迪士尼最新季报显示营收稳健增长，但利润受成本攀升与税务负担拖累。 2月2日，迪士尼公布的2026财年一季度财报显示，公司营收实现5%的同比增长，达到259.8亿美元，归母净利润则同比下降6%至24.0亿美元，摊 薄后每股收益为1.34美元，同比下滑4%。利润端主要受到娱乐内容成本上升、体育版权费用增加及一次性税务调整等因素的拖累。 | | | The Real of the Research and | | | --- | --- | --- | --- | | | December 27, 2025 | | December 28, 2024 | | Revenues: | | | | | Services | | 23,206 | 22,048 | | Products | | 2,775 | 2,642 | | Total revernes | | 25,981 | 24,690 | | Costs and expenses: | | | | | Cost of services (exclusive of depreciation and amortization) | | (15,003) | (1 ...

Market Overview - The three major U.S. stock indices opened lower, with the Dow Jones down 0.13%, the S&P 500 down 0.31%, and the Nasdaq down 0.39% [1] Chinese Stocks - Chinese stocks experienced a broad decline, with Xpeng Motors falling over 6%, NIO down over 3%, Baidu and iQIYI down over 2%, and Weibo and Bilibili down over 1% [1] Oracle Corporation - Oracle's stock rose by 3.8% as the company plans to raise up to $50 billion and initiate a dollar bond issuance [1] U.S. Rare Earth Companies - U.S. rare earth companies saw a 7.2% increase, following reports that Trump plans to establish a $12 billion strategic reserve for critical minerals [1] Disney - Disney's stock dropped over 7%, with the company reporting Q1 revenue of $25.98 billion, reflecting a year-over-year growth of 5% [1]

U.S. stocks traded mixed this morning, with the Dow Jones index gaining more than 100 points on Monday.Following the market opening Monday, the Dow traded up 0.24% to 49,009.24 while the NASDAQ fell 0.06% to 23,448.80. The S&P 500 also rose, gaining, 0.05% to 6,942.71.Check This Out: How To Earn $500 A Month From Goldman Sachs Stock Ahead Of Q4 EarningsLeading and Lagging SectorsMaterials shares gained by 0.8% on Monday.In trading on Monday, energy stocks fell by 1.7%.Top HeadlineThe Walt Disney Company (NY ...

迪士尼首席执行官艾格（Bob Iger）在与分析师的电话会议上表示，派拉蒙（Paramount Skydance）和 Netflix之间围绕华纳兄弟探索（Warner Bros. Discovery）的持续争夺，应该向投资者凸显知识产权的巨 大价值。艾格在担任首席执行官期间曾策划了多笔交易以扩大迪士尼的IP，他表示目前没有兴趣收购更 多资产。相反，迪士尼正专注于通过在各项业务中进行投资来提升其现有IP的价值，比如该公司正在其 巴黎乐园收尾建设一个以"Frozen"为主题的园区。艾格还说："上海的疯狂动物城园区无论在规模还是 价值上都是巨大的，"他补充说："去上海迪士尼乐园的游客中，专为去疯狂动物城园区的比例非常非常 高。" 责任编辑：李肇孚 责任编辑：李肇孚 迪士尼首席执行官艾格（Bob Iger）在与分析师的电话会议上表示，派拉蒙（Paramount Skydance）和 Netflix之间围绕华纳兄弟探索（Warner Bros. Discovery）的持续争夺，应该向投资者凸显知识产权的巨 大价值。艾格在担任首席执行官期间曾策划了多笔交易以扩大迪士尼的IP，他表示目前没有兴趣收购更 多资产。相反，迪士尼 ...

Core Insights - Disney CEO Bob Iger announced that videos created with OpenAI's Sora will soon be available on Disney+, but he does not anticipate any impact on the company's existing film and TV pipeline [1] - Disney's three-year deal with OpenAI, which includes a $1 billion investment, is expected to yield results in the coming months, allowing OpenAI to license 250 Disney characters [2] - The introduction of vertical videos on Disney+ will be capped at 30 seconds, aiming to leverage the growth of short-form and user-generated content seen on platforms like YouTube [3] Company Strategy - The agreement with OpenAI is seen as a way to enhance Disney+'s offerings with short-form video content, which is expected to increase user engagement [3] - Iger emphasized that the use of Sora tools could enable Disney+ subscribers to create their own short-form videos, marking a significant step in content interactivity [3] - Despite the integration of AI, Iger does not foresee any negative effects on Disney's other programming [3] Industry Context - The entertainment industry is currently facing scrutiny regarding AI, particularly as guilds prepare for contract negotiations, with AI being a contentious issue in previous discussions [3] - Disney, along with other major media companies, has filed lawsuits against AI firms for allegedly training models on copyrighted material, highlighting ongoing tensions in the industry [4] - Iger noted that Disney views AI as a tool for enhancing creativity, productivity, and consumer connectivity, indicating a strategic pivot towards leveraging technology for business growth [4]

此外，此次财报发布之际，谁将接替鲍勃·艾格出任首席执行官成为关注焦点。这已是迪士尼第二次为 艾格寻找接班人——2020年鲍勃·查佩克接任后，仅两年便遭解职，艾格重新执掌帅印。彼时迪士尼股 价承压，公司亟需提振影视业务并重振乐园业绩。 智通财经APP获悉，周一，迪士尼(DIS.US)开盘跌近7%，现报104.61美元。消息面上，在截至12月27日 的2026财年第一季度，迪士尼整体营收同比增长5%至260亿美元，超过分析师预期的257亿美元;公司实 现税前利润37亿美元，同样高于华尔街35亿美元的预测值。调整后每股收益为1.63美元，虽较去年同期 下滑7%，但仍优于分析师1.57美元的预期。展望未来，迪士尼预计Q2娱乐部门营运利润将与上年同期 持平，但预计其流媒体业务将实现5亿美元利润，较上年同期增加2亿美元。全年来看，迪士尼重申了相 对于2025财年实现两位数每股收益增长的全年预测，并预计全年经营活动将产生190亿美元现金流，且 70亿美元的股票回购计划正按计划推进。 ...

此外，此次财报发布之际，谁将接替鲍勃.艾格出任首席执行官成为关注焦点。这已是迪士尼第二次为 艾格寻找接班人——2020年鲍勃.查佩克接任后，仅两年便遭解职，艾格重新执掌帅印。彼时迪士尼股 价承压，公司亟需提振影视业务并重振乐园业绩。 周一，迪士尼(DIS.US)开盘跌近7%，现报104.61美元。消息面上，在截至12月27日的2026财年第一季 度，迪士尼整体营收同比增长5%至260亿美元，超过分析师预期的257亿美元;公司实现税前利润37亿美 元，同样高于华尔街35亿美元的预测值。调整后每股收益为1.63美元，虽较去年同期下滑7%，但仍优 于分析师1.57美元的预期。展望未来，迪士尼预计Q2娱乐部门营运利润将与上年同期持平，但预计其流 媒体业务将实现5亿美元利润，较上年同期增加2亿美元。全年来看，迪士尼重申了相对于2025财年实现 两位数每股收益增长的全年预测，并预计全年经营活动将产生190亿美元现金流，且70亿美元的股票回 购计划正按计划推进。 ...

每经AI快讯，2月2日，华特迪士尼股价下跌8%，创11月以来最大盘中跌幅。 ...

每经AI快讯，2月2日，华特迪士尼股价下跌8%，创11月以来最大盘中跌幅。 （文章来源：每日经济新闻） ...

Financial Data and Key Metrics Changes - The company reported over $6.5 billion in global box office revenue for its film studios in calendar year 2025, marking the third biggest year ever and the ninth consecutive year as the number one at the global box office [6][8] - Streaming revenue grew by 13%, driven by pricing, North American and international growth, and successful bundling strategies [20][50] - The experiences segment exceeded $10 billion in quarterly revenue for the first time [10] Business Line Data and Key Metrics Changes - The entertainment segment saw significant contributions from blockbuster films, with Zootopia 2 becoming Hollywood's highest-grossing animated film ever, earning over $1.7 billion [7][8] - ESPN delivered outstanding ratings, with the most-watched college football regular season since 2011 and the second-highest viewership for Monday Night Football in 20 years [10] - The streaming business is on a path to profitability, achieving a 12% revenue growth and over 50% earnings growth in the latest quarter [50] Market Data and Key Metrics Changes - The company is focusing on international growth in streaming, with investments in local content and technology improvements [9] - Bookings for Walt Disney World are up 5% for the full year, indicating strong demand [24] Company Strategy and Development Direction - The company is committed to expanding its theme parks and experiences, with ongoing projects at all locations and the launch of new attractions like the World of Frozen at Disneyland Paris [11] - The strategy includes leveraging intellectual property (IP) across various segments, enhancing the value of existing franchises, and focusing on creating new content [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting the importance of adapting to changing market conditions and consumer preferences [30][73] - The company is optimistic about the future of both its parks and streaming businesses, anticipating healthy competition between the two as key profit drivers [73] Other Important Information - The company has entered a licensing agreement with OpenAI to create user-generated AI content for Disney+, which is expected to enhance engagement on the platform [41][42] - The reorganization of the company aimed to create accountability in the streaming business, leading to improved financial performance [48] Q&A Session Summary Question: Impact of IP deals on monetization strategies - Management emphasized the value of Disney's IP and the successful integration of franchises into various business segments, indicating no immediate need for additional IP acquisitions [17][18] Question: Domestic park trends and bookings - Walt Disney World experienced strong attendance and pricing performance, with bookings up 5% for the year, indicating positive demand trends [24] Question: Future growth opportunities for the successor - Management highlighted the company's improved position and numerous growth opportunities, suggesting a strong foundation for the next leadership [30][31] Question: Streaming business profitability and operating leverage - The streaming business is on track for profitability, with significant improvements in revenue and earnings growth, while continuing to invest in content and technology [50] Question: User-generated content on Disney+ - Management indicated that user-generated content is expected to be integrated into Disney+ sometime in fiscal 2026, starting with 30-second videos [60] Question: International visitation and marketing strategies - Management noted less visibility on international visitation but adjusted marketing efforts to maintain high attendance rates domestically [61] Question: Entertainment segment disclosure changes - The company aims to simplify its reporting structure to better reflect the integrated nature of its content distribution across various channels [65][66]