迪士尼公布财报数据显示，2025财年第三季度营收236.5亿美元，同比增长2%；第三财季调整后每股收 益1.61美元，上年同期1.39美元。 ...

Entertainment giant Disney, which is counting on its streaming and theme-park businesses to drive growth, raised its profit forecasts for the fiscal year https://t.co/w11EifAMuq ...

Financial Data and Key Metrics Changes - The company reported a record Q3 revenue number for Walt Disney World, indicating strong performance in the experiences segment [46] - Operating income growth for the experiences segment is expected to be around 8% for the fiscal year [44] Business Line Data and Key Metrics Changes - The film studio segment has seen renewed momentum with the live-action "Lilo and Stitch" crossing the $1 billion mark at the worldwide box office, marking Disney's fourth billion-dollar film in just over a year [8][9] - The integration of Hulu into Disney+ is expected to enhance the streaming offering, providing a more comprehensive entertainment package [10][29] Market Data and Key Metrics Changes - Domestic parks have experienced an 8% year-over-year increase in per capita spending, the best growth in over two years [90] - Forward bookings for Disney Cruise Line are reported to be very strong, with high occupancy rates [47][78] Company Strategy and Development Direction - The company is focusing on quality and innovation, with plans to expand its parks and experiences globally [6][13] - ESPN is being developed into a leading digital sports platform, with a direct-to-consumer offering launching soon [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's trajectory, citing a robust portfolio of growth businesses and a deep library of beloved IP [13] - The NFL deal is expected to provide ESPN with more games and enhance the overall viewer experience, which is anticipated to be accretive in the first year after closing [20][23] Other Important Information - The company is launching two new cruise ships, which are expected to enhance its offerings and brand presence in new markets [52][75] - The integration of Hulu into Disney+ is aimed at improving consumer experience and reducing churn [28][29] Q&A Session Summary Question: Can you elaborate on the NFL relationship and its impact on ESPN's growth? - The NFL deal will provide ESPN with more games than ever before, increasing audience engagement and revenue potential [17][20] Question: How will the integration of Hulu into Disney+ accelerate DTC growth? - The integration is expected to enhance consumer experience, lower churn, and improve advertising revenue opportunities [27][28] Question: What are the expectations for engagement with the new ESPN app? - The new ESPN app is designed to provide a more compelling experience for sports fans, with features that enhance engagement and reduce churn [39][40] Question: Can you discuss the trends in domestic theme park attendance and spending? - Attendance and per capita spending have both shown positive trends, with strong performance despite competitive offerings [90][92] Question: What is the outlook for content spending in the upcoming fiscal year? - Content spending is expected to focus on international growth opportunities rather than a significant increase in domestic content [85][86]

Financial Data and Key Metrics Changes - The company reported a significant increase in revenue, with the live-action film "Lilo and Stitch" crossing the $1 billion mark at the worldwide box office, marking it as Disney's fourth billion-dollar film in just over a year [7][8] - The company noted a 70% revenue growth in merchandise related to "Lilo and Stitch" compared to the previous year [8] Business Line Data and Key Metrics Changes - The film studio segment is experiencing renewed momentum with the successful launch of new franchises, contributing to long-term value across the business [6][7] - The streaming business is set to enhance profitability and margins through the integration of Hulu into Disney+, aiming for higher engagement and lower churn [9][10] Market Data and Key Metrics Changes - The ESPN segment is expanding its offerings with a direct-to-consumer sports platform launching on August 21, which will include more NFL games than ever before, increasing from 22 to 28 windows for NFL games [18][19] - The company is also enhancing its cruise line operations, with two new ships launching later this year, contributing to high occupancy rates and strong forward bookings [13][49] Company Strategy and Development Direction - The company is focusing on quality and innovation, with plans to integrate Hulu into Disney+ to create a unified app experience [6][9] - Expansion projects are underway across theme parks globally, with new attractions and experiences being developed [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's trajectory, highlighting the robust portfolio of growth businesses and the integration of technology to enhance consumer experience [13] - The management acknowledged economic uncertainties but remains confident in the performance of domestic parks and cruise lines [49] Other Important Information - The company is planning to bundle NFL's Plus Premium service with its existing offerings, which is expected to lower churn and increase engagement [69] - The integration of Hulu is expected to provide a better consumer experience, leading to lower churn and improved advertising revenue potential [30][84] Q&A Session Summary Question: Can you elaborate on the NFL relationship and its impact on revenue growth? - Management highlighted that the new agreements will provide ESPN with more NFL games than ever before, which is expected to significantly enhance audience engagement and revenue [18][21] Question: How will the integration of Hulu into Disney+ accelerate DTC growth? - The integration is anticipated to improve consumer experience, reduce churn, and enhance advertising opportunities, ultimately driving subscriber growth [28][30] Question: What are the expectations for engagement with the new ESPN app? - The new ESPN app is designed to provide a more compelling experience for sports fans, with features that enhance engagement and accessibility [40][68] Question: Can you discuss the impact of the new cruise ships on Disney's business? - The launch of new ships is expected to attract repeat customers and expand the brand's reach in new markets, particularly in Asia [55][75] Question: What are the expectations for content spending in the upcoming year? - Management indicated that while content spending will be managed effectively, there is a focus on growing international markets rather than significantly increasing domestic content spend [84][86]

智通财经APP获悉，迪士尼(DIS.US)公布了截至 6 月 28 日的第三财季业绩。Q3营收同比增长2.1%，达 到 236.5亿美元，市场预期为237.3亿美元，自 2024 年 5 月以来首次未达分析师预期。 不计入某些项 目，调整后每股盈利达到 1.61 美元，同比增长16%，超过了分析师平均预测的 1.46 美元。 然而，传统电视网络和体育节目的收入未能达到华尔街的预期，这抵消了该公司主题公园和流媒体业务 的出色表现。 迪士尼体验业务(包括主题公园、度假村、游轮以及消费产品)的收入增长了8%，达到90.9亿美元。国内 主题公园收入增长了10%，达到64亿美元。 与此同时，迪士尼娱乐部门(包括传统电视网络、直接面向消费者的流媒体和电影)的收入增长 1%，达 到 107 亿美元。虽然直接面向消费者的流媒体业务收入增长 6% 至 61.8 亿美元，但整个娱乐领域却受 到传统电视业务的拖累，传统电视业务收入下降 15% 至 22.7 亿美元。 而在利润方面，主题公园部门的利润在本季度增长了 13%，达到 25.2 亿美元。流媒体业务实现了 3.46 亿美元的季度盈利，而传统娱乐电视业务的利润下降了 28%， ...

Core Insights - Walt Disney reported quarterly earnings of $1.61 per share, exceeding the Zacks Consensus Estimate of $1.46 per share, and showing an increase from $1.39 per share a year ago, resulting in an earnings surprise of +10.27% [1] - The company posted revenues of $23.65 billion for the quarter ended June 2025, slightly missing the Zacks Consensus Estimate by 0.14%, but up from $23.16 billion year-over-year [2] - Disney has surpassed consensus EPS estimates in all four of the last quarters, while it has topped revenue estimates twice during the same period [2] Earnings Outlook - The sustainability of Disney's stock price movement will largely depend on management's commentary during the earnings call and future earnings expectations [3][4] - The current consensus EPS estimate for the upcoming quarter is $1.05 on revenues of $23.09 billion, and for the current fiscal year, it is $5.78 on revenues of $95.02 billion [7] Industry Context - The Media Conglomerates industry, to which Disney belongs, is currently ranked in the bottom 26% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5][6]

Stock Performance & Expectations - Disney's stock had a positive run in the last six months, leading to high expectations for earnings and guidance [2][3] - The market may have already priced in the expected outperformance, resulting in a "sell on the news" reaction [3][4] - Disney's stock price ten years ago was at the same level as the current price, indicating a decade of stagnation [6] Strategic Transformation & ESPN - Disney is potentially setting the stage for a strategic transformation, with Iger's last year being 2026 [6][7] - Disney is positioning ESPN for a potential separation from the rest of the company in the next 12-18 months [7] - Key moves include launching a direct-to-consumer ESPN service, adding NFL content, and securing deals with the NBA and WWE [7] Deals & Partnerships - The market initially reacted positively to the ESPN and NFL media deal [5] - The speaker expresses surprise that there isn't more excitement around the WWE deal and the NFL deal [4]

But a set of new deals between the NFL and Disney's ESPN just underscores the enormous value pro football has for TV companies. The transactions, announced Tuesday night, involve rights for various NFL assets — among them, ownership of the league's NFL Network, as well as access to its RedZone live highlight show. In return, the NFL will get a 10% stake in ESPN itself, valued at an estimated $3 billion, as well as new license fees. But the most valuable thing the NFL's media arm owns is the right to show se ...

How much does this story play into how you view the results coming out of Disney and what they should be saying about their future prospects and forecast. >> Yeah, I I don't I don't think it's the most meaningful piece of the puzzle. I I I think the the conversations probably two years ago that Disney was having were really trying to get the leagues to take equity stakes to sort of cement ESPN across a wide array of leagues to make ESPN sort of the de facto streaming destination for sports.That didn't happe ...

迪士尼第三财季财报显示，公司Q3营收同比增长2%。主题乐园业务表现强劲，流媒体首次实现可观盈利3.46亿美元，并上调全年预期。然而，传统电 视和电影业务持续下滑，电影业务甚至出现2100万美元的亏损。 8月6日，迪士尼公布Q3财报： | | | | Quarter Ended | | | | | Nine Months Ended | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | June 28, | | | June 29, | | | June 28, | | June 29, | | | ($ in millions, except per share amounts) | 2025 | | | 2024 | Change | | 2025 | | 2024 | Change | | Revenues | $ 23,650 | | રે | 23,155 | 2 % | ટે | 71,961 | ഗ | 68,787 | 5 % | | Income before income taxes ર્ ...