Overview
- Fourth‑quarter revenue was about $22.46–$22.5 billion versus a $22.75 billion consensus, with adjusted EPS of $1.11 topping forecasts as total segment operating income fell 5% to $3.5 billion.
- Direct‑to‑consumer revenue rose 8% to roughly $6.25 billion, operating income increased 39% to $352 million, and Disney+ and Hulu ended the quarter near 196 million combined subscribers after adding about 12.4–12.5 million.
- The Experiences segment delivered $8.77 billion in Q4 revenue (up 6%) and $1.88 billion in operating income (up 13%), helping drive a record ~$10.0 billion in full‑year operating income.
- Linear TV weakened further, with domestic networks revenue down 16% and operating income down 21% to $391 million, while content sales/licensing fell 26% and posted a $52 million operating loss on difficult comparisons.
- The board lifted the annual dividend to $1.50 and doubled fiscal 2026 share repurchases to $7 billion as Disney reaffirmed double‑digit adjusted EPS growth targets for 2026 and 2027, with the YouTube TV carriage dispute still unresolved.