Disney Results Presentation Deck

Non-GAAP Financial Measures This presentation includes total segment operating income, diluted EPS excluding certain items, DTC streaming businesses operating losses, and free cash flow, all of which are important financial measures for the Company, but are not financial measures defined by GAAP. These measures should be reviewed in conjunction with the most comparable GAAP financial measures and are not presented as alternative measures of income from continuing operations before income taxes, diluted EPS, Entertainment and Sports segment operating income (loss), or cash provided by continuing operations as determined in accordance with GAAP. Total segment operating income, diluted EPS excluding certain items, DTC streaming businesses operating income (loss), and free cash flow as we have calculated them may not be comparable to similarly titled measures reported by other companies. Total segment operating income The Company evaluates the performance of its operating segments based on segment operating income, and management uses total segment operating income as a measure of the performance of operating businesses separate from non-operating factors. The Company believes that information about total segment operating income assists investors by allowing them to evaluate changes in the operating results of the Company's portfolio of businesses separate from non-operational factors that affect net income, thus providing separate insight into both operations and other factors that affect reported results. Diluted EPS excluding certain items The Company uses diluted EPS excluding (1) certain items affecting comparability of results from period to period and (2) amortization of TFCF and Hulu intangible assets, including purchase accounting step- up adjustments for released content, to facilitate the evaluation of the performance of the Company's operations exclusive of these items, and these adjustments reflect how senior management is evaluating segment performance. The Company believes that providing diluted EPS exclusive of certain items impacting comparability is useful to investors, particularly where the impact of the excluded items is significant in relation to reported earnings and because the measure allows for comparability between periods of the operating ormance of the Company's business and allows investors to evaluate the impact of these items separately. The Company further believes that providing diluted EPS exclusive of amortization of TFCF and Hulu intangible assets associated with the acquisition in 2019 is useful to investors because the TFCF and Hulu acquisition was considerably larger than the Company's historic acquisitions with a significantly greater acquisition accounting impact. DTC Streaming Businesses The Company uses combined DTC streaming businesses operating income (loss) to evaluate the performance of its portfolio of combined streaming businesses and track progress against the Company's goal of reaching profitability in Q4 of fiscal 2024 at its combined streaming businesses. Free Cash Flow The Company uses free cash flow (cash provided by continuing operations less investments in parks, resorts and other property), among other measures, to evaluate the ability of its operations to generate cash that is available for purposes other than capital expenditures. Management believes that information about free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments and pay dividends or repurchase shares. ⒸDisney Fourth Fiscal Quarter Ended September 30, 2023 20

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