“So as we communicated in our letter, we expect 12% growth adjusted EPS for fiscal '26 and double-digit growth of adjusted EPS for fiscal '27 both excluding the impact of the 53rd week.”

In context

“'26 or fiscal '27 due to the macro factors? Hugh Johnston: Thanks, Steve. No, we haven't seen any change in consumer behavior from elevated gas prices thus far and are currently seeing a material impact on the remainder of the fiscal year based on forward bookings. Disney World bookings are pacing up strongly. And even with our 40% increase in cruise capacity, booked occupancy remains in line with the prior year. However, we're mindful of the macro uncertainty consumers are facing, and we're not immune to the impacts, including how a significant further rise in fuel prices from current levels could eventually lead to changes in consumer behavior. If that possibility were to occur, each business has levers in place to make adjustments in order to help offset those kinds of macro pressures. So as we communicated in our letter, we expect 12% growth adjusted EPS for fiscal '26 and double-digit growth of adjusted EPS for fiscal '27 both excluding the impact of the 53rd week. Benjamin Daniel Swinburne, C.F.A.: Great. Maybe over to you, Josh, kind of last question on experiences. So looking for an update, this is from Rick Prentiss at Raymond James, looking for an update on capital expenditure investment program. What are you most excited about? What have you learned from the recent openings of the World of Frozen at Disneyland Paris? When can we expect the investments to drive inflection upward in attendance at the parks? Josh D’Amaro: Okay. Great. Well, first, I'm excited about a lot. So thanks for the question, Rick. The capital investments that we're making to create these new experiences based on our most popular IP, they're obviously an important part of our strategy to continue growing our experiences business. And these investments, they're diversifying”