Disney World Hits All-Time High Revenue in Q3 2025, Strong Bookings Continue into Q4

The Walt Disney Company reported today that Walt Disney World achieved record revenue in the third quarter of fiscal 2025, marking a standout performance for the company’s Experiences segment. CFO Hugh Johnston shared the update during the Q3 earnings call, pointing to strong guest spending and continued demand at the domestic parks and cruise line.

Photo: WDWMAGICWalt Disney World achieved record revenue in the third quarter of fiscal 2025

Experiences Growth Driven by U.S. Parks and Cruises

Disney’s Experiences operating income grew 8% in Q3, an increase from earlier full-year guidance of 7%. Johnston noted that “Walt Disney World just had a record Q3 revenue number” and said the company is “feeling great about that” as it heads into the final quarter of the fiscal year.

Highlights from Johnston’s comments:

• Guest spending (“per caps”) increased at Walt Disney World, supporting overall growth.
• Cruise line occupancy remains high, with forward bookings showing continued strength.
• Fourth quarter bookings for the Experiences segment are currently up about 6% year-over-year.
• Disneyland Paris is also performing well, with expected tailwinds from easier year-over-year comparisons related to the 2024 Olympics.
• Shanghai Disney continues to face pressure on per capita spending due to broader economic challenges in China.

Broader Context

The strong Q3 revenue performance at Walt Disney World contributed to the Experiences segment’s $2.5 billion in operating income, helping offset mixed results in other areas like entertainment and linear TV.

Johnston said the Experiences business is benefiting from a consistent return of demand and improved pricing strategies. While acknowledging economic uncertainty, he expressed confidence in the fourth quarter and the strength of forward bookings across parks and cruises.

Looking Ahead

With fourth quarter expectations trending up, Disney continues to position its domestic parks and cruise line as reliable growth drivers. Johnston’s remarks reiterated recent messaging that, despite regional headwinds in Asia, the Experiences division remains one of the most stable and profitable parts of Disney’s portfolio.