The news: Amid an ongoing YouTube TV blackout and linear declines, Disney missed analyst estimates in its fiscal year Q4.

• Revenues hit $22.46 billion, below expectations of $22.83 billion, while the company’s entertainment division—which includes linear TV and streaming operations—saw revenues fall 6%. Linear networks alone fell 16% YoY.
• Disney+ and Hulu were a bright spot: Revenues increased 8% to $6.25 billion, while operating income increased 39% to $352 million. The services added 12.4 million subscribers in the quarter.

On the back of its earnings, Disney CEO Bob Iger and CFO Hugh Johnston reported plans to increase spending on entertainment and sports content by $1 billion in 2026, up from $23 billion.

On its YouTube TV dispute: Disney’s ongoing blackout on YouTube TV is reportedly causing the company to lose $30 million weekly, according to Morgan Stanley. Johnston commented on the dispute Thursday, stating that negotiations are ongoing but that he is ready to battle YouTube TV “as long as they want to.”