Core Viewpoint - The ongoing carriage dispute between Disney and YouTube TV has led to significant financial implications for Disney, with uncertainty regarding the duration of the blackout and its impact on operations [1][2][3]. Financial Impact - Disney is reportedly losing $30 million per week due to the dispute, which has now lasted for 14 days, marking the longest carriage blackout in the company's history [3]. - The company's revenue for the quarter was $22.46 billion, slightly below analyst expectations, while adjusted earnings were $1.11 per share, exceeding expectations [4]. Contractual Challenges - Disney's channels were removed from YouTube TV following the expiration of their distribution contract on October 30, 2025, without an agreement on renewal terms [2]. - The company expressed concerns about potentially losing programming or distribution rights if contracts with other pay-TV providers, expiring in 2026, are not renewed on acceptable terms [4]. Rising Costs - Disney acknowledged that the rising costs of sports rights present a challenge, with the company indicating that the cost of obtaining certain programming rights has increased and may continue to do so [5]. - There is uncertainty regarding whether revenues from programming based on these rights will exceed the associated costs of rights acquisition and production [5].

Core Insights - St-Georges Eco-Mining Corp. has achieved two significant milestones: the first recorded revenues from its subsidiary, St-Georges Metallurgy Corp., and the identification of a new high-grade nickel-copper-PGE target zone at the Manicouagan Project in Québec [1] Revenue Generation - St-Georges Metallurgy Corp. generated its first revenue in October 2025, with expectations for additional revenue before the end of the financial year and further revenues anticipated in 2026, primarily from processing a multi-ton shipment of geothermal scaling concentrate from Iceland [2] Exploration and Geological Findings - The 2025 surface exploration campaign at the Manicouagan Project has refined the geological model and led to the discovery of the "South-East Manic Zone," located approximately 6.5 km east of the known Bob mineralized corridor, with grab samples returning values of up to 2.28% Ni, 0.37% Cu, 0.17% Co, and 0.81 g/t Pd + 0.55 g/t Pt [3] - Multi-element analysis indicates a strong positive correlation between nickel, cobalt, iron, and Platinum Group Metals (PGEs), suggesting a common magmatic sulfide origin with correlation coefficients ranging from 0.83 to 0.95 [5] Future Plans - The company plans to conduct a high-resolution ground magnetic and EM survey, followed by mechanized trenching and channel sampling over the new South-East Manic Zone, with an updated 3D geological model and a 2026 drill program targeting both the Bob Zone depth extensions and the newly identified area of interest [17]

Government Funding and Economic Impact - The U.S. government shutdown has ended after President Trump signed a short-term funding bill, allowing government operations to continue through January [1][4] - The shutdown lasted for 43 days, and its conclusion led to a rally in the Dow Jones Industrial Average, which closed above 48,000 for the first time [4] Disney's Financial Performance - Disney reported fiscal fourth-quarter earnings that exceeded analysts' expectations, despite missing revenue estimates, resulting in a more than 4% drop in shares during premarket trading [2][3] - The growth of Disney+ was noted, but challenges in the linear TV business and theatrical film slate impacted overall performance [3] Alternative Funding Programs in Healthcare - The rise of alternative funding programs (AFPs) is providing patients with more affordable access to specialty medications, often through overseas suppliers [6][8] - Federal authorities have raised concerns regarding the legality and health risks associated with AFPs, citing unverified suppliers and potentially illicit online pharmacies [7] AI Infrastructure Investment - Anthropic announced plans to invest $50 billion in building AI infrastructure, starting with custom data centers in Texas and New York, which is expected to create 800 permanent jobs and over 2,000 construction positions [10] - There is growing political backlash against the AI industry's data centers due to rising electricity prices, with calls for the industry to contribute more to these costs [11]

Core Insights - Disney reported earnings of $1.11 per share, exceeding estimates by 6 cents, while revenue was $22.5 billion, slightly below expectations [1] - The company achieved a 19% EPS growth for the year, maintaining the same growth rate for the past three years, indicating a successful long-term strategy [2][3] Financial Performance - Direct-to-Consumer (DTC) segment added 12.5 million subscribers, with a 40% increase in operating income, reaching $1 billion compared to $100 million the previous year [4] - The experiences business saw a 6% revenue growth and a 13% increase in operating income, reflecting strong momentum in both entertainment and experiences [5] Shareholder Returns - Disney announced a doubling of its share repurchase program to $7 billion and a 50% increase in dividends, signaling confidence in sustained cash flow [5][6] Streaming Division Insights - The subscriber growth included a significant contribution from a charter deal, with over half of new retail subscribers being international, which is strategically important [8] - 80% of new retail subscribers for ESPN were bundled subscriptions, enhancing engagement and retention [9] Consumer Behavior in Experiences - Bookings for the first quarter increased by 3%, and per capita spending at Walt Disney World rose by 5%, indicating healthy consumer spending [11] - Despite increased cruise ship capacity, sales are maintaining previous rates, suggesting strong demand in the experiences sector [11] Market Position and Strategy - Disney's integrated ecosystem, combining media assets, theme parks, and streaming services, positions the company well for success in the media landscape [13][14] - The company believes its stock is undervalued and expects investor conviction to grow as it continues to demonstrate strong performance [15][16]

Disney's fourth-quarter earnings show a company steadily transferring its weight from legacy broadcasting to high-growth digital content and physical experiences. As its traditional entertainment chan... ...

Core Insights - Disney is currently engaged in negotiations with YouTube TV regarding a carriage dispute that has resulted in the blackout of several key networks, including ABC and ESPN, affecting millions of subscribers [1][2]. Group 1: Negotiation Status - Disney's CFO, Hugh Johnston, confirmed that negotiations are ongoing and that the company is prepared for a challenging battle [1]. - The standoff has lasted for two weeks, with significant programming, including college football and Monday Night Football, being affected [2]. Group 2: Impact on Viewers and Ratings - The absence of Disney's networks on YouTube TV has led to a 21% decline in ratings for a key NFL game scheduled for November 3 [2]. - Johnston emphasized that the situation is detrimental to YouTube customers who are missing critical sports content during the football season [4]. Group 3: Leverage in Negotiations - Johnston argued that Disney may have leverage in the negotiations due to the importance of sports content for viewers, suggesting that there are alternative platforms available for sports [4]. - He refrained from discussing specific negotiation points, indicating that both parties have their own demands [5].

Core Insights - The Walt Disney Co. experienced a challenging quarter due to multiple factors including the removal of Jimmy Kimmel from the air, ongoing disputes with YouTube, and changes in its betting partnership at ESPN [1] Group 1 - The decision to pull Jimmy Kimmel off the air has had negative repercussions for the company [1] - The company is currently engaged in a conflict with YouTube, which is impacting its operations [1] - There has been a strategic shift regarding its betting partnership at ESPN, indicating a change in business direction [1]

Financial Performance - Adjusted earnings per share were $1.11, exceeding estimates by $0.06 [1] - Revenue totaled $22.5 billion, slightly below expectations [1] - Entertainment revenue was $10.2 billion, and experiences generated $8.8 billion, both slightly below Wall Street consensus [2] Subscriber Growth - Disney Plus paid subscribers increased by 3.8 million to 131.6 million, surpassing the estimate of 129.7 million [2] - Hulu paid subscribers reached 64.1 million, also exceeding estimates [3] Corporate Actions - Disney is doubling its buyback target to $7 billion [3] - The annual dividend is being raised to $1.50 from $1.00, marking a significant increase [3] Future Outlook - The company is projecting double-digit EPS growth for 2026 and 2027 [4]

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 ...