# The Walt Disney Company
> Disney · DIS · Burbank, California
- Profile type: Company
- Profile status: comprehensive
- Last updated: 2026-04-26T00:00:00.000Z
- Canonical URL: https://thestateofstreaming.com/companies/the-walt-disney-company-2/
- Also known as: Walt Disney Company, Disney, The Walt Disney Co., DIS
## Summary
The Walt Disney Company is a diversified media and entertainment conglomerate organized into three segments: Entertainment (Disney+, Hulu, ABC, studios), Sports (ESPN), and Experiences (parks, cruise, consumer products). Josh D'Amaro succeeded Bob Iger as CEO on March 18, 2026. FY2025 revenue was $94.4 billion. Disney owns 100 percent of Hulu and 72 percent of ESPN following the February 1, 2026 NFL Network deal.

## Company facts

- Ticker: DIS
- Founded: 1923
- Headquarters: Burbank, California
- Domain: thewaltdisneycompany.com
- CEO: josh damaro (https://thestateofstreaming.com/people/josh-damaro/)


## Latest metrics

- Revenue: $94.4B (FY2025); $26.0B (Q1 FY2026)
- Subscribers: Disney+ 131.7M global, Hulu 64.1M (final disclosure Q4 FY2025); discontinued from Q1 FY2026
- ARPU: Disney+ $8.09 domestic / $8.00 international; Hulu SVOD $12.20; Hulu + Live TV $100.02 (final disclosure Q4 FY2025)
- As of: 2026-02-02
- Source: https://investors.thewaltdisneycompany.com/files/doc_financials/2026/q1/FY2026_Q1_PR_Ex99-1_Final-to-Comm-and-IR.pdf


## Recent filings

- 2026-02-02 — 8-K (Exhibit 99.1): Q1 FY2026 earnings release (quarter ended December 27, 2025). Total revenue $26.0B (+5% YoY); Sports segment revenue $4.91B (+1%) with operating income $191M (-23%) reflecting approximately $110M ESPN operating-income hit from the Oct 30 - Nov 14, 2025 YouTube TV carriage blackout. Final quarter Disney+ / Hulu subscriber and ARPU figures discontinued going forward. (https://investors.thewaltdisneycompany.com/files/doc_financials/2026/q1/FY2026_Q1_PR_Ex99-1_Final-to-Comm-and-IR.pdf)
- 2025-11-13 — 8-K: FY2025 Q4 earnings release (quarter ended September 27, 2025). Full-year revenue $94.4B (+3% YoY vs. $91.4B in FY2024). Final quarter of Disney+ / Hulu subscriber disclosure (Disney+ 59.3M domestic + 72.4M international; Hulu 64.1M). (https://www.sec.gov/Archives/edgar/data/1744489/000174448925000154/fy2025_q4xprxex991.htm)


## Key facts

- Disney FY2025 revenue (fiscal year ended September 27, 2025) was $94.4 billion, up 3 percent from $91.4 billion in FY2024. — Disney FY2025 Q4 earnings release (SEC 8-K Exhibit 99.1): https://www.sec.gov/Archives/edgar/data/1744489/000174448925000154/fy2025_q4xprxex991.htm
- Disney Q1 FY2026 (quarter ended December 27, 2025) revenue was $26.0 billion, up 5 percent year-over-year. Sports segment revenue was up 1 percent to $4.91 billion while operating income decreased 23 percent to $191 million. — Disney Q1 FY2026 earnings release (Feb 2, 2026): https://investors.thewaltdisneycompany.com/files/doc_financials/2026/q1/FY2026_Q1_PR_Ex99-1_Final-to-Comm-and-IR.pdf
- The October 30 - November 14, 2025 YouTube TV blackout of ESPN and Disney networks cost ESPN approximately $110 million in operating income, disclosed in Disney's Q1 FY2026 earnings release. — Variety: https://variety.com/2026/tv/news/espn-110-million-lost-income-youtube-tv-blackout-1236648725/
- Josh D'Amaro succeeded Bob Iger as CEO of The Walt Disney Company effective March 18, 2026. Iger continues as Senior Advisor and board member through his retirement on December 31, 2026. D'Amaro previously led Disney Experiences, the company's largest segment with $36 billion in FY2025 revenue. — The Walt Disney Company press release: https://thewaltdisneycompany.com/news/disney-ceo-announcement/
- ESPN launched its standalone direct-to-consumer service on August 21, 2025 at $29.99 per month for the unlimited tier (covering 47,000 live events annually) and $11.99 per month for ESPN Select. — ESPN Press Room: https://espnpressroom.com/us/press-releases/2025/08/espns-direct-to-consumer-service-and-enhanced-app-launching-august-21/
- Disney closed its acquisition of NFL Network and the RedZone broadcasting rights on February 1, 2026, in a transaction valued at $3 billion per SEC filing. The NFL took a 10 percent equity stake in ESPN; Disney owns 72 percent and Hearst Corporation retains 18 percent. The transaction implies a $30 billion ESPN valuation. — Variety: https://variety.com/2026/tv/news/disney-nfl-approval-espn-deal-league-investor-1236648201/
- Disney closed its acquisition of a majority stake in FuboTV on October 29, 2025, merging Hulu + Live TV operations into Fubo. Disney holds approximately 70 percent of the combined company; existing Fubo shareholders hold approximately 30 percent. The combined entity is the No. 6 U.S. pay-TV provider with nearly 6 million subscribers. Fubo CEO David Gandler runs the combined business. — Variety: https://variety.com/2025/tv/news/disney-hulu-live-tv-fubo-deal-close-1236564362/
- Disney completed full ownership of Hulu in January 2024 by buying out Comcast/NBCUniversal's 33 percent stake under a 2019 put/call agreement, with the final price determined by appraisal. — CNBC: https://www.cnbc.com/2024/06/10/disney-comcast-hulu-deal.html
- Disney+ ended Q4 FY2025 with 59.3 million domestic and 72.4 million international subscribers; Hulu had 64.1 million customers. Q4 FY2025 was the final quarter Disney reported subscriber and ARPU figures for Disney+ and Hulu, following Netflix's lead in discontinuing the disclosures starting Q1 FY2026. — Variety: https://variety.com/2026/tv/news/disney-q1-2026-earnings-stops-reporting-disney-plus-hulu-subscribers-1236648525/
- A $50 million class-action settlement received preliminary approval from Judge Edward J. Davila on March 31, 2026, resolving antitrust claims that Disney's carriage agreements forced YouTube TV and DirecTV Stream to bundle ESPN channels and inflated subscriber prices. The settlement covers purchasers from April 1, 2019 through preliminary approval and includes three years of business-practice changes. — Bloomberg Law: https://news.bloomberglaw.com/antitrust/disney-consumers-ink-50-million-settlement-in-streaming-case
- Disney organizes its operations into three reportable segments as of FY2025 - Entertainment (linear networks, Disney+, Hulu, content sales/licensing, theatrical), Sports (ESPN domestic and international, Star India sports), and Experiences (parks, cruise, consumer products). — The Walt Disney Company: https://thewaltdisneycompany.com/news/disney-q4-earnings-2025/
- CFO Hugh Johnston's contract was extended in November 2025 through January 2029, maintaining a $2 million base salary and 200 percent target bonus. — The Desk: https://thedesk.net/2025/11/disney-cfo-hugh-johnston-contract/
- James Gorman, former Morgan Stanley CEO, became Disney Board Chair effective January 2025 and led the CEO succession process that selected Josh D'Amaro. — CNBC: https://www.cnbc.com/2024/10/21/disney-ceo-succession-plan-board-chair.html


## Related

- fubotv inc (Disney holds approximately 70 percent of combined Fubo + Hulu + Live TV business as of October 29, 2025 close) — https://thestateofstreaming.com/companies/fubotv-inc/
- alphabet inc (YouTube TV carriage counterparty; Oct 30 - Nov 14, 2025 ESPN/ABC blackout cost Disney $110M in Q1 FY26) — https://thestateofstreaming.com/companies/alphabet-inc/
- comcast corporation (Former Hulu joint-venture partner (bought out January 2024); ongoing competitive framing) — https://thestateofstreaming.com/companies/comcast-corporation/
- paramount skydance corporation (Competitor; Disney was not a Paramount bidder in the 2024 Skydance process) — https://thestateofstreaming.com/companies/paramount-skydance-corporation/
- warner bros discovery (Direct streaming and content competitor; ESPN competes with TNT Sports) — https://thestateofstreaming.com/companies/warner-bros-discovery/
- josh damaro (CEO) — https://thestateofstreaming.com/people/josh-damaro/
- bob iger (Outgoing CEO; Senior Advisor through year-end 2026) — https://thestateofstreaming.com/people/bob-iger/
- hugh johnston (CFO) — https://thestateofstreaming.com/people/hugh-johnston/


## External coverage

- The Walt Disney Company: The Walt Disney Company Investor Relations (https://investors.thewaltdisneycompany.com/)
- 2026-02-02 — The Walt Disney Company Investor Relations: Disney Q1 FY2026 Earnings Release (PDF) (https://investors.thewaltdisneycompany.com/files/doc_financials/2026/q1/FY2026_Q1_PR_Ex99-1_Final-to-Comm-and-IR.pdf)
- 2025-11-13 — U.S. Securities and Exchange Commission: Disney FY2025 Q4 Earnings Release (SEC 8-K Exhibit) (https://www.sec.gov/Archives/edgar/data/1744489/000174448925000154/fy2025_q4xprxex991.htm)
- 2026-02-03 — The Walt Disney Company: Josh D'Amaro Named Next Chief Executive Officer of Disney (https://thewaltdisneycompany.com/news/disney-ceo-announcement/)
- 2025-08-06 — ESPN Press Room: ESPN's Direct-to-Consumer Service and Enhanced App Launching August 21 (https://espnpressroom.com/us/press-releases/2025/08/espns-direct-to-consumer-service-and-enhanced-app-launching-august-21/)
- 2026-02-01 — Variety: Disney, NFL Close Deal That Makes League Partial Owner in ESPN (https://variety.com/2026/tv/news/disney-nfl-approval-espn-deal-league-investor-1236648201/)
- 2025-10-29 — Variety: Disney Closes Fubo Acquisition Merging Hulu + Live TV With Fubo (https://variety.com/2025/tv/news/disney-hulu-live-tv-fubo-deal-close-1236564362/)
- 2026-02-02 — Variety: ESPN Took $110 Million Hit From YouTube TV Blackout Last Fall (https://variety.com/2026/tv/news/espn-110-million-lost-income-youtube-tv-blackout-1236648725/)
- 2026-02-02 — Variety: Disney Q1 2026 Earnings: No Longer Reporting Disney+, Hulu Sub Numbers (https://variety.com/2026/tv/news/disney-q1-2026-earnings-stops-reporting-disney-plus-hulu-subscribers-1236648525/)
- 2026-03-31 — Bloomberg Law: Disney, Consumers Ink $50 Million Settlement in Streaming Case (https://news.bloomberglaw.com/antitrust/disney-consumers-ink-50-million-settlement-in-streaming-case)
- 2026-02-02 — The Walt Disney Company: Disney Q1 FY26 Earnings: Executive Commentary (https://thewaltdisneycompany.com/news/disney-q1-earnings-2026/)
- 2026-03-18 — CNBC: Disney's Josh D'Amaro becomes CEO as company embarks on new chapter (https://www.cnbc.com/2026/03/18/disney-josh-damaro-ceo-new-chapter.html)

## Profile
The Walt Disney Company spent the back half of 2025 and the front of 2026 reorganizing the two surfaces this publication covers most: how its sports content reaches consumers, and who owns what equity in ESPN. ESPN's standalone DTC service [launched August 21, 2025 at $29.99 per month](https://espnpressroom.com/us/press-releases/2025/08/espns-direct-to-consumer-service-and-enhanced-app-launching-august-21/) for the unlimited tier, ending three decades during which the cable bundle was the only consumer path to ESPN. Five months later, the [NFL Network acquisition closed February 1, 2026](https://variety.com/2026/tv/news/disney-nfl-approval-espn-deal-league-investor-1236648201/) on terms that handed the league a 10 percent equity stake in ESPN at a $30 billion implied valuation, leaving Disney with 72 percent and Hearst with 18 percent.

Carriage friction priced into the model. The Oct 30 - Nov 14, 2025 YouTube TV blackout of ESPN and Disney's broadcast and cable networks cost ESPN approximately $110 million in operating income, [Disney disclosed in its Feb 2, 2026 Q1 FY26 earnings release](https://investors.thewaltdisneycompany.com/files/doc_financials/2026/q1/FY2026_Q1_PR_Ex99-1_Final-to-Comm-and-IR.pdf) — a $191 million Sports operating-income print that was 23 percent below the prior-year quarter. The same disclosure flagged that Q4 FY2025 was the last time Disney would report Disney+ and Hulu subscribers or ARPU, joining Netflix in retiring the most-watched streaming KPI.

The vMVPD restructuring matters for the broader pay-TV map. [Disney closed its acquisition of a majority stake in FuboTV on October 29, 2025](https://variety.com/2025/tv/news/disney-hulu-live-tv-fubo-deal-close-1236564362/), merging Hulu + Live TV operations into a combined company in which Disney holds 70 percent and Fubo shareholders 30 percent. The combined entity is the No. 6 U.S. pay-TV provider with nearly 6 million subscribers. Fubo CEO David Gandler runs day-to-day operations of both services, which remain separately branded.

Governance flipped during the same window. [Josh D'Amaro succeeded Bob Iger as CEO effective March 18, 2026](https://thewaltdisneycompany.com/news/disney-ceo-announcement/), with Iger remaining Senior Advisor and board member through his December 31, 2026 retirement. D'Amaro had run Disney Experiences, the company's largest segment ($36 billion FY2025 revenue). James Gorman, the former Morgan Stanley CEO who became Disney Board Chair in January 2025, led the succession process. CFO Hugh Johnston's contract was [extended in November 2025 through January 2029](https://thedesk.net/2025/11/disney-cfo-hugh-johnston-contract/), holding the finance seat steady through the leadership transition.

The legal overhang the trade pubs are still tracking: a [$50 million class-action settlement received preliminary approval March 31, 2026](https://news.bloomberglaw.com/antitrust/disney-consumers-ink-50-million-settlement-in-streaming-case) covering YouTube TV and DirecTV Stream subscribers who paid inflated prices because Disney's carriage agreements required full ESPN bundling. The settlement also obligates Disney to entertain a la carte carriage proposals from streaming pay-TV providers for three years — a structural concession that runs alongside the standalone ESPN DTC product Disney is now selling directly.

## Tags

- streaming-service-svod
- streaming-service-vmvpd
- sports-streaming
- linear-networks
- public-company
- nyse
- dis
- dtc
- espn
- hulu
- disney-plus

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