The Walt Disney Company held its Q3 2025 earnings call this morning. This article will be updated live during the call as information is announced.
Watch along with the Valliant Renegade show in the video player below:
8:14 a.m.: Disney’s Pre-Market trading price was listed at $115.85 prior to the start of the call.
8:30 a.m.: The call kicked off introducing Bob Iger and Hugh Johnston.
8:33 a.m.: Iger said Disney is operating from a “position of strength” citing a focus on quality and innovation. He touted Lilo and Stitch crossing $1 billion. Said it was on track to become the company’s second largest consumer product merchandise franchise behind only Mickey Mouse with 70% revenue growth. That means other historically strong merchandise franchises like Star Wars and Disney Princesses have fallen off in popularity.
The cast of Fantastic Four: First Steps – YouTube, Marvel Entertainment
8:35 a.m.: Iger hyped the reviews for The Fantastic Four: First Steps and said nothing about the box office, which has plummeted by 66% in its second weekend.
8:37 a.m.: Iger hyped the DTC ESPN streaming service, hyping the fact that it will include gambling. He also discussed the major deal to acquire the NFL network in exchange for 10% equity in ESPN for the NFL. For more on that deal, click here.
8:39 a.m.: Iger very quickly mentioned the WWE acquisition, but offered no real details. For more on that story, click here.
8:41 a.m.: Iger opened the floor to questions. The first question came from Morgan Stanley. The representative asked about the NFL relationship, specifically Iger’s decision to give up 10% of ESPN in the deal. Iger claimed that the result of these deals will give ESPN more NFL games than ever before.
Valliant Renegade said on his stream that Iger “spent two minutes giving us the most obvious answer possible.”
Hugh Johnston said that the NFL deal likely won’t close until the next calendar year.
A clip from the NFL on YouTube – YouTube, NFL
8:47 a.m.: Iger was asked about the future of Hulu as a standalone app with it being integrated into Disney+. Iger claimed that the consumer experience will improve with the apps combined, which he said will lower churn. Iger seemed to insinuate (without directly saying it) that this will end the standalone Hulu app, which is the end of Hulu as an independent service.
8:53 a.m.: Hugh Johnston hyped the per capita spending at the theme parks around the world but made no reference on actual attendance. Disney has raised prices at its theme parks at a rate that grossly outpaces inflation.
The Cinderella Castle Hub in Walt Disney World on the Fourth of July 2025 – Photo Credit: That Park Place
8:58 a.m.: Iger called Disney’s newest cruise ship a “floating ambassador” for the company. A question about Q4 content was brushed off by Johnston.
A question was asked about launching new IP as opposed to sequels or remakes. Iger claimed the comapny was focused on creating new IP but stated that that popularity of older IP was “significant.” He also talked about bringing older IPs to modern audiences. He said they’re developing new IP through Searchlight and 20th Century Fox and claimed you can argue that Marvel’s library of decades old characters can be considered new IP.
The statue of Walt Disney in Dreamer’s Point in EPCOT at Walt Disney World – Photo Credit: Marvin Montanaro
9:10 a.m.: A question was asked about per capita growth and whether it was impacted by attendance. He asked if there were divergent trends due to competing parks (Epic Universe without directly saying it). Johnston said there was “nothing material” going on there citing a healthy mix of local visitors vs travelers from around the world. He said they felt good about the attendance and said that they planned to continue growing through attendance and per capita spending. AKA they’re going to continue raising prices at the theme parks.
9:15 a.m.: The call ended. Star Wars was never mentioned and Valliant Renegade pointed out a much smaller focus on the Parks and Experiences division compared to other earnings call, when it’s typically Disney’s biggest revenue driver.
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