The Walt Disney Company 2004 Annual Report
---
 IntroductionKey BusinessesFinancialsSite Map
---

Financial Review Financial Review

Overview
2004 Performance
Earnings & Operating Income
Free Cash Flow
Returns on Capital
Capital Spending
Shareholder Returns
Total Returns
Outlook
Reconciliations
Parks and Resorts Operating Income
Free Cash Flow
Net Borrowings
Capital Expenditures

OUTLOOK
At Disney, we constantly strive to convert creativity into performance. Barring negative turns in the environment and excluding the potential impact from unusual or extraordinary items, we are confident that disciplined execution of the Company's strategic plans will yield strong financial returns. We have a tremendous legacy to draw on and are building on that legacy constantly, generating creative ideas every day, in every area of our business. With technological innovation promising greater reach to consumers and tremendous opportunity for international expansion, we will continually strive to generate long-term growth in earnings, cash flow and improved capital returns.