What explains Disney's tax expense changes in 2024?

Disney's tax expense changes in 2024 are not explicitly detailed in the available data. However, we can infer some possible factors based on related information:

1. **Income Before Taxes Increase**: Disney's revenues increased by 5% to $24.7 billion in Q1 fiscal 2025 compared to $23.5 billion in the same quarter of fiscal 2024. This rise in revenues often leads to higher tax expenses as a larger portion of income is subject to taxation.
2. **Operating Income Up**: The company's diluted EPS increased by 35% to $1.40 in Q1 fiscal 2025 compared to $1.04 in the same quarter of fiscal 2024. Enhanced operating income can lead to higher tax payments as a larger portion of income is considered taxable.
3. **Direct-to-Consumer Advertising Revenue**: There was a decline of 2% in Direct-to-Consumer advertising revenue, which may have had some impact on the overall tax expense. However, this is likely to be a minor factor compared to the overall revenue increase.
4. **Investments and Marketable Securities**: Disney's investments and marketable securities increased significantly, with the company holding marketable securities valued at $358,691,000 as of September 30, 2024. The tax implications of these investments and the potential capital gains from their sale could contribute to the tax expense.

In conclusion, Disney's tax expense changes in 2024 are likely due to the company's increased revenues and operating income, along with potential tax implications from investments and marketable securities.