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1、November13,2025THEWALTDISNEYCOMPANYREPORTSFOURTHQUARTERANDFULLYEAREARNINGSFORFISCAL2025BURBANK,Calif.TheWaltDisneyCompanytodayreportedearningsforitsfourthquarterandfullyearendedSeptember27,2025.FinancialResultsfortheQuarterandFullYear:RevenuesinQ4of$22.5billionwerecomparabletoQ4fiscal2024,andincreas

2、ed3%fortheyearto$94.4billionfrom$91.4billionintheprioryear.IncomebeforeincometaxesforQ4increasedto$2.0billionfrom$0.9billioninQ4fiscal2024,andincreasedto$12.0billionfortheyearfrom$7.6billionintheprioryear.Totalsegmentoperatingincome(1)increased12%fortheyearto$17.6billionfrom$15.6billionintheprioryea

3、r.Dilutedearningspershare(EPS)forQ4increasedto$0.73from$0.25inQ4fiscal2024.AdjustedEPS(1)decreased3%forQ4to$1.11from$1.14inQ4fiscal2024.Fortheyear,dilutedEPSincreasedto$6.85from$2.72infiscal2024,andadjustedEPS(1)increased19%to$5.93from$4.97infiscal2024.KeyPoints:Totalsegmentoperatingincome(1)decreas

4、ed5%forQ4to$3.5billionfrom$3.7billioninQ4fiscal2024Entertainment:Fullyearsegmentoperatingincomeincreased19%to$4.7billion.Q4segmentoperatingincomeof$691million,adecreaseof$376millioncomparedtotheprior-yearquarter,drivenbytheatricalslatecomparisons.ForQ4:Direct-to-Consumerrevenueincreased8%,netofanadv

5、erseimpactof2pptsasDisney+Hotstarwasincludedintheprior-yearquartersresultsDirect-to-Consumeroperatingincomeincreased$99millionto$352millionAttheendofthequarter,196millionDisney+andHulusubscriptions,anincreaseof12.4millionvs.Q3fiscal2025,and132millionDisney+subscribers,anincreaseof3.8millionvs.Q3fisc

6、al2025LinearNetworksoperatingincomedeclined$107millionvs.Q4fiscal2024drivenbytheStarIndiatransaction,asStarIndiacontributed$84milliontoresultsinQ4lastyearDomesticLinearNetworksoperatingincomedecreasedduetoloweradvertisingdrivenbydecreasesinviewershipandpoliticaladvertising(politicaladvertisinghada$4