The Walt Disney Company has reported earnings for its third fiscal quarter ended June 28th 2025. Revenue for the quarter increased 2 per cent for Q3 to $23.7 billion (€20.4bn) from $23.2 billion in Q3 fiscal 2024.

Disney has also announced that the Hulu brand will roll out internationally this autumn, replacing the Star tile on Disney+, creating a united app experience featuring branded and and general entertainment, news and sports that will be a “one-of-a-kind destination” for viewers.

“Work is already underway to continue enhancing our technology, and over the coming months, we will be implementing numerous improvements within the Disney+ app, including exciting new features and a more personalised homepage. All of this work will culminate with the unified Disney+ and Hulu streaming app experience that will be available to streamers next year,” added Disney.

In a busy day of announcements for Disney, it also revealed that ESPN will be acquiring the NFL Network. Meanwhile, other Q3 highlights included:

• DTC:

◦ Direct-to-Consumer revenue increased 6 per cent, 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:

◦ The sports segment operating income of $1 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 per cent 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 per cent

• Experiences:

The Experience segment saw 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 per cent to $1.7 billion

“We are pleased with our creative success and financial performance in Q3 as we continue to execute across our strategic priorities,” said Bob Iger, The Walt Disney Company CEO. “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.”

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