Disney provides FY25 Entertainment, Sports, Experiences segment guidance

FY25: Entertainment: Double digit percentage segment operating income growth compared to fiscal 2024, weighted to the first half of the year. Entertainment DTC operating income increase of approximately $875 million versus fiscal 2024, which includes a comparison to an adverse impact of our India DTC business of approximately $200 million on fiscal 2024 Entertainment DTC results. Modest decline in Q1 Disney (DIS)+ Core subscribers versus Q4. Q1 Content Sales/Licensing and Other operating income relatively in-line with Q4. Sports: 13% segment operating income growth compared to fiscal 2024 on a reported basis. Adjusting for the impact of our India business on Sports’ fiscal 2024 results, operating income is expected to decrease approximately 10%. Experiences: 6% to 8% segment operating income growth compared to fiscal 2024, weighted to the second half of the year. Q1 operating income adversely impacted by approximately $130 million due to Hurricanes Helene and Milton and approximately $90 million due to Disney Cruise Line pre-launch costs.