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Adjusted EPS Growth: Up 19% from fiscal 2024.

Compound Annual Growth Rate in Adjusted EPS: 19% over the past 3 fiscal years.

Share Repurchases: Targeting $7 billion in 2026, double the $3.5 billion in fiscal 2025.

Cash Dividend: $1.50 per share, a 50% increase over the $1 paid in fiscal 2025.

Consumer Products Retail Sales: Stitch sales eclipsed $4 billion in fiscal 2025.

Global Box Office Revenue: Crossed $4 billion for the fourth consecutive year.

Streaming Operating Income: Up 39% in Q4; $1.3 billion for the full year, up $1.2 billion from last year.

Experiences Segment Operating Income: Up 13% for Q4 and 8% for the full year.

ESPN Viewership Ratings: Up 25% over the prior year quarter.

Cruise Fleet Expansion: Two new ships joining, bringing the total to 8 ships.

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Release Date: November 13, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

The Walt Disney Co (NYSE:DIS) reported a 19% increase in adjusted EPS for fiscal 2025, with a compound annual growth rate of 19% over the past three years.

The company plans to double its share repurchases to $7 billion in 2026 and announced a 50% increase in its cash dividend to $1.50 per share.

Disney's film studios achieved significant success, with the live-action Lilo & Stitch becoming the highest-grossing Hollywood film globally this year and generating $4 billion in retail sales.

The streaming business saw a 39% increase in operating income in Q4, with a full-year operating income of $1.3 billion, marking a significant turnaround from a $4 billion operating loss three years ago.

The launch of ESPN's direct-to-consumer service has been successful, attracting new users and offering enhanced features, contributing positively to the company's future outlook.

The company faces ongoing carriage disputes with YouTube TV, which could impact EPS guidance if not resolved.

Domestic parks attendance was described as 'in line with expectations,' but there are concerns about competition, particularly from Epic in Florida.

The first quarter of fiscal 2026 is expected to be softer due to timing overlaps, particularly with the release of Avatar at the end of Q1.

The company is navigating a challenging advertising environment, with linear advertising growth dependent on subscriber trends.

There are ongoing discussions and uncertainties regarding the impact of AI on content creation and IP protection, which could pose risks if not managed effectively.

Q: Bob, can you share insights on the ESPN direct-to-consumer launch and its impact on the business outlook? A: The ESPN launch has been successful, attracting new users and engaging existing ones with enhanced app features. The Ultimate ESPN product has been popular, especially among cord nevers. The app's features, like personalized sports highlights, have been well-received, benefiting both consumers and advertisers. This launch solidifies ESPN's future, offering a wide variety of sports content and attracting new advertisers. Robert Iger, CEO

Q: Can you discuss the future roadmap for Disney+ as a super app and its integration with other Disney assets? A: We're enhancing Disney+ with personalization and integrating Hulu as a global brand. The app will serve as a portal to all things Disney, including commerce, parks, and games. AI will enable user-generated content and more dynamic engagement. We've made strategic hires to support these advancements, aiming to increase global engagement with Disney fans. Robert Iger, CEO

Q: What are the drivers for the Experiences segment in fiscal '26, and how is demand trending? A: Growth will be driven by new cruise ships and strategic pricing and attendance growth. Consumer products will also contribute, supported by a strong film slate. Demand for cruises remains strong, with high utilization rates. Bookings for parks are up 3% for the first quarter and the year, indicating healthy demand. Hugh Johnston, CFO

Q: How do you view the opportunity for Disney to become a broader bundler of streaming services? A: Bundling has proven effective in reducing churn, with 80% of ESPN subscribers opting for the Trio bundle. We've seen success with bundling Disney+ with other services like MAX and are exploring more partnerships. Bundling benefits both Disney and the partnering entities by attracting more subscribers. Robert Iger, CEO

Q: Can you elaborate on the role of generative AI in Disney's strategy, particularly in content creation and cost efficiencies? A: We're engaging with AI companies to protect our IP and explore opportunities for consumer engagement. AI offers potential for efficiency in production and across the company, enhancing data collection and consumer interaction. AI will also play a significant role in our direct-to-consumer platforms, making them more dynamic and engaging. Robert Iger, CEO

For the complete transcript of the earnings call, please refer to the full earnings call transcript.