Disney Parks, Experiences and Products revenues for the quarter increased to $7.4 billion compared to $5.5 billion in the prior-year quarter

Nov 08, 2022 in "The Walt Disney Company"

Posted: Tuesday November 8, 2022 4:08pm ET by WDWMAGIC Staff

The Walt Disney Company today reported earnings for its fourth quarter and fiscal year ended October 1, 2022 showing revenues for the quarter and year grew 9% and 23%, respectively.

Disney Parks, Experiences and Products revenues for the quarter increased to $7.4 billion compared to $5.5 billion in the prior-year quarter. Segment operating income increased $0.9 billion to $1.5 billion compared to $0.6 billion in the prior-year quarter.

“2022 was a strong year for Disney, with some of our best storytelling yet, record results at our Parks, Experiences and Products segment, and outstanding subscriber growth at our direct-to-consumer services, which added nearly 57 million subscriptions this year for a total of more than 235 million,” said Bob Chapek, Chief Executive Officer, The Walt Disney Company. “Our fourth quarter saw strong subscription growth with the addition of 14.6 million total subscriptions, including 12.1 million Disney+ subscribers. The rapid growth of Disney+ in just three years since launch is a direct result of our strategic decision to invest heavily in creating incredible content and rolling out the service internationally, and we expect our DTC operating losses to narrow going forward and that Disney+ will still achieve profitability in fiscal 2024, assuming we do not see a meaningful shift in the economic climate. By realigning our costs and realizing the benefits of price increases and our Disney+ ad-supported tier coming December 8, we believe we will be on the path to achieve a profitable streaming business that will drive continued growth and generate shareholder value long into the future. And as we embark on Disney’s second century in 2023, I am filled with optimism that this iconic company’s best days still lie ahead.”

You can view the full Walt Disney Co. Q4 2022 Earnings Results here.

Disney Parks, Experiences and Products

Disney Parks, Experiences and Products revenues for the quarter increased to $7.4 billion compared to $5.5 billion in the prior-year quarter. Segment operating income increased $0.9 billion to $1.5 billion compared to $0.6 billion in the prior-year quarter. Higher operating results for the quarter reflected increases at our domestic and international parks and experiences businesses and, to a lesser extent, our merchandise licensing business.

Operating income growth at our domestic parks and experiences was due to higher volumes and increased guest spending, partially offset by cost inflation, higher operations support costs and costs for new guest offerings. Higher volumes were due to increases in attendance, cruise ship sailings, which included a benefit from the July 2022 launch of the Disney Wish, and occupied room nights. Cruise ships were operating during the entire current quarter while sailings resumed during the prior-year quarter and operated at reduced capacities. Guest spending growth was due to an increase in average per capita ticket revenue driven by the introduction of Genie+ and Lightning Lane in the first quarter of the current fiscal year.

Improved results at our international parks and resorts were due to growth at Disneyland Paris, partially offset by a decrease at Shanghai Disney Resort. Higher operating results at Disneyland Paris were due to an increase in volumes and higher average ticket prices, partially offset by higher operations support costs. Higher volumes were due to increases in attendance and occupied room nights. The decrease at Shanghai Disney Resort was due to lower average ticket prices driven by a higher mix of annual passholder attendees in the current quarter as a result of COVID-19-related travel restrictions.

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SplashJacketNov 21, 2022

This crap likely contributing to his firing. You can’t announce horrid financial figures and cast a sense of delusion. You need a tangible plan to get out of it

MisterPenguinNov 21, 2022

That's not how facts work, and you know it. Stop spewing specious arguments and then doubling down because of the embarrassment of being caught believing something demonstrably false. We see you @Crunchie9 and we'll remember.

Crunchie9Nov 20, 2022

If I created a website that said MeganFoxIsMyWife.org would you believe me that I married Megan? I would be interested in Transformers Megan, but not so much Billie Joe Megan, (if you are reading this Megan, I’m sorry)

Henry MysticNov 20, 2022

I love conspiracy theories, misinformation, and talking points. Instead of taking a minute to type a comment like this, why don't you fact-check these claims without emotion with any reputable centrist news source or, better yet, factcheck.org? Agreed, but one thing is to say an opinion based on reality, and the other is to spew nonsense that someone wrongly thinks is based on reality. Wish we had more of the former in this world.

Crunchie9Nov 17, 2022

I really only tend to follow sports puck. Some sportsball but not that kind of sports ball

matt9112Nov 17, 2022

What about the World Cup being stolen ? Eh eh human rights what are those!

Crunchie9Nov 17, 2022

MisterPenguinNov 17, 2022

Don't believe anything that starts with "I've heard..." unless you check it out with reliable sources yourself.

UNCgolfNov 17, 2022

You realize his co-CEO at FTX was one of the largest Republican donors, right? Bankman-Fried gave like $30-40m to Democrats and Salame gave $30-40m to Republicans. They were doing the corporate standard of giving a bunch of money to both sides so you're covered whoever wins.

JoeCamelNov 17, 2022

Sounds like you might need a wider source of news, newsrag is not a source https://www.eia.gov/petroleum/gasdiesel/https://www.cbsnews.com/news/diesel-fuel-us-not-going-to-run-out-fact-check-25-days/

John park hopperNov 17, 2022

No diesel means goods don't get shipped by train, by truck, farmers can't plant, fishing fleet can't fish. Hope you got your turkey already

HauntedPirateNov 17, 2022

This is drifting perilously close to politics, please try to keep it on topic.

Crunchie9Nov 17, 2022

I wonder what happens after the oil reserve is completely drained. I heard the US was on pace to run out of Diesel fuel by thanksgiving. Sounds like poor strategic decisions (and that FX money scam by the worlds second largest democratic donor (next to Georgie) It’s a bigger scam then Enron was…

JoeCamelNov 17, 2022

So during the pandemic credit utilization was low if I remember? People paid off debt but since have spent everything back and more? Seems like that might cause a bit of inflation......