Walt Disney Q4 2025 Earnings Preview: Wall Street Sees a 2026 Comeback

Walt Disney (NYSE:DIS) reports quarterly earnings Thursday, with investors focused on its shift from cable-dependent legacy media to a diversified streaming-led business.

Ahead of the earnings call, FactSet forecasts Disney’s revenue at $22.76 billion (up just under 1%) and EPS at $1.05 (down about 8%). With investors focused on segment performance, streaming (Disney+ and Hulu) is expected to grow about 10% to $6.364 billion, while linear TV is projected at $2.138 billion.

Key highlights:

• Disney has heavily invested in Disney+ to pivot from legacy media to a streaming powerhouse competing with Netflix.
• Bloomberg reports Disney plans to expand ESPN across Asia, adding more live sports to Disney+ and rolling out ESPN regionwide, per Disney APAC president Luke Kang at the Hong Kong content showcase.
• Investors will watch for updates on Disney’s dispute with YouTube TV over carriage fees. The Alphabet-owned service has been without Disney channels for roughly two weeks as negotiations continue.
• In August, Disney announced it would stop disclosing quarterly subscriber counts and ARPU for Disney+ and Hulu beginning with the fiscal first quarter ending in December, making this the last report with those metrics. Analysts expect Disney+ to add about 2.17 million subscribers this quarter, with ARPU at $7.90.
• Investors will closely watch theme parks, a market concern this year amid slowing consumer spending and May’s opening of Comcast’s Epic Universe in Orlando, Disney’s home turf.
• Among media peers that have reported Q3 results, fuboTV’s revenue fell 2.3% year over year but beat estimates by 4.9%, sending shares down 3.3%. News Corp’s revenue rose 2.3%, topping forecasts by 2%, and the stock gained 6.8%.

Analysts Expectation:

• Citi raised its Disney (DIS) price target to $145 from $140 and expects investors to focus on the direct-to-consumer streaming outlook especially after October’s price hikes, and on any impact from Jimmy Kimmel’s temporary cancellation.
• Bernstein SocGen reiterated an Outperform on Walt Disney with a $129 price target, calling it an opportunity for value investors ahead of the upcoming fiscal Q4 earnings report.

DIS Q4 2025 earnings pre-market (6:50 am ET) Thursday. November 13, 2025

Technical Analysis Perspective:

• Since August 2022, DIS has traded between 78.75 and 126.50.
• A rejection of 126.50 (Aug ’22) led to a drop to 78.75 (Oct ’23).
• A rebound to 123.74 (Mar ’24) was followed by a pullback to 83.91 (Aug ’24).
• Holding 83.91, set up a rally to 118.62 (Dec ’24), then a decline to 80.10 (Apr ’25).
• Shares hit 124.69 in late June ’25.
• Base case: post-earnings move into 121–126.50, then a dip toward 110.
• Bull case: a breakout above 126.50 targets 133–134.

Weekly Candlestick Chart

DIS Seasonality Chart:

Since 2006, DIS has seen November close with a 3.9% gain in 75% of years and December with a 2.3% gain in 63% of years.

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Ali Merchant is a seasoned financial market professional with expertise in Technical Analysis, Treasury & Capital Markets, Trading, Sales, Research, Training, Fund & Relationship Management, Fintech, and Digitalization. He is a CMT charter holder and an active member of CMT Association, USA, American Association of Professional Technical Analysts, and CMT Association of Canada. He has worked on various roles and organizations in North America and the GCC, such as ABN Amro bank, Thomson Reuters, Refinitiv, MAK Allen & Day Capital Partners, and Bridge Information Systems.

He is the founder of TwT Learnings, provides financial market training.

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