沃爾特迪士尼公司（NYSE：DIS）公佈了2025財年第一季度的收入，比去年同期增長了5%，達到247億美元，超出了分析師共識的246.2億美元。調整後的每股收益爲1.76美元，超出了分析師共識的1.45美元。 迪士尼本季度末的Disney+核心用戶和Hulu用戶總數爲1.78億，其中Disney+核心付費用戶爲1.25億，比上一季度減少了70萬。 細分領域方面，娛樂部門收入（包括傳統電視網絡、直銷流媒體和電影）同比增長9%，達到108.7億美元。體育部門收入（主要包括ESPN）與去年持平，爲48.5億美元。體驗部門收入（包括迪士尼的主題公園和消費品）同比增長3%，達到94.2億美元。 在娛樂部門中，線性網絡收入同比下降7%，至26.2億美元；直銷流媒體收入同比增長9%，至60.7億美元；內容銷售/許可及其他收入同比增長34%，至21.8億美元。直銷流媒體業務的盈利能力有所提高，本季度營收爲60.7億美元（同比增長9%），營業收入爲2.93億美元。 "海洋奇緣2"和"獅子王"幫助推動了本季度內容銷售/許可及其他的運營收入達到3.12億美元。 國內Disney+客戶的平均每用戶收入從9月28日季度的7.2美元上升到7.55美元，主要由於更多客戶選擇了較便宜的廣告支持套餐。 合併運營收入同比增長31%，達到50.6億美元，其中娛樂部門爲17億美元，體育部門爲2.47億美元，體驗部門爲31.1億美元。 迪士尼產生了季度運營現金流32.1億美元（同比增長47%）和自由現金流7.39億美元（同比下降17%）。 首席執行官羅伯特·艾格表示，其工作室在票房表現出色，擁有2024年的前三大電影；娛樂直銷流媒體業務的盈利增長以及在Disney+添加ESPN板塊。 展望方面，2025財年迪士尼重申調整後每股收益（EPS）將實現較2024年高個位數增長，分析師共識爲5.41美元。公司目標是產生約150億美元的運營現金流。 公司預計2025財年娛樂部門的運營收入將實現兩位數增長，直銷流媒體運營收入將增加約8.75億美元。公司預計其體驗部門在2025財年將實現6%-8%的運營收入增長，並預計體育部門在2025財年將增長13%。 迪士尼股票在週三盤前下跌0.88%，至112.30美元。

以上內容來自Benzinga Earnings專欄，原文如下：

Walt Disney Co (NYSE: DIS) reported fiscal first-quarter 2025 revenue growth of 5% year-on-year to $24.70 billion, beating the analyst consensus of $24.62 billion. Adjusted EPS of $1.76 beat the analyst consensus of $1.45.

Disney ended the quarter with 178 million Disney+ Core and Hulu subscriptions and 125 million Disney+ Core paid subscribers, a decrease of 0.7 million over the prior quarter.

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Segments: Entertainment revenue (which encompasses traditional TV networks, direct-to-consumer streaming, and films) increased by 9% year over year to $10.87 billion.

Sports revenue (mostly comprised of ESPN) remained flat year over year at $4.85 billion. Experiences revenue (including Disney’s theme parks and consumer products) climbed 3% year over year to $9.42 billion.

In the Entertainment segment, Linear Networks revenue declined by 7% year over year to $2.62 billion, Direct-to-Consumer revenue climbed 9% year over year to $6.07 billion, and Content Sales/Licensing and Other revenue grew by 34% year over year to $2.18 billion.

The combined DTC streaming businesses improved their profitability with an operating income of $293 million on revenue of $6.07 billion (up by 9% year over year).

Moana 2 and Mufasa: The Lion King helped drive $312 million in operating income at Content Sales/Licensing and Other in the quarter.

The average revenue per user for domestic Disney+ customers increased from $7.20 during the September 28 quarter to $7.55 due to a higher mix of customers on its cheaper, ad-supported tier. 

The consolidated operating income grew 31% year over year to $5.06 billion, led by the Entertainment segment’s $1.70 billion, the Sports segment’s $247 million, and the Experiences segment’s $3.11 billion.

Disney generated a quarterly operating cash flow of $3.21 billion (up 47% year over year) and a free cash flow of $739 million (down 17% year over year).

CEO Robert A. Iger flagged outstanding box office performance from its studios, which had the top three movies of 2024, profitability boost of its Entertainment DTC streaming businesses, and the addition of ESPN tile on Disney+.

Outlook: For fiscal 2025, Disney reiterated high-single-digit growth in adjusted earnings per share (EPS) compared to 2024 versus a consensus of $5.41.

The company aims to generate around $15 billion in operating cash flow.

It expects double-digit growth in operating income for the Entertainment segment in fiscal 2025, with an increase in DTC operating income of around $875 million.

Disney expects its Experience segment to see operating income growth of 6%-8% in fiscal 2025.

The company expects its Sports segment to grow 13% in fiscal 2025.

Price Actions: DIS stock is down 0.88% at $112.30 premarket at the last check on Wednesday.

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