Walt Disney reported sales that fell short of Wall Street estimates and said a slate of big-budget films, including a new Avatar picture, will weigh on results for the first quarter of its new fiscal year https://t.co/JWlLYpb2ht ...

Subscriber and Audience Metrics - As of September 27, 2025, Disney+ has approximately 132 million paid subscribers, while Hulu has around 64 million paid subscribers[32][34]. - The estimated number of unique subscribers for general entertainment channels is approximately 145 million, and for family channels, it is about 130 million[27][28]. - ESPN has 61 million subscribers for both ESPN and ESPN2, 42 million for ESPNU, 38 million for ESPNEWS, 42 million for SEC Network, and 41 million for ACC Network[60]. - The company’s eight television stations reach approximately 20% of the national audience, which is below the FCC's maximum limit of 39%[122]. Revenue Generation - The majority of revenue from the Direct-to-Consumer segment is derived from subscription fees and advertising[29]. - Disney's Linear Networks generate revenue primarily from affiliate fees and advertising, with a significant portion based on audience size and programming quality[17]. - Revenues from the Experiences segment fluctuate with seasonal variations, typically peaking during summer and holiday periods[165]. - DTC revenues are sensitive to subscriber numbers, viewership levels, and demand for content, which can vary based on sports seasons and production schedules[165]. - Total revenues for fiscal 2025 increased by 3%, or $3.1 billion, to $94.4 billion compared to $91.4 billion in fiscal 2024[204]. Content and Programming - The company expects to release approximately 20 films during fiscal year 2026[37]. - Disney's significant content library includes approximately 5,300 live-action film titles and 460 animated film titles[47]. - The company has various sports programming rights, including NFL, NBA, MLB, and exclusive distribution for all WWE Premium Live Events starting September 2025[59]. - The success of DTC streaming services is contingent on effective content curation and investment decisions, impacting subscription and advertising growth[156]. Investments and Expansion - The majority of the company's capital spend has been directed towards parks and experiences, focusing on theme park and resort expansion, new attractions, and cruise ships[69]. - Disneyland Paris has developed approximately two-thirds of its 5,200-acre site, including two theme parks and seven themed resort hotels[87]. - Walt Disney Studios Park is undergoing a multi-year expansion, with a new themed area based on Frozen planned to open in 2026[89]. - Disney Cruise Line will add two new ships, the Disney Destiny and the Disney Adventure, scheduled to begin sailing in late 2025 and early 2026, respectively[103]. Financial Performance - Net income attributable to Disney increased by over 100% to $12.4 billion, up from $5.0 billion in the prior year[209]. - Diluted earnings per share (EPS) attributable to Disney rose to $6.85, compared to $2.72 in the previous year, reflecting a significant increase[209]. - Service revenues for fiscal 2025 increased by 3%, or $2.7 billion, to $84.6 billion, driven by higher subscription revenue and growth in parks and experiences[210]. - Cost of services for fiscal 2025 rose by $0.2 billion to $52.7 billion, influenced by higher programming and production costs[212]. Employment and Labor - The Company employed approximately 231,000 people as of fiscal year end 2025, with 76% being full-time employees[116]. - Labor disputes, including significant work stoppages by the Writers Guild of America and SAG-AFTRA, have disrupted productions and reduced revenues in fiscal 2023[161]. - The company has approximately 231,000 employees, and rising labor costs due to collective bargaining agreements and wage laws are expected to continue impacting financial results[163]. Regulatory and Compliance Issues - The company is subject to various privacy and data protection laws, including the General Data Protection Regulation in the EU, which imposes significant compliance costs[126]. - The company must renew its FCC licenses every eight years to continue operating its television stations, with no assurance of future renewals[122]. - Regulatory changes, including sanctions and tariffs, may significantly impact the company's operations and profitability[177]. - The company is subject to various U.S. and international regulations that can increase operational costs and limit business strategies[174]. Risks and Challenges - The company faces risks from fluctuations in foreign currency exchange rates, which can adversely impact revenues and costs[135]. - The company’s direct-to-consumer (DTC) streaming services initially experienced significant losses, with no assurance of long-term profitability[138]. - Demand for out-of-home entertainment experiences, such as theater-going, has not returned to pre-COVID-19 levels, impacting revenue[139]. - Increased competition has raised costs and impacted revenues, particularly in advertising and subscription fees across DTC services and linear networks[149]. Cybersecurity and Data Protection - Cybersecurity threats pose risks to the company's operations, potentially leading to data breaches and increased costs for maintaining security measures[171]. - The company has implemented a layered defense model for cybersecurity, incorporating technologies such as intrusion detection, multi-factor authentication, and encryption[184]. - The Audit Committee oversees cybersecurity risks and receives annual reports from the Chief Information Security Officer regarding ongoing efforts to manage these threats[188]. - The company maintains a Cybersecurity Incident Response Plan (CIRP) to handle cybersecurity events, which includes guidelines for escalation to senior management[186]. Environmental and Sustainability Goals - The Company has set measurable environmental sustainability goals for 2030, focusing on emissions, water stewardship, and waste reduction[117]. - Environmental, social, and governance compliance has increased costs and requires ongoing investment, with no assurance of achieving intended outcomes[153]. Shareholder Actions - The company repurchased a total of 8,506,715 shares during the quarter ended September 27, 2025, at an average price of $117.04 per share[202]. - The company has a remaining authorization to repurchase 339 million shares under its share repurchase program[202].

FOR IMMEDIATE RELEASE Exhibit 99.1 November 13, 2025 THE WALT DISNEY COMPANY REPORTS FOURTH QUARTER AND FULL YEAR EARNINGS FOR FISCAL 2025 BURBANK, Calif. – The Walt Disney Company today reported earnings for its fourth quarter and full year ended September 27, 2025. Financial Results for the Quarter and Full Year: Key Points: 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 ...

Core Insights - Streaming and experiences profits have increased, leading Disney to announce plans to return more cash to investors [1] Group 1: Financial Performance - Profits from streaming services and experiences have shown significant growth [1] - The company is focusing on enhancing shareholder returns through increased cash distributions [1]

Core Insights - Disney's strong performance in streaming, particularly a significant increase in subscribers, helped mitigate challenges faced by its film studio and advertising sales in the fiscal fourth quarter [1] Streaming Performance - The total number of subscribers for Disney+ and Hulu reached 196 million, with a year-over-year increase of 12.4 million, exceeding Wall Street's expectations by over 2 million [2] - Operating income in the direct-to-consumer segment rose by $99 million to $352 million, with an 8% increase in revenue [2] Financial Results - Adjusted earnings per share decreased to $1.11 from $1.14 in the previous year but still surpassed analysts' expectations by six cents [3] - Total revenue remained flat year-over-year at $22.5 billion, falling short of forecasts [3] Advertising and Studio Performance - A $40 million shortfall in political ad spending compared to the previous year impacted results [4] - The film studio faced challenges due to tough comparisons with the same quarter last year, which featured successful releases like Inside Out 2 and Deadpool & Wolverine [4] - Content Sales/Licensing and Other revenue declined by $368 million [4] Theme Parks and Corporate Division - The Experiences division, which includes theme parks, saw a modest revenue increase of 6% to $8.77 billion [5] - A significant carriage dispute with YouTube TV led to a two-week blackout, although this issue was not reflected in the quarterly report as it occurred after the quarter ended [5]

By Lisa Richwine and Dawn Chmielewski LOS ANGELES (Reuters) -Walt Disney signaled on Thursday it was girding for a potentially prolonged fight with YouTube TV over distribution of its television networks, worrying investors about the outlook for its already declining TV business. The company also missed quarterly revenue expectations as the ​cable weakness overshadowed strong growth in the company's streaming and parks businesses central to its growth. Shares were down 8.3% in afternoon trading Thursday. ...

Core Insights - Walt Disney announced a 50% increase in its dividend and plans to double its share buyback program for fiscal 2026, driven by strong performance in its streaming and parks businesses [1] Financial Performance - The quarterly earnings exceeded expectations, indicating robust growth in both the streaming and parks segments [1] Strategic Initiatives - The decision to boost dividends and share buybacks reflects the company's confidence in its financial health and future growth prospects [1]

Financial Performance - The Walt Disney Company reported Q4 revenues of $22.5 billion, comparable to Q4 fiscal 2024, and a full year revenue increase of 3% to $94.4 billion from $91.4 billion [4][10] - Income before income taxes for Q4 increased to $2.0 billion from $0.9 billion in Q4 fiscal 2024, and for the year, it rose to $12.0 billion from $7.6 billion [4][10] - Diluted EPS for Q4 increased to $0.73 from $0.25 in Q4 fiscal 2024, while adjusted EPS decreased 3% for Q4 to $1.11 from $1.14 [4][10] Segment Performance - Total segment operating income decreased 5% for Q4 to $3.5 billion from $3.7 billion in Q4 fiscal 2024, but increased 12% for the year to $17.6 billion from $15.6 billion [4][10] - The Entertainment segment saw a full year operating income increase of 19% to $4.7 billion, but Q4 operating income decreased by $376 million to $691 million [4][10] - Direct-to-Consumer revenue increased 8% in Q4, with operating income rising by $99 million to $352 million [4][10] Subscriber Metrics - At the end of Q4, Disney+ and Hulu subscriptions reached 196 million, an increase of 12.4 million from Q3 fiscal 2025, with Disney+ subscribers increasing by 3.8 million [4][10] - Domestic Disney+ average monthly revenue per paid subscriber remained stable at $8.09, while international revenue per subscriber increased from $7.67 to $8.00 [21][22] Cash Flow and Investments - Cash provided by operations increased to $18.1 billion from $14.0 billion, with free cash flow rising to $10.1 billion from $8.6 billion [40][41] - Capital expenditures increased to $8.0 billion from $5.4 billion, driven by higher spending on cruise ship fleet expansion and new theme park attractions [43] Future Guidance - For fiscal year 2026, the company anticipates double-digit percentage segment operating income growth compared to fiscal 2025, with adjusted EPS also expected to grow by double digits [6][8] - The Board declared a cash dividend of $1.50 per share, payable in two installments [6][8]

Market Overview - U.S. stock futures showed mixed movements following a mixed trading session on Wednesday, with major benchmark indices reflecting varied changes [1][3] - The 10-year Treasury bond yielded 4.08%, while the two-year bond was at 3.57%, indicating market expectations for potential interest rate cuts by the Federal Reserve [2] Company Performance - Cisco Systems Inc. (NASDAQ:CSCO) saw a premarket increase of 7.04% after reporting positive financial results for the first quarter, maintaining a stronger price trend across all time frames despite a poor value ranking [7] - Walt Disney Co. (NYSE:DIS) was up 0.29% ahead of its earnings report, with analysts predicting earnings of $1.04 per share on revenue of $22.75 billion, also showing a strong price trend [8] - Applied Materials Inc. (NASDAQ:AMAT) rose 0.55% as analysts expect earnings of $2.10 per share on revenue of $6.67 billion, maintaining a strong price trend [8] - SoundThinking Inc. (NASDAQ:SSTI) fell 3.32% after reporting disappointing third-quarter results and lowering its FY25 sales guidance, reflecting a weaker price trend [8] - Dlocal Ltd. (NASDAQ:DLO) dropped 11.37% despite beating third-quarter estimates, as its gross profit margin declined to 37% from 42% year-over-year, indicating a weaker price trend in the short and medium terms [8] Sector Performance - Most sectors on the S&P 500 closed positively, with healthcare, financial, and materials stocks recording the largest gains on Wednesday [5] Analyst Insights - BlackRock maintains an "overweight" view on U.S. equities, supported by a softening labor market that may allow the Federal Reserve to cut interest rates, which could benefit U.S. stocks and the AI sector [9] - The firm emphasizes that AI developments are crucial for corporate earnings, which are seen as a key factor supporting U.S. market valuations compared to other developed markets [10] Economic Data - Upcoming economic data releases, including October's CPI and initial jobless claims, will be delayed due to the recent government shutdown, impacting market expectations [13]

Market Overview - U.S. stock futures showed mixed movements following a mixed trading session on Wednesday, with major indices experiencing slight fluctuations [1] - The 10-year Treasury bond yielded 4.08%, while the two-year bond was at 3.57%, indicating market expectations for potential interest rate cuts by the Federal Reserve [2] Stock Performance - Cisco Systems Inc. (NASDAQ:CSCO) saw a premarket increase of 7.04% after reporting positive financial results for the first quarter, maintaining a stronger price trend across various time frames [7] - Walt Disney Co. (NYSE:DIS) was up 0.29% ahead of its earnings report, with analysts predicting earnings of $1.04 per share on revenue of $22.75 billion, also showing a strong price trend [8] - Applied Materials Inc. (NASDAQ:AMAT) rose 0.55% with expected earnings of $2.10 per share on revenue of $6.67 billion, maintaining a strong price trend [8] - SoundThinking Inc. (NASDAQ:SSTI) fell 3.32% after disappointing third-quarter results and lowering its FY25 sales guidance, reflecting a weaker price trend [8] - Dlocal Ltd. (NASDAQ:DLO) dropped 11.37% despite beating third-quarter estimates, as its gross profit margin declined to 37% from 42% year-over-year, indicating a weaker price trend in the short and medium terms [8] Sector Performance - Most sectors on the S&P 500 closed positively, with healthcare, financial, and materials stocks recording the largest gains on Wednesday [5] Analyst Insights - BlackRock maintains an "overweight" view on U.S. equities, supported by a softening labor market that may allow the Federal Reserve to cut interest rates, which could benefit U.S. stocks and the AI sector [9] - The firm emphasizes that AI developments are crucial for corporate earnings, which are seen as a key factor supporting U.S. market valuations compared to other developed markets [10] Economic Data - Upcoming economic data releases, including October's CPI and initial jobless claims, will be delayed due to the recent government shutdown, impacting market expectations [11][13]