Disney(US:DIS) 智通财经网·2025-11-13 13:04Core Insights - Disney's Q4 profit exceeded market expectations, driven by strong performance in streaming and theme park businesses, with a 50% dividend increase and a doubling of the stock buyback plan for FY2026 [1][2] - Despite the positive quarterly results, Disney's stock fell in pre-market trading due to anticipated challenges in the upcoming fiscal quarter, particularly from major film releases [1][4] Financial Performance - Adjusted EPS for Q4 was $1.11, down 3% year-over-year but 6 cents above analyst expectations; revenue was $22.5 billion, roughly flat year-over-year and slightly below the expected $22.75 billion [1] - Operating profit for the experiences segment, including theme parks, reached $1.88 billion, a 13% increase year-over-year, attributed to growth in U.S. cruise operations and Paris Disneyland [1] - The entertainment segment saw a significant decline in operating profit, dropping over 33% to $691 million, with traditional TV profits down 21% to $391 million; streaming profits surged 39% to $352 million, with a total of 12.5 million new subscribers across Disney+ and Hulu [1] Strategic Initiatives - CFO Hugh Johnston highlighted a new distribution agreement with Charter Communications that helped attract more streaming subscribers; the success of "Lilo & Stitch" on Disney+ also contributed to viewership [2] - Disney is undergoing a business transformation, investing in new theme park attractions and cruise projects while focusing on increasing streaming subscriptions; significant cost-cutting measures have been implemented since Bob Iger's return as CEO [2] - The board announced an increase in the dividend from $1 to $1.50 per share and plans to double the stock buyback program to $7 billion for FY2026 [2] Future Outlook - The entertainment segment is expected to face challenges in Q1, with projected operating profit of $375 million, which is below Wall Street expectations; upcoming film releases are anticipated to reduce revenue by $400 million [3] - The new "Avatar" film is set to release on December 19, contributing only two weeks of box office revenue within the quarter [3] - Despite anticipated challenges, Disney maintains confidence in achieving double-digit growth in adjusted EPS for FY2026 and FY2027 [2]