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Disney reported its third consecutive profitable quarter for its Direct-to-Consumer (DTC) segment in Q3 of fiscal 2025, posting an operating income of $346 million, a turnaround from a $19 million loss the previous year. The growth was attributed to price increases, subscriber growth, and rising ad revenues. Overall Entertainment operating income, however, fell by 15% year-over-year.
The DTC segment now boasts 183 million subscribers, and Disney anticipates $1.3 billion in DTC operating income for fiscal 2025, marking an increase of over 800% year-over-year. The company is also projecting 10 million new subscriptions for the fourth quarter.
In comparison, Netflix leads the streaming landscape with over 300 million subscribers and plans to spend $18 billion on content in 2025. Meanwhile, Warner Bros. Discovery added 3.4 million subscribers in Q2 2025, pushing their total to 125.7 million and achieving $293 million in EBITDA for its streaming segment.
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