[Financial Highlights and Outlook](index=1&type=section&id=Financial%20Highlights%20and%20Outlook) This section presents the company's Q3 fiscal 2025 financial performance, strategic priorities, and full-year fiscal 2025 guidance [Q3 Fiscal 2025 Financial Highlights](index=1&type=section&id=Q3%20Fiscal%202025%20Financial%20Highlights) The Walt Disney Company reported a 2% increase in Q3 revenues to $23.7 billion, with an 8% rise in total segment operating income to $4.6 billion. Diluted EPS more than doubled to $2.92, and adjusted EPS grew 16% to $1.61. Key segment performance includes a decline in Entertainment operating income, strong growth in Sports driven by the Star India transaction comparison, and a 13% increase in Experiences operating income Q3 Fiscal 2025 Financial Summary | Metric | Q3 FY2025 | Q3 FY2024 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $23.7 billion | $23.2 billion | +2% | | **Income before income taxes** | $3.2 billion | $3.1 billion | +4% | | **Total segment operating income** | $4.6 billion | $4.2 billion | +8% | | **Diluted EPS** | $2.92 | $1.43 | >+100% | | **Adjusted EPS** | $1.61 | $1.39 | +16% | - **Entertainment:** Operating income decreased by **$179 million** to **$1.0 billion**, impacted by lower Content Sales/Licensing results compared to a strong prior-year quarter[4](index=4&type=chunk) - **Direct-to-Consumer (DTC):** Operating income improved significantly, reaching **$346 million**, a **$365 million** increase from the prior year. Total Disney+ and Hulu subscriptions grew by **2.6 million** sequentially to **183 million**[4](index=4&type=chunk) - **Sports:** Operating income rose by **$235 million** to **$1.0 billion**, largely due to the absence of a **$314 million** loss from Star India recorded in the prior-year quarter[4](index=4&type=chunk) - **Experiences:** Operating income grew by **$294 million** to **$2.5 billion**, with Domestic Parks & Experiences operating income up **22%**[4](index=4&type=chunk) [CEO's Message and Strategic Priorities](index=3&type=section&id=CEO's%20Message%20and%20Strategic%20Priorities) CEO Robert A. Iger expressed satisfaction with Q3's creative and financial results, highlighting major strategic advancements in streaming and significant expansions in Parks and Experiences. The company is focused on building its future through these initiatives - The company is advancing its streaming strategy with the upcoming launch of ESPN's direct-to-consumer service and the integration of Hulu into Disney+[7](index=7&type=chunk) - Disney is undertaking more expansions in its parks and experiences globally than at any other time in its history[7](index=7&type=chunk) [Fiscal 2025 Guidance](index=3&type=section&id=Fiscal%202025%20Guidance) The company projects an 18% increase in full-year adjusted EPS to $5.85 for fiscal 2025. It anticipates significant growth in Entertainment and Sports operating income, alongside a substantial increase of over 10 million total Disney+ and Hulu subscriptions in Q4, primarily from an expanded Charter deal Fiscal 2025 Guidance Metrics | Metric | FY2025 Guidance | | :--- | :--- | | **Adjusted EPS** | $5.85 (+18% vs FY24) | | **Entertainment DTC Operating Income** | $1.3 billion | | **Entertainment Segment OI Growth** | Double-digit percentage | | **Sports Segment OI Growth** | 18% | | **Experiences Segment OI Growth** | 8% | - For Q4 2025, the company expects to add over **10 million** total Disney+ and Hulu subscriptions compared to Q3, with a modest increase for Disney+ subscribers specifically[8](index=8&type=chunk) [Summarized Financial Results](index=4&type=section&id=Summarized%20Financial%20Results) This section summarizes the company's consolidated and segment financial results for the quarter and nine-month period [Consolidated Financial Results](index=4&type=section&id=Consolidated%20Financial%20Results) For the third quarter of fiscal 2025, the company saw revenues rise 2% to $23.7 billion and income before taxes increase 4% to $3.2 billion. For the nine months ended, revenues grew 5% while income before taxes surged 50%, with free cash flow increasing 66% to $7.5 billion Consolidated Financial Summary (in millions, except per share) | Metric | Q3 2025 | Q3 2024 | Change | Nine Months 2025 | Nine Months 2024 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $23,650 | $23,155 | 2% | $71,961 | $68,787 | 5% | | **Income before income taxes** | $3,211 | $3,093 | 4% | $9,958 | $6,621 | 50% | | **Total segment operating income** | $4,575 | $4,225 | 8% | $14,071 | $11,946 | 18% | | **Diluted EPS** | $2.92 | $1.43 | >100% | $6.12 | $2.46 | >100% | | **Diluted EPS excluding certain items** | $1.61 | $1.39 | 16% | $4.82 | $3.83 | 26% | | **Cash provided by operations** | $3,669 | $2,602 | 41% | $13,627 | $8,453 | 61% | | **Free cash flow** | $1,889 | $1,237 | 53% | $7,519 | $4,530 | 66% | [Segment Financial Results](index=4&type=section&id=Segment%20Financial%20Results) In Q3, Experiences was the largest contributor to operating income at $2.5 billion (up 13% YoY), followed by Sports at $1.0 billion (up 29% YoY). Entertainment operating income declined 15% to $1.0 billion. For the nine-month period, all segments showed operating income growth Segment Financial Summary (in millions) | Metric | Q3 2025 | Q3 2024 | Change | Nine Months 2025 | Nine Months 2024 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenues:** | | | | | | | | Entertainment | $10,704 | $10,580 | 1% | $32,258 | $30,357 | 6% | | Sports | $4,308 | $4,558 | (5)% | $13,692 | $13,705 | —% | | Experiences | $9,086 | $8,386 | 8% | $27,390 | $25,911 | 6% | | **Segment operating income:** | | | | | | | | Entertainment | $1,022 | $1,201 | (15)% | $3,983 | $2,856 | 39% | | Sports | $1,037 | $802 | 29% | $1,971 | $1,477 | 33% | | Experiences | $2,516 | $2,222 | 13% | $8,117 | $7,613 | 7% | [Discussion of Third Quarter Segment Results](index=5&type=section&id=Discussion%20of%20Third%20Quarter%20Segment%20Results) This section details the third quarter financial performance and key drivers across the Entertainment, Sports, and Experiences segments [Entertainment](index=5&type=section&id=Entertainment) Entertainment segment operating income fell 15% to $1.02 billion in Q3, driven by lower results at Content Sales/Licensing and Linear Networks. This decline was partially offset by a significant improvement in the Direct-to-Consumer business, which achieved an operating income of $346 million Entertainment Segment Operating Income (in millions) | Metric | Q3 2025 | Q3 2024 | Change | | :--- | :--- | :--- | :--- | | **Operating income (loss):** | | | | | Linear Networks | $697 | $966 | (28)% | | Direct-to-Consumer | $346 | $(19) | nm | | Content Sales/Licensing and Other | $(21) | $254 | nm | | **Total Entertainment OI** | **$1,022** | **$1,201** | **(15)%** | [Linear Networks](index=6&type=section&id=Linear%20Networks) Linear Networks operating income declined significantly due to the Star India transaction and reduced domestic affiliate and advertising revenue - Linear Networks operating income decreased **28%** to **$697 million**, primarily due to a **92%** drop in international operating income following the Star India Transaction. Domestic operating income also fell **14%**[14](index=14&type=chunk)[15](index=15&type=chunk) - Domestic results were impacted by lower affiliate revenue from fewer subscribers and a decline in advertising revenue from decreased viewership and lower rates[18](index=18&type=chunk) - Equity income from investees, notably A+E Television Networks, declined due to lower affiliate and advertising revenue[16](index=16&type=chunk) [Direct-to-Consumer (DTC)](index=6&type=section&id=Direct-to-Consumer%20(DTC)) Direct-to-Consumer achieved significant operating income improvement driven by subscription revenue growth and increased subscriber numbers - DTC operating income improved to a profit of **$346 million** from a loss of **$19 million** in the prior-year quarter, driven by subscription revenue growth from price increases and higher subscriber numbers[17](index=17&type=chunk)[19](index=19&type=chunk) Paid Subscribers (in millions) | Paid subscribers (in millions) | June 28, 2025 | March 29, 2025 | Change | | :--- | :--- | :--- | :--- | | Total Disney+ | 127.8 | 126.0 | +1% | | Total Hulu | 55.5 | 54.7 | +1% | Average Monthly Revenue Per Subscriber | Average Monthly Revenue Per Subscriber | June 28, 2025 | March 29, 2025 | Change | | :--- | :--- | :--- | :--- | | Disney+ Domestic | $8.09 | $8.06 | —% | | Disney+ International | $7.67 | $7.52 | +2% | | Hulu SVOD Only | $12.40 | $12.36 | —% | | Hulu Live TV + SVOD | $100.27 | $99.94 | —% | [Content Sales/Licensing and Other](index=10&type=section&id=Content%20Sales%2FLicensing%20and%20Other) Content Sales/Licensing and Other reported an operating loss primarily due to lower theatrical distribution results compared to a strong prior-year quarter - The segment reported an operating loss of **$21 million**, a significant decrease from a **$254 million** income in the prior-year quarter. This was due to lower theatrical distribution results, as the prior-year quarter benefited from the strong performance of *Inside Out 2*[24](index=24&type=chunk)[25](index=25&type=chunk) [Sports](index=10&type=section&id=Sports) Sports segment operating income increased 29% to $1.04 billion. This growth was primarily due to the comparison with the prior-year quarter, which included a $314 million operating loss at Star India. Domestic ESPN operating income declined 7% due to higher rights costs Sports Segment Operating Income (in millions) | Metric | Q3 2025 | Q3 2024 | Change | | :--- | :--- | :--- | :--- | | **Operating income (loss):** | | | | | ESPN | $1,011 | $1,090 | (7)% | | Star India | — | $(314) | 100% | | Equity in the income of investees | $26 | $26 | —% | | **Total Sports OI** | **$1,037** | **$802** | **29%** | [ESPN](index=10&type=section&id=ESPN) Domestic ESPN operating income decreased due to higher programming and production costs, partially offset by slight revenue growth - Domestic ESPN operating income decreased due to higher programming and production costs, primarily from contractual rate increases for NBA and college sports rights[25](index=25&type=chunk)[26](index=26&type=chunk) - Domestic ESPN revenue increased slightly, with advertising revenue growth and higher fees from the Entertainment segment, partially offset by a decrease in affiliate revenue from fewer subscribers[32](index=32&type=chunk) [Star India](index=12&type=section&id=Star%20India) The Sports segment's significant improvement is largely attributed to the absence of Star India's operating loss from the prior-year quarter - The significant year-over-year improvement in the Sports segment is largely attributable to the absence of Star India's results in the current quarter. The prior-year quarter included a substantial operating loss from Star India due to cricket programming costs[27](index=27&type=chunk) [ESPN+ Key Metrics](index=12&type=section&id=ESPN%2B%20Key%20Metrics) ESPN+ maintained stable paid subscribers while average monthly revenue per subscriber saw a slight sequential decrease - ESPN+ paid subscribers remained flat at **24.1 million** compared to the previous quarter[29](index=29&type=chunk) - Average Monthly Revenue Per Paid Subscriber for ESPN+ decreased **3%** sequentially from **$6.58** to **$6.40**, driven by lower advertising revenue[29](index=29&type=chunk) [Experiences](index=12&type=section&id=Experiences) The Experiences segment delivered strong results, with operating income rising 13% to $2.5 billion. This was driven by a 22% increase in Domestic Parks and Experiences operating income, reflecting higher guest spending and increased volumes at parks and Disney Cruise Line Experiences Segment Operating Income (in millions) | Metric | Q3 2025 | Q3 2024 | Change | | :--- | :--- | :--- | :--- | | **Operating income:** | | | | | Domestic Parks & Experiences | $1,650 | $1,347 | 22% | | International Parks & Experiences | $422 | $435 | (3)% | | Consumer Products | $444 | $440 | 1% | | **Total Experiences OI** | **$2,516** | **$2,222** | **13%** | [Domestic Parks and Experiences](index=12&type=section&id=Domestic%20Parks%20and%20Experiences) Domestic Parks and Experiences operating income grew significantly, driven by increased guest spending and higher volumes at parks and cruise lines - Growth was driven by an increase in guest spending at theme parks[31](index=31&type=chunk) - Higher volumes, including increased passenger cruise days and occupied room nights, also contributed. The launch of the Disney Treasure cruise ship in Q1 was a key factor[39](index=39&type=chunk) [Other Financial Information](index=14&type=section&id=Other%20Financial%20Information) This section covers corporate expenses, interest, taxes, noncontrolling interests, and detailed cash flow and capital expenditure information [Corporate Expenses, Restructuring, and Other](index=14&type=section&id=Corporate%20Expenses%2C%20Restructuring%2C%20and%20Other) Corporate and unallocated shared expenses rose by $82 million to $410 million in the quarter, mainly due to a legal settlement and higher compensation costs. The company also recorded $185 million in restructuring and impairment charges, primarily for an equity investment impairment - Corporate and unallocated shared expenses increased to **$410 million** from **$328 million**, driven by a legal settlement, timing of allocations, and higher compensation costs[34](index=34&type=chunk) - The company recorded **$185 million** in charges, primarily for an impairment of an equity investment[35](index=35&type=chunk) [Interest, Taxes, and Noncontrolling Interests](index=14&type=section&id=Interest%2C%20Taxes%2C%20and%20Noncontrolling%20Interests) Net interest expense decreased 5% due to lower debt balances. The effective tax rate was -85.1% due to a significant $3.3 billion non-cash tax benefit from a change in Hulu's tax classification. Net income attributable to noncontrolling interests increased substantially, driven by an incremental payment to acquire Hulu - Net interest expense decreased to **$324 million** from **$342 million** due to lower average debt balances and rates[37](index=37&type=chunk) - The effective income tax rate was negative **85.1%** for the quarter, compared to positive **8.1%** in the prior year, primarily due to a **$3.3 billion** non-cash tax benefit related to Hulu's tax classification change[41](index=41&type=chunk) - Net income attributable to noncontrolling interests increased from **$221 million** to **$681 million** due to an incremental payment for the acquisition of Hulu[42](index=42&type=chunk) [Cash Flow, Capital Expenditures, and Depreciation](index=16&type=section&id=Cash%20Flow%2C%20Capital%20Expenditures%2C%20and%20Depreciation) For the first nine months of fiscal 2025, cash provided by operations increased significantly by $5.2 billion to $13.6 billion, driven by lower tax payments and higher operating income. Capital expenditures rose to $6.1 billion from $3.9 billion, mainly for the expansion of the Disney Cruise Line fleet - Cash provided by operations for the nine-month period grew **61%** to **$13.6 billion**, resulting in a **66%** increase in free cash flow to **$7.5 billion**[9](index=9&type=chunk)[44](index=44&type=chunk) - The increase in operating cash flow was driven by lower tax payments (due to deferrals), higher operating income, and lower content spending[46](index=46&type=chunk) - Capital expenditures for the nine months increased by **$2.2 billion** to **$6.1 billion**, primarily due to higher spending on the cruise ship fleet at the Experiences segment[45](index=45&type=chunk) [Condensed Consolidated Financial Statements](index=18&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the company's condensed consolidated statements of operations, balance sheets, and cash flows [Statements of Operations](index=18&type=section&id=Statements%20of%20Operations) The company's Q3 net income attributable to Disney doubled to $5.26 billion from $2.62 billion in the prior year, largely due to a significant income tax benefit. For the nine-month period, net income attributable to Disney also more than doubled to $11.09 billion Condensed Consolidated Statements of Operations (in millions, except per share data) | Metric | Quarter Ended June 28, 2025 | Quarter Ended June 29, 2024 | Nine Months Ended June 28, 2025 | Nine Months Ended June 29, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $23,650 | $23,155 | $71,961 | $68,787 | | **Income before income taxes** | $3,211 | $3,093 | $9,958 | $6,621 | | **Net income** | $5,943 | $2,842 | $11,988 | $5,209 | | **Net income attributable to Disney** | $5,262 | $2,621 | $11,091 | $4,512 | | **Diluted EPS** | $2.92 | $1.43 | $6.12 | $2.46 | [Balance Sheets](index=19&type=section&id=Balance%20Sheets) As of June 28, 2025, total assets stood at $196.6 billion, nearly flat compared to the fiscal year-end 2024. Total borrowings decreased to $42.3 billion from $45.8 billion, while total Disney shareholders' equity increased to $109.1 billion from $100.7 billion Condensed Consolidated Balance Sheets (in millions) | Metric | June 28, 2025 | September 28, 2024 | | :--- | :--- | :--- | | **Total current assets** | $23,820 | $25,241 | | **Total assets** | $196,612 | $196,219 | | **Total current liabilities** | $32,972 | $34,599 | | **Borrowings (Current + Long-term)** | $42,263 | $45,815 | | **Total liabilities** | $82,856 | $90,697 | | **Total Disney Shareholders' equity** | $109,145 | $100,696 | | **Total liabilities and equity** | $196,612 | $196,219 | [Statements of Cash Flows](index=20&type=section&id=Statements%20of%20Cash%20Flows) For the nine months ended June 28, 2025, the company generated $13.6 billion in cash from operations, a significant increase from $8.5 billion in the prior-year period. Cash used in investing activities was $6.2 billion, while cash used in financing activities was $8.1 billion, including $2.5 billion in stock repurchases Condensed Consolidated Statements of Cash Flows (in millions) | Metric | Nine Months Ended June 28, 2025 | Nine Months Ended June 29, 2024 | | :--- | :--- | :--- | | **Cash provided by operations** | $13,627 | $8,453 | | **Cash used in investing activities** | $(6,193) | $(4,903) | | **Cash used in financing activities** | $(8,090) | $(11,722) | | **Change in cash, cash equivalents and restricted cash** | $(625) | $(8,186) | | **Cash, cash equivalents and restricted cash, end of period** | $5,477 | $6,049 | [Non-GAAP Financial Measures & Reconciliations](index=22&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) This section explains and reconciles non-GAAP financial measures such as adjusted EPS, total segment operating income, and free cash flow [Diluted EPS Excluding Certain Items](index=22&type=section&id=Diluted%20EPS%20Excluding%20Certain%20Items) The company's reported diluted EPS of $2.92 for Q3 was adjusted to $1.61 after excluding items like a $3.3 billion non-cash tax benefit from the Hulu transaction and amortization of intangible assets. This adjusted EPS of $1.61 represents a 16% increase from the prior year's $1.39 Diluted EPS Excluding Certain Items Reconciliation (in millions except EPS) | Metric | Pre-Tax Income/Loss | After-Tax Income/Loss | Diluted EPS | | :--- | :--- | :--- | :--- | | **Quarter Ended June 28, 2025** | | | | | As reported | $3,211 | $5,943 | $2.92 | | Exclusions (Hulu impacts, amortization, etc.) | $580 | $(3,132) | $(1.31) | | **Excluding certain items** | **$3,791** | **$3,111** | **$1.61** | | **Quarter Ended June 29, 2024** | | | | | As reported | $3,093 | $2,842 | $1.43 | | Exclusions (Tax adjustments, amortization, etc.) | $462 | $(60) | $(0.04) | | **Excluding certain items** | **$3,555** | **$2,782** | **$1.39** | [Total Segment Operating Income](index=25&type=section&id=Total%20Segment%20Operating%20Income) Total segment operating income, a non-GAAP measure, was $4.58 billion for the quarter, an 8% increase from the prior year. This figure is reconciled from income before income taxes by adding back items such as corporate expenses, interest, and restructuring charges Total Segment Operating Income Reconciliation (in millions) | Metric | Q3 2025 | Q3 2024 | Change | | :--- | :--- | :--- | :--- | | **Income before income taxes** | $3,211 | $3,093 | 4% | | Add back: Corporate expenses, interest, etc. | $1,364 | $1,132 | 20% | | **Total segment operating income** | **$4,575** | **$4,225** | **8%** | [Free Cash Flow](index=25&type=section&id=Free%20Cash%20Flow) Free cash flow for the third quarter was $1.89 billion, a $652 million increase from the prior year. For the nine-month period, free cash flow was $7.52 billion, up nearly $3 billion year-over-year, reflecting higher cash from operations partially offset by increased capital investments Free Cash Flow Reconciliation (in millions) | Metric | Q3 2025 | Q3 2024 | Nine Months 2025 | Nine Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Cash provided by operations** | $3,669 | $2,602 | $13,627 | $8,453 | | Investments in parks, resorts and other property | $(1,780) | $(1,365) | $(6,108) | $(3,923) | | **Free cash flow** | **$1,889** | **$1,237** | **$7,519** | **$4,530** | [Supporting Information](index=21&type=section&id=Supporting%20Information) This section provides definitions for key DTC metrics and a standard forward-looking statements disclaimer [DTC Product Descriptions and Key Definitions](index=21&type=section&id=DTC%20Product%20Descriptions%20and%20Key%20Definitions) This section defines key metrics used in the report. A 'paid subscriber' is one for whom subscription revenue is recognized. Subscribers to multi-product bundles are counted as a paid subscriber for each service included. Average Monthly Revenue Per Paid Subscriber (ARPU) is calculated based on subscription and advertising revenue, net of discounts, and allocated based on relative service prices - Subscribers to multi-product offerings in the U.S. are counted as a paid subscriber for each service in the bundle[55](index=55&type=chunk) - Average Monthly Revenue Per Paid Subscriber includes subscription fees and advertising revenue, but excludes Pay-Per-View revenue. Revenue is allocated to each service in a bundle based on its relative standalone price[57](index=57&type=chunk) [Forward-Looking Statements](index=28&type=section&id=Forward-Looking%20Statements) This section contains the standard legal disclaimer regarding forward-looking statements. It cautions that statements about future expectations, plans, and financial prospects are based on management's current views and are subject to risks and uncertainties that could cause actual results to differ materially - The report contains forward-looking statements regarding guidance, strategic priorities, and other non-historical information[76](index=76&type=chunk) - Actual results may differ due to various factors, including economic conditions, competition, consumer preferences, regulatory changes, and other developments beyond the company's control[77](index=77&type=chunk)[80](index=80&type=chunk)

Core Insights - Disney's theme parks exceeded Wall Street estimates, with total revenue rising 2% to $23.7 billion in the fiscal third quarter, while adjusted earnings per share increased to $1.61 from $1.39 [1] Financial Performance - Operating income across Disney's three segments (Entertainment, Experiences, Sports) grew 8% to $4.6 billion, with ESPN making significant announcements regarding its new streaming service and acquiring the NFL Network [2] - Total revenue in the U.S. increased by 1% to $3.9 billion, but income dipped by 7% due to higher programming and production costs [3] - Entertainment profit dropped 15% to $1 billion, with revenue slightly increasing by 1% to $10.7 billion, impacted by lower box office performance compared to the previous year [4] - Direct-to-Consumer revenue rose 6% to $6.2 billion, with streaming profit of $346 million compared to a loss of $19 million a year ago, and Disney+ subscribers reached 128 million [5][6] Segment Analysis - Linear Networks revenue fell 15% to $2.27 billion, with operating income declining 28% to $697 million, primarily due to the Star India transaction [8] - Domestic Parks & Experiences revenue jumped 10% to $6.4 billion, with operating income growing 22% to $1.7 billion, driven by increased spending and hotel stays [10] Strategic Developments - Disney completed its acquisition of the remaining stake in Hulu from Comcast/NBCUniversal, marking a significant move in its streaming strategy [6] - The company is focused on integrating Hulu into Disney+ and expanding its global park experiences, indicating a strong commitment to growth in both streaming and physical experiences [12]

Financial Highlights - Disney's ESPN unit secures a 5-year deal worth $16 billion (16亿美金) to stream WWE offerings [1] Strategic Partnership - ESPN will stream WrestleMania and other major WWE events [1]

媒体巨头迪士尼(DIS.US美股盘前涨2.35%。消息上，迪士尼将在周三(今日)市场开盘前公布第三季度财 务业绩，这将显示消费者在看电影、支付流媒体费用和开多长假等方面的支出受到了怎样的影响。根据 Benzinga Pro的数据，分析师预计迪士尼第三季度的营业收入为237.2亿美元，高于去年同期的231.6亿美 元。(格隆汇) | DIS 迪士尼 | | | | --- | --- | --- | | 118.320 ↓ -1.030 -0.86% | | 收盘价 08/05 15:59 美东 | | 121.100↑ 2.780 +2.35% | | 盘前价 08/06 04:44 美东 | | 三四四十四十十八 | | ● 快捷交易 | | 最高价 119.570 | 开盘价 119.250 | 成交量 1536.57万 | | 最低价 117.330 | 昨收价 119.350 | 成交额 18.22亿 | | 平均价 118.564 | 市福率 M 24.10 | 总市值 2127.09亿(--) | | 振 幅 1.88% | 市盈率(静) 43.50 | 总股本 17.98亿 | | 换手率 0. ...

Group 1 - The core point of the article is that Disney's stock price increased by 2.6% in pre-market trading due to its subsidiary ESPN acquiring NFL media assets [1] Group 2 - The acquisition of NFL media assets by ESPN is a strategic move that may enhance Disney's position in the sports broadcasting industry [1] - The market reacted positively to the news, indicating investor confidence in the potential benefits of the acquisition [1] - This development could lead to increased revenue streams for Disney through enhanced sports content offerings [1]

Walt Disney Company DIS will release earnings results for the third quarter before the opening bell on Wednesday, Aug. 6. Analysts expect the Burbank, California-based company to report quarterly earnings at $1.44 per share, versus $1.39 per share in the year-ago period. Disney projects to report quarterly revenue at $23.76 billion, compared to $23.16 billion a year earlier, according to data from Benzinga Pro. The company has beaten analyst estimates for revenue in four straight quarters and in six of the ...

Core Insights - Disney's ESPN has entered into two non-binding agreements with the NFL, involving equity exchange and content licensing to strengthen ties with one of the most commercially valuable sports IPs in the U.S. [1][2] Group 1: Transaction Details - ESPN will transfer 10% equity to acquire key assets including the NFL Network, NFL Redzone channel, and NFL films [2] - The NFL will grant ESPN access to certain event content and intellectual property rights for use across its media platforms [2] Group 2: Strategic Implications - This move aims to integrate NFL's high viewership, as NFL events consistently top U.S. television ratings, with Super Bowl ad prices exceeding $7 million [2] - Disney's CEO Bob Iger emphasized that the transaction will combine ESPN's global influence with NFL's premier IP, enhancing the viewing experience for fans [2] - ESPN is preparing to consolidate its cable channels and launch a B2C streaming service, with NFL resources potentially serving as a critical asset against competitors like Amazon and Apple [2] Group 3: Market Analysis - Sports events are becoming a battleground for streaming platforms due to their unique live experience and user engagement [2] - ESPN's chairman Jimmy Pitaro stated that the integration of NFL resources will create a preferred platform for American football fans, but balancing the development of multiple sports categories and avoiding over-reliance on a single IP will be crucial for future strategy [2]

Industry Trend - The report highlights a trend of parents using Disney parks as an alternative educational environment, essentially "home-schooling" at Disney [1]

Group 1 - Disney is set to report its fiscal third-quarter earnings, with a focus on updates regarding its streaming, TV, movies, and theme parks businesses [1] - Investors are looking for details on the upcoming ESPN direct-to-consumer streaming service, which will launch this fall at a price of $29.99 per month [2] - The streaming market is shifting as consumers move away from traditional pay TV, with Fox Corp. also launching its own streaming app [3] Group 2 - In the last earnings report, Disney reported 126 million global subscribers for its Disney+ service, surpassing analyst expectations [4] - The company indicated that its streaming business has reached profitability, prioritizing this metric over subscriber growth [4] - Disney's experiences business, which includes parks and resorts, reported a 6% year-over-year revenue growth, with domestic theme park revenue up 9% and international park revenue down 5% [5] Group 3 - Expected earnings per share for Disney are $1.47, with anticipated revenue of $23.73 billion [6]

Group 1 - The NFL is selling most of its media assets to Disney in exchange for a 10% stake in ESPN, strengthening the strategic relationship between the league and its broadcasting partner [1] - The assets involved in the transaction include the subscription-based service NFL RedZone and the NFL Network cable channel, along with additional broadcasting rights for NFL games [1] - Disney is launching a new streaming service named "ESPN" priced at $30 per month, allowing sports fans to access all traditional ESPN channels [1] Group 2 - Disney plans to offer a bundled package that includes the new ESPN, Hulu, and Disney+ for $36 per month, with a promotional price of $30 for the first year [1] - ESPN is jointly owned by Disney and Hearst Communications, with Disney holding an 80% stake and Hearst holding 20% [1] - The NFL's average viewership last season was over 17 million, a decrease of 2.2% compared to the previous year, but it remains the highest-rated sports league in the U.S. [2]