Disney has released its financial report for the first quarter of 2026, covering the period from October to December 2025. This report sheds light on Disney+’s performance and that of its other streaming platforms.
For the first time, Disney has chosen not to disclose subscriber numbers for Disney+, Hulu, and ESPN, following Netflix’s example. However, the company indicated that updates would be shared at major milestones.
While subscriber counts remain elusive, the report showcases financial performance. Disney’s streaming segment, which includes Disney+ and Hulu, achieved revenue of US$4.424 billion in the quarter, a 13% increase from the previous year. Additionally, advertising revenue within this division rose 4% to reach US$922 million.
At the box office, Disney celebrated significant hits with “Zootopia 2” and “Avatar: Fire And Ash.” However, investments in acquiring a stake in the Fubo TV streaming platform somewhat balanced the gains.
CEO Bob Iger expressed satisfaction with the results, stating, “We are pleased with the start to our fiscal year, and our achievements reflect the tremendous progress we’ve made. We delivered a strong box-office performance in calendar year 2025, with billion-dollar hits that generate value across many of our businesses. I am incredibly proud of all that we’ve accomplished over the past three years.”
Disney executives commented on the strong viewership of content on Disney+ and Hulu. Seven of the ten most-watched shows of 2025 streamed on these platforms, according to Nielsen. “Bluey” emerged as the most-streamed show in the U.S. for the second consecutive year, with a total of 45 billion minutes viewed. ABC dominated the charts with the top six shows for adults aged 18-49, including “High Potential,” “Abbott Elementary,” and “Dancing with the Stars.” Marvel’s “Wonder Man” debuted to enthusiastic responses, while Taylor Swift returned to Disney+ with her documentary series and concert film.
Disney is also emphasising investment in international original content. During the recent quarter, successes included local originals like “The Manipulated” in APAC and “Hija del Fuego” in LATAM. The company is enhancing content relationships with free-to-air broadcasters and promoting region-specific sports programming, such as the NBA in Australia. Moreover, Disney recently won three international Emmys for shows like “Rivals” and “Bluey.”
Last year, Disney+ unveiled a new homepage and made technical app improvements to enhance the user experience and content discoverability. Executives highlighted these advancements, stating: “We’re rolling out numerous product enhancements to elevate the user experience on Disney+, including improvements to our recommendation system and potential AI applications for personalisation.”
Additionally, Disney plans to introduce AI-created short films on the platform. Executives emphasised the importance of ongoing experimentation for innovation, mentioning new advertising technologies and engagement strategies that include short-form content.
