PRADA

The following are the minutes of the 4Q25FY earnings call for $Disney(DIS.US) compiled by Dolphin Research. For a review of the earnings report, please refer to the article "Disney: Short-term Pressure but Guidance Unchanged, Can Iger Turn the Tide Before Leaving?"

1. Review of Core Financial Information

1. DTC Net User Growth Rebounds Beyond Expectations: Streaming user growth continued to rebound in the fourth quarter, with Disney+ adding 4 million net new users (bundled packages) and Hulu adding 8.6 million (driven by the resumption of the Charter partnership and global brand expansion), both exceeding market expectations. The growth was mainly driven by high-quality content...

Hello everyone, I am Dolphin Research! $Disney(DIS.US) released its fiscal year 2025 fourth quarter (CY25Q3) earnings before the U.S. stock market opened on November 12th, Eastern Time. The third-quarter performance slightly missed expectations overall, with revenue under pressure, especially in the theme parks, which contribute the most to earnings, as the delayed competitive impact has become apparent. Although the company's profitability was slightly better and it maintained its relatively positive guidance for 2026 without adjustments, the market seems to lack confidence. Specifically: 1. DTC net user growth rebounded beyond expectations: Fourth-quarter streaming user growth continued to rebound...