Walt Disney (DIS) Tops Q4 EPS by 4c; offers guidance

Walt Disney (NYSE: DIS) reported Q4 EPS of $1.14, $0.04 better than the analyst estimate of $1.10. Revenue for the quarter came in at $22.6 billion versus the consensus estimate of $22.48 billion.

Guidance and Outlook:

We are confident in the long-term prospects for the business and believe we are well positioned for growth.
Fiscal 2025:

High-single digit adjusted EPS(1) growth compared to fiscal 2024
Approximately $15 billion in cash provided by operations
Approximately $8 billion of capital expenditures
Target dividend growth that tracks our earnings growth
Targeting $3 billion in stock repurchases
Entertainment: Double digit percentage segment operating income growth compared to fiscal 2024, weighted to the first half of the year

Entertainment DTC operating income increase of approximately $875 million versus fiscal 2024, which includes a comparison to an adverse impact of our India DTC business of approximately $200 million on fiscal 2024 Entertainment DTC results
Modest decline in Q1 Disney+ Core subscribers versus Q4
Q1 Content Sales/Licensing and Other operating income relatively in-line with Q4

Sports: 13% segment operating income growth compared to fiscal 2024 on a reported basis. Adjusting for the impact of our India business on Sports’ fiscal 2024 results, operating income is expected to decrease approximately 10%
Experiences: 6% to 8% segment operating income growth compared to fiscal 2024, weighted to the second half of the year

Q1 operating income adversely impacted by approximately $130 million due to Hurricanes Helene and Milton and approximately $90 million due to Disney Cruise Line pre-launch costs

Fiscal 2026(2):

Double digit adjusted EPS(1) growth
Double digit growth in cash provided by operations
When comparing to our fiscal 2025 guide, we expect:

Entertainment: Double digit percentage segment operating income growth; 10% operating margin for our Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service)(1)
Sports: Low single digit percentage segment operating income growth
Experiences: High single digit percentage segment operating income growth

Fiscal 2027:

Double digit adjusted EPS(1) growth

For earnings history and earnings-related data on Walt Disney (DIS) click here.

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