Disney posts $23.7 billion in Q3 revenue, grows 2% YoY

The Walt Disney Company posted a 2% year-on-year rise in revenue for the quarter ended June 28, 2025, reaching $23.7 billion, up from $23.2 billion in the same period last year. Disney’s total segment operating income for the third quarter rose 8% year-on-year to $4.6 billion, compared to $4.2 billion in the same period last year.

ESPN’s domestic ad revenue rose 3%, backed by higher ad rates, even as viewership declined. In contrast, Disney’s entertainment networks saw a dip in ad income due to lower viewership and pricing pressure.

Disney’s Entertainment division reported 1% rise in revenue to $10.7 billion in Q3. However, operating income dropped 15% year-on-year to $1.02 billion, hit by softer performance in its Linear Networks and content licensing business.

Disney posted a $50 million equity loss from its India joint venture with Reliance, following the deconsolidation of Star India in late 2024. The move also contributed to a sharp 92% drop in international operating income from Linear Networks.

On the streaming front, Disney+ added 1.8 million subscribers in Q3, reaching 127.8 million globally. Hulu ended the quarter with 55.5 million users, taking the combined total for both platforms to 183 million. Direct-to-consumer ad revenue saw pressure from lower rates, although this was partially balanced by increased impressions and improved pricing in select markets.

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