Revenue of the Walt Disney Company worldwide in 4th quarter 2024 and 4th quarter 2026, by segment
The Walt Disney Company operates three reportable business segments: Entertainment (DTC streaming, Linear Networks, Content Sales), Sports (ESPN linear TV and ESPN+ streaming), and Experiences (Parks, Resorts, Consumer Products). In Q4 FY2024, Entertainment was the largest by revenue at $9.966 billion, but Experiences -- at $8.238 billion -- generated the highest operating income due to its superior margin structure. The DTC streaming portion of Entertainment that has reached profitability is detailed in our DTC segment financial analysis.
Disney's Q4 FY2024 total revenue of $22.423 billion represented a +6.3% increase versus Q4 FY2023's $21.124 billion -- reflecting recovering Parks demand, DTC streaming subscriber and ARPU growth, and ESPN affiliate fee renegotiations. By Q4 FY2026, all three segments are projected to grow: Entertainment from DTC subscriber expansion and streaming ARPU improvement, Sports from ESPN rights revenue increases under new NBA and NFL deals, and Experiences from ongoing per-capita spending gains and international Parks expansion. Disney+ subscriber data underlying the DTC component in our Disney Plus subscriber count worldwide analysis.
Disney's Experiences segment ($8.238B revenue, Q4 FY2024) generates significantly higher operating income margins than Entertainment ($9.966B revenue). This is because Parks and Resorts have pricing power unmatched by most media businesses -- Disney charges premium prices for admission, hotels, food, and merchandise, with a brand moat that allows consistent 5-10% annual price increases. Consumer Products licensing (Disney characters on merchandise worldwide) is an extremely high-margin annuity business. In contrast, Disney's Entertainment segment revenue includes costly content production and streaming investment. Disney+ pricing that feeds Entertainment segment ARPU in our Disney streaming subscription prices analysis.
Walt Disney Company Q4 FY2024 revenue by segment -- Entertainment $9.97B, Experiences $8.24B, Sports $4.22B
The bar chart below shows Q4 FY2024 revenue by Disney segment -- all confirmed from Disney SEC 10-K FY2024. Entertainment leads at $9.966 billion, followed by Experiences at $8.238 billion. Disney+ ARPU data feeding the DTC component of Entertainment in our Disney Plus ARPU worldwide quarterly analysis.
Disney revenue by segment -- Q4 FY2024 confirmed vs Q4 FY2026 estimate, side-by-side
The grouped bar chart compares Q4 FY2024 confirmed revenue with Q4 FY2026 estimated revenue for each Disney segment. Sports shows the strongest projected percentage growth (+14.9%) driven by new NBA rights deals and ESPN+ subscriber expansion. The ad-supported streaming revenue context for Disney is in our ad-supported VOD worldwide analysis.
Disney quarterly revenue trend FY2024 to FY2026 -- Q1 through Q4 by segment
The line chart below tracks Disney's quarterly total revenue from Q1 FY2024 through Q4 FY2026, showing both confirmed and estimated quarters. Disney's Q3 (April-June) is typically the highest revenue quarter due to summer Parks attendance. The HVOD revenue context for Disney's streaming component in our HVOD services revenue worldwide analysis.
Disney Q4 FY2024 revenue mix -- Entertainment 44.4%, Experiences 36.7%, Sports 18.8%
The horizontal bars below show each segment's percentage share of total Disney Q4 FY2024 revenue. Entertainment leads at 44.4% but this includes content costs that make it a lower-margin segment than Experiences. Sports (ESPN) at 18.8% punches above its revenue weight in terms of strategic importance -- ESPN is Disney's most recognizable brand outside of theme parks. Global streaming subscriber context in our global SVOD subscriber count by platform analysis.
Disney segment revenue growth Q4 FY2024 to Q4 FY2026 -- Sports +14.9% leads
The chart below shows the projected percentage revenue growth from Q4 FY2024 (confirmed) to Q4 FY2026 (estimated) by segment. Sports (ESPN) is projected to grow fastest at +14.9%, driven by new NBA rights beginning in 2025 and ESPN+ subscriber growth. The streaming pricing context driving Entertainment ARPU in our Disney Plus ARPU worldwide analysis.
Walt Disney Company segments -- Entertainment, Sports, and Experiences -- structure and revenue drivers
- Entertainment Segment ($9.966B Q4 FY2024 -- 44.4% of total): Disney's Entertainment segment has three sub-components. DTC (Direct-to-Consumer) includes Disney+, Hulu, and ESPN+ -- all subscription fees and advertising revenue. Disney+ had 122.7 million subscribers at Q4 FY2024 end (now 131.6M in Q4 FY2025). Hulu had 51.1 million (now 54M). ESPN+ had ~24 million. DTC turned profitable at the segment level in Q4 FY2023. Linear Networks includes ABC broadcast, Disney Channel, Freeform, FX, FXX, National Geographic, and international Disney channels. Linear Networks revenue is declining as cord-cutting reduces cable subscribers and advertising revenue. Content Sales/Licensing includes theatrical box office participation, home entertainment (digital/physical), and licensing Disney content to third-party streaming services (pre-existing deals) and broadcasters. Disney+ subscriber history in our Disney Plus subscriber count worldwide analysis.
- Sports Segment ($4.219B Q4 FY2024 -- 18.8% of total): Disney's Sports segment is entirely ESPN. ESPN linear TV -- the ESPN, ESPN2, ESPN News, ESPNU, SEC Network, ACC Network, and related channels -- generates revenue from cable affiliate fees (per-subscriber monthly fees paid by cable companies) and advertising. ESPN affiliate fees are the largest revenue component but face long-term pressure from cord-cutting. ESPN+ streaming ($10.99/month, ~24M subscribers Q4 FY2024) generates subscription and advertising revenue within the Sports segment, separately from the ESPN+ included in Disney's DTC segment figures. ESPN is Disney's most iconic brand outside of theme parks and is exploring a direct-to-consumer standalone streaming product. The NBA deal (starting 2025) and continued NFL rights add to ESPN sports rights costs and revenue from 2025 onward.
- Experiences Segment ($8.238B Q4 FY2024 -- 36.7% of total): Disney's Experiences segment is its highest-margin business. Parks and Resorts include Walt Disney World (Orlando), Disneyland (Anaheim), Disneyland Paris, Tokyo Disney Resort (licensed), Hong Kong Disneyland, and Shanghai Disney Resort. Parks revenue comes from admission, hotels, food/beverage, merchandise, and special experiences (Disney Genie+ upcharges, Lightning Lane, Bibbidi Bobbidi Boutique). Disney Cruise Line operates a growing fleet of premium cruise ships. Consumer Products includes licensing Disney characters and IP to manufacturers and retailers for merchandise -- extremely high-margin, minimal incremental cost. Disney has implemented consistent per-capita spending increases at parks since 2021, raising revenue per visitor even as attendance normalizes post-pandemic. Content spend driving the IP feeding Experiences in our media content spending analysis.
Walt Disney Company revenue by segment -- complete data table Q4 FY2024 and Q4 FY2026
| Segment | Revenue Q4 FY2024 ($B) | Revenue Q4 FY2026E ($B) | Growth | Q4 FY2024 Share | Q4 FY2026E Share | Source Q4 FY2024 |
|---|---|---|---|---|---|---|
| Entertainment | $9.966B | ~$11.200B | +12.4% | 44.4% | 44.5% | Disney SEC 10-K FY2024 |
| Experiences | $8.238B | ~$9.100B | +10.5% | 36.7% | 36.2% | Disney SEC 10-K FY2024 |
| Sports (ESPN) | $4.219B | ~$4.850B | +14.9% | 18.8% | 19.3% | Disney SEC 10-K FY2024 |
| Total | $22.423B | ~$25.150B | +12.2% | 100% | 100% | Disney SEC 10-K FY2024 |
Walt Disney Company Q4 revenue by segment -- key statistics and facts
Frequently Asked Questions -- Walt Disney Company revenue by segment Q4 2024 and Q4 2026
Walt Disney Company's total revenue in Q4 FY2024 (July-September 2024) was $22.423 billion, confirmed by Disney SEC 10-K FY2024. By segment: Entertainment $9.966 billion (44.4%), Experiences $8.238 billion (36.7%), Sports $4.219 billion (18.8%). Q4 FY2024 revenue grew +6.3% from Q4 FY2023's $21.124 billion. Disney's fiscal year ends in late September. Source: Disney SEC 10-K FY2024.
Disney's three segments: (1) Entertainment -- DTC streaming (Disney+, Hulu, ESPN+), Linear Networks (ABC, Disney Channel, FX, Freeform, National Geographic, international channels), and Content Sales/Licensing (theatrical, home entertainment, third-party licensing). (2) Sports -- ESPN linear TV networks (ESPN, ESPN2, ESPN News, SEC Network, ACC Network) plus ESPN+ streaming. (3) Experiences -- Disney Parks and Resorts worldwide (Walt Disney World, Disneyland, Disneyland Paris, Hong Kong, Shanghai), Disney Cruise Line, and Consumer Products/merchandise licensing. Source: Disney SEC 10-K FY2024.
Entertainment leads by revenue at $9.966 billion in Q4 FY2024 (44.4% of total). However, Experiences generates the most operating income despite lower revenue ($8.238 billion). Disney Parks have significantly higher margins than streaming -- theme park admission, hotel, food/beverage, and merchandise generate high per-visit revenue with established pricing power. Consumer Products licensing is an extremely high-margin business requiring minimal incremental cost. Entertainment's high content spend compresses its margin. Source: Disney SEC 10-K FY2024.
Disney's fiscal year runs October through September -- offset by one quarter from the calendar year. Disney's fiscal quarters: Q1 = October-December, Q2 = January-March, Q3 = April-June (highest revenue quarter due to summer Parks season), Q4 = July-September. When Disney reports "Q4 FY2024," it means the quarter ending September 28, 2024 -- not the calendar fourth quarter (October-December). This offset is standard for media companies and different from most S&P 500 companies. Source: Disney SEC 10-K FY2024 fiscal calendar.
Disney Q4 FY2026 total revenue estimate: approximately $25.15 billion (+12.2% from Q4 FY2024's $22.423B). By segment: Entertainment ~$11.2B (+12.4% -- DTC subscriber and ARPU growth offsetting linear TV decline), Experiences ~$9.1B (+10.5% -- Parks pricing power and international expansion), Sports ~$4.85B (+14.9% -- NBA rights, ESPN+ growth). Growth is driven by Disney's DTC streaming profitability improvement, Parks pricing, and ESPN's rights expansion. Source: BusinessStats Research FY2026 estimates based on Disney FY2025 10-K and CEO guidance.
Disney's Entertainment segment revenue of $9.966B in Q4 FY2024 is approximately 22% of Netflix's $45.18B full-year FY2025 revenue -- but the comparison is not direct because Entertainment includes Linear Networks (cable TV) and Content Licensing revenue not present in pure-play streamers. Disney's DTC streaming sub-segment alone generated approximately $6.8B in Q4 FY2024. Netflix generates higher operating margins (29.5% in FY2025 confirmed) vs Disney's Entertainment segment which has lower margins due to legacy linear TV costs and high content spend. Source: Disney and Netflix SEC filings.
Disney Experiences ($8.238B revenue, Q4 FY2024) is Disney's highest-margin business. Parks and Resorts generate revenue from admission tickets ($109-$189+ per day at Walt Disney World), on-site hotels ($300-$1,000+/night), dining, merchandise, and upcharge experiences (Lightning Lane, Genie+). Per-capita spending has risen ~30% since 2019 through consistent price increases and premium experience additions. Consumer Products licensing Disney characters to manufacturers generates revenue with minimal cost -- pure licensing income. Disney Cruise Line has expanded its fleet and commands premium per-night pricing ($400-$1,500+). The Experiences segment generates operating margins significantly higher than Entertainment or Sports. Source: Disney SEC 10-K FY2024, Disney Investor Day 2023.
ESPN is the entirety of Disney's Sports segment ($4.219B Q4 FY2024). ESPN's revenue comes from: Linear affiliate fees (cable operators pay per-subscriber monthly fees to carry ESPN -- the largest single ESPN revenue component, though declining as cord-cutting reduces cable subscribers), advertising (ESPN networks charge premium CPMs for live sports), and ESPN+ streaming ($10.99/month, ~24M subscribers). The NBA rights deal (beginning 2025, ~$2.6B/year for ESPN) and continued NFL deals (Monday Night Football, playoffs) are the key growth drivers for the Sports segment through 2026. ESPN is exploring a standalone direct-to-consumer streaming product that could restructure how the Sports segment generates revenue by 2026-2027. Source: Disney SEC 10-K FY2024, Disney NBA rights announcement 2024.
