Disney Q4 Earnings Preview
Disney Q4 earnings preview ahead of Nov. 13; traders will watch streaming profitability, ESPN uptake and park attendance for shares and options flow.
KEY TAKEAWAYS
- Disney will report Q4 results before markets on Nov. 13 with an 8:30 a.m. ET webcast.
- Street consensus calls for revenue of $22.9 billion and EPS of $1.03-$1.05.
- Q4 will test whether streaming profits and ESPN uptake can offset Experiences headwinds and sustain FY25 $5.85-$5.87 guidance.
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The Walt Disney Company (DIS) will report Disney Q4 earnings on Nov. 13, 2025. Investors are focused on whether streaming profitability and ESPN’s new streaming service can offset softer theme-park attendance and support management’s FY25 earnings outlook.
Consensus and FY25 Guidance
Disney plans to release fourth-quarter results before the market opens on Nov. 13, followed by an 8:30 a.m. ET earnings webcast, the company said in a webcast announcement. Analysts expect Q4 revenue of $22.9 billion, about 1% higher year over year, and earnings per share (EPS) between $1.03 and $1.05, implying a near double-digit EPS decline. Management’s FY25 adjusted EPS guidance runs to $5.85–$5.87, roughly an 18% increase from the prior year. This outlook depends on sustained streaming growth, ESPN streaming uptake, and continued cost controls.
Streaming Gains and Park Headwinds
Disney’s Direct-to-Consumer segment, which includes streaming services, turned profitable in early 2025 and reported operating income of $346 million in Q3. Management projected more than 10 million new Disney+ and Hulu subscriptions in Q4, driven by a Charter Communications distribution deal and the August launch of ESPN’s $29.99 monthly streaming service. These subscriber gains are central to Disney’s margin outlook.
Meanwhile, attendance at Walt Disney World slowed in late summer, prompting discounts and promotions to support volumes. Cruise pre-opening costs have also pressured margins in the Experiences segment, which covers theme parks, resorts, and cruises. Despite these challenges, Magic Kingdom led Disney’s global parks in 2024 with 17.8 million visitors, a 0.7% increase year over year.
Disney plans $8 billion in capital expenditures for FY25, up from $5 billion in FY24, with $6 billion allocated to the Experiences segment. The company is expanding internationally, including a planned new theme park in Abu Dhabi. The upcoming earnings report will test whether streaming and distribution gains can offset pressure in Experiences and validate management’s guidance.
