Disney Reports Flat Q4 Revenues

The Walt Disney Company’s fourth quarter revenues were almost flat at $22.5 billion, while total segment operating income decreased 5 percent to $3.5 billion.

For the full fiscal year, revenues increased 3 percent to $94.4 billion. Total segment operating income for 2025 increased 12 percent to $17.6 billion. The full-year operating income for the entertainment segment rose 19 percent to $4.7 billion, despite a year-over-year decrease of $376 million in the fourth quarter.

Director-to-consumer revenues increased 8 percent in the fourth quarter to $6.2 billion, with an operating income that increased $99 million to $352 million. At the end of the quarter, there were 196 million Disney+ and Hulu subscriptions, an increase of 12.4 million from Q3. Disney+ counted 59.3 million domestic subscribers and 72.4 million international subscribers.

The total operating income of linear networks dropped $107 million versus the fourth quarter last year, which had been boosted by the Star India transaction. The operating income for domestic linear networks slipped due to lower advertising driven by decreases in viewership and political advertising. The linear networks brought in $2.1 billion in revenues in the fourth quarter, a 16 percent loss from the year-ago period.

“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, CEO. “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.”