The Walt Disney Company

Strong quarter + raised confidence in FY outlook (good) - Management called Q3 “excellent” with total company revenue up 7% YoY and total segment operating income up 21% vs prior guidance. - Disney Experiences: Q3 record revenue ~ $10B, with global guests +4% YoY, domestic parks attendance +3%, and per-capita spending +4%. - Platform momentum: Disney+ and ESPN grew users/audiences (ESPN called out as delivering the most watched fiscal Q3 since 2016), reinforcing the “One Disney” flywheel thesis (cross-franchise coordination driving value).

Full-year expectations reiterated; Experiences OI growth expected at the high end (forecast) - Disney reiterated full-year outlook despite mixed box office outcomes cited in remarks. - For Experiences, Disney now expects high-end of prior high-single-digit OI growth guidance for FY’26 (excluding the 53rd week)—implying performance/returns still tracking above expectations. - Forward bookings for Walt Disney World and Disney Cruise Line were described as “healthy”.

Parks/Experiences capital plan: strong returns expected; pricing vs volume balanced (opportunity + how it’s managed) - Investors asked about future revenue growth/margin upside from $60B, 10-year parks CapEx and cruise growth; Disney emphasized: - Projects are greenlit with rigorous return expectations and strong guest-experience value. - Disney expects returns to remain strong; management explicitly pushed back on the idea of deteriorating returns as spending increases. - Pricing/discounts: Disney said new U.S. park discount programs are targeted to specific guest segments (value/local/flexibility) and not evidence of broad weakness: - Claimed not “discounting our way” to volume growth given domestic per-cap spending +4% and domestic attendance +3% in Q3. - Cruise capacity expansion cited as contributing to results (including Disney Destiny and Disney Adventure).