Disney Results Presentation Deck

$10.9 Expect Continued Improvement in Cash Generation (Full Year Values in Billions) $13.1 $12.3 We expect a significant year over year increase in free cash flow(1) in fiscal 2024, approaching levels we last achieved pre-pandemic. $14.3 $6.0 $7.6 $5.6 $6.0 $9.9 FY19 (2) FY20 FY15 FY16 FY17 FY18 Cash Provided by Continuing Operations FY21 FY22 FY23 $6.6 $8.4 $8.7 FY15 FY16 FY17 $9.8 $1.1 $3.6 FY18 FY19 (2) FY20 Free Cash Flow(¹) $2.0 $1.1 $4.9 FY21 FY22 FY23 (1) Free cash flow is a non-GAAP financial measure. The most comparable GAAP measure is cash provided by continuing operations. See the discussion on pages 20 and 25 for how we define and calculate this measure and a reconciliation thereof to the most directly comparable GAAP measure. (2) Fiscal 2019 included the payment of approximately $7.6 billion of tax obligations that arose from the spin-off of Fox Corporation in connection with the TFCF acquisition. ⒸDisney Fourth Fiscal Quarter Ended September 30, 2023 5

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