🔹 Revenue: $24.69B (Est. $24.62B) 🟢; UP +5% YoY
🔹 Adjusted EPS: $1.76 (Est. $1.45) 🟢; UP +44% YoY
🔹 Total Disney+ subscribers: 124.6M; DOWN -0.7M QoQ
Q2'25 Outlook:
🔹 Modest decline in Disney+ subscribers expected
🔹 Sports: $100M hit from college sports & NFL, $50M from Venu Sports JV exit
🔹 Disney Cruise Line pre-opening expense of ~$40M
FY25 Outlook:
🔹 Adjusted EPS Growth: High-single digits
🔹 Cash from Operations: ~$15B
🔹 Entertainment: Double-digit segment operating income growth
🔹 Sports: 13% segment operating income growth
🔹 Experiences: 6-8% segment operating income growth
🔹 Disney Cruise Line pre-opening expense: ~$200M
Key DTC Metrics:
🔸 Total Disney+ subscribers: 124.6M (Est. 141.74M) 🔴; DOWN -0.7M QoQ
🔸 Domestic Disney+ subscribers: 56.8M (Est. 55.67M) 🟢
🔸 International Disney+ subscribers: 67.8M (Est. 63.77M) 🟢
🔸 Total Hulu subscribers: 53.6M (Est. 52.34M) 🟢
🔸 Hulu SVOD Only Subscribers: 49M (Est. 47.26M) 🟢
🔸 Hulu Live TV + SVOD subscribers: 4.6M (Est. 4.63M) 🟡
🔸 Hulu SVOD Only ARPU: $12.52 (Est. $12.84) 🔴
🔸 Hulu Live TV + SVOD ARPU: $99.22 (Est. $97.98) 🟢
Q1 SEGMENTS:
Experiences (Parks, Cruises & Consumer Products)
🔹 Revenue: $9.42B (Est. $9.32B) 🟢; UP +3% YoY
🔹 Segment Operating Income: $3.11B (Est. $3.03B) 🟢; Flat YoY
Domestic Parks & Experiences:
🔹 Operating Income: $1.98B; DOWN -5% YoY
🔹 Impacted by Hurricanes Milton & Helene ($120M impact) and Disney Treasure pre-opening expenses ($75M impact)
International Parks & Experiences:
🔹 Operating Income: $420M; UP +28% YoY
Consumer Products:
🔹 Revenue: $1.34B (Est. $1.38B) 🟡; DOWN -2% YoY
🔹 Operating Income: $708M; UP +1% YoY
Entertainment
🔹 Revenue: $10.87B (Est. $11.07B) 🔴; UP +9% YoY
🔹 Segment Operating Income: $1.70B (Est. $1.11B) 🟢; UP +95% YoY
Linear Networks:
🔹 Revenue: $2.62B (Est. $2.60B) 🟡; DOWN -7% YoY
🔹 Operating Income: $1.10B; DOWN -11% YoY