$DIS (+1.21%) | Walt Disney Q4 '24 Earnings Highlights:

🔹 EPS: $1.14 (Est. $1.10) 🟢; UP +39% YoY

🔹 Revenue: $22.6B (Est. $22.48B) 🟢; UP +6% YoY

🔹 Disney+ Core Paid Subscribers: 122.7M (Est. 119.85M) 🟢

FY25 Guidance:

🔹 Adj EPS Growth: High-single digit YoY (Est. +4%) 🟢

🔹 Cash from Operations: Approximately $15B

🔹 Capital Expenditures: Approximately $8B

🔹 Share Repurchases: Targeting $3B

🔹 Dividend Growth: Expected to track earnings growth

FY26 and FY27 Long-Term Guidance:

🔹 FY26 EPS Growth: Double digit

🔹 FY26 Cash from Operations: Double digit growth

🔹 FY27 EPS Growth: Double digit

Q4 Subscriber Metrics:

🔹 Disney+ Core Paid Subscribers: 122.7M (Est. 119.85M) 🟢; UP +4% QoQ

🔹 Hulu Total Subscribers: 52M (Est. 51.1M) 🟢; UP +2% QoQ

Q4 Segment Revenue:

🔸 Entertainment: $10.83B (Est. $10.66B) 🟢; UP +14% YoY

🔹 Linear Networks: $2.46B; DOWN -6% YoY

🔹 Direct-to-Consumer (DTC): $5.78B; UP +15% YoY

🔹 Content Sales/Licensing and Other: $2.59B; UP +39% YoY

🔸 Sports: $3.91B; FLAT YoY

🔹 ESPN Domestic: $3.49B; UP +1% YoY

🔹 Star India: $58M; DOWN -37% YoY

🔸 Experiences: $8.24B (Est. $8.2B) 🟢; UP +1% YoY

🔹 Domestic Parks & Experiences: $5.52B; UP +3% YoY

🔹 International Parks & Experiences: $1.58B; DOWN -5% YoY

🔹 Consumer Products: $1.14B; UP +2% YoY

Q4 Segment Operating Income:

🔸 Entertainment: $1.07B; UP >100% YoY, driven by:

🔸 DTC Operating Income: $253M; UP from a loss of $420M YoY, supported by higher ad revenue, increased retail pricing, and improved efficiency in Disney+

🔸 Content Sales/Licensing and Other: $316M; UP from a loss of $149M YoY, due to box office successes including Inside Out 2 and Deadpool & Wolverine

🔸 Linear Networks: $498M; DOWN -38% YoY, affected by reduced affiliate and advertising revenue and higher marketing costs

🔸 Sports: $929M; DOWN -5% YoY, impacted by:

🔹 Increased college football rights costs and reduced NFL game broadcasts

🔹 Lower affiliate revenue from fewer subscribers, partially offset by rate increases

🔹 Improved ad revenue due to higher rates and sponsorship

🔸 Experiences: $1.66B (DOWN -6% YoY), driven by:

🔹 Domestic Parks & Experiences: $847M; UP +5% YoY, supported by increased guest spending at parks and cruise lines

🔹 International Parks & Experiences: $299M; DOWN -32% YoY, affected by lower attendance and increased costs for new guest offerings

🔸 Consumer Products: $513M; UP +1% YoY

FY24 Summary:

🔹 Total Revenue: $91.4B; UP +3% YoY

🔹 Total Segment Operating Income: $15.6B; UP +21% YoY

🔹 Cash Provided by Operations: $13.97B; UP +42% YoY

🔹 Free Cash Flow: $8.56B; UP +75% YoY

Additional FY25 Segment-Specific Guidance:

🔹 Entertainment: Anticipates double-digit segment operating income growth, weighted towards the first half of the year

🔹 Sports: 13% segment operating income growth on a reported basis, though excluding India, operating income is expected to decline approximately 10%

🔹 Experiences: Projected segment operating income growth of 6%-8%, weighted to the second half of the year