While Q4 2025 (fiscal Q1 2026) was not the first time Disney’s direct-to-consumer (D2C) streaming business has turned a profit, the latest results are among the largest profit increases for the company since Disney+ launched back in 2019. The company’s Q4 earnings show the D2C engine moving into the black, delivering operating income of roughly $450 million, up sharply from $261 million a year earlier. This milestone comes as Disney’s streaming revenue climbed around 11% to over $5.3 billion in the last quarter, largely driven by subscription growth and incremental advertising revenue. For a business that once symbolized the industry’s willingness to burn cash for subscriber growth, the company has come a long way navigating the secular media industry. But…