Sports
Disney’s Q3 FY25 Earnings: Executive Commentary & Announcements
The Walt Disney Company reported its FY2025 third quarter earnings on Wednesday, with CEO Bob Iger and CFO Hugh Johnston emphasizing the company’s strong positioning within an ever-evolving industry.
“At a time of great change for our industry when a number of companies are contracting, we are operating from a position of strength and building across our company with a continued focus on quality and innovation, leveraging our integrated businesses to create value in a way that is unique to Disney,” Iger and Johnston said in an executive commentary on Wednesday.
Building Focus
Iger and Johnston highlighted examples of how Disney is building across the company:
- “We are building on the creative success at our film studios, resulting in the continued emergence of popular new franchises at a level that is unparalleled in the industry.”
- “We are building on Disney’s value proposition in streaming by combining Hulu into Disney+ to create a unified app experience featuring branded and general entertainment, news, and sports that will be a one-of-a-kind entertainment destination for subscribers.”
- “We are building ESPN into the preeminent digital sports platform with the launch of our highly anticipated Direct-to-Consumer sports offering on August 21. Our just-announced plans with the NFL would, upon closing, expand ESPN’s programming and content offerings for sports fans. And today we announced that ESPN will be the exclusive home for WWE Premium Live Events.”
- “We are building on our best-in-class parks and experiences businesses, with more expansions underway around the world than at any other time in our history.”
“These efforts reinforce that Disney is an entertainment company like no other with a robust portfolio of growth businesses that are seamlessly integrated, supported by a deep library of beloved IP and enabled with cutting-edge technology,” Iger and Johnston said.
Film & Television

Disney’s film studios continued their renewed momentum in Q3, growing our popular brands and franchises and further demonstrating their ability to generate ongoing, long-term value across our businesses.
The best example of this momentum was The Walt Disney Studios’ live-action Lilo & Stitch, which recently crossed the $1 billion mark at the worldwide box office. That made Lilo & Stitch not only Hollywood’s first film to reach that milestone in 2025, but also Disney’s fourth billion-dollar-film in just over a year.
Iger and Johnston pointed out that the success of Lilo & Stitch has been seen throughout the company. It’s fueled viewership of the original 2002 animated film and related content on Disney+, with more than 640 million hours streamed globally; Lilo & Stitch is on track to become the company’s second-largest licensed merchandise franchise this year behind only Mickey Mouse; and Stitch has also been deployed across Disney’s parks and experiences worldwide. A sequel to the film is already in development.

Beyond the box office, Disney’s series displayed strong performance across streaming and linear. That includes Disney being responsible for four of the top five streaming programs in the U.S. for the first half of the calendar year. [1]
The company also earned 137 Emmy nominations last month across 50 titles — “a testament to the strength and breadth of our portfolio,” Iger and Johnston said. Leading the way was Lucasfilm’s Andor with 14 nominations.
In addition, Disney remains a leader in children’s and family programming with the three most streamed shows for preschoolers. [2]
Streaming

Iger and Johnston announced plans for, “a major step forward in strengthening our streaming offering by fully integrating Hulu into Disney+.”
“This will create an impressive package of entertainment, pairing the highest-caliber brands and franchises, great general entertainment, family programming, news, and industry-leading live sports content in a single app,” Iger and Johnston said. “By creating a truly differentiated streaming offering, we will be providing subscribers tremendous choice, convenience, quality, and enhanced personalization.”
Hulu will also become a global general entertainment brand, and in the fall, it will replace the Star tile on Disney+ internationally. Iger and Johnston added that over the coming months Disney will be “implementing numerous improvements within the Disney+ app, including exciting new features and a more personalized homepage.”
“All of this work will culminate with the unified Disney+ and Hulu streaming app experience that will be available to consumers next year,” the two said.
Sports

Speaking of streaming, Disney today announced the launch of ESPN’s long-awaited Direct-to-Consumer offering will be on August 21. The offering will include ESPN’s full suite of networks and services made directly available to fans for the first time.
Iger and Johnston also discussed the non-binding agreement announced yesterday under which ESPN will acquire NFL Network and certain other media assets owned and controlled by the NFL, providing an even richer content experience for fans, in exchange for a 10% equity stake in ESPN. [3]
Separately, ESPN and the NFL reached an agreement which includes expanded NFL highlight rights within multiple fan-engagement platforms, and more interactive features for ESPN’s DTC offering and the ESPN App, including betting and fantasy. ESPN will also gain the ability to sell and bundle NFL+ Premium, which includes NFL Network and NFL RedZone, to its ESPN DTC subscribers, along with rights to additional non-exclusive preseason NFL games for its DTC offering, both starting in the 2025 season. An additional separate agreement extends ESPN’s NFL Draft rights, with the ability to stream ESPN and ABC’s draft coverage on ESPN DTC, Hulu, and Disney+.
Separately, Iger and Johnston highlighted that ESPN will become the exclusive home for WWE Premium Live Events, further expanding ESPN’s rights portfolio.
“We are committed to offering sports fans tremendous choice, convenience, and quality,” Iger and Johnston said.
Experiences

As for Disney’s Experience segment, it delivered “another outstanding quarter driven by growth across all businesses at Domestic Parks & Experiences,” Iger and Johnston said.
“We recently celebrated Disneyland’s 70th anniversary and Hong Kong Disneyland’s 20th anniversary, and the ongoing celebrations are receiving tremendous receptions from our guests,” the two said. “We have expansions currently underway at every one of our theme parks globally, including a new World of Frozen land opening at Disneyland Paris in 2026, Villains and Cars themed areas coming to Magic Kingdom, a Monsters Inc. area coming to Disney’s Hollywood Studios, an Avatar-themed destination coming to Disney California Adventure. This is in addition to a new theme park coming to Abu Dhabi.”
Disney Cruise Line is also expanding as Disney prepares to launch two new ships later this year, which will bring the company’s fleet to a total of eight.
Wrap Up
Iger and Johnston concluded their executive commentary by saying that “Disney operates in a league of its own, and our achievements this quarter demonstrate how we continue to successfully execute across our strategic priorities.”
“We are taking major steps forward in streaming with the upcoming launch of ESPN’s direct-to-consumer service, our just-announced plans with the NFL, and our forthcoming integration of Hulu into Disney+, creating a truly differentiated streaming proposition that harnesses the highest caliber brands and franchises, general entertainment, family programming, news, and industry-leading sports content,” the two continued. “With ambitious plans ahead for all of our businesses, we’re not done building, and we are excited for the company’s future.”
The information above should be read together with Disney’s Q3 FY 25 Earnings Report, Form 10-Q, prepared earnings remarks (executive commentary), and earnings call (all available here), which discuss additional information, including additional challenges and risks the company’s businesses face and additional information about Q3 performance.
Forward-Looking Statements
Certain statements in this communication may constitute “forward‐looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations, beliefs, plans, financial prospects, trends or outlook; transactions for which conditions for closing have not been satisfied, including entering into definitive agreements, regulatory or approvals or other conditions; content, benefits, timing and completion of future projects and product offerings; opportunities for growth and expansion; strategies and strategic priorities and opportunities; expected benefits of new initiatives; value of our intellectual property, content offerings, businesses and assets; and other statements that are not historical in nature. Any information that is not historical in nature is subject to change. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements.
Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the company, including restructuring or strategic initiatives (including capital investments, asset acquisitions or dispositions, new or expanded business lines or cessation of certain operations), our execution of our business plans (including the content we create and IP we invest in, our pricing decisions, our cost structure and our management and other personnel decisions), our ability to quickly execute on cost rationalization while preserving revenue, the discovery of additional information or other business decisions, as well as from developments beyond the company’s control, including: the occurrence of subsequent events; deterioration in domestic and global economic conditions or a failure of conditions to improve as anticipated; deterioration in or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue; consumer preferences and acceptance of our content, offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising sales on our DTC streaming services and linear networks; health concerns and their impact on our businesses and productions; international, including tariffs and other trade policies, political or military developments; regulatory and legal developments; technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content.
Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable): our operations, business plans or profitability, including direct-to-consumer profitability; demand for our products and services; the performance of the company’s content; our ability to create or obtain desirable content at or under the value we assign the content; the advertising market for programming; taxation; and performance of some or all company businesses either directly or through their impact on those who distribute our products.
Additional factors are set forth in the company’s most recent Annual Report on Form 10-K, including under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” quarterly reports on Form 10-Q, including under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and subsequent filings with the Securities and Exchange Commission.
The terms “company,” “Disney,” “we,” and “our” are used above to refer collectively to the parent company and the subsidiaries through which our various businesses are actually conducted.
Sports
Broward 4A-1A girls volleyball first team, second team, honorable mention and coach of the year
FIRST TEAM

Yasmin Dias Tonon, OH, North Broward Prep senior: Recorded 320 kills, 194 digs, 60 aces, 40 blocks and .389 hitting percentage; registered 21 kills in a match; had 18 kills in state championship match; helped lift Eagles to district, regional and state title; Bentley University signee.

Kaylee Foreman, libero, Pine Crest junior: Team captain; recorded 625 service receptions, 393 digs, 115 assists and 43 aces; Palm League All-Tournament Team; NHSCA Academic All-American First Team; Under Armour Next Camp Series Invitee; AVCA Phenom selection; Team Florida 15U member; Yale University commit.

Mia Gold, OH, Pine Crest senior: Led the Panthers to a district and regional title; team captain; recorded 440 kills, 249 digs, 45 aces; recorded 28 kills and 13 digs in state semifinal; school record holder for kills; England National Team selection; Boston College signee.

Melia Howze, MB, Chaminade-Madonna freshman: Led Lions to district championship and 2A regional quarterfinal appearance; recorded 308 kills, 80 blocks and .443 hitting percentage; recorded 25 kills to lift team to district title win.

Samantha McMillan, OH, Coral Springs Charter senior: Led Panthers to 3A regional quarterfinal appearance; recorded 251 kills, 282 receptions and .335 hitting percentage in just 60 sets played; registered 28 kills in a match; American University signee.

Destiny Wiggins, libero, North Broward Prep senior: Recorded 436 digs, 438 service receptions, 91 assists and 36 aces; registered 31 digs in a match; had 22 digs in state championship match; helped lift Eagles to district, regional and state title.
SECOND TEAM
Isabella Collado, setter, Pine Crest eighth-grader
Gabriella Florian, OH, Pine Crest junior
Camryn Kanell, MB, Calvary Christian Academy senior
Emma Luehrs, setter, North Broward Prep eighth-grader
Jayda Palumbo, OH, North Broward Prep junior
Adriana Powers-Hadley, OH, Sagemont junior
HONORABLE MENTION
American Heritage: Lyla Pack
Calvary Christian: Sophia Azevedo, Reese Mittauer, Jada Stephenson
Cardinal Gibbons: Jordan Andrews, Ava Flores, Beatriz Matos
Chaminade-Madonna: Paloma Castellanos, Keylanis Cruz, Amy Wood
Coral Springs Charter: Olivia Greco, Mia Luersen
Franklin Academy: Sofia Hernandez
Highlands Christian: Ali Diaz, Emily Eades
North Broward Prep: Layni Tobias
Pine Crest: Jasmine Florian, Elizabeth Sauby, Elle Schneider
Sagemont: Daniella Seijo
Sheridan Hills: Sophia Broch, Jasmine Cummings, Deborah Point Du Jour
University School: Daniella Lugo
Westminster Academy: Zoe Burton, Amelia Benkendorf
COACH OF THE YEAR

Brian Coughenour, North Broward Prep: The Eagles finished 26-2, earned a district championship and regional title and won the 4A state championship. “I am very proud of this team. They came into the season ready to work hard and with one goal in mind in bringing North Broward Prep their first volleyball state championship. They earned that championship along with a number of individual awards. I held them to a very high standard and they not only met it but exceeded my expectations. I am very excited for the future of this program and blessed to be part of it.”
Sports
Broward 7A-5A girls volleyball first team, second team, honorable mention and coach of the year
FIRST TEAM

Fabiana Castro, setter, Archbishop McCarthy senior: Led Mavericks to district and regional title; team captain; registered 490 assists, 187 digs and 64 aces; recorded 39 assists in state semifinal win; will play volleyball and beach volleyball for Miami-Dade College.

Sydney Guerrier, setter/OPP, St. Thomas Aquinas senior: Team co-captain; registered 383 assists, 146 kills, 144 digs and 31 blocks; BCAA All-Star Team MVP; FACA All-Star; AVCA All-Region, All-American Second Team, Best and Brightest Third Team and Honorable Mention selection during career; American University signee.

Sophia Guzman, OH/OPP, Cypress Bay senior: Led the Lightning to district title and Class 7A regional final; recorded 274 kills, 4.0 kills/set and 250 receptions; registered 20 kills in regional semifinal win; selected team captain and team MVP; Southern Connecticut State University signee.

Paige Hill, OH, Western senior: Recorded 235 kills, 360 digs, 69 aces and 36 blocks; registered 20 kills in a match; two-year team captain and four-year starter; will play volleyball for Emmanuel University.

Emmi Merhi, OH, St. Thomas Aquinas senior: Helped lift Raiders to district and regional championship; recorded 248 kills, 250 digs, 437 receptions and 36 aces; registered 14 kills in regional semifinal win; Troy University signee.
SECOND TEAM
Isabella Cabrera, OH, St. Thomas Aquinas sophomore
Erin Huang, setter, Cypress Bay senior
Brianna Masaracchio, OH, Archbishop McCarthy senior
Adriana Medrano, libero, St. Thomas Aquinas senior
Sanai Mitchell, MB, Western senior
Hailey Trebbien, setter, St. Thomas Aquinas senior
HONORABLE MENTION
Archbishop McCarthy: Raquel Hurtado, Valentina Santamaria, Em’Pris Seetal
Cypress Bay: Julia Diaz, Margot Lantrade, Victoria Urizar
Deerfield Beach: Giovanna Campos
Everglades: Jonnele Mends, Zoehe Sharpe
Flanagan: Krystine Escalante
Fort Lauderdale: Lorena Rondon
Pembroke Pines Charter: Julie Lobato, Sophia Peterseil, Abigail Reynolds
Piper: Melody Delamotte, Isabella Delgado
St. Thomas Aquinas: Leah Novatne, Violette Zayas
Stoneman Douglas: Isabella Cox, Alyssa James
Western: Valeria Luque, Alyssa Noble, Sarah Perez
CO-COACHES OF THE YEAR

Lisa Zielinski, St. Thomas Aquinas: The Raiders had a 27-5 record, won a district title, regional championship and finished as the Class 6A state runner-up. “Reaching the championship is never easy, and this team earned every bit of it. After losing six starters
last year, I don’t think anyone thought we’d be back. We didn’t walk away with the trophy, but we proved we’re a team that battles. We competed with heart, toughness and the kind of fire that’s hard to teach.”

Robert Perez, Archbishop McCarthy: The Mavericks had a 28-4 record and captured the district and regional title. They finished as the Class 5A state runner-up. “We had a goal and we all locked into it. It was one team and one dream. We knew this was the team that can finally take that step. The program was due for a final four for the first time in school history. From day one, the entire roster knew this team was special. Practices were special and we competed versus each other like there was another team on the other side of the net. This roster made each other better because how deep and talented we are. The ladies in teal are for real.”
Sports
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Nebraska volleyball fans saw 62% of All-Americans during 2025 season
Sports
Palm Beach 4A-1A girls volleyball first team, second team, honorable mention and coach of the year
FIRST TEAM

Ava Castro, OH, Cardinal Newman senior: Led the Crusaders to a 3A regional quarterfinal appearance; recorded 328 kills, 207 digs, 38 blocks, 26 aces and .374 hitting percentage; registered 26 kills in a match; holds the school record for kills; Boston College signee.

Emmie Hill, MB, Benjamin sophomore: Led the Bucs to a 2A regional quarterfinal win; recorded 210 kills, 63 blocks and .351 hitting percentage; registered 20 kills in a match; USA Volleyball National Team Development Program selection.

Mikayla Matuszko, OH, King’s Academy freshman: Led the Lions to a district title and 3A regional semifinal appearance; recorded 314 kills, 173 digs and 61 aces; registered 22 kills in a match; USA Volleyball U17 National Team selection.

Riley McCaughey, setter, Benjamin senior: Led the Bucs to a district championship and 2A regional quarterfinal win; recorded 600 assists, 187 digs, 97 kills and 63 aces; registered 55 assists in a match; 3,064 career assists; University of South Florida signee.

Luiza Queiroz, OH, St. Andrew’s seventh grader: Led the Scots to a 3A regional semifinal appearance; recorded 420 kills, 187 digs and 69 aces; registered 41 kills in a match.
SECOND TEAM
Dayana Acevedo, setter, Cardinal Newman senior
Lyla Buser, OPP, Cardinal Newman senior
Caitlin Crino, setter, Boca Raton Christian junior
Miranda Knoll, OH, King’s Academy junior
Taylor Walsh, setter, St. Andrew’s sophomore
Caroline Wright, OH, Boca Raton Christian sophomore
HONORABLE MENTION
American Heritage-Delray: Dagan Rothbaun, Daniela Staton
Atlantic Christian: Anayah Enamorado
Benjamin: Mackenzie Bryan, Londyn Clark, Emma Markin
Boca Raton Christian: Brianna Nahmod, Mackenzi VanZwieten
Cardinal Newman: Olivia Peterson
Dreyfoos: Amelia Gallogly, Erin Larsen
Jupiter Christian: Addison Dorsey
King’s Academy: Bella Pons, Alanis Molina, Hunter Saltalamacchia
Lake Worth Christian: Cassidy Childers, Savannah Monier, Ella Vandenberg
Oxbridge Academy: Jessica Jerabek, Olivija Kozul
St. Andrew’s: Ashlyn Cobb
St. John Paul II: Meallen Gunther, Emily Rodriguez, Lyla Tomko
Suncoast: Bella Zingaro
COACH OF THE YEAR

Len Visser, Boca Raton Christian: The Blazers won a district title, regional championship and captured their first girls volleyball state championship in school history. They won seven straight matches to close the season. “I am proud that every girl was part of winning states. It’s special because the girls persevered through some very close losses. “We played like a team and I had total confidence in them. They all trusted each other. It’s truly one of my closest teams and they lifted each other up.”
Sports
Ella Brodner, Jupiter Christian senior; Hannah VanZwieten, Boca Raton Christian sophomore
Jupiter Christian senior outside hitter Ella Brodner reached 400 kills in a single season for the first time while Boca Raton Christian sophomore Hannah VanZwieten delivered a remarkable performance throughout the playoffs to lift the Blazers to their first girls
volleyball state championship in school history.
The two top performers were recognized as the Sun Sentinel’s Palm Beach 4A-1A girls volleyball co-players of the year.
Brodner, a University of Virginia signee, had 400 kills, 5.7 kills per set and a .336 hitting percentage in just 70 sets played. She also added 244 service receptions, 218 digs, 39 aces and 25 blocks. She had 35 kills in four sets in a district semifinal victory.
Brodner holds the school record with 1,488 kills and 944 digs during her five seasons with the Eagles. She recalled a victory against Jupiter during her junior season as one of her most memorable matches in high school.
“I met the expectations I had set for myself since I came in the eighth grade,” Brodner said. “To end with 400 kills in a season was pretty cool. It’s exciting to hold school records. I could not have done it without any of my teammates. Coach Sarah [Mize] helped me with my mental toughness. I wanted to be an all-around player on the court. I made amazing memories and volleyball is so much fun. It was heartwarming to see little girls look up to me and how they were inspired because of how I play volleyball.”
Brodner took on a leadership role with several newcomers joining the Eagles. “When I was in the eighth grade, I was intimidated by most of the girls,” Brodner said.
“Allison Moore was a great leader and a big influence on me. She spent time helping me with volleyball. I wanted to be a big influence on our younger players. It was a rebuilding year and I knew it was going to be difficult, but I decided to stay. It’s a great
feeling to help the girls.”
Brodner enjoyed watching her two older sisters at volleyball practices and tournaments. She joined the Jupiter Elite Volleyball Club at 7. She helped her team qualify for nationals in multiple seasons.
“The growth of our club has been amazing,” Brodner said. “All the coaches helped in my development and to where I am now.” Brodner is excited about the opportunity to play with her older sister, Sarah, at the University of Virginia.
“My sister and I have been really getting close and it’s an amazing opportunity,” Brodner said. “I’m extremely blessed to get to play with her. The ACC is very competitive and I’m excited for college volleyball.”

VanZwieten delivered for the Blazers during their playoff run to capture the state title. She had 13 kills and 12 digs in the regional championship, 19 kills, 23 digs and six aces in the state semifinal and 12 kills and 15 digs in the state championship match.
VanZwieten displayed her versatility with 254 kills, 270 digs, 221 service receptions, 157 assists, 53 aces and 30 blocks during her sophomore season.
“We lost players from last year who had played a big role,” VanZwieten said. “The difference was that we played together as a team. Our coaches did a great job and we handled the pressure. We were so happy to push through and win the semifinal against Seacrest. We practiced hard and stayed focused during the final match. We were so excited to win it.”
VanZwieten’s older sister, Grace, plays collegiate volleyball at Tusculum. Her mom serves as an assistant coach at Boca Raton Christian.
She also competes in beach volleyball tournaments with her sister, Mackenzi, who was a key contributor for the Blazers during their championship run. The sisters won a thrilling beach volleyball tournament in Tavares during a college showcase event.
“I have a lot of fun playing with Mackenzi and we connect really well,” VanZwieten said. “We have that experience together in beach volleyball and it’s helped us when playing indoor. It’s been very special.”
VanZwieten, a setter with Tribe Volleyball Club, displayed her versatility at outside hitter for the Blazers during her sophomore season.
“I was able to get out of my comfort zone and work on my game to get better,” VanZwieten said. “I played with a lot of energy and cheered on my teammates.

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