Hulu Statistics 2026: Subscribers, Revenue and Market Share

Hulu reached 196 million combined Disney+ and Hulu subscriptions at the end of fiscal Q4 2025, the final quarter The Walt Disney Company will disclose paid subscriber figures for the service. Hulu added 8.6 million subscribers in the September 2025 quarter alone. Disney’s direct-to-consumer business grew its operating income 39% to $352 million in the same period.

The data below covers Hulu subscribers, revenue, ARPU, plan pricing, the Fubo merger for Hulu + Live TV, market share against Netflix and YouTube, and what changes for analysts now that Disney has stopped publishing Hulu sub figures.

Key Takeaways

• Hulu and Disney+ together reached 196 million subscriptions at the end of Q4 fiscal 2025. Hulu accounted for approximately 64 million of that total.
• Disney’s direct-to-consumer revenue rose 8% to $6.25 billion in Q4 fiscal 2025, with operating income up 39% to $352 million.
• Hulu’s SVOD-only ARPU was $12.20 in Q4 fiscal 2025, while Hulu + Live TV ARPU reached $100.02.
• The Disney+, Hulu, ESPN Unlimited Bundle launched at $35.99/month, with a premium no-ads tier at $44.99/month.
• Disney closed its Hulu + Live TV combination with Fubo on October 29, 2025, holding an approximately 70% stake in the merged entity.
• The combined Fubo and Hulu + Live TV business became the #6 pay-TV operator in the United States.
• Disney stopped reporting Hulu, Disney+, or Hulu + Live TV paid subscribers and ARPU after Q4 fiscal 2025.

Editor’s Choice

• Hulu added 8.6 million subscribers in the September 2025 quarter.
• Combined Disney+ and Hulu Q4 fiscal 2025 net adds reached 12.4 million.
• Entertainment direct-to-consumer operating income for full fiscal 2025 hit approximately $1.33 billion, compared with $143 million in fiscal 2024.
• Q1 fiscal 2026 streaming revenue rose 11% year over year to $5.35 billion.
• Q1 fiscal 2026 streaming operating income rose 72% to $450 million.
• Streaming captured 47.5% of total U.S. TV viewing in December 2025, per Nielsen’s The Gauge.
• Hulu launched its subscription tier at $7.99 per month on November 17, 2010.

Recent Developments

• February 2026: Disney reported Q1 fiscal 2026 streaming revenue of $5.35 billion, up 11%, with operating income at $450 million, up 72% year over year.
• February 2026: Q1 fiscal 2026 marked the first quarter Disney did not report Hulu paid subscriber figures, per the August 2025 disclosure-policy change.
• November 2025: Disney’s Q4 fiscal 2025 earnings showed 196 million combined Disney+ and Hulu subscriptions, the final quarter with Hulu subscriber disclosure.
• October 29, 2025: Disney and Fubo closed their business combination merging Hulu + Live TV with Fubo, with Disney holding an approximately 70% stake.
• August 2025: Disney executives announced on the August 6, 2025 earnings call that the standalone Hulu app will be integrated into Disney+ in 2026.

Hulu Subscriber Statistics

• Combined Disney+ and Hulu paid subscriptions reached 196 million at the end of Q4 fiscal 2025 (September 27, 2025).
• Disney+ ended Q4 fiscal 2025 with 132 million paid subscribers.
• Hulu accounted for approximately 64 million subscriptions across SVOD and Hulu + Live TV at the end of Q4 fiscal 2025.
• Hulu added 8.6 million subscribers in the September 2025 quarter.
• Combined Disney+ and Hulu net additions reached 12.4 million in Q4 fiscal 2025.
• Disney+ added 3.8 million subscribers in the same September 2025 quarter.
• The September 2025 quarter is the last quarter for which Disney publicly disclosed Hulu paid subscriber figures.
• Hulu reached majority Disney ownership in 2019 after the 21st Century Fox acquisition, and became wholly Disney-owned in November 2023 after the Comcast NBCUniversal stake buyout.

Source: The Walt Disney Company Q4 Fiscal 2025 Earnings Release, SEC EDGAR Form 8-K Exhibit 99.1

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Hulu Revenue and Operating Income

• Disney’s direct-to-consumer revenue increased 8% to $6.25 billion in Q4 fiscal 2025.
• Direct-to-consumer operating income increased 39% to $352 million in the same quarter.
• For full fiscal 2025, Entertainment direct-to-consumer operating income reached approximately $1.33 billion.
• Full fiscal 2024 Entertainment direct-to-consumer operating income totaled $143 million.
• The fiscal 2024 to fiscal 2025 swing represents an approximately 9.3-fold year-over-year increase in DTC operating income.
• The Walt Disney Company reiterated an approximately 10% operating-margin target for fiscal 2026 entertainment streaming.
• Q1 fiscal 2026 direct-to-consumer revenue rose 11% to $5.35 billion.
• Q1 fiscal 2026 direct-to-consumer operating income rose 72% to $450 million.

Source: The Walt Disney Company Q4 Fiscal 2025 and Q1 Fiscal 2026 Earnings Releases (Disney Investor Relations, SEC EDGAR)

By the numbers: According to The Walt Disney Company’s Q4 fiscal 2025 earnings release, Entertainment direct-to-consumer operating income reached approximately $1.33 billion for full fiscal 2025, compared to $143 million the prior fiscal year. The roughly 9.3-fold year-over-year swing reflects price hikes, 12.4 million Q4 net adds across Disney+ and Hulu, and lapping prior content-cost write-downs.

Hulu ARPU

• Hulu SVOD-only ARPU was $12.20 in Q4 fiscal 2025.
• Hulu + Live TV ARPU was $100.02 in Q4 fiscal 2025.
• The Q4 SVOD ARPU figure represented a decrease versus the prior quarter due to subscriber mix shift.
• Hulu + Live TV ARPU represented a decrease versus the prior quarter due to lower advertising revenue.
• Q4 fiscal 2025 was the last quarter Disney publicly reported Hulu ARPU; the company stopped disclosing the metric beginning Q1 fiscal 2026.

Source: The Walt Disney Company Q4 Fiscal 2025 Earnings Release (SEC EDGAR Form 8-K Exhibit 99.1)

Hulu Plan Pricing

• Hulu (With Ads) standalone costs $9.99/month.
• Hulu (No Ads) standalone costs $18.99/month.
• The Disney+, Hulu Bundle (With Ads) is priced at $12.99/month.
• The Disney+, Hulu Bundle Premium (No Ads) is priced at $19.99/month.
• The Disney+, Hulu, ESPN Unlimited Bundle costs $35.99/month with ads on Disney+ and Hulu.
• The Disney+, Hulu, ESPN Unlimited Premium Bundle costs $44.99/month with no ads on Disney+ and Hulu.
• The Disney+ premium over standalone Hulu inside the bundle works out to roughly one dollar per month, illustrating the bundle-discount model.

Hulu + Live TV Statistics and the Fubo Merger

• Disney and Fubo entered a definitive agreement to combine Hulu + Live TV with Fubo, announced via Fubo IR.
• Fubo shareholders approved the business combination, which closed on October 29, 2025.
• Disney holds an approximately 70% interest in the combined company.
• Existing Fubo shareholders hold the remaining approximately 30%.
• The combined company became the sixth-largest pay-TV operator in the United States.
• The combined business is expected to become the second-largest Digital MVPD operator in the U.S. behind YouTube TV.
• Fubo and Hulu + Live TV continue to be available to consumers as separate and distinct services.
• Fubo’s existing management team, led by Co-Founder and CEO David Gandler, operates the combined business.

Source: Fubo Investor Relations, October 29, 2025 closing announcement.

Hulu Market Share and Streaming TV Viewing

• Streaming captured a record 47.5% of total U.S. TV viewing in December 2025, surpassing the previous record of 47.3% set in July 2025, per Nielsen’s The Gauge.
• Cable accounted for 22.0% of TV usage in December 2025.
• Broadcast accounted for 21.6% of TV usage in the same month.
• Disney+, Hulu, and ESPN+ are aggregated together in The Gauge as Disney Streaming, which represented 4.7% of total TV usage in December 2025.
• YouTube led all platforms with 12.5% of total TV usage in December 2025.
• Netflix held an 8.5% share of total TV usage in the same month.
• The aggregation policy means Hulu’s standalone share of total TV is no longer broken out by Nielsen, mirroring Disney’s own decision to stop reporting individual Hulu subscriber data.

Key finding: According to Nielsen’s The Gauge, streaming reached a record 47.5% of total U.S. TV viewing in December 2025, with the combined Disney+, Hulu, and ESPN+ services representing 4.7% of total TV usage that month. The new aggregation policy folds Hulu’s standalone share into a Disney Streaming bucket, ending the granular per-platform Hulu visibility analysts had used since 2020.

For a broader context on how streaming compares with other platforms, see SQ Magazine’s Netflix subscriber statistics.

Hulu Q1 Fiscal 2026 Performance

• Q1 fiscal 2026 (quarter ended December 28, 2025) marked the first reporting period without Hulu paid subscriber figures.
• Disney+ and Hulu revenue for Q1 fiscal 2026 reached $5.35 billion, up 11% year over year.
• Operating income for the same period rose 72% to $450 million.
• Subscription fees were up 13% year over year.
• The Walt Disney Company reiterated its expectation for entertainment streaming to deliver an approximately 10% operating margin for full-year fiscal 2026.

Hulu History and Founding Statistics

• Hulu was announced as a joint venture between News Corporation and NBC Universal in March 2007, with a $100 million investment from Providence Equity Partners.
• The service launched for public access in the United States on March 12, 2008.
• The Walt Disney Company joined the Hulu consortium as a stakeholder in April 2009.
• Hulu Plus, the subscription tier, launched on November 17, 2010, at $7.99 per month.
• Disney became the majority owner of Hulu in 2019 after acquiring 21st Century Fox.
• Disney completed the buyout of Comcast’s NBCUniversal 33% Hulu stake in November 2023, making the service wholly Disney-owned.

Source: Wikipedia, corroborated against Hulu and Disney public filings.

Disney’s Hulu Disclosure Decision

• Disney announced on its August 6, 2025, fiscal Q3 earnings call that it would stop reporting Disney+, Hulu, and Hulu + Live TV paid subscriber and ARPU figures.
• The Walt Disney Company is no longer reporting Disney+, Hulu, or Hulu + Live TV paid subscribers or average revenue per user (ARPU), as we have determined that these metrics have become less meaningful to evaluating the performance of our businesses.
• Q4 fiscal 2025 (quarter ended September 27, 2025) became the final quarter with public Hulu paid subscriber and ARPU disclosure.
• Disney executives also announced that the standalone Hulu app will be retired in 2026 in favor of a unified Disney+ experience that surfaces Hulu content within the Disney+ interface.
• Independent investors and analysts now rely on aggregated direct-to-consumer revenue, operating income, and Disney’s segment commentary to estimate Hulu’s performance, rather than on subscriber counts.

Source: The Walt Disney Company Q1 Fiscal 2026 Earnings Release; August 6, 2025 fiscal Q3 earnings call commentary.

Hulu Bundle Strategy with Disney+ and ESPN

• The Disney+, Hulu Bundle (With Ads) at $12.99/month sits above standalone Hulu (With Ads) at $9.99/month, effectively pricing Disney+ access at three dollars a month inside the bundle.
• The Disney+, Hulu, ESPN Unlimited Bundle at $35.99/month adds ESPN Unlimited for roughly twenty-three dollars a month on top of the basic Disney+, Hulu Bundle.
• The premium ad-free tier across all three services costs $44.99/month, a roughly nine-dollar monthly premium over the ad-supported Disney+, Hulu, and ESPN Unlimited Bundle.
• Disney announced in August 2025 that Hulu content will be integrated into the Disney+ app in 2026, while a standalone Hulu offering will remain available for consumers who do not want the bundle.

Source: Hulu Help Center, The Walt Disney Company.

Hulu Profitability and the Fiscal 2025 Turnaround

• Entertainment direct-to-consumer operating income reached approximately $1.33 billion for full fiscal 2025.
• Full fiscal 2024 Entertainment direct-to-consumer operating income totaled $143 million.
• The year-over-year swing represents an approximately 9.3-fold increase in Entertainment DTC operating income.
• Q4 fiscal 2025 alone contributed $352 million of operating income.
• The Q4 fiscal 2025 contribution represented roughly a quarter of the full-year DTC operating income total.
• The trajectory supports Disney’s reiterated expectation of an approximately 10% operating margin for fiscal 2026 entertainment streaming.

Why it matters: According to Disney’s Q4 fiscal 2025 earnings release filed with the SEC, full-year Entertainment direct-to-consumer operating income reached approximately $1.33 billion, against $143 million the prior fiscal year. Across SQ Magazine’s streaming-platform statistics coverage, the swing represents the steepest one-year direct-to-consumer profitability gain among major U.S. streamers since Netflix’s 2017 international scale-up.

Frequently Asked Questions (FAQs)

Conclusion

Hulu closed its final public reporting period at 196 million combined Disney+ and Hulu subscriptions, with Hulu accounting for roughly 64 million of that total. The segment delivered $352 million of Q4 fiscal 2025 operating income. Q1 fiscal 2026 was the first quarter without standalone Hulu subscriber or ARPU disclosure, ending the era of Hulu-specific public data. On October 29, 2025, the Fubo combination ended Disney’s outright ownership of Hulu + Live TV, leaving an approximately 70%-controlled vMVPD joint venture in its place.

For analysts, advertisers, and competitive intelligence teams, Disney’s segment-level direct-to-consumer revenue and operating income, $5.35 billion and $450 million respectively in Q1 fiscal 2026, now serve as the proxy for what subscriber counts used to provide.