The Walt Disney Company said revenues for fiscal 2025 increased 3%, or $3.1 billion, to $94.4 billion; net income attributable to Disney increased to $12.4 billion from $5.0 billion; and diluted earnings per share from continuing operations attributable to Disney increased to $6.85 from $2.72.

10-KAnnual reportFiled Nov 13, 2025Period of report Sep 27, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

The Walt Disney Company said revenues for fiscal 2025 increased 3%, or $3.1 billion, to $94.4 billion; net income attributable to Disney increased to $12.4 billion from $5.0 billion; and diluted earnings per share from continuing operations attributable to Disney increased to $6.85 from $2.72.
The company cited a non-cash tax benefit from a change in Hulu's U.S. income tax classification as a factor in the lower effective tax rate. The effective tax rate was negative 11.9% in the current year compared to a positive 23.7% in the prior year, with the benefit amounting to approximately 26 percentage points.
The Walt Disney Company said it completed the Star India Transaction with RIL on November 14, 2024 and recognizes its 37% share of the India joint venture's results in Equity in the income of investees. It said this item decreased from $575 million to $295 million, citing losses from the India joint venture and lower income from A+E.
The company said Direct-to-Consumer operating income increased $1,184 million to $1,327 million from $143 million due to growth at Disney+ and Hulu. It added that subscription fee growth reflected pricing increases of 8% and more subscribers of 4%.

Key figures

Fiscal year ended September 27, 2025

Revenue: $94.4B
Operating income: $17.6B
Net income: $12.4B
EPS: $6.85
Operating cash flow: $18.1B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Annual revenues $94.4 billion, net income $12.4 billion

The Walt Disney Company said revenues for fiscal 2025 increased 3%, or $3.1 billion, to $94.4 billion; net income attributable to Disney increased to $12.4 billion from $5.0 billion; and diluted earnings per share from continuing operations attributable to Disney increased to $6.85 from $2.72.

Source · Based on the MD&A text of the filing

Hulu U.S. tax classification change and effective tax rate

The company cited a non-cash tax benefit from a change in Hulu's U.S. income tax classification as a factor in the lower effective tax rate. The effective tax rate was negative 11.9% in the current year compared to a positive 23.7% in the prior year, with the benefit amounting to approximately 26 percentage points.

Source · Based on the MD&A text of the filing

Star India transaction and India joint venture

The Walt Disney Company said it completed the Star India Transaction with RIL on November 14, 2024 and recognizes its 37% share of the India joint venture's results in Equity in the income of investees. It said this item decreased from $575 million to $295 million, citing losses from the India joint venture and lower income from A+E.

Source · Based on the MD&A text of the filing

Direct-to-Consumer operating income $1,327 million

The company said Direct-to-Consumer operating income increased $1,184 million to $1,327 million from $143 million due to growth at Disney+ and Hulu. It added that subscription fee growth reflected pricing increases of 8% and more subscribers of 4%.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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