The Walt Disney Company has released its Q3 2025 earnings report, and the Disney Experiences division topped $9 billion in revenue. That represents an 8% bump over last year. In terms of operating income, Disney Experiences reported just over $2.5 billion – a 13% bump over last year. Domestic theme parks saw a whopping 22% increase in operating income thanks to higher spending at the parks.
Disney Experiences Reports $9 Billion in Revenue for Q3 2025
Domestically, the theme parks recorded $6.4 billion in revenue and $1.6 billion in income. International parks reported $1.69 billion in revenue and $422 million in income. International theme parks saw a 3% loss in income versus the prior year. Here’s the overview from Disney:
Our Experiences segment delivered another outstanding quarter driven by growth across all businesses at Domestic Parks & Experiences.
We recently celebrated Disneyland’s 70th anniversary and Hong Kong Disneyland’s 20th anniversary, and the ongoing celebrations are receiving tremendous reception from our guests. 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, and 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 we prepare to launch two new ships, which will bring our fleet to a total of eight cruise ships. In November, we will launch the Disney Destiny, followed by the Disney Adventure, our largest cruise ship ever and the first to have its homeport in Asia. The Disney Treasure, launched last year, has gotten off to a strong start and continues to perform well.
Q3 Experiences segment operating income of $2.5 billion was up 13% compared to the prior-year quarter driven by strong Domestic Parks & Experiences results. Operating income in the quarter reflects a benefit of approximately $40 million from the timing of the Easter holiday, which fell in Q3 this year compared to Q2 last year.
Operating income at Domestic Parks & Experiences grew 22% compared to the prior-year quarter, driven by growth in domestic parks and resorts and Disney Cruise Line. Results reflect higher guest spending at our theme parks, an increase in passenger cruise days due to the launch of the Disney Treasure, and higher occupied room nights, partially offset by higher costs reflecting new guest offerings including the expansion of our Disney Cruise Line fleet.
We are pleased with these results and encouraged by the continued resiliency of our domestic parks business, particularly at Walt Disney World given increased competition in the Orlando market. Results include approximately $30 million of pre-opening expenses driven primarily by the Disney Destiny and Disney Adventure. We expect full-year fiscal 2025 pre-opening expenses for Disney Cruise Line of approximately $185 million, with $50 million in Q4.
Based on what we are currently seeing across the Experiences segment, we now expect segment operating income growth of approximately 8% for fiscal 2025 compared to the prior year.
Operating results at our domestic parks and experiences increased compared to the prior-year quarter due to growth at our domestic parks and resorts and, to a lesser extent, Disney Cruise Line reflecting:
- An increase in guest spending due to higher spending at our theme parks
- Higher volumes attributable to increases in passenger cruise days and occupied room nights. Additional passenger cruise days reflected the launch of the Disney Treasure in the first quarter of the current year
- Increased costs primarily due to new guest offerings, including the fleet expansion at Disney Cruise Line
- Operating income in the quarter reflects a ~$40 million benefit from timing of the Easter holiday, and a ~$30 million impact from pre-opening expenses at Disney Cruise Line
- Domestic Parks & Experiences operating income grew 22% to $1.7 billion
For the 9 months ended June 28, 2025, Disney Experiences sits at $27.4 billion in revenue and $8.1 billion in income. Those figures represent a 6% bump and 7% increase, respectively, versus the time time period in 2024.
As always, keep checking back with us here at BlogMickey.com as we continue to bring you the latest news, photos, and info from around the Disney Parks!
“Higher spending in the parks” can be good or bad. On one hand, if guests are choosing to buy incremental new products and experiences because they are enticed by the offerings — new and additional things they want to own or want to enjoy, or things they once bought off-property they are now buying on-property — then that “higher spending” is good. It is a reward for Disney’s good ideas, good, products, good offerings.
If, however, the “higher spending” is due to raised prices (particularly above and beyond the rate of inflation) for things guests would have already purchased (park admission, the same quality/quantity of food/beverage they already would have purchased) then it could be bad. It could be expenses families begrudgingly make and resent, which could bear the fruit of ill-will, brand damage, and longer-term attendance issues.
That is, “higher spending in the parks” is not necessarily a pop-the-champagne result and is unclear in what it could actually mean for the long term.