Core Viewpoint - Disney's Q2 FY2025 earnings exceeded Wall Street expectations, leading to an upward revision of its annual outlook due to strong performance in its theme parks and streaming services [1] Financial Performance - Excluding certain items, Disney's Q2 FY2025 earnings per share (EPS) grew by 20% year-over-year to $1.45, surpassing the analyst consensus of $1.20 [2] - Total revenue for the quarter reached $23.6 billion, reflecting a 7% year-over-year increase, also above analyst expectations [2] Business Segments - The Disney Experience segment, which includes theme parks and cruises, benefited from increased visitor numbers in California and Florida, as well as significant holiday package sales [2] - The direct-to-consumer segment, including Disney+ and Hulu, achieved profitability for the fourth consecutive quarter, aided by recent price increases [2][3] - The film division saw strong revenue contributions from "Moana 2" and "The Lion King: Mufasa," which helped offset weaker box office performance from "Captain America: Brave New World" and "Snow White" [2] Future Outlook - Disney's management anticipates a slight increase in Disney+ subscription numbers for Q3 [2] - The company expects its streaming video business to contribute $1 billion in profit this year [3] - ESPN's operating profit is projected to grow by 18% for the full fiscal year, despite rising production costs [3] Shareholder Returns - Disney has repurchased $1.8 billion worth of stock so far this fiscal year [4] - Analysts believe that Disney+ and Hulu are well-positioned to withstand the challenges posed by the current global tariff situation [4]

Financial Performance - Total revenues for the quarter ended March 29, 2025, increased to $23,621 million, up 7% from $22,083 million in the same quarter of 2024[13] - Net income attributable to The Walt Disney Company for the quarter was $3,275 million, compared to a net loss of $20 million in the prior year quarter[13] - Earnings per share (diluted) for the quarter was $1.81, a significant increase from $(0.01) in the same quarter last year[13] - Comprehensive income attributable to Disney for the six months ended March 29, 2025, was $6,651 million, compared to $1,674 million in the same period of 2024[15] - Net income attributable to Disney for the current six-month period increased $3.9 billion, to $5.8 billion; EPS increased to $3.21 from $1.03 in the prior-year period[143] - Income before income taxes for the six months ended March 29, 2025, was $6,747 million, a 91% increase from $3,528 million in the prior year[151] Assets and Equity - Total current assets decreased to $22,735 million as of March 29, 2025, down from $25,241 million at September 28, 2024[18] - Total assets as of March 29, 2025, were $195,833 million, slightly down from $196,219 million at September 28, 2024[18] - As of March 29, 2025, total equity attributable to Disney is $104,339 million, an increase from $100,696 million at September 28, 2024, representing a growth of approximately 3.3%[25] - The company’s total equity, including non-controlling interests, stands at $108,766 million as of March 29, 2025, compared to $105,522 million at September 28, 2024, reflecting an increase of approximately 3.1%[25] Cash Flow and Investments - Cash provided by operations for the six months ended March 29, 2025, was $9,958 million, compared to $5,851 million for the same period in 2024[20] - Investments in parks, resorts, and other property for the six months ended March 29, 2025, totaled $4,328 million, an increase from $2,558 million in the prior year[20] - The company repurchased common stock worth $1,785 million during the six months ended March 29, 2025, compared to $1,001 million in the previous year, reflecting a 78.1% increase in stock repurchases[25] Segment Performance - Total segment revenues for the quarter ended March 29, 2025, were $23,621 million, an increase of 7.0% compared to $22,083 million for the same quarter in 2024[37] - Segment operating income for the quarter ended March 29, 2025, was $4,436 million, up 15.4% from $3,845 million in the same quarter of the previous year[38] - Subscription fees in the Entertainment segment reached $5,215 million for the quarter ended March 29, 2025, a 8.5% increase from $4,805 million in the same quarter of 2024[39] - The Sports segment generated revenues of $4,534 million for the quarter ended March 29, 2025, compared to $4,312 million in the same quarter of 2024, reflecting a growth of 5.1%[39] - Experiences segment revenues were $8,889 million for the quarter ended March 29, 2025, an increase of 5.9% from $8,393 million in the same quarter of 2024[39] Restructuring and Impairment - The company reported a restructuring and impairment charge of $109 million for the quarter, significantly lower than $2,052 million in the same quarter of the previous year[13] - The company incurred restructuring and impairment charges of $109 million in the quarter ended March 29, 2025, compared to $2,052 million in the same quarter of 2024[38] Tax and Deferred Revenue - The company expects to recognize a non-cash tax benefit of approximately $3.3 billion concurrent with the expected completion of the acquisition of NBCU's interest in Hulu in the third quarter of fiscal 2025[32] - Future revenue from unsatisfied performance obligations is estimated at $15 billion, with $3 billion expected to be recognized in the remainder of fiscal 2025[42][43] - Deferred revenues increased to $6.347 billion in the current period from $5.587 billion in the prior period[45] Borrowings and Interest Expense - The Company's total borrowings decreased from $45.815 billion on September 28, 2024, to $42.889 billion on March 29, 2025, reflecting a reduction of $2.926 billion[58] - Interest expense for the quarter ended March 29, 2025, was $346 million, an increase from $311 million in the same quarter of 2024[38] - Interest expense, net decreased 28% to $713 million due to lower average rates and debt balances[148] Legal Matters - The company intends to vigorously defend against ongoing legal matters, including a securities class action lawsuit filed against it[92] - The Company is involved in multiple antitrust lawsuits, including the Biddle Action and Fendelander Action, with claims under Section 1 of the Sherman Act and various state antitrust laws, seeking unspecified money damages and injunctive relief[95] - A new lawsuit, the Unger Action, was filed against the Company, alleging improper bundling of ESPN with other networks and seeking damages and injunctive relief, including a requirement to divest interests in Fubo and Hulu[96] Derivative Instruments and Fair Value - The fair value of the Company's borrowings as of March 29, 2025, is reported at $39.401 billion, with Level 2 borrowings valued at $37.182 billion[101] - The total recorded fair value of liabilities as of March 29, 2025, is $(1.209) billion, with significant liabilities in derivatives related to interest rates and foreign exchange[101] - The Company’s derivative positions measured at fair value show a net derivative position of $46 million as of March 29, 2025[106]

Core Insights - The Walt Disney Company has announced plans to build a new theme park and resort in Abu Dhabi, marking its seventh theme park resort globally [1][2] - The project will be developed by Miral, with Disney's imagineers overseeing creative design and operations, while Disney will not invest capital but will earn royalties [2][3] - The park aims to blend contemporary architecture with advanced technology to provide immersive entertainment experiences [3] Financial Performance - Disney reported a top- and bottom-line beat for its fiscal second quarter, with a 6% year-over-year revenue growth in its experiences business, which includes parks, cruises, and resorts [4] - The Abu Dhabi development is not included in Disney's $60 billion investment pledge for theme parks over the next decade [2] Market Potential - Approximately one-third of the world's population lives within a four-hour flight of the UAE, presenting a significant tourism market of around 500 million potential visitors [4] - The new park will enhance Disney's presence in the UAE, which has seen the company gradually entering the market through retail locations and entertainment shows [4] Unique Features - The resort will feature themed accommodations, unique dining, and retail experiences that reflect both Disney's storytelling heritage and the cultural essence of Abu Dhabi [6] - Yas Island, where the park will be located, is already a hub for entertainment, housing attractions like Ferrari World, Yas Waterworld, and SeaWorld Abu Dhabi [5]

Core Viewpoint - The announcement by Trump to impose a 100% tariff on films produced abroad and entering the U.S. is aimed at protecting the domestic film industry, citing national security concerns and the need to combat excessive foreign influence in media [2][3]. Group 1: Impact on Hollywood - Following the tariff announcement, stock prices of major Hollywood studios dropped significantly, with Paramount down 2.2%, Disney 2.4%, Netflix 3.3%, and Warner Bros. 4.2% [3]. - The U.S. film industry has been gradually moving production overseas due to high labor costs, particularly in California, where Hollywood is located [5][8]. - The 2023 strike in Hollywood highlighted the industry's reliance on labor, with discussions around job losses due to the rise of artificial intelligence [5][24]. Group 2: Global Film Production Trends - As of October 2024, 120 countries and regions have implemented film production incentive policies to attract projects, benefiting from increased investment and job creation [11]. - Countries like Spain and Iceland have reported high returns on investment for film incentives, with Spain achieving a return index of 9 from 2019 to 2022 [12]. - Since 2022, U.S. film production has decreased by 26%, while global film production has surged, with a 34% year-on-year growth in the first quarter of 2025 [13]. Group 3: Economic Implications - The cost savings from relocating film projects can range from 20% to 40%, prompting many major productions to move overseas [22][23]. - Upcoming Hollywood films, such as "Mission: Impossible 8" and "Avatar 3," are being produced in countries like the UK and New Zealand, respectively [23]. - The shift in production has resulted in a significant decline in job opportunities for U.S. film industry workers, with a 25% reduction in employment over the past three years [24]. Group 4: Political Context - Trump's policies appear to be more about political maneuvering against Hollywood, which has historically opposed him, rather than genuine concern for the industry [25][28]. - The imposition of tariffs may provoke retaliatory measures from other countries, potentially harming the U.S. film industry's global standing [31][35]. - The announcement of the tariff was quickly followed by a statement from the White House indicating that the policy was not finalized, reflecting the uncertainty surrounding Trump's trade strategies [37].

Core Insights - Disney's Q2 revenue for fiscal year 2025 reached $23.62 billion, indicating a strong performance in the quarter [1] - The earnings per share (EPS) for Q2 was reported at $1.81, reflecting the company's profitability during this period [1] Financial Performance - The total revenue of $23.62 billion represents a significant figure for the company, showcasing its ability to generate substantial income [1] - The EPS of $1.81 highlights the company's effective cost management and operational efficiency, contributing to its overall financial health [1]

迪士尼(DIS.N)：第三季度迪士尼+订阅业务季率预计将温和增长。 ...

Strength in Disney‘s Sports and Experiences divisions propelled the media giant to better-than-expected results in its fiscal second quarter. Revenue in the period ended increased 7% over the same quarter a year ago, reaching $23.6 billion. Earnings per share, excluding certain items, hit $1.45 on a diluted basis, up from $1.21 in the 2024 period. The top- and bottom-line figures were comfortably ahead of Wall Street analysts expectations. Investors cheered the report, boosting shares more than 6% in pre- ...

FOR IMMEDIATE RELEASE Exhibit 99.1 May 7, 2025 Total segment operating income and diluted EPS excluding certain items (also referred to as adjusted EPS) are non-GAAP financial measures. The most comparable GAAP measures are income before income taxes and diluted EPS, respectively. See the discussion on pages 17 through 21 for how we define and calculate these measures and a quantitative reconciliation thereof to the most directly comparable GAAP measures. (1) "Our outstanding performance this quarter—with a ...

1. 5月6日(周二)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.77%，标普500指数期货跌0.93%，纳指期货跌1.21%。 个股消息 DoorDash(DASH.US)一季度营收同比增超20%，EBITDA超预期。DoorDash一季度营收同比增长20.7%至30.3亿美元(低于市场预期6000万美元)，净营收利 润率持平于13.1%，贡献利润占比从4.5%微降至4.4%;调整后EBITDA达5.9亿美元(同比增59%，超市场预期5.885亿美元)。公司预计二季度调整后EBITDA为6 亿-6.5亿美元(中间值6.25亿，略低于市场预期6.38亿)，并提示消费需求波动及汇率风险。据悉，该公司Marketplace GOV(总交易额)达231亿美元(同比增 20%，超市场预期229亿美元)，其中杂货品类消费者数量及客单价(尤其易腐食品支出)均创历史新高。 关税冲击阴云压顶，飞利浦(PHG.US)下调年度利润预期。荷兰医疗科技企业飞利浦表示，尽管已采取"大量关税缓解措施"，但美国关税仍将带来2.5亿至3亿 欧元(约合2.83亿至3.4亿美元)的净影响，该公司将下调2025年利润率预期。数据显示， ...

Core Viewpoint - The announcement by President Trump to impose tariffs of up to 100% on films produced overseas has sparked widespread criticism and concern regarding its potential impact on the U.S. film industry and its global competitiveness [1] Industry Impact - The proposed tariffs are expected to significantly increase production costs for major U.S. film companies, which could undermine their competitiveness in the global market [1] - Major Hollywood companies such as Netflix, Disney, Warner Bros, and Paramount experienced stock price declines of over 2% following the announcement, indicating immediate market reaction and concern [1] Expert Opinions - Industry experts argue that while the policy is framed as a measure to "protect American films," it may actually threaten the collaborative foundation that the U.S. film industry relies on for survival, potentially leading to job losses [1] - Multiple industry associations in the U.S. are jointly urging Congress to carefully assess the economic and legal implications of the proposed tariffs [1]