Walt Disney surprised analysts with a strong first-quarter performance, driven by an uptick in its direct-to-consumer segment and content sales.

Disney posted a 35% increase in earnings per share and 5% increase in total revenue in its first quarter of 2025, boosted by strong box-office performance led by “Moana 2,” which has topped $1 billion globally, and continued improvements in streaming profitability at Disney+ and Hulu.