August 9, 2023
THE WALT DISNEY COMPANY REPORTS
THIRD QUARTER AND NINE MONTHS EARNINGS FOR FISCAL 2023
BURBANK, Calif. – The Walt Disney Company today reported earnings for its third quarter and nine
months ended July 1, 2023.
• Revenues for the quarter and nine months grew 4% and 8%, respectively.
• Diluted earnings per share (EPS) from continuing operations for the quarter was a loss of $0.25
compared to income of $0.77 in the prior-year quarter.
• Excluding certain items
(1)
, diluted EPS for the quarter was $1.03, down from $1.09 in the prior-
year quarter.
• EPS from continuing operations for the nine months ended July 1, 2023 decreased to $1.14 from
$1.66 in the prior-year period.
• Excluding certain items
(1)
, diluted EPS for the nine months ended July 1, 2023 decreased to $2.94
from $3.22 in the prior-year period.
“Our results this quarter are reflective of what we’ve accomplished through the unprecedented
transformation we’re undertaking at Disney to restructure the company, improve efficiencies, and restore
creativity to the center of our business,” said Robert A. Iger, Chief Executive Officer, The Walt Disney
Company. “In the eight months since my return, these important changes are creating a more cost-
effective, coordinated, and streamlined approach to our operations that has put us on track to exceed our
initial goal of $5.5 billion in savings as well as improved our direct-to-consumer operating income by
roughly $1 billion in just three quarters. While there is still more to do, I’m incredibly confident in
Disney’s long-term trajectory because of the work we’ve done, the team we now have in place, and
because of Disney’s core foundation of creative excellence and popular brands and franchises.”
The following table summarizes the third quarter results for fiscal 2023 and 2022 (in millions, except
per share amounts):
Quarter Ended Nine Months Ended
July 1,
2023
July 2,
2022 Change
July 1,
2023
July 2,
2022 Change
Revenues $ 22,330 $ 21,504 4 % $ 67,657 $ 62,572 8 %
Income (loss) from continuing
operations before income taxes
$ (134) $ 2,119 nm $ 3,762 $ 4,909 (23) %
Total segment operating income
(1)
$ 3,559 $ 3,567 — % $ 9,887 $ 10,524 (6) %
Net income (loss) from continuing
operations
(2)
$ (460) $ 1,409 nm $ 2,090 $ 3,031 (31) %
Diluted EPS from continuing
operations
(2)
$ (0.25) $ 0.77 nm $ 1.14 $ 1.66 (31) %
Diluted EPS excluding certain
items
(1)
$ 1.03 $ 1.09 (6) % $ 2.94 $ 3.22 (9) %
Cash provided by continuing
operations
$ 2,802 $ 1,922 46 % $ 5,064 $ 3,478 46 %
Free cash flow
(1)
$ 1,637 $ 187 >100 % $ 1,469 $ (317) nm
(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 11 through 14 for how we define and calculate these measures and a reconciliation thereof to the most
directly comparable GAAP measures.
(2)
Reflects amounts attributable to shareholders of The Walt Disney Company, i.e. after deduction of income attributable
to noncontrolling interests.
FOR IMMEDIATE RELEASE
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