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- **EPS Growth**: 19% FY25 adjusted EPS growth, targeting double-digit FY26 expansion.
- **DTC Success**: $1.3B FY25 DTC operating income, up 39% Q4 profit growth.
- **Content Momentum**: Lilo & Stitch leads with $1.4B global box office; FY26 slate includes Avatar and Disney+ originals.
- **AI & Innovation**: AI-driven content creation and consumer engagement, with Disney+ as a super app.
- **Shareholder Returns**: $7B buybacks and 50% dividend hike.


**【CEO Summary Section】**
- Fiscal 2025 adjusted EPS grew 19% YoY, with a 19% CAGR over 3 years. Fiscal 2026 targets double-digit EPS growth.
- DTC business achieved $1.3B operating income in FY25, up $1.2B from FY24, with Q4 profit growth of 39%.
- Film successes include Lilo & Stitch ($1.4B global box office) and Predator: Badlands (record opening). FY26 slate includes Zootopia 2, Avatar: Fire and Ash, and The Mandalorian.
- Cruise expansion with Disney Destiny and Adventure ships; new theme park planned for Abu Dhabi.
- Share buybacks of $7B in FY26 (double FY25) and 50% dividend increase to $1.50 per share.

**【CFO Financial Commentary】**
- FY25 cash flow from operations up 28% YoY (7% reported due to $1.7B tax swing). FY26 free cash flow growth driven by reduced investments and OI expansion.
- FY26 guidance includes DTC revenue growth and margin expansion beyond 2026.

**【Q&A Highlights】**
- ESPN DTC app adoption strong, with 80% of new subscribers choosing trio bundle (Disney+, Hulu, ESPN). Advertising CPMs improving in DTC and linear.
- Cruise demand robust with 3% Q1 booking growth; parks attendance in line with expectations.
- AI investments focus on content creation, consumer engagement, and operational efficiency.
- YouTube TV carriage dispute remains unresolved, with potential impact on Hulu subscribers.


The Walt Disney Company (DIS) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

DIS

DIS fundamentals

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