Disney earnings report on Wednesday confirmed that, after a few years of ups and downs, the Mouse House is on the way back up. The company increased its profitability outlook after stronger-than-expected numbers for its parks and digital streaming businesses, driving a generally cheery picture for the media conglomerate.
Investors were clearly happy with what they saw amid this volatile 2025 market. The good news sent Disney stock soaring, up 10% in trading by midday.
The company projected full-year profit will hit $5.75 per share, up from an earlier projection of $5.44. That is up 16% from fiscal 2024 and well above an earlier guidance released by the company.
Here are five takeaways from the second quarter Disney earnings.
1. Disney+ Subscribers Grew, Which Surprised Even Disney
Disney had projected a decline in Disney+ subscribers during second quarter. Instead, global subscriptions rose 1.4 million to put the streaming service at 126 million worldwide.
Disney+ subscriptions had been rather volatile the past few years what with losses from Hotstar, its Indian service, following a loss of cricket rights that sent subscribers fleeing. This time, Disney did not include Disney+ Hotstar in its international numbers, where it saw a 1% increase. Domestically, paid subscriptions were up 2%.
Disney CEO Bob Iger credited in part Disney’s box office success for helping to drive online subscriptions — for example, Moana 2, which took in more than $1 billion worldwide and was 2024’s No. 3 film, recently became Disney+’s biggest debut since Encanto.
2. Big Box Office Sparks Success In Other Areas For Disney Earnings
Indeed, a success like Moana 2 doesn’t just resonate in theaters. It drives success elsewhere, from the aforementioned streaming platform to Disney parks (more on that in a moment), where families go to see the characters from the movie, and at retailers, which sell toys, clothes and other merchandise based on the film. A single hit can thus propel Disney gains across multiple platforms.
3. Disney Parks Are Officially Back
Just as movie theaters have had a long road back from the pandemic, so, too, have theme parks, but Disney seems to have finally, firmly put Covid-19 woes behind.
Operating income for Disney’s Experiences division, which includes its six theme parks as well as the cruise line, gaming licensing and merchandise, was up 9%. Things are going better at home (up 13%) than abroad (a smaller business that dropped 23%). Disney attributed that to weaker results in Shanghai and Hong Kong.
4. Disney Is Doubling Down On Its Parks
Disney clearly sees those international results as a blip. In fact, the company said it has begun building a seventh theme park, this one in Abu Dhabi. The waterfront resort, located on Yas Island, will be built and operated by Miral, a developer with multiple existing projects in the country, including Ferrari World Abu Dhabi and Warner Bros World Abu Dhabi.
5. Economic Issues Hitting Retailers And Others Hard Are Sparing Big Media (So Far)
Disney’s rosy report came after a similarly upbeat earnings report from Netflix, which registered double-digit-percentage gains in revenue and operating income.
While not every media company has seen big numbers, it does provide a modicum of calm for the industry at a moment when the stock market has been anything but thanks to on-again, off-again tariffs and other economic issues. Disney earnings did not seem affected.
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