--- title: "Disney's performance is a mixed bag: streaming and parks carry the growth banner, while blockbuster spending drags down the new fiscal quarter" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/265732797.md" description: "Disney's fourth-quarter profit exceeded expectations, with strong performances in streaming and park operations, a 50% dividend increase, and a doubling of the stock buyback plan. However, due to several major film releases impacting the first quarter of the new fiscal year, the stock price fell in pre-market trading. Adjusted earnings per share were $1.11, with revenue of $22.5 billion. The experience segment's operating profit was $1.88 billion, the entertainment segment's profit dropped to $691 million, and the streaming business profit increased to $352 million. Disney+ and Hulu added 12.5 million new subscribers, bringing the total user count to over 196 million" datetime: "2025-11-13T12:58:06.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/265732797.md) - [en](https://longbridge.com/en/news/265732797.md) - [zh-HK](https://longbridge.com/zh-HK/news/265732797.md) --- > 支持的语言: [English](https://longbridge.com/en/news/265732797.md) | [繁體中文](https://longbridge.com/zh-HK/news/265732797.md) # Disney's performance is a mixed bag: streaming and parks carry the growth banner, while blockbuster spending drags down the new fiscal quarter According to Zhitong Finance APP, thanks to the strong performance of its streaming and theme park businesses, Disney (DIS.US) reported profits in the fourth fiscal quarter that exceeded market expectations. At the same time, the media giant announced a 50% increase in its dividend and doubled the scale of its stock repurchase plan for fiscal year 2026. However, due to the impact of several major films, including the new Avatar, on its performance in the first quarter of the new fiscal year, the company's stock price fell in pre-market trading. Data shows that for the fourth quarter of fiscal year 2025 ending in September, Disney's adjusted earnings per share were $1.11, which, although down 3% from the same period last year, was 6 cents higher than analysts' average expectations. Revenue was $22.5 billion, roughly flat compared to the same period last year and slightly below analysts' expectations of $22.75 billion. In terms of segments, the operating profit of the experiences segment, which includes theme parks, reached $1.88 billion, a year-on-year increase of 13%, benefiting from the expansion of the U.S. cruise business and the performance growth of Disneyland Paris. Due to this year's films failing to replicate the success of last year's Inside Out 2 and Deadpool and Wolverine, the operating profit of the entertainment segment plummeted by more than one-third to $691 million. Among them, the profit from traditional television business fell by 21% to $391 million. The streaming business saw a 39% surge in profit, reaching $352 million, with a total of 12.5 million new subscribers added across Disney+ and Hulu platforms in the quarter, bringing the total user count to over 196 million. CFO Hugh Johnston stated that the new distribution agreement with Charter Communications (CHTR.US) helped attract more new streaming users. He also mentioned that the box office hit Lilo & Stitch landed on the Disney+ platform during the same period, achieving 14.3 million views in the first five days after its release. In the face of a comprehensive decline in traditional broadcasting and cable television industries, Disney is undergoing a business transformation. The company continues to invest in new theme park attractions and cruise projects while focusing on attracting streaming subscribers. After Bob Iger returned to Disney as CEO in 2022, he implemented significant cost-cutting measures. His current contract is set to expire at the end of 2026, and Disney has announced that it will determine a successor early next year. Although the viewership fees and advertising revenues from the television business continue to decline, the company remains confident about its development over the next two years. Disney expects adjusted earnings per share for fiscal year 2026 to achieve double-digit growth, consistent with previous expectations, and adjusted earnings per share for fiscal year 2027 will also maintain double-digit growth. The company's board also announced an increase in the dividend per share from $1 to $1.50 and doubled the stock repurchase scale for fiscal year 2026 to $7 billion. Iger emphasized in a statement: "This year we made significant progress. By fully leveraging the value of creativity and brand assets, we strengthened the company's strength while continuing to achieve substantial breakthroughs in direct-to-consumer business areas." **Challenges in the First Fiscal Quarter** However, at the beginning of the new fiscal year, Disney's entertainment segment is expected to face challenges in streaming, film, and television. The company stated that the streaming business is expected to achieve $375 million in operating profit in the first fiscal quarter, an improvement from the same period last year, but still below Wall Street expectations Disney pointed out that the theatrical release of "Zootopia 2" and "Avatar: The Way of Water" will lead to a revenue decrease of $400 million. It is understood that the new "Avatar" installment is scheduled to be released on December 19, contributing only two weeks of box office revenue before the end of this quarter. In addition, the reduction in political advertising revenue will also impact the television business. Although the sports division will benefit from the launch of the ESPN streaming service, the timing of sports rights expenditures will temporarily suppress the growth of operating profit during this period. Meanwhile, the theme park and cruise business is expected to incur $150 million in planned expenditures in the first fiscal quarter due to the introduction of new ships and dock renovation projects. After the earnings report was released, as of the time of writing, the stock fell more than 4% in pre-market trading ### 相关股票 - [Disney (DIS.US)](https://longbridge.com/zh-CN/quote/DIS.US.md) ## 相关资讯与研究 - [Is It Time To Reconsider Disney (DIS) After Recent Streaming And Parks Updates?](https://longbridge.com/zh-CN/news/281104949.md) - [Disney stock gets an upgrade. 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