Filing Flows › Walt Disney (DIS) › Q2 FY25
Walt Disney (DIS) Q2 FY25 earnings results (second quarter fiscal 2025)
10-Q filed May 7, 2025
Walt Disney (DIS) reported revenue of $23.6B for the second quarter fiscal 2025 (Q2 FY25), +7% from a year earlier and -4% from the quarter before. Operating margin was 18.8%, net earnings $3.3B (13.9% of revenue).
Walt Disney, Q2 FY25: revenue $23.6B (+7% year over year), operating margin 18.8%, net earnings $3.3B, operating cash flow $6.8B. The chart follows the revenue to costs, profit and cash.
| Q2 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $23.6B | -4% | +7% |
| Operating profit | $4.4B | -12% | +15% |
| Net earnings | $3.3B | +28% | — |
| Operating cash flow | $6.8B | +111% | +84% |
| Free cash flow | $4.9B | — | +103% |
What changed
Revenue was $23.6B in Q2 FY25, up 7% year over year and down 4% from the previous quarter. Subscription fees was the largest line at 24% of revenue. Theatrical distribution licensing added $0.52B year over year (up 425%), 34% of the total change. Affiliate fees declined 4%.
Operating profit was $4.4B, a 18.8% margin (up 1.4 points year over year). Of the extra revenue versus a year earlier, 38% reached operating profit, above the 17% margin then. Total costs grew 5% against revenue growth of 7%. Net earnings were $3.3B. The effective tax rate was -10.2%.
Operating cash flow was $6.8B (up 84% year over year), 199% of net income including minority interests. Non-cash charges added back $1.3B of depreciation and amortization and $0.33B of share-based compensation. Working capital and other items added $1.7B. After investments in parks, resorts and other property ($1.9B), free cash flow as the company reports it was $4.9B.
Questions
What was Walt Disney's revenue in the second quarter fiscal 2025?
Walt Disney (DIS) reported revenue of $23.6B for the second quarter fiscal 2025 (Q2 FY25), +7% from a year earlier and -4% from the quarter before.
Was Walt Disney profitable in the second quarter fiscal 2025?
Operating profit was $4.4B (18.8% of revenue) and net earnings $3.3B.
Source: Walt Disney 10-Q on SEC EDGAR.