The Walt Disney Company 2005 Annual Report
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Financial Highlights
Summary Financial Highlights
  2001 2002 2003 2004 2005
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Revenues     
   Media Networks
   Parks and Resorts
   Studio Entertainment
   Consumer Products
$ 9,569
7,004
6,009
2,590
$ 9,733
6,465
6,691
2,440
$10,941
6,412
7,364
2,344
$11,778
7,750
8,713
2,511
$13,207
9,023
7,587
2,127
---
  $25,172 $25,329 $27,061 $30,752 $31,944
---
           
Segment Operation Income1
   Media Networks
   Parks and Resorts
   Studio Entertainment
   Consumer Products
$ 1,758
1,586
260
   401
$   986
1,169
273
  394
$ 1,213
957
620
   384
$ 2,169
1,123
662
   534
$2,749
1,178
207
   520
---
  $  4,005 $ 2,822 $ 3,174 $ 4,488 $ 4,654
---

Stock option expense
203
---
 
Segment operating income
   adjusted to exclude the impact
   of stock option expense1

$ 4,005

$ 2,822

$ 3,174

$ 4,488

$ 4,857
---

Diluted earnings per share
    before the cumulative effect
    of accounting changes


$   0.11


$   0.60


$   0.65


$   1.12


$   1.24

Stock option expense per share
0.08
---

Diluted earnings per share
   before the cumulative effect
   of accounting changes and
   adjusted to exclude the impact
   of stock option expense1




$   0.11




$   0.60




$   0.65




$   1.12




$   1.32
---

Cash provided by operations
$ 3,048
$ 2,286
$ 2,901
$ 4,370
$ 4,269
---
 

Free Cash Flow1
$ 1,253
$ 1,200
$ 1,852
$ 2,943
$ 2,446
Effect of Euro Disney and
   Hong Kong Disneyland
   consolidation
   

202

594
---
Free cash flow excluding
   Euro Disney and
   Hong Kong Disneyland

$ 1,253

$ 1,200

$ 1,852

$ 3,145

$ 3,040
---

 

Segment Operating Income


Diluted Earnings Per Share Before the Cumulative Effect of Accounting Changes

 

1 These items are not financial measures defined by Generally Accepted Accounting Principles (GAAP). Reconciliations of (a) total segment operating income to income before income taxes, minority interests and the cumulative effect of accounting changes, (b) free cash flow to cash provided by operations and (c) free cash flow excluding Euro Disney and Hong Kong Disneyland to cash provided by operations are provided at the end of this Financial Review. The reconciliation of the other items to the most comparable financial measures defined by GAAP is set forth in the tables above.
2 Segment operating income for 2005 is adjusted to exclude the impact of stock option expense and is not a financial measure defined by GAAP. The reconciliation to total segment operating income is set forth in the table above.
3 Diluted earnings per share before the cumulative effect of accounting change for 2005 is adjusted to exclude the impact of stock option expense and is not a financial measure defined by GAAP. The reconciliation to diluted earnings per share before the cumulative effect of accounting change is set forth in the table above.