DIS Earnings

ber 14, 2024) streaming services (excluding Hulu Live TV and Fubo vMVPD services), collectively referred to as “Entertainment SVOD” or “SVOD” 7 Including the NFL transaction, we now expect Sports segment operating income to grow by a mid-single digit percentage in fiscal 2026 compared to fiscal 2025, excluding the 53rd week.

While we incurred some pre-opening costs related to both the Disney Adventure and World of Frozen, segment operating income growth came in modestly ahead of our guidance, thanks to stronger revenue growth. Pre-opening expenses for the Disney Adventure and World of Frozen weighed on operating income growth by roughly two percentage points.

ing statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations, beliefs, plans, financial prospects, outlook and guidance; financial or performance estimates and expectations (including estimated or expected revenues, earnings, operating income, timing of expenses, margins and cash fl

ve received from PricewaterhouseCoopers LLP a letter, dated as of Closing Date and in form and substance reasonably satisfactory to the Representatives, to the effect that they reaffirm the statements made in the “comfort letter” furnished at the time of execution of this Agreement.

l rating organization,” as such term is defined under Section 3(a)(62) under the Exchange Act and (ii) no such organization shall have publicly announced that it has changed its outlook with respect to, its rating of the Securities or any such debt securities or preferred stock issued or guaranteed by the Company or any of its subsidiaries (other than an annou

e the discussion on pages 13 through 16 for how we define and calculate these measures and a reconciliation thereof to the most directly comparable GAAP measures. 1 Guidance and Outlook : • Q2 Fiscal 2026: ◦ Entertainment: ▪ Segment OI comparable to Q2 fiscal 2025 ▪ SVOD operating income (1) of approximately $500 million, an increase of approximately $200 mill

Guidance for fiscal year segment operating income, SVOD operating margin and adjusted EPS excludes the benefit of the additional week. Other guidance points include the 53rd week. (4) Entertainment SVOD operating income (also referred to as SVOD operating income) and SVOD operating margin are non-GAAP financial measures.

ents” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expectations, beliefs, plans, financial prospects, trends or outlook and guidance; financial or performance estimates and expectations (including estimated or expected revenues, earnings, operating income, margins, cash position, timing and impa