🔹 Revenue: $23.65B (Est. $23.7B) 🟡; UP +2% YoY
🔹 Adj. EPS: $1.61 (Est. $1.45) 🟢; UP +16% YoY
🔹 Disney+ Subscribers: 127.8M; UP +1% QoQ
Guidance (FY25):
🔹 Adj. EPS: $5.85 (Est. $5.77) 🟢; UP +18% YoY
🔹 DTC Operating Income: $1.3B (Est. $1.22B) 🟢
🔹 Entertainment Segment OI: Double-digit % growth
🔹 Sports Segment OI: UP +18%
🔹 Experiences Segment OI: UP +8%
🔹 Disney+ & Hulu Net Adds: +10M expected in Q4
🔹 Disney Cruise Line Pre-Opening Expense: ~$185M
Segment Operating Income (Q3):
🔹 Entertainment: $1.02B; DOWN -15% YoY
🔹 Sports: $1.04B; UP +29% YoY
🔹 Experiences: $2.52B; UP +13% YoY
Direct-to-Consumer (DTC):
🔹 Revenue: $6.18B; UP +6% YoY
🔹 Operating Income: $346M vs ($19M) YoY loss
🔹 Disney+ Subscribers: 127.8M; UP +1% QoQ
🔹 Hulu Subscribers: 55.5M; UP +1% QoQ
Other Metrics:
🔹 Income Before Taxes: $3.21B; UP +4% YoY
🔹 Total Segment Operating Income: $4.58B; UP +8% YoY
🔹 Free Cash Flow: $1.89B; UP +53% YoY
🔹 Cash From Operations (9M): $13.6B; UP +61% YoY
🔹 Capex: $6.1B; UP YoY driven by cruise ship expansion
🔸 Equity Loss from India JV: ~$200M
🔹 Corporate Expenses: $410M; UP due to legal settlement
🔸 Disney Paying $1.6 Billion for WWE Rights - WSJ
CEO Commentary – Bob Iger:
🔸 “We’re taking major steps forward in streaming with ESPN’s DTC service, Hulu-Disney+ integration, and NFL partnership.”
🔸 “More global park expansions are underway than ever before.”
🔸 “With ambitious plans across all businesses, we’re not done building.”