格隆汇2月2日｜迪士尼股票在盘前交易中上涨4%，此前公司第一季度收入超出预期。 ...

（文章来源：每日经济新闻） 每经AI快讯，2月2日，迪士尼股票在盘前交易中上涨4%。 ...

Last week we saw a plethora of important earnings results and increased market volatility. This wee should be another busy one with a lot of important companies due to report. This week we have Amazon (AMZN), Palantir (PLTR), Advanced Micro Devices (AMD), Alphabet (GOOGL), PayPal (PYPL), Pfizer (PFE), Uber Technologies (UBER), Disney (DIS) and Merck (MRK) all reporting in what shapes as a busy and pivotal week for stocks. Before a company reports earnings, implied volatility is usually high because the m ...

迪士尼发布第一季度财报后下跌3% 来源：滚动播报 ...

迪士尼第一季度营收259.8亿美元，预估256.9亿美元。 来源：滚动播报 ...

Financial Performance - Total revenues for the quarter ended December 27, 2025, increased to $25,981 million, up 5.2% from $24,690 million in the same quarter of 2024[14] - Net income attributable to The Walt Disney Company for the quarter was $2,402 million, a decrease of 5.9% compared to $2,554 million in the prior year[14] - Earnings per share (diluted) for the quarter was $1.34, down from $1.40 in the same quarter last year, reflecting a 4.3% decline[14] - Comprehensive income attributable to Disney for the quarter was $2,416 million, down from $3,565 million in the same quarter of 2024, reflecting a decrease of 32.2%[15] - Total segment revenues for the quarter ended December 27, 2025, reached $25.981 billion, an increase from $24.690 billion in the prior year, representing a growth of 5.2%[34] - Segment operating income decreased to $4.600 billion for the quarter ended December 27, 2025, down from $5.060 billion in the same quarter of the previous year, a decline of 9.1%[37] Cash Flow and Operations - Cash provided by operations for the quarter was $735 million, significantly lower than $3,205 million in the same quarter of 2024, representing a decrease of 77%[20] - Cash and cash equivalents as of December 27, 2025, totaled $5.678 billion, with restricted cash of $108 million[51] - Cash provided by financing activities was $1.984 billion, a significant improvement compared to cash used of $997 million in the prior-year quarter[157] - The change in cash, cash equivalents, and restricted cash was a decrease of $13 million, a 98% improvement from a decrease of $520 million in the prior-year quarter[149] Assets and Liabilities - Total assets as of December 27, 2025, were $202,089 million, an increase from $197,514 million at the end of the previous quarter[18] - Current liabilities increased to $38,046 million from $34,162 million in the prior quarter, marking an increase of 11%[18] - The company's total borrowings increased to $46.640 billion as of December 27, 2025, reflecting various borrowing activities during the quarter[52] - The fair value of borrowings as of December 27, 2025, was $43.66 billion, with $40.18 billion classified under Level 2[83] Segment Performance - Entertainment segment revenues increased to $11.609 billion, up from $10.872 billion, reflecting a growth of 6.8% year-over-year[38] - Sports segment revenues rose slightly to $4.909 billion from $4.850 billion, marking a growth of 1.2%[38] - Experiences segment revenues increased to $10.006 billion, compared to $9.415 billion, a growth of 6.3% year-over-year[38] - Operating income for the Entertainment segment fell by 35% to $1,100 million from $1,703 million, primarily due to lower theatrical distribution results[128] - Operating income for the Experiences segment increased by 6% to $3,309 million from $3,110 million, driven by growth at domestic parks and experiences[145] Costs and Expenses - Total costs and expenses for the quarter were $22.106 billion, compared to $20.612 billion in the previous year, reflecting an increase of 7.2%[36] - Programming and production costs in the Entertainment segment rose to $6.314 billion, up from $5.475 billion, an increase of 15.2%[36] - Cost of services increased by 9%, or $1.2 billion, to $15.0 billion, influenced by higher programming and production costs[105] - Selling, general, and administrative costs rose by 5%, or $0.2 billion, to $4.1 billion due to increased marketing expenses[106] Shareholder Actions - The company repurchased $2,034 million of common stock during the quarter, compared to $794 million in the same quarter of the previous year[20] - During the quarter ended December 27, 2025, the company repurchased 18 million shares for $2.0 billion, compared to 7 million shares for $0.8 billion in the same quarter of the previous year[62] - The company had remaining authorization to repurchase approximately 321 million additional shares as of December 27, 2025[62] - The Company plans to target $7 billion in share repurchases for fiscal 2026[158] Legal and Compliance - The Company is involved in multiple legal actions, including a securities class action lawsuit filed on May 12, 2023, alleging misstatements regarding Disney+ costs and subscriber growth[68] - The Company intends to vigorously defend against all lawsuits and cannot reasonably estimate the amount of any possible loss at this time[81] - The Company is committed to compliance with the Sarbanes-Oxley Act of 2002, as evidenced by certifications from the CEO and CFO[199] Strategic Initiatives - The company included FuboTV Inc. in its consolidated financial statements effective October 29, 2025, indicating a strategic expansion in the streaming market[26] - The Company formed a joint venture with Reliance Industries Limited, holding a 37% interest, consolidating Star India's results until November 14, 2024[27] - The estimated fair value of the NFL Transaction, which includes the acquisition of NFL media assets, is approximately $3 billion, with a significant portion deferred until late fiscal 2033[44] Future Outlook - The Company expects fiscal 2026 spending on produced and licensed content, including sports rights, to be approximately $24 billion[152] - Capital expenditures for fiscal 2026 are projected to be around $9 billion, up from $8 billion in fiscal 2025, driven by theme park and resort expansion[156] - The Company is currently assessing the impact of new accounting guidance on its financial statement disclosures, effective for fiscal years 2026 and 2028[96][97]

Financial Performance - Revenues increased 5% for the quarter to $26.0 billion from $24.7 billion in Q1 fiscal 2025[6] - Total segment operating income decreased 9% for the quarter to $4.6 billion from $5.1 billion in Q1 fiscal 2025[6] - Diluted EPS for Q1 decreased to $1.34 from $1.40 in Q1 fiscal 2025, while adjusted EPS decreased to $1.63 from $1.76[6] - Net income attributable to The Walt Disney Company was $2,402 million, a decrease of 5.9% from $2,554 million in the prior year[32] - Net income for the quarter ended December 27, 2025, was $2,484 million, a decrease of 6% compared to $2,644 million for the same quarter in 2024[36] Segment Performance - Entertainment segment revenue increased 7% to $11.6 billion, but operating income declined 35% to $1.1 billion[14] - SVOD revenue increased 11% to $5.3 billion, with operating income rising 72% to $450 million[16] - Sports segment revenue increased 1% to $4.9 billion, but operating income decreased 23% to $191 million[17] - Experiences segment achieved record quarterly revenue of $10.0 billion and operating income of $3.3 billion, with attendance up 1% and per capita spending up 4%[6] - Operating income for Parks & Experiences increased by 6% to $3,309 million, compared to $3,110 million in the prior year[19] Cash Flow and Expenditures - Cash provided by operations decreased significantly by $2,470 million to $735 million, primarily due to higher tax payments[28] - Free cash flow was negative at $(2,278) million, a decline of $3,017 million from $739 million in the prior year[28] - Capital expenditures increased to $3,013 million from $2,466 million, driven by higher spending on cruise ship fleet expansion and new theme park attractions[29] - Cash, cash equivalents, and restricted cash at the end of the period totaled $5,786 million, a slight decrease from $5,582 million in the previous year[48] - The company experienced a net change in cash, cash equivalents, and restricted cash of $(13) million, compared to a decrease of $(520) million in the prior year[48] Guidance and Future Expectations - Fiscal 2026 guidance includes expected double-digit adjusted EPS growth compared to fiscal 2025 and $19 billion in cash provided by operations[9] - The company is on track to repurchase $7 billion of stock in fiscal 2026[9] - The company expects Entertainment segment operating income for Q2 fiscal 2026 to be comparable to Q2 2025, with other Entertainment businesses operating income projected at approximately $0.7 billion[50] Market and Operational Challenges - The Fubo Transaction and the Star India Transaction impacted revenue and operating income across segments[10][11] - The company faces pressures from competitive conditions, including content creation and advertising revenue competition[56] - Consumer preferences and acceptance of content offerings are critical for subscriber additions and churn rates[56] - The advertising market for streaming services and linear networks is a significant focus for the company[56] - Health concerns and their impact on business operations and productions are being monitored[56] - International trade policies and political developments may affect the company's operations[56] - Technological developments are crucial for maintaining competitive advantage[56] - Labor market conditions, including potential work stoppages, could impact business plans[56] - Adverse weather conditions or natural disasters may pose risks to operations[56] Conference Call Information - The Walt Disney Company will host a conference call on February 2, 2026, at 8:30 AM EST to discuss earnings[57] - Prepared management remarks will be available on the company's investor relations website[57]

By Dawn Chmielewski LOS ANGELES, Feb 2 (Reuters) - Walt Disney's warning that a decline in international visitors to its U.S. theme parks and a slump in earnings at its TV and film division sent shares down nearly 5% in trading on Monday, just as ​it readies a successor to outgoing CEO Bob Iger. The company said there were "headwinds" among international visitors without giving a reason at a ‌time when foreign travel to the United States has been waning. CFO Hugh Johnston added that Disney is focusing pr ...

Core Insights - The entertainment company has issued a warning regarding the impact of declining international tourism on its U.S. theme parks [1] Company Impact - The decline in international tourism is specifically affecting the performance and attendance at the company's U.S. theme parks [1]

Core Insights - Walt Disney's theme parks and the movie "Zootopia 2" contributed to the company's ability to exceed revenue and earnings estimates for the holiday quarter ending in December [1] Group 1 - The performance of Disney's theme parks played a significant role in driving revenue growth [1] - The release of "Zootopia 2" positively impacted the company's earnings during the holiday quarter [1]