Disney Quarterly Revenue Flat and Operating Income Drops 5%, but Company Affirms Bullish Earnings Outlook on Streaming Momentum

Disney’s revenue for the September quarter was roughly flat year over year — coming in short of Wall Street estimates — and adjusted earnings per share declined 3%. But Disney+ and Hulu subscriber additions were better than expected, and the company says it’s still on track to deliver double-digit earnings growth over the next two years.

The company reported revenue of $22.46 billion for its fourth quarter of fiscal 2025, which ended Sept. 27, shy of analyst average expectations for $22.75 billion. Adjusted earnings per share of $1.11 beat the Street by 6 cents. Overall segment operating income was $3.5 billion, down 5% year over year, on declines in its linear TV and theatrical businesses offset by strong streaming results and a good quarter for parks and experiences. For its full-year fiscal ’25, revenue was $94.43 billion (up 3%) and adjusted Eps increased 19% to $5.93.

Looking ahead, Disney reiterated its prior guidance of double-digit adjusted Eps growth for fiscal ’26 and again in fiscal…