billion
  • Entertainment: Double-digit percentage segment operating income growth
  • Sports: 18% segment operating income growth
  • Experiences: 8% segment operating income growth
  • Disney Cruise Line pre-opening expense of ~$185 million, with ~$50 million in Q4 fiscal 2025
  • Equity loss from India JV of ~$200 million driven by purchase accounting amortization

Message From Our CEO:

“We are pleased with our creative success and financial performance in Q3 as we continue to execute across our strategic priorities,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “The company is taking major steps forward in streaming with the upcoming launch of ESPN’s direct-to-consumer service, our just-announced plans with the NFL, and our forthcoming integration of Hulu into Disney+, creating a truly differentiated streaming proposition that harnesses the highest-caliber brands and franchises, general entertainment, family programming, news, and industry-leading sports content. And we have more expansions underway around the world in our parks and experiences than at any other time in our history. With ambitious plans ahead for all our businesses, we’re not done building, and we are excited for Disney’s future.”

Domestic Parks and Experiences

Operating results at our domestic parks and experiences increased compared to the prior-year quarter due to growth at our domestic parks and resorts and, to a lesser extent, Disney Cruise Line reflecting:

• An increase in guest spending due to higher spending at our theme parks
• Higher volumes attributable to increases in passenger cruise days and occupied room nights. Additional passenger cruise days reflected the launch of the Disney Treasure in the first quarter of the current year
• Increased costs primarily due to new guest offerings, including the fleet expansion at Disney Cruise Line

 

[DCBaker]

Here's a direct link to the earnings call: https://edge.media-server.com/mmc/p/xji6h842

The executive commentary report is now available at this link: https://thewaltdisneycompany.com/app/uploads/2025/08/q3-fy25-executive-commentary.pdf

 

[Nevermore525]

10Q shows no observable change in attendance at the domestic parks vs 2024 and a higher cash booking rate:

 

[Sirwalterraleigh]

In a shocking development…”beat guidance”…

I wish I had a nickel for everytime a company gets over an artificial bar these days…

I’m sure guest spending is up…cause why wouldn’t it be?

Lather rinse

 

[Sirwalterraleigh]

10Q shows no observable change in attendance at the domestic parks vs 2024 and a higher cash booking rate:

View attachment 875266

Breaking news: the parks are not crowded

Source: begging for annual pass sales and discounted room bookings.

Now it’s time for the greatest showman to do his work

 

[TheMaxRebo]

More ESPN news before the earnings call:

ESPN, a subsidiary of The Walt Disney Company, and WWE, part of TKO Group Holdings, Inc., today announced a landmark rights agreement as ESPN platforms, including the new ESPN direct-to-consumer streaming service, will become the exclusive U.S. domestic home of all WWE Premium Live Events (PLEs), including the two-night cultural phenomenon WrestleMania, starting in 2026. This deal makes ESPN home to the highest-profile WWE events of the year.

The ESPN DTC service will stream all WWE PLEs annually, in their entirety, with select simulcasting on ESPN linear platforms. Marquee PLEs include WrestleMania and SummerSlam – both two-night events – and Royal Rumble, Survivor Series, Money in the Bank, among others. WWE will continue to produce all PLEs.

Jimmy Pitaro, Chairman, ESPN: “WWE has an immense, devoted and passionate fanbase that we’re excited to super-serve on our new ESPN DTC platform. This agreement, which features the most-significant WWE events of the year, bolsters our unprecedented content portfolio and helps drive our streaming future.”

Mark Shapiro, President and Chief Operating Officer, TKO: “We are proud to reinforce the “E” in ESPN at such an exciting juncture in its direct-to-consumer journey. WWE Premium Live Events are renowned for exactly the type of rich storytelling, incredible feats of athleticism and can’t-miss, cultural tentpole experiences that have become synonymous with ESPN. Through our UFC relationship, we have experienced firsthand how transformational an ESPN presence can be, and we know this will be an exceptional partnership at a time of great innovation for both companies.”

Nick Khan, President, WWE: “WWE’s agreement with ESPN is a pivotal moment for our millions of fans across the United States: the leader in sports entertainment partnering with the biggest brand in sports media. Bringing WWE’s flagship events to ESPN’s platform is tremendously exciting. We know the sky is the limit.”

ESPN platforms, including its DTC service, will have the opportunity to stream WWE’s pre-and post-event shows tied to all Premium Live Events.

ESPN Platforms to Become Exclusive U.S. Domestic Home of All WWE Premium Live Events

ESPN and WWE have reached a landmark agreement as ESPN platforms become the exclusive U.S. domestic home of all WWE Premium Live Events starting in 2026.

thewaltdisneycompany.com

Am not happy about this given pricing compared to the $4.99/month peacock is now to get the WWE PLEs

 

[bmr1591]

Breaking news: the parks are not crowded

Source: begging for annual pass sales and discounted room bookings.

Now it’s time for the greatest showman to do his work

Isn’t this what people wanted? Less crowds at the park, but better financials for Disney? That way it’s not miserable for guests. At least, that’s what I read on here for years.

 

[Kamikaze]

In a shocking development…”beat guidance”…

I wish I had a nickel for everytime a company gets over an artificial bar these days…

I’m sure guest spending is up…cause why wouldn’t it be?

Lather rinse

Are these results lies too, as you accused last quarter?

One word answer only.

 

[lentesta]

10Q shows no observable change in attendance at the domestic parks vs 2024 and a higher cash booking rate:

View attachment 875266

Johnston said on the last earnings call that YOY hotel bookings were running around +4%. It looks like we got slightly more than that.

If attendance was flat, does that mean we had a small downturn in offsite guests?

 

[GhostHost1000]

Isn’t this what people wanted? Less crowds at the park, but better financials for Disney? That way it’s not miserable for guests. At least, that’s what I read on here for years.

There could be more people and it feel less crowded if they would just expand as they should have been

 

[Ayla]

More ESPN news before the earnings call:

ESPN, a subsidiary of The Walt Disney Company, and WWE, part of TKO Group Holdings, Inc., today announced a landmark rights agreement as ESPN platforms, including the new ESPN direct-to-consumer streaming service, will become the exclusive U.S. domestic home of all WWE Premium Live Events (PLEs), including the two-night cultural phenomenon WrestleMania, starting in 2026. This deal makes ESPN home to the highest-profile WWE events of the year.

The ESPN DTC service will stream all WWE PLEs annually, in their entirety, with select simulcasting on ESPN linear platforms. Marquee PLEs include WrestleMania and SummerSlam – both two-night events – and Royal Rumble, Survivor Series, Money in the Bank, among others. WWE will continue to produce all PLEs.

Jimmy Pitaro, Chairman, ESPN: “WWE has an immense, devoted and passionate fanbase that we’re excited to super-serve on our new ESPN DTC platform. This agreement, which features the most-significant WWE events of the year, bolsters our unprecedented content portfolio and helps drive our streaming future.”

Mark Shapiro, President and Chief Operating Officer, TKO: “We are proud to reinforce the “E” in ESPN at such an exciting juncture in its direct-to-consumer journey. WWE Premium Live Events are renowned for exactly the type of rich storytelling, incredible feats of athleticism and can’t-miss, cultural tentpole experiences that have become synonymous with ESPN. Through our UFC relationship, we have experienced firsthand how transformational an ESPN presence can be, and we know this will be an exceptional partnership at a time of great innovation for both companies.”

Nick Khan, President, WWE: “WWE’s agreement with ESPN is a pivotal moment for our millions of fans across the United States: the leader in sports entertainment partnering with the biggest brand in sports media. Bringing WWE’s flagship events to ESPN’s platform is tremendously exciting. We know the sky is the limit.”

ESPN platforms, including its DTC service, will have the opportunity to stream WWE’s pre-and post-event shows tied to all Premium Live Events.

ESPN Platforms to Become Exclusive U.S. Domestic Home of All WWE Premium Live Events

ESPN and WWE have reached a landmark agreement as ESPN platforms become the exclusive U.S. domestic home of all WWE Premium Live Events starting in 2026.

thewaltdisneycompany.com

Way to appeal to the lowest common denominator, Disney.

 

[larryz]

These results are living proof that Disney is still leaving money on the table -- I expect the next round of price increases won't be very pretty.

 

[Mr. Sullivan]

Now we get to everyone’s favorite part of a quarter where people seriously try and tell us that one of the most watched, discussed, and traded companies in the world is not only lying about their financials, but also that nobody else has noticed and wants to do something about this other than the brilliant financial minds at WDWMagic.com.

 

[Mr. Sullivan]

Way to appeal to the lowest common denominator, Disney.

WWE fans are annoying but there are far, far worse demographics they could be appealing to. Especially when one of their industry peers is actively trying to cozy up to one of those far worse demographics.

Personally I don’t think Disney is necessarily the right company to hold WWE’s streaming. WWE is a massive money maker, but I feel Disney should focus more exclusively on sports that don’t have as much of a cultural wax and wane.

That said, I reiterate, they could be picking much more rotten fruit than this.