Disney’s FY25 Revenue Hits $94B as Net Profit Surges 58%; 2026 Guidance Implies Double-Digit Growth
DIS•Disney reported fiscal 2025 revenue of $94 billion, a 3% year-over-year increase, and GAAP net profit surged 58% to $12 billion. Management guided the entertainment segment for double-digit operating income growth in fiscal 2026 and noted valuation metrics at a 17x forward P/E and 1.84 price-to-book.
1. Streaming Division Reaches Profitability
Disney’s direct-to-consumer segment achieved profitability in 2024 for the first time, marking a pivotal shift for the company’s streaming strategy. The segment generated operating income of $1.3 billion in fiscal 2025, up from $143 million a year earlier, driven by ongoing subscriber additions and cost optimization efforts. This milestone positions Disney to reinvest in content and technology while alleviating pressure on free‐cash‐flow generation across other divisions.
2. Theme Parks Deliver Record Income
The Parks, Experiences and Products segment delivered record annual operating income in fiscal 2025, rising by 12% year-over-year to $8.1 billion. This performance was fueled by higher per-capita guest spending—up 9% to $72 per visit—and increased attendance that reached 160 million park visits globally. Robust pricing power and new attractions in Orlando and Shanghai underpinned the segment’s strong margin expansion.
