The Walt Disney Company's Stock Analysis

Disney Reports Q4 and Full Year Financial Results for 2025

The Walt Disney Company reported its financial results for the fourth quarter and full year ended September 27, 2025. Total revenues for Q4 were $22.5 billion, consistent with the same quarter in the previous year, while annual revenues increased by 3% to $94.4 billion. Income before income taxes for Q4 rose to $2.0 billion from $0.9 billion in Q4 fiscal 2024, with annual income before income taxes increasing to $12.0 billion from $7.6 billion. Diluted earnings per share (EPS) for Q4 improved to $0.73, up from $0.25 in the prior year, and for the full year, diluted EPS increased to $6.85 from $2.72 in fiscal 2024.

The company's segment operating income showed varied performance, with total segment operating income for the year increasing by 12% to $17.6 billion. The Entertainment segment reported a full-year operating income of $4.7 billion, despite a decline in Q4 operating income due to theatrical slate comparisons. Direct-to-Consumer revenues grew by 8% in Q4, with total subscriptions for Disney+ and Hulu reaching 196 million. The Experiences segment achieved record operating income of $10.0 billion for the year, driven by growth in both domestic and international parks and experiences. The Board declared a cash dividend of $1.50 per share, payable in two installments in 2026.

Nov 13, 2025 06:42:45

Walt Disney Extends CFO's Contract and Equity Incentives

The Walt Disney Company has amended the employment agreement of Hugh F. Johnston, Senior Executive Vice President and Chief Financial Officer, extending his contract to January 31, 2029. This amendment increases his target long-term equity incentive annual award value to $16,500,000 starting from the current fiscal year, while his base salary and target annual bonus opportunity remain unchanged.

Additionally, the amendment stipulates that for equity awards granted to Mr. Johnston in January 2025 and fiscal year 2026, any termination of employment occurring on or after December 31, 2026 will be treated as a termination upon the scheduled expiration date of his contract for the purposes of continued vesting and other rights under the award agreements.

Nov 12, 2025 08:45:47

Disney Extends Employment and Compensation for Legal Executive

The Walt Disney Company has amended the employment agreement of Horacio E. Gutierrez, the Senior Executive Vice President, Chief Legal and Global Affairs Officer, extending his term to September 30, 2028. The amendment includes an increase in his target long-term equity incentive annual award value to $12,365,000, effective from the current fiscal year, while his base salary and annual bonus opportunity remain unchanged.

Additionally, the amendment stipulates that for equity awards granted to Mr. Gutierrez in January 2025 and fiscal year 2026, if his employment is terminated on or after December 31, 2026, it will be treated as a termination on the scheduled expiration date for vesting and other rights under the applicable award agreements. This change may impact investor perceptions regarding the company's management stability and executive compensation structure.

Nov 07, 2025 16:15:39

Walt Disney Extends Executive Contract and Raises Salary

The Walt Disney Company has amended the employment agreement of Kristina K. Schake, the Senior Executive Vice President and Chief Communications Officer, extending her contract to June 30, 2027. The amendment includes an increase in her annual base salary to $875,000, effective October 15, 2025, with future salary increases subject to the company's discretion.

Despite the salary increase, Ms. Schake's target annual bonus opportunity and target long-term equity incentive annual award value remain unchanged as a percentage of her base salary. The details of the amendment are documented in an attached exhibit to the report.

Oct 16, 2025 16:20:43

Walt Disney Extends Executive Contract and Raises Compensation

The Walt Disney Company has amended the employment agreement of Sonia L. Coleman, its Senior Executive Vice President and Chief Human Resources Officer, extending her term to June 30, 2028. Along with the title change to Chief People Officer, the amendment includes an increase in her annual base salary to $1,000,000, effective September 27, 2025.

Additionally, Ms. Coleman's target annual bonus opportunity has been raised to 175% of her base salary, starting with the fiscal year 2025, and her target long-term equity incentive annual award value has been increased to 375% of her base salary, effective from fiscal year 2026.

Oct 01, 2025 16:20:41

Walt Disney Company Reports Q3 Earnings with Mixed Results

The Walt Disney Company reported its financial results for the third quarter of fiscal 2025, revealing a 2% increase in revenues to $23.7 billion compared to the same quarter in the previous year. Income before taxes rose 4% to $3.2 billion, while total segment operating income increased by 8% to $4.6 billion. Diluted earnings per share improved significantly to $2.92 from $1.43 in the prior year. The Direct-to-Consumer segment showed growth with 183 million subscriptions across Disney+ and Hulu, although the Entertainment segment faced challenges due to decreased operating income in linear networks and content sales.

In terms of segment performance, the Experiences segment saw a notable increase in operating income, attributed to higher guest spending and increased volumes at domestic parks. Meanwhile, the Sports segment reported a 7% decline in domestic ESPN operating income, impacted by rising programming costs. The company also recorded a $3.3 billion non-cash tax benefit due to a change in Hulu’s income tax classification, which significantly influenced the effective tax rate. Overall, while Disney's revenues and EPS showed positive trends, certain segments experienced declines, indicating mixed performance across its operations.

Aug 06, 2025 06:42:42

Walt Disney Company Reports Q2 Fiscal 2025 Earnings Results

In the Sports segment, operating income decreased by $91 million, attributed to higher programming and production costs, despite a 5% increase in revenue. The Experiences segment also reported an increase in operating income of $0.2 billion, with domestic parks and experiences showing 13% growth. The company executed share repurchases totaling $1 billion during the quarter, with plans to continue repurchasing shares totaling $3 billion for the fiscal year. Overall, Disney's operations showed robust performance in several segments, contributing to a favorable financial outlook.

May 07, 2025 06:52:49

Walt Disney Company Reports $24.7 Billion Revenue in Q1 2025

The Walt Disney Company reported a revenue increase of 5% for the first quarter of fiscal 2025, amounting to $24.7 billion, up from $23.5 billion in the same quarter last year. Significant financial improvements included a 27% rise in income before taxes to $3.7 billion and a 35% increase in diluted earnings per share (EPS) to $1.40. The Entertainment segment saw a notable operating income increase of 95%, driven by strong performances in content sales and direct-to-consumer services, despite a slight decline in Disney+ subscribers.

On the downside, the company's Experiences segment reported stagnant operating income of $3.1 billion due to adverse impacts from hurricanes, which affected attendance and led to increased costs. Additionally, the Direct-to-Consumer advertising revenue faced a decline of 2%, although this was mitigated by an overall 16% increase when excluding the Disney+ Hotstar service in India. Furthermore, the company's free cash flow decreased by 17%, highlighting some financial pressures despite the overall revenue growth.

Feb 05, 2025 06:42:01

Disney Reports Q4 Revenue of $22.6 Billion with EPS Growth

The Walt Disney Company reported a 6% increase in revenue for the fourth quarter, reaching $22.6 billion, compared to $21.2 billion in the same quarter last year. Diluted earnings per share (EPS) saw a significant rise of 79%, climbing to $0.25 from $0.14. The company also noted a 23% growth in total segment operating income, driven by strong performance in its entertainment segment, which achieved an operating income of $1.1 billion, up from $0.3 billion in the prior-year quarter. Additionally, Disney+ and Hulu subscriptions rose, with a total of 174 million subscriptions reported at the end of the quarter.

Conversely, income before income taxes for the quarter declined by 6% to $0.9 billion from $1.0 billion a year earlier. The sports segment also reported a decrease in operating income, down by $0.1 billion compared to the prior-year quarter, while the Experiences segment saw a 6% decline in operating income. Furthermore, corporate expenses increased significantly, and the international parks experienced a drop in attendance and guest spending, contributing to a challenging environment for that segment.

Nov 14, 2024 06:43:16

James Gorman Named Chairman of Disney Board Effective 2025

The Walt Disney Company has announced that James P. Gorman will become the Chairman of the Board on January 2, 2025, succeeding Mark G. Parker, who is stepping down after nine years. Gorman, currently the Executive Chairman of Morgan Stanley, has been recognized for his leadership and expertise since joining the Disney Board earlier this year. His appointment comes at a crucial time as the company is actively working on succession planning for its next CEO, expected to be named in early 2026, ensuring a smooth transition as Bob Iger’s contract concludes in December 2026.

Mark Parker expressed pride in Disney's strengthened position and thanked the Board for their dedication, while Bob Iger commended Gorman's contributions to the Board. The Succession Planning Committee, which Gorman chairs, is diligently evaluating both internal and external candidates for the CEO role, having met six times in the past fiscal year to discuss the transition process. This careful planning reflects the Board's commitment to maintaining stability and leadership continuity within the company.

Oct 21, 2024 08:31:43