This could be the biggest earnings report the Walt Disney Company has published in quite some time. Disney reported its quarterly earnings on Wednesday morning, and shared crucial financial and viewership data about its streaming services Disney+, Hulu, and ESPN+. As expected, the company also made major announcements about its new ESPN streaming service as part of the report. In total, Disney’s collective streaming subscribers came in at 207.4 million at the end of June.

Disney’s earnings report covers its third fiscal quarter of 2025, since the company’s calendar is one quarter ahead of most others. Between the start of April and the end of June, Disney saw increases in subscriber totals for both of its entertainment streamers. Disney+ added 1.8 million customers, all of which were international. That puts the platform’s customer count at 127.8 million as of the end of June.

Hulu’s on-demand service added 900,000 subscribers to land at 51.2 million, while the Hulu + Live TV side of the service declined by 100,000 customers, a relatively small total given the lighter sports schedule at the end of the quarter, to come in at 4.3 million. Combined, Hulu has 55.5 million customers.

Disney+ increased its average monthly revenue per paid subscriber from $7.77 to $7.86, while Hulu’s subscription video-on-demand (SVOD) service improved from $12.36 to $12.40, while the [live TV streaming service rose from $99.94 to $100.27. Direct-to-consumer entertainment revenue grew 6% during the quarter, and operating income increased from $346 million to $365 million.

ESPN+ remained steady with 24.1 million customers, the same total it had following the end of the previous quarter. The sports streamer’s average monthly revenue per paid subscriber decreased from $6.58 to $6.40 due to a lower advertising revenue period in the cyclical sports calendar.

On Wednesday, Disney announced that it will fully integrate Hulu into Disney+. In a message to shareholders, company executives announced the major change, as well as a significant switch internationally.

Today we are announcing a major step forward in strengthening our streaming offering by fully integrating Hulu into Disney+. This will create an impressive package of entertainment, pairing the highest-caliber brands and franchises, great general entertainment, family programming, news, and industry-leading live sports content in a single app. By creating a truly differentiated streaming offering, we will be providing subscribers tremendous choice, convenience, quality, and enhanced personalization. This will enhance our ability to continue to grow profitability and margins in our entertainment streaming business through expected higher engagement, lower churn, and advertising revenue potential, as well as operational efficiencies that over time may result in savings that we can reinvest back into the business.