沃尔特迪士尼公司（NYSE：DIS）公布了2025财年第一季度的收入，比去年同期增长了5%，达到247亿美元，超出了分析师共识的246.2亿美元。调整后的每股收益为1.76美元，超出了分析师共识的1.45美元。 迪士尼本季度末的Disney+核心用户和Hulu用户总数为1.78亿，其中Disney+核心付费用户为1.25亿，比上一季度减少了70万。 细分领域方面，娱乐部门收入（包括传统电视网络、直销流媒体和电影）同比增长9%，达到108.7亿美元。体育部门收入（主要包括ESPN）与去年持平，为48.5亿美元。体验部门收入（包括迪士尼的主题公园和消费品）同比增长3%，达到94.2亿美元。 在娱乐部门中，线性网络收入同比下降7%，至26.2亿美元；直销流媒体收入同比增长9%，至60.7亿美元；内容销售/许可及其他收入同比增长34%，至21.8亿美元。直销流媒体业务的盈利能力有所提高，本季度营收为60.7亿美元（同比增长9%），营业收入为2.93亿美元。 "海洋奇缘2"和"狮子王"帮助推动了本季度内容销售/许可及其他的运营收入达到3.12亿美元。 国内Disney+客户的平均每用户收入从9月28日季度的7.2美元上升到7.55美元，主要由于更多客户选择了较便宜的广告支持套餐。 合并运营收入同比增长31%，达到50.6亿美元，其中娱乐部门为17亿美元，体育部门为2.47亿美元，体验部门为31.1亿美元。 迪士尼产生了季度运营现金流32.1亿美元（同比增长47%）和自由现金流7.39亿美元（同比下降17%）。 首席执行官罗伯特·艾格表示，其工作室在票房表现出色，拥有2024年的前三大电影；娱乐直销流媒体业务的盈利增长以及在Disney+添加ESPN板块。 展望方面，2025财年迪士尼重申调整后每股收益（EPS）将实现较2024年高个位数增长，分析师共识为5.41美元。公司目标是产生约150亿美元的运营现金流。 公司预计2025财年娱乐部门的运营收入将实现两位数增长，直销流媒体运营收入将增加约8.75亿美元。公司预计其体验部门在2025财年将实现6%-8%的运营收入增长，并预计体育部门在2025财年将增长13%。 迪士尼股票在周三盘前下跌0.88%，至112.30美元。

以上内容来自Benzinga Earnings专栏，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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