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1、February2,2026THEWALTDISNEYCOMPANYREPORTSFIRSTQUARTEREARNINGSFORFISCAL2026BURBANK,Calif.TheWaltDisneyCompanytodayreportedearningsforitsfirstquarterendedDecember27,2025.FinancialResultsfortheQuarter:Revenuesincreased5%forthequarterto$26.0billionfrom$24.7billioninQ1fiscal2025.Incomebeforeincometaxesfo

2、rQ1of$3.7billionwascomparabletoQ1fiscal2025.Totalsegmentoperatingincome(1)decreased9%forthequarterto$4.6billionfrom$5.1billioninQ1fiscal2025.Dilutedearningspershare(EPS)forQ1decreasedto$1.34from$1.40inQ1fiscal2025.AdjustedEPS(1)forQ1decreasedto$1.63from$1.76inQ1fiscal2025.KeyPoints:Entertainment:Rev

3、enueincreased7%comparedtoQ1fiscal2025.Operatingincome(OI)declined$0.6billionto$1.1billion,resultinginEntertainmentsegmentoperatingmarginof9.5%,ashigherprogrammingandproductionandmarketingcostsinthequartermorethanoffsetanincreaseinsubscriptionandaffiliatefeesandhighertheatricalrevenueSVOD(2)revenuein

4、creased11%comparedtoQ1fiscal2025(growthreflectsa1pptadverseimpactfromtheinclusionofStarIndiarevenueintheprior-yearquarter).SVODoperatingincome(3)increased$189millionto$450million,resultinginSVODoperatingmargin(3)of8.4%Segmentadvertisingrevenuedecreased6%comparedtoQ1fiscal2025,andreflectsanetadversei

5、mpactof11pptsfromtheinclusionofStarIndiaandhigherpoliticaladvertisinginQ1fiscal2025andFuboinQ1fiscal2026Sports:Q1segmentOIof$191million,adecreaseof$56millioncomparedtoQ1fiscal2025,asadvertisingrevenuegrowthof10%wasmorethanoffsetbyhigherprogrammingandproductioncostsandadecreaseinsubscriptionandaffili

6、atefeesTemporarysuspensionofYouTubeTVcarriagehadanadverseimpacttosegmentoperatingincomeofapproximately$110millionExperiences:Recordquarterlyrevenueof$10.0billionandsegmentOIof$3.3billionDomesticParks&ExperiencesOIgrowthof8%Attendanceatourdomesticparkswasup1%inthequarter,andpercapitaspendingwasup4%FO