NFL Deal and ESPN

FY 2026

no prior guidance

$0.05 accretive before purchase accounting " "

no prior guidance

Experiences Business

Q4 2025

no prior guidance

Forward bookings up about 6% "

no prior guidance

Cruise Ships

Q3 2025

no prior guidance

Performing well with high occupancies and strong forward bookings "

no prior guidance

Domestic Theme Parks

Q3 2025

no prior guidance

Per capita figures up 8% year-over-year "

no prior guidance

DTC Segment Operating Margin

Q3 2025

no prior guidance

6% in Q3 2025, with a target to exceed 10% in the long term "

no prior guidance

Tax Benefits

Q3 2025

no prior guidance

Expected positive cash tax impacts from 100% bonus depreciation "

no prior guidance

General Guidance

FY 2026

no prior guidance

No material changes; numeric guidance for FY 2026 deferred " "

no prior guidance

Direct-to-Consumer Streaming Integration and Bundling

Q2: Detailed integration and bundling strategies for Disney+, Hulu, and ESPN with new DTC features. " " Q1: Emphasis on a one‐app experience and unified bundling. " " " Q4: Focus on integrating Hulu content and adding an ESPN tile. " "

Q3: Major focus on fully integrating Hulu into Disney+ and bundling with ESPN at a competitive price, with enhancements to consumer experience and technology improvements. " " " "

Continued emphasis with increasing integration and bundling measures, reinforcing a bullish outlook on streaming profitability.

Experiences and Theme Parks Expansion

Q2: Significant capex investments (≈$30B) in Florida/California, new park developments (Abu Dhabi) and cruise ship launches emphasized. " " Q1: Guidance on domestic growth and cruise ship performance. " Q4: Optimism about domestic parks and new cruise initiatives despite some international softness. " " "

Q3: Record domestic park revenues, updates on the new Abu Dhabi park, and robust cruise ship launches showcasing global expansion. " " "

Consistent expansion with strong domestic performance and global diversification; sentiment remains positive on growth prospects.

Sports Content and Rights Cost Dynamics

Q2: Emphasis on NFL deal momentum and upcoming ESPN DTC features with strong programming. " " Q1: Detailed plans for ESPN flagship service with rising NBA rights cost concerns included. " " " " Q4: ESPN flagship service highlighted along with mentions of rising NBA costs. "

Q3: Further NFL deal expansion with increased game windows and ESPN DTC launch details, while NBA rights costs receive less emphasis. " " "

Evolving sports portfolio with expanded NFL integration and ESPN enhancements; while NBA cost concerns persist, the focus has shifted toward growth opportunities.

Subscriber Growth, Churn Management, and Pricing Strategy

Q2: Integration boosting both subscriber growth and reduced churn, with emerging anti‐password sharing initiatives. " " Q1: Strong discussion on pricing increases, modest subscriber growth, and active anti‐password sharing measures. " " " Q4: Highlighted AVOD tier growth and anti‐password sharing rollout across 130 countries. " "

Q3: Focus on the benefits of bundling (e.g., $29.99 trio bundle) in driving subscriber growth and lowering churn through enhanced consumer experience. " " "

Steady efforts to leverage technology and bundling for growth and churn control persist; the approach remains balanced despite minor shifts in initiative emphasis.

Capital Expenditure Risks in Parks Expansion

Q2: Discussion of large-scale ($30B) capex investments with positive return expectations, with no explicit emphasis on risk. " " Q4: Addressed significant capex commitments and conservative modeling to manage margin impact. " " Q1: Not mentioned.

Q3: No explicit commentary on capital expenditure risks despite ongoing expansion projects. " " "

Discussion of capex risks has diminished in the current period, suggesting either increased confidence or a deprioritization of risk commentary.

Integration and Execution Risks in Technology and Operations

Q2: Acknowledged operational complexities and bundling challenges alongside plans for tech and ad stack unification. " " Q1: Emphasized technological enhancements, challenges in bundling, and measures to counter password sharing risks. " " " " Q4: Mentioned technology improvements for unified streaming without major focus on risks. "

Q3: Emphasizes technological improvements—enhanced recommendation engines and operational efficiencies—with little explicit mention of integration risks. " "

Ongoing challenges remain, but the current narrative focuses more on benefits and achieved efficiencies rather than on the inherent execution risks.

Ambiguous Forward Guidance and Earnings Growth Deceleration

Q2: Provided clear long‑term guidance with strong near‑term growth expectations. " " Q1: Cautious forward guidance despite robust Q1 performance, hinting at earnings deceleration later in the year. " " " Q4: Offered optimistic multiyear guidance with explicit growth acceleration targets. " " "

Q3: Leadership deferred detailed fiscal 2026 guidance, citing tough comps and cost pressures that create ambiguity around earnings growth. " " " "

Increased ambiguity and a more cautious tone in forward guidance signal concerns over potential earnings deceleration amidst challenging comps and cost pressures.

International Market Performance and Regional Disparities

Q2: Highlighted softness in China with lower per capita spending but offset by strong domestic performance. " " Q4: Noted temporary softness in international parks (Paris, Shanghai) alongside healthy international streaming growth. " " Q1: No specific discussion.

Q3: Reports show continued challenges in China due to consumer stress affecting per capita spending, with Disneyland Paris performing strongly thanks to previous Olympic influence. "

Persistent regional disparities remain; while key markets like Disneyland Paris remain robust, ongoing challenges in China underscore a mixed international performance.

Reduction in Focus on Local Content Competition

Q4: Mentioned a cautious approach to investing in local content until product maturity and churn control are ensured, with existing focus in APAC and Latin America. "

Q3: This topic is not mentioned.

The emphasis on local content competition has diminished in the current period, suggesting a strategic deprioritization perhaps in favor of broader global content integration.