Disney vs Substack: Revenue, Profit and Business Model
Disney had $94.4B of annual revenue in FY2025 and $12.4B of net income. Substack had $11.9M of annual revenue in FY2021 and a net loss of $22.9M.
Latest financial snapshot
Financial summary
Disney
Disney's fiscal 2025 (ended September 27, 2025) revenue rose 3% to $94.4 billion, net income was $12.4 billion and adjusted EPS increased 19% to $5.93. Total segment operating income rose 12% to $17.6 billion, led by a record $10.0 billion from Experiences. Streaming became a reliable profit contributor after years of losses. In fiscal Q3 2026 (ended June 27, 2026), revenue grew 7% to $25.25 billion, Experiences revenue rose 10% to $9.97 billion, entertainment streaming revenue rose 11% to $5.53 billion, and adjusted EPS climbed to $2.06 from $1.61. Management guided to $9 billion of fiscal 2026 capital spending, about $24 billion of content investment and at least $9 billion of share repurchases. The Walt Disney Company maintains a formidable market valuation around $200 billion, underpinned by its vast intellectual property portfolio and theme parks.
Substack
Substack is private and publishes no audited financials. Its revenue comes mainly from a 10% fee on paid subscriptions sold by creators. Newcomer reported in 2025 that Substack told investors it had about $45 million in annual recurring revenue. Funding includes a $15.3M Series A led by Andreessen Horowitz (2019), a $65M Series B at a reported.1B valuation (2021), roughly $7.8M from a 2023 Wefunder community round, and a $100M Series C led by BOND and The Chernin Group at a $1.1B valuation (July 2025). That valuation implies a revenue multiple of roughly 24x on reported ARR.
Revenue and profit by year
Disney
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $94.4B | $12.4B | 13.1% | +3.4% | Source |
| FY2024 | $91.4B | — | — | +2.8% | Source |
| FY2023 | $88.9B | — | — | +7.5% | Source |
| FY2022 | $82.7B | — | — | +22.7% | Source |
| FY2021 | $67.4B | — | — | +3.1% | Source |
| FY2020 | $65.4B | — | — | -6.1% | Source |
| FY2019 | $69.6B | — | — | +17.1% | Source |
| FY2018 | $59.4B | — | — | +7.8% | Source |
| FY2017 | $55.1B | — | — | — | Source |
Substack
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 run-rate | $45M | — | — | — | Source |
| FY2021 | $11.9M | -$22.9M | -192.4% | +395.8% | Source |
| FY2020 | $2.4M | -$2.3M | -95.8% | — | Source |
Where the revenue comes from
Disney
- Entertainment~44%
Disney+, Hulu, theatrical films, content licensing, ABC and cable networks: $42.5B FY2025 revenue.
- Experiences~38%
Theme parks, resorts, Disney Cruise Line and consumer products: $36.2B FY2025 revenue.
- Sports~18%
ESPN affiliate fees, advertising and direct-to-consumer subscriptions: $17.7B FY2025 revenue.
Substack
- Paid subscription fee (10%)
Majority (not disclosed)
A 10% cut of the subscription revenue readers pay to creators; Stripe processing fees are separate.
- Other fees
Small (not disclosed)
Smaller charges such as the one-time custom domain fee.
Business model and strategy
Disney
How it makes money
Disney reports three segments. Entertainment ($42.5B FY2025 revenue, $4.7B segment operating income) sells Disney+ and Hulu subscriptions and advertising, releases films theatrically, licenses content and runs ABC and cable networks. Sports ($17.7B revenue, $2.9B operating income) is mainly ESPN, which earns affiliate fees from pay-TV distributors, advertising and direct-to-consumer subscriptions.
Growth strategy
Under CEO Josh D'Amaro, Disney's plan centers on a 'One Disney' push to align its divisions around franchises, plus three investment priorities. First, streaming margins: Disney targeted a 10% operating margin for Entertainment DTC in fiscal 2026 through price increases, advertising tiers, password-sharing limits and the integrated Disney+ and Hulu app.
Competitive advantage
Disney owns a franchise library that few rivals can match, including Mickey Mouse, Disney Animation, Pixar, Marvel, Star Wars, Avatar and The Simpsons, and it can monetize the same story through box office, Disney+, parks, cruises and licensing. Its parks are hard to copy because they need decades of land, capital and Imagineering know-how; Walt Disney World alone spans about 25,000 acres.
Substack
How it makes money
Substack is free to use for free publications. When a writer turns on paid subscriptions, Substack takes 10% of the revenue and Stripe charges its standard card fees. Substack does not run ads on publications. Revenue therefore scales with creator earnings, which is why the company invests in discovery features (recommendations, Notes, the app) that help writers sell more subscriptions.
Growth strategy
Substack's growth strategy centres on making its app a destination rather than just an email tool: Notes, recommendations, video and livestreaming give readers reasons to open the app and help writers find subscribers internally. It also recruits creators from other platforms, including a reported $20 million fund launched in 2025 to attract video creators.
Competitive advantage
Substack's core advantage is distribution: its app, Notes feed and cross-publication recommendations help writers gain subscribers inside the network, which standalone email tools struggle to replicate. Writers also keep their mailing lists, which lowers the risk of joining.
Questions about Disney vs Substack
Which company has higher revenue — The Walt Disney Company or Substack Inc.?
The Walt Disney Company had $94.4B (FY2025), while Substack Inc. had $11.9M (FY2021). By latest annual revenue, The Walt Disney Company is the larger business, with Substack Inc. showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of The Walt Disney Company vs Substack Inc.?
The Walt Disney Company has a market capitalisation of $180.0B. A public market cap figure for Substack Inc. was not available (it may be privately held).
How does revenue per employee compare for The Walt Disney Company and Substack Inc.?
The Walt Disney Company generates $409k / employee in revenue per employee. A comparable figure for Substack Inc. requires matching employee and revenue data from the same reporting period.
How do The Walt Disney Company and Substack Inc. make money?
The Walt Disney Company and Substack Inc. generate revenue in fundamentally different ways. The Walt Disney Company: Disney reports three segments. Substack Inc.: Substack is free to use for free publications.
Is The Walt Disney Company bigger than Substack Inc.?
By last reported revenue, The Walt Disney Company ($94.4B (FY2025)) is the larger company compared to Substack Inc. ($11.9M (FY2021)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Disney vs Substack overview