The Walt Disney Company Reports Fourth Quarter and Full Year Earnings for Fiscal 2024
BURBANK, Calif.–The Walt Disney Company (NYSE: DIS) today reported earnings for its fourth quarter and full year ended September 28, 2024.
Financial Results for the Quarter and Full Year:
Key Points:
(1) |
Diluted EPS excluding certain items (also referred to as adjusted EPS), total segment operating income and DTC streaming businesses operating income are non-GAAP financial measures. The most comparable GAAP measures are diluted EPS, income before income taxes and segment operating income for the Entertainment segment and Sports segment, respectively. See the discussion on pages 18 through 22 for how we define and calculate these measures and a quantitative reconciliation thereof to the most directly comparable GAAP measures. |
Guidance and Outlook:
(1) |
Diluted EPS excluding certain items (also referred to as adjusted EPS) is a non-GAAP financial measure. Operating margin for Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service) is calculated as operating income divided by revenue. Operating income for Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service) is a non-GAAP financial measure. The most comparable GAAP measures to these non-GAAP measures are diluted EPS and Entertainment segment operating income, respectively. See the discussion on pages 18 through 22 for how we define and calculate these measures and why the Company is not providing forward-looking quantitative reconciliations of diluted EPS excluding certain items and operating income (and related margin) for our Entertainment SVOD DTC businesses (excluding our Hulu Live DMVPD service) to the most comparable GAAP measures. |
(2) |
Fiscal 2026 includes a 53rd week and these segment operating income growth rates exclude the expected benefit of the extra week. |
Message From Our CEO:
“This was a pivotal and successful year for The Walt Disney Company, and thanks to the significant progress we’ve made, we have emerged from a period of considerable challenges and disruption well positioned for growth and optimistic about our future,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “Our solid performance in the fiscal fourth quarter reflected the success of our strategic efforts to improve quality, innovation, efficiency, and value creation. In Q4 we saw one of the best quarters in the history of our film studio, improved profitability in our streaming businesses, a record-breaking 60 Emmy Awards for the company, the continued power of live sports, and the unveiling of an impressive collection of new projects coming to our Experiences segment. As a result of our strategies and our focus on managing our businesses for both the near- and long-term, we are differentiating ourselves from traditional competitors, leveraging the deepest and broadest set of entertainment assets in the industry to drive attractive returns and further advance our goals.”
SUMMARIZED FINANCIAL RESULTS
The following table summarizes fourth quarter and full year results for fiscal 2024 and 2023:
Quarter Ended |
Year Ended |
||||||||||||||||
($ in millions, except per share amounts) |
Sept. 28, 2024 |
Sept. 30, 2023 |
Change |
Sept. 28, 2024 |
Sept. 30, 2023 |
Change |
|||||||||||
Revenues |
$ |
22,574 |
$ |
21,241 |
6 |
% |
$ |
91,361 |
$ |
88,898 |
3 |
% |
|||||
Income before income taxes |
$ |
948 |
$ |
1,007 |
(6 |
)% |
$ |
7,569 |
$ |
4,769 |
59 |
% |
|||||
Total segment operating income(1) |
$ |
3,655 |
$ |
2,976 |
23 |
% |
$ |
15,601 |
$ |
12,863 |
21 |
% |
|||||
Diluted EPS |
$ |
0.25 |
$ |
0.14 |
79 |
% |
$ |
2.72 |
$ |
1.29 |
>100 % |
||||||
Diluted EPS excluding certain items(1) |
$ |
1.14 |
$ |
0.82 |
39 |
% |
$ |
4.97 |
$ |
3.76 |
32 |
% |
|||||
Cash provided by operations |
$ |
5,518 |
$ |
4,802 |
15 |
% |
$ |
13,971 |
$ |
9,866 |
42 |
% |
|||||
Free cash flow(1) |
$ |
4,029 |
$ |
3,428 |
18 |
% |
$ |
8,559 |
$ |
4,897 |
75 |
% |
(1) |
Total segment operating income, diluted EPS excluding certain items and free cash flow are non-GAAP financial measures. The most comparable GAAP measures are income before income taxes, diluted EPS and cash provided by operations, respectively. See the discussion on pages 18 through 22 for how we define and calculate these measures and a reconciliation thereof to the most directly comparable GAAP measures. |