迪士尼(DIS.US)4Q25FY电话会：预计2026财年EPS将继续实现两位数增长

Core Viewpoint - Disney's fourth-quarter performance shows strong growth in streaming users, with significant contributions from Disney+ and Hulu, despite a decline in content sales revenue due to high previous year comparisons [1][2]. Group 1: Streaming Business Performance - Disney+ added 4 million subscribers in Q4, while Hulu gained 8.6 million, exceeding market expectations [1]. - 80% of new users opted for the bundled package of Disney+, Hulu, and ESPN, indicating strong consumer interest in bundled offerings [1]. - Streaming revenue for Q4 grew by 39% year-over-year, reaching $1.3 billion, surpassing expectations [2]. Group 2: Financial Performance and Shareholder Returns - Adjusted EPS for FY2025 increased by 19% year-over-year, with a compound annual growth rate of 19% over the past three years [2]. - The company plans to double its stock buyback program to $7 billion and increase its dividend by 50% to $1.50 per share [2]. Group 3: Future Content and Growth Potential - The company has a robust film slate for FY2026, including sequels to major franchises like Zootopia, Avatar, and Toy Story, which are expected to drive future growth [4][5]. - Management is optimistic about the film department's growth potential, citing recent box office successes [5]. Group 4: Direct-to-Consumer (DTC) Strategy - DTC is viewed as a key long-term growth engine, with a focus on revenue growth and operational leverage rather than cost-cutting [6]. - The company is enhancing Disney+ to create a more personalized and engaging user experience, integrating it with Hulu and other services [6][10]. Group 5: Advertising and Market Trends - Overall advertising revenue grew by approximately 5% last year, with strong performance in sports-related advertising [6]. - The company anticipates continued growth in advertising revenue, despite potential challenges from political ad cycles [6]. Group 6: Experience Business and Theme Parks - The experience business is expected to grow significantly in FY2026, driven by cruise operations and increased consumer spending [7][8]. - Theme park bookings have shown a positive trend, with a 3% year-over-year increase in Q1 [8].