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Disney vs. Netflix: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Disney
1 · What it sells
Disney sells streaming, TV channels, ESPN sports, films, theme park visits, cruises and licensed products, with $94.4 billion of revenue in FY2025.
Sources and detail on the Disney page2 · Who pays it
In FY2025, subscribers and pay-TV distributors paid 40.0% of revenue, guests and product buyers 32.4%, advertisers 11.8%, and licensees and others 15.8%.
Sources and detail on the Disney page3 · What it keeps from $100
Of every $100 that came in during FY2025, Disney kept $13.1 as net income, including one-off tax benefits of $3.3 billion (Hulu) and $1.0 billion (a prior-year matter), less a $462 million Hulu charge in outside owners' share; Disney reports no operating income line, and its total segment operating income, before corporate costs, interest and restructuring, was $17.6 billion against $12.0 billion of income before taxes.
Sources and detail on the Disney page4 · Where the operating profit comes from
Experiences, mainly parks and resorts, earned $10.0 billion, or 56.9%, of FY2025 segment operating income, a Disney measure before corporate costs, on 37.5% of segment revenue.
Sources and detail on the Disney page5 · The one thing to watch
Disney had $84.1 billion of sports programming commitments at Sep 27, 2025, payable over many years, $9.9 billion of it in FY2026 (variable payments excluded), against $17.7 billion of Sports segment revenue in FY2025.
Sources and detail on the Disney page
Netflix
1 · What it sells
Netflix sells monthly streaming subscriptions to series, films, games and live programming, plus ads on one plan, with $45.2 billion of revenue in FY2025.
Sources and detail on the Netflix page2 · Who pays it
Netflix does not disclose its subscriber and advertiser split, but by region members and advertisers paid 44.2% of FY2025 revenue in the United States and Canada, 32.1% in Europe, the Middle East and Africa, 11.9% in Latin America and 11.8% in Asia-Pacific.
Sources and detail on the Netflix page3 · What it keeps from $100
Of every $100 that came in during FY2025, Netflix kept $24.2 as net income; per $100 of revenue, operating income was $29.5 that year, and in the first nine months of 2026 net income was $32.8, including a $2.8 billion termination fee with no after-tax figure given, against $33.5 of operating income.
Sources and detail on the Netflix page4 · Where the operating profit comes from
Netflix has one operating segment and does not split profit by region or product, so its $13.3 billion of FY2025 operating income cannot be traced to a source; its largest cost was $16.4 billion of content amortization.
Sources and detail on the Netflix page5 · The one thing to watch
View hours rose 2% in the first half of 2026 while revenue rose 14.7%, and Netflix said on Jul 16, 2026 that it will publish its viewing report once a year from 2027.
Sources and detail on the Netflix page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Disney
Where $100 went · FY2025
| Cost of services and products | $62.0 |
|---|---|
| Selling, admin and other | $17.4 |
| Depreciation and amortization | $5.6 |
| Restructuring and impairment | $0.9 |
| Net interest | $1.4 |
| Outside owners' share of profit | $1.1 |
| Income tax benefit, from one-off items (adds) | −$1.5 |
| Kept as net income | $13.1 |
| Total | $100 |
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue of $94,425 million plus $295 million of income from part-owned companies): each line = line ÷ $94,720 million × 100. The tax line is negative because one-off benefits of $3,277 million (Hulu) and $1,016 million (a prior-year matter) turned income taxes into a benefit. Hulu also carried a $462 million charge in the outside owners' line, so the two items net to $3,831 million for Disney.
Netflix
Where $100 went · FY2025
| Content amortization (shows and films) | $36.2 |
|---|---|
| Other cost of revenues | $15.1 |
| Sales and marketing | $7.3 |
| Technology and development | $7.5 |
| General and administrative | $4.2 |
| Interest | $1.7 |
| Income tax | $3.8 |
| Kept as net income | $24.2 |
| Total | $100 |
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue plus interest and other income): each line = line ÷ $45.4 billion × 100.
Line items differ because each company groups its costs its own way in its filings. Only on Disney's receipt: Cost of services and products; Selling, admin and other; Depreciation and amortization; Restructuring and impairment; Net interest; Outside owners' share of profit; Income tax benefit, from one-off items (adds). Only on Netflix's receipt: Content amortization (shows and films); Other cost of revenues; Sales and marketing; Technology and development; General and administrative; Interest; Income tax.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Disney
Netflix
See the numbers
Net income
Disney
Netflix
See the numbers
Free cash flow
Disney
Netflix
See the numbers
Who pays each company
Disney
- Subscribers and pay-TV distributors · 40.0% of revenueStreaming subscribers, and the TV services that pay fees to carry Disney's and ESPN's channels: $37.8 billion in FY2025.
- Guests and product buyers · 32.4% of revenueTheme park admissions 12.4%, merchandise, food and beverage 10.2%, and resorts and vacations 9.8% of FY2025 revenue.
- Advertisers · 11.8% of revenueCompanies buying ads on Disney's TV channels, streaming services and ESPN: $11.1 billion in FY2025.
- Licensees and others · 15.8% of revenueMerchandise licensing 4.1%, TV/VOD and home entertainment 4.0%, theatrical distribution 2.7%, and other 5.0% of FY2025 revenue.
Netflix
- United States and Canada · 44.2% of revenue$20.0 billion of FY2025 revenue. Average revenue per paying membership was $17.20 a month in FY2024, the last year reported.
- Europe, Middle East and Africa · 32.1% of revenue$14.5 billion of FY2025 revenue, and $10.96 a month per paying membership in FY2024.
- Latin America · 11.9% of revenue$5.4 billion of FY2025 revenue, and $8.24 a month per paying membership in FY2024.
- Asia-Pacific · 11.8% of revenue$5.4 billion of FY2025 revenue, and $7.29 a month per paying membership in FY2024.
- Subscribers versus advertisersNetflix does not disclose this split. The regional shares above include both. It said only that ad revenue was over $1.5 billion in FY2025.
Revenue by segment
Disney
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Entertainment | $42.5B | 44.1% |
| Sports | $17.7B | 18.4% |
| Experiences | $36.2B | 37.5% |
Netflix
FY2025
| Segment | Revenue | Share |
|---|---|---|
| United States and Canada | $20.0B | 44.2% |
| Europe, Middle East and Africa | $14.5B | 32.1% |
| Latin America | $5.4B | 11.9% |
| Asia-Pacific | $5.4B | 11.8% |
Debt and cash
Disney
- Debt
- $46.0B
- Cash and investments
- $5.2B
On Jun 27, 2026.
At Jun 27, 2026 Disney's borrowings exceeded its cash by $40.9 billion, about 2.4 times its $17.0 billion of cash from operations in the four quarters to that date.
Netflix
- Debt
- $15.1B
- Cash and investments
- $8.2B
On Sep 30, 2026.
At Sep 30, 2026 Netflix's debt exceeded its cash and short-term investments by $6.9 billion; at Dec 31, 2025 the gap was $5.4 billion.
Who owns each company
Disney
- One class of shares.
- Officers and directors as a group: 0.2% of shares (as of Jan 20, 2026).
- The Vanguard Group: 8.5% (as of Jan 22, 2026).
- Vanguard Capital Management: 7.5% (as of Apr 30, 2026).
- BlackRock, Inc.: 6.9% (as of Jan 22, 2026).
Netflix
- One class of shares.
- Officers and directors as a group: 1.2% of shares (as of Apr 6, 2026).
- Vanguard Capital Management: 7.5% (as of Mar 31, 2026).
- BlackRock, Inc.: 7.3% (as of Dec 31, 2023).
- FMR LLC: 3.3% (as of Jun 30, 2026).
Sources: Disney S27, S6, S29, S28 · Netflix S25, S6, S28, S26, S40, S41, S44, S39
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: technology, debt, legal cases, execution. Every risk is on each company's page.
Disney
- Large sports rights commitments (customer or supplier concentration)Disney had $84.1 billion of sports programming commitments at Sep 27, 2025, payable over many years, $9.9 billion of it in FY2026 (variable payments excluded), against $17.7 billion of Sports revenue in FY2025. In Q3 FY2026 Sports programming and production costs rose to $3.1 billion from $2.8 billion.
- Parks depend on consumers, and spending on them is rising (demand)Experiences earned 56.9% of FY2025 segment operating income, a Disney measure before corporate costs. Disney's 10-K names economic declines and uncontrollable events as risks. Experiences capital spending rose to $6.4 billion from $3.7 billion. International parks' income fell to $369 million from $422 million in Q3 FY2026, and Comcast opened Epic Universe in Orlando in May 2025.
- Distribution disputes can take channels off TV services (customer or supplier concentration)Disney's channels were removed from YouTube TV on Oct 30, 2025 when a contract expired. Disney said on Feb 2, 2026 that the temporary suspension cost Sports about $110 million of segment operating income in Q1 FY2026.
Netflix
- Viewing grows slowly while rivals compete for screen time (competition)View hours rose 2% in the first half of 2026, against 14.7% revenue growth (Cityfort calculation from Q2 FY2026 10-Q). Netflix acknowledged investor concern on Oct 20, 2026. It names Alphabet, Amazon, Apple, Comcast, Disney, Meta, Roblox and TikTok as rivals.
- Quarterly margins swing (other)Operating margin was 34.6% in Q3 FY2026 and 28.2% in Q3 FY2025, which held about $619 million of Brazil expense. Netflix forecast 26.0% for Q4, including about 120 basis points (1.2 points) of headcount cost.
- Exchange rates (currency)Currencies other than the US dollar were 56% of FY2025 revenue and 31% of operating expenses. €4,700 million of Netflix's notes are remeasured into dollars each quarter.
Sources: Disney S1, S15, S49, S17 · Netflix S16, S15, S17, S7, S8, S10, S11, S19, S18, S1, S6
Key facts
- How does Disney make money compared with Netflix?
- Disney's revenue by segment in FY2025: Entertainment 44.1%, Sports 18.4%, Experiences 37.5%. Netflix's revenue by segment in FY2025: United States and Canada 44.2%, Europe, Middle East and Africa 32.1%, Latin America 11.9%, Asia-Pacific 11.8%.
- Which is bigger by revenue, Disney or Netflix?
- Disney reported $94.4B of revenue in FY2025, and Netflix reported $45.2B in FY2025. The two fiscal years end in different months.
- How much net income did Disney and Netflix report?
- Disney reported net income of $12.4B in FY2025, and Netflix reported $11.0B in FY2025.
- How much of every $100 did Disney and Netflix keep as net income?
- Disney kept $13.1 of every $100 that came in during FY2025, and Netflix kept $24.2 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do Disney and Netflix have?
- Disney had $46.0B of debt and $5.2B of cash and investments on Jun 27, 2026. Netflix had $15.1B of debt and $8.2B of cash and investments on Sep 30, 2026.
- When do Disney's and Netflix's fiscal years end?
- Disney: Saturday closest to Sep 30. Netflix: Dec 31.
Sources: Disney S4, S1, S15, S6 · Netflix S4, S5, S1, S2, S18, S6, S15
Built from each company's page. Disney updated Nov 1, 2026; Netflix updated Nov 1, 2026.
Sources
Disney
- S1Form 10-K for fiscal year 2025, The Walt Disney Company (SEC EDGAR), Nov 13, 2025
- S4Form 10-K for fiscal year 2022, The Walt Disney Company (SEC EDGAR), Nov 29, 2022
- S6Form 10-Q for Q3 FY2026, The Walt Disney Company (SEC EDGAR), Aug 5, 2026
- S15Earnings release for Q3 FY2026 (Form 8-K, Exhibit 99.1), The Walt Disney Company (SEC EDGAR), Aug 5, 2026
- S17Earnings release for Q1 FY2026 (Form 8-K, Exhibit 99.1), The Walt Disney Company (SEC EDGAR), Feb 2, 2026
- S27Proxy statement (DEF 14A) for the 2026 annual meeting, The Walt Disney Company (SEC EDGAR), Jan 22, 2026
- S28Schedule 13G, Vanguard Capital Management, Filed by Vanguard Capital Management (SEC EDGAR), Apr 30, 2026
- S29Schedule 13G/A, The Vanguard Group, Filed by The Vanguard Group (SEC EDGAR), Mar 27, 2026
- S49Comcast Corporation Form 10-K for 2025, Comcast Corporation (SEC EDGAR), Feb 3, 2026
Netflix
- S1Form 10-K for fiscal year 2025, Netflix, Inc. (SEC EDGAR), Jan 23, 2026
- S2Form 10-K for fiscal year 2024, Netflix, Inc. (SEC EDGAR), Jan 27, 2025
- S4Form 10-K for fiscal year 2022, Netflix, Inc. (SEC EDGAR), Jan 26, 2023
- S5Form 10-K for fiscal year 2021, Netflix, Inc. (SEC EDGAR), Jan 27, 2022
- S6Form 10-Q for the quarter ended Sep 30, 2026, Netflix, Inc. (SEC EDGAR), Oct 21, 2026
- S7Form 10-Q for the quarter ended Jun 30, 2026, Netflix, Inc. (SEC EDGAR), Jul 17, 2026
- S8Form 10-Q for the quarter ended Mar 31, 2026, Netflix, Inc. (SEC EDGAR), Apr 17, 2026
- S10Form 10-Q for the quarter ended Jun 30, 2025, Netflix, Inc. (SEC EDGAR), Jul 18, 2025
- S11Form 10-Q for the quarter ended Mar 31, 2025, Netflix, Inc. (SEC EDGAR), Apr 18, 2025
- S15Letter to Shareholders, Q3 2026 (Form 8-K, Ex. 99.1), Netflix, Inc. (SEC EDGAR), Oct 20, 2026
- S16Letter to Shareholders, Q2 2026 (Form 8-K, Ex. 99.1), Netflix, Inc. (SEC EDGAR), Jul 16, 2026
- S17Letter to Shareholders, Q1 2026 (Form 8-K, Ex. 99.1), Netflix, Inc. (SEC EDGAR), Apr 16, 2026
- S18Letter to Shareholders, Q4 2025 (Form 8-K, Ex. 99.1), Netflix, Inc. (SEC EDGAR), Jan 20, 2026
- S19Letter to Shareholders, Q3 2025 (Form 8-K, Ex. 99.1), Netflix, Inc. (SEC EDGAR), Oct 21, 2025
- S25Proxy statement (DEF 14A) for the 2026 annual meeting, Netflix, Inc. (SEC EDGAR), Apr 16, 2026
- S26Form 8-K: Anne Sweeney resigns from the board (Item 5.02), Netflix, Inc. (SEC EDGAR), Jul 30, 2026
- S28Form 8-K: 2026 annual meeting votes; Jay Hoag named Chairman (Items 5.07, 8.01), Netflix, Inc. (SEC EDGAR), Jun 5, 2026
- S39Schedule 13G/A: FMR LLC, as of Jun 30, 2026, Netflix, Inc. (SEC EDGAR), Aug 6, 2026
- S40Schedule 13G: Vanguard Capital Management, as of Mar 31, 2026, Netflix, Inc. (SEC EDGAR), Apr 30, 2026
- S41Schedule 13G/A: The Vanguard Group, event date Mar 13, 2026, Netflix, Inc. (SEC EDGAR), Mar 27, 2026
- S44EDGAR submissions list for Netflix, Inc., U.S. SEC (data.sec.gov), Nov 1, 2026
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