For Disney, the 2025 fiscal year ended with a split screen: Theme parks were packed, streaming kept climbing, but the magic didn’t fully translate to the box office. CEO Bob Iger and chief financial officer Hugh Johnston released the company’s full fiscal year and fourth-quarter results on Thursday.
The company’s end-of-year performance reflected mixed results, with weaker performances from the box office and in cable, but continued growth in streaming and theme parks.
“This was another year of great progress as we strengthened the company by leveraging the value of our creative and brand assets and continued to make meaningful progress in our direct-to-consumer businesses,” Iger and Johnston said in a joint statement.
Disney reported fourth-quarter earnings of $22.5 billion, up 3% from the previous year, bringing total annual revenue to $94.4 billion.
Film and TV earnings
Revenue for Disney Entertainment, the company’s film and television division, fell 6% to $691 million, a decline of $376 million compared with the previous year.
Disney attributed the drop to a weaker theatrical appearance. Last year’s results included record performances from “Deadpool & Wolverine” and “Inside Out 2,” while this year’s releases, including “The Fantastic Four: First Steps,” “The Roses” and “Freakier Friday,” did not perform as strongly.
Content sales, licensing and other earnings also fell by $368 million from the same period last year.
Despite the drop, Disney credited its live-action remake of “Lilo & Stitch” with bolstering results, with it being the highest-grossing Hollywood film at the global box office this year. The films Disney+ debut drew 14.3 million views, making it the second-biggest live-action premiere on the platform.
“The popularity of this global phenomenon underscores the franchise’s enduring strength and the effectiveness of our strategy to invest in popular stories and characters,” Iger and Johnston said.
Disney also noted that merchandise sales related to the blue alien Stitch surpassed $4 billion in fiscal 2025, including sales by licensees.
Theme parks and experience earnings
On the flip side, Disney’s Experiences division, which includes its theme parks, cruise line, merchandise and video game licensing, reported strong gains. Revenue climbed 13% to $1.88 billion, with domestic park operating income rising 9% and international park earnings up 25%.
The division achieved a record fiscal year, generating $10 billion in operating income, an increase of $273 million compared to last year.
Streaming and other updates
Disney’s direct-to-consumer segment, which includes Disney+ and Hulu, saw a quarterly income of $352 million, up 8% from 2024’s $253 million.
The report comes as Disney negotiates a new licensing deal with YouTube following a recent dispute that temporarily removed Disney content, like ABC and ESPN, from YouTube TV, as previously reported by the Deseret News.
The disruption contributed to an 8% drop in Disney shares at the end of the fiscal year, with discussions still ongoing, The Associated Press reported.