The Walt Disney Company reports 1st quarter earnings for fiscal 2025
The Walt Disney Company reported earnings for its first fiscal quarter ended December 28, 2024.
Financial Results for the Quarter:
- Revenues increased 5% for Q1 to $24.7 billion from $23.5 billion in Q1 fiscal 2024
- Income before income taxes increased 27% for Q1 to $3.7 billion from $2.9 billion in Q1 fiscal 2024
- Diluted earnings per share (EPS) increased 35% for Q1 to $1.40 from $1.04 in Q1 fiscal 2024
- Total segment operating income(1) increased 31% for Q1 to $5.1 billion from $3.9 billion in Q1 fiscal 2024 and adjusted EPS(1) increased 44% for Q1 to $1.76 from $1.22 in Q1 fiscal 2024
Key Points:
- Entertainment: Segment operating income increased $0.8 billion to $1.7 billion
- Direct-to-Consumer operating income increased $431 million to $293 million
- Direct-to-Consumer advertising revenue declined 2%; excluding the Disney+ Hotstar service in India(2), Direct-to-Consumer advertising revenue was up 16% vs. Q1 fiscal 2024
- 178 million Disney+ and Hulu subscriptions, an increase of 0.9 million vs. Q4 fiscal 2024
- 125 million Disney+ subscribers, a decrease of 0.7 million vs. Q4 fiscal 2024
- Content Sales/Licensing and Other operating income increased $536 million to $312 million driven by the performance of Moana 2
- Sports: Segment operating income increased $350 million to $247 million
- Domestic ESPN advertising revenue up 15% vs. Q1 fiscal 2024
- Experiences: Segment operating income of $3.1 billion comparable to Q1 fiscal 2024, reflecting a 6 percentage-point adverse impact to year-over-year growth due to Hurricanes Milton and Helene (~$120 million impact) and pre-opening expenses (~$75 million impact in Q1 fiscal 2025) driven by the launch of the Disney Treasure
- Domestic Parks & Experiences operating income declined 5%, reflecting a 9 percentage-point adverse impact to year-over-year growth due to the hurricanes and cruise pre-opening expenses
- International Parks & Experiences operating income increased 28% vs. Q1 fiscal 2024
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