The Walt Disney Company 2004 Annual Report
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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

TOTAL RETURNS TO INVESTORS
From a long-term perspective, an investment in Disney has yielded strong results. Assuming reinvestment of dividends, an investment of $10,000 in Disney stock in 1984 was worth $212,304 on September 30, 2004, providing a 16.5% Compound Annual Growth Rate (CAGR) over the 20-year period. A similar investment in the S&P 500 would have yielded $111,626 during the same period, for a 12.8% CAGR. Disney also outperformed the peer index(6) over this period.

Cumulative Total Return

(6)The peer index consists of the companies that were formerly included in the Standard & Poor's Entertainment and Leisure Index, and is the same as the custom composite index used in the proxy statement. These companies include, in addition to The Walt Disney Company: Time Warner Inc.; Viacom Inc.; Carnival Corporation; Harrah's Entertainment, Inc.; Hilton Hotels Corporation; Marriott International, Inc.; Starwood Hotels and Resorts Worldwide, Inc.; Brunswick Corporation; Darden Restaurants, Inc.; McDonald's Corporation; Starbucks Corporation; Yum! Brands, Inc.; and Wendy's International, Inc.