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1、February5,2025THEWALTDISNEYCOMPANYREPORTSFIRSTQUARTEREARNINGSFORFISCAL2025BURBANK,Calif.TheWaltDisneyCompanytodayreportedearningsforitsfirstfiscalquarterendedDecember28,2024.FinancialResultsfortheQuarter:Revenuesincreased5%forQ1to$24.7billionfrom$23.5billioninQ1fiscal2024Incomebeforeincometaxesincre

2、ased27%forQ1to$3.7billionfrom$2.9billioninQ1fiscal2024Dilutedearningspershare(EPS)increased35%forQ1to$1.40from$1.04inQ1fiscal2024Totalsegmentoperatingincome(1)increased31%forQ1to$5.1billionfrom$3.9billioninQ1fiscal2024andadjustedEPS(1)increased44%forQ1to$1.76from$1.22inQ1fiscal2024KeyPoints:Entertai

3、nment:Segmentoperatingincomeincreased$0.8billionto$1.7billionDirect-to-Consumeroperatingincomeincreased$431millionto$293millionDirect-to-Consumeradvertisingrevenuedeclined2%;excludingtheDisney+HotstarserviceinIndia(2),Direct-to-Consumeradvertisingrevenuewasup16%vs.Q1fiscal2024178millionDisney+andHul

4、usubscriptions,anincreaseof0.9millionvs.Q4fiscal2024125millionDisney+subscribers,adecreaseof0.7millionvs.Q4fiscal2024ContentSales/LicensingandOtheroperatingincomeincreased$536millionto$312milliondrivenbytheperformanceofMoana2Sports:Segmentoperatingincomeincreased$350millionto$247millionDomesticESPNa

5、dvertisingrevenueup15%vs.Q1fiscal2024Experiences:Segmentoperatingincomeof$3.1billioncomparabletoQ1fiscal2024,reflectinga6percentage-pointadverseimpacttoyear-over-yeargrowthduetoHurricanesMiltonandHelene($120millionimpact)andpre-openingexpenses($75millionimpactinQ1fiscal2025)drivenbythelaunchoftheDis

6、neyTreasureDomesticParks&Experiencesoperatingincomedeclined5%,reflectinga9percentage-pointadverseimpacttoyear-over-yeargrowthduetothehurricanesandcruisepre-openingexpensesInternationalParks&Experiencesoperatingincomeincreased28%vs.Q1fiscal2024FORIMMEDIATERELEASE1(1)Totalsegmentoperatingincomeanddilu

7、tedEPSexcludingcertainitems(alsoreferredtoasadjustedEPS)arenon-GAAPfinancialmeasures.ThemostcomparableGAAPmeasuresareincomebeforeincometaxesanddilutedEPS,respectively.Seethediscussiononpages17through20forhowwedefineandcalculatethesemeasuresandaquantitativereconciliationthereoftothemostdirectlycompar

8、ableGAAPmeasures.(2)TheDisney+HotstarserviceinIndiahadadvertisingrevenueofapproximately$15millioninQ1fiscal2025and$165millioninQ1fiscal2024.GuidanceandOutlook:StarIndiadeconsolidatedinQ1(1):OurIndiabusinesswillcontribute$73milliontoEntertainmentsegmentoperatingincomeinfiscal2025,comparedto$254millio

9、nintheprioryear;and$9milliontoSportssegmentoperatingincome,comparedtoa$636millionlossintheprioryearEquitylossfromtheIndiaJVof$33millioninQ1primarilyduetotheimpactofpurchaseaccounting;forthefullyearweexpectanequitylossofroughly$300milliondrivenbypurchaseaccountingQ2Fiscal2025:EntertainmentDirect-to-C

10、onsumer:ModestdeclineinDisney+subscriberscomparedtoQ1Sports:Segmentoperatingincomeadverselyimpactedbyapproximately$100millionduetocollegesportsandoneadditionalNFLgame,andabout$50millionfromexitingtheVenuSportsJVExperiences:DisneyCruiseLinepre-openingexpenseofapproximately$40millionFiscalYear2025:Hig

11、h-singledigitadjustedEPS(2)growthcomparedtofiscal2024Approximately$15billionincashprovidedbyoperationsEntertainment:Double-digitpercentagesegmentoperatingincomegrowth,withanincreaseinEntertainmentDirect-to-Consumeroperatingincomeofapproximately$875million(3)Sports:13%segmentoperatingincomegrowthExpe

12、riences:6%to8%segmentoperatingincomegrowthDisneyCruiseLinepre-openingexpenseof$200millionMessageFromOurCEO:“OurresultsthisquarterdemonstrateDisneyscreativeandfinancialstrengthasweadvancedthestrategicinitiativessetinmotionoverthepasttwoyears,”saidRobertA.Iger,ChiefExecutiveOfficer,TheWaltDisneyCompan

13、y.“InfiscalQ1wesawoutstandingboxofficeperformancefromourstudios,whichhadthetopthreemoviesof2024;wefurtherimprovedtheprofitabilityofourEntertainmentDTCstreamingbusinesses;wetookanimportantsteptoadvanceESPNsdigitalstrategybyaddinganESPNtileonDisney+;andourExperiencessegmentdemonstrateditsenduringappea

14、laswecontinueinvestingstrategicallyacrosstheglobe.Overall,thisquarterprovedtobeastrongstarttothefiscalyear,andweremainconfidentinourstrategyforcontinuedgrowth.”(1)Q1fiscal2025includedapproximatelyoneandahalfmonthsofStarIndiaoperatingresults,whereasfiscal2024includedafullyearofresults.AfterNovember14

15、,2024,webeganrecognizingourshareoftheIndiaJVin“Equityintheincomeofinvestees.”(2)DilutedEPSexcludingcertainitems(alsoreferredtoasadjustedEPS)isanon-GAAPfinancialmeasure.ThemostcomparableGAAPmeasureisdilutedEPS.Seethediscussiononpages17through20forhowwedefineandcalculatethismeasureandwhytheCompanyisno

16、tprovidingtheforward-lookingquantitativereconciliationofdilutedEPSexcludingcertainitemstothemostcomparableGAAPmeasure.(3)IncludingacomparisontoanadverseimpactoftheDisney+HotstarserviceinIndiaofapproximately$200millionintheprioryear.2SUMMARIZEDFINANCIALRESULTSThefollowingtablesummarizesfirstquarterre

17、sultsforfiscal2025and2024:QuarterEnded($inmillions,exceptpershareamounts)December28,2024December30,2023ChangeRevenues$24,690$23,549 5%Incomebeforeincometaxes$3,660$2,871 27%Totalsegmentoperatingincome(1)$5,060$3,876 31%DilutedEPS$1.40$1.04 35%DilutedEPSexcludingcertainitems(1)$1.76$1.22 44%Cashprovi

18、dedbyoperations$3,205$2,185 47%Freecashflow(1)$739$886(17)%(1)Totalsegmentoperatingincome,dilutedEPSexcludingcertainitemsandfreecashflowarenon-GAAPfinancialmeasures.ThemostcomparableGAAPmeasuresareincomebeforeincometaxes,dilutedEPSandcashprovidedbyoperations,respectively.Seethediscussiononpages17thr

19、ough20forhowwedefineandcalculatethesemeasuresandareconciliationthereoftothemostdirectlycomparableGAAPmeasures.SUMMARIZEDSEGMENTFINANCIALRESULTSThefollowingtablesummarizesfirstquartersegmentrevenueandoperatingincomeforfiscal2025and2024:QuarterEnded($inmillions)December28,2024December30,2023ChangeReve

20、nues:Entertainment$10,872$9,981 9%Sports4,8504,835%Experiences9,4159,132 3%Eliminations(1)(447)(399)(12)%Totalrevenues$24,690$23,549 5%Segmentoperatingincome:Entertainment$1,703$874 95%Sports247(103)nmExperiences3,1103,105%Totalsegmentoperatingincome(2)$5,060$3,876 31%(1)ReflectsfeespaidbyHulutoESPN

21、andtheEntertainmentlinearnetworksbusinessfortherighttoairtheirnetworksonHuluLiveandfeespaidbyABCNetworkandDisney+toESPNtoprogramcertainsportscontentonABCNetworkandDisney+.(2)Totalsegmentoperatingincomeisanon-GAAPfinancialmeasure.ThemostcomparableGAAPmeasureisincomebeforeincometaxes.Seethediscussiono

22、npages17through20.3DISCUSSIONOFFIRSTQUARTERSEGMENTRESULTSStarIndiaOnNovember14,2024,theCompanyandRelianceIndustriesLimited(RIL)completedatransaction(theStarIndiaTransaction)toformajointventure(Indiajointventure)thatcombinestheCompanysStar-brandedandothergeneralentertainmentandsportstelevisionchannel

23、sanddirect-to-consumerDisney+HotstarserviceinIndia(StarIndia)andcertainmediaandentertainmentbusinessescontrolledbyRIL.RILhasaneffective56%controllinginterestinthejointventurewith37%heldbytheCompanyand7%heldbyathirdpartyinvestmentcompany.UponcompletionoftheStarIndiaTransaction,theCompanybeganrecogniz

24、ingits37%shareoftheIndiajointventuresresultsin“Equityintheincomeofinvestees.”StarIndiaresultsinthecurrentquarterthroughNovember14,2024andresultsintheprior-yearquarterareconsolidatedintheCompanysfinancialresultsforthoseperiods.EntertainmentRevenueandoperatingincomefortheEntertainmentsegmentwereasfoll

25、ows:QuarterEndedChange($inmillions)December28,2024December30,2023Revenues:LinearNetworks$2,617$2,803(7)%Direct-to-Consumer6,0725,546 9%ContentSales/LicensingandOther2,1831,632 34%$10,872$9,981 9%Operatingincome(loss):LinearNetworks$1,098$1,236(11)%Direct-to-Consumer293(138)nmContentSales/Licensingan

26、dOther312(224)nm$1,703$874 95%TheincreaseinEntertainmentoperatingincomeinthecurrentquartercomparedtotheprior-yearquarterwasduetoimprovedresultsatContentSales/LicensingandOtherandDirect-to-Consumer,partiallyoffsetbyadecreaseatLinearNetworks.4LinearNetworksLinearNetworksrevenuesandoperatingincomewerea

27、sfollows:QuarterEndedChange($inmillions)December28,2024December30,2023RevenueDomestic$2,206$2,210%International411593(31)%$2,617$2,803(7)%OperatingincomeDomestic$837$838%International138225(39)%Equityintheincomeofinvestees123173(29)%$1,098$1,236(11)%DomesticDomesticoperatingincomeinthecurrentquarter

28、wascomparabletotheprior-yearquarterdueto:AnincreaseinprogrammingandproductioncostsprimarilyduetoahigheraveragecostmixofprogrammingattheABCNetwork,reflectingtheimpactofthe2023guildstrikesontheprior-yearquarter Adecreaseinaffiliaterevenueattributabletofewersubscribers,partiallyoffsetbyhighereffectiver

29、ates Lowertechnologycosts Higheradvertisingrevenuereflectinganincreaseinrates,duetomorepoliticaladvertisingattheownedtelevisionstations,partiallyoffsetbyfewerimpressionsduetoloweraverageviewershipatournetworks.InternationalThedecreaseininternationaloperatingincomewasprimarilyduetotheStarIndiaTransac

30、tion.EquityintheIncomeofInvesteesIncomefromequityinvesteesdecreasedduetolowerincomefromA+ETelevisionNetworks(A+E)attributabletodecreasesinadvertisingandaffiliaterevenueandthecomparisontoagainonthesaleofaninvestmentintheprior-yearquarter.Direct-to-ConsumerDirect-to-Consumerrevenuesandoperatingincome(

31、loss)wereasfollows:QuarterEndedChange($inmillions)December28,2024December30,2023Revenue$6,072$5,546 9%Operatingincome(loss)$293$(138)nmTheimprovementinoperatingresultsinthecurrentquartercomparedtotheprior-yearquarterwasdueto:Subscriptionrevenuegrowthattributabletohighereffectiverates,reflectingincre

32、asesinpricing,andmoresubscribers,partiallyoffsetbyanunfavorableforeignexchangeimpact5 Highertechnologyanddistributioncosts Anincreaseinprogrammingandproductioncostsreflecting:Highersubscriber-basedfeesforprogrammingtheHuluLiveTVserviceduetorateincreases LowercostsforsportsprogrammingonDisney+,reflec

33、tingthecomparisontotheInternationalCricketCouncil(ICC)CricketWorldCup,whichwascarriedonDisney+Hotstarintheprior-yearquarter.TherewerenosignificantcricketeventsinthecurrentquarterpriortotheStarIndiaTransaction.LoweradvertisingrevenueasthecomparisontoICCCricketWorldCupprogrammingintheprior-yearquarter

34、onDisney+HotstarwaslargelyoffsetbyhigheradvertisingrevenueatDisney+CoreandHulu.TheincreaseinadvertisingrevenueatDisney+CoreandHuluwasduetomoreimpressions,partiallyoffsetbylowerrates.KeyMetrics-FirstQuarterofFiscal2025ComparisontoFourthQuarterofFiscal2024Inadditiontorevenue,costsandoperatingincome,ma

35、nagementusesthefollowingkeymetrics(1)toanalyzetrendsandevaluatetheoverallperformanceofourDisney+andHuludirect-to-consumer(DTC)productofferings,andwebelievethesemetricsareusefultoinvestorsinanalyzingthebusiness.Thefollowingtablesandrelateddiscussionareonasequentialquarterbasis.Paidsubscribersat:(inmi

36、llions)December28,2024September28,2024ChangeDisney+Domestic(U.S.andCanada)56.856.0 1%International(2)67.869.3(2)%TotalDisney+(2)(3)124.6125.3(1)%HuluSVODOnly49.047.4 3%LiveTV+SVOD4.64.6%TotalHulu(3)53.652.0 3%AverageMonthlyRevenuePerPaidSubscriberforthequarterended:December28,2024September28,2024Cha

37、ngeDisney+Domestic(U.S.andCanada)$7.99$7.70 4%International(2)7.196.78 6%Disney+(2)7.557.20 5%HuluSVODOnly12.5212.54%LiveTV+SVOD99.2295.82 4%(1)Seediscussiononpage16DTCProductDescriptionsandKeyDefinitions(2)ThesequentialpriorquarterPaidSubscribersandAverageMonthlyRevenueperPaidSubscriberhavebeenadju

38、stedtoincludeDisney+subscribersinSoutheastAsia,whichwerepreviouslyreportedwithDisney+Hotstar.Disney+HotstarisnolongerpresentedasthisbusinesswasincludedintheStarIndiaTransaction.(3)Totalmaynotequalthesumofthecolumnduetorounding6DomesticDisney+averagemonthlyrevenueperpaidsubscriberincreasedfrom$7.70to

39、$7.99duetoincreasesinpricing,partiallyoffsetbyahighermixofsubscriberstopromotionalofferings.InternationalDisney+averagemonthlyrevenueperpaidsubscriberincreasedfrom$6.78to$7.19duetoincreasesinpricingandhigheradvertisingrevenue,partiallyoffsetbyahighermixofsubscriberstopromotionalofferings.HuluSVODOnl

40、yaveragemonthlyrevenueperpaidsubscriberwascomparabletothepriorsequentialquarterasloweradvertisingrevenuewasoffsetbyincreasesinpricingandahighermixofsubscriberstohigherpricedmulti-productofferings.HuluLiveTV+SVODaveragemonthlyrevenueperpaidsubscriberincreasedfrom$95.82to$99.22primarilyduetoincreasesi

41、npricing.ContentSales/LicensingandOtherContentSales/LicensingandOtherrevenuesandoperatingincome(loss)wereasfollows:QuarterEndedChange($inmillions)December28,2024December30,2023Revenue$2,183$1,632 34%Operatingincome(loss)$312$(224)nmTheimprovementinoperatingresultswasduetohighertheatricaldistribution

42、resultsreflectingthestrongperformanceofMoana2inthecurrentquarter.ThecurrentquarteralsoincludedMufasa:TheLionKingandtheprior-yearquarterincludedTheMarvelsandWish.SportsSportsrevenuesandoperatingincome(loss)wereasfollows:QuarterEndedChange($inmillions)December28,2024December30,2023RevenueESPNDomestic$

43、4,422$4,073 9%International389363 7%4,8114,436 8%StarIndia39399(90)%$4,850$4,835%Operatingincome(loss)ESPNDomestic$231$255(9)%International(3)(56)95%228 199 15%StarIndia9(315)nmEquityintheincomeofinvestees10 13(23)%$247$(103)nm7DomesticESPNThedecreaseindomesticESPNoperatingresultsinthecurrentquarter

44、comparedtotheprior-yearquarterreflected:HigherprogrammingandproductioncostsprimarilyattributabletoexpandedcollegefootballprogrammingrightsincludingoneadditionalCollegeFootballPlayoff(CFP)game TheCFPformatwasrevisedstartingwiththe2024-2025season,whichaddedfourfirstroundgamesinthecurrentquarter,twoofw

45、hichairedonournetworksandtwoofwhichweresub-licensed.Intheprior-yearquarter,weairedthreehostgames,whichunderthenewformatarenowquarterfinalandsemifinalgamesthatairedinthesecondquarterofthecurrentfiscalyear.Anincreaseinadvertisingrevenueprimarilyduetohigherrates Feesfromsub-licensingCFPprogrammingright

46、s Affiliaterevenuewascomparabletotheprior-yearquarteraseffectiverateincreaseswereoffsetbyfewersubscribersInternationalESPNThedecreaseinoperatinglossatinternationalESPNinthecurrentquartercomparedtotheprior-yearquarterwasdrivenby:HigherfeesreceivedfromtheEntertainmentsegmenttoprogramsportscontentonDis

47、ney+Anincreaseinprogrammingandproductioncostsattributabletohighersoccerrightscostsreflectingcontractualrateincreases LoweraffiliaterevenueduetofewersubscribersStarIndiaTheimprovementinStarIndiasoperatingresultsreflectedthecomparisontotheICCCricketWorldCupintheprior-yearquarter,astherewerenosignifica

48、ntcricketeventsairedinthecurrentquarterpriortotheStarIndiaTransaction.KeyMetrics-FirstQuarterofFiscal2025ComparisontoFourthQuarterofFiscal2024Inadditiontorevenue,costsandoperatingincome,managementusesthefollowingkeymetrics(1)toanalyzetrendsandevaluatetheoverallperformanceofourESPN+DTCproductoffering

49、,andwebelievethesemetricsareusefultoinvestorsinanalyzingthebusiness.Thefollowingtableisonasequentialquarterbasis.December28,2024September28,2024ChangePaidsubscribersat:(inmillions)24.925.6(3)%AverageMonthlyRevenuePerPaidSubscriberforthequarterended:$6.36$5.94 7%(1)Seediscussiononpage16DTCProductDesc

50、riptionsandKeyDefinitionsESPN+averagemonthlyrevenueperpaidsubscriberincreasedfrom$5.94to6.36duetoincreasesinpricingandhigheradvertisingrevenue.8ExperiencesExperiencesrevenuesandoperatingincomewereasfollows:QuarterEndedChange($inmillions)December28,2024December30,2023RevenueParks&ExperiencesDomestic$

51、6,432$6,297 2%International1,646 1,476 12%ConsumerProducts1,337 1,359(2)%$9,415$9,132 3%OperatingincomeParks&ExperiencesDomestic$1,982$2,077(5)%International420 328 28%ConsumerProducts708 700 1%$3,110$3,105%DomesticParksandExperiencesDomesticparksandexperiencesoperatingresultsforthecurrentquarterwer

52、eunfavorablyimpactedbyHurricaneMiltonand,toalesserextent,HurricaneHelene.AsaresultofHurricaneMilton,WaltDisneyWorldResortwasclosedforadayandwecanceledacruiseitinerary.Operatingresultsatourdomesticparksandexperiencesdecreasedcomparedtotheprior-yearquarterdueto:Highercostsprimarilyduetothefleetexpansi

53、onatDisneyCruiseLineandinflation Lowervolumesattributabletodeclinesinattendance,reflectingtheimpactofthehurricanes IncreasedguestspendingInternationalParksandExperiencesTheincreaseinoperatingincomeatourinternationalparksandexperienceswasprimarilyattributableto:Growthinguestspending Highervolumesprim

54、arilyattributabletoanincreaseinattendance AnincreaseincostsprimarilyduetonewguestofferingsOTHERFINANCIALINFORMATIONCorporateandUnallocatedSharedExpensesCorporateandunallocatedsharedexpensesincreased$152millionforthequarter,from$308millionto$460million,primarilyduetoalegalsettlement.RestructuringandI

55、mpairmentChargesInthecurrentquarter,theCompanyrecordeda$143millionlossinconnectionwiththeStarIndiaTransaction.9InterestExpense,netInterestexpense,netwasasfollows:QuarterEnded($inmillions)December28,2024December30,2023ChangeInterestexpense$(487)$(528)8%Interestincome,investmentincomeandother120282(57

56、)%Interestexpense,net$(367)$(246)(49)%Thedecreaseininterestexpensewasprimarilyduetoloweraverageratesanddebtbalances,partiallyoffsetbyadecreaseincapitalizedinterest.Thedecreaseininterestincome,investmentincomeandotherreflectedtheimpactoflowercashandcashequivalentbalances,anunfavorablecomparisonrelate

57、dtopensionandpostretirementbenefitcosts,otherthanservicecost,andinvestmentlossesinthecurrentquartercomparedtoinvestmentgainsintheprior-yearquarter.EquityintheIncomeofInvesteesEquityintheincomeofinvesteeswasasfollows:QuarterEnded($inmillions)December28,2024December30,2023ChangeAmountsincludedinsegmen

58、tresults:Entertainment$118$171(31)%Sports1013(23)%EquityinthelossofIndiajointventure(33)nmAmortizationofTFCFCorporation(TFCF)intangibleassetsrelatedtoanequityinvestee(3)(3)%Equityintheincomeofinvestees$92$181(49)%Incomefromequityinvesteesdecreased$89million,to$92millionfrom$181million,duetolowerinco

59、mefromA+EandlossesfromtheIndiajointventureinthecurrentquarter.IncomeTaxesTheeffectiveincometaxratewasasfollows:QuarterEndedDecember28,2024December30,2023Incomebeforeincometaxes$3,660$2,871 Incometaxexpense1,016 720 Effectiveincometaxrate 27.8%25.1%Theincreaseintheeffectiveincometaxrateinthecurrentqu

60、artercomparedtotheprior-yearquarterwasduetoanon-cashtaxchargeinconnectionwiththeStarIndiaTransaction.Thisincreasewaspartiallyoffsetbythecomparisontoanunfavorableeffectofemployeeshare-basedawardsintheprior-yearquarter,theimpactofadjustmentsrelatedtoprioryearsandalowerforeigneffectivetaxrate.Adjustmen

61、tsrelatedtoprioryearswerefavorableinthecurrentquarterandunfavorableintheprior-yearquarter.10NoncontrollingInterestsNetincomeattributabletononcontrollinginterestswasasfollows:QuarterEnded($inmillions)December28,2024December30,2023ChangeNetincomeattributabletononcontrollinginterests$(90)$(240)63%Thede

62、creaseinnetincomeattributabletononcontrollinginterestswasduetothecomparisontoaccretionofNBCUniversalsinterestinHuluintheprior-yearquarter.Netincomeattributabletononcontrollinginterestsisdeterminedonincomeafterroyaltiesandmanagementfees,financingcostsandincometaxes,asapplicable.CashfromOperationsCash

63、providedbyoperationsandfreecashflowwereasfollows:QuarterEnded($inmillions)December28,2024December30,2023ChangeCashprovidedbyoperations$3,205$2,185$1,020Investmentsinparks,resortsandotherproperty(2,466)(1,299)(1,167)Freecashflow(1)$739$886$(147)(1)FreecashflowisnotafinancialmeasuredefinedbyGAAP.Themo

64、stcomparableGAAPmeasureiscashprovidedbyoperations.Seethediscussiononpages17through20.Cashprovidedbyoperationsincreased$1.0billionto$3.2billioninthecurrentquarterfrom$2.2billionintheprior-yearquarterdrivenby:Lowertaxpaymentsinthecurrentquartercomparedtotheprior-yearquarterduetopaymentoffiscal2023U.S.

65、federalandCaliforniastateincometaxesintheprior-yearquarterthathadbeendeferredpursuanttoreliefprovidedbytheInternalRevenueServiceandCaliforniaBoardofEqualizationasaresultofthe2023winterstormsinCalifornia HigheroperatingincomeatEntertainment Higherfilmandtelevisionproductionspendingandthetimingofpayme

66、ntsforsportsrights11CapitalExpendituresInvestmentsinparks,resortsandotherpropertywereasfollows:QuarterEnded($inmillions)December28,2024December30,2023Entertainment$(268)$(309)Sports(1)ExperiencesDomestic(1,786)(571)International(293)(244)TotalExperiences(2,079)(815)Corporate(118)(175)Totalinvestment

67、sinparks,resortsandotherproperty$(2,466)$(1,299)Capitalexpendituresincreasedto$2.5billionfrom$1.3billionduetohigherspendoncruiseshipfleetexpansionattheExperiencessegment.DepreciationExpenseDepreciationexpensewasasfollows:QuarterEnded($inmillions)December28,2024December30,2023Entertainment$165$163Spo

68、rts1011ExperiencesDomestic461424International191171TotalExperiences652595Corporate8254Totaldepreciationexpense$909$82312THEWALTDISNEYCOMPANYCONDENSEDCONSOLIDATEDSTATEMENTSOFINCOME(unaudited;$inmillions,exceptpersharedata)QuarterEndedDecember28,2024December30,2023Revenues$24,690$23,549Costsandexpense

69、s(20,612)(20,613)Restructuringandimpairmentcharges(143)Interestexpense,net(367)(246)Equityintheincomeofinvestees92181Incomebeforeincometaxes3,6602,871Incometaxes(1,016)(720)Netincome2,6442,151Netincomeattributabletononcontrollinginterests(90)(240)NetincomeattributabletoTheWaltDisneyCompany(Disney)$2

70、,554$1,911EarningspershareattributabletoDisney:Diluted$1.40$1.04Basic$1.41$1.04Weightedaveragenumberofcommonandcommonequivalentsharesoutstanding:Diluted1,8181,835Basic1,8121,83213THEWALTDISNEYCOMPANYCONDENSEDCONSOLIDATEDBALANCESHEETS(unaudited;$inmillions,exceptpersharedata)December28,2024September2

71、8,2024ASSETSCurrentassetsCashandcashequivalents$5,486$6,002Receivables,net13,76712,729Inventories2,0182,022Contentadvances1,1572,097Othercurrentassets1,2392,391Totalcurrentassets23,66725,241Producedandlicensedcontentcosts32,50532,312Investments8,9024,459Parks,resortsandotherpropertyAttractions,build

72、ingsandequipment78,32876,674Accumulateddepreciation(45,898)(45,506)32,43031,168Projectsinprogress4,5814,728Land1,1291,14538,14037,041Intangibleassets,net10,37210,739Goodwill73,31273,326Otherassets10,14813,101Totalassets$197,046$196,219LIABILITIESANDEQUITYCurrentliabilitiesAccountspayableandotheraccr

73、uedliabilities$21,635$21,070Currentportionofborrowings6,6206,845Deferredrevenueandother6,5916,684Totalcurrentliabilities34,84634,599Borrowings38,68838,970Deferredincometaxes6,3366,277Otherlong-termliabilities10,43710,851CommitmentsandcontingenciesEquityPreferredstockCommonstock,$0.01parvalue,Authori

74、zed4.6billionshares,Issued1.9billionshares58,86858,592Retainedearnings50,46849,722Accumulatedothercomprehensiveloss(2,688)(3,699)Treasurystock,atcost,54millionsharesatDecember28,2024and47millionsharesatSeptember28,2024(4,715)(3,919)TotalDisneyShareholdersequity101,933100,696Noncontrollinginterests4,

75、8064,826Totalequity106,739105,522Totalliabilitiesandequity$197,046$196,21914THEWALTDISNEYCOMPANYCONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWS(unaudited;$inmillions)QuarterEndedDecember28,2024December30,2023OPERATINGACTIVITIESNetincome$2,644$2,151Depreciationandamortization1,2761,243Deferredincometaxes2

76、5(51)Equityintheincomeofinvestees(92)(181)Cashdistributionsreceivedfromequityinvestees33153Netchangeinproducedandlicensedcontentcostsandadvances1,1412,642Equity-basedcompensation317308Other,net206(64)ChangesinoperatingassetsandliabilitiesReceivables(1,277)(1,554)Inventories48Otherassets(116)30Accoun

77、tspayableandotherliabilities(1,533)(1,396)Incometaxes577(1,104)Cashprovidedbyoperations3,2052,185INVESTINGACTIVITIESInvestmentsinparks,resortsandotherproperty(2,466)(1,299)Other,net(109)53Cashusedininvestingactivities(2,575)(1,246)FINANCINGACTIVITIESCommercialpaperborrowings(payments),net(169)1,046B

78、orrowings1,057Reductionofborrowings(951)(309)Repurchasesofcommonstock(794)Acquisitionofredeemablenoncontrollinginterests(8,610)Other,net(140)(133)Cashusedinfinancingactivities(997)(8,006)Impactofexchangeratesoncash,cashequivalentsandrestrictedcash(153)79Changeincash,cashequivalentsandrestrictedcash(

79、520)(6,988)Cash,cashequivalentsandrestrictedcash,beginningofperiod6,10214,235Cash,cashequivalentsandrestrictedcash,endofperiod$5,582$7,24715DTCPRODUCTDESCRIPTIONSANDKEYDEFINITIONSProductofferingsIntheU.S.,Disney+,ESPN+andHuluSVODOnlyareeachofferedasastandaloneserviceoraspartofvariousmulti-productoff

80、erings.HuluLiveTV+SVODincludesDisney+andESPN+.Disney+isavailableinmorethan150countriesandterritoriesoutsidetheU.S.andCanada.Dependingonthemarket,ourservicescanbepurchasedonourwebsitesorthroughthird-partyplatforms/appsorareavailableviawholesalearrangements.PaidsubscribersPaidsubscribersreflectsubscri

81、bersforwhichwerecognizedsubscriptionrevenue.Certainproductofferingsprovidetheoptionforanextramembertobeaddedtoanaccount(extramemberadd-on).Theseextramembersarenotcountedaspaidsubscribers.Subscribersceasetobeapaidsubscriberasoftheireffectivecancellationdateorasaresultofafailedpaymentmethod.Subscriber

82、stomulti-productofferingsintheU.S.arecountedasapaidsubscriberforeachoftheCompanysservicesincludedinthemulti-productofferingandsubscriberstoHuluLiveTV+SVODarecountedasonepaidsubscriberforeachoftheHuluLiveTV+SVOD,Disney+andESPN+services.Subscribersincludethosewhoreceiveanentitlementtoaservicethroughwh

83、olesalearrangements,includingthoseforwhichtheserviceisavailabletoeachsubscriberofanexistingcontentdistributiontier.WhenweaggregatethetotalnumberofpaidsubscribersacrossourDTCstreamingservices,werefertothemaspaidsubscriptions.InternationalDisney+InternationalDisney+includestheDisney+serviceoutsidetheU

84、.S.andCanada.AverageMonthlyRevenuePerPaidSubscriberHuluandESPN+averagemonthlyrevenueperpaidsubscriberiscalculatedbasedontheaverageofthemonthlyaveragepaidsubscribersforeachmonthintheperiod.Themonthlyaveragepaidsubscribersiscalculatedasthesumofthebeginningofthemonthandendofthemonthpaidsubscribercount,

85、dividedbytwo.Disney+averagemonthlyrevenueperpaidsubscriberiscalculatedusingadailyaverageofpaidsubscribersfortheperiod.Revenueincludessubscriptionfees,advertising(excludingrevenueearnedfromsellingadvertisingspotstootherCompanybusinesses),premiumandfeatureadd-onrevenueandextramemberadd-onrevenuebutexc

86、ludesPay-Per-Viewrevenue.AdvertisingrevenuegeneratedbycontentononeDTCstreamingservicethatisaccessedthroughanotherDTCstreamingservicebysubscriberstobothstreamingservicesisallocatedbetweenbothstreamingservices.Theaveragerevenueperpaidsubscriberisnetofdiscountsonofferingsthatcarrymorethanoneservice.Rev

87、enueisallocatedtoeachservicebasedontherelativeretailorwholesalepriceofeachserviceonastandalonebasis.HuluLiveTV+SVODrevenueisallocatedtotheSVODservicesbasedonthewholesalepriceoftheHuluSVODOnly,Disney+andESPN+multi-productoffering.Ingeneral,wholesalearrangementshavealoweraveragemonthlyrevenueperpaidsu

88、bscriberthansubscribersthatweacquiredirectlyorthroughthird-partyplatforms.16NON-GAAPFINANCIALMEASURESThisearningsreleasepresentsdilutedEPSexcludingcertainitems(alsoreferredtoasadjustedEPS),totalsegmentoperatingincomeandfreecashflow.DilutedEPSexcludingcertainitems,totalsegmentoperatingincomeandfreeca

89、shflowareimportantfinancialmeasuresfortheCompanybutarenotfinancialmeasuresdefinedbyGAAP.ThesemeasuresshouldbereviewedinconjunctionwiththemostcomparableGAAPfinancialmeasuresandarenotpresentedasalternativemeasuresofdilutedEPS,incomebeforeincometaxesorcashprovidedbyoperationsasdeterminedinaccordancewit

90、hGAAP.DilutedEPSexcludingcertainitems,totalsegmentoperatingincomeandfreecashflowaswehavecalculatedthemmaynotbecomparabletosimilarlytitledmeasuresreportedbyothercompanies.OurdefinitionsandcalculationsofdilutedEPSexcludingcertainitems,totalsegmentoperatingincomeandfreecashflow,aswellasquantitativereco

91、nciliationsofeachofthesemeasurestothemostdirectlycomparableGAAPfinancialmeasure,areprovidedbelow.TheCompanyisnotprovidingtheforward-lookingmeasurefordilutedEPS,whichisthemostdirectlycomparableGAAPmeasuretodilutedEPSexcludingcertainitems,oraquantitativereconciliationofforward-lookingdilutedEPSexcludi

92、ngcertainitemstothatmostdirectlycomparableGAAPmeasure.TheCompanyisunabletopredictorestimatewithreasonablecertaintytheultimateoutcomeofcertainsignificantitemsrequiredforsuchGAAPmeasurewithoutunreasonableeffort.InformationaboutotheradjustingitemsthatiscurrentlynotavailabletotheCompanycouldhaveapotenti

93、allyunpredictableandsignificantimpactonfutureGAAPfinancialresults.DilutedEPSexcludingcertainitemsTheCompanyusesdilutedEPSexcluding(1)certainitemsaffectingcomparabilityofresultsfromperiodtoperiodand(2)amortizationofTFCFandHuluintangibleassets,includingpurchaseaccountingstep-upadjustmentsforreleasedco

94、ntent,tofacilitatetheevaluationoftheperformanceoftheCompanysoperationsexclusiveoftheseitems,andtheseadjustmentsreflecthowseniormanagementisevaluatingsegmentperformance.TheCompanybelievesthatprovidingdilutedEPSexclusiveofcertainitemsimpactingcomparabilityisusefultoinvestors,particularlywheretheimpact

95、oftheexcludeditemsissignificantinrelationtoreportedearningsandbecausethemeasureallowsforcomparabilitybetweenperiodsoftheoperatingperformanceoftheCompanysbusinessandallowsinvestorstoevaluatetheimpactoftheseitemsseparately.TheCompanyfurtherbelievesthatprovidingdilutedEPSexclusiveofamortizationofTFCFan

96、dHuluintangibleassetsassociatedwiththeacquisitionin2019isusefultoinvestorsbecausetheTFCFandHuluacquisitionwasconsiderablylargerthantheCompanyshistoricacquisitionswithasignificantlygreateracquisitionaccountingimpact.17ThefollowingtablereconcilesreporteddilutedEPStodilutedEPSexcludingcertainitemsforth

97、efirstquarter:($inmillionsexceptEPS)Pre-TaxIncome/LossTaxBenefit/Expense(1)After-TaxIncome/Loss(2)DilutedEPS(3)Changevs.prior-yearperiodQuarterEndedDecember28,2024Asreported$3,660$(1,016)$2,644$1.40 35%Exclude:Restructuringandimpairmentcharges(4)1432133560.20AmortizationofTFCFandHuluintangibleassets

98、andfairvaluestep-uponfilmandtelevisioncosts(5)397(93)3040.16Excludingcertainitems$4,200$(896)$3,304$1.76 44%QuarterEndedDecember30,2023Asreported$2,871$(720)$2,151$1.04Exclude:AmortizationofTFCFandHuluintangibleassetsandfairvaluestep-uponfilmandtelevisioncosts(5)451(106)3450.18Excludingcertainitems$

99、3,322$(826)$2,496$1.22(1)Taxbenefit/expenseisdeterminedusingthetaxrateapplicabletotheindividualitem.(2)Beforenoncontrollinginterestshare.(3)Netofnoncontrollinginterestshare,whereapplicable.Totalmaynotequalthesumofthecolumnduetorounding.(4)AmountsrelatetotheStarIndiaTransaction.(5)Forthecurrentquarte

100、r,intangibleassetamortizationwas$327million,step-upamortizationwas$67millionandamortizationofintangibleassetsrelatedtoaTFCFequityinvesteewas$3million.Fortheprior-yearquarter,intangibleassetamortizationwas$380million,step-upamortizationwas$68millionandamortizationofintangibleassetsrelatedtoaTFCFequit

101、yinvesteewas$3million.18TotalsegmentoperatingincomeTheCompanyevaluatestheperformanceofitsoperatingsegmentsbasedonsegmentoperatingincome,andmanagementusestotalsegmentoperatingincome(thesumofsegmentoperatingincomefromalloftheCompanyssegments)asameasureoftheperformanceofoperatingbusinessesseparatefromn

102、on-operatingfactors.TheCompanybelievesthatinformationabouttotalsegmentoperatingincomeassistsinvestorsbyallowingthemtoevaluatechangesintheoperatingresultsoftheCompanysportfolioofbusinessesseparatefromnon-operationalfactorsthataffectnetincome,thusprovidingseparateinsightintobothoperationsandotherfacto

103、rsthataffectreportedresults.Thefollowingtablereconcilesincomebeforeincometaxestototalsegmentoperatingincome:QuarterEnded($inmillions)December28,2024December30,2023ChangeIncomebeforeincometaxes$3,660$2,871 27%Add(subtract):Corporateandunallocatedsharedexpenses460308(49)%EquityinthelossofIndiajointven

104、ture33nmRestructuringandimpairmentcharges143nmInterestexpense,net367246(49)%AmortizationofTFCFandHuluintangibleassetsandfairvaluestep-uponfilmandtelevisioncosts397451 12%Totalsegmentoperatingincome$5,060$3,876 31%FreecashflowTheCompanyusesfreecashflow(cashprovidedbyoperationslessinvestmentsinparks,r

105、esortsandotherproperty),amongothermeasures,toevaluatetheabilityofitsoperationstogeneratecashthatisavailableforpurposesotherthancapitalexpenditures.Managementbelievesthatinformationaboutfreecashflowprovidesinvestorswithanimportantperspectiveonthecashavailabletoservicedebtobligations,makestrategicacqu

106、isitionsandinvestmentsandpaydividendsorrepurchaseshares.ThefollowingtablepresentsasummaryoftheCompanysconsolidatedcashflows:QuarterEnded($inmillions)December28,2024December30,2023Cashprovidedbyoperations$3,205$2,185Cashusedininvestingactivities(2,575)(1,246)Cashusedinfinancingactivities(997)(8,006)I

107、mpactofexchangeratesoncash,cashequivalentsandrestrictedcash(153)79Changeincash,cashequivalentsandrestrictedcash(520)(6,988)Cash,cashequivalentsandrestrictedcash,beginningofperiod6,10214,235Cash,cashequivalentsandrestrictedcash,endofperiod$5,582$7,24719ThefollowingtablereconcilestheCompanysconsolidat

108、edcashprovidedbyoperationstofreecashflow:QuarterEnded($inmillions)December28,2024December30,2023ChangeCashprovidedbyoperations$3,205$2,185$1,020 Investmentsinparks,resortsandotherproperty(2,466)(1,299)(1,167)Freecashflow$739$886$(147)20FORWARD-LOOKINGSTATEMENTSCertainstatementsandinformationinthisea

109、rningsreleasemayconstitute“forward-lookingstatements”withinthemeaningofthePrivateSecuritiesLitigationReformActof1995,includingstatementsregardingourexpectations,beliefs,plans,financialprospects,trendsoroutlookandguidance;financialorperformanceestimatesandexpectations(includingestimatedorexpectedreve

110、nues,earnings,operatingincome,cashposition,costs,expensesandimpactofcertainitems)andexpecteddrivers;direct-to-consumerprospects,includingexpectationsforsubscribers;valueofourintellectualproperty,contentofferings,businessesandassets;businessandotherplans;strategicprioritiesandinitiatives;consumersent

111、iment,behaviorordemandandotherstatementsthatarenothistoricalinnature.Anyinformationthatisnothistoricalinnatureincludedinthisearningsreleaseissubjecttochange.Thesestatementsaremadeonthebasisofmanagementsviewsandassumptionsregardingfutureeventsandbusinessperformanceasofthetimethestatementsaremade.Mana

112、gementdoesnotundertakeanyobligationtoupdatethesestatements.Actualresultsmaydiffermateriallyfromthoseexpressedorimplied.SuchdifferencesmayresultfromactionstakenbytheCompany,includingrestructuringorstrategicinitiatives(includingcapitalinvestments,assetacquisitionsordispositions,neworexpandedbusinessli

113、nesorcessationofcertainoperations),ourexecutionofourbusinessplans(includingthecontentwecreateandIPweinvestin,ourpricingdecisions,ourcoststructureandourmanagementandotherpersonneldecisions),ourabilitytoquicklyexecuteoncostrationalizationwhilepreservingrevenue,thediscoveryofadditionalinformationorothe

114、rbusinessdecisions,aswellasfromdevelopmentsbeyondtheCompanyscontrol,including:theoccurrenceofsubsequentevents;deteriorationindomesticandglobaleconomicconditionsorfailureofconditionstoimproveasanticipated;deteriorationinorpressuresfromcompetitiveconditions,includingcompetitiontocreateoracquirecontent

115、,competitionfortalentandcompetitionforadvertisingrevenue;consumerpreferencesandacceptanceofourcontent,offerings,pricingmodelandpriceincreases,andcorrespondingsubscriberadditionsandchurn,andthemarketforadvertisingsalesonourDTCstreamingservicesandlinearnetworks;healthconcernsandtheirimpactonourbusines

116、sesandproductions;international,politicalormilitarydevelopments;regulatoryandlegaldevelopments;technologicaldevelopments;labormarketsandactivities,includingworkstoppages;adverseweatherconditionsornaturaldisasters;andavailabilityofcontent.Suchdevelopmentsmayfurtheraffectentertainment,travelandleisure

117、businessesgenerallyandmay,amongotherthings,affect(orfurtheraffect,asapplicable):ouroperations,businessplansorprofitability,includingdirect-to-consumerprofitability;demandforourproductsandservices;theperformanceoftheCompanyscontent;ourabilitytocreateorobtaindesirablecontentatorunderthevalueweassignth

118、econtent;theadvertisingmarketforprogramming;taxation;andperformanceofsomeorallCompanybusinesseseitherdirectlyorthroughtheirimpactonthosewhodistributeourproducts.AdditionalfactorsaresetforthintheCompanysmostrecentAnnualReportonForm10-K,includingunderthecaptions“RiskFactors,”“ManagementsDiscussionandA

119、nalysisofFinancialConditionandResultsofOperations,”and“Business,”quarterlyreportsonForm10-Q,includingunderthecaptions“RiskFactors”and“ManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperations,”andsubsequentfilingswiththeSecuritiesandExchangeCommission.Theterms“Company,”“we,”and“our”areusedinthisreporttorefercollectivelytotheparentcompanyandthesubsidiariesthroughwhichourvariousbusinessesareactuallyconducted.21PREPAREDEARNINGSREMARKSANDCONFERENCECALLINFORMATIONInconjunctionwiththisrelease,TheWaltDisneyCompanywillpostpreparedmanagementremarks(ExecutiveCommentary)