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]

Core Viewpoint - Disney's Q3 earnings report showed a 2.1% year-over-year revenue growth to $23.65 billion, missing market expectations for the first time since May 2024, despite adjusted EPS of $1.61 exceeding analyst forecasts by 16% [1][2] Revenue Summary - Disney's experience segment, including theme parks and resorts, saw an 8% revenue increase to $9.09 billion, with domestic parks growing 10% to $6.4 billion [1] - The entertainment segment, which includes traditional TV networks and streaming, grew 1% to $10.7 billion, but traditional TV revenue fell 15% to $2.27 billion, offsetting streaming growth of 6% to $6.18 billion [1] Profit Summary - The theme park division's profit rose 13% to $2.52 billion, while streaming generated $346 million in profit; however, traditional entertainment TV profits dropped 28%, and Disney's film studio reported a loss [2][4] - Disney raised its full-year EPS guidance to $5.85, up from $5.75, with theme park operating profit expected to grow 8% and streaming profit projected to reach $1.3 billion, exceeding previous guidance of $1 billion [2] Streaming Business Expansion - Disney is expanding its streaming services in response to declining traditional TV viewership, including a deal with the NFL for a 10% stake in ESPN, integrating NFL media assets into ESPN's platform [3] - ESPN's domestic profits fell 3% due to rising production and operational costs, despite the overall sports division achieving a profit of $1.04 billion, up 29% [4] User Growth and Integration - Disney+ added 1.8 million subscribers in Q3, reaching a total of 128 million, while Hulu grew 1% to 55.5 million subscribers; the company anticipates adding 10 million users in the upcoming quarter [4] - Plans are underway to integrate Disney+ and Hulu into a single app with a unified recommendation engine and additional content [4] Film Division Performance - The Disney film studio reported a loss of $21 million in Q3, down from a profit of $254 million in the same period last year, impacted by underperforming films from Pixar and Marvel [5] Workforce Adjustments - Disney has laid off hundreds of employees in its film and television divisions amid a broader industry contraction [6]

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]

Core Insights - The NFL continues to dominate television viewership, with its games accounting for 72 of the 100 most-watched shows last year [2] - Recent deals between the NFL and Disney's ESPN highlight the significant value of NFL content for media companies [3][10] NFL and Disney Deal - The transactions involve rights for various NFL assets, including ownership of the NFL Network and access to the RedZone live highlight show [3] - The NFL will receive a 10% stake in ESPN, valued at approximately $3 billion, along with new license fees [3] - Disney will acquire rights to three out of seven NFL games per week, while the NFL retains the other four games for potential licensing to other media companies [3][4] Market Dynamics - The NFL's strategy appears to involve maximizing revenue by selling game rights in multiple packages to various buyers, rather than consolidating all rights with a single company [5] - The NFL has successfully negotiated deals with other platforms, such as Amazon for Thursday night games and Netflix for Christmas games, indicating a trend of diversifying its media partnerships [5][10] NFL Network Performance - The NFL Network has struggled to attract viewership outside of live games and the annual draft, which has limited its appeal to potential partners [9] - The recent deal suggests that the NFL's leverage has increased as traditional TV viewership declines, making NFL content essential for media companies [10] Strategic Focus - The NFL's media deals head emphasized the importance of finding the right deal rather than rushing into an agreement, indicating a strategic approach to asset management [11] - The deal's success is attributed to the NFL's ability to sell its most valuable asset—live game rights—despite only offering a portion of its total games [12]

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 ...

Core Insights - Disney's Q3 revenue increased by 2% year-over-year, driven by strong performance in theme parks and streaming, with streaming achieving a profit of $346 million for the first time [1][4] - The company raised its full-year profit forecast following better-than-expected quarterly earnings, despite a 2% drop in stock price during pre-market trading [1][4] Financial Performance - Q3 revenue for fiscal year 2025 was $23.7 billion, a 2% increase from $23.2 billion in the previous year [4] - Adjusted earnings per share (EPS) rose by 16% to $1.61, exceeding expectations, while GAAP diluted EPS increased from $1.43 to $2.92 due to a $3.3 billion non-cash tax benefit [4] - Free cash flow for the first nine months reached $7.5 billion, a significant increase of 66% year-over-year [4] Business Segments - Theme parks and streaming have emerged as the most reliable growth drivers for Disney, with theme park operating income rising by 13% to $2.52 billion and revenue increasing by 8% [5] - The flagship streaming service Disney+ reached 128 million subscribers, meeting analyst expectations, with projections for an additional 10 million subscribers due to expanded partnerships [5] Challenges - Traditional media networks and film production are under significant pressure, with traditional entertainment television revenue declining by 28% and overall entertainment segment operating income down by 15% to $1 billion [6] - The film segment reported a loss of $21 million, attributed to disappointing box office performances of films like Pixar's "Elio" and Marvel's "Thunderbolts" [6] Strategic Initiatives - Disney is focusing on its sports business through strategic transactions, including NFL acquiring a 10% stake in ESPN, which will integrate NFL media assets into a new ESPN streaming platform set to launch on August 21 [7] - ESPN has also secured a five-year deal worth over $1.6 billion with WWE, becoming the exclusive broadcaster for all WWE pay-per-view events in the U.S. starting in 2026 [7]

Disney earnings are out this morning. Uh earnings beat estimate revenue just slightly below. Joining us now is Hugh Johnson.Disney CFO Julia Borston uh is here as well. The stock um Hugh it's good to see you and I I don't know where you want to start. maybe start with earnings because I think uh on on the other news the stock was uh reacting positively is up at I think 122 now I think 117 116 uh after I guess maybe the Julia pointed out you've been beating revenue uh estimates right in recent quarters uh so ...

1. 8月6日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.35%，标普500指数期货涨0.24%，纳指期货涨 0.23%。 2. 截至发稿，德国DAX指数涨0.02%，英国富时100指数涨0.20%，法国CAC40指数涨0.28%，欧洲斯托克50指数涨0.22%。 3. 截至发稿，WTI原油涨1.63%，报66.22美元/桶。布伦特原油涨1.52%，报68.67美元/桶。 | 瑞 伦敦布伦特原油 | 2025年10月 | 68.67 | 68.81 | 67.65 | +1.03 | +1.52% | | --- | --- | --- | --- | --- | --- | --- | | 雪 WTI原油 | 2025年9月 | 66.22 | 66.34 | 65.12 | +1.06 | +1.63% | 市场消息 降息预期凌乱，华尔街投行"吵"起来。美国"非农"数据暴雷令美联储降息预期飙升，但本周华尔街知名投行对降息分歧却在加 大。高盛、花旗均认为，9月或激进降息，摩根大通甚至认为今年可能降息125个基点。然而，美银认为今年美联储或按兵不 动，巴克莱和汇丰同样态度谨慎。未来几个月将 ...

Market Overview - US stock index futures are all up ahead of the market opening, with Dow futures rising by 0.35%, S&P 500 futures up by 0.24%, and Nasdaq futures increasing by 0.23% [1] - European indices also show positive movement, with Germany's DAX up by 0.02%, UK's FTSE 100 up by 0.20%, France's CAC40 up by 0.28%, and the Euro Stoxx 50 up by 0.22% [2][3] - WTI crude oil prices increased by 1.63% to $66.22 per barrel, while Brent crude oil rose by 1.52% to $68.67 per barrel [3][4] Economic Insights - There is a growing divergence among Wall Street investment banks regarding interest rate cuts, with Goldman Sachs and Citigroup suggesting aggressive cuts in September, while Bank of America and Barclays remain cautious [4] - The upcoming months are critical for determining the Federal Reserve's interest rate decisions, especially if employment and inflation data continue to show weakness [4] - Concerns about the credibility of government data have arisen following President Trump's criticism of employment data, which could impact the TIPS market significantly [5] Company News - Supermicro (SMCI.US) reported a 7.5% year-over-year increase in Q4 sales to $5.76 billion, but this fell short of market expectations of $6.01 billion, leading to a nearly 17% pre-market drop [7][8] - AMD (AMD.US) saw a 32% year-over-year revenue increase to $7.7 billion in Q2, but its adjusted earnings per share of $0.48 fell below expectations, resulting in a nearly 6% pre-market decline [8] - Novo Nordisk (NVO.US) reported a 32% year-over-year increase in net profit for Q2, driven by strong sales of its semaglutide products, which generated $16.68 billion in revenue [9] - Honda (HMC.US) adjusted its full-year guidance upward despite a 1.2% year-over-year decline in Q1 revenue, anticipating a reduction in tariff-related losses [10] - McDonald's (MCD.US) reported a 5.4% year-over-year revenue increase in Q2, exceeding expectations, with same-store sales growth driven primarily by higher customer spending [11] - Uber (UBER.US) exceeded revenue expectations for Q2, reporting $12.65 billion, and provided a positive outlook for Q3 [11] - Disney (DIS.US) reported Q3 earnings that surpassed expectations, although traditional TV revenue fell short, overshadowing strong performance in theme parks and streaming [12] - Lucid (LCID.US) reported a Q2 adjusted loss of $0.24 per share, below expectations, and lowered its annual production guidance to 18,000-20,000 vehicles [13] - Snap (SNAP.US) experienced a significant drop in advertising revenue growth, leading to a nearly 18% pre-market decline following its Q2 earnings report [13]