Disney streaming revenue hits $5.35 billion
Disney streaming revenue hits $5.35 billion
The company’s latest earnings report is its first with no subscriber numbers from Disney+ or Hulu.
Disney has made some big changes to how it reports earnings data for its streaming services Disney+ and Hulu. As of the final three-month period of 2025, which is the first quarter of 2026 on Disney’s corporate calendar, the company is no longer reporting subscriber totals for its streamers. The company has shared other earnings results from its streaming services as part of its larger release of fiscal Q1 2026 earnings.
Key Details:
- More progress: Total revenue from Disney+ and Hulu rose to $5.35 billion.
- Copycat: Like Netflix, Disney+ is no longer reporting its subscriber totals publicly.
- Tax man calling: Disney took a $307 million non-cash tax charge for its acquisition of Fubo.
Streaming operating income jumped 72% to $450 million in Disney’s fiscal first quarter, and total revenue generated by Disney+ and Hulu in that period rose to $5.35 billion. That was an increase of 11% year over year, demonstrating that the company’s streaming business is officially off and running on its own two feet. Disney reiterated its forecast that its entertainment streaming business will reach an operating margin of 10% in its fiscal year.
In declining to report subscriber totals for Disney+ and Hulu, Disney is following the lead of Netflix. That streamer stopped reporting subscriber numbers in 2025, as both it and Disney have stated that revenue and other metrics are now better measures of their platforms’ performance.
In October, Disney raised prices raised prices on its various streaming products, a move that helped overall entertainment revenue rise by 7%. The report did have some less positive news, however: overall operating income decreased by 9% to $4.6 billion during the quarter, in part thanks to a $110 million subtraction due to the blackout of Disney-owned channels on YouTube TV during the fall.
Disney also took a $307 million non-cash tax charge for combining the Hulu + Live TV business with Fubo during the quarter. The merger of Hulu + Live TV with Fubo should be completed later this year, as long as regulators don’t move to quash the deal.
The Disney+ app will undergo a major evolution in the year to come. The streamer will fully absorb Hulu in the coming months, and in January, it announced plans to launch a vertical video feed as well. The company has made clear its intentions to build Disney+ into its one-stop streaming destination.
“We are pleased with the start to our fiscal year, and our achievements reflect the tremendous progress we’ve made,” Disney CEO Bob Iger said. “We delivered strong box-office performance in calendar year 2025 with billion-dollar hits like ‘Zootopia 2’ and ‘Avatar: Fire and Ash,’ franchises that generate value across many of our businesses. As we continue to manage our company for the future, I am incredibly proud of all that we’ve accomplished over the past three years.”
Disney+
Disney+ is a video streaming service with over 13,000 series and films from Disney, Pixar, Marvel, Star Wars, National Geographic, The Muppets, and more. It is available in 61 countries and 21 languages. It is notable for its popular original series like “The Mandalorian,” “Ms. Marvel,” “Loki,” “Obi-Wan Kenobi,” and “Andor.”