“Looking forward, the forward bookings at Walt Disney World are up nicely, and the cruise line bookings also look very healthy as we look out to our book of business.”

In context

“Hugh Johnston (Chief Financial Officer): Thanks, Barton. I guess that's about a four-part question. So let me try to break it down a little bit for you. First of all, like this time, you've seen in the numbers, demand is strong across domestic parks and cruises. Consumer products also had a terrific quarter, benefiting from the IP strength we have. Looking forward, the forward bookings at Walt Disney World are up nicely, and the cruise line bookings also look very healthy as we look out to our book of business. That said, we're certainly not immune to the macros. And in particular, fuel obviously touches the entire economy. As an example, we have seen a weaker consumer in Asia in our parks in Shanghai and Hong Kong in Q3, and that's continuing in Q4. The good news is we do have a global portfolio. And as you saw in the announcement and heard from Josh, we now expect the Experiences segment to deliver OI growth at the high end of the previously provided high-single-digit growth guidance for the fiscal year, excluding the 53rd week. As it relates to Abu Dhabi, that new park is being designed with a long-term view. These are multiyear projects to put in place. And obviously, once we put them in place, they last decades and decades. We continue to believe in the strategic rationale behind the project, and we are fully committed to seeing that project through. On the topic of fuel, specifically through the hedging program and the fuel efficiency initiatives that we have at the cruise line, we're really seeing very little impact from the fluctuations in the price of oil during the current year. And then last but not least, while we're on these types of topics, tariffs. We had about $100 million of tariff refunds in the quarter at Disney Experiences, which hit segment OI with no impact on revenue. There'll be a smaller benefit, if one at all in Q4. And the full year impact will really be immaterial because the costs associated with those tariffs were actually in the first half of '26. So really nets to essentially nothing for the year.”