Financial Performance - The Walt Disney Company reported Q4 revenues of $22.5 billion, comparable to Q4 fiscal 2024, and a full year revenue increase of 3% to $94.4 billion from $91.4 billion [4][10] - Income before income taxes for Q4 increased to $2.0 billion from $0.9 billion in Q4 fiscal 2024, and for the year, it rose to $12.0 billion from $7.6 billion [4][10] - Diluted EPS for Q4 increased to $0.73 from $0.25 in Q4 fiscal 2024, while adjusted EPS decreased 3% for Q4 to $1.11 from $1.14 [4][10] Segment Performance - Total segment operating income decreased 5% for Q4 to $3.5 billion from $3.7 billion in Q4 fiscal 2024, but increased 12% for the year to $17.6 billion from $15.6 billion [4][10] - The Entertainment segment saw a full year operating income increase of 19% to $4.7 billion, but Q4 operating income decreased by $376 million to $691 million [4][10] - Direct-to-Consumer revenue increased 8% in Q4, with operating income rising by $99 million to $352 million [4][10] Subscriber Metrics - At the end of Q4, Disney+ and Hulu subscriptions reached 196 million, an increase of 12.4 million from Q3 fiscal 2025, with Disney+ subscribers increasing by 3.8 million [4][10] - Domestic Disney+ average monthly revenue per paid subscriber remained stable at $8.09, while international revenue per subscriber increased from $7.67 to $8.00 [21][22] Cash Flow and Investments - Cash provided by operations increased to $18.1 billion from $14.0 billion, with free cash flow rising to $10.1 billion from $8.6 billion [40][41] - Capital expenditures increased to $8.0 billion from $5.4 billion, driven by higher spending on cruise ship fleet expansion and new theme park attractions [43] Future Guidance - For fiscal year 2026, the company anticipates double-digit percentage segment operating income growth compared to fiscal 2025, with adjusted EPS also expected to grow by double digits [6][8] - The Board declared a cash dividend of $1.50 per share, payable in two installments [6][8]

Core Insights - The Walt Disney Company will participate in the Wells Fargo Technology, Media, and Telecom Summit on November 19, 2025, with CFO Hugh Johnston leading a Q&A session [1] - A live stream of the session will be available on Disney's investor relations website, and a recording will be archived for future access [2] - The company is also preparing for a live audio webcast to discuss its fiscal full year and fourth quarter 2025 financial results on November 13, 2025 [6] Company Initiatives - Disney has announced "Disney Celebrates America," a company-wide celebration for the 250th anniversary of the United States, starting on Veterans Day 2025 and culminating on July 4, 2026 [5] - The celebration will include special programming, storytelling, and experiences across Disney's brands to highlight the nation's journey and unique characteristics [5] Upcoming Events - Jimmy Pitaro, Chairman of ESPN, will participate in a Q&A session at the Bank of America Media, Communications & Entertainment Conference on September 4, 2025 [7]

Core Points - The Walt Disney Company will host a live audio webcast to discuss its fiscal full year and fourth quarter 2025 financial results on November 13, 2025 [1] - Financial results will be released before the market opens on the same day, and earnings materials will be available on the company's investor relations website [1][2] Financial Results - The company reported a 2% increase in revenues for Q3 fiscal 2025, reaching $23.7 billion compared to $23.2 billion in Q3 fiscal 2024 [6] - Income before income taxes rose by 4% for Q3, amounting to $3.2 billion, up from $3.1 billion in Q3 fiscal 2024 [6] - Total segment operating income increased by 8% for Q3, totaling $4.6 billion, compared to $4.2 billion in Q3 fiscal 2024 [6]