DIS Shareholders and Stock Info ONLY

[wabbott]

https://www.thewrap.com/nfl-takes-10-percent-stake-in-espn/

NFL Buys 10% Stake in ESPN​

ESPN will get NFL Network and other media assets in exchange for the stake

Lucas Manfredi
August 5, 2025 @ 5:07 PM PDT

 

[HokieRaven5]

The Walt Disney Company Q3 FY 25 Earnings Report

Financial Results for the Quarter:

• Revenues increased 2% for Q3 to $23.7 billion from $23.2 billion in Q3 fiscal 2024

• Income before income taxes increased 4% for Q3 to $3.2 billion from $3.1 billion in Q3 fiscal 2024

• Total segment operating income(1) increased 8% for Q3 to $4.6 billion from $4.2 billion in Q3 fiscal 2024

• Diluted earnings per share (EPS) for Q3 improved to $2.92 from $1.43 in Q3 fiscal 2024, and adjusted EPS(1) increased 16% for Q3 to $1.61 from $1.39 in Q3 fiscal 2024

Key Points:

• Entertainment: Segment operating income of $1.0 billion, a $179 million decrease versus Q3 fiscal 2024

◦ Direct-to-Consumer revenue increased 6%, which included an adverse impact of 3 percentage points due to Disney+ Hotstar being included in the prior-year quarter’s results

◦ Direct-to-Consumer operating income increased $365 million to $346 million

◦ 183 million Disney+ and Hulu subscriptions, an increase of 2.6 million versus Q2 fiscal 2025

◦ 128 million Disney+ subscribers, an increase of 1.8 million versus Q2 fiscal 2025

◦ Linear Networks operating income declined $269 million versus Q3 fiscal 2024 largely driven by the Star India transaction

◦ Content Sales/Licensing and Other declined $275 million versus Q3 fiscal 2024, reflecting the performance of titles in the quarter compared to the strong performance of Inside Out 2 in the prior-year quarter

• Sports: Segment operating income of $1.0 billion, an increase of $235 million versus Q3 fiscal 2024

◦ Year-over-year increase reflects the impact of a $314 million loss at Star India in Q3 fiscal 2024

◦ Domestic ESPN operating income declined 7% versus the prior-year quarter primarily due to higher programming and production costs reflecting contractual rate increases for the NBA and college sports

◦ Domestic advertising revenue growth of 3%

• Experiences: Segment operating income of $2.5 billion, an increase of $294 million versus Q3 fiscal 2024

◦ Operating income in the quarter reflects a ~$40 million benefit from timing of the Easter holiday, and a ~$30 million impact from pre-opening expenses at Disney Cruise Line

◦ Domestic Parks & Experiences operating income grew 22% to $1.7 billion

 

[HokieRaven5]

Guidance and Outlook:

• Q4 Fiscal 2025:

◦ Total Disney+ and Hulu subscriptions: Increase of more than 10 million compared to Q3 fiscal 2025, with the majority of the increase coming from Hulu as a result of expanded Charter deal

◦ Disney+ subscribers: Modest increase in Disney+ subscribers compared to Q3 fiscal 2025

• Fiscal Year 2025:

◦ Adjusted EPS(1) of $5.85, an increase of 18% over fiscal 2024

◦ Entertainment Direct-to-Consumer: Operating income of $1.3 billion

◦ Entertainment: Double-digit percentage segment operating income growth

◦ Sports: 18% segment operating income growth

◦ Experiences: 8% segment operating income growth

◦ Disney Cruise Line pre-opening expense of ~$185 million, with ~$50 million in Q4 fiscal 2025

◦ Equity loss from India JV of ~$200 million driven by purchase accounting amortization

Message From Our CEO:

“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.”

 

[HokieRaven5]

The Walt Disney Company 10-Q Filing Q3 2025

 

[HokieRaven5]

Parks Attendance/Occupancy:

 

[HokieRaven5]

Studios Sector had lower performance in a Quarter with Lilo & Stitch than the last:

For Calendar 25:

 

[Cfabar1]

A great report all around.

Points to a need to reduce costs in the linear TV business and makes the sale of the cable channels they own jointly with Hearst more likely...

Kind of surprised about the parks numbers, curious what Q3 will show based on our experiences this summer at WDW.

 

[HokieRaven5]

A great report all around.

Points to a need to reduce costs in the linear TV business and makes the sale of the cable channels they own jointly with Hearst more likely...

Kind of surprised about the parks numbers, curious what Q3 will show based on our experiences this summer at WDW.

Summer has become a more dead (by Disney standard) period post Covid. So now everything will be compared to it being just as dead the prior year.

 

[HokieRaven5]

Executive Commentary:

https://thewaltdisneycompany.com/app/uploads/2025/08/q3-fy25-executive-commentary.pdf

 

[OKW Lover]

Very interesting reading! Sounds like the company is doing a lot of things right from the shareholder point of view. I'll be interested to see how the stock moves when the markets open today.

Is it me or is there more emphasis on Entertainment than on Experiences? Are they trying to put more attention there?

On the Experiences sector I'm semi-amused that cruise line seems to be doing well. Lots of the people here on the DISBoards seemed to think that they were hurting for passengers because of the discounts offered this summer. Will Q4 reflect a downturn? I'm not thinking so.

Also in Experiences - it doesn't seem that the new UO park is having a serious impact on Disney. Perhaps because it was only open for part of Q3?

 

[Obi-J Kenobi]

So it's the customer's fault?

It's not, in reality. But, its a lot easier to blame a customer base then corporate leadership's complacency.

 

[fatmanatee]

In other news ESPN is getting WWE PLEs (what used to be called PPVs, don't think they'll be charging per event but we'll see) in 2026. Two huge days in a row for streaming deals.

 

[peder]

Points to a need to reduce costs in the linear TV business and makes the sale of the cable channels they own jointly with Hearst more likely...

This has always felt like a bucketizing problem: Disney has been lumping too many costs in with their linear business to avoiding lumping it in with Disney+. If fully spun off, the costs to produce content for linear TV would all shift to Disney+