Disney Q4 2025: Streaming grows with margins to widen
Disney’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
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