1
FOR IMMEDIATE RELEASE
November 7, 2019
THE WALT DISNEY COMPANY REPORTS
FOURTH QUARTER AND FULL YEAR EARNINGS FOR FISCAL 2019
BURBANK, Calif. – The Walt Disney Company today reported earnings for its fourth quarter and
fiscal year ended September 28, 2019. Diluted earnings per share (EPS) from continuing operations for
the fourth quarter decreased 72% to $0.43 from $1.55 in the prior-year quarter. Excluding certain items
affecting comparability
(1)
, diluted EPS for the quarter decreased 28% to $1.07 from $1.48 in the prior-year
quarter. Diluted EPS from continuing operations for the year decreased 25% to $6.27 from $8.36 in the
prior year. Excluding certain items affecting comparability
(1)
, diluted EPS from continuing operations for
the year decreased 19% to $5.77 from $7.08 in the prior year.
“Our solid results in the fourth quarter reflect the ongoing strength of our brands and businesses,”
said Robert A. Iger, Chairman and Chief Executive Officer, The Walt Disney Company. “We’ve spent the
last few years completely transforming The Walt Disney Company to focus the resources and immense
creativity across the entire company on delivering an extraordinary direct-to-consumer experience, and
we’re excited for the launch of Disney+ on November 12.”
On March 20, 2019, the Company acquired Twenty-First Century Fox, Inc., which was subsequently
renamed TFCF Corporation (TFCF), for cash and the issuance of 307 million shares. Additionally, as part
of the TFCF acquisition, we acquired a controlling interest in Hulu LLC (Hulu). Results for the current
quarter and fiscal year reflect the consolidation of TFCF and Hulu.
The following table summarizes the fourth quarter and full year results for fiscal 2019 and 2018 (in
millions, except per share amounts):
Quarter Ended Year Ended
Sept. 28,
2019
Sept. 29,
2018 Change
Sept. 28,
2019
Sept. 29,
2018 Change
Revenues $ 19,100 $ 14,306 34 % $ 69,570 $ 59,434 17 %
Income from continuing operations
before income taxes
$ 1,258 $ 3,202 (61)% $ 13,944 $ 14,729 (5)%
Total segment operating income
(1)
$ 3,436 $ 3,277 5 % $ 14,868 $ 15,689 (5)%
Net income from continuing
operations
(2)
$ 785 $ 2,322 (66)% $ 10,441 $ 12,598 (17)%
Diluted EPS from continuing
operations
(2)
$ 0.43 $ 1.55 (72)% $ 6.27 $ 8.36 (25)%
Diluted EPS excluding certain items
affecting comparability
(1)
$ 1.07 $ 1.48 (28)% $ 5.77 $ 7.08 (19)%
Cash provided by continuing operations $ 1,718 $ 3,853 (55)% $ 5,984 $ 14,295 (58)%
Free cash flow
(1)
$ 409 $ 2,652 (85)% $ 1,108 $ 9,830 (89)%
(1)
EPS excluding certain items affecting comparability, total segment operating income and free cash flow are non-GAAP financial
measures. The 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 9 through 12.
(2)
Reflects amounts attributable to shareholders of The Walt Disney Company, i.e. after deduction of noncontrolling interests.