Walt Disney (DIS) Q4 FY2025 earnings: revenue $22.5 billion, down 0.5% on the year
Walt Disney Co. (DIS) reported revenue of $22.5 billion for Q4 FY2025, the quarter ended 27 September 2025, down 0.5% on the same quarter a year earlier. Net income was $1.3 billion, up 185.4% on the year, and diluted earnings per share $0.73. The figures are the company's own, from the 10-K it filed with the SEC on 13 November 2025.
Revenue
$22.5 billion
-0.5% on the year · -5.0% on the quarter
Q1 FY2024Q4 FY2025
Operating margin
15.5%
16.2% a year earlier
Q1 FY2024Q4 FY2025
Net income
$1.3 billion
+185.4% on the year · -75.0% on the quarter
Q1 FY2024Q4 FY2025
Diluted EPS
$0.73
+192.0% on the year · -75.0% on the quarter
Q1 FY2024Q4 FY2025
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 12 new.
Full-year revenue rose 3%: Full-year revenues were $94.4 billion, up 3% from $91.4 billion. Fourth-quarter revenues were $22.5 billion, comparable with the prior-year quarter.
Full-year diluted and adjusted EPS: Full-year diluted EPS was $6.85 against $2.72. Adjusted EPS rose 19% to $5.93. Fourth-quarter adjusted EPS was $1.11, down 3% from $1.14.
Entertainment profit fell in Q4: Q4 Entertainment segment operating income was $691 million, down $376 million, driven by theatrical slate comparisons. Full-year segment operating income rose 19% to $4.7 billion.
$ million except per share. Read moreFourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
Q4 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Operating cash flow
4,474
3,669
5,518
+21.9%
-18.9%
Capital expenditure
1,916
1,780
1,489
+7.6%
+28.7%
Free cash flow
2,558
1,889
4,029
+35.4%
-36.5%
Free cash flow margin
11.4%
8.0%
17.8%
Cash from investing
-1,850
-1,720
-1,978
Cash from financing
-2,276
-2,537
-3,566
Depreciation and amortisation
1,394
1,332
1,285
+4.7%
+8.5%
Share-based compensation
359
357
330
+0.6%
+8.8%
Buybacks
1,004
711
469
+41.2%
+114.1%
Dividends paid
n/a
0.0
n/a
Diluted shares, weighted
1,806m
1,805m
1,819m
+0.1%
-0.7%
Shares outstanding at period end
1,900m
1,798m
1,900m
+5.7%
0.0%
Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.
Balance sheet
$ million
Q4 FY2025
Q3 FY2025
Q4 FY2024
On the quarter
On the year
Last 8 quarters
Shareholders' equity
109,869
109,145
100,696
+0.7%
+9.1%
Non-controlling interest
4,743
4,611
4,826
+2.9%
-1.7%
Redeemable equity
n/a
n/a
0.0
Debt
42,026
42,263
45,815
-0.6%
-8.3%
Operating lease liabilities
2,710
n/a
2,768
-2.1%
Finance lease liabilities
141
n/a
160
-11.9%
Other liabilities
38,025
40,593
41,954
-6.3%
-9.4%
Total liabilities and equity
197,514
196,612
196,219
+0.5%
+0.7%
Fixed assets
41,255
40,185
37,041
+2.7%
+11.4%
Goodwill
73,294
73,314
73,326
-0.0%
-0.0%
Intangible assets
9,272
9,639
10,739
-3.8%
-13.7%
Investments
8,097
8,671
4,459
-6.6%
+81.6%
Cash and equivalents
5,695
5,367
6,002
+6.1%
-5.1%
Receivables
13,217
13,402
12,729
-1.4%
+3.8%
Inventory
2,134
2,080
2,022
+2.6%
+5.5%
Other assets
44,550
43,954
49,901
+1.4%
-10.7%
Total assets
197,514
196,612
196,219
+0.5%
+0.7%
Questions
What was Walt Disney's revenue in Q4 FY2025?
Walt Disney (DIS) reported revenue of $22.5 billion for Q4 FY2025, the quarter ended 27 September 2025, down 0.5% on the same quarter a year earlier.
How much did Walt Disney earn in Q4 FY2025?
Net income for Q4 FY2025 was $1.3 billion, up 185.4% on the year, and diluted earnings per share $0.73.
When did Walt Disney report Q4 FY2025 results?
Walt Disney filed its 10-K for the year that ended with the quarter on 13 November 2025; the fourth quarter is the year less the first three.
Each quarter as filed, linked to its filing. Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.
10-K for the period ended 27 September 2025, filed 13 November 2025: the filing.