NYSE$DIS
Walt Disney · Q4 2020 earnings
Q4 2020 earnings · · Investor relations
Briefing
Disney's Q4 2020 earnings were impacted by COVID-19, with significant losses in Parks, Experiences, and Products segment, offset by growth in the Direct-to-Consumer business, particularly Disney+ subscriptions.
Disney reported a loss per share of $0.39 for the fourth quarter of fiscal year 2020, compared to an income of $0.43 in the prior-year quarter. Revenues decreased by 23% to $14.71 billion. The COVID-19 pandemic significantly impacted the Parks, Experiences, and Products segment, while the Direct-to-Consumer business, led by Disney+, showed strong growth.
- Diluted EPS from continuing operations was a loss of $0.39, compared to income of $0.43 in the prior-year quarter.
- Revenues decreased by 23% to $14.71 billion, primarily due to the impact of COVID-19 on Parks, Experiences, and Products.
- Disney+ had more than 73 million paid subscribers as of the end of the fourth quarter.
- The most significant adverse impact from COVID-19 was approximately $2.4 billion on operating income at the Parks, Experiences and Products segment.
Headline financials
Revenue & EPS history
Disney · Revenue · Quarterly
$14.7B
Revenue by segment
Disney · $21.6B total across 3 segments · Q4 2023
- Entertainment$9.52B-25.2%44.1%
- Experiences$8.16B+9.9%37.8%
- Sports$3.91B—18.1%
Forward guidance
The company did not provide specific financial guidance for future periods.
Tailwinds
- Continued growth in the direct-to-consumer business, particularly Disney+.
- Resumption of some film and television production.
- Reopening of parks and resorts, albeit at reduced capacity.
- Potential for deferred sports programming to boost future advertising revenue.
- Cost-saving measures implemented in response to COVID-19.
Headwinds
- Ongoing impact of COVID-19 on Parks, Experiences, and Products.
- Uncertainty regarding the timing and extent of park reopenings and capacity restrictions.
- Potential for additional costs related to safety measures and government regulations.
- Continued disruption in the production and availability of content.
- Adverse impact on advertising sales at Media Networks and Direct-to-Consumer & International.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2020
+0.2%
Avg return
Earnings day
+0.5%
Avg return
5 days after
+0.3%
Avg return
30 days after
48%
31 / 65 earnings
Positive
+12.0%
Q4 2024
Best reaction
-13.6%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | +8.5% | +4.0% | -0.6% | |
| Q1 2026 | -6.3% | -3.6% | -8.7% | |
| Q4 2025 | -8.0% | -8.9% | -4.3% | |
| Q3 2025 | -2.7% | -4.9% | -0.3% | |
| Q2 2025 | +10.9% | +19.9% | +23.6% | |
| Q1 2025 | -2.4% | -3.5% | -6.9% | |
| Q4 2024 | +12.0% | +9.4% | +10.3% | |
| Q3 2024 | -4.5% | -4.5% | -2.3% | |
| Q2 2024 | -9.5% | -9.2% | -13.1% | |
| Q1 2024 | +11.3% | +10.1% | +11.1% | |
| Q4 2023 | +6.8% | +5.7% | +9.7% | |
| Q3 2023 | +4.1% | +0.8% | -7.4% | |
| Q2 2023 | -9.7% | -9.1% | -10.0% | |
| Q1 2023 | -1.1% | -3.6% | -16.2% | |
| Q4 2022 | -13.6% | -5.4% | -7.8% | |
| Q3 2022 | +8.8% | +14.9% | +6.5% | |
| Q2 2022 | -3.1% | -2.3% | -7.7% | |
| Q1 2022 | +6.8% | +5.9% | -7.5% | |
| Q4 2021 | -7.4% | -9.5% | -12.8% | |
| Q3 2021 | +1.7% | -1.3% | +3.4% | |
| Q2 2021 | -2.3% | -4.6% | -0.3% | |
| Q1 2021 | -1.0% | -1.7% | +4.0% | |
| Q4 2020 | +0.4% | +4.8% | +27.5% | |
| Q3 2020 | +9.7% | +11.7% | +14.5% | |
| Q2 2020 | -2.2% | +5.8% | +19.9% | |
| Q1 2020 | +0.0% | -0.2% | -19.3% | |
| Q4 2019 | +5.1% | +5.6% | +12.5% | |
| Q3 2019 | -2.5% | +0.2% | +0.4% | |
| Q2 2019 | +0.1% | -1.6% | +3.4% | |
| Q1 2019 | -0.3% | -0.3% | +2.0% | |
| Q4 2018 | +0.8% | -0.2% | -4.3% | |
| Q3 2018 | -1.7% | -2.8% | -4.9% | |
| Q2 2018 | -2.4% | -0.4% | -0.0% | |
| Q1 2018 | +0.1% | -1.5% | -0.6% | |
| Q4 2017 | +3.6% | +2.0% | +3.0% | |
| Q3 2017 | -3.3% | -4.1% | -8.7% | |
| Q2 2017 | -1.6% | -1.6% | -6.4% | |
| Q1 2017 | -0.5% | -0.3% | +1.3% | |
| Q4 2016 | +3.2% | +3.2% | +10.8% | |
| Q3 2016 | +2.2% | +1.1% | -1.7% | |
| Q2 2016 | -2.9% | — | — | |
| Q1 2016 | -3.5% | — | — | |
| Q4 2015 | +2.1% | — | — | |
| Q3 2015 | -8.7% | — | — | |
| Q2 2015 | -1.2% | — | — | |
| Q1 2015 | +10.2% | — | — | |
| Q4 2014 | -1.1% | — | — | |
| Q3 2014 | -0.7% | — | — | |
| Q2 2014 | -1.1% | — | — | |
| Q1 2014 | +6.3% | — | — | |
| Q4 2013 | -0.6% | — | — | |
| Q3 2013 | -0.2% | — | — | |
| Q2 2013 | +1.4% | — | — | |
| Q1 2013 | +4.0% | — | — | |
| Q4 2012 | -0.4% | — | — | |
| Q3 2012 | +0.5% | — | — | |
| Q2 2012 | +0.1% | — | — | |
| Q1 2012 | +2.2% | — | — | |
| Q4 2011 | -5.4% | — | — | |
| Q3 2011 | +3.6% | — | — | |
| Q2 2011 | -1.2% | — | — | |
| Q1 2010 | +0.9% | — | — | |
| Q4 2010 | +1.0% | — | — | |
| Q3 2010 | -2.5% | — | — | |
| Q2 2010 | +1.3% | — | — |
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