DIS 10-Q Quarterly Reports

For the first quarter of fiscal year 2026, The Walt Disney Company reported a 5% increase in total revenues to $26.0 billion, driven by growth across its Services and Products segments. However, net income attributable to Disney decreased by 6% to $2.4 billion, resulting in diluted Earnings Per Share (EPS) of $1.34, down from $1.40 in the prior year quarter. This decline in profitability was primarily attributed to lower operating income in the Entertainment segment and a higher effective income tax rate. Despite these challenges, the Experiences segment demonstrated strong performance with a 6% revenue increase and improved operating income. Key financial activities during the quarter included significant share repurchases totaling $2.0 billion, along with continued strategic acquisitions, notably the Fubo Transaction which added $0.3 billion in revenue but also contributed to a non-cash tax charge. The company also announced a significant partnership with Reliance Industries Limited forming a joint venture in India, impacting its reporting structure for that region. Disney reaffirmed its commitment to capital expenditures and share repurchases, signaling confidence in its long-term strategic priorities.

The Walt Disney Company (DIS) reported strong financial results for the quarter ended June 28, 2025, demonstrating significant growth across key metrics. Total revenues increased by 2% year-over-year to $23.7 billion, while net income attributable to Disney more than doubled to $5.3 billion, and diluted earnings per share (EPS) rose to $2.92 from $1.43 in the prior year. The substantial increase in profitability was largely driven by a significant non-cash tax benefit related to the change in Hulu's U.S. income tax classification, which positively impacted the effective tax rate. This was further supported by improved operating income from the Experiences and Sports segments, though partially offset by a decrease in operating income from the Entertainment segment. The company also repurchased shares and paid dividends, reflecting a commitment to shareholder returns.

The Walt Disney Company's 10-Q filing for the period ending March 29, 2025, reveals a significant turnaround in profitability compared to the prior-year quarter. Total revenues increased by 7% year-over-year to $23.6 billion, driven by strong performance in Services revenue, which saw an 8% increase. Net income attributable to Disney surged to $3.275 billion from a net loss of $20 million in the same period last year. This dramatic improvement was fueled by higher operating income across key segments, notably Entertainment and Experiences, as well as a substantial non-cash benefit from the resolution of a prior-year tax matter. Key drivers of this growth include increased subscription revenue, a rebound in theatrical distribution, and robust performance in parks and experiences. While costs also rose, particularly in cost of services and SG&A, the revenue growth outpaced these increases, leading to improved net income and diluted EPS of $1.81, a substantial recovery from the prior year's loss. The company also continues its share repurchase program and declared dividends, signaling confidence in its financial position.

The Walt Disney Company's Q1 2025 results show a significant improvement in profitability and earnings per share compared to the prior year. Total revenues grew by 5% to $24.7 billion, driven primarily by the Entertainment and Experiences segments. Net income attributable to Disney surged by 34% to $2.55 billion, translating to a 35% increase in diluted EPS to $1.40 from $1.04. The company's strategic improvements, particularly in the Entertainment segment which saw a substantial 95% increase in operating income, are contributing to this enhanced financial performance. While Parks, Experiences and Products continue to be a strong performer with stable operating income, the Direct-to-Consumer (DTC) segment showed a notable improvement, moving from a loss to profitability. The company also continues its share repurchase program, demonstrating a commitment to returning value to shareholders.

The Walt Disney Company (DIS) reported solid financial results for the fiscal third quarter ended June 29, 2024, with total revenues increasing by 4% year-over-year to $23.2 billion. This growth was primarily driven by a 4% increase in Services revenue, reaching $20.8 billion, fueled by higher Direct-to-Consumer (DTC) subscription and advertising revenues. Net income attributable to Disney swung to a profit of $2.6 billion, a significant improvement from a loss of $460 million in the prior-year quarter, resulting in diluted EPS of $1.43, up from a loss of $0.25. The Experiences segment continued its strong performance, with revenues up 2% to $8.4 billion, benefiting from increased theme park attendance and higher guest spending. The Entertainment segment saw a 4% revenue increase to $10.6 billion, primarily due to Direct-to-Consumer growth, while the Sports segment's revenue rose 5% to $4.6 billion, driven by advertising and subscription fee increases. For the nine-month period, total revenues grew 2% to $68.8 billion, and net income attributable to Disney more than doubled to $4.5 billion.

The Walt Disney Company's (DIS) Q2 2024 report shows a slight increase in total revenues, reaching $22.1 billion, up 1% year-over-year. However, the company reported a net loss attributable to Disney of $20 million, a significant drop from the $1.3 billion net income in the prior year's quarter. This downturn was largely driven by substantial restructuring and impairment charges, including a $2.05 billion goodwill impairment related to Star India and entertainment linear networks. Despite the net loss, the 'Experiences' segment demonstrated robust growth, with revenues up 10% and operating income up 12%. The Direct-to-Consumer segment also showed improvement, narrowing its operating loss to $47 million from a loss of $587 million in the prior year, indicating progress in its strategic shift. The company also authorized a new share repurchase program, signaling confidence in its financial position and commitment to shareholder returns.

The Walt Disney Company's (DIS) fiscal first quarter 2024 results demonstrate a notable recovery in profitability, with net income attributable to Disney increasing by 49% year-over-year to $1.91 billion, translating to diluted EPS of $1.04, up from $0.70 in the prior year. Total revenues remained relatively flat at $23.5 billion, indicating a stabilization after previous periods of flux. The significant improvement in earnings was driven by a substantial increase in segment operating income, particularly within the Entertainment and Experiences segments, which more than offset increased corporate expenses and amortization. Key drivers for the enhanced profitability include improved operational efficiencies, particularly a 6% decrease in the cost of services year-over-year, and a notable 86% reduction in the direct-to-consumer (DTC) operating loss, showcasing progress in their streaming strategies. The Experiences segment continued its strong performance with a 7% revenue increase, driven by theme park attendance and resort revenues. Investors should note the continued focus on cost management and the positive trend in DTC profitability, which are crucial for the company's long-term growth trajectory.

The Walt Disney Company reported a net loss attributable to Disney of $460 million, or $(0.25) per diluted share, for the third quarter of fiscal year 2023. This loss was largely driven by a significant restructuring and impairment charge of $2.65 billion, primarily related to content impairment. Excluding this charge, the company would have reported a profit. Total revenues increased by 4% year-over-year to $22.3 billion, bolstered by strong performance in Parks, Experiences, and Products, which saw an 13% revenue increase, and growth in Direct-to-Consumer (DTC) subscription fees. Despite the headline loss, underlying business trends show resilience. The Parks, Experiences, and Products segment continues to be a strong performer, with revenues up 13% driven by increased attendance and guest spending. The Direct-to-Consumer segment narrowed its operating loss to $512 million from $1.06 billion in the prior year, indicating progress towards profitability. However, the Media and Entertainment Distribution segment saw an 18% decline in operating income, primarily due to softer performance in Linear Networks.

The Walt Disney Company reported a significant increase in revenue and net income attributable to shareholders for the second quarter of fiscal year 2023 compared to the same period in the prior year. Total revenues rose 13% to $21.8 billion, driven by strong performance in the Parks, Experiences and Products (DPEP) segment and a rebound in service revenues, partly due to the comparison against a revenue reduction in the prior year related to a content license early termination. Net income attributable to Disney shareholders more than doubled to $1.27 billion, with diluted earnings per share from continuing operations reaching $0.69, up from $0.26 in the prior year. The company's Parks, Experiences and Products segment saw a notable 17% revenue increase, driven by higher attendance and per capita spending. The Disney Media and Entertainment Distribution (DMED) segment experienced a 3% revenue increase, with growth in Direct-to-Consumer and Content Sales/Licensing and Other offsetting a decline in Linear Networks revenue. While the Direct-to-Consumer segment still reported an operating loss, it narrowed compared to the prior year, indicating progress towards profitability. Management is actively addressing costs and restructuring the business to focus on renewed growth.

The Walt Disney Company's (DIS) Q1 2023 earnings report shows a solid top-line performance with total revenues increasing by 8% year-over-year to $23.5 billion. This growth was driven primarily by a strong rebound in the Parks, Experiences and Products (DPEP) segment, which saw a 21% revenue increase due to higher attendance and guest spending across its theme parks and resorts. The Disney Media and Entertainment Distribution (DMED) segment experienced a more modest 1% revenue growth, with its Direct-to-Consumer (DTC) business showing an increase in subscribers and revenue, though still operating at a significant loss. Net income attributable to Disney shareholders rose by 16% to $1.3 billion, resulting in diluted earnings per share (EPS) from continuing operations of $0.70, up from $0.63 in the prior year. This improvement was supported by the DPEP segment's robust performance and a reduction in investment losses, notably a smaller loss from DraftKings compared to the previous year. However, the DMED segment's operating income declined significantly, primarily due to increased programming and production costs for DTC services and a drop in advertising revenue. The company is also undergoing a leadership transition with the return of Bob Iger, signaling potential strategic shifts and restructuring efforts ahead.

The Walt Disney Company's (DIS) fiscal third quarter 2022 report (ending July 1, 2022) demonstrates robust top-line growth, with total revenues increasing by 26% year-over-year to $21.5 billion. This growth was primarily driven by a significant rebound in the Parks, Experiences and Products (DPEP) segment, which saw revenues surge by 70% due to the easing of COVID-19 restrictions and increased guest spending. The Media and Entertainment Distribution (DMED) segment also saw revenue growth of 11%, albeit with a decline in operating income, reflecting higher costs associated with direct-to-consumer (DTC) services and content. Net income attributable to Disney shareholders saw a substantial increase of 53% to $1.4 billion, translating to diluted EPS from continuing operations of $0.77, up from $0.50 in the prior year. This improvement was largely due to the strong performance of the DPEP segment, which more than offset the increased operating losses in the DTC business within DMED. While the company is navigating inflationary pressures and ongoing content investments, the recovery in its theme parks and the continued expansion of its streaming services present a dynamic financial picture for investors.

The Walt Disney Company reported strong top-line growth for the second quarter and first half of fiscal year 2022, with total revenues increasing by 23% and 29%, respectively, driven by a significant recovery in its Parks, Experiences and Products (DPEP) segment. While DPEP revenue more than doubled year-over-year, the Media and Entertainment Distribution (DMED) segment also saw revenue growth, albeit at a slower pace. Net income attributable to Disney declined significantly in the quarter due to a large revenue reduction from an early contract termination and higher investment losses, but showed substantial growth for the six-month period. Diluted EPS from continuing operations also saw a decline for the quarter, but a strong increase for the first half of the year. Despite the strong revenue rebound, particularly in parks, the company is facing increased costs in its media and entertainment segment, especially within Direct-to-Consumer (DTC) services, leading to a wider operating loss in that division. The company also noted ongoing impacts from COVID-19 on certain international operations and production. Investors should monitor the profitability of the DTC segment and the continued recovery and growth drivers within the Parks division.

The Walt Disney Company reported strong revenue growth for the first quarter of fiscal year 2022, driven by a significant rebound in its Parks, Experiences and Products (DPEP) segment. Total revenues increased by 34% year-over-year to $21.8 billion. This growth was primarily fueled by the DPEP segment, which saw revenues more than double, benefiting from the easing of COVID-19 restrictions and increased attendance and spending at theme parks and resorts. The Disney Media and Entertainment Distribution (DMED) segment also experienced revenue growth, up 15% to $14.6 billion, largely due to increased subscription revenue from Disney+, Hulu, and ESPN+, as well as higher theatrical and TV/SVOD distribution revenues. Despite revenue growth in DMED, operating income for the segment declined due to higher programming and production costs. The company reported a substantial increase in net income attributable to Disney, rising to $1.1 billion from $17 million in the prior year, with diluted EPS from continuing operations at $0.63 compared to $0.02. Key factors impacting profitability included increased marketing costs and a significant non-cash loss related to an investment in DraftKings. The company reaffirmed its strong financial position and continued to invest in content and experiences, with projected content spend and capital expenditures for fiscal year 2022 indicating ongoing strategic investments.

The Walt Disney Company's (DIS) Q3 2021 earnings report shows a significant recovery from the prior year's performance, driven by the rebound in its Parks, Experiences and Products (DPEP) segment. Total revenues increased by 45% year-over-year, and the company swung to a net profit of $918 million from a substantial loss in the same period last year. This improvement is largely attributable to the reopening of theme parks and resorts, which saw a dramatic increase in attendance and related spending, alongside a notable increase in merchandise licensing and retail revenue. The Disney Media and Entertainment Distribution (DMED) segment also contributed positively, with revenue growth driven by direct-to-consumer (DTC) subscriptions and advertising. While operating income for DMED saw a year-over-year decline due to increased programming and production costs, the segment's overall performance remained robust. The company's focus on its direct-to-consumer strategy, including Disney+, Hulu, and ESPN+, continues to show subscriber growth, although it also incurs significant investment costs. Despite the overall positive trend, the report highlights ongoing impacts from the COVID-19 pandemic, particularly in production delays and the continued costs associated with implementing health and safety measures across businesses. The company's financial condition remains strong, with substantial cash reserves, though it has not paid a dividend since fiscal year 2020. Investors should monitor the recovery trajectory of DPEP, the ongoing investment and profitability of DMED, and the company's ability to navigate potential future pandemic-related disruptions.

The Walt Disney Company's (DIS) 10-Q filing for the period ending April 3, 2021, reveals a company navigating the ongoing impacts of the COVID-19 pandemic. While total revenues saw a decline compared to the prior year, primarily driven by the severe impact on the Parks, Experiences and Products segment, the Disney Media and Entertainment Distribution segment demonstrated resilience and growth, particularly in its Direct-to-Consumer offerings. Net income attributable to Disney significantly increased year-over-year, bolstered by strong performance in the Media and Entertainment segment and a favorable shift in the effective tax rate. Despite the challenges, Disney is strategically investing in its streaming services, which are showing promising subscriber growth, while the Parks segment begins its recovery with cautious reopenings and reduced capacities. The company also made significant restructuring charges, reflecting a strategic realignment and the closure of certain retail operations.

The Walt Disney Company's first quarter of fiscal year 2021 (ending January 2, 2021) saw a significant decline in revenues and net income compared to the prior year, largely attributable to the ongoing impacts of the COVID-19 pandemic. Total revenues decreased by 22% to $16.2 billion, while net income attributable to Disney plummeted by 99% to $17 million. Diluted earnings per share from continuing operations were $0.02, a sharp drop from $1.17 in the prior year quarter. The Disney Parks, Experiences and Products segment was the hardest hit, with revenues down 53% and a significant operating loss incurred, primarily due to park closures, reduced capacity, and the suspension of cruise operations. Conversely, the Disney Media and Entertainment Distribution segment showed resilience, with revenues down only 5%. This was driven by strong growth in Direct-to-Consumer (DTC) subscription revenue, which more than offset declines in Content Sales/Licensing. The company's DTC services, including Disney+, experienced substantial subscriber growth. Despite the challenging environment, Disney maintained a strong liquidity position with a substantial cash balance of $17.1 billion. Management highlighted ongoing efforts to mitigate the impacts of COVID-19, including cost reductions and workforce adjustments, while anticipating continued adverse effects on financial results at least through fiscal 2021. The company also provided updated segment reporting structures, consolidating media and entertainment operations into a single 'Disney Media and Entertainment Distribution' segment.

The Walt Disney Company reported a significant net loss of $4.72 billion for the third quarter of fiscal year 2020, a stark contrast to the $1.76 billion net income in the prior year's comparable quarter. This downturn was heavily influenced by the ongoing COVID-19 pandemic, which led to widespread closures and disruptions across its Parks, Experiences and Products segment, resulting in an estimated $3.5 billion adverse impact on operating income. The company also recorded substantial goodwill and intangible asset impairment charges totaling $5.0 billion, primarily related to its International Channels business, further contributing to the net loss. Despite these challenges, the Media Networks segment showed resilience with a 48% increase in operating income, driven by higher affiliate fees and program sales. The Direct-to-Consumer segment continued to grow, fueled by the launch and expansion of Disney+. For the nine months ended June 27, 2020, the company reported a net loss of $2.15 billion, compared to a net income of $10 billion in the prior year. Total revenues remained flat year-over-year at $50.7 billion. The significant decline in profitability was primarily attributed to the pandemic's impact, the substantial impairment charges, and the prior-year period benefiting from a large "Hulu gain." The company's liquidity was strengthened through significant debt issuances and credit facility arrangements, indicating proactive measures to manage cash during this challenging period. Investors should closely monitor the pace of recovery in the Parks, Experiences and Products segment and the continued growth trajectory of the Direct-to-Consumer offerings.

The Walt Disney Company reported its fiscal second-quarter 2020 results, reflecting the significant impact of the COVID-19 pandemic, which led to widespread business closures including theme parks, cruise lines, and retail stores. Total revenues increased by 21% year-over-year to $18.0 billion, largely driven by the consolidation of Twenty-First Century Fox (TFCF) and Hulu. However, net income attributable to Disney plummeted by 92% to $460 million, and diluted earnings per share (EPS) from continuing operations dropped 93% to $0.26. This sharp decline in profitability was primarily due to the absence of the significant Hulu gain recorded in the prior year's quarter, coupled with increased amortization expenses related to the TFCF acquisition and the operational disruptions caused by COVID-19. The Parks, Experiences and Products segment saw a substantial 58% decline in operating income, significantly impacted by temporary closures and reduced demand. Conversely, the Direct-to-Consumer & International segment showed strong revenue growth, largely due to the launch of Disney+ and the inclusion of Hulu and TFCF, though it reported a substantial operating loss as investment in the streaming service continues. Media Networks and Studio Entertainment experienced more modest changes in operating income compared to the prior year, with Media Networks showing growth and Studio Entertainment a slight decline. Despite the challenges, Disney highlighted the strong subscriber growth for Disney+ exceeding 50 million paid subscribers. The company has implemented significant mitigation efforts in response to the pandemic, including increasing its cash balance through debt issuance, suspending dividends, and reducing discretionary spending. Management expressed confidence in the company's financial position and liquidity, supported by its cash reserves and available credit facilities, while acknowledging the ongoing uncertainty and potential for further impacts depending on the duration of the pandemic.

The Walt Disney Company's (DIS) Q1 2020 10-Q filing for the quarter ending December 28, 2019, reveals a significant revenue increase of 36% to $20.9 billion, largely driven by the consolidation of the recently acquired Twenty-First Century Fox (TFCF) and Hulu operations. This top-line growth was partially offset by a notable decrease in net income attributable to Disney, which fell by 24% to $2.1 billion, and diluted earnings per share (EPS) from continuing operations dropped 37% to $1.17. The decline in profitability was attributed to substantial costs associated with the TFCF acquisition, including amortization of intangible assets and fair value step-ups on film and television costs, increased interest expenses due to higher debt levels, and restructuring charges related to TFCF integration. Despite these headwinds, segment operating income saw a 9% increase, demonstrating underlying operational strength across key segments like Studio Entertainment and Parks, Experiences & Products, while the Direct-to-Consumer & International segment experienced increased losses, largely due to investments in the new Disney+ streaming service. Investors should note the significant impact of the TFCF acquisition on the financial statements, leading to both revenue growth and increased expenses. The company is also investing heavily in its direct-to-consumer strategy with the recent launch of Disney+, which is impacting short-term profitability but is a key strategic initiative for future growth. The financial results reflect a company undergoing significant integration and strategic shifts, with strong top-line performance tempered by acquisition-related costs and new business investments.

The Walt Disney Company's Q3 2019 10-Q filing reveals a significant surge in total revenues, driven primarily by the acquisition of 21st Century Fox (21CF) and the consolidation of Hulu. While consolidated revenues saw a substantial increase of 33% year-over-year to $20.2 billion, net income attributable to Disney declined by 40% to $1.76 billion, resulting in diluted EPS from continuing operations falling to $0.79 from $1.95 in the prior year's comparable quarter. This decline is attributed to substantial amortization of intangible assets and fair value step-ups from the 21CF acquisition, increased share count due to the acquisition, higher interest expenses, and restructuring charges related to the 21CF integration. The Direct-to-Consumer & International (DTCI) segment continues to experience significant losses, albeit with substantial revenue growth due to consolidation. The Parks, Experiences and Products segment showed solid performance with a 7% revenue increase, while Media Networks also saw a 21% revenue jump driven by 21CF's inclusion. Studio Entertainment experienced a 33% revenue increase, largely due to strong theatrical performance from 'Avengers: Endgame' and 'Toy Story 4'.

The Walt Disney Company reported strong financial results for the quarter and six months ended March 30, 2019, driven by the significant acquisition of Twenty-First Century Fox (21CF) and the consolidation of Hulu. Total revenues saw a 3% increase for the quarter and 1% for the six months, reaching $14.9 billion and $30.2 billion, respectively. Net income attributable to Disney surged by 86% for the quarter to $5.5 billion and by 12% for the six months to $8.2 billion, largely due to a substantial one-time gain from remeasuring its Hulu investment to fair value. Diluted earnings per share (EPS) from continuing operations also saw significant growth, up 81% for the quarter to $3.53. Segment performance was mixed. While Parks, Experiences and Products showed solid growth in both revenue and operating income, Studio Entertainment experienced a notable decline in revenues and operating income, primarily due to a weaker theatrical and home entertainment release slate compared to the prior year. The Direct-to-Consumer & International segment continued to operate at a loss, reflecting ongoing investments in streaming services like ESPN+ and preparations for the Disney+ launch, along with the inclusion of Hulu's results. The company also incurred significant restructuring and impairment charges related to the 21CF acquisition and integration. The acquisition of 21CF significantly impacted the balance sheet, increasing total assets and liabilities. The company also assumed substantial debt, leading to a higher overall debt level, which is being addressed through planned divestitures. Despite the increased debt, Disney maintained a strong liquidity position.