Filing Flows › Walt Disney (DIS) › Q3 FY25
Walt Disney (DIS) Q3 FY25 earnings results (third quarter fiscal 2025)
10-Q filed Aug 6, 2025
Walt Disney (DIS) reported revenue of $23.6B for the third quarter fiscal 2025 (Q3 FY25), +2% from a year earlier and +0.1% from the quarter before. Operating margin was 19.3%, net earnings $5.3B (22.2% of revenue).
Walt Disney, Q3 FY25: revenue $23.6B (+2% year over year), operating margin 19.3%, net earnings $5.3B, operating cash flow $3.7B. The chart follows the revenue to costs, profit and cash.
| Q3 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $23.6B | +0.1% | +2% |
| Operating profit | $4.6B | +3% | +8% |
| Net earnings | $5.3B | +61% | +101% |
| Operating cash flow | $3.7B | -46% | +41% |
| Free cash flow | $1.9B | — | +53% |
What changed
Revenue was $23.6B in Q3 FY25, up 2% year over year and roughly flat from the previous quarter. Subscription fees was the largest line at 24% of revenue. Subscription fees added $0.49B year over year (up 9%), 98% of the total change. Advertising declined 15%.
Operating profit was $4.6B, a 19.3% margin (up 1.1 points year over year). Of the extra revenue versus a year earlier, 71% reached operating profit, above the 18% margin then. Total costs grew 1% against revenue growth of 2%. Net earnings were $5.3B, up 101% year over year. The effective tax rate was -85.1%.
Operating cash flow was $3.7B (up 41% year over year), 62% of net income including minority interests. Non-cash charges added back $1.3B of depreciation and amortization and $0.36B of share-based compensation. Working capital and other items used $4.0B. After investments in parks, resorts and other property ($1.8B), free cash flow as the company reports it was $1.9B.
Questions
What was Walt Disney's revenue in the third quarter fiscal 2025?
Walt Disney (DIS) reported revenue of $23.6B for the third quarter fiscal 2025 (Q3 FY25), +2% from a year earlier and +0.1% from the quarter before.
Was Walt Disney profitable in the third quarter fiscal 2025?
Operating profit was $4.6B (19.3% of revenue) and net earnings $5.3B.
Source: Walt Disney 10-Q on SEC EDGAR.