Financial Data and Key Metrics Changes - Total revenue grew by 13% in Q4 2025, marking the highest year-over-year growth in nearly two years [16] - Adjusted OIBDA rose by 12%, with a slight decline in margins due to a significant growth in lower-margin Artist Services revenue [17][18] - For the full year 2025, total revenue and adjusted OIBDA growth were both 8% on an adjusted basis [18] Business Line Data and Key Metrics Changes - Recorded music subscription streaming increased by 8.4%, driven by global subscriber growth and strong market performance [17] - Artist services revenue grew by 64%, showcasing the company's capabilities to support artists and capitalize on new revenue streams [16] - Music publishing revenue grew by 13%, supported by double-digit growth across performance, mechanical, and sync [17] Market Data and Key Metrics Changes - In the U.S., market share increased by 0.6 percentage points year-over-year in Q4 2025 [4] - Globally, the share of the Spotify top 200 increased by approximately 6 percentage points compared to fiscal 2024 [5] - The company achieved a 42% share of the number one spot on the Billboard Global 200 for 22 weeks during fiscal 2025 [10] Company Strategy and Development Direction - The company is focused on optimizing its operational structure to navigate a more globalized and digital environment, leading to market share gains and improved financial performance [6][13] - Investments are being prioritized in high-return areas of the core music business, with a balanced approach to driving performance across different markets and genres [19][22] - The company is actively engaging with generative AI, establishing principles to ensure artists and songwriters benefit from new revenue streams while protecting their rights [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on a healthy industry environment, with expectations for strong top-line growth in 2026 driven by organic investments and M&A [23] - The outlook includes robust global subscriber growth, rising wholesale prices, and the potential of AI as an incremental opportunity for revenue growth [22][23] - Management emphasized the importance of maintaining a fair marketplace and ensuring that the company remains a driver of value in the evolving music landscape [30][31] Other Important Information - The company has a cash balance of $532 million and total debt of $4.4 billion, with a weighted average cost of debt at 4.1% [18] - A strategic reorganization is expected to deliver $200 million in annualized savings in 2026, increasing to $300 million in 2027 [21] Q&A Session Summary Question: Update on rights monetization and WMG's role in capturing incremental value - Management sees this as an incremental opportunity for the music industry and is determined to be the drivers of this change, focusing on licensed models and fair economic terms [28][29] Question: Building blocks behind expectations for top-line growth in 2026 - Growth will be supported by wholesale price increases from new DSP deals, investments in high ROI markets, and a robust pipeline of accretive M&A [35][36] Question: Successful market share gains and performance of flagship labels - Market share has improved across all regions and flagship labels, driven by a focus on artist development and revitalizing catalog [44][46] Question: M&A plans and distribution as a growth driver - A strong pipeline for M&A is in place, with a focus on catalog businesses that deliver high returns, and confidence in accelerating growth in distribution starting in 2026 [50][52] Question: Investments in technology and their contribution to growth - Investments in infrastructure and technology are aimed at enhancing scalability and efficiency, which will support future growth [58][60] Question: Variability in licensing terms across DSP partners - There is more standardization in deal terms now, but the company strives for a fair marketplace where all partners pay similar prices for licensed content [67] Question: Balancing savings initiatives with reinvestment for market share gains - The company is increasing investments in core markets while achieving savings through operational efficiencies in back-office functions [70]

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Core Viewpoint - The Walt Disney Company is experiencing a decline in stock value due to a mixed earnings report, highlighting progress in some areas but significant structural challenges, particularly in its linear TV business and ongoing disputes affecting live sports streaming [2][9]. Financial Performance - Disney reported quarterly revenue of $22.46 billion, missing estimates of $22.78 billion and lower than the previous year's $22.57 billion [4]. - Adjusted earnings per share (EPS) were $1.11, surpassing forecasts of $1.03 but below the $1.14 from Q3 2024 [4]. - The direct-to-consumer (DTC) segment, which includes Disney+, Hulu, and ESPN+, saw an 8% revenue growth to $6.25 billion [5]. Subscriber Growth - Disney ended the quarter with 132 million Disney+ subscribers and 196 million combined subscribers for Disney+ and Hulu, both figures exceeding expectations [4]. Theme Parks and Experiences - The theme parks and experiences segment showed continued momentum, helping to offset weaker results in linear networks [5]. Distribution Challenges - The ongoing carriage dispute with YouTube TV is reportedly costing Disney between $4 million and $5 million per day in lost affiliate fees and advertising revenue, emphasizing the importance of distribution for profitability [3][6]. - The dispute highlights the fragility of content distribution in the transition from cable to streaming, with control over sports rights and distribution platforms being crucial [9].

Core Insights - An agreement has been reached to restore Disney programming to YouTube TV subscribers after a two-week blackout, indicating a significant shift in the media landscape from traditional linear television to streaming services [1] Industry Summary - The resolution of the blackout highlights the increasing importance of streaming platforms in the distribution of content, as traditional television networks face challenges in maintaining subscriber bases [1] - This event underscores the competitive dynamics between major content providers like Disney and streaming services like YouTube TV, reflecting broader trends in consumer viewing habits [1]

Stock Performance & Market Reaction - Disney shares experienced a significant drop of almost 8%, marking its worst day since April, despite reporting better-than-expected earnings but missing on revenue [1] - The market reaction is attributed to a lack of clear catalysts for streaming acceleration, which is considered the future of the company [3][4] - The stock's underperformance suggests that the market has already priced in the company's lethargy, despite a largely solid DTC (Direct-to-Consumer) business [9][10] Streaming Business & Future Strategy - There was an expectation of greater acceleration in streaming, but no clear indication of a catalyst, leading to disappointment [3][4] - Disney's CEO Bob Iger discussed Disney Plus as a platform, envisioning it as a "super app" leveraging AI to connect fans to various Disney businesses [5] - Disney needs to demonstrate successful integration of Hulu and bundling of ESPN streaming to leverage its unique position of strength across children, families, adults, and sports [6][7] - Disney Plus subscriber growth has been limited, with only 11 million subscribers a year, a portion of which are wholesale subscribers under a charter deal, unlike Netflix's previous growth of 40 million subscribers a year with 30% margins [12] - Disney did not mention engagement metrics on the earnings call, leaving uncertainty about how the company will be measured going forward [14] Financial Health & Strategic Moves - Disney is buying back $7 billion of shares, indicating an improved balance sheet after a difficult period [9] - The company has demonstrated that growth in streaming is outpacing the decline in traditional media, with the majority of engagement and revenue now coming from streaming [11]

Core Viewpoint - Disney's shares fell nearly 8%, marking its worst day since April, despite reporting better-than-expected earnings but missing revenue targets [1] Financial Performance - Disney's TV networks and movie business negatively impacted results, and the company is currently in a carriage dispute with YouTube TV [1] - The company reported an increase of 11 million subscribers for Disney Plus, but this growth is largely attributed to wholesale subscriptions under a charter deal [12] Streaming and Future Outlook - There were high expectations for acceleration in the streaming segment, which is considered the future of the company, but no clear catalyst was identified [3][4] - CEO Bob Iger discussed plans for Disney Plus to evolve into a "super app" that integrates various Disney offerings, but this did not seem to excite investors [5] - The integration of Hulu and ESPN into a cohesive streaming strategy is seen as essential for future growth, with 80% of ESPN subscribers being part of a Disney Hulu bundle [6] Market Position and Competition - Disney is noted for having a strong presence across various demographics, including children, families, and sports, but it needs to demonstrate that this will drive growth [7] - The company has shown that its streaming growth is outpacing the decline in traditional media, with the majority of engagement and revenue now coming from streaming [11] Investor Sentiment - The market reaction to Disney's earnings was viewed as an overreaction, with some analysts suggesting that the stock has been priced for a prolonged period of stagnation [8][10] - Despite challenges, Disney is in a better financial position now, including a $7 billion share buyback plan, indicating recovery from previous difficulties [9]

bring in Barton Crockett who's a senior analyst at Rosenblat Securities along with Julia Boren. I always love it when we get to sit at the same table together. Julia, let me ask you, when they're talking about being broad, are they trying to be all things to all people at all times.>> I think it's really about general entertainment that's founded with its sort of origin on this this family brand of Disney. And if you look at the strength of this new bundle, they said of new subscribers to their ESPN app, th ...

Core Insights - Disney is focusing on a broad entertainment strategy that combines family-friendly content with sports, leveraging its brands like ESPN, Disney Plus, and Hulu to attract subscribers [2][3][4] - The company reported a significant increase in subscribers, with 3.8 million new Disney Plus subscribers in the last quarter, driven by strong content and international expansion [8] - Despite some mixed results in theme park performance, Disney remains optimistic about its growth outlook and has reiterated its EPS growth guidance for the next two years [4][7] Streaming and Subscriber Growth - The new ESPN All Access bundle has attracted a substantial number of subscribers, with 80% also subscribing to Disney Plus and Hulu, indicating a successful cross-promotion strategy [2] - Disney Plus saw a 3.8 million increase in subscribers, attributed to content strength and international market expansion [8] Theme Parks and Experiential Offerings - Theme parks continue to be a critical revenue driver for Disney, with strong performance in international markets and new cruise ship bookings showing promising growth [7][13] - The company is launching two new cruise ships in the first half of next year, with strong bookings indicating robust demand for Disney's experiential offerings [13] Market Dynamics and Challenges - The recent sell-off in Disney's stock surprised analysts, who expected a smaller decline, highlighting investor concerns despite the company's positive outlook [6][7] - The blackout of Disney channels on YouTube TV has raised questions about potential costs, but Disney remains confident in its negotiating position and the necessity of its content for platforms like YouTube TV [9][11][12]

Disney shares uh falling. Uh it was a mixed quarter. The company did beat on the bottom line.It posted a slight revenue miss. Entertainment unit by the way uh helped by streaming uh growth continuing to increase there. Let's talk to Michael Morris, Guggenheim Partners analyst does have a buy rating $140 price target.Michael, what do you make of the quarter. I mean, we're now talking sort of about a back-end loaded year and I guess what investors don't want to wait and see if they actually do deliver what th ...