“So looking forward, while we haven't provided a longer-term revenue or margin outlook for the segment, we did just this morning guide to the high end of our prior high-single-digit OI growth for fiscal year '26, and that excludes the 53rd week.”

In context

“Josh D'Amaro (Chief Executive Officer): Thanks, Robert. These are great questions, particularly in light of the results that we just reported today and the solid returns that we're seeing in our business. It probably makes sense just to start right there with Q3, a pretty clear demonstration of our ability to drive growth. And we did this through investment in new initiatives. And of course, it's on the heels of our base business, which remains really strong. It was another record revenue quarter for the Experiences segment. Revenue was $10 billion. It's 10% above where we were in Q3 last year. And I know there was a fair amount of speculation about the strength of our domestic parks. Well, clearly, they were strong. Outside the parks, we also saw expansion at Disney Cruise Line. We had the Disney Destiny and the Disney Adventure performing quite well. In Paris, over at Disneyland Paris, we expanded with the opening of World of Frozen, and that's been really well received by our guests. And then Consumer Products business, it also benefited from our theatrical slate. And then just from an OI and a margin perspective, the Experiences segment, again, delivered Q3 records, which was fueled by the strong revenue growth. And then on top of this, and this is really important, we delivered 4% global guest growth, and we had 3% attendance growth at our domestic parks. And on top of that, spending was up. We saw 4% growth in per cap spending at our domestic parks. It's important, I think, to highlight that we're performing significantly better than our competition. And in doing that, delivering strong volume and per cap spending results. And to remind everyone, we're achieving this even during a period where there's a fair amount of macro uncertainty. So I guess when you think about it, the takeaway here is pretty clear. The consistent investments that we've made over time, combined with the fact that the experience Disney provides to its fans, it's truly differentiated and highly valued. And I think that should give you and the broader investment community confidence that we will continue to grow over the years to come, especially as we continue to invest in our global capacity. Now in terms of future returns, having previously led the segment, I can also say that our capital investments, all of them, they go through very rigorous evaluations and are supported by clear and well-defined return expectations. So looking forward, while we haven't provided a longer-term revenue or margin outlook for the segment, we did just this morning guide to the high end of our prior high-single-digit OI growth for fiscal year '26, and that excludes the 53rd week. And this performance will be driven by the overall strength of our portfolio. So Robert, back to your specific question, we expect to balance both volume and yield, particularly as we're expanding through our capital plan so that ultimately, we can serve more fans and make the experience, whether that's on land or on sea, even more desirable. So I hope that's helpful.”