DIS Q4 2025 Earnings
Reported Nov 13, 2025 at 6:42 AM ET · SEC Source
Q4 25 EPS
$1.11
Q4 25 Revenue
$22.46B
vs S&P Since Q4 25
-9.2%
TRAILING MARKET
DIS -1.9% vs S&P +7.2%
Full Year 2025 Results
FY 25 EPS
$5.93
FY 25 Revenue
$94.43B
Market Reaction
Did DIS Beat Earnings? Q4 2025 Results
Walt Disney delivered a mixed fiscal fourth quarter, with adjusted EPS of $1.11 edging past Wall Street estimates even as revenue held essentially flat year-over-year at $22.46 billion, a result that sent shares higher in pre-market trading. The head… Read more Walt Disney delivered a mixed fiscal fourth quarter, with adjusted EPS of $1.11 edging past Wall Street estimates even as revenue held essentially flat year-over-year at $22.46 billion, a result that sent shares higher in pre-market trading. The headline numbers masked a tale of two businesses: the Experiences segment posted record full-year operating income of $9.99 billion, with international parks surging 25% on stronger attendance at Disneyland Paris and domestic results lifted by the Disney Treasure cruise ship launch, while the Entertainment segment's Q4 operating income tumbled 35% to $691 million against an unusually strong prior-year theatrical slate that included Inside Out 2 and Deadpool & Wolverine. A genuine bright spot emerged in Direct-to-Consumer, where operating income climbed 39% to $352 million as Disney+ and Hulu combined to reach 196 million subscribers. Analysts maintain a bullish long-term view anchored in Disney's park and cruise expansion, and management reinforced that confidence by guiding for double-digit adjusted EPS growth in both fiscal 2026 and 2027, while doubling its share repurchase target to $7 billion.
Key Takeaways
- • Record Experiences segment operating income of $10.0 billion for the full year, up $723 million year-over-year
- • Direct-to-Consumer operating income grew 39% to $352 million in Q4 driven by higher subscription pricing and subscriber growth
- • Disney+ and Hulu subscriptions reached 196 million, up 12.4 million sequentially
- • International Parks & Experiences operating income grew 25% driven by Disneyland Paris attendance and guest spending growth
- • Domestic ESPN advertising revenue increased 8% in Q4
- • Q4 Entertainment results adversely impacted by tough theatrical comparisons to Inside Out 2 and Deadpool & Wolverine
- • Star India Transaction removed consolidated Star India results, creating adverse year-over-year comparisons
- • Lower political advertising had a $40 million adverse impact on domestic linear networks vs. Q4 fiscal 2024
- • Operating cash flow benefited from $1.7 billion in deferred tax payments related to California wildfire relief
DIS YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
DIS Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Robert A. Iger, Q4 2025 Earnings Press Release
DIS Earnings Trends
DIS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
DIS EPS Trend
Earnings per share: estimate vs actual
DIS Revenue Trend
Quarterly revenue: estimate vs actual
DIS Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.58 | $1.63 | +3.44% | $25.98B | +1.49% |
| Q4 25 FY | — | $1.11 | — | $22.46B | — |
| FY Full Year | — | $5.93 | — | $94.43B | — |
| Q3 25 BEAT | $1.44 | $1.61 | +11.48% | $23.65B | -0.43% |
| Q2 25 BEAT | $1.21 | $1.45 | +19.80% | $23.62B | +2.14% |