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Investor Relations

The Walt Disney Company at the Morgan Stanley Technology, Media and Telecom Conference

Disney’s Q1 FY24 Earnings Results Webcast

Disney’s Fiscal Full Year and Q4 2023 Earnings Results Webcast

Disney’s Q3 FY23 Earnings Results Webcast

The Walt Disney Company at the JP Morgan Global Technology, Media & Communications Conference

The Walt Disney Company at the SVB MoffettNathanson Technology, Media & Telecom Conference

Investor Relations News

Bob Iger, CEO Of The Walt Disney Company, To Participate In The Morgan Stanley Technology, Media & Telecom Conference

Disney Board Of Directors Sends Letter To Shareholders Highlighting Clear Progress Made And Promises Kept As It Executes Strategic Transformation

Disney Board of Directors Sends Letter to Shareholders, Emphasizes Strong Results and Commitment to Driving Long-Term Shareholder Value

The Walt Disney Company Reports First Quarter Earnings for Fiscal 2024

The Walt Disney Company Highlights Strength of its Highly Qualified Board and Clear Strategy to Deliver Growth and Shareholder Value

The Walt Disney Company Nominates 12 Directors For Election At Upcoming Annual Meeting Of Shareholders

Reports

Annual Reports

2023 Annual Report
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2013 Annual Report
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Quarterly Earning Reports

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Proxy Statements

2024 Proxy Statement
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Revised 2018 Joint Proxy Statement
2018 Proxy Statement
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2015 Proxy Statement
2014 Proxy Statement
2013 Proxy Statement
2012 Proxy Statement
2011 Proxy Statement
2010 Proxy Statement
2009 Proxy Statement
2008 Proxy Statement
2007 Proxy Statement
2006 Proxy Statement
2005 Proxy Statement
2004 Proxy Statement

Financial Reconciliations

Q1 FY24 Financial Reconciliation
Q4 FY23 Financial Reconciliation
Q3 FY23 Financial Reconciliation
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CSR Reports

2022 CSR Report
2021 CSR Report
2020 CSR Report

Supplemental Information

Quarterly Revenue by Source FY23

SEC Filings

Forms

Here is a complete list of the Disney Shareholder Forms that are available to view and download.

Shareholder Emails

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Issue Price Statement
Form 8937

Report of Organizational Actions Affecting Basis of Securities:
The Walt Disney Company Form 8937

Form 8937

Report of Organizational Actions Affecting Basis of Securities:
Twenty-First Century Fox, Inc. Form 8937

Tax Certification

Sample tax certification form and instructions regarding tax treatment of cash consideration received in connection with the acquisition of Twenty-First Century Fox, Inc. by The Walt Disney Company. Tax Certification

The Walt Disney Company Investment Plan Prospectus
Enrollment Form

Use this form to enroll in The Walt Disney Company Investment Plan: Enrollment Form

Stock Transfer Form

Use this form to transfer ownership of The Walt Disney Company shares: Stock Transfer Form

Direct Deposit Authorization Form

Use this form to authorize direct deposits into your bank account: Direct Deposit Authorization Form

IRS Form W-9
IRS Form W-8BEN
Electronic Delivery of Financials

If you are a Registered or Beneficial Shareholder in The Walt Disney Company, click below to order electronic delivery of financial information. For Registered Shareholders For Beneficial Shareholders –>

Corporate Governance

We are committed to operating our businesses with the utmost integrity, adopting governance policies that promote the thoughtful and independent representation of our shareholder interests.

Board of Directors

The Walt Disney Company board of directors is a strong, balanced blend of global industry leaders whose exceptional knowledge and considerable experience strategically guide and support the delivery of long-term value to the Company.

Mark G. Parker

Mark G. Parker

Chairman of the Board Mark G. Parker is the Executive Chairman of NIKE, Inc. Mr. Parker previously served as President and Chief Executive Officer of NIKE, Inc. since 2006 and Chairman of NIKE since 2016. He has been employed by NIKE since 1979 in a variety of positions with primary responsibilities in product research, design and development, marketing and brand management. Mr. Parker has been a member of the Board of Directors of NIKE since 2006, and has been a Director of the Company since January 2016 and was elected as Chairman of the Board as of April 3, 2023.

Mary T. Barra

Mary T. Barra

Director since 2017 Mary T. Barra has been Chair of General Motors Company since 2016 and Chief Executive Officer of General Motors since 2014. Prior to that time, she served at General Motors as Executive Vice President, Global Product Development, Purchasing and Supply Chain from 2013 to 2014, Senior Vice President, Global Product Development from 2011 to 2013, Vice President, Global Human Resources from 2009 to 2011 and Vice President, Global Manufacturing Engineering from 2008 to 2009. In addition to serving on the Board of General Motors from 2014, she served on the Board of General Dynamics Corporation from 2011 to 2017. Ms. Barra has been a Director of the Company since August 2017.

Safra A. Catz

Safra A. Catz

Director since 2018 Safra A. Catz has been a Chief Executive Officer of Oracle Corporation since 2014. She served as President of Oracle from 2004 to 2014 and as the company’s Chief Financial Officer from 2011 to 2014 and from 2005 to 2008. Prior to being named President of Oracle, she held various other positions with Oracle from 1999. She has been a member of the Board of Directors of Oracle since 2001, and was a director of HSBC Holdings from 2008 through 2015. She was elected a Director of the Company in December 2017, effective February 1, 2018.

Amy L. Chang

Amy L. Chang

Director since 2021 Amy Chang serves on the Board of Directors of Procter & Gamble and as an advisor to more than a dozen companies. From 2018 to 2020, Ms. Chang served as Executive Vice President and General Manager of Cisco’s Collaboration business. She joined Cisco through the acquisition of the company she founded, Accompany, an artificial intelligence/machine learning-based relationship intelligence platform serving Fortune 500 companies. Prior to Accompany, where she served as Chief Executive Officer, Ms. Chang was Global Head of Product, Google Ads Measurement. She has held additional positions with eBay, McKinsey, Intel, AMD and Motorola, and previously served on the boards of Cisco, Splunk, Informatica and Marqeta. Ms. Chang has been a Director of the Company since 2021.

Jeremy Darroch

Jeremy Darroch

DIRECTOR SINCE 2024 Sir Jeremy Darroch serves as a Director of Reckitt Benckiser Group plc and is their incoming Chairman. Previously, Darroch served as Executive Chairman and Group Chief Executive Officer of Sky. He joined Sky as Chief Financial Officer in 2004 and was promoted to Group Chief Executive Officer in 2007 and served as Executive Chairman in 2021. Darroch has been a Director of the Company since 2024.

Francis A. deSouza

Francis A. deSouza

Director since 2018 Francis A. deSouza was formerly the President and Chief Executive Officer of Illumina, Inc., a biotechnology company and served as President of Illumina from 2013 to 2016. Prior to joining Illumina, Mr. deSouza was President, Products and Services, of Symantec Corporation from 2011 to 2013, and Mr. deSouza served as Symantec’s Senior Vice President, Enterprise Security Group, from 2009 to 2011. Prior to that time he founded or worked in a variety of other technology businesses. He has served as a Director of Illumina since 2014 and was a director of Citrix Systems, Inc. from 2014 to 2016. He was elected a Director of the Company in December 2017, effective February 1, 2018.

Carolyn N. Everson

Carolyn N. Everson

DIRECTOR SINCE 2022 Carolyn Everson most recently served as President of Instacart. Prior to that role, Ms. Everson was Vice President, Global Marketing Solutions at Meta from 2011-2021. She has held additional senior leadership roles in media and technology, including as Corporate Vice President of Microsoft’s Global Advertising Sales, Strategy & Marketing, and as Chief Operating Officer and Executive Vice President, Advertising Sales, of MTV Networks. Prior to MTV Networks, Ms. Everson worked at PriMedia and Walt Disney Imagineering. She serves on the boards of The Coca Cola Company, Villanova University and the Humane Society of the United States. Ms. Everson has been a Director of the Company since 2022.

Michael B.G. Froman

Michael B.G. Froman

DIRECTOR SINCE 2018 Michael B.G. Froman is president of the Council on Foreign Relations (CFR). He previously served as vice chairman and president, strategic growth, at Mastercard, chairman of the Mastercard Center for Inclusive Growth, and a distinguished fellow at CFR. He served as United States Trade Representative in the Executive Office of the President from 2013 to 2017, and as Assistant to the President and Deputy National Security Advisor for International Economic Policy from 2009 to 2013. Prior to that time he held various positions at Citigroup from 1999 through 2009, including Chief Executive Officer of CitiInsurance and Chief Operating Officer of Citigroup’s alternative investments business. Earlier in his career, Mr. Froman served in the Clinton administration, holding positions both at the US Department of Treasury and the White House. He has been a Director of the Company since September 2018.

James P. Gorman

James P. Gorman

Director since 2024 James P. Gorman is Executive Chairman of Morgan Stanley. Previously, Mr. Gorman served as Morgan Stanley’s Chief Executive Officer from 2010 to 2023 and Chairman from 2012 to 2023. He joined the Firm in February 2006 and was named Co-President in December 2007. Before joining Morgan Stanley, Mr. Gorman held executive positions at Merrill Lynch and was a senior partner at McKinsey & Co. He serves as a Director of the Council on Foreign Relations, Chair of the Board of Overseers of the Columbia Business School, and is a member of the Business Council. He formerly served as a Director of the Federal Reserve Bank of New York, President of the Federal Advisory Council to the U.S. Federal Reserve Board, and Co-Chairman of the Business Committee of the Metropolitan Museum of Art. Mr. Gorman has been a Director of the Company since 2024.

Robert A. Iger

Robert A. Iger

Director since 2022 Robert A. Iger is Chief Executive Officer of The Walt Disney Company, having returned to the company in November of 2022 after serving as CEO and Chairman from 2005 to 2020, and then as Executive Chairman and Chairman of the Board through 2021. Since returning as CEO, Mr. Iger has led a significant, enterprise-wide transformation to restore creativity to the center of the company and position Disney’s streaming business for sustained growth and profitability. During his more than 15 years at the helm of Disney, Mr. Iger has served as steward of the world’s most respected and beloved brands. His strategic vision focuses on three fundamental pillars: generating the best creative content possible; fostering innovation and utilizing the latest technology; and expanding into new markets across the globe. Widely recognized as one of the world’s most consequential business leaders, Mr. Iger has built on Disney’s rich history of unforgettable storytelling with the acquisitions of Pixar (2006), Marvel (2009), Lucasfilm (2012), and 21st Century Fox (2019); the landmark opening of Disney’s first theme park and resort in mainland China, Shanghai Disney Resort; and the release of a number of record-setting films, including Marvel’s Avengers: Endgame, Disney’s Frozen and Frozen 2, and Marvel’s groundbreaking Black Panther. Always one to embrace new technology, Mr. Iger made Disney an industry leader through its creative content offerings across multiple new platforms, including the highly successful launch of the Disney+ streaming service in November 2019. Disney’s exceptional entertainment experiences, widely diverse content, and Iger’s unique skill in managing businesses in an integrated manner led to strong results. During Mr. Iger’s tenure, The Walt Disney Company has been recognized as one of the “Most Reputable Companies” in both America and the world by Forbes magazine (2006–2019); one of the “Best Employers” in both America and the world by Forbes magazine (2019 and 2018, respectively); one of the “World’s Most Admired Companies” by Fortune magazine (2009–2021); and one of the “World’s Most Respected Companies” by Barron’s (2009–2017). Mr. Iger was first appointed Chief Executive Officer of Disney in October 2005 and was elected Chairman in 2012. In February 2020, he assumed the role of Executive Chairman and directed the company’s creative endeavors until retiring in December 2021. From 2000-2005, Mr. Iger served as Disney’s President and Chief Operating Officer. He officially joined the Disney senior management team in 1996 as Chairman of the Disney-owned ABC Group, and in 1999, was given the additional responsibility of President, Walt Disney International. In that role, Mr. Iger expanded and coordinated Disney’s presence outside of the United States, establishing the blueprint for the company’s international growth today. As Chairman of the ABC Group, Mr. Iger oversaw the broadcast television network and station group, cable television properties, and radio and publishing businesses, and also guided the complex merger between Capital Cities/ABC, Inc. and the Walt Disney Company. During Mr. Iger’s years with ABC, he obtained hands-on experience in every aspect of the television business—including news, sports, and entertainment—as well as in program acquisition, rights negotiations, and business affairs. He began his career at ABC in 1974. In 2023, Mr. Iger was featured on the cover of TIME as part of its annual 100 Most Influential People issue. Additionally, he was TIME’s Businessperson of the Year (2019); one of Forbes magazine’s “World’s Most Powerful People” (2018); one of the “Top Gun CEOs” by Forbes magazine (2009); one of Fortune magazine’s “25 Most Powerful People in Business” (2006, 2007); one of the “Best CEOs” by Institutional Investor magazine (2008, 2009, 2010, 2011); MarketWatch’s “CEO of the Year” (2006); and “CEO of the Year” by Chief Executive magazine (2014). Mr. Iger was inducted into the Television Academy Hall of Fame in January 2020, and the Broadcasting and Cable Hall of Fame in 2015. He currently serves on the boards of the 9/11 Memorial & Museum and Bloomberg Philanthropies. In 2012, Mr. Iger became a member of the Academy of Motion Picture Arts and Sciences, one of the nation’s most prestigious honorary societies, which recognizes some of the world’s most accomplished scholars, scientists, writers, artists and civic, corporate, and philanthropic leaders. He served as chairman of the capital campaign for the new Academy Museum of Motion Pictures in Los Angeles. From 2011-2019 he was a member of the Apple board of directors. In September 2022, Mr. Iger was recognized as an Honorary Knight Commander of the Most Excellent Order of the British Empire by Her Late Majesty Queen Elizabeth II for his services to the UK / US relations. Mr. Iger is the author of the New York Times best-selling book The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of The Walt Disney Company, published in 2019. He is a graduate of Ithaca College.

Maria Elena Lagomasino

Maria Elena Lagomasino

DIRECTOR SINCE 2015 Maria Elena Lagomasino is the Chief Executive Officer and Managing Partner of WE Family Offices, an office serving high net worth families, and has held these positions since March 2013. Ms. Lagomasino served as Chief Executive Officer of GenSpring Family Offices, LLC, an affiliate of SunTrust Banks, Inc., from November 2005 through October 2012. From 2001 to 2005, Ms. Lagomasino was Chairman and Chief Executive Officer of JPMorgan Private Bank, a division of JPMorgan Chase & Co., a global financial services firm. Prior to assuming this position, she was Managing Director of The Chase Manhattan Bank in charge of its Global Private Banking Group. Ms. Lagomasino had been with Chase Manhattan since 1983 in various positions in private banking. Ms. Lagomasino is a member of the Council on Foreign Relations, and is a founder of the Institute for the Fiduciary Standard. She is a director of the Americas Society and served as a Trustee of the National Geographic Society from 2007 to 2015. She served as a director of the Coca-Cola Company from 2003 to 2006 and from 2008 to the present, and she served as a director of Avon Products, Inc. from 2001 to March 2016. Ms. Lagomasino has been a Director of the Company since 2015.

Calvin R. McDonald

Calvin R. McDonald

Director since 2021 Calvin McDonald is Chief Executive Officer of lululemon athletica inc., an athletic apparel company with more than 500 company-operated stores in 17 countries. Mr. McDonald joined lululemon in 2018 and is a member of its Board of Directors. Previously, he served as president and CEO of Sephora Americas, a division of the LVMH group of luxury brands, from 2013 to 2018. Mr. McDonald was President and CEO of Sears Canada from 2011-2013, and spent 17 years at Loblaw Companies Limited, the largest retailer in Canada, where he was born and raised. From 2016-2020, he served on the Board of Directors of Cole Haan. Mr. McDonald is a growth-oriented leader with a proven track record helping large organizations scale and innovate how brands engage with customers – in stores, across digital channels, and from their home. Mr. McDonald has been a Director of the Company since 2021.

Derica W. Rice

Derica W. Rice

DIRECTOR SINCE 2019 Derica W. Rice was formerly the President of CVS Caremark, the pharmacy benefits management business of CVS Health, and Executive Vice President of CVS Health. Prior to that time, he was employed in various executive positions at Eli Lilly and Company since 1990, most recently serving as Executive Vice President of Global Services and Chief Financial Officer from 2006 to 2017. Mr. Rice was a member of the Board of Directors of Target Corporation from 2007 to January 2018. Mr. Rice will contribute to the mix of experience and qualifications the Board seeks to maintain through his experience in various positions at CVS Health and Eli Lilly and his other public company board experience. Mr. Rice leads the pharmacy benefits management business of CVS Health and had extensive experience in the financial function at Eli Lilly, including serving as Eli Lilly’s chief financial officer. As such, he brings practical knowledge of executive management of complex, worldwide businesses, and extensive experience in a wide range of financial and accounting matters including management of worldwide financial operations, financial oversight, risk management and the alignment of financial and strategic initiatives.

Audit Committee

The Audit Committee assists the Board of Directors in its oversight of the integrity of the Company’s financial statements, compliance with legal and regulatory requirements, the qualifications and independence of independent auditors, and the performance of independent auditors and the internal audit function.

Safra A. Catz

Safra A. Catz

Audit Committee Member Safra A. Catz has been a Chief Executive Officer of Oracle Corporation since 2014. She served as President of Oracle from 2004 to 2014 and as the company’s Chief Financial Officer from 2011 to 2014 and from 2005 to 2008. Prior to being named President of Oracle, she held various other positions with Oracle from 1999. She has been a member of the Board of Directors of Oracle since 2001, and was a director of HSBC Holdings from 2008 through 2015. She was elected a Director of the Company in December 2017, effective February 1, 2018.

Jeremy Darroch

Jeremy Darroch

Audit Committee Member Sir Jeremy Darroch serves as a Director of Reckitt Benckiser Group plc and is their incoming Chairman. Previously, Darroch served as Executive Chairman and Group Chief Executive Officer of Sky. He joined Sky as Chief Financial Officer in 2004 and was promoted to Group Chief Executive Officer in 2007 and served as Executive Chairman in 2021. Darroch has been a Director of the Company since 2024.

Francis A. deSouza

Francis A. deSouza

Audit Committee Member Francis A. deSouza was formerly the President and Chief Executive Officer of Illumina, Inc., a biotechnology company and served as President of Illumina from 2013 to 2016. Prior to joining Illumina, Mr. deSouza was President, Products and Services, of Symantec Corporation from 2011 to 2013, and Mr. deSouza served as Symantec’s Senior Vice President, Enterprise Security Group, from 2009 to 2011. Prior to that time he founded or worked in a variety of other technology businesses. He has served as a Director of Illumina since 2014 and was a director of Citrix Systems, Inc. from 2014 to 2016. He was elected a Director of the Company in December 2017, effective February 1, 2018.

Derica W. Rice

Derica W. Rice

AUDIT COMMITTEE CHAIR Derica W. Rice was formerly the President of CVS Caremark, the pharmacy benefits management business of CVS Health, and Executive Vice President of CVS Health. Prior to that time, he was employed in various executive positions at Eli Lilly and Company since 1990, most recently serving as Executive Vice President of Global Services and Chief Financial Officer from 2006 to 2017. Mr. Rice was a member of the Board of Directors of Target Corporation from 2007 to January 2018. Mr. Rice will contribute to the mix of experience and qualifications the Board seeks to maintain through his experience in various positions at CVS Health and Eli Lilly and his other public company board experience. Mr. Rice leads the pharmacy benefits management business of CVS Health and had extensive experience in the financial function at Eli Lilly, including serving as Eli Lilly’s chief financial officer. As such, he brings practical knowledge of executive management of complex, worldwide businesses, and extensive experience in a wide range of financial and accounting matters including management of worldwide financial operations, financial oversight, risk management and the alignment of financial and strategic initiatives.

Compensation Committee

The Compensation Committee reviews and approves corporate goals and objectives relevant to the compensation of the Company’s Chief Executive Officer, evaluates the performance of the Chief Executive Officer in light of those goals and objectives, and determines and approves the compensation level for the Chief Executive Officer based upon this evaluation.

Mary T. Barra

Mary T. Barra

COMPENSATION COMMITTEE MEMBER Mary T. Barra has been Chair of General Motors Company since 2016 and Chief Executive Officer of General Motors since 2014. Prior to that time, she served at General Motors as Executive Vice President, Global Product Development, Purchasing and Supply Chain from 2013 to 2014, Senior Vice President, Global Product Development from 2011 to 2013, Vice President, Global Human Resources from 2009 to 2011 and Vice President, Global Manufacturing Engineering from 2008 to 2009. In addition to serving on the Board of General Motors from 2014, she served on the Board of General Dynamics Corporation from 2011 to 2017. Ms. Barra has been a Director of the Company since August 2017.

Carolyn N. Everson

Carolyn N. Everson

COMPENSATION COMMITTEE MEMBER Carolyn Everson most recently served as President of Instacart. Prior to that role, Ms. Everson was Vice President, Global Marketing Solutions at Meta from 2011-2021. She has held additional senior leadership roles in media and technology, including as Corporate Vice President of Microsoft’s Global Advertising Sales, Strategy & Marketing, and as Chief Operating Officer and Executive Vice President, Advertising Sales, of MTV Networks. Prior to MTV Networks, Ms. Everson worked at PriMedia and Walt Disney Imagineering. She serves on the boards of The Coca Cola Company, Villanova University and the Humane Society of the United States. Ms. Everson has been a Director of the Company since 2022.

Maria Elena Lagomasino

Maria Elena Lagomasino

Compensation Committee Chair Maria Elena Lagomasino is the Chief Executive Officer and Managing Partner of WE Family Offices, an office serving high net worth families, and has held these positions since March 2013. Ms. Lagomasino served as Chief Executive Officer of GenSpring Family Offices, LLC, an affiliate of SunTrust Banks, Inc., from November 2005 through October 2012. From 2001 to 2005, Ms. Lagomasino was Chairman and Chief Executive Officer of JPMorgan Private Bank, a division of JPMorgan Chase & Co., a global financial services firm. Prior to assuming this position, she was Managing Director of The Chase Manhattan Bank in charge of its Global Private Banking Group. Ms. Lagomasino had been with Chase Manhattan since 1983 in various positions in private banking. Ms. Lagomasino is a member of the Council on Foreign Relations, and is a founder of the Institute for the Fiduciary Standard. She is a director of the Americas Society and served as a Trustee of the National Geographic Society from 2007 to 2015. She served as a director of the Coca-Cola Company from 2003 to 2006 and from 2008 to the present, and she served as a director of Avon Products, Inc. from 2001 to March 2016. Ms. Lagomasino has been a Director of the Company since 2015.

Calvin R. McDonald

Calvin R. McDonald

COMPENSATION COMMITTEE MEMBER Calvin McDonald is Chief Executive Officer of lululemon athletica inc., an athletic apparel company with more than 500 company-operated stores in 17 countries. Mr. McDonald joined lululemon in 2018 and is a member of its Board of Directors. Previously, he served as president and CEO of Sephora Americas, a division of the LVMH group of luxury brands, from 2013 to 2018. Mr. McDonald was President and CEO of Sears Canada from 2011-2013, and spent 17 years at Loblaw Companies Limited, the largest retailer in Canada, where he was born and raised. From 2016-2020, he served on the Board of Directors of Cole Haan. Mr. McDonald is a growth-oriented leader with a proven track record helping large organizations scale and innovate how brands engage with customers – in stores, across digital channels, and from their home. Mr. McDonald has been a Director of the Company since 2021.

Governance and Nominating Committee

The Governance and Nominating Committee monitors the implementation and operation of the Company’s Corporate Governance Guidelines, reviews from time to time the adequacy of the Corporate Governance Guidelines in light of broadly accepted practices of corporate governance, emerging governance issues and market and regulatory expectations, and advises and make recommendations to the Board with respect to appropriate modifications. They also identify, review and evaluate candidates for election as Director who meet the standards set forth in the Corporate Governance Guidelines.

Amy L. Chang

Amy L. Chang

Governance and Nominating Committee Member Amy Chang serves on the Board of Directors of Procter & Gamble and as an advisor to more than a dozen companies. From 2018 to 2020, Ms. Chang served as Executive Vice President and General Manager of Cisco’s Collaboration business. She joined Cisco through the acquisition of the company she founded, Accompany, an artificial intelligence/machine learning-based relationship intelligence platform serving Fortune 500 companies. Prior to Accompany, where she served as Chief Executive Officer, Ms. Chang was Global Head of Product, Google Ads Measurement. She has held additional positions with eBay, McKinsey, Intel, AMD and Motorola, and previously served on the boards of Cisco, Splunk, Informatica and Marqeta. Ms. Chang has been a Director of the Company since 2021.

Michael B.G. Froman

Michael B.G. Froman

GOVERNANCE AND NOMINATING COMMITTEE MEMBER Michael B.G. Froman is president of the Council on Foreign Relations (CFR). He previously served as vice chairman and president, strategic growth, at Mastercard, chairman of the Mastercard Center for Inclusive Growth, and a distinguished fellow at CFR. He served as United States Trade Representative in the Executive Office of the President from 2013 to 2017, and as Assistant to the President and Deputy National Security Advisor for International Economic Policy from 2009 to 2013. Prior to that time he held various positions at Citigroup from 1999 through 2009, including Chief Executive Officer of CitiInsurance and Chief Operating Officer of Citigroup’s alternative investments business. Earlier in his career, Mr. Froman served in the Clinton administration, holding positions both at the US Department of Treasury and the White House. He has been a Director of the Company since September 2018.

Maria Elena Lagomasino

Maria Elena Lagomasino

Governance and Nominating Committee Member Maria Elena Lagomasino is the Chief Executive Officer and Managing Partner of WE Family Offices, an office serving high net worth families, and has held these positions since March 2013. Ms. Lagomasino served as Chief Executive Officer of GenSpring Family Offices, LLC, an affiliate of SunTrust Banks, Inc., from November 2005 through October 2012. From 2001 to 2005, Ms. Lagomasino was Chairman and Chief Executive Officer of JPMorgan Private Bank, a division of JPMorgan Chase & Co., a global financial services firm. Prior to assuming this position, she was Managing Director of The Chase Manhattan Bank in charge of its Global Private Banking Group. Ms. Lagomasino had been with Chase Manhattan since 1983 in various positions in private banking. Ms. Lagomasino is a member of the Council on Foreign Relations, and is a founder of the Institute for the Fiduciary Standard. She is a director of the Americas Society and served as a Trustee of the National Geographic Society from 2007 to 2015. She served as a director of the Coca-Cola Company from 2003 to 2006 and from 2008 to the present, and she served as a director of Avon Products, Inc. from 2001 to March 2016. Ms. Lagomasino has been a Director of the Company since 2015.

Mark G. Parker

Mark G. Parker

Governance and Nominating Committee Chair Mark G. Parker is the Executive Chairman of NIKE, Inc. Mr. Parker previously served as President and Chief Executive Officer of NIKE, Inc. since 2006 and Chairman of NIKE since 2016. He has been employed by NIKE since 1979 in a variety of positions with primary responsibilities in product research, design and development, marketing and brand management. Mr. Parker has been a member of the Board of Directors of NIKE since 2006, and has been a Director of the Company since January 2016 and was elected as Chairman of the Board as of April 3, 2023.

Executive Committee

Mark G. Parker

Mark G. Parker

Executive Committee Chair Mark G. Parker is the Executive Chairman of NIKE, Inc. Mr. Parker previously served as President and Chief Executive Officer of NIKE, Inc. since 2006 and Chairman of NIKE since 2016. He has been employed by NIKE since 1979 in a variety of positions with primary responsibilities in product research, design and development, marketing and brand management. Mr. Parker has been a member of the Board of Directors of NIKE since 2006, and has been a Director of the Company since January 2016 and was elected as Chairman of the Board as of April 3, 2023.

Robert A. Iger

Robert A. Iger

Chief Executive Officer Robert A. Iger is Chief Executive Officer of The Walt Disney Company, having returned to the company in November of 2022 after serving as CEO and Chairman from 2005 to 2020, and then as Executive Chairman and Chairman of the Board through 2021. Since returning as CEO, Mr. Iger has led a significant, enterprise-wide transformation to restore creativity to the center of the company and position Disney’s streaming business for sustained growth and profitability. During his more than 15 years at the helm of Disney, Mr. Iger has served as steward of the world’s most respected and beloved brands. His strategic vision focuses on three fundamental pillars: generating the best creative content possible; fostering innovation and utilizing the latest technology; and expanding into new markets across the globe. Widely recognized as one of the world’s most consequential business leaders, Mr. Iger has built on Disney’s rich history of unforgettable storytelling with the acquisitions of Pixar (2006), Marvel (2009), Lucasfilm (2012), and 21st Century Fox (2019); the landmark opening of Disney’s first theme park and resort in mainland China, Shanghai Disney Resort; and the release of a number of record-setting films, including Marvel’s Avengers: Endgame, Disney’s Frozen and Frozen 2, and Marvel’s groundbreaking Black Panther. Always one to embrace new technology, Mr. Iger made Disney an industry leader through its creative content offerings across multiple new platforms, including the highly successful launch of the Disney+ streaming service in November 2019. Disney’s exceptional entertainment experiences, widely diverse content, and Iger’s unique skill in managing businesses in an integrated manner led to strong results. During Mr. Iger’s tenure, The Walt Disney Company has been recognized as one of the “Most Reputable Companies” in both America and the world by Forbes magazine (2006–2019); one of the “Best Employers” in both America and the world by Forbes magazine (2019 and 2018, respectively); one of the “World’s Most Admired Companies” by Fortune magazine (2009–2021); and one of the “World’s Most Respected Companies” by Barron’s (2009–2017). Mr. Iger was first appointed Chief Executive Officer of Disney in October 2005 and was elected Chairman in 2012. In February 2020, he assumed the role of Executive Chairman and directed the company’s creative endeavors until retiring in December 2021. From 2000-2005, Mr. Iger served as Disney’s President and Chief Operating Officer. He officially joined the Disney senior management team in 1996 as Chairman of the Disney-owned ABC Group, and in 1999, was given the additional responsibility of President, Walt Disney International. In that role, Mr. Iger expanded and coordinated Disney’s presence outside of the United States, establishing the blueprint for the company’s international growth today. As Chairman of the ABC Group, Mr. Iger oversaw the broadcast television network and station group, cable television properties, and radio and publishing businesses, and also guided the complex merger between Capital Cities/ABC, Inc. and the Walt Disney Company. During Mr. Iger’s years with ABC, he obtained hands-on experience in every aspect of the television business—including news, sports, and entertainment—as well as in program acquisition, rights negotiations, and business affairs. He began his career at ABC in 1974. In 2023, Mr. Iger was featured on the cover of TIME as part of its annual 100 Most Influential People issue. Additionally, he was TIME’s Businessperson of the Year (2019); one of Forbes magazine’s “World’s Most Powerful People” (2018); one of the “Top Gun CEOs” by Forbes magazine (2009); one of Fortune magazine’s “25 Most Powerful People in Business” (2006, 2007); one of the “Best CEOs” by Institutional Investor magazine (2008, 2009, 2010, 2011); MarketWatch’s “CEO of the Year” (2006); and “CEO of the Year” by Chief Executive magazine (2014). Mr. Iger was inducted into the Television Academy Hall of Fame in January 2020, and the Broadcasting and Cable Hall of Fame in 2015. He currently serves on the boards of the 9/11 Memorial & Museum and Bloomberg Philanthropies. In 2012, Mr. Iger became a member of the Academy of Motion Picture Arts and Sciences, one of the nation’s most prestigious honorary societies, which recognizes some of the world’s most accomplished scholars, scientists, writers, artists and civic, corporate, and philanthropic leaders. He served as chairman of the capital campaign for the new Academy Museum of Motion Pictures in Los Angeles. From 2011-2019 he was a member of the Apple board of directors. In September 2022, Mr. Iger was recognized as an Honorary Knight Commander of the Most Excellent Order of the British Empire by Her Late Majesty Queen Elizabeth II for his services to the UK / US relations. Mr. Iger is the author of the New York Times best-selling book The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of The Walt Disney Company, published in 2019. He is a graduate of Ithaca College.

Governing Documents

TWDC Standards of Business Conduct
Certificate of Incorporation
Bylaws
Code of Business Conduct and Ethics for Directors
Corporate Governance Guidelines
Whistleblower Policy/Worldwide Phone Numbers

Contacting the Board

Shareholders and other parties interested in communicating directly with the Chairman of the Board or with the non-management directors as a group may do so by writing to: Chairman of the Board
The Walt Disney Company
500 South Buena Vista Street
Burbank, California 91521-0931 The Governance and Nominating Committee of the Board has approved a process for handling letters received by the Company and addressed to non-management members of the Board.

Under that process, the Corporate Secretary of the Company reviews all such correspondence and regularly forwards to the Board a summary of all such correspondence and copies of all correspondence that, in the opinion of the Corporate Secretary, deals with the functions of the Board or committees thereof or that he otherwise determines requires their attention. Directors may at any time review a log of all correspondence received by the Company that is addressed to members of the Board and request copies of any such correspondence. Concerns relating to accounting, internal controls or auditing matters are immediately brought to the attention of the Company’s internal audit department and handled in accordance with procedures established by the Audit Committee with respect to such matters.

Frequently Asked Questions

Disney Shareholder Accounts

Q: How do I transfer shares from my account to a new and/or existing Disney Shareholder account?
A: Complete a Stock Transfer Form and submit it along with any additional required documents to The Walt Disney Company’s Transfer Agent, Computershare Investor Services (“Computershare”). The Stock Transfer Form is available at . Q: How do I access my Disney Shareholder Account?
A: To access your Disney Shareholder Account, click here. Please note that you will be leaving Disney.com to access your account information. You will be required to register as a user on the system to access your shareholder information.

Disney Annual Meeting of Shareholders

Q: When and where will the 2024 Annual Meeting of Shareholders be held?
A: The annual meeting of shareholders will be held on Wednesday, April 3, 2024 at 10:00 a.m. Pacific Time by virtual meeting at virtualshareholdermeeting.com/DIS2024 and will be made available via webcast at disney.com/investors. Q: What time will the meeting begin?
A: Electronic entry to the meeting will begin at 9:00 a.m. PT and the meeting will begin promptly at 10:00 a.m. PT. Q: What will I need to join the virtual meeting?
A: To attend the virtual annual meeting, you must be a shareholder on the record date and have previously registered to attend the meeting. You may register to attend the virtual meeting on or before 10:00 a.m. PT on April 2, 2024 by visiting ProxyVote.com/Disney and selecting “Attend a Meeting.” You will need the 16-digit control number found on your notice, WHITE voting instruction form or WHITE proxy card. After you have registered, you will receive a confirmation e-mail with information on how to attend the meeting.
Q: If I hold my shares through a broker, how do I obtain a control number to attend the meeting?
A: Beneficial shareholders who do not have a control number should follow the instructions provided on the WHITE voting instruction form provided by their broker, bank, or other nominee. Q: When should I expect to receive my proxy materials?
A: Proxy materials are being mailed to holders as of the record date and are expected to arrive in mid- to late-February. Shareholders who had earlier consented to receiving proxy materials by email will likely receive them in mid-February. Q: Where can I find more information about this year’s meeting?
A: More information can be found at www.votedisney.com. Q. If I plan to attend the virtual meeting, should I still vote in advance?
A. Yes, please vote by proxy promptly upon receiving your materials. If you pre-register for the meeting, you may vote again at the virtual annual meeting should you wish to change your vote. Q: Can I make advance reservations?
A: No, but as described above, you must pre-register. Please note that participation in the meeting is limited due to the capacity of the host platform, and access to the meeting will be accepted on a first-come, first-served basis once electronic entry begins on the day of the meeting. Q: What will happen if the venue fills to capacity?
A: You can listen to the meeting which will be available on our Investor Relations website. Q: Is it possible to attend the meeting as a guest?
A: Only shareholders with a valid control number will be allowed to attend. If you cannot attend the meeting or are not a shareholder of record, the meeting will be available on our Investor Relations website. Q: Can I vote in the virtual meeting?
A: Yes, but we strongly encourage you to vote your proxy by Internet, telephone, or mail prior to the meeting. Please review the sections “Attendance at the Meeting” and “Voting” beginning on page 111 of the Proxy Statement. Q: Can I ask a question in the virtual meeting?
A: Shareholders of record who have pre-registered and wish to ask a question may submit a question in advance of or during the Annual Meeting. To submit a question in advance of the Annual Meeting, visit ProxyVote.com/Disney and enter your 16-digit control number included in your notice, WHITE voting instruction form or WHITE proxy card. Q: Who should I contact if I have questions about voting my shares?
A: If you have any questions or require and assistance with voting your shares, please contact Disney’s proxy solicitor: INNISFREE M&A INCORPORATED
Shareholders may call 1 (877) 456-3463 (toll-free from the U.S. and Canada) or
+1 (412) 232-3651 (from other countries)
Banks and Brokers may call collect 1 (212) 750-5833 All information is subject to change.

Disney Stock

Q: Where are your shares traded?
A: Disney common stock is traded on the New York Stock Exchange. Q: What is the ticker symbol?
A: DIS Q: What is the CUSIP number?
A: 254687106 Q: Can I buy or sell stock directly through Disney?
A: Yes, you can buy and sell shares directly through The Walt Disney Company Investment Plan. The Walt Disney Company Investment Plan Prospectus and Enrollment Form are available in the Forms section of this website. Additional information regarding The Walt Disney Company Investment Plan is available at www.disneyshareholder.com.

Dividends
  1. You can enroll on our transfer agent’s quick access site.
  2. You can access your account online at www.disneyshareholder.com
  3. You can contact us at our toll-free number: 1-855-553-4763

Q: How can I have my dividend reinvested?
A: Dividend reinvestment is offered through The Walt Disney Company Investment Plan. Please review the Plan Prospectus at www.disneyshareholder.com prior to enrolling.

  1. You can access your online account at www.disneyshareholder.com to enroll, or
  2. You can contact us at our toll-free number: 1-855-553-4763

Q: I never received my dividend check, how do I request a replacement?
A: Please allow the post office at least 10 mailing days to deliver your check.

If you never received your check or it was misplaced, you will need to request a replacement. You can request a replacement by accessing your account online at www.disneyshareholder.com.

You may also contact our transfer agent, Computershare Investor Services, to request a replacement check. Computershare’s contact information is located in the Transfer Agent section of this FAQ. If you are submitting your replacement request in writing, at least one of the registered owners must sign the letter. Replacement checks are mailed within 7-10 business days once a request has been submitted.

Stock Split History

Q: When has Disney stock split?
A:

Record DatePayable DateAmountClosing, Pre-Split Price
Jun. 19, 1998Jul. 9, 19983 for 1$111
Apr. 20, 1992May 15, 19924 for 1$152 7/8
Feb. 10, 1986Mar. 5, 19864 for 1$142 5/8
Dec. 6, 1972Jan. 15, 19732 for 1$214 1/2
Feb. 4, 1971Mar. 1, 19712 for 1$177 3/4
Oct. 26, 1967Nov. 15, 19672 for 1$105
Aug. 17, 1956Aug. 20, 19562 for 1N/A
Shareholder Benefits

Q: Do you have a shareholder benefit program?
A: No, we do not have a shareholder benefit program.

Financial Publications

Q: How can I obtain a copy of your Annual Report or Proxy Statement?
A: The Annual Report and Proxy Statement are available in the Reports section of this website to view, download and print.

Q: How can I obtain SEC documents such as a prospectus, a 10-K, or a 10-Q?
A: SEC documents are accessible under the ‘Reports‘ section of the site.

Disneyland Paris (Euro Disney Stock)

Q: How do I receive financial information regarding Euro Disney?
A: The French company Euro Disney S.C.A., parent company of Euro Disney Associés S.C.A., operator of Disneyland Resort Paris, is no longer publicly traded and was delisted from Euronext Paris in June 2017. In June 2017, subsidiaries of The Walt Disney Company acquired all remaining shares of Euro Disney S.C.A. at €2.00 per share through a tender offer and subsequent mandatory buy-out. Legacy shareholders of Euro Disney S.C.A. should contact their respective bank or financial intermediary with any questions regarding these transactions.

Historical Financial Information

Q: Where can I find Historical Financial Information?
A: On this website you can access the latest — as well as historical — annual report, proxy statement and earnings press releases.

Shareholder Replacement Checks

Q: Who should I contact regarding replacement checks?
A: You can request a replacement by accessing your account online at www.disneyshareholder.com.

You may also contact our transfer agent, Computershare Investor Services, to request a replacement check. Computershare’s contact information is located in the Transfer Agent section of this FAQ. If you are submitting your replacement request in writing, at least one of the registered owners must sign the letter.

Replacement checks are mailed within 7-10 business days once a request has been submitted.

Transfer Agent

Q: Who is the transfer agent?
A: Computershare Investor Services (“Computershare”) is the Stock Transfer Agent and Registrar for The Walt Disney Company.

Written Inquiries:
Computershare Investor Services
PO BOX 43013
Providence, RI 02940-3013

Phone: 1-855-553-4763
Toll: 1-781-575-3335

Overnight Mail:
Computershare Investor Services
150 Royall Street Suite 101
Canton, MA 02021

Escheatment and Unclaimed Property

Q: What is unclaimed property?
A: Unclaimed property is any financial asset being held for a person or an entity that either cannot be found, or with whom contact has not been established for a fixed period of time (generally 3 or 5 years). Financial assets include uncashed dividend checks, shares of stock, and other investment assets.

Q: How does property become “inactive?”
A: In accordance with unclaimed property laws, property may become “inactive” (and presumed to be abandoned by the owner) when the owner of the property (in this instance, shareholders in The Walt Disney Company) has either not cashed dividend checks issued to them, not been in contact with Disney or its transfer agent, Computershare Investor Services, for the last 3 to 5 years and/or has changed addresses without providing notification, thus resulting in the return of mail being sent to the shareholder through the U.S. Postal Service.

States require that business entities review their records each year to determine whether they are in possession of any unclaimed funds (including uncashed dividend checks), stock or other securities or other property which is inactive and presumed to be abandoned, and to report and deliver such property to the states for safekeeping. The state(s) holds the property, or its cash equivalent, until such time as they are claimed by the owner or legal claimant.

In general, property that is presumed abandoned is transferred to the state of last known address of the shareholder according to the company’s shareholder records. After property has been transferred to the state as abandoned property, shareholders must directly contact the state in order to reclaim their property. Links to individual state unclaimed property programs may be found by visiting: www.unclaimed.org.

Q: Can the state take my shares if I hold a certificate?
A: Yes, your stock and any uncashed checks in your account are reported to the state if the account is not kept active. Such reporting causes outstanding certificates in your possession to be cancelled and reissued in the name of the State. If this happens, the state may sell your shares. States may not notify you prior to selling your shares, and you may only be entitled to receive the sale proceeds from the state when you claim the property.

Q: How should I respond if I have received a Due Diligence Letter?
A: In accordance with the states’ unclaimed property laws, efforts to locate owners are generally required prior to the transfer of property into a state’s custody, typically by mailing what is known as a “due diligence” letter to the last known address on the company’s shareholder records. Upon receipt of this letter, it is very important that you immediately communicate with our stock transfer agent (Computershare Investor Services), in order to re-establish contact between you and Disney, update the status of your account, and stop the transfer of your assets to the state. If you do not respond to the due diligence letter or otherwise demonstrate contact with your account, your stock and any uncashed dividend checks previously issued to you will be required to be turned over to the state, which may sell your shares without any further notice to you.

You can contact Computershare by responding to a due diligence letter via first class mail or other priority mail service, contacting a client service representative by calling 1-855-553-4763, or logging onto www.disneyshareholder.com to authenticate your identity and demonstrate your control over your account and that it remains active. You can also request replacement of any uncashed dividend checks previously issued to you by calling 1-855-553-4763.

Q: How can I keep my account active in the future?
A: It is recommended that you periodically make contact with Computershare to keep your account status current. This is particularly important for accounts with shares deposited in The Walt Disney Company Investment Plan, since the automatic reinvestment of dividend payments is not recognized by the states to be an owner-initiated transaction that will prevent the shares from being presumed abandoned. You can keep your account active and avoid presumed abandonment of your stock in a number of ways, including:

  • contact our call center to request a statement be mailed to the address of record;
  • log in to your online profile by visiting www.disneyshareholder.com and review past transactions, download tax information, or update your account information;
  • vote your proxy;
  • cash a dividend payment;
  • make an additional investment in Disney shares.
Adjusted Cost Basis

Q: How can I determine the cost basis for my investment?
A: Cost basis information will be included on IRS Form 1099-B following a sale of “covered” shares.

All information is subject to change.

The Walt Disney Company Reports Fourth Quarter and Full Year Earnings for Fiscal 2022

BURBANK, Calif.–The Walt Disney Company (NYSE: DIS) today reported earnings for its fourth quarter and fiscal year ended October 1, 2022.

  • Revenues for the quarter and year grew 9% and 23%, respectively.
  • Diluted earnings per share (EPS) from continuing operations for the quarter was comparable to the prior-year quarter at $0.09. Excluding certain items (1) , diluted EPS for the quarter decreased to $0.30 from $0.37 in the prior-year quarter.
  • Diluted EPS from continuing operations for the fiscal year ended October 1, 2022 increased to $1.75 from $1.11 in the prior year. Excluding certain items (1) , diluted EPS for the year increased to $3.53 from $2.29 in the prior year.

“2022 was a strong year for Disney, with some of our best storytelling yet, record results at our Parks, Experiences and Products segment, and outstanding subscriber growth at our direct-to-consumer services, which added nearly 57 million subscriptions this year for a total of more than 235 million,” said Bob Chapek, Chief Executive Officer, The Walt Disney Company. “Our fourth quarter saw strong subscription growth with the addition of 14.6 million total subscriptions, including 12.1 million Disney+ subscribers. The rapid growth of Disney+ in just three years since launch is a direct result of our strategic decision to invest heavily in creating incredible content and rolling out the service internationally, and we expect our DTC operating losses to narrow going forward and that Disney+ will still achieve profitability in fiscal 2024, assuming we do not see a meaningful shift in the economic climate. By realigning our costs and realizing the benefits of price increases and our Disney+ ad-supported tier coming December 8, we believe we will be on the path to achieve a profitable streaming business that will drive continued growth and generate shareholder value long into the future. And as we embark on Disney’s second century in 2023, I am filled with optimism that this iconic company’s best days still lie ahead.” (2)

The following table summarizes the fourth quarter and full year results for fiscal 2022 and 2021:

(in millions, except per share amounts)

Income from continuing operations before income taxes

Total segment operating income (1)

Net income from continuing operations (3)

Diluted EPS from continuing operations (3)

Diluted EPS excluding certain items (1)

Cash provided by continuing operations

Free cash flow (1)

Diluted EPS excluding certain items, total segment operating income and free cash flow are non-GAAP financial measures. The most comparable GAAP measures are diluted EPS from continuing operations, income from continuing operations before income taxes, and cash provided by continuing operations, respectively. See the discussion on page 2 and on pages 12 through 15 for how we define and calculate these measures and a reconciliation thereof to the most directly comparable GAAP measures.

In addition to economic considerations, our expectations about losses and profitability are based on assumptions regarding consumer preferences and acceptance of our content, offerings, pricing models and price increases and the market for advertising sales on our direct-to-consumer (DTC) services.

Reflects amounts attributable to shareholders of The Walt Disney Company, i.e. after deduction of income attributable to noncontrolling interests.

SEGMENT RESULTS

The Company evaluates the performance of its operating segments based on segment operating income, and management uses total segment operating income as a measure of the performance of operating businesses separate from non-operating factors. The Company believes that information about total segment operating income assists investors by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect net income, thus providing separate insight into both operations and other factors that affect reported results.

The following are reconciliations of income from continuing operations before income taxes to total segment operating income and revenues to segment revenues (in millions):

Income from continuing operations before income taxes

Content License Early Termination (1)

Corporate and unallocated shared expenses

Restructuring and impairment charges

Other (income) expense, net

Interest expense, net

Amortization of TFCF and Hulu intangible assets and fair value step-up on film and television costs

Total segment operating income

Contract License Early Termination (1)

Total segment revenues

During the fiscal year ended October 1, 2022, the Company recognized a $1,023 million reduction in revenue for the amount due to a customer to early terminate license agreements for film and television content delivered in previous years in order for the Company to use the content primarily on our direct-to-consumer services (Content License Early Termination). The Content License Early Termination adjustment is included in Company revenues, but excluded from total segment revenues.

The following table summarizes the fourth quarter and full year segment revenue and segment operating income for fiscal 2022 and 2021 (in millions):

Disney Media and Entertainment Distribution

Disney Parks, Experiences and Products

Total Segment Revenues

Segment operating income:

Disney Media and Entertainment Distribution

Disney Parks, Experiences and Products

Total Segment Operating Income

DISCUSSION OF FULL YEAR SEGMENT RESULTS

Total segment operating income increased 56%, or $4.4 billion, to $12.1 billion, due to higher operating income at Disney Parks, Experiences and Products, partially offset by lower operating income at Disney Media and Entertainment Distribution. Results at Disney Parks, Experiences and Products in the current year reflected the benefit from the comparison to the closures/reduced operating capacity in the prior year as a result of the novel coronavirus (COVID-19). The decrease at Disney Media and Entertainment Distribution was due to lower operating results at Direct-to-Consumer and Content Sales/ Licensing, partially offset by growth at Linear Networks. The decrease at Direct-to-Consumer was due to higher losses at Disney+ and, to a lesser extent, lower results at Hulu and higher losses at ESPN+. Lower results at Content Sales/Licensing were due to a decrease in TV/SVOD distribution results, higher film cost impairments and decreases in home entertainment and theatrical distribution results, partially offset by an increase at our stage play business, as productions were generally shut down in the prior year due to COVID-19. Growth at Linear Networks reflected higher domestic Broadcasting and Cable results, partially offset by lower results internationally.

DISCUSSION OF FOURTH QUARTER SEGMENT RESULTS

Disney Media and Entertainment Distribution

Revenue and operating results for the Disney Media and Entertainment Distribution segment are as follows (in millions):

Content Sales/Licensing and Other

Elimination of Intrasegment Revenue (1)

Operating income (loss):

Content Sales/Licensing and Other

Reflects fees received by the Linear Networks from other DMED businesses for the right to air our Linear Networks and related services.

Linear Networks

Linear Networks revenues for the quarter decreased 5% to $6.3 billion, and operating income increased 6% to $1.7 billion. The following table provides further detail of Linear Networks results (in millions):

Supplemental revenue detail

Supplemental operating income detail

Equity in the income of investees

Domestic Channels revenues for the quarter decreased 2% to $5.3 billion, and operating income increased 6% to $1.5 billion. The increase in operating income reflected higher results at Cable and a modest increase at Broadcasting.

The increase at Cable was due to lower programming and production costs, partially offset by a decrease in advertising revenue. The decrease in programming and production costs was due to lower costs for sports programming and, to a lesser extent, a lower cost mix of non-sports programming. The decrease in sports programming costs was due to lower NBA and MLB rights costs, partially offset by higher NFL rights costs as a result of airing one additional game in the current quarter. Lower NBA rights costs reflected the timing of the NBA Finals, which aired in the third quarter of the current fiscal year compared to the fourth quarter of the prior year, as a result of a delayed start of the 2021 NBA season due to COVID-19. The decrease in costs for MLB programming was due to airing 16 games in the current quarter under our new contract compared to 45 games in the prior-year quarter. Lower advertising revenue was due to a decrease in rates and fewer impressions reflecting a decline in average viewership and fewer units delivered. The decrease in rates and impressions were impacted by the timing of the 2021 NBA Finals. Affiliate revenue was comparable to the prior-year quarter as a decline in subscribers was essentially offset by higher contractual rates.

Broadcasting grew modestly compared to the prior-year quarter as growth at the owned television stations from higher advertising and affiliate revenue was partially offset by lower results at ABC. The decrease at ABC was due to higher programming and production costs, partially offset by growth in affiliate and, to a lesser extent, advertising revenue.

International Channels revenues for the quarter decreased 18% to $1.1 billion and operating income decreased 18% to $0.1 billion, reflecting lower operating income from channels that operated for the entire current and prior-year quarters (ongoing channels), partially offset by a benefit from channel closures.

Lower results from ongoing channels were primarily due to a decrease in advertising revenue and, to a lesser extent, higher marketing spend and an unfavorable foreign exchange impact, partially offset by lower sports programming costs. The decrease in advertising revenue was due to lower average viewership, partially offset by higher rates. The decreases in sports programming costs and average viewership were due to the non-comparability of cricket events reflecting the impact of COVID-19-related timing shifts. The most significant impact was on the timing of Indian Premier League cricket matches, as there were no matches in the current quarter compared to 18 matches in the prior-year quarter.

Equity in the Income of Investees

Income from equity investees increased $35 million, to $147 million from $112 million, driven by impairments of certain equity investments in the prior-year quarter.

Direct-to-Consumer

Direct-to-Consumer revenues for the quarter increased 8% to $4.9 billion and operating loss increased $0.8 billion to $1.5 billion. The increase in operating loss was due to a higher loss at Disney+ and a decrease in results at Hulu, partially offset by improved results at ESPN+.

Results at Disney+ reflected higher programming and production costs, increases in marketing and technology costs and the absence of Premier Access releases in the current quarter, partially offset by higher subscription revenue. In the current quarter, there were no Premier Access releases whereas the prior-year quarter reflected the releases of Black Widow and Jungle Cruise. The increase in programming and production costs was driven by more content provided on the service and higher average costs, which included an increased mix of original content. Higher subscription revenue was due to subscriber growth and, to a lesser extent, increases in retail pricing, partially offset by an unfavorable foreign exchange impact.

The decrease in results at Hulu was due to higher programming and production and marketing costs, partially offset by subscription revenue growth. The increase in programming and production costs was due to more content provided on the service and an increase in subscriber-based fees for programming the Live TV service. Higher subscriber-based fees for programming the Live TV service were due to rate increases and more subscribers. Subscription revenue growth was due to increases in subscribers and in retail pricing.

The improvement at ESPN+ was primarily due to an increase in subscription revenue due to subscriber growth, partially offset by a decrease in income from Ultimate Fighting Championship pay-per-view events due to lower average buys per event.

The following tables present additional information about our Disney+, ESPN+ and Hulu DTC product offerings (1) .

Paid subscribers (1) as of:

Domestic (U.S. and Canada)

International (excluding Disney+ Hotstar) (1)

Average Monthly Revenue Per Paid Subscriber (1) for the quarter ended:

Domestic (U.S. and Canada)

International (excluding Disney+ Hotstar) (1)

See discussion on page 11—DTC Product Descriptions and Key Definitions

Total may not equal the sum of the column due to rounding

The average monthly revenue per paid subscriber for domestic Disney+ decreased from $6.81 to $6.10 due to a higher mix of subscribers to multi-product offerings, partially offset by an increase in retail pricing.

The average monthly revenue per paid subscriber for international Disney+ (excluding Disney+ Hotstar) increased from $5.62 to $5.83 due to increases in retail pricing, partially offset by an unfavorable foreign exchange impact.

The average monthly revenue per paid subscriber for Disney+ Hotstar decreased from $0.64 to $0.58 due to lower per-subscriber advertising revenue and a higher mix of wholesale subscribers, partially offset by an increase in retail pricing.

The average monthly revenue per paid subscriber for ESPN+ increased from $4.74 to $4.84 driven by a lower mix of annual subscribers, an increase in retail pricing and, to a lesser extent, higher per-subscriber advertising revenue, partially offset by a higher mix of subscribers to multi-product offerings.

The average monthly revenue per paid subscriber for the Hulu SVOD Only service decreased from $12.75 to $12.23 primarily due to lower per-subscriber advertising revenue, a higher mix of subscribers to multi-product offerings as well as to promotional offerings, partially offset by an increase in retail pricing.

The average monthly revenue per paid subscriber for the Hulu Live TV + SVOD service increased from $84.89 to $86.77 due to an increase in retail pricing and higher per-subscriber advertising revenue, partially offset by a higher mix of subscribers to multi-product offerings.

Content Sales/Licensing and Other

Content Sales/Licensing and Other revenues for the quarter decreased 15% to $1.7 billion and segment operating results decreased from a loss of $65 million to a loss of $178 million. The decrease in operating results was due to lower TV/SVOD and home entertainment distribution results, partially offset by higher theatrical distribution results and an increase at our stage play business, as stage play productions were generally shut down in the prior-year quarter due to COVID-19.

The decrease in TV/SVOD distribution results was due to lower sales volumes of film and episodic content in the current quarter and current quarter impairments of episodic content produced for third-party networks. Lower sales volumes included the impact of the shift from licensing our content to third parties to distributing it on our DTC services.

The decrease in home entertainment results was due to lower unit sales and a decrease in average net effective pricing of catalog and new release titles. The decrease in unit sales of new release titles was due to fewer titles available for release in the current quarter

The increase in theatrical distribution results reflected the performance of Thor: Love and Thunder in the current quarter, compared to titles released in the prior-year quarter, which included Black Widow, Free Guy, Shang-Chi and the Legend of the Ten Rings and Jungle Cruise.

Disney Parks, Experiences and Products

Disney Parks, Experiences and Products revenues for the quarter increased to $7.4 billion compared to $5.5 billion in the prior-year quarter. Segment operating income increased $0.9 billion to $1.5 billion compared to $0.6 billion in the prior-year quarter. Higher operating results for the quarter reflected increases at our domestic and international parks and experiences businesses and, to a lesser extent, our merchandise licensing business.

Operating income growth at our domestic parks and experiences was due to higher volumes and increased guest spending, partially offset by cost inflation, higher operations support costs and costs for new guest offerings. Higher volumes were due to increases in attendance, cruise ship sailings, which included a benefit from the July 2022 launch of the Disney Wish, and occupied room nights. Cruise ships were operating during the entire current quarter while sailings resumed during the prior-year quarter and operated at reduced capacities. Guest spending growth was due to an increase in average per capita ticket revenue driven by the introduction of Genie+ and Lightning Lane in the first quarter of the current fiscal year.

Improved results at our international parks and resorts were due to growth at Disneyland Paris, partially offset by a decrease at Shanghai Disney Resort. Higher operating results at Disneyland Paris were due to an increase in volumes and higher average ticket prices, partially offset by higher operations support costs. Higher volumes were due to increases in attendance and occupied room nights. The decrease at Shanghai Disney Resort was due to lower average ticket prices driven by a higher mix of annual passholder attendees in the current quarter as a result of COVID-19-related travel restrictions.

Growth at our merchandise licensing business was primarily due to higher sales of merchandise based on Mickey and Friends, Encanto and Toy Story.

The following table presents supplemental revenue and operating income (loss) detail for the Disney Parks, Experiences and Products segment:

Supplemental revenue detail

Supplemental operating income (loss) detail

COVID-19 PANDEMIC

Since early 2020, the world has been, and continues to be, impacted by COVID-19 and its variants. COVID-19 and measures to prevent its spread have impacted our segments in a number of ways, most significantly at the Disney Parks, Experiences and Products segment where our theme parks and resorts were closed and cruise ship sailings and guided tours were suspended. In addition, at DMED we delayed, or in some cases, shortened or cancelled theatrical releases and experienced disruptions in the production and availability of content. Operations resumed at various points since May 2020, with certain theme park and resort operations and film and television productions resuming by the end of fiscal 2020 and throughout fiscal 2021. Although operations resumed, many of our businesses continue to experience impacts from COVID-19, such as incremental health and safety measures and related increased expenses, capacity restrictions and closures (including at some of our international parks and in theaters in certain markets), and disruption of production activities.

OTHER FINANCIAL INFORMATION

Corporate and Unallocated Shared Expenses

Corporate and unallocated shared expenses increased $51 million for the quarter, from $283 million to $334 million, driven by higher human resource-related costs.

Restructuring and Impairment Charges

During the prior-year quarter, the Company recorded $92 million of charges for asset impairments, pension settlements and severance primarily at our parks and experience businesses.

Other Income (Expense), net

In the current quarter, the Company recorded a $63 million non-cash gain to adjust its investment in DraftKings, Inc. (DraftKings) to fair value (DraftKings gain (loss)). In the prior-year quarter, the Company recorded a $13 million DraftKings loss.

Interest Expense, net

Interest expense, net was as follows (in millions):

Interest income, investment income and other

Interest expense, net

The increase in interest expense was primarily due to higher average rates, partially offset by lower average debt balances.

The increase in interest income, investment income and other was due to a favorable comparison of pension and postretirement benefit costs, other than service cost, which was a net benefit in the current quarter and an expense in the prior-year quarter.

Equity in the Income of Investees

Equity in the income of investees was as follows (in millions):

Amounts included in segment results:

Disney Media and Entertainment Distribution

Disney Parks, Experiences and Products

Amortization of TFCF intangible assets related to equity investees

Equity in the income of investees

Income Taxes

The effective income tax rate was as follows:

Income from continuing operations before income taxes

Income tax expense on continuing operations

Effective income tax rate – continuing operations

The effective income tax rate in the current quarter was higher than the U.S. statutory rate due to higher effective tax rates on foreign earnings, partially offset by favorable adjustments related to prior years. The effective income tax rate in the prior-year quarter was lower than the U.S. statutory rate due to favorable adjustments related to prior years, partially offset by higher effective tax rates on foreign earnings. Higher effective tax rates on foreign earnings in both the current and prior-year quarters reflected the impact of foreign losses and, to a lesser extent, foreign tax credits for which we were unable to recognize a tax benefit.

Noncontrolling Interests

Net income attributable to noncontrolling interests was as follows (in millions):

Net income from continuing operations attributable to noncontrolling interests

The decrease in net income from continuing operations attributable to noncontrolling interests was primarily due to higher losses at Shanghai Disney Resort, partially offset by higher results at ESPN.

Net income attributable to noncontrolling interests is determined on income after royalties and management fees, financing costs and income taxes, as applicable.

FULL YEAR CASH FLOW STATEMENT INFORMATION

Cash provided by operations and free cash flow were as follows (in millions):

Cash provided by operations

Investments in parks, resorts and other property

Free cash flow (1)

Free cash flow is not a financial measure defined by GAAP. See the discussion on pages 12 through 15.

Cash provided by operations for fiscal 2022 increased by $0.4 billion from $5.6 billion in the prior year to $6.0 billion in the current year. The increase was due to higher operating income and, to a lesser extent, lower tax payments and pension contributions. These increases were partially offset by the comparison to a net working capital benefit in the prior year, which reflected the resumption of our businesses following COVID-19-related shutdowns, higher net spending for film and television content and, to a lesser extent, a partial payment for the Content License Early Termination in fiscal 2022.

Capital Expenditures and Depreciation Expense

Investments in parks, resorts and other property were as follows (in millions):

Disney Media and Entertainment Distribution

Disney Parks, Experiences and Products

Total Disney Parks, Experiences and Products

Total investments in parks, resorts and other property

Capital expenditures increased from $3.6 billion to $4.9 billion primarily due to higher spending at Disney Parks, Experiences and Products on cruise ship fleet expansion. The increase also reflected higher spending on corporate facilities.

Depreciation expense was as follows (in millions):

Disney Media and Entertainment Distribution

Disney Parks, Experiences and Products

Total Disney Parks, Experiences and Products

Total depreciation expense

DTC PRODUCT DESCRIPTIONS AND KEY DEFINITIONS

In the U.S., Disney+, ESPN+ and Hulu SVOD Only are each offered as a standalone service or as a package that includes all three services (the SVOD Bundle). Effective December 21, 2021, Hulu Live TV + SVOD includes Disney+ and ESPN+ (the new Hulu Live TV + SVOD offering), whereas previously, Hulu Live TV + SVOD was offered as a standalone service or with Disney+ and ESPN+ as optional additions (the old Hulu Live TV + SVOD offering). Effective March 15, 2022, Hulu SVOD Only is also offered with Disney+ as an optional add-on. Disney+ is available in more than 150 countries and territories outside the U.S. and Canada. In India and certain other Southeast Asian countries, the service is branded Disney+ Hotstar. In certain Latin American countries, we offer Disney+ as well as Star+, a general entertainment SVOD service, which is available on a standalone basis or together with Disney+ (Combo+). Depending on the market, our services can be purchased on our websites, through third-party platforms/apps or via wholesale arrangements.

Paid subscribers reflect subscribers for which we recognized subscription revenue. Subscribers cease to be a paid subscriber as of their effective cancellation date or as a result of a failed payment method. Subscribers to the SVOD Bundle are counted as a paid subscriber for each service included in the SVOD Bundle and subscribers to the Hulu Live TV + SVOD offerings are counted as one paid subscriber for each of the Hulu Live TV + SVOD, Disney+ and ESPN+ offerings. A Hulu SVOD Only subscriber that adds Disney+ is counted as one paid subscriber for each of the Hulu SVOD Only and Disney+ offerings. In Latin America, if a subscriber has either the standalone Disney+ or Star+ service or subscribes to Combo+, the subscriber is counted as one Disney+ paid subscriber. Subscribers include those who receive a service through wholesale arrangements including those for which we receive a fee for the distribution of the service to each subscriber of an existing content distribution tier. When we aggregate the total number of paid subscribers across our DTC streaming services, we refer to them as paid subscriptions.

International Disney+ (excluding Disney+ Hotstar)

International Disney+ (excluding Disney+ Hotstar) includes the Disney+ service outside the U.S. and Canada and the Star+ service in Latin America.

Average Monthly Revenue Per Paid Subscriber

Average monthly revenue per paid subscriber is calculated based on the average of the monthly average paid subscribers for each month in the period. The monthly average paid subscribers is calculated as the sum of the beginning of the month and end of the month paid subscriber count, divided by two. Disney+ average monthly revenue per paid subscriber is calculated using a daily average of paid subscribers for the period. Revenue includes subscription fees, advertising (excluding revenue earned from selling advertising spots to other Company businesses) and premium and feature add-on revenue but excludes Premier Access and Pay-Per-View revenue. The average revenue per paid subscriber is net of discounts on offerings that carry more than one service. Revenue is allocated to each service based on the relative retail price of each service on a standalone basis. Revenue for the new Hulu Live TV + SVOD offering is allocated to the SVOD services based on the wholesale price of the SVOD Bundle. In general, wholesale arrangements have a lower average monthly revenue per paid subscriber than subscribers that we acquire directly or through third-party platforms.

NON-GAAP FINANCIAL MEASURES

This earnings release presents free cash flow, diluted EPS excluding certain items, and total segment operating income, all of which are important financial measures for the Company, but are not financial measures defined by GAAP.

These measures should be reviewed in conjunction with the most comparable GAAP financial measures and are not presented as alternative measures of cash provided by continuing operations, diluted EPS or income from continuing operations before income taxes as determined in accordance with GAAP. Free cash flow, diluted EPS excluding certain items and total segment operating income as we have calculated them may not be comparable to similarly titled measures reported by other companies. See further discussion of total segment operating income on page 2.

The Company uses free cash flow (cash provided by continuing operations less investments in parks, resorts and other property), among other measures, to evaluate the ability of its operations to generate cash that is available for purposes other than capital expenditures. Management believes that information about free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments and pay dividends or repurchase shares.

The following table presents a summary of the Company’s consolidated cash flows (in millions):