Mang kinh doanh streaming cua Disney lan dau tien dat bien loi nhuan hoat dong hai chu so trong quy 2 tai khoa 2026, o muc 10,6%, voi loi nhuan hoat dong tang 88% len 582 trieu USD. Day cung la quy thu hai lien tiep Disney khong cong bo bat ky con so thue bao nao, sau khi ngung cong khai thong tin nay ke tu lan bao cao 132 trieu thue bao Disney+ vao thang 9 nam 2025. Tong doanh thu cua Disney+ va Hulu dat 5,49 ty USD, tang 13% va tang toc so voi muc 11% cua quy truoc, chu yeu do cac dot tang gia thang 10 nam 2025 mang lai chu khong phai do tang truong luong nguoi dung. Cac so lieu duoi day duoc lay tu bao cao ket qua kinh doanh quy 2 tai khoa 2026 va tai khoa 2025 cua Disney, chi so Media Distributor Gauge cua Nielsen, du lieu thue bao cua Antenna, va khao sat Xu huong Truyen thong So 2026 cua Deloitte.
Tom tat nhanh
- Loi nhuan hoat dong mang giai tri streaming cua Disney tang 88% len 582 trieu USD trong quy 2 tai khoa 2026 (Disney)
- Bien loi nhuan hoat dong streaming dat 10,6%, quy dau tien dat hai chu so (Disney)
- Doanh thu Disney+ va Hulu dat 5,49 ty USD, tang 13% (Disney)
- Tang truong doanh thu tang toc tu 11% trong quy 1 tai khoa 2026 len 13% trong quy 2 (Disney)
- Tong doanh thu cua tap doan la 25,17 ty USD, tang 7% (Disney)
- Loi nhuan tren moi co phieu da dieu chinh la 1,57 USD, tang 8% (Disney)
- So lieu thue bao Disney+ cong bo gan nhat la 132 trieu, tinh den ngay 27 thang 9 nam 2025 (Disney)
- Trong do 59,3 trieu o My va Canada va 72,4 trieu o thi truong quoc te (Disney)
- Tong thue bao Disney+ va Hulu cong lai vao khoang 196 trieu tai cung thoi diem (Disney)
- Disney+ Premium tang tu 15,99 USD len 18,99 USD vao ngay 21 thang 10 nam 2025 (Disney)
- Disney chiem 11,9% luong xem truyen hinh tai My trong thang 1 nam 2026, thang tot nhat trong mot nam (Nielsen)
- Thi phan cua Disney la 10,0% vao thang 5 nam 2026, dung thu hai sau YouTube voi 13,8% (Nielsen)
- Ty le roi bo binh quan gia quyen o phan khuc SVOD cao cap on dinh o muc 4,6% (Antenna)
1. Khoang lang ve so lieu thue bao
Disney ngung bao cao so luong thue bao streaming ke tu quy 1 tai khoa 2026, khien so lieu thang 9 nam 2025 tro thanh moc tham chieu co dinh thay vi mot diem du lieu cap nhat. So lieu cong bo gan nhat la 132 trieu thue bao Disney+, gom 59,3 trieu o My va Canada va 72,4 trieu o thi truong quoc te, voi tong thue bao Disney+ va Hulu cong lai vao khoang 196 trieu. Quyet dinh nay theo dung logic ma Netflix da ap dung mot nam truoc do: mot khi mot dich vu duoc dinh gia de toi uu bien loi nhuan thay vi tang truong, so luong thue bao khong con la chi so ma ban lanh dao muon nha dau tu tap trung vao nua.
| Chỉ số | Giá trị | Nguồn |
|---|---|---|
| Thue bao Disney+, cong bo gan nhat | 132 trieu | Disney, Quy 4 tai khoa 2025 |
| Thue bao tai My va Canada | 59,3 trieu | Disney, Quy 4 tai khoa 2025 |
| Thue bao quoc te | 72,4 trieu | Disney, Quy 4 tai khoa 2025 |
| Tong thue bao Disney+ va Hulu | khoang 196 trieu | Disney, Quy 4 tai khoa 2025 |
| Ngay cong bo gan nhat | 27 thang 9 nam 2025 | Disney |
| Quy dau tien khong bao cao thue bao | Quy 1 tai khoa 2026 | Disney |
| Ty trong ngam dinh cua My/Canada trong nen tang Disney+ | khoang 45% | Tinh toan tu so lieu cua Disney |
Ty trong tinh toan chi la phep tinh don gian tren hai so lieu khu vuc da cong bo. Bat ky con so thue bao Disney+ nao cho nam 2026 duoc cong bo o noi khac deu la mo hinh du bao cua ben thu ba, khong phai thong tin chinh thuc tu cong ty. Boi canh so sanh voi doi thu dan dau ngành co trong bai thong ke Netflix cua chung toi. Nguon: Bao cao ket qua kinh doanh quy 4 va ca nam tai khoa 2025 cua Disney.
2. Doanh thu va buoc ngoat bien loi nhuan
Bien loi nhuan chinh la cau chuyen bao trum cua mang streaming Disney trong nam 2026. 582 trieu USD loi nhuan hoat dong tren 5,49 ty USD doanh thu tao ra bien loi nhuan 10,6%, loi nhuan tang 88% trong khi doanh thu chi tang 13%, day chinh la dieu don bay hoat dong the hien ro khi cac dot tang gia duoc ap dung tren nen tang chi phi noi dung co dinh. Disney da du bao bien loi nhuan hoat dong streaming it nhat 10% cho ca nam tai khoa, va quy nay da vuot truoc tien do do.
| Chỉ số | Giá trị | Nguồn |
|---|---|---|
| Doanh thu mang DTC Giai tri, Quy 2 tai khoa 2026 | 5,49 ty USD | Disney |
| Tang truong doanh thu mang DTC Giai tri | tang 13% so voi cung ky | Disney |
| Loi nhuan hoat dong mang DTC Giai tri | 582 trieu USD | Disney |
| Tang truong loi nhuan hoat dong | tang 88% so voi cung ky | Disney |
| Bien loi nhuan hoat dong | 10,6% | Disney |
| Tang truong doanh thu quy truoc | 11% (Quy 1 tai khoa 2026) | Disney |
| Muc tieu bien loi nhuan streaming ca nam | it nhat 10% | Disney |
| Doanh thu mang Giai tri | 11,72 ty USD, tang 10% | Disney |
| Phi thue bao va phi doi tac | 7,8 ty USD, tang 14% | Disney |
Can luu y rang muc “giai tri truc tiep den nguoi tieu dung” cua Disney gop chung Disney+ va Hulu, va khong bao gom cac san pham streaming cua ESPN, von nam trong mang The thao. Nguon: ket qua kinh doanh quy 2 tai khoa 2026 cua Disney va bao cao cua CNBC ve quy nay.
3. Gia Disney+ nam 2026
Gia ban gio day la don bay tang truong streaming chu chot cua Disney, va dot tang gia thang 10 nam 2025 kha manh tay o muc cao cua bien do. Goi Disney+ Premium tang tu 15,99 USD len 18,99 USD, tuc tang 19% chi trong mot lan, trong khi goi co quang cao tang tu 9,99 USD len 11,99 USD, tuong duong tang 20%. Viec gia goi co quang cao tang manh hon ve ty le phan tram so voi goi khong quang cao cho thay Disney danh gia cao doanh thu quang cao gan voi cac tai khoan nay, chu khong chi rieng phi thue bao.
| Chỉ số | Giá trị | Nguồn |
|---|---|---|
| Disney+ Basic co quang cao, gia moi | 11,99 USD/thang | Disney |
| Disney+ Basic co quang cao, gia truoc do | 9,99 USD/thang | Disney |
| Disney+ Premium, gia moi | 18,99 USD/thang | Disney |
| Disney+ Premium, gia truoc do | 15,99 USD/thang | Disney |
| Combo Hulu va Disney+ co quang cao | 12,99 USD, tu 10,99 USD | Disney |
| Disney+, Hulu va ESPN Select co quang cao | 19,99 USD, tu 16,99 USD | Disney |
| ESPN Select rieng le | 12,99 USD, tu 11,99 USD | Disney |
| Ngay hieu luc cua cac dot tang gia | 21 thang 10 nam 2025 | Disney |
| Dieu chinh gia goi ESPN Unlimited cho thue bao moi | 6 thang 1 nam 2026 | Disney |
Deloitte phat hien 61% nguoi duoc khao sat noi ho se huy dich vu yeu thich neu bi tang them 5 USD moi thang, con so nay xap xi voi muc tang cua goi Premium ma Disney vua thuc hien. Nguon: tong hop cua Variety ve cac thay doi gia Disney thang 10 nam 2025.
4. Hulu duoc sap nhap
Thay doi mang tinh cau truc cua nam 2026 la Hulu khong con la mot san pham rieng biet. Disney da hoan tat thuong vu mua lai toan bo Hulu tu Comcast vao thang 6 nam 2025 va dang sap nhap dich vu nay vao Disney+ thanh mot ung dung duy nhat trong nam 2026, dong thoi khai tu ung dung Hulu doc lap. Doi voi mot cong ty da ngung cong bo so lieu thue bao, viec sap nhap nay cung xoa bo cach ro rang cuoi cung de nguoi ngoai co the tach biet hai nen tang nguoi dung.
| Chỉ số | Giá trị | Nguồn |
|---|---|---|
| Hoan tat mua lai Hulu tu Comcast | thang 6 nam 2025 | Disney |
| Muc tieu sap nhap thanh mot ung dung | trong nam 2026 | Disney |
| Ung dung Hulu doc lap | khai tu sau khi chuyen doi | Disney |
| Cach tiep can chuyen doi | dan dan, khong chuyen doi mot lan | Disney |
| Tong thue bao tai lan cong bo gan nhat | khoang 196 trieu | Disney, Quy 4 tai khoa 2025 |
| Don vi bao cao gop ca hai dich vu | Giai tri truc tiep den nguoi tieu dung | Disney |
| Noi bao cao streaming cua ESPN | mang The thao, rieng biet | Disney |
Mot he qua dang chu y: viec ghep goi tu truoc den nay thuong lam giam ty le roi bo, vi vay viec buoc sap nhap thanh mot ung dung duy nhat se giup cai thien mot cach co hoc cac chi so giu chan nguoi dung ma Disney bao cao, ngay ca khi hanh vi thuc te cua nguoi dung khong thay doi. Boi canh rong hon ve phan phoi noi dung co trong bai thong ke thiet bi streaming cua chung toi. Nguon: ket qua kinh doanh quy 2 tai khoa 2026 cua Disney.
5. Thi phan man hinh
Chi so Media Distributor Gauge cua Nielsen tong hop moi thuong hieu cua Disney, ca truyen hinh tuyen tinh lan streaming, khien no tro thanh thuoc do doc lap dinh ky duy nhat ve tong thi phan chu y danh cho cong ty. Disney chiem 11,9% luong xem truyen hinh tai My trong thang 1 nam 2026, thang manh nhat trong mot nam, roi on dinh o muc 10,3% vao thang 4 va 10,0% vao thang 5. Disney luon giu vi tri thu hai sau YouTube trong suot giai doan nay, va khoang cach ngay cang no ra khi YouTube tang tu 12,5% len 13,8% trong cung khoang thoi gian.
| Chỉ số | Giá trị | Nguồn |
|---|---|---|
| Thi phan Disney tai TV My, thang 1/2026 | 11,9% | Nielsen |
| Thi phan Disney, thang 4/2026 | 10,3% | Nielsen |
| Thi phan Disney, thang 5/2026 | 10,0% | Nielsen |
| Thi phan YouTube, thang 1/2026 | 12,5% | Nielsen |
| Thi phan YouTube, thang 4/2026 | 13,4% | Nielsen |
| Thi phan YouTube, thang 5/2026 | 13,8% | Nielsen |
| Thi phan Netflix, thang 1/2026 | 8,8% | Nielsen |
| Thi phan Netflix, thang 5/2026 | 8,0% | Nielsen |
| Thi phan streaming trong TV co quang cao, Quy 1/2026 | 46,6%, muc ky luc | Nielsen |
| Ty trong TV co quang cao trong tong luong xem TV, Quy 1/2026 | 73% | Nielsen |
Goc nhin theo nha phan phoi lam Disney trong co ve vuot troi hon so voi cac bang xep hang cap ung dung vi no gop chung ABC, ESPN, FX va cac kenh truyen hinh cap cung voi Disney+ va Hulu. Nguon: chi so Media Distributor Gauge thang 1 nam 2026 cua Nielsen va bao cao Gauge thang 5 nam 2026 cua Nielsen.
6. Nhom nganh ma Disney dang duoc dinh gia theo
Suc manh dinh gia cua Disney chi co y nghia khi dat trong boi canh ty le roi bo cua nganh ma cong ty dang hoat dong, va moi truong nay da on dinh tro lai trong nam 2025 sau ba nam bien dong. Ty le roi bo binh quan gia quyen o phan khuc SVOD cao cap on dinh o muc 4,6%, va tang truong thue bao toan nganh giam xuong con 7%, tu muc 12% cua nam truoc do, cho thay day la thi truong ma viec tang gia tren nen tang khach hang san co la don bay loi nhuan dang tin cay hon so voi viec chay theo luong thue bao moi rong. Khao sat cua Deloitte cho thay ho gia dinh thue bao trung binh su dung bon dich vu va chi 69 USD moi thang.
| Chỉ số | Giá trị | Nguồn |
|---|---|---|
| Ty le roi bo binh quan gia quyen SVOD cao cap | 4,6% | Antenna |
| Tang truong thue bao toan nganh, 2025 | 7% | Antenna |
| Tang truong thue bao toan nganh, 2024 | 12% | Antenna |
| Ho gia dinh My co dich vu SVOD tra phi | 90% | Deloitte, 2026 |
| So dich vu trung binh moi ho gia dinh co thue bao | bon | Deloitte, 2026 |
| Chi tieu streaming trung binh moi thang cua ho gia dinh | 69 USD | Deloitte, 2026 |
| Thue bao co it nhat mot goi co quang cao | 68% | Deloitte, 2026 |
| Se huy neu bi tang 5 USD | 61% | Deloitte, 2026 |
| Cam thay buc xuc vi gia tiep tuc tang | 73% | Deloitte, 2026 |
Chi tiet day du ve nganh co trong bai thong ke ty le roi bo streaming cua chung toi. Nguon: bao cao State of Subscriptions quy 1 nam 2026 cua Antenna va khao sat Xu huong Truyen thong So 2026 cua Deloitte.
Tom tat: Disney+ qua cac con so
| Chỉ số | Giá trị | Nguồn |
|---|---|---|
| Doanh thu mang DTC Giai tri, Quy 2 tai khoa 2026 | 5,49 ty USD | Disney |
| Tang truong doanh thu mang DTC Giai tri | 13% | Disney |
| Loi nhuan hoat dong mang DTC Giai tri | 582 trieu USD | Disney |
| Tang truong loi nhuan hoat dong | 88% | Disney |
| Bien loi nhuan hoat dong streaming | 10,6% | Disney |
| Tong doanh thu tap doan, Quy 2 tai khoa 2026 | 25,17 ty USD | Disney |
| Tang truong tong doanh thu | 7% | Disney |
| Loi nhuan tren moi co phieu da dieu chinh | 1,57 USD, tang 8% | Disney |
| Doanh thu mang Giai tri | 11,72 ty USD, tang 10% | Disney |
| Phi thue bao va phi doi tac | 7,8 ty USD, tang 14% | Disney |
| Tong loi nhuan hoat dong cac mang | 4,6 ty USD, tang 4% | Disney |
| Thue bao Disney+, cong bo gan nhat | 132 trieu | Disney |
| Thue bao tai My va Canada | 59,3 trieu | Disney |
| Thue bao quoc te | 72,4 trieu | Disney |
| Tong thue bao Disney+ va Hulu | khoang 196 trieu | Disney |
| Gia Disney+ Premium | 18,99 USD | Disney |
| Gia Disney+ co quang cao | 11,99 USD | Disney |
| Thi phan Disney tai TV My, thang 1/2026 | 11,9% | Nielsen |
| Thi phan Disney tai TV My, thang 5/2026 | 10,0% | Nielsen |
| Thi phan streaming trong TV co quang cao, Quy 1/2026 | 46,6% | Nielsen |
| Ty le roi bo SVOD cao cap | 4,6% | Antenna |
| Muc tieu mua lai co phieu, tai khoa 2026 | it nhat 8 ty USD | Disney |
Phuong phap luan va nguon du lieu
- Doanh thu theo quy, loi nhuan hoat dong, bien loi nhuan, chi tiet theo mang, loi nhuan tren moi co phieu va du bao duoc lay tu ket qua kinh doanh quy 2 tai khoa 2026 cua Disney, cong bo ngay 6 thang 5 nam 2026 (tai lieu ket qua kinh doanh, quan he nha dau tu), duoc doi chieu voi cac bao cao cung thoi diem (CNBC, Variety).
- So lieu thue bao duoc lay tu bao cao quy 4 va ca nam tai khoa 2025 cua Disney, cho ky ket thuc ngay 27 thang 9 nam 2025 (The Walt Disney Company).
- Gia ban duoc lay tu thay doi bang gia thang 10 nam 2025 cua Disney, theo tai lieu ghi nhan tai thoi diem do (Variety).
- Thi phan xem duoc lay tu chi so Media Distributor Gauge cua Nielsen (thang 1/2026, thang 5/2026) va Ad Supported Gauge quy 1 nam 2026 (Nielsen).
- Ty le roi bo va chi tieu toan nganh duoc lay tu bao cao State of Subscriptions quy 1 nam 2026 cua Antenna (Antenna) va khao sat Xu huong Truyen thong So 2026 cua Deloitte voi 3.575 nguoi tieu dung My tu 14 tuoi tro len, thuc hien tu thang 10 den thang 11 nam 2025 (Deloitte).
- Luu y ve du lieu: Disney khong con cong bo so lieu thue bao, vi vay con so 132 trieu la moc tham chieu co dinh tu thang 9 nam 2025 va se cang cu di theo tung quy. Bat ky con so thue bao Disney+ nao cho nam 2026 ban gap o noi khac nen duoc xem la ket qua tu mo hinh du bao, khong phai thong tin chinh thuc duoc cong bo. Muc bao cao “giai tri truc tiep den nguoi tieu dung” cua Disney gop chung Disney+ va Hulu va khong bao gom streaming cua ESPN, von nam trong mang The thao, nen khong the so sanh truc tiep voi cach Netflix bao cao cho mot dich vu duy nhat. Goc nhin theo nha phan phoi cua Nielsen gop chung toan bo thuong hieu Disney, ke ca cac kenh truyen hinh tuyen tinh, day la thuoc do khac voi muc su dung rieng ung dung Disney+. Ca Antenna va Deloitte deu chi do luong tai thi truong My.
- Cap nhat lan cuoi: ngay 31 thang 7 nam 2026. Chung toi cap nhat bai tong hop nay theo quy khi Disney cong bo ket qua kinh doanh va Nielsen cong bo du lieu Gauge moi.