Hugh Johnston

As we think about where we are right now, we grew EPS 19% for the year and 19% CAGR for the last three years.

And that's why we both guided to double digit EPS growth in 26.

And on top of that, doubled the share of purchase and increased the dividend by 50%.

Well, of course, streaming always begins with the quality of the content that we have and the quality of the slate that we have going forward.

So if you think about the film slate we have right now, number one, we obviously have Zootopia 2, followed by Avatar, followed by The Devil Wears Prada 2, followed by Toy Story 5, Moana,

And then we've got an Avengers movie as well.

So if I look at all of that playing its way into the streaming service, certainly feel good about those tentpole events.

In addition to that, our TV side continues to perform very strongly.

The ratings are great.

The number of hit shows are great.

And then on top of that, we're investing in the product in a significant way, creating a unified app.

And in addition to that, improving our recommendation engines and improving the navigation within the DTC app put all of that together.

And what we really see is just a huge opportunity for growth.

We aspire to grow that business double digits along with the double digit margins we expect to achieve this coming year.

And as a result, I think we're going to continue to see that business do really well and be a real growth driver for Disney.

I think it's primarily due to the fact that we're investing in product in the business and we're investing in bundling.

So we all know that bundling ultimately is a very profitable thing to invest in.

It increases retention, reduces churn, increases engagement.

And that's not a theory.

We have proof on that.