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+

 

[BrianL]

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

What exactly is the complacency in this contect? We are talking about how people want a "creative" as the leader of the company, but when the company does do original, and creative things - and they have - audiences don't want them and they don't make any money. The company is only responding to what makes them profit. Honestly, for as much as we complain about stuff they do here on the DIS, we are still buying what they are selling. The only way to send a different message is to not spend our money on it.

Obviously, on the flip side, the company is doing well, so leadership has been successful. So, no matter what we here claim to want, they are giving people the right products and reaping the rewards. Why would they - or should they - change anything drastically?

 

[HokieRaven5]

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?

While Experiences can be a growth sector and very profitable, the Entertainment sector and its future is the current growth question for most shareholders.

Diminishing linear, diminishing box office, and growing streaming. The future outlook for those is of more interest to shareholders as it requires more clarification for outlook.

Experiences, unless there’s a recession of major proportions are fairly insulated and safe, but growth is only so much with each investment

 

[Brian Noble]

And yes there was someone who triped going into an AK store last week and was trampled by the onslought of the pin maniacs. It sounds like the bad old Black Friday days

I'm reminded of "Waking Tinkerbell". Parents threw sharp elbows so that their kid could be the first one in that store. It was a cute little tradition until it went far and wide on The Internet, and suddenly everyone had to do it or their trip woudl be ruined. It wasn't long after that that they stopped this cute little piece of random pixie dust. Something similar happened on Barnstormer, where Goofy used to ride in the first train each morning.

TL;DR: This is why we can't have nice things.

Kind of surprised about the parks numbers

I was too, but then I was reminded of some analysis @lentesta and co did about LL return counts and the sharp reduction in DAS users. Wait times are down, but not necessarily because attendance is lower. Instead, fewer guests are in two lines "at the same time" and the resulting impact on standby is that it moves faster.

 

[RivShore]

And in stock price news, Rich Greenfield on Yahoo Finance, just pointed out that 10 years ago today Disney also announced Q3 earnings - the stock price at that time is the same as today, $115. Compare to the S&P up 205% and the Nasdaq up 320%, DIS 0%. If I put all my DIS monies in an S&P fund back then, retirement would have been significantly closer than it is for me...

 

[RivShore]

I'm reminded of "Waking Tinkerbell". Parents threw sharp elbows so that their kid could be the first one in that store. It was a cute little tradition until it went far and wide on The Internet, and suddenly everyone had to do it or their trip woudl be ruined. It wasn't long after that that they stopped this cute little piece of random pixie dust. Something similar happened on Barnstormer, where Goofy used to ride in the first train each morning.

TL;DR: This is why we can't have nice things.

Now add to that the profit motive of selling pins that cost $20 each for $80+...

 

[RivShore]

And in stock price news, Rich Greenfield on Yahoo Finance, just pointed out that 10 years ago today Disney also announced Q3 earnings - the stock price at that time is the same as today, $115. Compare to the S&P up 205% and the Nasdaq up 320%, DIS 0%. If I put all my DIS monies in an S&P fund back then, retirement would have been significantly closer than it is for me...

And by the way, I am very much a free market capitalist and believe CEO's should get what they are worth and what the market demands but, while our CEO's have been paid hundreds of millions the last 10 years, shareholders have been paid exactly nothing. Now I suppose we could be WBD where our "nothing" is still a lot better than minus 70% but it is still painful for us longtime holders.

 

[PsylockeSmythe]

And in stock price news, Rich Greenfield on Yahoo Finance, just pointed out that 10 years ago today Disney also announced Q3 earnings - the stock price at that time is the same as today, $115. Compare to the S&P up 205% and the Nasdaq up 320%, DIS 0%. If I put all my DIS monies in an S&P fund back then, retirement would have been significantly closer than it is for me...

The sad part is that, if you look at the historical chart, you will see periods of time where the stock price has stayed relatively flat for a long period. During the last 30 or so years, the exception to this is the Marvel Movie lift from 2010 to 2019 and then the Disney+ euphoria during covid that caused the stock price to spike.

Psy