Total segment operating income rises 8% to $4.6 billion

The Walt Disney Company reported $23.7 billion in revenue for the quarter ended June 28, 2025, marking a 2% year-on-year growth from $23.2 billion in Q3 2024. Total segment operating income rose 8% YoY to $4.6 billion, compared to $4.2 billion in the same quarter last year.

Network & Streaming Performance
ESPN’s domestic advertising revenue increased by 3%, supported by higher ad rates, despite a decline in viewership. However, the Entertainment Networks segment faced a dip in ad revenue due to lower pricing and reduced audiences.

The Entertainment division posted a 1% revenue growth to $10.7 billion, but operating income fell 15% to $1.02 billion. The decline was driven by weaker results in Linear Networks and content licensing.

Disney also reported a $50 million equity loss from its India joint venture with Reliance, following the deconsolidation of Star India in late 2024. This impacted international Linear Networks, where operating income fell sharply by 92%.

Streaming & Subscriber Growth
Disney+ added 1.8 million subscribers, taking its global base to 127.8 million. Hulu ended the quarter with 55.5 million users, bringing the combined total to 183 million. Direct-to-consumer ad revenue faced pressure from declining ad rates, though increased impressions and improved pricing in select markets helped soften the impact.

CEO Statement
“We are pleased with our creative success and financial performance in Q3,” said CEO Robert A. Iger. “We’re making major strides in streaming with the upcoming launch of ESPN’s direct-to-consumer service, new plans with the NFL, and the integration of Hulu into Disney+. Our parks and experiences business is also expanding at an unprecedented scale. We’re not done building-and Disney’s future is incredibly bright.”