Key Concerns & Expectations - The market is slightly concerned about a potential macroeconomic slowdown impacting the theme park segment [2] - The industry expects reiteration of double-digit adjusted earnings guidance for fiscal years 2026 and 2027 [2] - The industry aims to minimize noise in the direct-to-consumer (DTC) segment, despite factors like pricing changes and new platform launches [2][3] DTC Segment Focus - The street anticipates topline reacceleration in the DTC segment, driven by the global expansion of Hulu [5] - The company has guided for double-digit operating income in the DTC segment, which needs to be reiterated [5] - The long-term opportunity lies in positioning Disney's DTC app as a true pay-TV substitute [6] Investor Sentiment - Historically, Disney has traded at a premium to the S&P 500, but currently trades at a discount [7] - The primary reason for the discount is a perceived lack of topline growth [7][8] - American investors are generally supportive of larger investments to fuel topline growth [8]