WALT DISNEY CO filed this 8-K on 10/18/2023
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Walt Disney Co (Form: 8-K, Received: 10/18/2023 17:01:36)
falseWALT DISNEY CO/000174448900017444892023-10-182023-10-18

________________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 18, 2023
The Walt Disney Company
(Exact name of registrant as specified in its charter)
Delaware001-3884283-0940635
(State or other jurisdiction (Commission File Number)(IRS Employer
of incorporation)Identification No.)
 
500 South Buena Vista Street
Burbank, California 91521
(Address of Principal Executive Offices and Zip Code)

(818) 560-1000
(Registrant’s telephone number, including area code)

Not applicable
(Former name or address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueDISNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

________________________________________________________________________


Item 7.01 Regulation FD Disclosure    
This document provides summary recast segment financial information for the nine months ended July 1, 2023, fiscal year 2022 and fiscal year 2021 to reflect the following changes (which have no impact on our historically reported net income or earnings per share):
Media and Entertainment Reorganization
In February 2023, the Company announced that, to restore creativity to the center of our business, we will reorganize our media and entertainment businesses, which have been previously reported in one segment, Disney Media and Entertainment Distribution. As a result of the reorganization, effective with the fourth quarter of fiscal 2023, the financial results of the media and entertainment businesses will be reported in two segments, Entertainment and Sports, thereby providing increased transparency by giving incremental detail on our linear networks and sports businesses.
Consumer Products Revenue Share
Under our new segment financial reporting, the Entertainment segment will receive an intersegment allocation of revenues from the consumer products business, which is included in the Experiences segment (renamed from Disney Parks, Experiences and Products). This revenue allocation, which is now consistent with the approach taken prior to our last segment reporting changes in 2020, is meant to reflect royalties on merchandise licensing revenues generated on intellectual property (IP) created by the Entertainment segment, more consistent with certain of our industry peers and reflective of the value this IP brings to our consumer products business.
The information contained in this Item 7.01, including Exhibit 99.1 incorporated herein by reference, is furnished and shall not be deemed to be filed for purposes of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits

(d) Exhibits
Exhibit
Number		Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)





Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 The Walt Disney Company
By: /s/ Brent A. Woodford
 Brent A. Woodford
 Executive Vice President
Controllership, Financial Planning and Tax
Dated: October 18, 2023



Exhibit 99.1

SEGMENT REPORTING CHANGES
This document provides summary recast segment financial information for the nine months ended July 1, 2023, fiscal year 2022 and fiscal year 2021 to reflect the following changes (which have no impact on our historically reported net income or earnings per share):
Media and Entertainment Reorganization
In February 2023, the Company announced that, to restore creativity to the center of our business, we will reorganize our media and entertainment businesses, which have been previously reported in one segment, Disney Media and Entertainment Distribution. As a result of the reorganization, effective with the fourth quarter of fiscal 2023, the financial results of the media and entertainment businesses will be reported in two segments, Entertainment and Sports, thereby providing increased transparency by giving incremental detail on our linear networks and sports businesses.
Consumer Products Revenue Share
Under our new segment financial reporting, the Entertainment segment will receive an intersegment allocation of revenues from the consumer products business, which is included in the Experiences segment (renamed from Disney Parks, Experiences and Products). This revenue allocation, which is now consistent with the approach taken prior to our last segment reporting changes in 2020, is meant to reflect royalties on merchandise licensing revenues generated on intellectual property (IP) created by the Entertainment segment, more consistent with certain of our industry peers and reflective of the value this IP brings to our consumer products business.
TABLE OF CONTENTS
Page
• Significant Operations and Major Revenue and Expense Categories by Segment
2 - 4
• Summary of Segment Reporting Changes
5 - 6
• Summary Recast Quarterly Segment Results for the nine months ended July 1, 2023 and fiscal year 2022
7 - 14
1

SIGNIFICANT OPERATIONS AND MAJOR REVENUE AND EXPENSE CATEGORIES BY SEGMENT
Entertainment
The Entertainment segment generally encompasses the Company’s non-sports focused global film, television and direct-to-consumer (DTC) video streaming content production and distribution activities.
The significant lines of business within Entertainment are as follows:
•Linear Networks
◦Domestic: ABC Television Network (ABC Network); Disney, Freeform, FX and National Geographic (owned 73% by the Company) branded television channels; and eight owned ABC television stations
◦International: Disney, Fox (will rebranded in fiscal 2024), FX, National Geographic (owned 73% by the Company) and Star branded general entertainment television networks outside of the U.S.
◦A 50% equity investment in A+E Television Networks (A+E), which operates cable channels including A&E, HISTORY and Lifetime
•Direct-to-Consumer includes the following DTC services:
◦Disney+ (including Star+ in Latin America, which includes general entertainment and sports programming)
◦Hulu (owned 67% by the Company and 33% by NBC Universal)
◦Disney+ Hotstar, which includes general entertainment and sports programming
•Content Sales/Licensing
◦Sale/licensing of film and television content to third-party television and subscription/advertising video-on-demand (TV/SVOD) services
◦Theatrical distribution
◦Staging and licensing of live entertainment events on Broadway and around the world
◦Home entertainment distribution: DVD and Blu-ray discs, electronic home video licenses and video-on-demand (VOD) rentals
◦Intersegment allocation of revenues from the Experiences segment, which is meant to reflect royalties on consumer products merchandise licensing revenues generated on intellectual property (“IP”) created by the Entertainment segment
◦Music distribution
◦Post-production services by Industrial Light & Magic and Skywalker Sound
Entertainment also includes the following activities that are reported with Content Sales/Licensing:
◦National Geographic magazine and online business
◦A 30% ownership interest in Tata Play Limited, which operates a direct-to-home satellite distribution platform in India
The significant revenues of Entertainment are as follows:
•Affiliate Fees - Fees charged to multi-channel video programming distributors (i.e. cable, satellite, telecommunications and digital over-the-top (e.g. YouTube TV) service providers) (MVPDs) for the right to deliver our programming to their customers. Linear Networks also generates revenues from fees charged to television stations affiliated with ABC Network.
•Subscription Fees - Fees charged to customers/subscribers for our DTC streaming services
•Advertising - Sales of advertising time/space
•TV/SVOD distribution - Licensing fees and other revenue for the right to use our film and television content
•Theatrical distribution - Rentals from licensing our film productions to theaters
•Home entertainment distribution - Sales and rentals of our film and television content to retailers and through distributors
•Other revenue - Revenues from licensing our music, ticket sales from stage play performances, fees from licensing our IP for use in stage plays, sales of post-production services and the allocation of consumer products merchandise licensing revenues
2

The significant expenses of Entertainment are as follows:
•Operating expenses, consisting primarily of programming and production costs, technical support costs, operating labor, distribution costs and costs of sales. Programming and production costs include the following:
◦Amortization of capitalized production costs
◦Amortization of licensed programming rights
◦Subscriber-based fees for programming our Hulu Live service, including fees paid by Hulu to the Sports segment and other Entertainment segment businesses for the right to air their linear networks on Hulu Live
◦Production costs related to live programming (primarily news)
◦Amortization of participations and residual obligations
◦Fees paid to the Sports segment to program ESPN on ABC and certain sports content on Star+
•Selling, general and administrative costs, including marketing costs
•Depreciation and amortization
Sports
The Sports segment generally encompasses the Company’s sports-focused global television and DTC video streaming content production and distribution activities.
The significant lines of business within Sports are as follows:
•ESPN (generally owned 80% by the Company)
◦Domestic:
▪Eight ESPN branded television channels
▪ESPN on ABC (sports programmed on the ABC Network by ESPN)
▪ESPN+ DTC video streaming service
◦International: ESPN branded channels outside of the U.S.
•Star: Star-branded sports channels in India
The significant revenues of Sports are as follows:
•Affiliate Fees
•Advertising
•Subscription Fees
•Other revenue - Fees from the following activities: pay-per-view events on ESPN+, programming ESPN on ABC, sub-licensing of sports rights, and licensing the ESPN brand
The significant expenses of Sports are as follows:
•Operating expenses, consisting primarily of programming and production costs, technical support costs, operating labor and distribution costs. Programming and production costs include amortization of licensed sports rights and production costs related to live sports and other sports-related programming.
•Selling, general and administrative costs, including marketing costs
•Depreciation and amortization
Experiences
The significant lines of business within Experiences are as follows:
•Parks & Experiences:
◦Domestic:
▪Theme parks and resorts:
•Walt Disney World Resort in Florida
•Disneyland Resort in California
▪Various other lines of business including: Disney Cruise Line, Disney Vacation Club, National Geographic Expeditions (owned 73% by the Company), Adventures by Disney and Aulani, a Disney Resort & Spa in Hawaii
3

◦International:
▪Theme parks and resorts:
•Disneyland Paris
•Hong Kong Disneyland Resort (48% ownership interest and consolidated in our financial results)
•Shanghai Disney Resort (43% ownership interest and consolidated in our financial results)
•In addition, the Company licenses its IP to a third party to operate Tokyo Disney Resort
•Consumer Products:
◦Licensing of our trade names, characters, visual, literary and other IP to various manufacturers, game developers, publishers and retailers throughout the world, for use on merchandise, published materials and games
◦Sale of branded merchandise through retail, online and wholesale businesses, and development and publishing of books, comic books and magazines (except National Geographic magazine, which is reported in Entertainment)
The significant revenues of Experiences are as follows:
•Theme park admissions - Sales of tickets for admission to our theme parks and for premium access to certain attractions (e.g. Genie+ and Lightning Lane)
•Parks & Experiences merchandise, food and beverage - Sales of merchandise, food and beverages at our theme parks and resorts and cruise ships
•Resorts and vacations - Sales of room nights at hotels, sales of cruise and other vacations and sales and rentals of vacation club properties
•Merchandise licensing and retail:
◦Merchandise licensing - Royalties from licensing our IP for use on consumer goods
◦Retail - Sales of merchandise at internet shopping sites generally branded shopDisney and at The Disney Store, as well as to wholesalers (including books, comic books and magazines)
•Parks licensing and other - Revenues from sponsorships and co-branding opportunities, real estate rent and sales and royalties on Tokyo Disney Resort revenues
The significant expenses of Experiences are as follows:
•Operating expenses, consisting primarily of operating labor, costs of goods sold, infrastructure costs, supplies, commissions and entertainment offerings. Infrastructure costs include technology support costs, repairs and maintenance, property taxes, utilities and fuel, retail occupancy costs, insurance and transportation
•Selling, general and administrative costs, including marketing costs
•Depreciation and amortization
Eliminations
To reconcile segment revenues to total Company revenues, we eliminate certain transactions between the Sports segment and Entertainment segment and between Entertainment segment businesses, which reflect the following:
•Fees paid by Hulu to the Sports segment and other Entertainment segment businesses for the right to air their linear networks on Hulu Live
•Fees paid by the Entertainment segment to the Sports segment to program ESPN on ABC and certain sports content on Star+

4

SUMMARY OF SEGMENT REPORTING CHANGES
The following tables present reconciliations of previously reported segment results to the recast segment results reflecting (1) the reorganization of media and entertainment businesses into the Entertainment and Sports segments and (2) an intersegment allocation of revenues from consumer products.
The reconciliation of previously reported segment results for the nine months ended July 1, 2023 to the recast segment results for the nine months ended July 1, 2023 is as follows:
(unaudited; in millions)As Originally Reported
Reorganization of Media and Entertainment Businesses
Intersegment Allocation of Revenue from Consumer Products
Eliminations
As Recast
Revenues:
Entertainment(1)
Linear Networks
$20,608 $(11,535)$— $— $9,073 
Direct-to-Consumer16,346 (1,496)— — 14,850 
Content Sales/Licensing and Other6,739 — 449 — 7,188 
Eliminations
(874)— — 874 — 
Entertainment(1)
42,819 (13,031)449 874 31,111 
Sports
— 13,031 — 170 13,201 
Experiences(2)
24,838 — (449)— 24,389 
Eliminations
— — — (1,044)(1,044)
Segment operating income (loss):
Entertainment(1)
Linear Networks
$4,972 $(1,658)$— $— $3,314 
Direct-to-Consumer(2,224)148 — — (2,076)
Content Sales/Licensing and Other(505)26 449 — (30)
Entertainment(1)
2,243 (1,484)449 — 1,208 
Sports
— 1,484 — — 1,484 
Experiences(2)
7,644 — (449)— 7,195 
(1)Originally reported as Disney Media and Entertainment Distribution
(2)Originally reported as Disney Parks, Experiences and Products
5

The reconciliation of previously reported segment results for fiscal year 2022 to the recast segment results for fiscal year 2022 is as follows:
(unaudited; in millions)As Originally Reported
Reorganization of Media and Entertainment Businesses
Intersegment Allocation of Revenue from Consumer Products
Eliminations
As Recast
Revenues:
Entertainment(1)
Linear Networks
$28,346 $(15,518)$— $— $12,828 
Direct-to-Consumer19,558 (1,583)— — 17,975 
Content Sales/Licensing and Other8,146 — 620 — 8,766 
Eliminations(1,010)— — 1,010 — 
Entertainment(1)
55,040 (17,101)620 1,010 39,569 
Sports
— 17,101 — 169 17,270 
Experiences(2)
28,705 — (620)— 28,085 
Eliminations
— — — (1,179)(1,179)
Segment operating income (loss):
Entertainment(1)
Linear Networks
$8,518 $(3,320)$— $— $5,198 
Direct-to-Consumer(4,015)591 — — (3,424)
Content Sales/Licensing and Other(287)19 620 — 352 
Entertainment(1)
4,216 (2,710)620 — 2,126 
Sports
— 2,710 — — 2,710 
Experiences(2)
7,905 — (620)— 7,285 
(1)Originally reported as Disney Media and Entertainment Distribution
(2)Originally reported as Disney Parks, Experiences and Products
The reconciliation of previously reported segment results for fiscal year 2021 to the recast segment results for fiscal year 2021 is as follows:
(unaudited; in millions)As Originally Reported
Reorganization of Media and Entertainment Businesses
Intersegment Allocation of Revenue from Consumer Products
Eliminations
As Recast
Revenues:
Entertainment(1)
Linear Networks
$28,093 $(14,577)$— $— $13,516 
Direct-to-Consumer16,319 (1,283)— — 15,036 
Content Sales/Licensing and Other7,346 — 591 — 7,937 
Eliminations(892)— — 892 — 
Entertainment(1)
50,866 (15,860)591 892 36,489 
Sports
— 15,860 — 100 15,960 
Experiences(2)
16,552 — (591)— 15,961 
Eliminations
— — — (992)(992)
Segment operating income (loss):
Entertainment(1)
Linear Networks
$8,407 $(3,136)$— $— $5,271 
Direct-to-Consumer(1,679)427 — — (1,252)
Content Sales/Licensing and Other567 19 591 — 1,177 
Entertainment(1)
7,295 (2,690)591 — 5,196 
Sports
— 2,690 — — 2,690 
Experiences(2)
471 — (591)— (120)
(1)Originally reported as Disney Media and Entertainment Distribution
(2)Originally reported as Disney Parks, Experiences and Products
6

SUMMARY RECAST QUARTERLY SEGMENT RESULTS FOR THE NINE MONTHS ENDED JULY 1, 2023
The following is a summary of quarterly segment revenues and operating income (loss) presented under the new segment reporting structure for the nine months ended July 1, 2023:
Quarter Ended
Nine Months Ended July 1, 2023
(unaudited; in millions)
Dec. 31, 2022
April 1, 2023
July 1, 2023
Revenues:
Entertainment
$10,675 $10,309 $10,127 $31,111 
Sports
4,640 4,226 4,335 13,201 
Experiences
8,545 7,646 8,198 24,389 
Eliminations
(348)(366)(330)(1,044)
Segment operating income (loss):
Entertainment
$345 $455 $408 $1,208 
Sports
(164)794 854 1,484 
Experiences
2,862 2,036 2,297 7,195 
Entertainment
Revenue and operating income (loss) for the Entertainment segment are as follows:
Quarter Ended
Nine Months Ended July 1, 2023
(unaudited; in millions)
Dec. 31, 2022
April 1, 2023
July 1, 2023
Revenues:
Linear Networks
$3,202 $2,999 $2,872 $9,073 
Direct-to-Consumer4,822 4,983 5,045 14,850 
Content Sales/Licensing and Other2,651 2,327 2,210 7,188 
$10,675 $10,309 $10,127 $31,111 
Operating income (loss):
Linear Networks
$1,330 $959 $1,025 $3,314 
Direct-to-Consumer(984)(587)(505)(2,076)
Content Sales/Licensing and Other(1)83 (112)(30)
$345 $455 $408 $1,208 
Operating results for Linear Networks are as follows: 
Quarter Ended
Nine Months Ended July 1, 2023
(unaudited; in millions)
Dec. 31, 2022
April 1, 2023
July 1, 2023
Revenues:
Affiliate fees
$1,873 $1,925 $1,833 $5,631 
Advertising1,267 1,031 1,005 3,303 
Other62 43 34 139 
Total revenues
3,202 2,999 2,872 9,073 
Operating expenses(1,462)(1,515)(1,331)(4,308)
Selling, general, administrative and other(591)(672)(677)(1,940)
Depreciation and amortization(12)(12)(15)(39)
Equity in the income of investees193 159 176 528 
Operating income$1,330 $959 $1,025 $3,314 
7

Operating results for Direct-to-Consumer are as follows: 
Quarter Ended
Nine Months Ended July 1, 2023
(unaudited; in millions)
Dec. 31, 2022
April 1, 2023
July 1, 2023
Revenues:
Subscription fees$3,861 $4,225 $4,157 $12,243 
Advertising866 706 839 2,411 
TV/SVOD distribution and other95 52 49 196 
Total revenues
4,822 4,983 5,045 14,850 
Operating expenses
(4,623)(4,530)(4,490)(13,643)
Selling, general, administrative and other(1,087)(955)(991)(3,033)
Depreciation and amortization(96)(85)(69)(250)
Operating loss$(984)$(587)$(505)$(2,076)
Operating results for Content Sales/Licensing and Other are as follows: 
Quarter Ended
Nine Months Ended July 1, 2023
(unaudited; in millions)
Dec. 31, 2022
April 1, 2023
July 1, 2023
Revenues:
TV/SVOD distribution$713 $790 $560 $2,063 
Theatrical distribution1,140 767 838 2,745 
Home entertainment distribution
185 202 252 639 
Other613 568 560 1,741 
Total revenues
2,651 2,327 2,210 7,188 
Operating expenses(1,850)(1,612)(1,469)(4,931)
Selling, general, administrative and other(722)(550)(752)(2,024)
Depreciation and amortization(80)(83)(99)(262)
Equity in the income (loss) of investees
— 1 (2)(1)
Operating income (loss)$(1)$83 $(112)$(30)
Sports
Operating results for the Sports segment are as follows: 
Quarter Ended
Nine Months Ended July 1, 2023
(unaudited; in millions)
Dec. 31, 2022
April 1, 2023
July 1, 2023
Revenues:
Affiliate fees
$2,653 $2,766 $2,633 $8,052 
Advertising1,262 781 1,153 3,196 
Subscription fees379 380 380 1,139 
Other346 299 169 814 
Total revenues
4,640 4,226 4,335 13,201 
Operating expenses(4,501)(3,072)(3,164)(10,737)
Selling, general, administrative and other(296)(357)(312)(965)
Depreciation and amortization(10)(19)(25)(54)
Equity in the income of investees3 16 20 39 
Operating income (loss)
$(164)$794 $854 $1,484 
8

The following table provides supplemental revenue and operating income (loss) detail for Sports:
Quarter EndedNine Months Ended July 1, 2023
(unaudited; in millions)Dec. 31, 2022April 1, 2023July 1, 2023
Supplemental revenue detail
ESPN
Domestic$4,049 $3,733 $3,708 $11,490 
International358 366 350 1,074 
4,407 4,099 4,058 12,564 
Star (India)
233 127 277 637 
$4,640 $4,226 $4,335 $13,201 
Supplemental operating income (loss) detail
ESPN
Domestic$(41)$858 $1,077 $1,894 
International3 19 (27)(5)
(38)877 1,050 1,889 
Star (India)
(129)(99)(216)(444)
Equity in the income of investees3 16 20 39 
$(164)$794 $854 $1,484 
Experiences
Operating results for the Experiences segment are as follows: 
Quarter Ended
Nine Months Ended July 1, 2023
(unaudited; in millions)
Dec. 31, 2022
April 1, 2023
July 1, 2023
Revenues:
Theme park admissions$2,641 $2,428 $2,731 $7,800 
Parks & Experiences merchandise, food and beverage1,980 1,903 1,963 5,846 
Resorts and vacations
1,980 1,949 1,990 5,919 
Merchandise licensing and retail1,355 881 1,010 3,246 
Parks licensing and other589 485 504 1,578 
Total revenues
8,545 7,646 8,198 24,389 
Operating expenses(4,139)(4,106)(4,279)(12,524)
Selling, general, administrative and other(899)(853)(900)(2,652)
Depreciation and amortization(643)(651)(722)(2,016)
Equity in the income (loss) of investees
(2)— — (2)
Operating income
$2,862 $2,036 $2,297 $7,195 

9

The following table provides supplemental revenue and operating income detail for Experiences:
Quarter EndedNine Months Ended July 1, 2023
(unaudited; in millions)Dec. 31, 2022April 1, 2023July 1, 2023
Supplemental revenue detail
Parks & Experiences
Domestic$6,072 $5,572 $5,649 $17,293 
International1,094 1,184 1,532 3,810 
Consumer Products
1,379 890 1,017 3,286 
$8,545 $7,646 $8,198 $24,389 
Supplemental operating income detail
Parks & Experiences
Domestic$2,113 $1,519 $1,436 $5,068 
International79 156 428 663 
Consumer Products
670 361 433 1,464 
$2,862 $2,036 $2,297 $7,195 
SUMMARY RECAST FISCAL 2022 QUARTERLY SEGMENT RESULTS
The following is a summary of quarterly fiscal 2022 segment revenues and operating income (loss) presented under the new segment reporting structure:
Quarter Ended
Year Ended Oct. 1, 2022
(unaudited; in millions)
Jan. 1,
2022
April 2, 2022
July 2, 2022
October 1, 2022
Revenues:
Entertainment
$10,348 $9,890 $10,037 $9,294 $39,569 
Sports
4,678 4,215 4,477 3,900 17,270 
Experiences
7,082 6,505 7,245 7,253 28,085 
Eliminations
(289)(338)(255)(297)(1,179)
Segment operating income (loss):
Entertainment
$1,273 $880 $581 $(608)$2,126 
Sports
(313)1,211 949 863 2,710 
Experiences
2,298 1,608 2,037 1,342 7,285 
10

Entertainment
Revenue and operating income (loss) for the Entertainment segment are as follows:
Quarter Ended
Year Ended Oct. 1, 2022
(unaudited; in millions)
Jan. 1,
2022
April 2, 2022
July 2, 2022
October 1, 2022
Revenues:
Linear Networks
$3,440 $3,368 $3,128 $2,892 $12,828 
Direct-to-Consumer4,323 4,509 4,649 4,494 17,975 
Content Sales/Licensing and Other2,585 2,013 2,260 1,908 8,766 
$10,348 $9,890 $10,037 $9,294 $39,569 
Operating income (loss):
Linear Networks
$1,604 $1,388 $1,400 $806 $5,198 
Direct-to-Consumer(388)(683)(947)(1,406)(3,424)
Content Sales/Licensing and Other57 175 128 (8)352 
$1,273 $880 $581 $(608)$2,126 
Operating results for Linear Networks are as follows: 
Quarter Ended
Year Ended Oct. 1, 2022
(unaudited; in millions)
Jan. 1,
2022
April 2, 2022
July 2, 2022
October 1, 2022
Revenues:
Affiliate fees
$1,937 $2,063 $1,915 $1,824 $7,739 
Advertising1,421 1,261 1,162 1,033 4,877 
Other82 44 51 35 212 
Total revenues
3,440 3,368 3,128 2,892 12,828 
Operating expenses(1,499)(1,533)(1,342)(1,403)(5,777)
Selling, general, administrative and other(560)(638)(574)(799)(2,571)
Depreciation and amortization(16)(15)(18)(16)(65)
Equity in the income of investees239 206 206 132 783 
Operating income$1,604 $1,388 $1,400 $806 $5,198 
Operating results for Direct-to-Consumer are as follows: 
Quarter Ended
Year Ended Oct. 1, 2022
(unaudited; in millions)
Jan. 1,
2022
April 2, 2022
July 2, 2022
October 1, 2022
Revenues:
Subscription fees$3,348 $3,614 $3,608 $3,608 $14,178 
Advertising947 858 991 818 3,614 
TV/SVOD distribution and other28 37 50 68 183 
Total revenues
4,323 4,509 4,649 4,494 17,975 
Operating expenses
(3,439)(3,897)(4,086)(4,219)(15,641)
Selling, general, administrative and other(1,189)(1,200)(1,425)(1,581)(5,395)
Depreciation and amortization(83)(95)(85)(100)(363)
Operating loss$(388)$(683)$(947)$(1,406)$(3,424)
11

Operating results for Content Sales/Licensing and Other are as follows: 
Quarter Ended
Year Ended Oct. 1, 2022
(unaudited; in millions)
Jan. 1,
2022
April 2, 2022
July 2, 2022
October 1, 2022
Revenues:
TV/SVOD distribution$1,106 $906 $883 $625 $3,520 
Theatrical distribution529 224 620 502 1,875 
Home entertainment distribution
385 305 201 192 1,083 
Other565 578 556 589 2,288 
Total revenues
2,585 2,013 2,260 1,908 8,766 
Operating expenses(1,629)(1,228)(1,415)(1,236)(5,508)
Selling, general, administrative and other(833)(533)(643)(601)(2,610)
Depreciation and amortization(69)(74)(76)(77)(296)
Equity in the income (loss) of investees
3 (3)2 (2)— 
Operating income (loss)$57 $175 $128 $(8)$352 
Sports
Operating results for the Sports segment are as follows: 
Quarter Ended
Year Ended Oct. 1, 2022
(unaudited; in millions)
Jan. 1,
2022
April 2, 2022
July 2, 2022
October 1, 2022
Revenues:
Affiliate fees
$2,678 $2,804 $2,670 $2,644 $10,796 
Advertising1,451 855 1,335 729 4,370 
Subscription fees250 273 281 309 1,113 
Other299 283 191 218 991 
Total revenues
4,678 4,215 4,477 3,900 17,270 
Operating expenses(4,681)(2,633)(3,205)(2,565)(13,084)
Selling, general, administrative and other(288)(362)(325)(466)(1,441)
Depreciation and amortization(25)(24)(20)(21)(90)
Equity in the income of investees3 15 22 15 55 
Operating income (loss)$(313)$1,211 $949 $863 $2,710 

12

The following table provides supplemental revenue and operating income (loss) detail for Sports:
Quarter Ended
Year Ended Oct. 1, 2022
(unaudited; in millions)
Jan. 1,
2022
April 2, 2022
July 2, 2022
October 1, 2022
Supplemental revenue detail
ESPN
Domestic$3,944 $3,629 $3,636 $3,427 $14,636 
International352 363 362 357 1,434 
4,296 3,992 3,998 3,784 16,070 
Star (India)
382 223 479 116 1,200 
$4,678 $4,215 $4,477 $3,900 $17,270 
Supplemental operating income (loss) detail
ESPN
Domestic$(286)$1,230 $1,020 $850 $2,814 
International78 20 (1)(19)78 
(208)1,250 1,019 831 2,892 
Star (India)
(108)(54)(92)17 (237)
Equity in the income of investees3 15 22 15 55 
$(313)$1,211 $949 $863 $2,710 
Experiences
Operating results for the Experiences segment are as follows: 
Quarter Ended
Year Ended Oct. 1, 2022
(unaudited; in millions)
Jan. 1,
2022
April 2, 2022
July 2, 2022
October 1, 2022
Revenues:
Theme park admissions$2,152 $1,973 $2,312 $2,165 $8,602 
Parks & Experiences merchandise, food and beverage1,626 1,515 1,688 1,750 6,579 
Resorts and vacations
1,445 1,451 1,805 1,709 6,410 
Merchandise licensing and retail1,411 1,017 1,026 1,155 4,609 
Parks licensing and other448 549 414 474 1,885 
Total revenues
7,082 6,505 7,245 7,253 28,085 
Operating expenses(3,451)(3,485)(3,729)(4,271)(14,936)
Selling, general, administrative and other(737)(809)(855)(1,002)(3,403)
Depreciation and amortization(593)(598)(622)(638)(2,451)
Equity in the loss of investees
(3)(5)(2)— (10)
Operating income
$2,298 $1,608 $2,037 $1,342 $7,285 

13

The following table provides supplemental revenue and operating income (loss) detail for Experiences:
Quarter Ended
Year Ended Oct. 1, 2022
(unaudited; in millions)
Jan. 1,
2022
April 2, 2022
July 2, 2022
October 1, 2022
Supplemental revenue detail
Parks & Experiences
Domestic$4,800 $4,898 $5,423 $5,010 $20,131 
International861 574 788 1,074 3,297 
Consumer Products
1,421 1,033 1,034 1,169 4,657 
$7,082 $6,505 $7,245 $7,253 $28,085 
Supplemental operating income (loss) detail
Parks & Experiences
Domestic$1,555 $1,385 $1,651 $741 $5,332 
International21 (268)(64)74 (237)
Consumer Products
722 491 450 527 $2,190 
$2,298 $1,608 $2,037 $1,342 $7,285 
14
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