🔹 Revenue: $23.62B (Est. $23.14B) 🟢; UP +7% YoY
🔹 Adj. EPS: $1.45 (Est. $1.20) 🟢; UP +20% YoY
FY25 Guidance (Raise):
🔹 FY Adj. EPS: $5.75 (Est. $5.44) 🟢; UP +16% YoY
🔹 FY Operating Cash Flow: $17B (UP +$2B vs prior guidance)
🔹 Entertainment OI Growth: Double-digit %
🔹 Sports OI Growth: +18%
🔹 Experiences OI Growth: +6% to +8%
🔹 Disney Cruise Line pre-opening expenses: ~$200M (incl. $40M in Q3, $50M in Q4)
🔹 Equity loss from India JV: ~$300M
Segment Performance:
Entertainment Segment
🔸 Revenue: $10.68B; UP +9% YoY
🔹 Operating Income: $1.26B; UP +61% YoY
🔸 Linear Networks Revenue: $2.42B; DOWN -13% YoY
🔹 Domestic: $2.20B; DOWN -3% YoY
🔹 International: $223M; DOWN -55% YoY
🔸 Linear Networks Operating Income: $769M; UP +2% YoY
🔹 Domestic OI: $625M; UP +20% YoY
🔹 International OI: $15M; DOWN -84% YoY
🔸 Direct-to-Consumer Revenue: $6.12B; UP +8% YoY
🔹 DTC OI: $336M (vs. $47M YoY)
🔸 Content Sales/Licensing Revenue: $2.15B; UP +54% YoY
🔹 Licensing OI: $153M (vs. -$18M YoY)
Sports Segment
🔸 Revenue: $4.53B; UP +5% YoY
🔹 ESPN Domestic Revenue: $4.16B; UP +7% YoY
🔹 International Revenue: $379M; UP +11% YoY
🔸 Operating Income: $687M; DOWN -12% YoY
🔹 Domestic ESPN OI: $648M; DOWN -17% YoY
🔹 International OI: $21M; UP +11% YoY
🔹 Star India contribution removed post JV
Experiences Segment
🔸 Revenue: $8.89B; UP +6% YoY
🔹 Operating Income: $2.49B; UP +9% YoY
🔸 Domestic Parks & Experiences Revenue: $6.50B; UP +9% YoY
🔹 Domestic Parks OI: $1.82B; UP +13% YoY
🔸 International Parks Revenue: $1.44B; -5% YoY
🔹 International Parks OI: $225M; -23% YoY
🔸 Consumer Products Revenue: $949M; UP +4% YoY
🔹 OI: $443M; UP +14% YoY
Subscriber & ARPU Metrics (Sequential QoQ):
Disney+ Subscribers
🔹 Total: 126.0M (UP +1%)
🔹 Domestic: 57.8M (UP +2%)
🔹 International: 68.2M (UP +1%)
Disney+ ARPU
🔹 Global: $7.77 (UP +3%)
🔹 U.S./Canada: $8.06 (UP +1%)
🔹 International: $7.52 (UP +5%)
Hulu Subscribers
🔹 Total: 54.7M (UP +2%)
🔹 SVOD Only: 50.3M (UP +3%)
🔹 Live TV + SVOD: 4.4M (DOWN -4%)
Hulu ARPU
🔹 SVOD Only: $12.36 (DOWN -1%)
🔹 Live TV + SVOD: $99.94 (UP +1%)
ESPN+ Subscribers
🔹 24.1M (DOWN -3% QoQ)
🔹 ARPU: $6.58 (UP +3% QoQ)
Other Key Metrics:
🔹 Pretax Profit: $3.09B (vs. $0.66B YoY)
🔹 Free Cash Flow: $4.89B; UP >100% YoY
🔹 Cash from Operations: $6.75B; UP +84% YoY
CEO Bob Iger Commentary:
🔸 “Our outstanding performance this quarter—with adjusted EPS up 20% from the prior year driven by our Entertainment and Experiences businesses—underscores our continued success building for growth and executing across our strategic priorities.”
🔸 “We remain optimistic about the direction of the company and our outlook for the remainder of the fiscal year.”