QUARTERLY FINANCIAL SUMMARY

(in millions, except per share data)



(unaudited)	Q1			Q2			Q3			Q4
2017
Revenues	$	14,784		$	13,336		$	14,238		$	12,779
Segment operating income ⁽⁵⁾	3,956			3,996			4,011			2,812
Net income	2,488			2,539			2,474			1,865
Net income attributable to Disney	2,479			2,388			2,366			1,747
Earnings per share:
Diluted	$	1.55		$	1.50		$	1.51	⁽³⁾	$	1.13	⁽⁴⁾
Basic	1.56			1.51			1.51			1.14
2016
Revenues	$	15,244		$	12,969		$	14,277		$	13,142
Segment operating income ⁽⁵⁾	4,267			3,822			4,456			3,176
Net income	2,910			2,276			2,712			1,892
Net income attributable to Disney	2,880			2,143			2,597			1,771
Earnings per share:
Diluted	$	1.73	⁽¹⁾	$	1.30	⁽²⁾	$	1.59	⁽³⁾	$	1.10	⁽⁴⁾
Basic	1.74			1.31			1.60			$	1.10


⁽¹⁾	Results for the first quarter of fiscal 2016 included the Vice Gain, which had a favorable impact of $0.13 on earnings per diluted share (see Note 1 to the Consolidated Financial Statements), partially offset by restructuring and impairment charges, which had an adverse impact of $0.03 on diluted earnings per share.


⁽²⁾	Results for the second quarter of fiscal 2016 included the Infinity Charge, which had an adverse impact of $0.06 on diluted earnings per share (See Note 1 to the Consolidated Financial Statements).


⁽³⁾	Results for the third quarter of fiscal 2017 included a charge, net of committed insurance recoveries, incurred in connection with the settlement of litigation, which had an adverse impact of $0.07 on diluted earnings per share. Results for the third quarter of fiscal 2016 included restructuring and impairment charges, which had an adverse impact of $0.03 on diluted earnings per share.

⁽⁴⁾

Results for the fourth quarter of fiscal 2017 included a non-cash net gain in connection with the acquisition of a controlling interest in BAMTech, which had a favorable impact of $0.10 per diluted earnings per share (see Note 3 to the Consolidated Financial Statements), partially offset by restructuring and impairment charges, which had an adverse impact of $0.04 per diluted earnings per share. Results for the fourth quarter of fiscal 2016 included an adjustment to the Infinity Charge taken in the second quarter, which had a favorable impact of $0.01 per diluted earnings per share, partially offset by restructuring and impairment charges, which had an adverse impact of $0.01 per diluted earnings per share.


⁽⁵⁾	Segment operating results reflect earnings before the Infinity Charge, corporate and unallocated shared expenses, restructuring and impairment charges, other expense, interest income/(expense), income taxes and noncontrolling interests. Segment operating income includes equity in the income of investees except for the Vice Gain.