The results are in as the major media companies have wrapped up their final round of quarterly earnings disclosures for 2025, so it’s time to dig into how their streaming services fared.
As usual, Netflix reigns supreme on the subscriber and average revenue per user fronts, despite no longer reporting metrics since the end of 2024. Netflix also remains well ahead of the competition on profitability, though the gap remains tight among Disney, Warner Bros. Discovery and Paramount, which all posted profits for their respective combined streaming businesses.
Peacock was the only major streamer to continue to report a loss, though it narrowed from the prior-year period. Still, its results illustrate why Comcast is potentially keen to buy Warner Bros. and combine the companies’ two mid-tier streaming services.
On the subscriber front, Disney+ took the second place spot, followed by Warner Bros. Discovery, Paramount, Hulu and Peacock. On the average revenue per user front, Hulu trailed behind Netflix in second, followed by Warner Bros. Discovery, Peacock and Disney+. ESPN+ no longer reports its quarterly subscriber and average revenue per user figures, and Disney+ and Hulu will no longer disclose the metrics starting next quarter. Paramount also does not break out its ARPU figure.
Looking ahead, the potential sale of all or part of Warner Bros. Discovery is poised to shake up the streaming landscape as Netflix and Peacock owner Comcast are both kicking the tires on the company’s studio and streaming business. Paramount has also submitted three separate offers for the entire company, with the highest offer of $23.50 rejected for being too low.
An individual familiar with the matter told TheWrap that the first round of non-binding bids are due Nov. 20, with a decision on a possible deal expected to be made around Christmas. A potential deal would give Netflix the ability to cement its lead over its legacy media-owned streaming competitors or provide much-needed scale to Peacock or Paramount+.
This analysis does not include Apple TV and Prime Video, which do not disclose their quarterly subscribers, ARPU or profits/losses.
In 2023, Amazon CEO Andy Jassy said he has “increasing conviction” Prime Video would become a “large and profitable business” on its own. The tech giant on Tuesday said that Prime Video’s ad-supported tier reaches more than 315 million monthly viewers globally. Meanwhile, Apple Services vice president Eddy Cue last month said that Apple TV has “significantly more” than the 45 million subscribers estimated by analysts, but declined to disclose a specific figure.
Subscribers
Though Netflix stopped disclosing its subscriber count at the end of 2024, the company remains the leader with over 300 million subscribers globally. The company previously said it would provide updates when it hits major milestones.
Disney added 12.4 million subscribers across Disney+ and Hulu in the quarter for a combined total of 195.7 million globally. Broken down further, Disney+ added 3.8 million subscribers for a total of 131.6 million and Hulu added 8.6 million for a total of 64.1 million, largely driven by the company’s expanded distribution deal with Charter Communications.
The company no longer breaks out its subscriber figures for ESPN+, which last reported a total of 24.1 million subscribers. Executives also declined to disclose subscribers for newly launched service ESPN Unlimited, but said that sign-ups were “substantial,” with 80% signing up for the service via Disney’s trio bundle.
Warner Bros. Discovery rounded out the top three, adding 2.3 million subscribers for a total of 128 million globally. It remains on track to reach at least 150 million subscribers by the end of 2026.
Paramount+ finished in fourth, adding 1.4 million subscribers for a total of 79.1 million globally. Starting in the fourth quarter, Paramount will no longer include free trial-ers in its total subscriber count. As of the end of the third quarter, free trial users totaled 1.2 million. Paramount+ net additions are expected to come in lower in the fourth quarter than the third quarter due to the termination of two international hard bundles.
Peacock finished in last among the major streamers, excluding ESPN+, as subscriber growth failed to move for the third consecutive quarter, remaining stuck at a total of 41 million paid subscribers.
When asked how Peacock would continue to scale if Comcast decides not to participate in M&A, president Mike Cavanagh touted the company’s partnerships with creative talent, including its new massive $1 billion TV and film deal with “Yellowstone” and “Landman” creator Taylor Sheridan (the TV portion doesn’t kick in until 2029, but he can start making films in 2026), as well as Jason Blum, Chris Melendandri, Steven Spielberg, Jordan Peele, Christopher Nolan and others.
Average revenue per user
Netflix, which stopped disclosing its ARPU at the end of 2024, last pegged the figure at $17.26 in the United States and Canada, $11.11 in the Europe, Middle East and Africa region, $7.34 in the Asia-Pacific region and $8 in Latin America.
Disney+ ARPU came in flat at $8.09 domestically as higher advertising revenue was offset by the impact of subscriber mix shifts, while international ARPU grew 4% to $8, due to a favorable impact from foreign exchange rates and subscriber mix shifts. Hulu SVOD only subscribers grew 17% to 59.7 million, while Hulu + Live TV subscribers grew 2% to 4.4 million. Hulu SVOD only ARPU fell to $12.20 due to the impact of subscriber mix shifts, while Hulu + Live TV ARPU fell to $100.02 due to lower advertising revenue. The company no longer breaks out ARPU for ESPN+, which last sat at $6.40.
In October, Disney raised prices for its Disney+, Hulu and ESPN+ plans, the results of which will flow into the next quarter’s results.
WBD’s global ARPU fell to $6.64, due to growth in international markets with lower ARPU, offset by international revenue associated with a legal ruling that may require adjustments to prior customer bills. It was also weighed down by a 13% decline in domestic ARPU to $10.40, driven by the impact of previously disclosed domestic distribution deal renewal, which streaming chief JB Perrette said saw a “reset back to market rates.” International ARPU fell to $3.70.
Perrette told analysts that WBD sees pressure on ARPU in the U.S. over the next three quarters, with a return to growth in the back half of 2026. Like Disney, WBD also raised the price of its HBO Max plans last month.
Peacock previously disclosed that its ARPU sits at roughly $10, though it raised prices by $3 in July, while Paramount+, which plans to raise prices in January, does not break out its quarterly ARPU figure.
Profits and losses
Netflix reported a profit of $2.55 billion in its third quarter of 2025, compared to $2.36 billion a year ago. The streaming king continues to attribute its growth in part to an increase in its members, as well as growth in its ads business and pricing changes.
Disney+ and Hulu grew their combined profit 39% to $352 million, driven by price increases, the addition of 12.4 million subscribers across the two services and the absence of Star India, offset by higher programming, production, marketing, technology and distribution costs. Disney+ and Hulu’s combined profit hit $1.33 billion for fiscal 2025, compared to $143 million in fiscal 2024. In the first quarter of 2026, Disney is expecting a streaming profit of $375 million for Disney+ and Hulu. ESPN+ does not break out its quarterly loss/profit.
WBD’s profits in its streaming business climbed 19% to $345 million. It remains on track to generate a profit of at least $1.3 billion in 2025.
Paramount’s streaming business posted a profit of $340 million, which included $105 million pre-merger and $235 million post-merger, compared to a profit of $49 million a year ago. It expects streaming to be profitable in 2025, but losses are expected in the fourth quarter due to “seasonally-weighted content costs.” It also expects to grow streaming profitability in 2026, driven by the UFC, “South Park” and “several hundred million” dollars of investment in film and series for Paramount+.
Peacock narrowed its losses to $217 million in its third quarter of 2025, compared to a loss of $436 million a year ago. Management has not disclosed a timeline for when the service would reach profitability.
