The Walt Disney Company (DIS) Q4 2025 Financial Results Summary
QuoteReporter
The Walt Disney Company (DIS) Q4 2025 Financial Results Summary
Release Date: November 13, 2025
The Walt Disney Company has reported its financial results for the fourth quarter and full year ended September 27, 2025. Below is a comprehensive summary of the key metrics and operational highlights.
Key Financial Metrics
- Revenues:
- Q4: $22.5 billion, unchanged compared to Q4 fiscal 2024.
-
Fiscal Year: Increased 3% to $94.4 billion from $91.4 billion in fiscal 2024.
-
Income Before Taxes:
- Q4: Increased to $2.0 billion, up from $0.9 billion in Q4 fiscal 2024 (growth of >100%).
-
Fiscal Year: Increased 59% to $12.0 billion from $7.6 billion in the prior year.
-
Total Segment Operating Income:
- Q4: Decreased 5% to $3.5 billion from $3.7 billion in Q4 fiscal 2024.
-
Fiscal Year: Increased 12% to $17.6 billion from $15.6 billion.
-
Diluted Earnings Per Share (EPS):
- Q4: Increased to $0.73, compared to $0.25 in the previous year (growth of >100%).
-
Fiscal Year: Increased to $6.85, up from $2.72 (growth of >100%).
-
Adjusted EPS (excluding certain items):
- Q4: Decreased 3% to $1.11, down from $1.14 in Q4 fiscal 2024.
-
Fiscal Year: Increased 19% to $5.93 from $4.97 in fiscal 2024.
-
Cash Provided by Operations:
- Q4: Decreased 19% to $4.5 billion from $5.5 billion in Q4 fiscal 2024.
-
Fiscal Year: Increased 30% to $18.1 billion from $14.0 billion.
-
Free Cash Flow:
- Q4: Decreased 37% to $2.6 billion from $4.0 billion in the previous year.
- Fiscal Year: Increased 18% to $10.1 billion from $8.6 billion.
Segment Performance Highlights
Entertainment
- Q4 Segment Operating Income: $691 million, decreased by 35% from $1.1 billion in Q4 fiscal 2024.
- Full Year Segment Operating Income: Increased 19% to $4.7 billion from $3.9 billion.
- Direct-to-Consumer (DTC) Revenue: Increased 8%; operating income increased by 39% to $352 million.
- Key Subscriber Metrics:
- Total Disney+ and Hulu subscriptions: 196 million, increased by 12.4 million from Q3 fiscal 2025.
- Total Disney+ subscribers: 132 million, increased by 3.8 million from Q3 fiscal 2025.
Sports
- Q4 Segment Operating Income: $911 million, a decline of 2% compared to $929 million in Q4 fiscal 2024.
- Domestic ESPN Revenue: Increased 2% to $3.58 billion.
- Domestic Advertising Revenue: Rose 8%.
Experiences
- Q4 Segment Operating Income: $1.9 billion, an increase of 13% compared to $1.66 billion in the prior year.
- International Parks & Experiences Operating Income: Rose 25% to $375 million.
- Domestic Parks & Experiences Operating Income: Grew 9% to $920 million.
Shareholder Returns and Plans
- Dividend Declaration:
-
The Board declared a cash dividend of $1.50 per share, payable in two installments of $0.75 each, on January 15, 2026, and July 22, 2026.
-
Share Repurchase Program:
- The share repurchase target has doubled to $7 billion for fiscal 2026.
Guidance and Outlook
- For Q1 Fiscal 2026, Disney anticipates:
- DTC SVOD operating income of approximately $375 million.
-
Adverse impacts from theatrical slate comparison and political advertising revenue, estimated at $400 million and $140 million respectively.
-
For Fiscal Year 2026:
- Expecting double-digit percentage growth in segment operating income and adjusted EPS.
- Capital expenditures forecasted at $9 billion and cash provided by operations at $19 billion.
This report encapsulates significant insights into The Walt Disney Company’s financial health and operational momentum, reflecting ongoing developments in its diverse portfolio amidst a challenging entertainment landscape.
Here are the extracted tables in Markdown format:
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited; $ in millions, except per share data)
| Quarter Ended | September 27, 2025 | September 28, 2024 | Year Ended | September 27, 2025 | September 28, 2024 |
|---|---|---|---|---|---|
| Revenues | $22,464 | $22,574 | $94,425 | $91,361 | |
| Costs and expenses | -19,861 | -19,829 | -80,593 | -79,447 | |
| Restructuring and impairment charges | -382 | -1,543 | -819 | -3,595 | |
| Other expense | — | — | — | -65 | |
| Interest expense, net | -268 | -361 | -1,305 | -1,260 | |
| Equity in the income of investees | 92 | 107 | 295 | 575 | |
| Income before income taxes | 2,045 | 948 | 12,003 | 7,569 | |
| Income taxes | -602 | -384 | 1,428 | -1,796 | |
| Net income | 1,443 | 564 | 13,431 | 5,773 | |
| Net income attributable to noncontrolling interests | -130 | -104 | -1,027 | -801 | |
| Net income attributable to The Walt Disney Company (Disney) | $1,313 | $460 | $12,404 | $4,972 | |
| Earnings per share attributable to Disney: | |||||
| Diluted | $0.73 | $0.25 | $6.85 | $2.72 | |
| Basic | $0.73 | $0.25 | $6.88 | $2.72 | |
| Weighted average number of common and common equivalent shares outstanding: | |||||
| Diluted | 1,806 | 1,819 | 1,811 | 1,831 | |
| Basic | 1,797 | 1,814 | 1,804 | 1,825 |
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited; $ in millions, except per share data)
| September 27, 2025 | September 28, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | $5,695 | $6,002 |
| Receivables, net | $13,217 | $12,729 |
| Inventories | $2,134 | $2,022 |
| Content advances | $2,063 | $2,097 |
| Other current assets | $1,158 | $2,391 |
| Total current assets | $24,267 | $25,241 |
| Produced and licensed content costs | $31,327 | $32,312 |
| Investments | $8,097 | $4,459 |
| Parks, resorts and other property | ||
| Attractions, buildings and equipment | $82,041 | $76,674 |
| Accumulated depreciation | -48,889 | -45,506 |
| $33,152 | $31,168 | |
| Projects in progress | $6,911 | $4,728 |
| Land | $1,192 | $1,145 |
| $41,255 | $37,041 | |
| Intangible assets, net | $9,272 | $10,739 |
| Goodwill | $73,294 | $73,326 |
| Other assets | $10,002 | $13,101 |
| Total assets | $197,514 | $196,219 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Accounts payable and other accrued liabilities | $21,203 | $21,070 |
| Current portion of borrowings | $6,711 | $6,845 |
| Deferred revenue and other | $6,248 | $6,684 |
| Total current liabilities | $34,162 | $34,599 |
| Borrowings | $35,315 | $38,970 |
| Deferred income taxes | $3,524 | $6,277 |
| Other long-term liabilities | $9,901 | $10,851 |
| Commitments and contingencies | ||
| Equity | ||
| Preferred stock | — | — |
| Common stock, $0.01 par value | ||
| Authorized – 4.6 billion shares, Issued – 1.9 billion shares | ||
| Retained earnings | $60,410 | $49,722 |
| Accumulated other comprehensive loss | -2,914 | -3,699 |
| Treasury stock, at cost, 79 million shares at September 27, 2025 and 47 million shares at September 28, 2024 | ||
| Total Disney Shareholders’ equity | $109,869 | $100,696 |
| Noncontrolling interests | $4,743 | $4,826 |
| Total equity | $114,612 | $105,522 |
| Total liabilities and equity | $197,514 | $196,219 |