Disney’s Q4 2025 Earnings Call Live Blog: Bob Iger Addresses YouTube TV Situation And More

Disney's Q4 and FY2025 earnings statement has dropped, and it indicates a big year for both Disney+ and Disney's theme parks. The parks saw record operating income for both the year and the quarter, despite a small (1%) decline in attendance at U.S. parks. Both things may only increase following the price increases Disneyland and Walt Disney World saw in October.

Disney+ had its first full year of good business, with $1.3 billion in operating income generated. That's also likely to increase due to a price increase for Disney+ as well.

The new Shakira song from Zootopia 2 is playing as hold music before the earnings call gets underway, and I was honestly trying to avoid it so I could hear it for the first time when I saw the movie. So much for spoilers.

Earnings call is officially underway. CEO Bob Iger and CFO Hugh Johnston are here.

Bob Iger's opening statement celebrates Disney's earnings growth. Disney will offer a cash dividend of $1.50 this year, up from $1.00 last year. that's a solid return.

Iger mentions Lilo &Stitch, the second highest opening for a live action movie on Disney+, alongside being the highest grossing Hollywood movie of the year. Merchandise has also been strong.

Walt Disney Studios has crossed the $4B mark for the fourth consecutive year following the release of Predator: Badlands. Iger lists off all the major Disney releases for the rest of this year and 2026, including Toy Story 5, and Avengers: Doomsday.

Iger then moves to TV. Apparently, Dancing with the Stars this season saw ratings increases for the first six weeks following its premiere, which is something that has never happened. He also calls out the Taylor Swift content coming to Disney+.

Iger says Disney is looking to create and license more original content internationally.

On ESPN: shift to bring all of ESPN to the app experience has been a strong success so far.

Disney Parks operating income set a record. Disney Destiny launches next week and the Disney Adventure launches in the spring. World of Frozen at Disneyland Paris opens in the spring.

We're now shifting to the Q&A without any major announcements. Oh well.

First question on ESPN DTC: Asks Iger what they have learned so far and if it has changed their approach in any way.

Iger says the ESPN launch has been successful. says both those who get linear channels and those who never have are using the ESPN app strongly. Already getting more (and new) advertising for the platform based on the data ESPN can provide.

Disney is showing strong cash flow right now, which CFO Hugh Johnston says is due to early investments "leveling off."

Bob Iger adds that the vast majority of ESPN app customers have subscribed to Disney+ and Hulu as well.

Next question: Q1 for the studio is expected to be slower. Asks what the overall outlook is. Also brings up the Disney/YouTube TV fight and how they may impact things.

Iger says Zootopia 2 and Avatar: Fire and Ash are both expected to do very well. Iger is "bullish" on the slate for the next couple of years. Points out that despite some underperformers, the year has done well for Disney.

From Johnston: Avoids commenting on negotiations but says that guidance expects discussions could take a while. Points out that while Disney is losing money due to YouTube losses, they are picking up money from consumers going elsewhere.

Next question asks how Disney+ could become a portal to "all things Disney" including accessing the parks through it.

Iger says he sees that with the deployment of AI, Disney+ can become a portal to other things, an "engagement engine" for parks, cruises, as well as games and merchandise. Says AI will also give users the ability to create and consume user-generated content.

Next question asks about the future of M&A, basically asking if Disney might be looking to buy anybody, or how other mergers that are expected may impact Disney.

Hugh Johnston says he's not commenting directly on M&A (mergers and acquisitions) potential, but says that the IP portfolio that Disney has built is in a great position and Disney doesn't need to do anything. Will be paying attention to what other companies do, but it doesn't indicate any expectations to make changes.

Question on what the drivers for Experiences will be in 2026. How is income being expected on attendance growth versus price increases.

Johnston says Cruise business is expected to be a major driver. Also expects that price increases and attendance will both play a part in theme park business growth.

Domestic theme park bookings are up 3% for Q1 which is a good sign.

Next question asks about Disney looing to do additional streaming bundles, including bundling with other streamers as it already does with HBO Max.

Iger says those that bundle are less likely to cancel, making them better customers for Disney. Bundling with HBO Max also reduces churn. Iger says discussions with other streamers to bundle have happened, though it doesn't sound like anything new is forthcoming.

Asks about a slight drop in domestic parks attendance in Q4. Also asks about margins in Cruises versus Parks.

Johnston says attendance was in line with expectations. Mentions Epic Universe by name, indicating there perhaps was a slight decrease at walt Disney World specifically because of Epic, but not beyond what Disney was expected.

Johnston says Cruise margins are very good, though he doesn't go into specifics.

Final question: brings up AI and asks Iger how licensing IP to AI company's as well as use of AI to be more efficient.

Iger says conversations with AI companies have happened, both to use the tech internally as well as how to protect IP. Iger hopes agreements can be reached. Says AI is being deployed across the company both for Cast Member as well as consumer use. He says there are "phenomenal" opportunities to use AI with DTC.

Iger ends the call bringing up the YouTube situation. Says the deal proposed to YouTube is equal or greater than what other providers are doing. Iger is hopeful the deal will be closed on a timely basis.

That wraps up the Q4 FY 2025 Earnings call. No major announcements or surprising numbers, but overall, things seem good in the House of Mouse. The parks and streaming business is strong, and the studio is in good shape. Disney may not be the most valuable entertainment company in the world, but they are still one of the biggest in terms of reach. If this call taught us anything, it's that reach is only going to get longer.