Walt Disney Co
For the period ended Jun 28, 2025. Filed Aug 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 28, 2025 · Filed Aug 6, 2025
DIS$116.75-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-29; filed 2025-05-07.
0001744489-25-000098
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-28; filed 2025-08-06.
0001744489-25-000136
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 391 previous paragraphs and 411 current paragraphs.
231 unchanged; 107 reworded; 69 added; 44 removed; 9 previous and 4 current paragraphs rearranged.
Tables are not compared: 69 previous and 71 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (69)
Current report
Charges in the current quarter were $185 million primarily for an impairment of an equity investment.
Current report
Other expense
Current report
In the prior-year quarter, the Company recorded a charge of $65 million related to a legal ruling.
Current report
The effective income tax rate was negative 85.1% in the current quarter compared to a positive effective income tax rate of 8.1% in the prior-year quarter. The current quarter included a $3.3 billion non-cash tax benefit recognized upon the change in Hulu’s U.S. income tax classification. Aside from the $3.3 billion benefit, both the current and prior-year quarters reflected favorable adjustments related to prior year tax matters.
Current report
The increase in net income attributable to noncontrolling interests was due to an incremental payment to acquire Hulu.
Current report
•A $3,277 million non-cash tax benefit recognized upon the change in Hulu’s U.S. income tax classification recognized in “Income taxes” and $477 million recognized in “Net income attributable to noncontrolling interests” related to the acquisition of Hulu (Hulu Transaction Impacts) (see Note 4 to the Condensed Consolidated Financial Statements)
Current report
•TFCF and Hulu Acquisition Amortization of $395 million
Current report
•Restructuring and impairment charges of $185 million
Current report
•Income tax reserve adjustments of $418 million
Current report
•TFCF and Hulu Acquisition Amortization of $397 million
Current report
•Other expense of $65 million related to a legal ruling
Current report
Product revenues for the current period increased 3%, or $0.2 billion, to $7.4 billion, due to growth at our parks and experiences businesses.
Current report
Depreciation and amortization increased 6%, or $0.2 billion, to $3.9 billion due to higher depreciation at our parks and experiences businesses.
Current report
Other expense
Current report
In the prior-year period, the Company recorded a charge of $65 million related to a legal ruling.
Current report
Results for the nine months ended June 28, 2025 were impacted by the following:
Current report
•Hulu Transaction Impacts of $3,277 million recognized in “Income taxes” and $477 million recognized in “Net income attributable to noncontrolling interests”
Current report
•TFCF and Hulu Acquisition Amortization of $1,188 million
Current report
Results for the nine months ended June 29, 2024 were impacted by the following:
Current report
•TFCF and Hulu Acquisition Amortization of $1,282 million
Current report
•Other expense of $65 million related to a legal ruling
Current report
•Income tax reserve adjustments of $418 million
Current report
Domestic programming and production costs were comparable to the prior-year quarter as higher fees paid to the Sports segment to program sports content on ABC were offset by lower costs for non-sports programming.
Current report
Income from equity investees decreased $29 million, to $98 million from $127 million, due to lower income from A+E attributable to decreases in affiliate and advertising revenue, partially offset by lower marketing costs.
Current report
The decrease in other revenue was primarily due to an unfavorable Foreign Exchange Impact and a decrease in recognition of minimum guarantee shortfalls from wholesale distributors.
Current report
Domestic Disney+ average monthly revenue per paid subscriber increased from $8.06 to $8.09 as higher advertising revenue was largely offset by the impact of subscriber mix shifts.
Current report
International Disney+ average monthly revenue per paid subscriber increased from $7.52 to $7.67 due to a favorable Foreign Exchange Impact and increases in pricing, partially offset by the impact of subscriber mix shifts.
Current report
Hulu SVOD Only average monthly revenue per paid subscriber increased from $12.36 to $12.40 as higher advertising revenue was largely offset by the impact of subscriber mix shifts.
Current report
Hulu Live TV + SVOD average monthly revenue per paid subscriber increased from $99.94 to $100.27 due to higher advertising revenue.
Current report
Average Monthly Revenue Per Paid Subscriber - Third Quarter of Fiscal 2025 Comparison to Third Quarter of Fiscal 2024
Current report
Domestic Disney+ average monthly revenue per paid subscriber increased from $7.74 to $8.09 due to increases in pricing and higher advertising revenue, partially offset by the impact of subscriber mix shifts.
Current report
International Disney+ average monthly revenue per paid subscriber increased from $6.56 to $7.67 due to increases in pricing, partially offset by the impact of subscriber mix shifts.
Current report
Selling, general, administrative and other costs decreased $39 million, to $1,158 million from $1,197 million, due to lower marketing costs.
Current report
Operating results from Direct-to-Consumer increased $365 million, to income of $346 million from a loss of $19 million, due to increases at Disney+ and Hulu.
Current report
Higher theatrical distribution revenue was attributable to more titles in release in the current quarter compared to the prior-year quarter. The current quarter included the release of Lilo & Stitch, Thunderbolts*, The Amateur and Elio, and the ongoing performance of Snow White. The prior-year quarter included the release of Inside Out 2 and Kingdom of the Planet of the Apes.
Current report
Operating results from Content Sales/Licensing and Other decreased $275 million, to a loss of $21 million from income of $254 million due to lower theatrical distribution results and higher film cost impairments.
Current report
(2)Charges in the current quarter were primarily for an impairment of an equity investment.
Current report
Domestic ESPN advertising revenue growth was due to an increase of 14% from higher rates, partially offset by a decrease of 9% from lower average viewership.
Current report
Key metrics(1)
Current report
ESPN+ average monthly revenue per paid subscriber decreased from $6.58 to $6.40 due to lower advertising revenue.
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Removed paragraphs (44)
Previous report
The effective income tax rate in the current quarter reflected a non-cash benefit from the resolution of a prior-year tax matter.
Previous report
The effective income tax rate in the prior-year quarter reflected an unfavorable impact from the goodwill impairments, which are not tax deductible, partially offset by a non-cash tax benefit in connection with the Star India Transaction.
Previous report
Excluding the impact of these items, the effective income tax rate would be 22.7% in the current quarter compared to 20.7% in the prior-year quarter.
Previous report
•TFCF and Hulu Acquisition Amortization of $396 million
Previous report
•Restructuring and impairment charges of $109 million
Previous report
•TFCF and Hulu Acquisition Amortization of $434 million
Previous report
The effective income tax rate in the current period reflected a non-cash benefit from the resolution of a prior-year tax matter, partially offset by a non-cash tax expense in connection with the Star India Transaction.
Previous report
Excluding the impact of these items, the effective income tax rate would be 21.8% in the current period compared to 23.0% in the prior-year period.
Previous report
Results for the six months ended March 29, 2025 were impacted by the following:
Previous report
•TFCF and Hulu Acquisition Amortization of $793 million
Previous report
Results for the six months ended March 30, 2024 were impacted by the following:
Previous report
•TFCF and Hulu Acquisition Amortization of $885 million
Previous report
Selling, general, administrative and other costs decreased $161 million, to $523 million from $684 million, due to lower marketing costs and the Star India Transaction.
Previous report
Average Monthly Revenue Per Paid Subscriber - Second Quarter of Fiscal 2025 Comparison to First Quarter of Fiscal 2025
Previous report
Domestic Disney+ average monthly revenue per paid subscriber increased from $7.99 to $8.06 due to increases in pricing, partially offset by lower advertising revenue.
Previous report
International Disney+ average monthly revenue per paid subscriber increased from $7.19 to $7.52 due to the impact of subscriber mix shifts and increases in pricing, partially offset by an unfavorable Foreign Exchange Impact.
Previous report
Hulu Live TV + SVOD average monthly revenue per paid subscriber increased from $99.22 to $99.94 due to increases in pricing, partially offset by lower advertising revenue.
Previous report
Domestic Disney+ average monthly revenue per paid subscriber increased from $8.00 to $8.06 due to increases in pricing, partially offset by the impact of subscriber mix shifts.
Previous report
International Disney+ average monthly revenue per paid subscriber increased from $6.42 to $7.52 due to increases in pricing, partially offset by an unfavorable Foreign Exchange Impact and the impact of subscriber mix shifts.
Previous report
Hulu SVOD Only average monthly revenue per paid subscriber increased from $11.84 to $12.36 due to increases in retail pricing, partially offset by lower per-subscriber advertising revenue and the impact of subscriber mix shifts.
Previous report
Selling, general, administrative and other costs increased $44 million, to $1,150 million from $1,106 million, due to higher marketing costs.
Previous report
Operating Income from Direct-to-Consumer
Previous report
Operating income from Direct-to-Consumer increased $289 million, to $336 million from $47 million, due to increases at Hulu and Disney+.
Previous report
The increase in theatrical distribution revenue was due to the ongoing performance of Mufasa: The Lion Kingand Moana 2 and the release of Captain America: Brave New World and Snow White in the current quarter. There were no significant titles released in the prior-year quarter.
Previous report
Higher other operating expenses were attributable to an increase in theatrical distribution costs.
Previous report
Domestic ESPN advertising revenue growth was due to increases of 19% from higher rates and 8% from higher average viewership. The increase in advertising revenue included the benefit from airing three additional College Football Playoff (CFP) games as well as one additional game NFL game due to timing.
Previous report
In addition to revenue, costs and operating income, management uses the following key metrics(1) to analyze trends and evaluate the overall performance of ESPN+, and we believe these metrics are useful to investors in analyzing the business:
Previous report
Average Monthly Revenue Per Paid Subscriber - Second Quarter of Fiscal 2025 Comparison to First Quarter of Fiscal 2025
Previous report
ESPN+ average monthly revenue per paid subscriber increased from $6.36 to $6.58 primarily due to increases in pricing and the impact of subscriber mix shifts.
Previous report
ESPN+ average monthly revenue per paid subscriber increased from $6.30 to $6.58 primarily due to increases in pricing, partially offset by the impact of subscriber mix shifts.
Previous report
Higher programming and production costs at international ESPN were driven by higher soccer rights costs.
Previous report
Selling, general, administrative and other costs increased $61 million, to $1,024 million from $963 million, primarily due to higher marketing costs.
Previous report
Domestic Disney+ average monthly revenue per paid subscriber decreased from $8.07 to $8.02 due to the impact of subscriber mix shifts, partially offset by increases in pricing.
Previous report
International Disney+ average monthly revenue per paid subscriber increased from $6.04 to $7.35 due to increases in pricing, partially offset by the impact of subscriber mix shifts and an unfavorable Foreign Exchange Impact.
Previous report
The average monthly revenue per paid subscriber for Hulu SVOD Only increased from $12.06 to $12.44 due to increases in pricing, partially offset by lower per-subscriber advertising revenue and the impact of subscriber mix shifts.
Previous report
Hulu Live TV + SVOD average monthly revenue per paid subscriber increased from $94.30 to $99.58 due to increases in pricing.
Previous report
The increase in theatrical distribution revenue reflected more significant releases in the current period compared to the prior-year period. The current period included Moana 2, Mufasa: The Lion King and Captain America: Brave New World. The prior-year period included Wishand The Marvels.
Previous report
Operating results from Content Sales/Licensing and Other improved $707 million, to income of $465 million from a loss of $242 million due to higher theatrical and TV/VOD distribution results, lower film cost impairments and higher home entertainment distribution results.
Previous report
The increase in domestic ESPN affiliate revenue reflected an increase of 7% from higher effective rates, which was largely offset by a decrease of 7% from fewer subscribers.
Previous report
ESPN+ average monthly revenue per paid subscriber increased from $6.20 to $6.47 due to increases in pricing, partially offset by the impact of subscriber mix shifts.
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Reworded paragraphs (107)
Previous wording
•Current Six-Month Period Results Compared to Prior-Year Six-Month Period
Current wording
•Current Nine-Month Period Results Compared to Prior-Year Nine-Month Period
Previous wording
On November 14, 2024, the Company and RIL completed the Star India Transaction (see Note 4 to the Condensed Consolidated Financial Statements) following which the Company began recognizing its 37% share of the India joint venture’s results in “Equity in the income of investees.” Star India results in the current six-month period through November 14, 2024 and results in the prior-year quarter and six-month period are consolidated in the Company’s financial results for those periods and reported in the Entertainment and Sports segments.
Current wording
On November 14, 2024, the Company and RIL completed the Star India Transaction (see Note 4 to the Condensed Consolidated Financial Statements) following which the Company began recognizing its 37% share of the India joint venture’s results in “Equity in the income of investees.” Star India results through November 14, 2024 were consolidated in the Company’s financial results and reported in the Entertainment and Sports segments.
Previous wording
Revenues for the quarter increased 7%, or $1.5 billion, to $23.6 billion; net income attributable to Disney increased to $3.3 billion compared to a loss of $20 million in the prior-year quarter; and diluted earnings per share (EPS) attributable to Disney increased to $1.81 compared to a loss of $0.01 in the prior-year quarter. The EPS increase was due to the comparison to goodwill impairments in the prior-year quarter, a non-cash benefit from the resolution of a prior-year tax matter in the current quarter and higher operating income at Entertainment and Experiences.
Current wording
Revenues for the quarter increased 2%, or $0.5 billion, to $23.7 billion; net income attributable to Disney increased to $5.3 billion compared to $2.6 billion in the prior-year quarter; and diluted earnings per share (EPS) attributable to Disney increased to $2.92 compared to $1.43 in the prior-year quarter. The net income and EPS increases were due to a lower effective tax rate in the current quarter due to a non-cash tax benefit recognized upon the change in Hulu’s U.S. income tax classification, partially offset by an incremental payment to acquire Hulu. In addition, the increases in net income and EPS were due to higher operating income at Experiences and Sports, partially offset by lower operating income at Entertainment.
Previous wording
Service revenues for the quarter increased 8%, or $1.5 billion, to $21.3 billion, which included an approximate 2 percentage point decrease from the Star India Transaction and an approximate 1 percentage point decrease due to an unfavorable movement of the U.S. dollar against major currencies including the impact of our hedging program (Foreign Exchange Impact). Aside from these impacts, service revenues increased due to higher subscription revenue, an increase in theatrical distribution revenue, growth at parks and experiences and higher advertising revenue.
Current wording
Service revenues for the quarter increased 2%, or $0.4 billion, to $21.2 billion, which included an approximate 3 percentage point decrease from the Star India Transaction. Aside from this impact, service revenues increased due to higher subscription revenue and growth at our parks and experiences businesses.
Previous wording
Depreciation and amortization increased 5%, or $0.1 billion, to $2.6 billion due to higher depreciation at our parks and experiences businesses.
Current wording
Product revenues for the quarter increased 5%, or $0.1 billion, to $2.4 billion due to growth at our parks and experiences businesses.
Previous wording
Cost of services for the current period increased 2%, or $0.6 billion, to $27.2 billion, which included an approximate 4 percentage point decrease due to the Star India Transaction and an approximate 1 percentage point decrease due to an unfavorable Foreign Exchange Impact. Aside from these impacts, cost of services increased due to higher programming and production costs and, to a lesser extent, the impact of inflation at our parks and experiences businesses.
Current wording
Cost of services for the quarter decreased 2%, or $0.2 billion, to $13.0 billion, which included an approximate 7 percentage point decrease due to the Star India Transaction. This decrease was partially offset by higher programming and production costs and, to a lesser extent, the impact of inflation and increased volumes at our parks and experiences businesses.
Previous wording
Selling, general, administrative and other costs increased 5%, or $0.2 billion, to $4.0 billion, which included an approximate 3 percentage point decrease due to the Star India Transaction. Aside from this impact, selling, general, administrative and other costs increased driven by higher marketing costs.
Current wording
Selling, general, administrative and other costs increased 7%, or $0.3 billion, to $4.1 billion, which included an approximate 2 percentage point decrease due to the Star India Transaction. Aside from this impact, selling, general, administrative and other costs increased driven by higher marketing costs.
Previous wording
Depreciation and amortization increased 7%, or $0.1 billion, to $1.3 billion due to higher depreciation at our parks and experiences businesses.
Current wording
Depreciation and amortization increased 9%, or $0.1 billion, to $1.3 billion driven by higher depreciation at our parks and experiences businesses.
Previous wording
The decrease in interest expense was due to lower average rates and average debt balances, partially offset by a decrease in capitalized interest.
Current wording
The decrease in interest expense was due to lower average debt balances and rates, partially offset by a decrease in capitalized interest.
Previous wording
The decrease in interest income, investment income and other was due to an unfavorable comparison related to pension and postretirement benefit costs, other than service cost, the impact of lower cash and cash equivalent balances, and net investment losses in the current quarter.
Current wording
The decrease in interest income, investment income and other was due to an unfavorable comparison related to pension and postretirement benefit costs, other than service cost.
Previous wording
Income from equity investees decreased $105 million, to $36 million from $141 million, due to losses from the India joint venture in the current quarter.
Current wording
Income from equity investees decreased $71 million, to $75 million from $146 million, primarily due to a loss from the India joint venture in the current quarter.
Previous wording
CURRENT SIX-MONTH PERIOD RESULTS COMPARED TO PRIOR-YEAR SIX-MONTH PERIOD
Current wording
CURRENT NINE-MONTH PERIOD RESULTS COMPARED TO PRIOR-YEAR NINE-MONTH PERIOD
Previous wording
Revenues for the current period increased $2.7 billion, to $48.3 billion; net income attributable to Disney increased $3.9 billion, to $5.8 billion; and EPS increased to $3.21 from $1.03 in the prior-year period. The EPS increase was primarily due to the comparison to goodwill impairments in the prior-year period, higher operating income at Entertainment and a non-cash benefit from the resolution of a prior-year tax matter in the current period.
Current wording
Revenues for the current period increased $3.2 billion, to $72.0 billion; net income attributable to Disney increased $6.6 billion, to $11.1 billion; and EPS increased to $6.12 from $2.46 in the prior-year period. The net income and EPS increases were due to a lower effective tax rate in the current period compared to the prior-year period and the comparison to goodwill impairments in the prior-year period. In addition, the increases in net income and EPS were due to higher operating income at Entertainment, partially offset by an incremental payment to acquire Hulu. The lower effective tax rate was due to a non-cash tax benefit recognized in the current period upon the change in Hulu’s U.S. income tax classification.
Previous wording
Service revenues for the current period increased 6%, or $2.6 billion to $43.3 billion, which included an approximate 3 percentage point unfavorable impact from the Star India Transaction and an approximate 1 percentage point decrease due to an unfavorable Foreign Exchange Impact. Aside from these impacts, service revenues increased due to higher subscription revenue, an increase in theatrical distribution revenue, growth at parks and experiences revenue and higher advertising revenue.
Current wording
Service revenues for the current period increased 5%, or $3.0 billion to $64.5 billion, which included an approximate 3 percentage point unfavorable impact from the Star India Transaction. Aside from this impact, service revenues increased due to higher subscription revenue, growth at our parks and experiences businesses, an increase in theatrical distribution revenue, and, to a lesser extent, higher advertising revenue.
Previous wording
Cost of services for the quarter increased 6%, or $0.7 billion, to $13.4 billion, which included an approximate 2 percentage point decrease due to the Star India Transaction. Aside from this impact, cost of services increased due to higher programming and production costs and, to a lesser extent, the impact of inflation and increased volumes at our parks and experiences businesses.
Current wording
Cost of services for the current period increased 1%, or $0.4 billion, to $40.2 billion, which included an approximate 5 percentage point decrease due to the Star India Transaction. Aside from this impact, cost of services increased due to higher programming and production costs and, to a lesser extent, the impact of inflation and increased volumes at our parks and experiences businesses.
Previous wording
Selling, general, administrative and other costs increased 4%, or $0.3 billion, to $7.9 billion, which included an approximate 2 percentage point decrease due to the Star India Transaction. Aside from this impact, selling, general, administrative and other costs increased due to higher marketing costs and, to a lesser extent, a legal settlement.
Current wording
Selling, general, administrative and other costs increased 5%, or $0.6 billion, to $12.1 billion, which included an approximate 2 percentage point decrease due to the Star India Transaction. Aside from this impact, selling, general, administrative and other costs increased primarily due to higher marketing costs.
Previous wording
Charges in the current period were $143 million for impairment of goodwill in connection with the Star India Transaction and $109 million for content impairments. Charges in the prior-year period were $2,052 million primarily for goodwill impairments related to the Star India Transaction and entertainment linear networks.
Current wording
Charges in the current period were$185 million primarily for an impairment of an equity investment,$143 million for impairment of goodwill related to Star India and $109 million for content impairments. Charges in the prior-year period were $2,052 million primarily for goodwill impairments related to Star India and entertainment linear networks.
Previous wording
The decrease in interest income, investment income and other reflected the impact of lower cash and cash equivalent balances, an unfavorable comparison of pension and postretirement benefit costs, other than service cost, and net investment losses in the current period compared to gains in the prior-year period.
Current wording
The decrease in interest income, investment income and other reflected the impact of lower cash and cash equivalent balances, an unfavorable comparison of pension and postretirement benefit costs, other than service cost, and a net investment loss in the current period compared to a net investment gain in the prior-year period.
Previous wording
Income from equity investees decreased $194 million, to $128 million from $322 million, due to losses from the India joint venture in the current period and lower income from A+E Television Networks (A+E).
Current wording
Income from equity investees decreased $265 million, to $203 million from $468 million, due to losses from the India joint venture in the current period and lower income from A+E.
Previous wording
The effective income tax rate in the prior-year period reflected an unfavorable impact from goodwill impairments, which are not tax deductible, partially offset by a non-cash tax benefit in connection with the Star India Transaction.
Current wording
The effective income tax rate was negative 20.4% in the current period compared to a positive effective income tax rate of 21.3% in the prior-year period. The current period included a $3.3 billion non-cash tax benefit recognized upon the change in Hulu’s U.S. income tax classification. Aside from the $3.3 billion benefit, both the current and prior-year periods reflected favorable adjustments related to prior year tax matters. The effective income tax rate in the prior-year period also reflected an unfavorable impact of approximately 5 percentage points from goodwill impairments, which are not tax deductible.
Previous wording
The decrease in net income attributable to noncontrolling interests was due to costs in connection with the purchase of NBCU’s interest in Hulu in the prior-year quarter and lower results at ESPN, Shanghai Disney Resort and, to a lesser extent, Hong Kong Disneyland Resort.
Current wording
The increase in net income attributable to noncontrolling interests was due to an incremental payment to acquire Hulu, partially offset by the accretion of NBC Universal’s interest in Hulu in the prior-year period and, to a lesser extent, lower results at ESPN, Hong Kong Disneyland Resort and Shanghai Disney Resort.
Previous wording
Certain Items Impacting Results in the Six Month Period
Current wording
Certain Items Impacting Results in the Nine Month Period
Previous wording
•Restructuring and impairment charges of $252 million and a non-cash tax charge of $244 million
Current wording
•Restructuring and impairment charges of $437 million and a non-cash tax expense of $244 million
Previous wording
•Restructuring and impairment charges of $2,052 million
Current wording
•Restructuring and impairment charges of $2,052 million and a non-cash tax benefit of $113 million
Previous wording
The Company’s businesses are subject to the effects of seasonality. Consequently, the operating results for the six months ended March 29, 2025 for each business segment, and for the Company as a whole, are not necessarily indicative of results to be expected for the full year.
Current wording
The Company’s businesses are subject to the effects of seasonality. Consequently, the operating results for the nine months ended June 28, 2025 for each business segment, and for the Company as a whole, are not necessarily indicative of results to be expected for the full year.
Previous wording
The increase in Entertainment revenues in the current quarter compared to the prior-year quarter was due to higher theatrical distribution revenue and subscription revenue growth.
Current wording
The increase in Entertainment revenues in the current quarter compared to the prior-year quarter was due to DTC subscription revenue growth and higher distribution revenues at Content Sales/Licensing and Other. These increases were partially offset by decreases in affiliate and advertising revenue primarily due to the Star India Transaction.
Previous wording
The increase in Entertainment operating income in the current quarter compared to the prior-year quarter was due to improved results at Direct-to-Consumer and Content Sales/Licensing and Other.
Current wording
The decrease in Entertainment operating income in the current quarter compared to the prior-year quarter was due to lower results at Content Sales/Licensing and Other and Linear Networks, partially offset by an improvement at Direct-to-Consumer.
Previous wording
The decrease in domestic affiliate revenue was due to a decline of 8% from fewer subscribers, which was largely offset by an increase of 8% from higher effective rates.
Current wording
The decrease in domestic affiliate revenue was due to a decline of 9% from fewer subscribers, partially offset by an increase of 7% from higher effective rates.
Previous wording
Lower international affiliate revenue was due to decreases of 31% from the Star India Transaction, 9% from lower effective rates and 4% from fewer subscribers.
Current wording
Lower international affiliate revenue was attributable to decreases of 39% from the Star India Transaction, 7% from lower effective rates and 3% from fewer subscribers.
Previous wording
The decrease in domestic advertising revenue was due to decreases of 6% from lower rates primarily at the owned television stations and 5% from fewer impressions primarily attributable to lower average viewership.
Current wording
The decline in domestic advertising revenue was due to decreases of 8% from lower average viewership and 5% from a decrease in rates.
Previous wording
Lower international advertising revenue was due to a decrease of 65% from the Star India Transaction.
Current wording
Lower international advertising revenue reflected a decrease of 63% from the Star India Transaction.
Previous wording
Operating income from Linear Networks increased $17 million, to $769 million from $752 million, due to an increase at our domestic business, partially offset by a decrease at our international business as a result of the Star India Transaction.
Current wording
Operating income from Linear Networks decreased $269 million, to $697 million from $966 million, due to lower results at our international business as a result of the Star India Transaction and at our domestic business.
Previous wording
Growth in subscription fees reflected increases of 9% from higher effective rates attributable to increases in pricing and 3% from more subscribers, partially offset by decreases of 2% from an unfavorable Foreign Exchange Impact and 1% from the Star India Transaction.
Current wording
Growth in subscription fees reflected increases of 8% from higher effective rates attributable to increases in pricing and 4% from more subscribers, partially offset by decreases of 1% from the Star India Transaction and 1% from an unfavorable movement of the U.S. dollar against major currencies (Foreign Exchange Impact).
Previous wording
Higher advertising revenue was attributable to an increase of 24% from growth in impressions, partially offset by a decrease of 15% from lower rates.
Current wording
Lower advertising revenue was attributable to decreases of 10% from lower rates and 9% from the Star India Transaction, partially offset by an increase of 11% from growth in impressions.
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(1)See discussion on pages 70 — DTC Product Descriptions, Key Definitions and Supplemental Information.
Current wording
(1)See discussion on pages 71 and 72 — DTC Product Descriptions, Key Definitions and Supplemental Information and Planned Reporting Changes
Previous wording
Average Monthly Revenue Per Paid Subscriber - Second Quarter of Fiscal 2025 Comparison to Second Quarter of Fiscal 2024
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Average Monthly Revenue Per Paid Subscriber - Third Quarter of Fiscal 2025 Comparison to Second Quarter of Fiscal 2025
Previous wording
Hulu SVOD Only average monthly revenue per paid subscriber decreased from $12.52 to $12.36 due to lower advertising revenue, partially offset by increases in pricing.
Current wording
Hulu SVOD Only average monthly revenue per paid subscriber decreased from $12.73 to $12.40 due to lower advertising revenue, partially offset by increases in pricing and the impact of subscriber mix shifts.
Previous wording
Hulu Live TV + SVOD average monthly revenue per paid subscriber increased from $95.01 to $99.94 due to increases in pricing, partially offset by the impact of subscriber mix shifts and lower advertising revenue.
Current wording
Hulu Live TV + SVOD average monthly revenue per paid subscriber increased from $96.11 to $100.27 due to increases in pricing, partially offset by the impact of subscriber mix shifts and lower advertising revenue.
Previous wording
Higher programming and production costs at Hulu were due to higher subscriber-based license fees attributable to rate increases for programming the Hulu Live TV service and more subscribers to bundles with third-party offerings, including premium add-ons.
Current wording
The increase in programming and production costs at Hulu was due to higher subscriber-based license fees attributable to more subscribers to bundles with third-party offerings.
Previous wording
The decrease in programming and production costs at Disney+ was due to the Star India Transaction.
Current wording
The decrease in programming and production costs at Disney+ was due to the Star India Transaction, reflecting the comparison to International Cricket Council (ICC) programming, which was carried on Disney+ Hotstar in the prior-year quarter, partially offset by costs for more hours of content available on the service.
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Current report — wording carried from elsewhere
International programming and production costs decreased due to the Star India Transaction.
Current report — wording carried from elsewhere
Subscription fees were comparable to the prior-year quarter as an increase of 5% from higher effective rates was largely offset by a decrease of 4% from fewer subscribers.
Current report — wording carried from elsewhere
The decrease in domestic affiliate revenue was due to a decline of 9% from fewer subscribers, partially offset by an increase of 7% from higher effective rates.
Current report — wording carried from elsewhere
Operating Income (Loss) from Direct-to-Consumer
Rearranged previous paragraphs (9)
Previous report — wording carried elsewhere
Charges in the current quarter were $109 million for content impairments. Charges in the prior-year quarter were $2,052 million primarily for goodwill impairments related to the Star India Transaction and entertainment linear networks.
Previous report — wording carried elsewhere
The decrease in net income attributable to noncontrolling interests was due to the accretion of NBC Universal’s interest in Hulu in the prior-year period.
Previous report — wording carried elsewhere
•Resolution of a prior-year tax matter of $1,016 million
Previous report — wording carried elsewhere
•Restructuring and impairment charges of $2,052 million
Previous report — wording carried elsewhere
(2)Charges for the current quarter were due to content impairments. Charges for the prior-year quarter were primarily for a goodwill impairment related to linear networks.
Previous report — wording carried elsewhere
The decrease in domestic programming and production costs was driven by lower average cost programming at our cable channels, partially offset by a higher cost mix of programming at ABC Network.
Previous report — wording carried elsewhere
International programming and production costs decreased primarily due to the Star India Transaction.
Previous report — wording carried elsewhere
Operating Income (Loss) from Content Sales/Licensing and Other
Previous report — wording carried elsewhere
The increase in subscription fees was due to an increase of 5% from higher effective rates, partially offset by a decrease of 2% from fewer subscribers.