Core Points - The Walt Disney Company will webcast its Annual Meeting of Shareholders on March 18, 2026, at 1:00 PM ET, with management remarks available live [1] - Kristina Schake, Chief Communications Officer, will depart the company after March 18, 2026, coinciding with the end of Bob Iger's tenure as CEO [1] - Josh D'Amaro has been elected as the new CEO of The Walt Disney Company, effective at the upcoming Annual Meeting on March 18, 2026, succeeding Robert A. Iger [1] Group 1 - The Annual Meeting of Shareholders will be available live via webcast at www.disney.com/investors [1] - The webcast presentation will be archived for future access [1] - The meeting will include remarks from management regarding the company's performance and strategic direction [1] Group 2 - Kristina Schake joined Disney in 2022 and has served as a senior management team member and advisor to the CEO and Board of Directors [1] - Her departure marks a significant transition as the company prepares for new leadership [1] - The timing of her departure aligns with the conclusion of Bob Iger's long tenure as CEO [1] Group 3 - Josh D'Amaro is currently the Chairman of Disney Experiences and will also be appointed as a director immediately following the Annual Meeting [1] - The Board of Directors made a unanimous decision to elect D'Amaro as the new CEO [1] - This leadership change is part of a broader strategic shift within the company [1]

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]