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$DIS | Disney Q2'26 Earnings Highlights
🔹 Revenue: $23.62B (Est. $23.14B) 🟢; UP +7% YoY
🔹 Adj. EPS: $1.45 (Est. $1.20) 🟢; UP +20% YoY
FY25 Guidance (Raise):
🔹 FY Adj. EPS: $5.75 (Est. $5.44) 🟢; UP +16% YoY
🔹 FY Operating Cash Flow: $17B (UP +$2B vs prior guidance)
🔹 Entertainment OI Growth: Double-digit %
🔹 Sports OI Growth: +18%
🔹 Experiences OI Growth: +6% to +8%
🔹 Disney Cruise Line pre-opening expenses: ~$200M (incl. $40M in Q3, $50M in Q4)
🔹 Equity loss from India JV: ~$300M
Segment Performance:
Entertainment Segment
🔸 Revenue: $10.68B; UP +9% YoY
🔹 Operating Income: $1.26B; UP +61% YoY
🔸 Linear Networks Revenue: $2.42B; DOWN -13% YoY
🔹 Domestic: $2.20B; DOWN -3% YoY
🔹 International: $223M; DOWN -55% YoY
🔸 Linear Networks Operating Income: $769M; UP +2% YoY
🔹 Domestic OI: $625M; UP +20% YoY
🔹 International OI: $15M; DOWN -84% YoY
🔸 Direct-to-Consumer Revenue: $6.12B; UP +8% YoY
🔹 DTC OI: $336M (vs. $47M YoY)
🔸 Content Sales/Licensing Revenue: $2.15B; UP +54% YoY
🔹 Licensing OI: $153M (vs. -$18M YoY)
Sports Segment
🔸 Revenue: $4.53B; UP +5% YoY
🔹 ESPN Domestic Revenue: $4.16B; UP +7% YoY
🔹 International Revenue: $379M; UP +11% YoY
🔸 Operating Income: $687M; DOWN -12% YoY
🔹 Domestic ESPN OI: $648M; DOWN -17% YoY
🔹 International OI: $21M; UP +11% YoY
🔹 Star India contribution removed post JV
Experiences Segment
🔸 Revenue: $8.89B; UP +6% YoY
🔹 Operating Income: $2.49B; UP +9% YoY
🔸 Domestic Parks & Experiences Revenue: $6.50B; UP +9% YoY
🔹 Domestic Parks OI: $1.82B; UP +13% YoY
🔸 International Parks Revenue: $1.44B; -5% YoY
🔹 International Parks OI: $225M; -23% YoY
🔸 Consumer Products Revenue: $949M; UP +4% YoY
🔹 OI: $443M; UP +14% YoY
Subscriber & ARPU Metrics (Sequential QoQ):
Disney+ Subscribers
🔹 Total: 126.0M (UP +1%)
🔹 Domestic: 57.8M (UP +2%)
🔹 International: 68.2M (UP +1%)
Disney+ ARPU
🔹 Global: $7.77 (UP +3%)
🔹 U.S./Canada: $8.06 (UP +1%)
🔹 International: $7.52 (UP +5%)
Hulu Subscribers
🔹 Total: 54.7M (UP +2%)
🔹 SVOD Only: 50.3M (UP +3%)
🔹 Live TV + SVOD: 4.4M (DOWN -4%)
Hulu ARPU
🔹 SVOD Only: $12.36 (DOWN -1%)
🔹 Live TV + SVOD: $99.94 (UP +1%)
ESPN+ Subscribers
🔹 24.1M (DOWN -3% QoQ)
🔹 ARPU: $6.58 (UP +3% QoQ)
Other Key Metrics:
🔹 Pretax Profit: $3.09B (vs. $0.66B YoY)
🔹 Free Cash Flow: $4.89B; UP >100% YoY
🔹 Cash from Operations: $6.75B; UP +84% YoY
CEO Bob Iger Commentary:
🔸 “Our outstanding performance this quarter—with adjusted EPS up 20% from the prior year driven by our Entertainment and Experiences businesses—underscores our continued success building for growth and executing across our strategic priorities.”
🔸 “We remain optimistic about the direction of the company and our outlook for the remainder of the fiscal year.”
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$DIS | Disney Q2'26 Earnings Highlights
🔹 Revenue: $23.62B (Est. $23.14B) 🟢; UP +7% YoY
🔹 Adj. EPS: $1.45 (Est. $1.20) 🟢; UP +20% YoY
FY25 Guidance (Raise):
🔹 FY Adj. EPS: $5.75 (Est. $5.44) 🟢; UP +16% YoY
🔹 FY Operating Cash Flow: $17B (UP +$2B vs prior guidance)
🔹 Entertainment OI Growth: Double-digit %
🔹 Sports OI Growth: +18%
🔹 Experiences OI Growth: +6% to +8%
🔹 Disney Cruise Line pre-opening expenses: ~$200M (incl. $40M in Q3, $50M in Q4)
🔹 Equity loss from India JV: ~$300M
Segment Performance:
Entertainment Segment
🔸 Revenue: $10.68B; UP +9% YoY
🔹 Operating Income: $1.26B; UP +61% YoY
🔸 Linear Networks Revenue: $2.42B; DOWN -13% YoY
🔹 Domestic: $2.20B; DOWN -3% YoY
🔹 International: $223M; DOWN -55% YoY
🔸 Linear Networks Operating Income: $769M; UP +2% YoY
🔹 Domestic OI: $625M; UP +20% YoY
🔹 International OI: $15M; DOWN -84% YoY
🔸 Direct-to-Consumer Revenue: $6.12B; UP +8% YoY
🔹 DTC OI: $336M (vs. $47M YoY)
🔸 Content Sales/Licensing Revenue: $2.15B; UP +54% YoY
🔹 Licensing OI: $153M (vs. -$18M YoY)
Sports Segment
🔸 Revenue: $4.53B; UP +5% YoY
🔹 ESPN Domestic Revenue: $4.16B; UP +7% YoY
🔹 International Revenue: $379M; UP +11% YoY
🔸 Operating Income: $687M; DOWN -12% YoY
🔹 Domestic ESPN OI: $648M; DOWN -17% YoY
🔹 International OI: $21M; UP +11% YoY
🔹 Star India contribution removed post JV
Experiences Segment
🔸 Revenue: $8.89B; UP +6% YoY
🔹 Operating Income: $2.49B; UP +9% YoY
🔸 Domestic Parks & Experiences Revenue: $6.50B; UP +9% YoY
🔹 Domestic Parks OI: $1.82B; UP +13% YoY
🔸 International Parks Revenue: $1.44B; -5% YoY
🔹 International Parks OI: $225M; -23% YoY
🔸 Consumer Products Revenue: $949M; UP +4% YoY
🔹 OI: $443M; UP +14% YoY
Subscriber & ARPU Metrics (Sequential QoQ):
Disney+ Subscribers
🔹 Total: 126.0M (UP +1%)
🔹 Domestic: 57.8M (UP +2%)
🔹 International: 68.2M (UP +1%)
Disney+ ARPU
🔹 Global: $7.77 (UP +3%)
🔹 U.S./Canada: $8.06 (UP +1%)
🔹 International: $7.52 (UP +5%)
Hulu Subscribers
🔹 Total: 54.7M (UP +2%)
🔹 SVOD Only: 50.3M (UP +3%)
🔹 Live TV + SVOD: 4.4M (DOWN -4%)
Hulu ARPU
🔹 SVOD Only: $12.36 (DOWN -1%)
🔹 Live TV + SVOD: $99.94 (UP +1%)
ESPN+ Subscribers
🔹 24.1M (DOWN -3% QoQ)
🔹 ARPU: $6.58 (UP +3% QoQ)
Other Key Metrics:
🔹 Pretax Profit: $3.09B (vs. $0.66B YoY)
🔹 Free Cash Flow: $4.89B; UP >100% YoY
🔹 Cash from Operations: $6.75B; UP +84% YoY
CEO Bob Iger Commentary:
🔸 “Our outstanding performance this quarter—with adjusted EPS up 20% from the prior year driven by our Entertainment and Experiences businesses—underscores our continued success building for growth and executing across our strategic priorities.”
🔸 “We remain optimistic about the direction of the company and our outlook for the remainder of the fiscal year.”
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$UBER Q1'25 Earnings Highlights
🔹 Revenue: $11.53B (Est. $11.62B) 🔴; +14% YoY
🔹 Adj. EPS: $0.83 (Est. $0.51) 🟢
🔹 Gross Bookings: $42.82B (Est. $43.14B) 🔴; +14% YoY
🔹 Trips: 3.04B; +18% YoY
🔹 MAPCs: 170M; +14% YoY
Q2'25 Guide
🔹 EBITDA: $2.02B–$2.12B (Est. ~$2.04B) 😐; +29–35% YoY
🔹 Gross Bookings: $45.75B–$47.25B (Est. $45.85B) 🟢; +16–20% YoY (CC)
🔸 Currency headwinds expected: ~1.5% on total bookings; ~3% on Mobility
Segment Breakdown
Gross Bookings (YoY):
🔹 Mobility: $21.18B; +13% (+20% CC)
🔹 Delivery: $20.38B; +15% (+18% CC)
🔹 Freight: $1.26B; -2% (-1% CC)
Revenue (YoY):
🔹 Mobility: $6.50B; +15% (+18% CC)
🔹 Delivery: $3.78B; +18% (+22% CC)
🔹 Freight: $1.26B; -2% (-1% CC)
Adjusted EBITDA by Segment (YoY):
🔹 Mobility: $1.75B; +19%
🔹 Delivery: $763M; +45%
🔹 Freight: -$7M (Improved from -$21M)
🔹 Corporate/Platform Costs: -$641M
Other Key Metrics:
🔹 Adj. EBITDA: $1.87B (Est. $1.84B) 😐; +35% YoY
🔹 Operating Income: $1.23B (vs. $172M YoY)
🔹 Net Income: $1.78B (vs. -$654M YoY)
🔹 Free Cash Flow: $2.25B; +66% YoY
🔹 Operating Cash Flow: $2.32B; +64% YoY
🔹 Unrestricted Cash: $6.0B
CEO & CFO Commentary
🔸 Dara Khosrowshahi, CEO: “Trips up 18%, strong user retention, and 5 new AV announcements show our commitment to long-term innovation.”
🔸 Prashanth Mahendra-Rajah, CFO: “Over $2B of free cash flow this quarter. We're focused on durable, cash-generative growth.”
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$UBER Q1'25 Earnings Highlights
🔹 Revenue: $11.53B (Est. $11.62B) 🔴; +14% YoY
🔹 Adj. EPS: $0.83 (Est. $0.51) 🟢
🔹 Gross Bookings: $42.82B (Est. $43.14B) 🔴; +14% YoY
🔹 Trips: 3.04B; +18% YoY
🔹 MAPCs: 170M; +14% YoY
Q2'25 Guide
🔹 EBITDA: $2.02B–$2.12B (Est. ~$2.04B) 😐; +29–35% YoY
🔹 Gross Bookings: $45.75B–$47.25B (Est. $45.85B) 🟢; +16–20% YoY (CC)
🔸 Currency headwinds expected: ~1.5% on total bookings; ~3% on Mobility
Segment Breakdown
Gross Bookings (YoY):
🔹 Mobility: $21.18B; +13% (+20% CC)
🔹 Delivery: $20.38B; +15% (+18% CC)
🔹 Freight: $1.26B; -2% (-1% CC)
Revenue (YoY):
🔹 Mobility: $6.50B; +15% (+18% CC)
🔹 Delivery: $3.78B; +18% (+22% CC)
🔹 Freight: $1.26B; -2% (-1% CC)
Adjusted EBITDA by Segment (YoY):
🔹 Mobility: $1.75B; +19%
🔹 Delivery: $763M; +45%
🔹 Freight: -$7M (Improved from -$21M)
🔹 Corporate/Platform Costs: -$641M
Other Key Metrics:
🔹 Adj. EBITDA: $1.87B (Est. $1.84B) 😐; +35% YoY
🔹 Operating Income: $1.23B (vs. $172M YoY)
🔹 Net Income: $1.78B (vs. -$654M YoY)
🔹 Free Cash Flow: $2.25B; +66% YoY
🔹 Operating Cash Flow: $2.32B; +64% YoY
🔹 Unrestricted Cash: $6.0B
CEO & CFO Commentary
🔸 Dara Khosrowshahi, CEO: “Trips up 18%, strong user retention, and 5 new AV announcements show our commitment to long-term innovation.”
🔸 Prashanth Mahendra-Rajah, CFO: “Over $2B of free cash flow this quarter. We're focused on durable, cash-generative growth.”
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$U | Unity Q1'25 Earnings Highlights
🔹 Revenue: $435M (Est. $417.1M) 🟢; -6% YoY
🔹 Adj. EPS: $0.24 (Est. $0.12) 🟢
🔹 Adj. EBITDA: $84M (Margin: 19%); +6% YoY
Q2'25 Guidance
🔹 Revenue: $415M–$425M (Est. $424.2M) 😐
🔹 Adj. EBITDA: $70M–$75M
Segment Breakdown
Create Solutions
🔹 Revenue: $150M; -8% YoY
🔸 Drag from decline in professional services and consumption revenue
Grow Solutions
🔹 Revenue: $285M; -4% YoY
🔸 Partially offset by early rollout of Unity Vector
Other Q1 Metrics:
🔹 Free Cash Flow: $7M (vs. -$15M YoY)
🔹 Operating Cash Flow: $13M (vs. -$7M YoY)
🔹 Cash & Equivalents: $1.55B (up $24M QoQ)
CEO Commentary
🔸 "Q1 results meaningfully exceeded expectations on both revenue and Adjusted EBITDA, highlighting our progress on execution and discipline." – Matt Bromberg, CEO
🔸 "Unity Vector’s early success and continued demand for Unity 6 reinforce our position as the leading integrated platform for developers."
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$U | Unity Q1'25 Earnings Highlights
🔹 Revenue: $435M (Est. $417.1M) 🟢; -6% YoY
🔹 Adj. EPS: $0.24 (Est. $0.12) 🟢
🔹 Adj. EBITDA: $84M (Margin: 19%); +6% YoY
Q2'25 Guidance
🔹 Revenue: $415M–$425M (Est. $424.2M) 😐
🔹 Adj. EBITDA: $70M–$75M
Segment Breakdown
Create Solutions
🔹 Revenue: $150M; -8% YoY
🔸 Drag from decline in professional services and consumption revenue
Grow Solutions
🔹 Revenue: $285M; -4% YoY
🔸 Partially offset by early rollout of Unity Vector
Other Q1 Metrics:
🔹 Free Cash Flow: $7M (vs. -$15M YoY)
🔹 Operating Cash Flow: $13M (vs. -$7M YoY)
🔹 Cash & Equivalents: $1.55B (up $24M QoQ)
CEO Commentary
🔸 "Q1 results meaningfully exceeded expectations on both revenue and Adjusted EBITDA, highlighting our progress on execution and discipline." – Matt Bromberg, CEO
🔸 "Unity Vector’s early success and continued demand for Unity 6 reinforce our position as the leading integrated platform for developers."
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Happy FOMC Day to those who celebrate!
The Fed’s widely expected to stay put at 2PM ET, and they'll probably do their best not to stir up any headlines during the 2:30PM press conference. https://t.co/Bmkq4DUJoK
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Happy FOMC Day to those who celebrate!
The Fed’s widely expected to stay put at 2PM ET, and they'll probably do their best not to stir up any headlines during the 2:30PM press conference. https://t.co/Bmkq4DUJoK
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Disney’s $DIS bringing its first-ever theme park to the Middle East, teaming up with Miral to build a new resort on Yas Island in Abu Dhabi.
The project marks Disney’s 7th global theme park destination and promises to blend classic Disney storytelling with local culture and waterfront views.
CEO Bob Iger calls it “authentically Disney and distinctly Emirati.” Miral will handle development and operations, while Disney leads creative design.
Positioned within a 4-hour flight for a third of the world’s population, the resort is expected to be a major tourism draw and economic boost for the UAE.
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Disney’s $DIS bringing its first-ever theme park to the Middle East, teaming up with Miral to build a new resort on Yas Island in Abu Dhabi.
The project marks Disney’s 7th global theme park destination and promises to blend classic Disney storytelling with local culture and waterfront views.
CEO Bob Iger calls it “authentically Disney and distinctly Emirati.” Miral will handle development and operations, while Disney leads creative design.
Positioned within a 4-hour flight for a third of the world’s population, the resort is expected to be a major tourism draw and economic boost for the UAE.
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Wall St Engine
Jeff Bezos’ firm, Bezos Expeditions, is leading a $72M investment in AI data startup Toloka, part of Nebius Group $NBIS, to help scale its U.S. presence. Toloka, which works with Amazon, Microsoft, and Anthropic, supports AI training with human oversight. Nvidia also backed Nebius last year.
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Jeff Bezos’ firm, Bezos Expeditions, is leading a $72M investment in AI data startup Toloka, part of Nebius Group $NBIS, to help scale its U.S. presence. Toloka, which works with Amazon, Microsoft, and Anthropic, supports AI training with human oversight. Nvidia also backed Nebius last year.
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Google $GOOGL is backing the development of three new advanced nuclear sites through a deal with Elementl Power, aiming to boost reliable, 24/7 energy for its growing data center needs. Each site will produce at least 600MW, with Google funding early-stage work and holding future purchase options.
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Google $GOOGL is backing the development of three new advanced nuclear sites through a deal with Elementl Power, aiming to boost reliable, 24/7 energy for its growing data center needs. Each site will produce at least 600MW, with Google funding early-stage work and holding future purchase options.
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Dimitry Nakhla | Babylon Capital®
MercadoLibre $MELI Q1 2025 Preview 🗓️
Revenue est: $5.52B
EPS est: $8.27
In Q1 2024 👇🏽
Revenue: $4.3B
EPS: $6.78
GMV: $11.4B
Items Sold: 385.1M
Total TPV: $40.7B
Fintech MAU: 49M https://t.co/kLMuAPL7Ox
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MercadoLibre $MELI Q1 2025 Preview 🗓️
Revenue est: $5.52B
EPS est: $8.27
In Q1 2024 👇🏽
Revenue: $4.3B
EPS: $6.78
GMV: $11.4B
Items Sold: 385.1M
Total TPV: $40.7B
Fintech MAU: 49M https://t.co/kLMuAPL7Ox
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