Disney’s fiscal Q3 earnings and full year projections have topped expectations, with its Streaming and Parks businesses leading revenue streams. Operating income from streaming hit $346 million for the quarter, a significant increase over the same period last year. Disney ended Q3 with 183 million Disney+ and Hulu subscriptions, an increase of 2.6 million from Q2. Overall, revenue was up 2.1 percent to $23.7 billion for the three-month period ending June 28. In addition, the company announced that it plans to integrate Hulu into Disney+ for a new streaming app to be available next year.

The Wall Street Journal reports Disney is leaning in to Streaming and Parks as leverage against the growing consumer trend of cord-cutting. The profit forecast for streaming has been increased for the fiscal year, while “experiences businesses” are expected to land at the high end of previous forecasts.

Streaming is expected to generate $1.3 billion of operating income for fiscal year 2025, ending in September (upped from $1 billion), while operating income from theme parks, cruise ships and consumer products is expected to grow 8 percent, notes WSJ, “signs that it is gaining momentum in two key areas.”

Overall, WSJ concludes that “together, those forecasts indicate that the company behind Mickey Mouse and Luke Skywalker is successfully homing in on a path forward after years of disruption caused by the pandemic.”

The company ended the quarter with 183 million Disney+ and Hulu subscriptions, an increase of 2.6 million compared to Q2, according to its Q3 earnings commentary. Of those, 128 million were Disney+ subscribers, which increased 1.8 million over Q2, due largely to international growth.

Variety reports that Disney, which now owns Hulu outright, is integrating it “into its flagship Disney+ streamer,” with “a new ‘unified’ Disney+ and Hulu streaming app” coming in 2026, though “customers will still be able to buy a standalone Hulu subscription (as well as a standalone Disney+ plan).”

Disney also announced it will no longer report new streaming subscribers, a la Netflix, Los Angeles Times reports.

“At a time of great change for our industry when a number of companies are contracting, we are operating from a position of strength and building across our company with a continued focus on quality and innovation,” Disney CEO Bob Iger and CFO Hugh Johnston wrote in an earnings summary.

Related:
Hulu to Become International Tile on Disney+, Replacing Star, Deadline, 8/6/25
Disney’s ESPN to Acquire NFL Media Assets in Major Deal, CNBC, 8/5/25
ESPN’s Streaming Era Will Start on August 21, The New York Times, 8/5/25