Disney is about 2.1ร Netflix’s size by revenue ($94.4B in fiscal 2025 vs Netflix’s $45.2B in 2025), but Netflix runs at a much higher margin: 29% operating margin vs Disney’s 19% segment margin. Disney’s profit leans on its parks (Experiences earned $10.0B); Netflix earns everything from streaming. Disney+ had 131.6M paid subscribers at the end of fiscal 2025.
How we source: figures on this page come from the company’s own filings (SEC 10-K, 10-Q and earnings releases, or its annual report), with the period stated next to each number. Last refreshed October 2026. Our methodology.
Disney vs Netflix: bigger vs more profitable. Source: Disney Form 10-K, fiscal 2025 (year to 27 Sep 2025), SEC EDGAR: segment revenue and operating income, Direct-to-Consumer revenue and operating income; earlier 10-Ks for segment operating income; Netflix Forms 10-K 2017โ2025, SEC EDGAR (revenue, operating income). Different fiscal year ends. Ratios calculated. Bars and columns to scale. Analysis by The Business Engineer.
One product vs three businesses. Netflix’s revenue is all streaming; Disney’s streaming sits inside an Entertainment segment ($42.5B) with networks and studios, next to parks and ESPN.
Disney. Families, children, adults, Disney enthusiasts
Netflix. Adults, families, entertainment enthusiasts
Similarities. Both target families, adults, and entertainment enthusiasts. Disney has a strong presence among children.
Differences. Disney has a prominent presence among children through its animation and family-friendly content. Netflix caters to a broad audience, with a focus on adults.
Netflix. Original content, vast library, binge-watching culture
Similarities. Both offer a diverse range of content. Disney relies on its strong brand, nostalgia, and popular franchises. Netflix emphasizes original content and binge-watching culture.
Differences. Disney leverages established franchises and nostalgia. Netflix focuses on producing original content and promoting binge-watching habits.
Competitive Advantage. Established Franchises and Nostalgia (Disney), Original Content (Netflix).
Channels
Disney. Theme parks, media networks, streaming service
Netflix. Streaming service, partnerships
Similarities. Both utilize streaming services. Disney has theme parks and media networks. Netflix primarily relies on its streaming platform and partnerships.
Differences. Disney’s channels include theme parks and media networks. Netflix is primarily a streaming service but collaborates with various partners.
Competitive Advantage. Diverse Channels (Disney), Streaming and Partnerships (Netflix).
Similarities. Both foster brand loyalty. Disney offers theme park experiences. Netflix focuses on subscription-based relationships and a user-centric approach.
Differences. Disney creates strong brand loyalty and memorable theme park experiences. Netflix builds customer relationships through subscription-based models and personalized content.
Competitive Advantage. Brand Loyalty and Theme Park Experiences (Disney), User-Centric Approach (Netflix).
Key Activities
Disney. Content creation, theme park operations
Netflix. Content creation, digital platform maintenance
Similarities. Both engage in content creation. Disney operates theme parks. Netflix focuses on creating and maintaining its digital platform.
Differences. Disney’s key activities include content creation and theme park operations. Netflix focuses primarily on digital platform management and content production.
Competitive Advantage. Content Creation (Both), Theme Park Operations (Disney), Digital Platform (Netflix).
Key Resources
Disney. Intellectual property, content libraries
Netflix. Original content, digital infrastructure
Similarities. Both rely on intellectual property and content libraries. Disney’s strengths include IP ownership. Netflix prioritizes original content and digital infrastructure.
Differences. Disney leverages its extensive intellectual property and content libraries. Netflix’s key resources are original content production capabilities and robust digital infrastructure.
Competitive Advantage. Intellectual Property and Content Libraries (Both), Original Content (Netflix).
Similarities. Both collaborate with film studios and content producers. Disney partners with merchandise manufacturers. Netflix works with distribution partners.
Differences. Disney’s partnerships extend to merchandise manufacturers, enhancing its merchandise business. Netflix’s collaborations primarily involve content distribution partnerships.
Competitive Advantage. Merchandise Manufacturers (Disney), Content Distribution (Netflix).
Revenue Streams
Disney. Film, merchandise, theme parks, streaming
Netflix. Subscription-based streaming
Similarities. Both generate revenue from various sources, including film, merchandise, theme parks, and streaming services. Netflix’s primary revenue source is subscription-based streaming.
Differences. Disney diversifies its revenue streams through films, merchandise, theme parks, and its streaming service. Netflix relies heavily on subscription-based streaming revenue.
Competitive Advantage. Diverse Revenue Streams (Disney), Streaming Dominance (Netflix).
Cost Structure
Disney. Content production, theme park maintenance
Netflix. Content production, digital platform maintenance
Similarities. Both incur costs related to content production. Disney has theme park maintenance expenses. Netflix’s costs are associated with content production and digital platform upkeep.
Differences. Disney’s cost structure includes content production and theme park maintenance. Netflix focuses on content production and digital platform maintenance costs.
Competitive Advantage. Theme Park Maintenance (Disney), Digital Platform (Netflix).
Earlier analysis and background (pre-2026 figures)
The text below is the earlier version of this page. Its figures refer to earlier periods and some were corrected above; the current, sourced figures are in the sections above.
In 2022, The Walt Disney Company’s total paid subscriber base was larger than Netlfix, with over 235 million paid members, compared with Netflix’s over 230 million members. However, Disney’s offering is fragmented among Disney+, ESPN+, and Hulu, compared with Netflix, which has a single offering.
In 2022 Disney passed Netflix
For the first time since its launch, Dinsey’s total subscribers count passed Netflix’s count.
Netflix at a glance: $12.6B of revenue and a 33% operating margin in one quarter. Source: Netflix shareholder letters (Form 8-K, SEC EDGAR) (Q2 2026); 2025 from Form 10-K. YoY calculated. Analysis by The Business Engineer.
Indeed, by September 2022, Disney counted 235,7 million subscribers, whereas Netflix counted 223 million subscribers.
It’s important to highlight that Disney’s subscriber count is a combination of various offerings combining:
Disney+
ESPN+
Hulu
Within each of these core offerings, there are various channels. For instance, Disney+ also comprises Hotstar and Star+.
On its part, Netflix primary revenue stream is subscription. While it has now also launched an ad-supported tier.
Thus also Netflix is diversying its revenue streams, moving into advertising.
Netflix in charts
Outside the US and Canada, Netflix now makes 57% of its revenue. Source: Netflix shareholder letters (Form 8-K, SEC EDGAR) (regional breakdown tables); regions sum to reported revenue. Analysis by The Business Engineer.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
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