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Heard on the Street: Parks and cruises are helping Disney, but companywide profit margins are still well below the cable bundle’s heyday https://t.co/wVAqg0XjvI ...

Disney's (DIS -2.55%) recent earnings report, including deals with the NFL and WWE, signal a big shift toward becoming a streaming giant. The company's potential to generate more streaming revenue than Netflix after ESPN's streaming app launches could help Disney stock. *Stock prices used were end-of-day prices of Aug. 6, 2025. The video was published on Aug. 6, 2025. Disney's deal with the NFL could catapult it to the lead in streaming. ...

来源：环球网 【环球网消费综合报道】华特迪士尼公司（NYSE: DIS）公布的2025财年第三季度业绩报告显示，截至 6月28日，迪士尼实现营业收入236.5亿美元，同比增长2.1%；归母净利润达52.62亿美元，同比增长 100.76%，每股收益1.61美元。 迪士尼2025财年第三季度业绩报告亮点处是流媒体业务首次实现盈利3.46亿美元，成为迪士尼新的增长 引擎。而传统娱乐电视盈利则下降28%，凸显出公司业务结构正在发生深刻转型。 具体来看，迪士尼娱乐板块收入107.04亿美元，同比增长1%。其中，流媒体业务表现突出，Disney+美 国和加拿大付费用户稳定在5780万，国际用户增长2%至6990万；Hulu订阅用户增至5550万，环比增长 1%。迪士尼正通过整合Disney+与Hulu，构建融合内容、娱乐、新闻与体育的一站式流媒体平台，提升 用户体验与商业价值。 东方IC 报告显示，迪士尼体验板块收入90.86亿美元，同比增长8%，主题公园部门盈利增长13%至25.2亿美 元。上海迪士尼乐园等全球园区持续扩张，新园区如"疯狂动物城"和即将建设的"蜘蛛侠"主题园区，为 业绩增长提供了强劲支撑。高级经济师、 ...

Core Insights - The core viewpoint of the article highlights Disney's financial performance for Q3 of FY2025, showcasing a revenue increase and significant profit growth despite challenges in traditional television and sports revenue [2][4]. Financial Performance - Disney reported a revenue increase of 2.1% year-on-year to $23.65 billion for Q3 FY2025 [2]. - Net profit attributable to shareholders reached approximately $5.262 billion, marking a 100.76% year-on-year increase [2]. - Earnings per share (EPS), excluding certain items, rose to $1.61, surpassing market expectations of $1.46 [2]. Segment Performance - The entertainment segment generated approximately $10.704 billion in revenue, a 1% increase year-on-year [2]. - The experiences segment, which includes theme parks, reported revenue of about $9.086 billion, reflecting an 8% year-on-year growth [2]. - The theme park division's profit grew by 13% to $2.52 billion during the quarter [2]. - Streaming services achieved a profit of $346 million for the quarter [2]. Challenges in Traditional Media - Revenue from the sports segment was approximately $4.308 billion, showing a 5% decline year-on-year [2]. - Traditional television networks and sports revenue fell short of Wall Street expectations, overshadowing the strong performance of theme parks and streaming [2][3]. - Traditional entertainment television profits decreased by 28%, and Disney Studios reported a loss [2]. Streaming Business Insights - The shift in consumer preference from traditional entertainment to streaming is evident, with Disney's streaming business expected to be a future focus [4]. - Disney owns several entertainment and media brands, including ESPN, ABC, Marvel, Disney+, and Hulu, enhancing its competitive edge in streaming [4]. - As of the reporting period, Disney+ had approximately 57.8 million paid subscribers in the U.S. and Canada, remaining stable, while international subscribers reached about 69.9 million, a 2% year-on-year increase [4]. - Hulu's total subscription count was approximately 55.5 million, reflecting a 1% quarter-on-quarter growth [4]. - Disney forecasts an annual EPS of $5.85, higher than the previous estimate of $5.75 [4].

本文字数：1115，阅读时长大约3分钟 作者 | 第一财经 乐琰 美国当地时间8月6日，华特迪士尼公司（下称"迪士尼"，DIS. NYSE）发布截至2025年6月28日的2025财年第三季度业绩报告，期内收入同比增长 2.1%至236.5亿美元。归母净利润约52.62亿美元，同比增长100.76%。扣除部分项目后的每股收益升至1.61美元，超过市场预期的1.46美元。 具体来看，报告期内迪士尼娱乐板块收入约107.04亿美元，同比增长1%；体验板块收入约90.86亿美元，同比增长8%；主题公园部门当季盈利增长 13%至25.2亿美元。流媒体业务当季盈利3.46亿美元。 然而，传统电视网络和体育节目的收入未能达到华尔街的预期，掩盖了该公司主题公园和流媒体业务的强劲表现。报告期内，体育板块收入约43.08亿 美元，同比减少5%；传统电视网络和体育节目的收入未达预期；传统娱乐电视盈利下降28%；迪士尼影业亏损。 2025.08. 07 "主题公园作为体验式板块中极为重要的一部分，这几年发展势头不错，迪士尼此前就启动了数百亿美元的全球主题乐园扩建计划，包括美国、日本和 中国的主题乐园都有涉及。这也足见乐园业务对迪士尼 ...

Group 1 - Yisou Technology (02550) rose nearly 12.63% after announcing a share subscription agreement with Lightnet Pte. Ltd., acquiring approximately 1.23% equity for $5 million [1] - Maifushi (02556) fell nearly 2.28% despite a profit forecast of RMB 31.8 million to RMB 41 million for the six months ending June 30, 2025, a significant turnaround from a loss of RMB 820 million in the same period last year [1] - New World Development (00086) increased nearly 4.19% after announcing a profit forecast of no less than HKD 800 million for the six months ending June 30, 2025, compared to HKD 75.4 million in the same period last year [2] Group 2 - Cao Cao Travel (02643) surged nearly 15.68% after signing a strategic cooperation memorandum with Victory Securities to explore virtual asset tokenization and stablecoin applications [2] - Boan Bio (06955) dropped nearly 5.06% after announcing a placement of 48 million shares at HKD 16.42 each, aiming to raise approximately HKD 780 million for R&D and operational purposes [2] - Huaxing Capital Holdings (01911) rose nearly 6%, with a year-to-date stock price increase of 1.1 times, as it plans to invest $100 million in Web 3.0 and cryptocurrency assets [3] Group 3 - Cathay Pacific Airways (00293) continued to decline nearly 3% after a report indicated an 8.3% year-on-year increase in net profit for the first half of the year, but operating profit fell short of market expectations [3] - Keep (03650) rose over 10%, with a cumulative increase of over 22% this week, reporting an adjusted net profit of approximately RMB 10 million for the first half of the year [4] - Smoore International (06969) increased nearly 5%, with BAT's new tobacco product revenue growing 2.4% year-on-year, and Smoore is expected to benefit from this growth [4] Group 4 - Xiaomi Group-W (01810) fell over 4% after Nomura raised its target price by 79% to HKD 61 but downgraded its rating to "Neutral" due to limited upside potential [5] - Apple (AAPL.US) rose 5.09% after announcing a commitment to invest an additional $100 billion in U.S. manufacturing, bringing its total investment commitment to $600 billion [6] - McDonald's (MCD.US) increased 2.98% with second-quarter revenue growing 5.4% year-on-year to $6.84 billion, exceeding analyst expectations [6]

8月6日，迪士尼发布季度报告。数据显示，第三季度营收236.5亿美元，同比增长2%；归属公司净利润 52.62亿美元，上年同期26.21亿美元，同比增长100.8%。 ...

美国当地时间8月6日，华特迪士尼公司（下称"迪士尼"，DIS. NYSE）发布截至2025年6月28日的2025 财年第三季度业绩报告，期内收入同比增长2.1%至236.5亿美元。归母净利润约52.62亿美元，同比增长 100.76%。扣除部分项目后的每股收益升至1.61美元，超过市场预期的1.46美元。 具体来看，报告期内迪士尼娱乐板块收入约107.04亿美元，同比增长1%；体验板块收入约90.86亿美 元，同比增长8%；主题公园部门当季盈利增长13%至25.2亿美元。流媒体业务当季盈利3.46亿美元。 然而，传统电视网络和体育节目的收入未能达到华尔街的预期，掩盖了该公司主题公园和流媒体业务的 强劲表现。报告期内，体育板块收入约43.08亿美元，同比减少5%；传统电视网络和体育节目的收入未 达预期；传统娱乐电视盈利下降28%；迪士尼影业亏损。 值得注意的是，报告期内迪士尼传统娱乐电视盈利下降而流媒体业务盈利3.46亿美元。 "如今人们对于传统娱乐渠道的依赖度减少，因此传统电视的受众减少，而互联网形式的流媒体消费逐 渐习惯养成，使得流媒体业绩提升，估测迪士尼的流媒体业务会是未来的发展重心。"赵焕焱分析。 据悉 ...

Disney's Performance & Streaming Landscape - Disney's third-quarter earnings topped expectations, but revenue slightly missed [1] - Disney saw growth in its streaming business, with ESPN announcing a major NFL network deal [1] - Hulu and Disney+ sub growth appears stalled compared to Netflix [4] - Advertising revenue on the streaming side was flat to slightly declining, raising concerns about growth [4] - Disney's streaming revenue now exceeds linear revenue, with almost half of viewing coming from streaming [10] - Hulu and Disney+ have the most ad revenue of any streaming service [10] Netflix vs Disney - Netflix's results are comparatively stronger than Disney's [6][9] - The industry finds both companies' decision to withhold sub numbers misguided, especially given Disney's slower sub growth [7] Challenges & Strategies - The streaming business is proving challenging for everyone [12] - Disney is cutting costs to increase profitability [12] - Disney CFO indicated no plans to increase investment in domestic programming [12] - Higher sports costs are impacting entertainment programming investment, while more entertainment programming is needed to drive engagement [12][13]