QUARTERLY FINANCIAL SUMMARY

(in millions, except per share data)



(unaudited)	Q1			Q2			Q3			Q4
2018
Revenues	$	15,351		$	14,548		$	15,228		$	14,307
Segment operating income ⁽⁵⁾	3,986			4,237			4,193			3,290
Net income	4,473			3,115			3,059			2,419
Net income attributable to Disney	4,423			2,937			2,916			2,322
Earnings per share:
Diluted	$	2.91	⁽¹⁾	$	1.95	⁽²⁾	$	1.95	⁽³⁾	$	1.55	⁽⁴⁾
Basic	2.93			1.95			1.96			1.56
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

⁽¹⁾

Results for the first quarter of fiscal 2018 included an estimated net benefit from the Deferred Remeasurement, partially offset by the Deemed Repatriation Tax as a result of the Tax Act (Tax Act Estimate), which had a favorable impact of $1.00 on diluted earnings per share, and a gain from the sale of property rights, which had a favorable impact of $0.03 on diluted earnings per share. These favorable impacts were partially offset by restructuring and impairment charges, which had an adverse impact of $0.01 on diluted earnings per share.

⁽²⁾

Results for the second quarter of fiscal 2018 included a net benefit of updating prior-period Tax Act estimate, which had a favorable impact of $0.09 on diluted earnings per share, and proceeds from legal insurance recoveries, which had a favorable impact of $0.02 on diluted earnings per share. These favorable impacts were partially offset by restructuring and impairment charges, which had an adverse impact of $0.01 per diluted earnings per share.

⁽³⁾

Results for the third quarter of fiscal 2018 included a net benefit of updating prior-period Tax Act estimate, which had a favorable impact of $0.07 on diluted earnings per share. 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.

⁽⁴⁾

Results for the fourth quarter of fiscal 2018 included a gain in connection with the sale of real estate, which had a favorable impact of $0.25 on diluted earnings per share, partially offset by equity investment impairments, which had an adverse impact of $0.11 per diluted earnings per share, and the impact of updating prior-period Tax Act estimate, which had an adverse impact of $0.06 per diluted earnings per share. 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, partially offset by restructuring and impairment charges, which had an adverse impact of $0.04 per diluted earnings per share.


⁽⁵⁾	Segment operating results reflect earnings before the corporate and unallocated shared expenses, restructuring and impairment charges, other income, net, interest expense, net, income taxes and noncontrolling interests.