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Disney+ ended fiscal Q1 2025 with 125 million subscribers, down 700,000 from the previous quarter. At the same time, Disney reported $293 million in operating income for its Direct-to-Consumer (DTC) business. Those figures are compatible: subscriber count measures the size of one service, while operating income measures the financial performance of a broader business.
What Disney reported in fiscal Q1 2025
Disney’s fiscal first quarter of 2025 ended December 28, 2024; the company released its results on February 5, 2025. Disney reported 125 million Disney+ subscribers, a sequential decline of 0.7 million from fiscal Q4 2024. This was a quarter-over-quarter change, not a year-over-year comparison. Disney’s fiscal Q1 2025 earnings release reports both the subscriber figure and the comparison.
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The same release reported 178 million combined Disney+ and Hulu subscriptions, up 0.9 million from Q4. That combined figure is a separate measure: it does not mean Disney+ itself gained subscriptions, and it should not be substituted for the Disney+ total.
How could subscribers fall while streaming was profitable?
Subscriber growth and operating income answer different questions. A service can lose some subscribers in a quarter and still contribute to a profitable operation if its revenues and costs produce positive operating income. Conversely, adding subscribers does not by itself establish that a business is profitable.
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Disney reported $293 million in DTC operating income, an improvement of $431 million year over year. The figure applies to Disney’s reported Direct-to-Consumer business, not to Disney+ alone. It is also operating income—not revenue, net income, cash flow, or the profit of The Walt Disney Company as a whole. The release supports the conclusion that DTC was profitable in that quarter; it does not disclose a standalone Disney+ operating-profit figure.
What management said about DTC profitability
On the February 5, 2025 earnings call, Disney CEO Robert A. Iger said the company had “further improved the profitability of our Entertainment DTC streaming businesses”. His wording refers to Entertainment DTC businesses in the plural, not Disney+ as a separately reported profit center. The statement is consistent with the reported DTC result but does not provide a service-by-service breakdown.
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- Visa Virtual eGift Cards are designed for online use only. Gift Cards are subject to Terms and Conditions: a.co/5bw3qXJ
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- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
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What happened in the following quarter?
In its fiscal Q2 2025 results, released May 7, 2025, Disney reported 126.0 million Disney+ subscribers, up 1.4 million from Q1. That later increase is a separate quarter’s result; it does not change the Q1 2025 comparison of 125 million subscribers, down 0.7 million from Q4.
Disney’s Q1 report therefore shows two different movements at once: Disney+’s standalone subscriber count slipped from the previous quarter, while DTC operating income was positive and improved year over year. Neither measure alone explains the other, and the reported profit figure should not be attributed to Disney+ by itself.
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- Funds do not expire but your Visa Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call the Toll Free number found on your Visa Virtual eGift Card for a replacement card. A one-time purchase fee applies at the time of checkout.
- This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
