BURBANK, Calif., March 12, 2026 – Paul Roeder has been named Senior Executive Vice President and Chief Communications Officer of The Walt Disney Company, effective March 19, it was announced today by incoming Chief Executive Officer Josh D’Amaro. A 25-year veteran of Disney, Roeder most recently served as Executive Vice President, Communications – Disney Entertainment Studios, Direct-to-Consumer, and International.

As Chief Communications Officer, Roeder will report directly to D’Amaro and will be responsible for leading Disney’s worldwide communications and public relations strategy and operations and will serve as its lead spokesperson. With oversight of enterprise and business segment communications, as well as regional communications teams in EMEA, APAC, and Latin America, his responsibilities include media relations, executive communications, enterprise editorial strategy, internal communications and employee engagement, public affairs, and corporate social responsibility.

“Paul Roeder is an accomplished and highly respected executive with keen instincts and integrity, and he has built strong relationships in every area of the company and across the entertainment industry during his 25 years with Disney,” said D’Amaro. “He has a passion for Disney and a deep understanding of what it stands for, and I know he’ll do an outstanding job leading our exceptional Communications teams worldwide.”

“Disney is a place I love dearly, and it is a tremendous honor to take on this role at such an exciting and pivotal time for the company,” said Roeder. “I have huge respect for Josh D’Amaro, Dana Walden, and the entire executive team – as well as my talented Communications colleagues – and I’m incredibly optimistic about what we’ll be able to accomplish together. I’m deeply grateful to Josh for this wonderful opportunity, to Alan Bergman for his mentorship and support over the 15 years I’ve served him at The Walt Disney Studios, and to Bob Iger for the encouragement and insight he has so generously offered throughout my career at Disney.”

Named to lead communications for Disney Entertainment – Studios, Direct-to-Consumer, and International in 2023, Roeder oversaw the development and implementation of global communications strategies for The Walt Disney Studios and its collection of world-renowned production studios, including Disney, Walt Disney Animation Studios, Pixar Animation Studios, Marvel Studios, Lucasfilm, 20th Century Studios, and Searchlight Pictures; Disney Theatrical Group; and Disney Music Group. He also led the communications teams for Disney Entertainment’s Direct-to-Consumer group as well as Disney Entertainment and ESPN’s Product and Technology, Platform Distribution, and International divisions, and The Walt Disney Company’s Office of Technology Enablement. His deep company knowledge and expertise have also been pivotal in building strong reputation-management tactics at the corporate level.

Roeder has led communications for The Walt Disney Studios since 2010, serving as a key member of its executive team throughout the acquisitions and integrations of Lucasfilm and 21st Century Fox in 2012 and 2019, respectively; the 2019 launch of Disney+; and the release of some of the biggest films of all time, including “Avatar: The Way of Water,” “Avengers: Endgame,” “Black Panther,” “Star Wars: The Force Awakens,” “Frozen,” and “Inside Out 2,” among many others.

Previously, Roeder served in roles of increasing responsibility in Corporate Communications for The Walt Disney Company from 2002-2010, after joining Disney’s ABC communications team in 2001. He began his career in the entertainment industry serving in various roles at William Morris and later as an assistant to the executive producer on the comedy tentpole Meet the Parents. Roeder is a member of the Academy of Motion Picture Arts and Sciences. He holds a bachelor’s degree in English from De Pauw University.

BURBANK, Calif., February 25, 2026 – Hugh Johnston, Senior Executive Vice President & Chief Financial Officer, The Walt Disney Company (NYSE: DIS) will participate in a question-and-answer session at the Morgan Stanley Technology, Media & Telecom Conference on Monday, March 2, 2026 at approximately 4:05 p.m. ET/ 1:05 p.m. PT.
 
To stream live, please visit www.disney.com/investors. A recording of the question-and-answer session will be archived on our website.

BURBANK, Calif., February 24, 2026—The Walt Disney Company (NYSE: DIS) today announced that Kristina Schake, Senior Executive Vice President and Chief Communications Officer, will depart the company after March 18, 2026, coinciding with the end of Bob Iger’s tenure as Chief Executive Officer. Schake, who joined Disney in 2022, has served as a member of the company’s senior management team and advisor to the CEO and Board of Directors, helping to advance Disney’s business and strategic objectives, strengthen its long-term positioning, and navigate a period of significant change for the company and the broader industry.
 
“Kristina is an accomplished and respected communications leader, and Disney has been fortunate to have her expertise and insight during a dynamic period that has demanded strategic clarity and judgment,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “Kristina is a skilled strategist, a trusted advisor, and an admired leader whose positive impact on Disney will be lasting. She strengthened how the company aligns communications with business and strategic priorities, ensuring critical stakeholder audiences are engaged with discipline and purpose. I am grateful for her partnership and friendship, her counsel, and her innumerable contributions.”
 
“I am so thankful to have had the opportunity to serve The Walt Disney Company during such a pivotal chapter in its history,” said Kristina Schake. “The company I joined in 2022 was in a vastly different place from where it is today, both reputationally and from a business perspective, and I am proud of the work our worldwide communications team has done to support Bob as he has put Disney on a steady course for growth for the next generation of leaders. With that mission now successfully completed, I’m looking forward to my next challenge. Working alongside Bob, his management team, and so many exceptional communications professionals has been a privilege I will carry with me forever, and I leave with tremendous respect for this institution and great confidence in Disney’s future under Josh D’Amaro and Dana Walden.”
 
Schake’s counsel and communications leadership have been integral to maintaining clarity, consistency, and confidence among employees, partners, investors, consumers, and other key stakeholders during a period of sustained complexity for the business and the industry. During her four years at the company she has shaped the communications strategies for the company’s most consequential moments, including Iger’s return as CEO in November 2022; Disney’s decisive defeat of two proxy challenges; the achievement of profitability in streaming and the integration of Hulu into Disney+; the announcement of a new theme park resort in Abu Dhabi; the launch of ESPN’s direct-to-consumer offering; and the selection of Josh D’Amaro as Disney’s next Chief Executive Officer and Dana Walden as President and Chief Creative Officer.
 
Prior to joining Disney in 2022, Schake was appointed by President Joe Biden to lead the nationwide COVID-19 vaccine campaign, managing the federal government’s national public education initiative. Previously, she was Global Communications Director for Instagram. Schake has held key senior roles in government and politics, including Communications Director for First Lady Michelle Obama and Deputy Communications Director for Secretary Hillary Clinton’s 2016 presidential campaign. Additionally, Schake co-founded the American Foundation for Equal Rights, which led the successful bipartisan public awareness campaign and legal challenge to restore marriage equality in California.
 
The company will announce Schake’s successor at a later date.

Dana Walden To Become President and Chief Creative Officer of The Walt Disney Company

 
BURBANK, Calif., February 3, 2026—The Walt Disney Company (NYSE: DIS) Board of Directors announced today that, in a unanimous vote held on Monday, it elected Disney Experiences Chairman Josh D’Amaro to become Chief Executive Officer of The Walt Disney Company, effective at the upcoming Annual Meeting on March 18, 2026, when he will succeed longtime Disney CEO Robert A. Iger. The Board also intends to appoint D’Amaro as a director immediately following that meeting. As head of the company’s largest business segment with $36 billion in annual revenue in FY2025 and 185,000 Cast Members and employees worldwide, D’Amaro, a 28-year Disney veteran, is the architect of the largest global expansion in Disney Experiences history, and has led the segment to new heights financially, creatively, and in guest satisfaction.
 
“Josh D’Amaro possesses that rare combination of inspiring leadership and innovation, a keen eye for strategic growth opportunities, and a deep passion for the Disney brand and its people – all of which make him the right person to take the helm as Disney’s next CEO,” said James Gorman, Chairman of The Walt Disney Company Board of Directors. “Throughout this search process, Josh has demonstrated a strong vision for the company’s future and a deep understanding of the creative spirit that makes Disney unique in an ever-changing marketplace. He has an outstanding record of business achievement, collaborating with some of the biggest names in entertainment to bring their stories to life in our parks, showcasing the power of combining Disney storytelling with cutting-edge technology. The Board believes he is exceptionally well prepared to guide this global company forward to serve our consumers around the world and create long-term value for shareholders.”
 
“Josh D’Amaro is an exceptional leader and the right person to become our next CEO,” said Robert A. Iger, CEO, The Walt Disney Company. “He has an instinctive appreciation of the Disney brand, and a deep understanding of what resonates with our audiences, paired with the rigor and attention to detail required to deliver some of our most ambitious projects. His ability to combine creativity with operational excellence is exemplary and I am thrilled for Josh and the company.”
 
Concurrent with D’Amaro’s appointment, Dana Walden, Co-Chairman of Disney Entertainment, has been named President and Chief Creative Officer of The Walt Disney Company, also effective March 18. As Co-Chairman of Disney Entertainment, Walden has led Disney’s world-renowned, award-winning entertainment media, news, and content businesses globally, including Disney’s streaming businesses. In this new role – a historic first for the enterprise – Walden will report directly to D’Amaro and will ensure that storytelling and creative expression across every audience touchpoint consistently reflect the brand, engage audiences at scale, and advance core business objectives, while driving enterprise-wide initiatives and translating vision into action.
 
“Dana Walden is an excellent leader who commands tremendous respect from the creative community,” continued Iger. “Given that creativity is at the heart of everything Disney does, she is a wonderful choice to serve in this new leadership role. In the years since Dana joined Disney, she has accumulated great knowledge about the many facets of our businesses and brands, and is very well prepared to be President and Chief Creative Officer.”
 
Bob Iger has provided extensive mentorship to the internal candidates throughout the succession planning process, and upon transition will continue to serve as Senior Advisor and a member of the Disney Board until his retirement from the company on December 31, 2026.
 
Iger has led Disney to unprecedented creative and business success during his nearly two decades leading the company. Since his return in 2022, he has spearheaded a strategic transformation of the company, guiding Disney through a period of significant industry disruption and positioning it for long-term growth in this new era of entertainment. As part of this transformation, Iger moved quickly to restructure the organization, empower creative leaders, and restore financial discipline, establishing four strategic priorities: strengthening the quality and economic output of the film studios, delivering sustained profitability in streaming, positioning ESPN as the premier digital destination for sports fans, and turbocharging growth across Disney Experiences. Today, Disney is more agile and more resilient, and D’Amaro will take the helm of a company that is in a vastly stronger position than it was three years ago.
 
“I am immensely grateful to the Board for entrusting me with leading a company that means so much to me and millions around the world,” said Josh D’Amaro, incoming CEO of The Walt Disney Company. “Disney’s strength has always come from our people and the creative excellence that defines our stories and experiences. There is no limit to what Disney can achieve, and I am excited to work with our teams across the company and brilliant creative partners to honor Disney’s remarkable legacy while continuing to innovate, grow, and deliver exceptional value for our consumers and shareholders. I also want to express my gratitude to Bob Iger for his generous mentorship, his friendship, and the profound impact of his leadership.”
 
“On behalf of the entire Board, we extend our deepest gratitude to Bob Iger for his extraordinary leadership and dedication to The Walt Disney Company,” continued Gorman. “The Board asked Bob to return as CEO in 2022 for two critical reasons. First, to lead the company through a challenging transition and ensure Disney was fit for purpose for the future. Second, to strengthen the leadership bench and to help develop candidates for the CEO transition. Bob has delivered on both priorities, while also guiding Disney through a transformative period with an ambitious strategy that has further strengthened its position as the world’s premier entertainment company. After nearly two decades leading Disney, the Iger era has been defined by enormous growth, an unyielding commitment to excellence in creativity and innovation, and exemplary stewardship of this iconic institution.”
 
About Josh D’Amaro

D’Amaro, 54, has served as Chairman of the Disney Experiences segment since 2020, and prior to that was President of Walt Disney World Resort. He joined the company in 1998 at Disneyland Resort.

As Chairman of Disney Experiences, D’Amaro oversees 12 theme parks and 57 resort hotels worldwide, with plans for a new park in Abu Dhabi. His responsibilities include Disney Signature Experiences—including Disney Cruise Line, Disney Vacation Club, Adventures by Disney, Disney Institute, and Storyliving by Disney—as well as overseeing Walt Disney Imagineering and Disney Consumer Products. He also manages digital ventures, including the collaboration with Epic Games to create a Disney universe within Fortnite.
 
D’Amaro has been instrumental in expanding Disney’s iconic franchises through the creation of immersive, story-driven experiences at Disney’s theme parks, such as Star Wars: Galaxy’s Edge, the Marvel-themed Avengers Campus, Mickey and Minnie’s Runaway Railway, and World of Frozen. Building on this momentum, upcoming projects include the development of a Monsters, Inc.-themed land at Disney Hollywood Studios at Walt Disney World Resort, a new Avatar destination at the Disneyland Resort, and expansive new areas inspired by Cars and Disney Villains as part of the largest-ever expansion of the Magic Kingdom.
 
Over his nearly three-decade career at Disney, he has held leadership roles across the company both in the U.S. and internationally, including in finance, business strategy, marketing, creative development and operations. His past positions include President of Disneyland Resort and President of Walt Disney World Resort.

D’Amaro earned a bachelor’s degree in business administration from Georgetown University.
 
“I am incredibly proud to step away at a moment when Disney’s future has never been brighter,” continued Iger. “I’m confident Disney will continue to innovate and put the spirit of Walt at the heart of everything it does – from its new park in Abu Dhabi to the groundbreaking partnerships just announced with OpenAI and the NFL, to the countless upcoming creative projects that will enthrall audiences around the world. Disney has shaped who I am as a leader, and I will always be grateful to this extraordinary company and for the opportunity to lead it over all these years.”
 
Succession Planning Committee

D’Amaro’s election as CEO caps a thorough and extensive succession planning process. In January 2023, the Board of Directors formed a special Succession Planning Committee to support the Board in planning for a transition of leadership that aligns with the company’s long-term strategic goals. At the direction of the Board, the Committee and the full Board undertook a deliberate, multi-year succession planning process, meeting regularly to evaluate internal and external candidates, transition structures, organizational frameworks, and planning for potential impacts of succession decisions across the company. The Committee is led by Gorman as Chair since 2024, with directors Mary T. Barra, Jeremy Darroch, and Calvin R. McDonald also currently serving as members – all of whom have direct experience in CEO and senior leadership succession planning for Fortune 500 companies.  D’Amaro and Walden underwent a rigorous preparation process, including extensive mentorship from Iger, external coaching, and direct engagement with all directors.
 
Experienced Senior Management

D’Amaro will be supported by a team of senior executives who have worked seamlessly together for several years at Disney to expertly advance Iger and the Board’s creative, financial, and reputational goals. The company’s senior leadership team brings decades of experience with a proven ability to navigate periods of change while delivering strong business outcomes. The company is fortunate to have Disney Entertainment Co-Chairman Alan Bergman and ESPN Chairman James Pitaro continuing in their critical leadership roles working with D’Amaro and Walden. Additionally, supporting the new CEO is an exceptional team of executive officers. These leaders have overseen major strategic transformations, expanded key franchises, and driven performance across multiple business cycles. Their deep institutional knowledge, operational discipline, and collaborative culture provide a strong foundation for continued momentum, promoting continuity, stability, and clear execution as the company enters its next chapter under D’Amaro’s leadership.
 
About The Walt Disney Company

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international entertainment and media enterprise that includes three business segments: Entertainment, Sports, and Experiences. Disney is a Dow 30 company and had annual revenue of $94.4 billion in its Fiscal Year 2025.
 
Photo and video assets are available for media use here: https://slingshot.twdc.com/pickup.php?c=wvB4CQbwSJKhnxNczz8nPqzLhQg3sBL2vGq5D89dB2bLhmzH
 
FORWARD-LOOKING STATEMENTS
 
Certain statements in this press release may constitute “forward‐looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations, beliefs, corporate plans, future prospects, and other statements that are not historical in nature. Any information that is not historical in nature is subject to change. These statements are made on the basis of our views and assumptions regarding future events as of the time the statements are made. We do not undertake any obligation to update these statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company or developments beyond the Company’s control. Additional factors are set forth in the Company’s most recent Annual Report on Form 10-K, subsequent quarterly reports on Form 10-Q and subsequent filings with the Securities and Exchange Commission.

BURBANK, Calif., January 30, 2026 – Benjamin Swinburne has been named Executive Vice President of Investor Relations and Corporate Strategy for The Walt Disney Company (NYSE: DIS), it was announced today by Hugh F. Johnston, Senior Executive Vice President and Chief Financial Officer. Swinburne will join Disney in the near future and report directly to Johnston. He has most recently served as Managing Director and Head of US Media Research at Morgan Stanley.

“Ben has been one of the industry’s most respected media analysts and brings deep insight into the evolving global entertainment landscape,” said Johnston. “His analytical rigor, strategic perspective, and long-standing knowledge of our business and broader industry make him an exceptional addition to our team as we continue to execute against our long‑term vision and deliver sustained value for our shareholders.”

In this new role, Swinburne will lead Disney’s investor relations function, communicating the company’s financial performance and long‑term strategic vision to institutional investors and retail shareholders, sell-side analysts and other key stakeholders. He will also oversee the company’s long-term strategic planning and market analysis in his corporate strategy role, identifying growth opportunities based on industry trends and evolving entertainment consumption.

“Having spent much of my career analyzing Disney’s performance and long‑term opportunities, I have a deep appreciation for the company’s creative strengths, operational discipline, and consistent focus on delivering value for shareholders,” said Swinburne. “It is an incredibly exciting time to be joining the company, and I look forward to working with the team to continue the incredible progress they have made to position Disney for future growth.”

As Managing Director, Head of US Media and Telecom & Cable Services Research at Morgan Stanley, Swinburne led the equity research coverage of the media and entertainment, advertising, and telecom and cable services industries, areas he has followed for over two decades. He has been consistently ranked among the leading analysts in multiple sectors in a variety of investor polls, including a 2021 induction into the Institutional Investor All-America Research Team Hall of Fame. He joined Morgan Stanley as a research analyst in 1999. Swinburne earned a bachelor’s degree in public policy with a concentration in finance from Washington and Lee University and a master’s degree in accounting from Babson College.

About The Walt Disney Company

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international entertainment and media enterprise that includes three business segments: Entertainment, Sports, and Experiences. Disney is a Dow 30 company and had annual revenue of $94.4 billion in its Fiscal Year 2025.

BURBANK, Calif., January 14, 2026 – The Walt Disney Company (NYSE: DIS) today announced the creation of a new enterprise marketing and brand organization designed to align the company’s industry-leading marketing teams more closely across its businesses and strengthen how Disney connects with consumers around the world. Asad Ayaz has been named Chief Marketing and Brand Officer of The Walt Disney Company and will lead the organization.

The new enterprise marketing organization will harness the collective strength of marketing teams across the company to support a more connected approach to how Disney reaches audiences, elevates its campaigns, and advances the business goals of each segment and the company as a whole.

“Over more than two decades at the company – and as Disney’s first-ever Chief Brand Officer – Asad has helped bring the magic of Disney to life for millions through his exceptional leadership,” said The Walt Disney Company’s CEO Bob Iger. “As our businesses have evolved, it’s clear that we need a company-wide role that ensures brand consistency and allows consumers today to seamlessly interact with our wonderful products and experiences. The Chief Marketing and Brand Officer role is critical for this moment, and Asad is the perfect fit.”

“Asad is an exceptional creative leader with strong strategic and operational prowess and deep experience across Disney and its brands, and we are excited for what we will accomplish together as we strengthen the connection between Disney and audiences around the world,” said Disney Entertainment Co-Chairs Alan Bergman and Dana Walden, Disney Experiences Chairman Josh D’Amaro, and ESPN Chairman Jimmy Pitaro in a joint statement.

Ayaz assumes this new role after eight years as President of Marketing for The Walt Disney Studios, and leading marketing for Disney+. As Chief Brand Officer since 2023, he also oversees company-wide brand efforts, alliances, and events, and stewarding Disney’s iconic brands and franchises globally.

The new unified marketing organization will build on Ayaz’s marketing and brand leadership, connecting shared capabilities and modern marketing tools across the company to create greater continuity and agility, and to further enhance and innovate in the ways Disney engages consumers enterprise-wide. Ayaz will report to CEO Bob Iger as Chief Marketing and Brand Officer, and to the segment chairs in leading marketing efforts across the company’s business units.

—

About The Walt Disney Company

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international entertainment and media enterprise that includes three business segments: Entertainment, Sports, and Experiences. Disney is a Dow 30 company and had annual revenue of $94.4 billion in its Fiscal Year 2025.

BURBANK, Calif.–The Walt Disney Company (NYSE: DIS) today reported earnings for its fourth quarter and full year ended September 27, 2025.

Financial Results for the Quarter and Full Year:

• Revenues in Q4 of $22.5 billion were comparable to Q4 fiscal 2024, and increased 3% for the year to $94.4 billion from $91.4 billion in the prior year.
• Income before income taxes for Q4 increased to $2.0 billion from $0.9 billion in Q4 fiscal 2024, and increased to $12.0 billion for the year from $7.6 billion in the prior year.
• Total segment operating income⁽¹⁾increased 12% for the year to $17.6 billion from $15.6 billion in the prior year.
• Diluted earnings per share (EPS) for Q4 increased to $0.73 from $0.25 in Q4 fiscal 2024. Adjusted EPS⁽¹⁾decreased 3% for Q4 to $1.11 from $1.14 in Q4 fiscal 2024. For the year, diluted EPS increased to $6.85 from $2.72 in fiscal 2024, and adjusted EPS⁽¹⁾ increased 19% to $5.93 from $4.97 in fiscal 2024.

Key Points:

• Total segment operating income⁽¹⁾decreased 5% for Q4 to $3.5 billion from $3.7 billion in Q4 fiscal 2024
• Entertainment: Full year segment operating income increased 19% to $4.7 billion. Q4 segment operating income of $691 million, a decrease of $376 million compared to the prior-year quarter, driven by theatrical slate comparisons. For Q4:
  • Direct-to-Consumer revenue increased 8%, net of an adverse impact of 2 ppts as Disney+ Hotstar was included in the prior-year quarter’s results
  • Direct-to-Consumer operating income increased $99 million to $352 million
  • At the end of the quarter, 196 million Disney+ and Hulu subscriptions, an increase of 12.4 million vs. Q3 fiscal 2025, and 132 million Disney+ subscribers, an increase of 3.8 million vs. Q3 fiscal 2025
  • Linear Networks operating income declined $107 million vs. Q4 fiscal 2024 driven by the Star India transaction, as Star India contributed $84 million to results in Q4 last year
  • Domestic Linear Networks operating income decreased due to lower advertising driven by decreases in viewership and political advertising (political advertising had a $40 million adverse impact on results vs. Q4 fiscal 2024)
  • Content Sales/Licensing and Other declined $368 million vs. Q4 fiscal 2024, reflecting the record theatrical performances of Inside Out 2and Deadpool & Wolverine in the prior-year quarter
• Sports: Q4 segment operating income of $911 million, a decrease of $18 million compared to the prior-year quarter. For Q4:
  • Domestic ESPN operating income declined 3% vs. the prior-year quarter, as higher marketing and programming and production costs were partially offset by higher advertising and subscription and affiliate revenues
  • Domestic advertising revenue increased 8%
• Experiences: Record full year segment operating income of $10.0 billion, an increase of $723 million compared to the prior year. Record Q4 segment operating income of $1.9 billion, an increase of $219 million compared to the prior-year quarter. For Q4:
  • International Parks & Experiences operating income grew 25% to $375 million
  • Domestic Parks & Experiences operating income grew 9% to $920 million

Guidance and Outlook⁽¹⁾:

• Q1 Fiscal 2026:
  • Entertainment:
    • DTC SVOD operating income⁽²⁾of approximately $375 million
    • Theatrical slate comparisons to drive an adverse impact to segment operating income of $400 million compared to Q1 fiscal 2025
    • Lower political advertising revenue of $140 million compared to Q1 fiscal 2025
    • Unfavorable comparison to $73 million of Star India operating income in Q1 fiscal 2025
  • Experiences:
    • $90 million in pre-opening expenses at Disney Cruise Line, driven by the Disney Destiny and Disney Adventure
    • $60 million in dry dock expenses at Disney Cruise Line
  • Fiscal Year 2026:
    • Entertainment:
      • Double digit percentage segment operating income growth compared to fiscal 2025, weighted to the second half of the year
      • Operating margin of 10% for Entertainment DTC SVOD⁽²⁾
    • Sports:
      • Low-single digit percentage segment operating income growth compared to fiscal 2025, with growth weighted to Q4 reflecting the timing of rights expenses, which adversely impacts year-over-year comparability in Q2 and Q3
    • Experiences:
      • High-single digit percentage growth in segment operating income compared to fiscal 2025, weighted to the second half of the year
      • $160 million in pre-opening expenses, driven by the Disney Adventureand Disney Destiny
      • $120 million in dry dock expenses
      • $24 billion in content investment across Entertainment and Sports
    • Double digit adjusted EPS⁽¹⁾growth compared to fiscal 2025
    • $19 billion in cash provided by operations⁽²⁾
    • $9 billion of capital expenditures
    • Doubling share repurchases target to $7 billion compared to fiscal 2025
    • The Board has declared a cash dividend of $1.50 per share, payable in two installments of $0.75 per share, payable on January 15, 2026 (record date December 15, 2025) and July 22, 2026 (record date June 30, 2026)
  • Fiscal Year 2027:
    • Double digit adjusted EPS⁽¹⁾growth compared to fiscal 2026

Message From Our CEO:

“This was another year of great progress as we strengthened the company by leveraging the value of our creative and brand assets and continued to make meaningful progress in our direct-to-consumer businesses,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “Our strategy, coupled with our portfolio of complementary businesses and a strong balance sheet, enables us to continue investing in high-quality offerings for our consumers and increasing our returns to shareholders, and I’m pleased with our many achievements this fiscal year to position Disney for the future.”

SUMMARIZED FINANCIAL RESULTS

The following table summarizes fourth quarter and full year results for fiscal 2025 and 2024:

SUMMARIZED SEGMENT FINANCIAL RESULTS

The following table summarizes fourth quarter and full year segment revenue and operating income for fiscal 2025 and 2024:

DISCUSSION OF FOURTH QUARTER SEGMENT RESULTS

Star India

On November 14, 2024, the Company and Reliance Industries Limited (RIL) formed a joint venture (India joint venture) that combined the Company’s Star-branded and other general entertainment and sports television channels and Disney+ Hotstar direct-to-consumer service in India (Star India) with certain media and entertainment businesses controlled by RIL (the Star India Transaction). RIL has an effective 56% controlling interest in the joint venture with 37% held by the Company and 7% held by a third party investment company.

The Company recognizes its 37% share of the India joint venture’s results in “Equity in the income of investees.” Star India results through November 14, 2024 were consolidated in the Company’s financial results.

Entertainment

Revenue and operating income for the Entertainment segment were as follows:

The decrease in Entertainment operating income in the current quarter compared to the prior-year quarter was due to lower results at Content Sales/Licensing and Other and Linear Networks, partially offset by an increase at Direct-to-Consumer.

Linear Networks

Linear Networks revenues and operating income were as follows:

Domestic

Domestic operating income in the current quarter decreased compared to the prior-year quarter due to:

• A decline in advertising revenue due to lower rates and a decrease in average viewership. The decrease in advertising revenue reflected lower political advertising and the comparison to the Emmy Awards show, which aired in the prior-year quarter.
• Lower affiliate revenue attributable to fewer subscribers, partially offset by higher effective rates
• A decrease in programming and production costs driven by lower average cost non-scripted programming, partially offset by higher costs for scripted programming including more original content. Lower average cost non-scripted programming included the comparison to the airing of the Emmy Awards show and political news coverage in the prior-year quarter.

International

The decrease in international operating income was due to the Star India Transaction.

Direct-to-Consumer

Direct-to-Consumer revenues and operating income were as follows:

The increase in operating income was due to:

• Subscription revenue growth attributable to:
  • Higher effective rates, reflecting increases in pricing
  • An increase in subscribers
  • The absence of Star India subscription revenue in the current quarter due to the Star India Transaction
• An increase in programming and production costs reflecting:
  • Higher subscriber-based license fees attributable to rate increases for Hulu Live TV programming and more subscribers to bundles with third-party offerings
  • An increase in hours of content available on our services
  • A decrease from the Star India Transaction
• Higher marketing costs
• An increase in technology and distribution costs
• Advertising revenue was comparable to the prior-year quarter as an increase in impressions was offset by lower rates and the absence of Star India advertising revenue

The following tables and related discussion are on a sequential quarter basis.

Paid subscribers at:

Average Monthly Revenue Per Paid Subscriber for the quarter ended:

Domestic Disney+ average monthly revenue per paid subscriber was comparable to the prior sequential quarter as higher advertising revenue was offset by the impact of subscriber mix shifts.

International Disney+ average monthly revenue per paid subscriber increased from $7.67 to $8.00 due to favorable impacts from foreign exchange and subscriber mix shifts.

Hulu SVOD Only average monthly revenue per paid subscriber decreased from $12.40 to $12.20 due to the impact of subscriber mix shifts.

Hulu Live TV + SVOD average monthly revenue per paid subscriber decreased from $100.27 to $100.02 due to lower advertising revenue.

Content Sales/Licensing and Other

Content Sales/Licensing and Other revenues and operating income (loss) were as follows:

The decrease in operating results was due to lower theatrical distribution results, partially offset by a decrease in film cost impairments. The current quarter reflected the release of The Fantastic Four: First Steps, The Roses and Freakier Friday and the carry-over performance of Lilo & Stitch, while the prior-year quarter included the release of Deadpool & Wolverine and the carry-over performance of Inside Out 2.

Sports

Sports revenues and operating income (loss) were as follows:

Domestic ESPN

The decrease in domestic ESPN operating income in the current quarter compared to the prior-year quarter reflected:

• Higher marketing costs due to the August 2025 launch of the ESPN direct-to-consumer service
• An increase in programming and production costs due to contractual rate increases and costs for new sports rights
• Advertising revenue growth due to an increase in impressions and higher rates
• An increase in subscription and affiliate revenue reflecting higher effective rates and the comparison to the temporary suspension of carriage with an affiliate in the prior-year quarter, partially offset by fewer subscribers

ESPN International

The improvement in ESPN international operating results in the current quarter compared to the prior-year quarter was attributable to higher affiliate revenue due to an increase in effective rates, partially offset by fewer subscribers.

Experiences

Experiences revenues and operating income were as follows:

Domestic Parks and Experiences

Operating income at our domestic parks and experiences increased compared to the prior-year quarter due to growth at Disney Cruise Line attributable to an increase in passenger cruise days, partially offset by higher fleet expansion costs, both reflecting the launch of the Disney Treasure in the first quarter of the current year.

International Parks and Experiences

International parks and experiences’ operating results increased compared to the prior-year quarter, primarily due to growth at Disneyland Paris. The increase at international parks and experiences was attributable to:

• Volume growth due to an increase in attendance
• An increase in guest spending
• Higher costs attributable to new guest offerings

Consumer Products

The increase in operating income at consumer products was due to higher licensing revenue.

OTHER FINANCIAL INFORMATION

Corporate and Unallocated Shared Expenses

Corporate and unallocated shared expenses decreased $27 million for the quarter, from $408 million to $381 million, due to the timing of allocations to the segments.

Restructuring and Impairment Charges

Restructuring and impairment charges (benefits) were as follows:

Interest Expense, net

Interest expense, net was as follows:

The decrease in interest expense was due to lower average debt balances and rates.

The decrease in interest income, investment income and other was due to an unfavorable comparison related to pension and postretirement benefit costs, other than service cost.

Equity in the Income of Investees

Equity in the income of investees was as follows:

Income Taxes

The effective income tax rate was as follows:

The effective income tax rate in the current and prior-year quarters reflected an unfavorable impact of approximately 5 percentage points and 18 percentage points, respectively from impairments that are not tax deductible.

Noncontrolling Interests

Net income attributable to noncontrolling interests was as follows:

The increase in net income attributable to noncontrolling interests was due to improved results at National Geographic.

Net income attributable to noncontrolling interests is determined on income after royalties and management fees, financing costs and income taxes, as applicable.

FULL YEAR CASH FLOW

Cash from Operations

Cash provided by operations and free cash flow were as follows:

Cash provided by operations increased $4.1 billion to $18.1 billion in the current year from $14.0 billion in the prior year driven by:

• Lower tax payments in the current year compared to the prior year reflecting:
  • Deferral of payments for fiscal 2025 U.S. federal and California state income tax liabilities until October 2025 pursuant to relief related to the 2025 wildfires in California
  • Payment in fiscal 2024 of U.S. federal and California state income tax liabilities related to fiscal 2023 that had been deferred pursuant to relief related to 2023 winter storms in California
• Lower spending on content at Entertainment due to the Star India Transaction
• Higher operating income at Experiences

Capital Expenditures

Investments in parks, resorts and other property were as follows:

Capital expenditures increased to $8.0 billion from $5.4 billion due to higher spending on cruise ship fleet expansion and, to a lesser extent, on new theme park attractions at the Experiences segment.

Depreciation Expense

Depreciation expense was as follows:

ENTERTAINMENT DTC PRODUCT DESCRIPTIONS AND KEY DEFINITIONS

Entertainment DTC Product offerings

In the U.S., Disney+ and Hulu SVOD Only are each offered as a standalone service or as part of various bundled offerings, which may include one of the ESPN DTC plans. Hulu Live TV + SVOD includes Disney+ and ESPN Select. Disney+ is available in more than 150 countries and territories outside the U.S. Depending on the market, our services can be purchased on our websites or through third-party platforms/apps or are available via wholesale arrangements.

Paid subscribers for Entertainment DTC services

Paid subscribers for Entertainment DTC services reflect subscribers for which we recognized subscription revenue. Certain product offerings provide the option for an extra member to be added to an account (extra member add-on). These extra members are not counted as paid subscribers. Subscribers cease to be a paid subscriber as of their effective cancellation date or as a result of a failed payment method. Subscribers to bundled offerings in the U.S. are counted as a paid subscriber for each of the Company’s services included in the bundled offering and subscribers to Hulu Live TV + SVOD are counted as one paid subscriber for each of the Hulu Live TV + SVOD and Disney+ services. Subscribers include those who receive an entitlement to a service through wholesale arrangements, including those for which the service is available to each subscriber of an existing content distribution tier. When we aggregate the total number of paid subscribers across our Entertainment DTC streaming services, we refer to them as paid subscriptions.

International Disney+

International Disney+ includes the Disney+ service outside the U.S. and Canada.

Average Monthly Revenue Per Paid Subscriber for Entertainment DTC services

Hulu average monthly revenue per paid subscriber is calculated based on the average of the monthly average paid subscribers for each month in the period. The monthly average paid subscribers is calculated as the sum of the beginning of the month and end of the month paid subscriber count, divided by two. Disney+ average monthly revenue per paid subscriber is calculated using a daily average of paid subscribers for the period. Revenue includes subscription fees, advertising (excluding revenue earned from selling advertising spots to other Company businesses), premium and feature add-on revenue and extra member add-on revenue. Advertising revenue generated by content on one DTC streaming service that is accessed through another DTC streaming service by subscribers to both streaming services is allocated between both streaming services. The average revenue per paid subscriber is net of discounts on offerings that carry more than one service. Revenue is allocated to each service based on the relative retail or wholesale price of each service on a standalone basis. Hulu Live TV + SVOD revenue is allocated to the SVOD services based on the wholesale price of the Hulu SVOD Only, Disney+ and ESPN Select bundled offering. In general, wholesale arrangements have a lower average monthly revenue per paid subscriber than subscribers that we acquire directly or through third-party platforms.

NON-GAAP FINANCIAL MEASURES

This earnings release presents diluted EPS excluding certain items (also referred to as adjusted EPS), total segment operating income and free cash flow. This earnings release also presents forward-looking Entertainment DTC SVOD operating income and operating margin (operating income divided by revenue). Diluted EPS excluding certain items, total segment operating income, free cash flow and Entertainment DTC SVOD operating income are important financial measures for the Company but are not financial measures defined by GAAP.

These measures should be reviewed in conjunction with the most comparable GAAP financial measures and are not presented as alternative measures of diluted EPS, income before income taxes, cash provided by operations or Entertainment segment operating income as determined in accordance with GAAP. Diluted EPS excluding certain items, total segment operating income, free cash flow and Entertainment DTC SVOD operating income as we have calculated them may not be comparable to similarly titled measures reported by other companies.

Our definitions and calculations of diluted EPS excluding certain items, total segment operating income and free cash flow, as well as quantitative reconciliations of each of these measures to the most directly comparable GAAP financial measure, are provided below. In addition, our definition of Entertainment DTC SVOD operating income is provided below.

The Company is not providing the forward-looking measure for diluted EPS or Entertainment segment operating income (and related margin), which are the most directly comparable GAAP measures to diluted EPS excluding certain items and Entertainment DTC SVOD operating income (and related margin), respectively, or quantitative reconciliations of forward-looking diluted EPS excluding certain items and Entertainment DTC SVOD operating income (and related margin) to those most directly comparable GAAP measures. The Company is unable to predict or estimate with reasonable certainty the ultimate outcome of certain significant items required for such GAAP measures without unreasonable effort. Information about other adjusting items that is currently not available to the Company could have a potentially unpredictable and significant impact on future GAAP financial results.

Diluted EPS excluding certain items

The Company uses diluted EPS excluding (1) certain items affecting comparability of results from period to period and (2) amortization of TFCF and Hulu intangible assets, including purchase accounting step-up adjustments for released content, to facilitate the evaluation of the performance of the Company’s operations exclusive of these items, and these adjustments reflect how senior management is evaluating segment performance.

The Company believes that providing diluted EPS exclusive of certain items impacting comparability is useful to investors, particularly where the impact of the excluded items is significant in relation to reported earnings and because the measure allows for comparability between periods of the operating performance of the Company’s business and allows investors to evaluate the impact of these items separately.

The Company further believes that providing diluted EPS exclusive of amortization of TFCF and Hulu intangible assets associated with the acquisition in 2019 is useful to investors because the TFCF and Hulu acquisition was considerably larger than the Company’s historic acquisitions with a significantly greater acquisition accounting impact.

The following table reconciles reported diluted EPS to diluted EPS excluding certain items for the fourth quarter:

The following table reconciles reported diluted EPS to diluted EPS excluding certain items for the year:

Total segment operating income

The Company evaluates the performance of its operating segments based on segment operating income, and management uses total segment operating income (the sum of segment operating income from all of the Company’s segments) as a measure of the performance of operating businesses separate from non-operating factors. The Company believes that information about total segment operating income assists investors by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect net income, thus providing separate insight into both operations and other factors that affect reported results.

The following table reconciles income before income taxes to total segment operating income:

Free cash flow

The Company uses free cash flow (cash provided by operations less investments in parks, resorts and other property), among other measures, to evaluate the ability of its operations to generate cash that is available for purposes other than capital expenditures. Management believes that information about free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments and pay dividends or repurchase shares.

The following table presents a summary of the Company’s consolidated cash flows:

The following table reconciles the Company’s consolidated cash provided by operations to free cash flow:

Entertainment DTC SVOD operating income

Entertainment DTC SVOD operating income consists of operating income for the Direct-to-Consumer line of business at the Entertainment segment excluding virtual multichannel video programming distributor services reported in the Direct-to-Consumer line of business. Operating margin for Entertainment DTC SVOD is calculated as operating income divided by revenue.

The Company uses Entertainment DTC SVOD operating income (and related margin) as a measure of the performance of our Entertainment DTC SVOD services and we believe Entertainment DTC SVOD operating income (and related margin) assists investors by allowing them to evaluate the performance of these DTC SVOD services.

FORWARD-LOOKING STATEMENTS

Certain statements and information in this earnings release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations, beliefs, plans, financial prospects, trends or outlook and guidance; financial or performance estimates and expectations (including estimated or expected earnings, operating income, margins, costs, expenses, impact of certain items and timing) and expected drivers; direct-to-consumer prospects, returns to shareholders, including share repurchases, strategic priorities and initiatives and future investments; and other statements that are not historical in nature. Any information that is not historical in nature included in this earnings release is subject to change. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Management does not undertake any obligation to update these statements.

Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives (including capital investments, asset acquisitions or dispositions, new or expanded business lines or cessation of certain operations), our execution of our business plans (including the content we create and IP we invest in, our pricing decisions, our cost structure and our management and other personnel decisions), our ability to quickly execute on cost rationalization while preserving revenue, the discovery of additional information or other business decisions, as well as from developments beyond the Company’s control, including:

• the occurrence of subsequent events;
• deterioration in domestic and global economic conditions or failure of conditions to improve as anticipated;
• deterioration in or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue;
• consumer preferences and acceptance of our content, offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising sales on our DTC streaming services and linear networks;
• health concerns and their impact on our businesses and productions;
• international, including tariffs and other trade policies, political or military developments;
• regulatory and legal developments;
• technological developments;
• labor markets and activities, including work stoppages;
• adverse weather conditions or natural disasters; and
• availability of content.

Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable):

• our operations, business plans or profitability, including direct-to-consumer profitability;
• demand for our products and services;
• the performance of the Company’s content;
• our ability to create or obtain desirable content at or under the value we assign the content;
• the advertising market for programming;
• taxation; and
• performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors are set forth in the Company’s most recent Annual Report on Form 10-K, including under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” subsequent quarterly reports on Form 10-Q, including under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and subsequent filings with the Securities and Exchange Commission.

The terms “Company,” “we,” and “our” are used in this report to refer collectively to the parent company and the subsidiaries through which our various businesses are actually conducted.

PREPARED EARNINGS REMARKS AND CONFERENCE CALL INFORMATION

In conjunction with this release, The Walt Disney Company will post prepared management remarks (Executive Commentary) at www.disney.com/investors and will host a conference call today, November 13, 2025, at 8:30 AM EST/5:30 AM PST via a live Webcast. To access the Webcast go to www.disney.com/investors. The Webcast replay will also be available on the site.

BURBANK, Calif., November 6, 2025 – Hugh Johnston, Senior Executive Vice President & Chief Financial Officer, The Walt Disney Company (NYSE: DIS) will participate in a question-and-answer session at the Wells Fargo Technology, Media, and Telecom Summit on Wednesday, November 19, 2025 at approximately 11:00 a.m. ET/ 8:00 a.m. PT.

To stream live, please visit www.disney.com/investors. A recording of the question-and-answer session will be archived on our website.

BURBANK, Calif., October 1, 2025 – The Walt Disney Company (NYSE: DIS) will host a live audio webcast to discuss fiscal full year and fourth quarter 2025 financial results beginning at 8:30 a.m. ET / 5:30 a.m. PT on Thursday, November 13, 2025.

Disney will release results before the opening of regular trading on November 13, 2025 and post earnings materials at www.disney.com/investors.

To listen to the webcast, please visit www.disney.com/investors. The webcast will be archived.

Materials and webcast may include forward-looking information.

BURBANK, Calif., August 28, 2025 – Jimmy Pitaro, Chairman, ESPN, The Walt Disney Company (NYSE: DIS) will participate in a question-and-answer session at the Bank of America Media, Communications & Entertainment Conference on Thursday, September 4, 2025 at approximately 1:10 p.m. ET/ 10:10 a.m. PT.

To stream live, please visit www.disney.com/investors. A recording of the question-and-answer session will be archived on our website.

BURBANK, Calif.–The Walt Disney Company today reported earnings for its third fiscal quarter ended June 28, 2025.

Financial Results for the Quarter:

• Revenues increased 2% for Q3 to $23.7 billion from $23.2 billion in Q3 fiscal 2024
• Income before income taxes increased 4% for Q3 to $3.2 billion from $3.1 billion in Q3 fiscal 2024
• Total segment operating income⁽¹⁾increased 8% for Q3 to $4.6 billion from $4.2 billion in Q3 fiscal 2024
• Diluted earnings per share (EPS) for Q3 improved to $2.92 from $1.43 in Q3 fiscal 2024, and adjusted EPS⁽¹⁾increased 16% for Q3 to $1.61 from $1.39 in Q3 fiscal 2024

Key Points:

• Entertainment: Segment operating income of $1.0 billion, a $179 million decrease versus Q3 fiscal 2024
  • Direct-to-Consumer revenue increased 6%, which included an adverse impact of 3 percentage points due to Disney+ Hotstar being included in the prior-year quarter’s results
  • Direct-to-Consumer operating income increased $365 million to $346 million
  • 183 million Disney+ and Hulu subscriptions, an increase of 2.6 million versus Q2 fiscal 2025
  • 128 million Disney+ subscribers, an increase of 1.8 million versus Q2 fiscal 2025
  • Linear Networks operating income declined $269 million versus Q3 fiscal 2024 largely driven by the Star India transaction
  • Content Sales/Licensing and Other declined $275 million versus Q3 fiscal 2024, reflecting the performance of titles in the quarter compared to the strong performance of Inside Out 2in the prior-year quarter
• Sports: Segment operating income of $1.0 billion, an increase of $235 million versus Q3 fiscal 2024
  • Year-over-year increase reflects the impact of a $314 million loss at Star India in Q3 fiscal 2024
  • Domestic ESPN operating income declined 7% versus the prior-year quarter primarily due to higher programming and production costs reflecting contractual rate increases for the NBA and college sports
  • Domestic advertising revenue growth of 3%
• Experiences: Segment operating income of $2.5 billion, an increase of $294 million versus Q3 fiscal 2024
  • Operating income in the quarter reflects a ~$40 million benefit from timing of the Easter holiday, and a ~$30 million impact from pre-opening expenses at Disney Cruise Line
  • Domestic Parks & Experiences operating income grew 22% to $1.7 billion

Guidance and Outlook:

• Q4 Fiscal 2025:
  • Total Disney+ and Hulu subscriptions: Increase of more than 10 million compared to Q3 fiscal 2025, with the majority of the increase coming from Hulu as a result of expanded Charter deal
  • Disney+ subscribers: Modest increase in Disney+ subscribers compared to Q3 fiscal 2025
• Fiscal Year 2025:
  • Adjusted EPS⁽¹⁾of $5.85, an increase of 18% over fiscal 2024
  • Entertainment Direct-to-Consumer: Operating income of $1.3 billion
  • Entertainment: Double-digit percentage segment operating income growth
  • Sports: 18% segment operating income growth
  • Experiences: 8% segment operating income growth
  • Disney Cruise Line pre-opening expense of ~$185 million, with ~$50 million in Q4 fiscal 2025
  • Equity loss from India JV of ~$200 million driven by purchase accounting amortization

Message From Our CEO:

“We are pleased with our creative success and financial performance in Q3 as we continue to execute across our strategic priorities,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “The company is taking major steps forward in streaming with the upcoming launch of ESPN’s direct-to-consumer service, our just-announced plans with the NFL, and our forthcoming integration of Hulu into Disney+, creating a truly differentiated streaming proposition that harnesses the highest-caliber brands and franchises, general entertainment, family programming, news, and industry-leading sports content. And we have more expansions underway around the world in our parks and experiences than at any other time in our history. With ambitious plans ahead for all our businesses, we’re not done building, and we are excited for Disney’s future.”

SUMMARIZED FINANCIAL RESULTS

The following table summarizes third quarter results for fiscal 2025 and 2024:

SUMMARIZED SEGMENT FINANCIAL RESULTS

The following table summarizes third quarter segment revenue and operating income for fiscal 2025 and 2024:

DISCUSSION OF THIRD QUARTER SEGMENT RESULTS

Star India

On November 14, 2024, the Company and Reliance Industries Limited (RIL) completed the formation (the Star India Transaction) of a joint venture (India joint venture) that combines the Company’s Star-branded and other general entertainment and sports television channels and direct-to-consumer Disney+ Hotstar service in India (Star India) with certain media and entertainment businesses controlled by RIL. RIL has an effective 56% controlling interest in the joint venture with 37% held by the Company and 7% held by a third party investment company.

Upon completion of the Star India Transaction, the Company began recognizing its 37% share of the India joint venture’s results in “Equity in the income of investees.” Star India results through November 14, 2024 are consolidated in the Company’s financial results.

Entertainment

Revenue and operating income for the Entertainment segment were as follows:

The decrease in Entertainment operating income in the current quarter compared to the prior-year quarter was due to lower results at Content Sales/Licensing and Other and Linear Networks, partially offset by an improvement at Direct-to-Consumer.

Linear Networks

Linear Networks revenues and operating income were as follows:

Domestic

Domestic operating income in the current quarter decreased compared to the prior-year quarter due to:

• A decline in advertising revenue due to a decrease in average viewership and lower rates
• Lower affiliate revenue attributable to fewer subscribers, partially offset by higher effective rates
• Programming and production costs were comparable to the prior-year quarter as higher fees paid to the Sports segment to program sports on ABC were offset by lower costs for non-sports programming

International

The decrease in international operating income was due to the Star India Transaction.

Equity in the Income of Investees

Income from equity investees decreased due to lower income from A+E Television Networks (A+E) attributable to decreases in affiliate and advertising revenue, partially offset by lower marketing costs.

Direct-to-Consumer

Direct-to-Consumer revenues and operating income (loss) were as follows:

The improvement in operating results in the current quarter compared to the prior-year quarter was due to:

• Subscription revenue growth attributable to:
  • Higher effective rates, reflecting increases in pricing
  • An increase in subscribers
  • The absence of Star India subscription revenue in the current quarter due to the Star India Transaction
  • An unfavorable foreign exchange impact
• A decrease in programming and production costs reflecting:
  • The comparison to International Cricket Council (ICC) programming, which was carried on Disney+ Hotstar in the prior-year quarter
  • An increase in hours of content available on the services
  • Higher subscriber-based license fees attributable to more subscribers to bundles with third-party offerings
• Lower marketing costs
• Higher technology and distribution costs
• A decrease in advertising revenue due to lower rates and the comparison to ICC programming in the prior-year quarter, partially offset by more impressions

Key Metrics⁽¹⁾ – Third Quarter of Fiscal 2025 Comparison to Second Quarter of Fiscal 2025

The following tables and related discussion are on a sequential quarter basis.

Paid subscribers at:

Average Monthly Revenue Per Paid Subscriber for the quarter ended:

Domestic Disney+ average monthly revenue per paid subscriber increased from $8.06 to $8.09 as higher advertising revenue was largely offset by the impact of subscriber mix shifts.

International Disney+ average monthly revenue per paid subscriber increased from $7.52 to $7.67 due to a favorable foreign exchange impact and increases in pricing, partially offset by the impact of subscriber mix shifts.

Hulu SVOD Only average monthly revenue per paid subscriber increased from $12.36 to $12.40 as higher advertising revenue was largely offset by the impact of subscriber mix shifts.

Hulu Live TV + SVOD average monthly revenue per paid subscriber increased from $99.94 to $100.27 due to higher advertising revenue.

Content Sales/Licensing and Other

Content Sales/Licensing and Other revenues and operating income (loss) were as follows:

The decrease in operating results was due to:

• Lower theatrical distribution results. The current quarter reflected the release of Elio,Thunderbolts* and Lilo & Stitch, while the prior-year quarter included the release of Inside Out 2.
• Higher film cost impairments in the current quarter

Sports

Sports revenues and operating income (loss) were as follows:

Domestic ESPN

The decrease in domestic ESPN operating results in the current quarter compared to the prior-year quarter reflected:

• An increase in programming and production costs primarily due to:
  • Higher NBA and college sports rights costs reflecting contractual rate increases
  • The absence of NHL Stanley Cup Finals rights costs in the current quarter. We have the rights to air the Stanley Cup Finals every other year.
• An increase in revenue attributable to:
  • Higher fees received from the Entertainment segment to program sports content on ABC
  • Advertising revenue growth due to increases in rates, partially offset by lower average viewership
  • A decrease in affiliate revenue reflecting fewer subscribers, largely offset by higher effective rates
  • Lower Ultimate Fighting Championship pay-per-view fees due to lower average buys per event

Star India

The operating loss in Star India in the prior-year quarter reflected Indian Premier League and ICC cricket programming.

Key Metrics⁽¹⁾ – Third Quarter of Fiscal 2025 Comparison to Second Quarter of Fiscal 2025

The following table is on a sequential quarter basis.

ESPN+ average monthly revenue per paid subscriber decreased from $6.58 to 6.40 due to lower advertising revenue.

Experiences

Experiences revenues and operating income were as follows:

Domestic Parks and Experiences

Operating results at our domestic parks and experiences increased compared to the prior-year quarter due to growth at our domestic parks and resorts and, to a lesser extent, Disney Cruise Line reflecting:

• An increase in guest spending due to higher spending at our theme parks
• Higher volumes attributable to increases in passenger cruise days and occupied room nights. Additional passenger cruise days reflected the launch of the Disney Treasurein the first quarter of the current year
• Increased costs primarily due to new guest offerings, including the fleet expansion at Disney Cruise Line

OTHER FINANCIAL INFORMATION

Corporate and Unallocated Shared Expenses

Corporate and unallocated shared expenses increased $82 million for the quarter, from $328 million to $410 million, primarily due to a legal settlement, timing of allocations to the segments and higher compensation costs, partially offset by a gain on a land sale.

Restructuring and Impairment Charges

In the current quarter, the Company recorded charges of $185 million primarily for an impairment of an equity investment.

Other Expense

In the prior-year quarter, the Company recorded a charge of $65 million related to a legal ruling.

Interest Expense, net

Interest expense, net was as follows:

The decrease in interest expense was due to lower average debt balances and rates, partially offset by a decrease in capitalized interest.

The decrease in interest income, investment income and other was due to an unfavorable comparison related to pension and postretirement benefit costs, other than service cost.

Equity in the Income of Investees

Equity in the income of investees was as follows:

Income from equity investees decreased $71 million, to $75 million from $146 million, primarily due to a loss from the India joint venture in the current quarter.

Income Taxes

The effective income tax rate was as follows:

The effective income tax rate was negative 85.1% in the current quarter compared to a positive effective income tax rate of 8.1% in the prior-year quarter. The current quarter included a $3.3 billion non-cash tax benefit recognized upon the change in Hulu’s U.S. income tax classification. Aside from the $3.3 billion tax benefit, both the current and prior-year quarters reflected benefits from favorable adjustments related to prior year tax matters.

Noncontrolling Interests

Net income attributable to noncontrolling interests was as follows:

The increase in net income attributable to noncontrolling interests was due to an incremental payment to acquire Hulu.

Net income attributable to noncontrolling interests is determined on income after royalties and management fees, financing costs and income taxes, as applicable.

Cash from Operations

Cash provided by operations and free cash flow were as follows:

Cash provided by operations increased $5.2 billion to $13.6 billion in the current period from $8.5 billion in the prior-year period driven by:

• Lower tax payments in the current period compared to the prior-year period reflecting:
  • Deferral of fiscal 2025 U.S. federal and California state income tax payments until October 2025 pursuant to relief related to the 2025 wildfires in California
  • Payment in fiscal 2024 of U.S. federal and California state income taxes related to fiscal 2023 that had been deferred pursuant to relief related to 2023 winter storms in California
• Higher operating income and, to a lesser extent, lower spending on content at Entertainment
• Higher operating income at Experiences

Capital Expenditures

Investments in parks, resorts and other property were as follows:

Capital expenditures increased to $6.1 billion from $3.9 billion due to higher spend on cruise ship fleet expansion at the Experiences segment, partially offset by lower spend on corporate facilities.

Depreciation Expense

Depreciation expense was as follows:

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; $ in millions, except per share data)

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited; $ in millions, except per share data)

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited; $ in millions)