Disney beat earnings estimates but missed revenue targets, driven by streaming and parks growth amid declines in film and cable.

Disney reported $1.31 billion in fourth-quarter earnings, or 73 cents per share, surpassing expectations, while revenue of $22.46 billion fell short. Growth was driven by Disney+ and Hulu, which added 12.4 million subscribers for a total of 196 million, and a 13% increase in theme park operating income. However, movie and TV networks lagged, with entertainment revenue down 6% and linear networks’ operating income dropping 21% due to lower advertising and content disputes. Disney will stop reporting individual streaming subscriber numbers in 2026.