AI-generated analysis, not investment advice. The articles are written by AI, edited, and checked against company filings — but the judgements are opinions and the figures go stale. How this is made · Terms

⚠ No More Subscriber CountsModerate threat

Walt Disney (DIS) — threat to the moat

Disney stopped reporting subscribers and ARPU from fiscal 2026, after Disney+ reached 131.6 million and Hulu 64.1 million.

The 43.7 million bundle figure is the last one investors will see. Disney told investors that "we will no longer report these metrics starting with the first quarter of fiscal 2026 for Disney+ and Hulu and the fourth quarter of fiscal 2025 for ESPN+"1. Average revenue per user went with them.

Disney SVOD subscription fee growth, Q3 FY2026 (percentage points)+9More subscribers+3Higher effective rates+1Foreign exchangeWalt Disney Q3 FY2026 earnings release, supplemental SVOD detail
Volume is the number left to watch.

The last figures were good: Disney+ at 131.6 million and Hulu at 64.1 million at 27 September 20252. That makes the timing of the change worth noting. A company confident its subscriber base will keep growing usually keeps reporting it.

Disney's argument is that profit, not subscribers, is the right measure, and it now publishes SVOD revenue and operating income instead. That is a reasonable measure of the business and a poor measure of reach: profit can rise while subscribers fall if prices rise faster.

The last average revenue figures show how different the services are. Hulu Live TV plus subscription earned $99.85 a month per subscriber in fiscal 2025, against $12.36 for Hulu's subscription service and $8.06 for domestic Disney+3. Those differences are now hidden inside a single SVOD revenue line that excludes the live service altogether.

Without subscriber counts, the closest proxy is the split Disney still gives for revenue growth. If the volume contribution to SVOD subscription fees falls below 3 points in any quarter, the bundle will have stopped adding households. It was 9 points in the latest quarter4.

References
  1. ReportedDisney told investors that "we will no longer report these metrics starting with the first quarter of fiscal 2026 for Disney+ and Hulu and the fourth quarter of fiscal 2025 for ESPN+".
    The Hollywood Reporter, August 2025 - Disney will stop reporting subscribers and average revenue per user for Disney+, Hulu and ESPN+. — August 2025 · publ. August 2025 · source ↗
  2. ReportedThe last figures were good: Disney+ at 131.6 million and Hulu at 64.1 million at 27 September 2025.
    The Walt Disney Company Form 10-K for fiscal 2025 (year ended 27 September 2025) - capital structure: goodwill, borrowings, credit ratings, dividends, share repurchases and the Hulu purchase. — FY2025 · publ. 13 November 2025 · source ↗
  3. ReportedHulu Live TV plus subscription earned $99.85 a month per subscriber in fiscal 2025, against $12.36 for Hulu's subscription service and $8.06 for domestic Disney+.
    The Walt Disney Company Form 10-K for fiscal 2025 (year ended 27 September 2025) - capital structure: goodwill, borrowings, credit ratings, dividends, share repurchases and the Hulu purchase. — FY2025 · publ. 13 November 2025 · source ↗
  4. ReportedIt was 9 points in the latest quarter.
    The Walt Disney Company third-quarter fiscal 2026 earnings release, Form 8-K exhibit 99.1 - Entertainment results by revenue type, the shareholder letter and segment totals. — Q3 FY2026 · publ. 5 August 2026 · source ↗
Sources
Generated October 5, 2026