Disney Revenue Rises 7% Amid Streaming and Theme Park Growth
The Walt Disney Company reported a 7% increase in overall revenue during its fiscal third quarter, with earnings from streaming platforms, theme parks, and consumer products offsetting declines at sports network ESPN.
The company's revenue rose to $25.25 billion during the quarter ended June 27, up from $23.65 billion a year earlier. Total segment operating income increased by 21% to $5.56 billion, while income before taxes grew by 14% to $3.65 billion.
The entertainment division saw a 6% rise in revenue to $11.35 billion, with segment operating income increasing by 64% to $1.68 billion. Subscription and affiliate revenue grew by 12%, driven by higher rates, subscriber growth, and favorable currency movements.
Disney's streaming businesses, including Disney Plus and Hulu but excluding Fubo and Hulu with Live TV, generated $5.53 billion in revenue, up 11%. Streaming operating income more than doubled to $712 million from $329 million, with the operating margin expanding to 12.9% from about 6.6%.