迪士尼Q3营收同比微增2%，流媒体与乐园表现强劲，难掩传统电视业务颓势

Core Insights - Disney's Q3 revenue increased by 2% year-over-year, driven by strong performance in theme parks and streaming, with streaming achieving a profit of $346 million for the first time [1][4] - The company raised its full-year profit forecast following better-than-expected quarterly earnings, despite a 2% drop in stock price during pre-market trading [1][4] Financial Performance - Q3 revenue for fiscal year 2025 was $23.7 billion, a 2% increase from $23.2 billion in the previous year [4] - Adjusted earnings per share (EPS) rose by 16% to $1.61, exceeding expectations, while GAAP diluted EPS increased from $1.43 to $2.92 due to a $3.3 billion non-cash tax benefit [4] - Free cash flow for the first nine months reached $7.5 billion, a significant increase of 66% year-over-year [4] Business Segments - Theme parks and streaming have emerged as the most reliable growth drivers for Disney, with theme park operating income rising by 13% to $2.52 billion and revenue increasing by 8% [5] - The flagship streaming service Disney+ reached 128 million subscribers, meeting analyst expectations, with projections for an additional 10 million subscribers due to expanded partnerships [5] Challenges - Traditional media networks and film production are under significant pressure, with traditional entertainment television revenue declining by 28% and overall entertainment segment operating income down by 15% to $1 billion [6] - The film segment reported a loss of $21 million, attributed to disappointing box office performances of films like Pixar's "Elio" and Marvel's "Thunderbolts" [6] Strategic Initiatives - Disney is focusing on its sports business through strategic transactions, including NFL acquiring a 10% stake in ESPN, which will integrate NFL media assets into a new ESPN streaming platform set to launch on August 21 [7] - ESPN has also secured a five-year deal worth over $1.6 billion with WWE, becoming the exclusive broadcaster for all WWE pay-per-view events in the U.S. starting in 2026 [7]