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Disney reported 125 million Disney+ subscribers at the end of fiscal Q1 2025, down 700,000 from the prior quarter. At the same time, its broader Direct-to-Consumer (DTC) business reported $293 million in operating income. That result indicates DTC was profitable for the quarter, but it does not show that Disney+ by itself earned $293 million—or that Disney as a whole was profitable because of streaming.
What Disney reported in fiscal Q1 2025
Disney’s fiscal first quarter ended December 28, 2024; the company released results on February 5, 2025. The subscriber decline was a sequential comparison with fiscal Q4 2024, not a year-over-year decline.
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| Measure | Fiscal Q1 2025 result | Change from fiscal Q4 2024 |
|---|---|---|
| Disney+ subscribers | 125 million | Down 0.7 million |
| Disney+ and Hulu subscriptions combined | 178 million | Up 0.9 million |
| Direct-to-Consumer operating income | $293 million | Improved by $431 million year over year |
These figures come from Disney’s fiscal Q1 2025 earnings release. The combined Disney+ and Hulu figure is not the Disney+ count: the services moved in different directions in the quarter.
Was Disney+ itself profitable?
The earnings release reported operating income for Disney’s DTC business, not standalone operating income for Disney+. Its $293 million result therefore supports saying that the broader DTC business was profitable in fiscal Q1, but it does not establish how much profit, if any, Disney+ generated on its own.
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Operating income is also a specific measure of business performance. It is not revenue, net income, or cash flow, and it should not be read as a statement about the profitability of the entire Walt Disney Company. The $431 million improvement is a year-over-year change in DTC operating income; it is not the amount of Disney+ profit.
How can subscriber numbers fall while operating income rises?
The two measures answer different questions. Subscriber counts track subscriptions at a point in time, while operating income measures the financial result of the broader DTC business over the quarter. A quarter-over-quarter decline in Disney+ subscribers can therefore occur alongside improved DTC operating income; the reported figures do not establish that one caused the other.
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The combined Disney+ and Hulu total also rose by 0.9 million while Disney+ alone fell by 0.7 million. That difference is a reason to keep the services’ figures separate, not to treat the combined total as a replacement for Disney+ subscriber growth.
What Disney said about streaming profitability
On the February 5, 2025 earnings call, CEO Robert A. Iger said the company “further improved the profitability of our Entertainment DTC streaming businesses”. His statement referred to Entertainment DTC businesses in the plural, not Disney+ alone.
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- This Visa Virtual eGift Card is non-reloadable. No cash or ATM access. Visa Virtual eGift Cards are emailed active.
- 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.
Iger also described streaming as a business Disney was aiming to make a growth business, citing bundling Disney+, Hulu, and ultimately ESPN. That was management’s view about future prospects, not a guaranteed outcome or an independently established forecast.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened in the next reported quarter?
Disney’s fiscal Q2 2025 earnings release, published May 7, 2025, reported 126.0 million Disney+ subscribers, up 1.4 million from fiscal Q1. This later increase provides context, but it does not change the original comparison: Disney+ was down 0.7 million from fiscal Q4 in fiscal Q1 2025.
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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.
- 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.
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