Disney (DIS) earnings Q4 2025

Disney reported fiscal fourth-quarter earnings on Thursday that topped analyst expectations for earnings but missed on revenue as the company’s entertainment business was weighed down by its TV networks and a lackluster theatrical film slate.

Disney stock closed down more than 7% on Thursday.

Here is what Disney reported for the period ended Sept. 27, compared with what Wall Street expected, according to LSEG: 

• Earnings per share: $1.11 adjusted vs. $1.05 expected
• Revenue: $22.46 billion vs. $22.75 billion expected

Net income for the quarter was $1.44 billion, or 73 cents a share, more than double the $564 million, or 25 cents per share, that Disney reported in the same period a year earlier. Adjusting for one-time items Disney reported earnings per share of $1.11. 

The company’s overall revenue for the quarter was nearly $22.5 billion, slightly less than the same quarter last year. 

Disney also said it plans to boost its dividend and double its share buyback plan for fiscal 2026.

“Overall we’re leaving the year with a lot of momentum,” Disney CFO Hugh Johnston told CNBC’s “Squawk Box” on Thursday regarding the company’s streaming and experiences businesses.

Revenue for Disney’s entertainment unit fell 6% from last year to $10.21 billion, dragged down by the linear TV networks and theatrical releases. 

Disney’s TV networks, including ESPN, have been unavailable for customers of Google‘s YouTube TV, a streaming provider of the pay TV bundle since Oct. 31 because of an ongoing carriage dispute between the two companies.

Johnston told “Squawk Box” on Thursday that Disney is still in the midst of negotiations with YouTube TV, but the company was prepared for what it expected to be a “challenging battle,” and Disney is “ready to go as long as they want to.”

“We’re trying really hard, as I said, working tirelessly, to close this deal, and we’re hopeful that we’ll be able to do so on a timely enough basis to at least give consumers the opportunity to access our content over their platform,” CEO Bob Iger said on Thursday’s call with investors.

Advertising revenue for the networks, which includes broadcast network ABC and pay TV channels like FX, also suffered. Part of this was attributable to lower political advertising, or a $40 million impact compared with the same quarter last year, Disney said. The company also noted that its 2024 joint venture deal for India Hotstar impacted its linear network results.

Streaming remained the bright spot in the business as consumers continued to turn away from the pay TV bundle. Operating income for the linear networks dropped 21% to $391 million while it rose 39%, to $352 million, for streaming. The higher operating income for streaming occurred as prices increased for…