Disney Q2 2026: Good momentum as D'Amaro arrives
Disney's Entertainment revenues rose 10% year-on-year to $11.7 billion in Q2, part of a company-wide lift of 7% (to $25.2 billion), with parks remaining resilient despite headwinds. New CEO Josh D'Amaro has begun to outline his vision for the company.
Corporate reorganisation has created a unified marketing vertical, while interactive entertainment and gaming has finally been brought under Entertainment and into the core of Disney's content creation engine.
In the UK, the impact of Disney+'s near-blanket availability to Sky subscribers has so far been muted, indicating that there are few shortcuts to growth in a mature streaming market.
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Disney's Entertainment revenues rose 5% year-on-year to $26.0 billion in Q1, although content and marketing costs pressured operating income down (-9%, $4.6 billion). Management outlined its plan to create a Disney+ home for AI content.
Although a very early development, after 18 months of widening, improvements in Disney+'s UK engagement has seen its gap with Netflix contract.
Disney's global marketing reorganisation—including the development of a brand stewardship function led from the top of the company—is a broadly positive move from an outfit laboured with long-entrenched vertical silos.
Disney Q4 2025: Streaming grows with margins to widen
14 November 2025Disney’s streaming business grew healthily, with Q4 YoY revenue growth (+8%) outpacing Q3 (+6%). Cinema had another tough quarter, although the full year ended well ahead
Disney's progress on new platforms—in particular its efforts on Fortnite and the launch of ESPN's new app—increases the pressure on its US linear operation: it may not yet be moribund but has declining relevance to the rest of the business
In the UK, Disney+ continues to be challenged by its engagement levels—e.g. top new shows, a major driver, are relatively less likely to cut through its user base—but there appears to be a disconnect between lower usage and churn
Disney+ broadcaster deals: Targeting engagement
6 October 2025Disney+’s content deals with FTA operators in the UK, Germany and Spain have been characterised by the company as a lever to boost engagement from its older audiences but also younger viewers increasingly disconnected from broadcasters
Greater volumes of proven local programming on Disney+ can only be helpful—the divergent viewing tastes of Germany and Spain are case studies in the regional specificities of content demand
Further, a greater variety of content and release patterns will challenge current Disney+ viewing behaviours and could create greater urgency around usage
Disney Q3 2025: Looking to invigorate engagement
7 August 2025Disney’s streaming business continues to grow meaningfully, now outpacing the somewhat predictable decline of its linear operation. Studios is always a highwire act, but it is currently the source of most of Disney’s uncertainty.
With subscription numbers quite flat and engagement likely subdued, in the US Disney is hoping that product improvements and sport will invigorate the relationship that users have with its services.
In the UK, the Disney+ and ITVX content swap arrangement is off to a slow start.
Disney continued to grow profitability across its three segments, even as streaming subs and revenue remain stagnant. Stoked by Trump-uncertainty, headwinds could have ramifications for leadership succession planning
Challenges to Disney+ engagement may not yet be impacting subscriptions but it will compromise the fame of core IP assets and therefore monetisation opportunities
Green shoots are finally emerging from Disney's games strategy with Disney+ entering Fortnite
Disney's Entertainment revenues rose 5% year-on-year to $26.0 billion in Q1, although content and marketing costs pressured operating income down (-9%, $4.6 billion). Management outlined its plan to create a Disney+ home for AI content.
Although a very early development, after 18 months of widening, improvements in Disney+'s UK engagement has seen its gap with Netflix contract.
Disney's global marketing reorganisation—including the development of a brand stewardship function led from the top of the company—is a broadly positive move from an outfit laboured with long-entrenched vertical silos.
Disney Q4 2025: Streaming grows with margins to widen
14 November 2025Disney’s streaming business grew healthily, with Q4 YoY revenue growth (+8%) outpacing Q3 (+6%). Cinema had another tough quarter, although the full year ended well ahead
Disney's progress on new platforms—in particular its efforts on Fortnite and the launch of ESPN's new app—increases the pressure on its US linear operation: it may not yet be moribund but has declining relevance to the rest of the business
In the UK, Disney+ continues to be challenged by its engagement levels—e.g. top new shows, a major driver, are relatively less likely to cut through its user base—but there appears to be a disconnect between lower usage and churn
Disney+ broadcaster deals: Targeting engagement
6 October 2025Disney+’s content deals with FTA operators in the UK, Germany and Spain have been characterised by the company as a lever to boost engagement from its older audiences but also younger viewers increasingly disconnected from broadcasters
Greater volumes of proven local programming on Disney+ can only be helpful—the divergent viewing tastes of Germany and Spain are case studies in the regional specificities of content demand
Further, a greater variety of content and release patterns will challenge current Disney+ viewing behaviours and could create greater urgency around usage
Disney Q3 2025: Looking to invigorate engagement
7 August 2025Disney’s streaming business continues to grow meaningfully, now outpacing the somewhat predictable decline of its linear operation. Studios is always a highwire act, but it is currently the source of most of Disney’s uncertainty.
With subscription numbers quite flat and engagement likely subdued, in the US Disney is hoping that product improvements and sport will invigorate the relationship that users have with its services.
In the UK, the Disney+ and ITVX content swap arrangement is off to a slow start.
Disney continued to grow profitability across its three segments, even as streaming subs and revenue remain stagnant. Stoked by Trump-uncertainty, headwinds could have ramifications for leadership succession planning
Challenges to Disney+ engagement may not yet be impacting subscriptions but it will compromise the fame of core IP assets and therefore monetisation opportunities
Green shoots are finally emerging from Disney's games strategy with Disney+ entering Fortnite