10 Nov 2023

Disney Announces FY 2023 Results & New Senior Executive Vice President & CFO

Disney Announces FY 2023 Results & New Senior Executive Vice President & CFO

(eap) This week, The Walt Disney Company presented its results for the past fiscal year (FY) 2023, which ended on 30 September. With an annual revenue of USD 88.89 billion (just under EUR 83 billion) for all associated business areas (including streaming, licenses and theme park resorts), the Group was able to increase the previous year’s total revenues of USD 82.7 billion by seven percent in this anniversary year (100 years of Disney). “Our progress has allowed us to move beyond this period of fixing and begin building our businesses again,” states The Walt Disney Company’s CEO, Robert A. Iger.

The business unit of Experiences, which includes the Disney theme parks and resorts, closed the year with a total segment revenue of USD 32.55 billion (approx. EUR 30.4 billion) – an increase of 16 per cent compared to the 2022 financial year (USD 28.05 billion). The segment’s operating income in the 2023 financial year totals at USD 8.95 billion (approx. EUR 8.4 billion). The positive development was thanks to growth in the cruise business with Disney Cruise Line, among others, resulting from increases in passenger cruise days and average ticket prices. Growth was also recorded at Disneyland Resort in Anaheim – the Californian theme park resort achieved higher attendance and an increase in guest spending in the past fiscal year due to higher average ticket prices. At international level, Shanghai Disney Resort and Hong Kong Disneyland Resort, among others, recorded an increase in operating results. “Parks and Experiences overall remains a growth story, and we are managing our portfolio exceptionally well. Even in the case of Walt Disney World, where we have a tough comparison to the prior year, when you look at this year’s numbers compared to pre-pandemic levels in fiscal 2019, we have seen growth in revenue and operating income […],” says Iger. The company saw a decrease at Walt Disney World Resort (Orlando/Florida) resulting from higher costs attributable to accelerated depreciation related to the closure of Star Wars: Galactic Starcruiser and inflation, among other things.

A few days before the publication of the 2023 FY results, The Walt Disney Company also announced the appointment of Hugh Johnston (photo) as Senior Executive Vice President and Chief Financial Officer. Johnston, who held various management positions at PepsiCo for 34 years (currently, Johnston is serving as Vice Chairman & CFO of PepsiCo), will take on his new role at Disney on 4 December this year. ■

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