And that's a wrap on the call. Thanks for joining us

He says they're working tirelessly to close this deal

He says the deal they've proposed to YouTube TV is equal to or better what other providers have agreed to. "We're not trying to break new ground."

To close, Iger is giving an overview of where things stand with YouTube

Disney does see efficency opportunities with AI  but also applications for using AI for consumer platforms 

"It's imperative for us to protect our IP"

Iger has been in "interesting conversations" with some of the AI companies

It's about generative AI

Last question

Asked about cruise margins, Johnston says they don't disclose that but said they are attractive

Hugh says Epic Universe is impacting other competitors in Florida than it is Disney

Iger says that HBO Max subscriptions have also been boosted by their bundle option with Disney's services

Thus, with so many ESPN subscribers bundling, Disney is expecting lowered subscription churn into the future

Churn rates with bundle subscribers are lower than those who sub to just one

Domestic theme park bookings are up 3% in the first quarter, says Hugh

Next question is about drivers for the Experiences business in fiscal 26

Iger also mentioned having user-generated content in/on Disney+

He also mentions that their investment in Epic will give them the ability to integrate "game-like features" in Disney+

Iger teases that the tech upgrades coming to Disney+ are the biggest since the platform's launch

He says they're very bullish on the slate ahead. CY 2026 includes Mandalorian & Grogu, live-action Moana, Avengers: Doomsday, and more

Bob is encouraged by the upcoming studio release slate

Next question is about studios    the other question is about YOUTUBE TV (shocking)

Iger also says that of the subscribers that have signed up for ESPN, 80% are choosing the bundle with Disney+ and Hulu

Iger says people are finding and using the new ESPN features, especially the SportsCenter for You feature

He says the authentication rate of users who are already subscribers has been encouraging

"The ESPN launch has been a real success"

First question is about adoption of the ESPN DTC product so far. 

With that, it's Q&A time. Wonder if anyone will ask about YouTube TV...

Iger says they're thrilled with fan response to the new ESPN app so far

Dancing with the Stars Season 34 increased its weekly rating for six straight weeks from its premiere — a first in the Neilsen era, apparently

Disney recently passed $4 billion at the box office for the fourth consecutive year

He stresses that Lilo & Stitch is the highest grossing HOLLYWOOD film this year so far worldwide

He mentions the 50% increase in dividend the Board has declared

TWDC expect double digit adjusted EPS growth in FY 2026

Bob starts by reading his prepared statements

Here we go! (Hope you have your coffee ready)

Now it's Shakira's "Zoo" from "Zootopia 2"   The call should begin in about 2 minutes

Currently listening to an orchestral "A Whole New World" as we wait for the call to begin 

"We expect to invest approximately $24 billion in content across Entertainment and Sports in fiscal 2026, an increase of $1 billion compared to the prior year, as we continue to invest in high quality sports rights at ESPN, new and existing franchises at our film studio, and television content — all of which support our integrated businesses, including our directto-consumer services."

Today's call to discuss the earnings will begin at 5:30 a.m. PT.

"Lilo and Stitch" had 14 million streaming views in 5 days

Bookings at Disney Parks for the first quarter are up 3%

Disney saw more streaming subscription increases than expected.

At the end of the fiscal year, Disney employed 231,000 people which is down from 233,000 at the end of last year

Disney's investment in their domestic theme park business nearly doubled, mostly due to investment in the cruise line business, but partly due to increased investment in domestic parks. Investment in international parks increased as well

“This was another year of great progress as we strengthened the company by leveraging the value of our creative and brand assets and continued to make meaningful progress in our direct-to-consumer businesses,” said Robert A. Iger, Chief Executive Officer, The Walt Disney Company.

The Disney Board is doubling their share buyback goal to $7 billion while increasing the dividend to $1.50 per year up from $1.00

Disney Cruise Line expects $160 million in dry dock expenses in the next fiscal year

Disney Experiences income increased $219 million compared to the prior year quarter

Disney earnings were $1.11 vs expectations of $1.05. Revenue was $22.46 billion vs expectations of $22.75 billion