Disney delivered a strong performance in its third quarter, driven by robust growth in theme parks and streaming services. For the period ending June 28, 2025, Disney reported a 2% year-over-year increase in revenue to $23.65 billion. Net income more than doubled compared to the same quarter last year, significantly boosted by a non-cash tax benefit related to Disney’s full acquisition of Hulu.

The company’s Experiences segment—encompassing theme parks, resorts, and merchandising—continued to shine, with operating income rising 13% from a year earlier. Disney’s direct-to-consumer (DTC) streaming segment, which includes Disney+ and Hulu, also played a key role in the earnings beat. Strategic measures such as price increases and efforts to crack down on password sharing contributed to improved profitability in this division.

However, Disney’s linear television business remains under pressure from industry-wide declines in advertising revenue and affiliate fees. While ESPN, a bright spot within the media networks segment, reported revenue growth, the broader linear TV category continued to weigh on results and investor sentiment.

On the financial side, Disney’s operating cash flow soared by 61% to $13.63 billion, providing ample resources for future investments. The company continued to strengthen its balance sheet by paying down debt and repurchasing shares.

Looking ahead, analysts remain optimistic about Disney’s growth trajectory. The combination of steady demand at parks, improving streaming margins, and continued cost discipline positions the company well for the next fiscal year. Despite the headwinds in traditional TV, Disney’s focus on high-growth segments offers a promising outlook for both profitability and shareholder returns.