Q2 Media & Entertainment Distribution Results

DTC Quarterly Operating Income (Loss) (In Billions) Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 ($0.7) ($0.9) ($1.1) ($1.1) DTC OI (Loss) ($1.5) DTC Revenues and Expense Breakdown $6.4 $6.4 $6.1 $6.2 $5.8 $4.9 $5.1 $0.8 $0.9 $5.3 $5.5 $0.9 $0.8 $4.9 $0.9 $1.2 $1.5 $1.7 $1.0 $1.3 $3.6 Q2'22 Revenues $3.7 $3.7 $4.2 $4.1 Q3'22 Q4'22 Q1'23 Q2'23 Programming & Production Costs SG&A & Other Other Operating Expense Depreciation & Amortization Note: All quarters shown include $0.1 billion in Depreciation & Amortization ©Disney • Q2 DTC operating losses improved sequentially by ~$400 million vs. the prior quarter driven by revenue growth and cost reductions. Second Fiscal Quarter Ended April 1, 2023 6

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