Today's presentation may include forward-looking statements that we make pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including regarding the company's future business plans, prospects, and financial performance, are not historical in nature and are based on management's assumptions regarding the future and are subject to change. Additional information concerning factors and risks that could cause results to differ from those in the forward-looking statements are set forth in the company's filings with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K and reports on Form 10-Q and Form 8-K. There's a lot of satisfaction in developing ideas into realities which become a part of Disney. All the films, television shows, the songs, and of course, the theme parks. Each year there's always something new to enjoy. Whoa. Yee-haw. This is the best day of my life. The strength of the ancestors is here. Yeah, it's real. This is incredible. Being a part of something so extraordinary just feels right. This is the place to be. Our story has just begun. Yahoo. First we were playing, and then the world started changing. Hi there, I'm Lily Pad. We're gonna need backup. We're really excited to update the Millennium Falcon attraction with the characters The Mandalorian and Grogu. You ready for an adventure? Welcome to the most magical showcase on Earth. The things that we make have lasting impact on so many people. I'm putting together a team. I'm in. Woo. You got me so excited. This is beautiful. Showtime. We're building something that we haven't done before. You actually get to live these iconic moments. We put this into this. Yes, yes. This into this. Whoa, you guys, this is like Avatar. This is nothing like Avatar. Yeah. There's magic in the eras. Coming in hot. Let's go. Caught for the touchdown. This is the most special moment of my life. It's about seeing where you're going in your mind, knowing where you are, and knowing where you've been. Because you never know where you might be headed next. Please welcome Chairman of the Board, The Walt Disney Company, James Gorman. I call this meeting to order and the polls are now open. It's my pleasure to welcome you to The Walt Disney Company's Annual Meeting of Shareholders. Disney's Chief Legal and Global Affairs Officer, Horacio Gutierrez, is designated to conduct the business portion of our meeting. On behalf of your board of directors, I want to express our appreciation for your participation today and for your investment in this company. Your support enables Disney to continue delivering exceptional creativity and entertainment to audiences worldwide. I'd also like to acknowledge our other independent directors, Mary Barra, Amy Chang, Jeremy Darroch, Carolyn Everson, Michael Froman, Mel Lagomasino, Calvin McDonald, and Derica W. Rice, as well as Director Nominee, Jeff Williams. It's a privilege to serve with a board that has such impressive collective expertise. Their insight and experience support our shared goal that Disney continues to deliver that outstanding creativity and innovation that connects with people around the world. Today marks the beginning of an exciting new chapter for The Walt Disney Company, and we are thrilled for Josh D'Amaro as he assumes his new responsibilities as Chief Executive Officer. The board is so enthusiastic about the leadership Josh will bring to this role and the future he will help shape. He understands this company at its core and is exceptionally well-positioned to lead it in this next chapter of creative excellence and innovation. I want to acknowledge Disney's exceptional management team, including the company's first ever President and Chief Creative Officer, Dana Walden, as well as the many dedicated employees and cast members around the world. Finally, on behalf of the entire board, I want to express our deep gratitude to Bob Iger for his many years of extraordinary service as CEO. During his tenure, Bob has led the company to unprecedented creative and business success, and he has brilliantly prepared Disney for this moment. On a personal note, I just want to thank Bob for being such a tremendous partner over the last two years and an inspiring leader of The Walt Disney Company. Thank you again for joining us, and please enjoy the meeting. Storytelling is what drives this company. It's not about how much we create. It's about creating things that are great. Robert Iger has been named CEO of The Walt Disney Company. Looking back, it's an odyssey of sorts. Disney has purchased Pixar. We think we got something pretty good going here. The places I've been. A deal announced today that merges Mickey Mouse with Marvel Entertainment. Excelsior. The things I've seen. Star Wars is now officially part of Disney. It was a perfect match of what our two companies are. The things I've been able to do. Breaking news. The blockbuster Disney deal buying 21st Century Fox. Let's go. Woohoo. Disney shatters the annual box office record. $7 billion movies in 2019 alone. Disney's new streaming service makes its debut today. One day at a time. Welcome to the new California Adventure. Galaxy's Edge is now open. One job at a time. It's opening day for Shanghai Disneyland. It just happened so fast. I guess the rest is history. Come on. Punch it. I think that success magnifies who you are. Bob Iger, he was honored last night by the Ad Council, receiving the organization's award for public service. It's not about business, it's about being good citizens of the world. To care as much as he does and to have as big a heart as he does, people's lives are improving because of the choices that he makes. A core tenet of ours is to create change and not just to sit back and watch it happen. It takes patience and a lot of talent. Borrowing from one of Walt's greatest strengths, it takes courage. Today, we have plenty of it. What is the thing that when you are in your quietest moment, you are most grateful for? What I've come to realize and appreciate just what a privilege it is to work in this business for this company. Good evening. I am Bob Iger. If I were to learn one lesson, the lesson would be enjoy what you do, love what you do, because you won't do it well unless you do. Where do you go from here? To Disneyland. As I mark my last day as CEO of our wonderful company, I want to thank all of you for making these last three years so productive and gratifying. It's also the end of a 52-year journey that began in 1974 and has spanned almost three-quarters of my life. I never dreamed I would end up as CEO of The Walt Disney Company, and I certainly never expected to step into the role a second time. Once I did, I was quickly reminded of the tremendous responsibility that being entrusted with something very special bears. What I couldn't have fully known then was just how meaningful this journey would become because of the people, the creativity, and the shared belief in what this company stands for and what we have all accomplished, particularly during this second time around. Now, over the years, we experienced extraordinary change and faced real challenges. That was particularly profound in the last three years. It was daunting at times, but through it all, what sustained me was the passion I saw every day from great storytellers, innovators, leaders, and people around the world who care so deeply about what they do and want to just get it right. That commitment, resilience, passion, and heart are what make this company what it is. I've always believed that leaders don't create the magic, the people who work for and with the leaders do. My greatest privilege has been supporting that talent, listening, learning, and doing everything that I could to nurture the creative spirit and protect the values that define this place. When I returned in 2022, people had lost confidence in the company they worked for. Today, everywhere I turn, I sense confidence and excitement about what lies ahead. As I step away, I do so with enormous gratitude and real optimism. I believe deeply in this company's future because I believe in Josh D'Amaro and the people who will help him shape it next. Josh is a wonderful choice to lead The Walt Disney Company. He has passion for our businesses and brands, respect for our people, and he appreciates what makes this company so unique. Dana Walden will play a vital role focusing on our most critical endeavor, creativity. I'll be cheering on Josh, Dana, and all of you as I sail off into the sunset. Thank you for the trust you placed in me, for the memories we created together, and for allowing me the honor of serving. It has meant more to me than I can say. The stories and experiences Disney will bring to the world will continue to inspire, entertain, and connect generations just as they always have. Thank you. Please welcome Chief Executive Officer of The Walt Disney Company, Josh D'Amaro. Bob, on behalf of our employees, cast members, shareholders and fans around the world, thank you so much for your tremendous leadership, your steadfast support, and your countless contributions to The Walt Disney Company. You set an incredible example for all of us. Personally, I can't thank you enough for your mentorship and friendship through the years. You will be missed. Like so many of you, my connection to Disney goes back to my childhood, long before I began my career here. I grew up in a Disney family. We watched The Wonderful World of Disney on Sunday nights. I was ten years old when my family visited Disneyland for the first time. As I stand next to the old animation building where Walt and his team brought so many of our beloved stories and characters to life, I'm deeply honored and profoundly grateful for the opportunity to lead this remarkable company. Disney has always been a place of imagination, innovation and infinite potential, bringing human creativity together with cutting-edge technology to create unforgettable storytelling experiences. Very early on, Walt was thinking beyond the screen. From movies, music and television, to merchandise, publishing and theme parks. That vision has grown to encompass sports, news, games, streaming, cruise ships, hotels, and so much more. All of our businesses reinforce and amplify one another. At the center of the Walt Disney Company is an extraordinary connection we have with our fans. A relationship built over generations through the stories and characters that people carry with them throughout their lives. There's nothing quite like it, and all these years later, that connection has never been more relevant or more powerful than it is today. It remains our greatest competitive advantage. No one else has the ability to do this at the scale, quality, and global reach that Disney can. Simply put, while others in our industry are consolidating just to compete or struggling to be relevant in a fragmented and disrupted world, Disney's in a category of one, poised to accelerate into our next era of innovation and growth. This next chapter will be driven by staying focused on world-class creativity, enhanced by technology, bringing unforgettable stories to audiences wherever they are. While we are in a league of our own, that doesn't mean things have always been easy, especially with the pace of change that we're all facing today. When Bob returned to the company a few years ago, his goal was to fortify our business and lay the groundwork for long-term growth by reigniting creativity and improving performance at our studios. Building a robust and profitable streaming business, transforming ESPN for a digital future, and turbocharging our parks and experiences. We've accomplished all of those things, and we're operating from a place of strength with ample opportunity for growth. In 2025, we released the top three Hollywood films of the year, including Zootopia 2, which became Hollywood's highest grossing animated film of all time with $1.9 billion at the global box office, making it the eighth highest grossing Hollywood film in history. These successes drove our studio to number one at the box office for the ninth time in the last decade. We've also built a successful and growing entertainment streaming business that reaches millions of fans all over the world. We have the most engaged sports fans at ESPN as we continue to deliver compelling programming, including our number one and number eight most watched events ever on consecutive days earlier this year. Last year, our experiences business delivered operating income of $10 billion, the highest in its history. Demand remains extremely high at our parks and cruise ships, and consumer products continues to be a powerhouse with $62 billion in retail sales. Just for a little perspective here, in the last few months, we welcomed our 900 millionth guest at both Disneyland Park in Anaheim and Tokyo Disney Resort. While it took many years to achieve these milestones, today, when you consider all the ways that people interact with Disney through all of our platforms on a daily basis, the power of those connections is astonishing. Looking at our hand, it's an extraordinary one. Take all of this together, and Disney has never been more accessible to more people in more places than we are today. As we look ahead, we will capitalize on our strengths by focusing on coming together as one Disney to deliver a more connected, personalized and immersive experience to our consumers, wherever they are and whenever they would like to engage with us. The heart of that relationship is and it will always be our storytelling. There's no better example than Toy Story. 30 years ago, Pixar changed movie-going forever with the first CG animated feature. Today, to infinity and beyond, it's more than a catchphrase, it's an instant association, no matter where you are in the world. These characters now live everywhere our audiences do. In homes across the globe, through Disney+ and consumer products, in our hotels, in every one of our theme parks and cruise ships. We're expanding that world with a brand-new story that is just as exciting, fun and relevant as the films that came before it when Toy Story 5 hits theaters in June. I saw the latest cut recently, and it's fantastic, and I'm excited to show you a sneak peek. Now, I'm gonna have some words with this Lily Pad and let her know how things are run around here. Try to stay calm, Jessie. Buzz, you know me. I'm the definition of calm. That's not gonna work. Hi. What the- Sorry, I didn't mean to scare you. Sleep mode, you know? No? Eh, forget it. Was just gonna hop on the charger. Battery could use a little refresh. I wanna talk to you, device. Please, call me Lily. Now, look here. Me and the toys have been working all summer to try and get Bonnie to make friends with the Jordan twins- Uh-huh across the street. Yeah. You had to ruin it. Got it. With all your stupid. You're not even listening to me. Oh, no, I was listening. I'm always listening. See? Now, look here. Me and the toys have been working all summer to try to get Bonnie to make friends with the Jordan twins. Now in Spanish. Con los gemelos Jordan. Al otro lado de la calle. Pero luego tú viste y arruinaste. Now as a rap. Me and the toys been working all summer, trying to get Bonnie to make friends. Ooh, our first dance, honey. Oh, this concerns me ethically. Toy Story 5 is part of an incredible theatrical slate of films that includes the just-released original animated film Hoppers, which is critically acclaimed and off to a terrific start, as well as The Devil Wears Prada 2, The Mandalorian and Grogu, our live-action Moana, all coming this summer, and Avengers Doomsday in December. An incredible 2027 lineup with Star Wars Starfighter, Frozen 3, a Bluey feature, and a new Ice Age film, and so much more. We are excited to share updates on two of our highly anticipated films in development. Our sequel to last year's Lilo & Stitch will debut on May 26th, 2028, and Incredibles 3 will hit screens just a few weeks later on June 16th, 2028. We also have a wide array of world-class series from across Disney Entertainment. Shows like Only Murders in the Building, The Bear, High Potential, Alien: Earth, Grey's Anatomy, Percy Jackson and the Olympians, Dancing with the Stars, Bachelor in Paradise, Daredevil: Born Again, and the hugely popular Love, Simon. We also have three of the top preschool series led by Bluey, the most streamed show in the US. The Simpsons just celebrated its 800th episode, and we're especially excited about our new Simpsons film coming to theaters next year. We're also well underway on the next season of Shōgun, which won a record-breaking 18 Emmy Awards for its historic first season. I'm pleased to share some exclusive behind-the-scenes footage from Season Two, I'm Hiroyuki Sanada. I'm honored to share that production has begun on Season Two of FX's Shōgun. This new season grows in every direction, story, scale, emotion. What we are creating is something you've never seen before. We are so excited to continue this epic saga and to welcome audiences back into the world of Shōgun next year. Thank you so much. Rolling. These stories power our streaming business, which provides direct and continuous engagement with our consumers. Disney+ will continue to evolve beyond a traditional streaming service to become the digital centerpiece of our company, a portal that connects our stories, experiences, games, films, and more in entirely new ways. We're working to quickly bring Disney+ and Hulu into a unified experience later this year that will drive even more value for subscribers and for our business. We also have a huge opportunity to grow internationally. We've been investing smartly and strategically to build this business, and in a little over a year, we've released seven of our most viewed international originals ever, including the international Emmy-winning Rivals and breakout hit Battle of Fates. When you add ESPN to the mix, it becomes a grand slam for consumers. ESPN is an indispensable daily touchpoint for millions of sports fans, myself included. In fact, in an average month, we reach around 80% of adults in the U.S. Our sports portfolio is unmatched, and we continue to add key events and partners, including our recent collaborations with the NFL and MLB. We'll reach new heights next year when ESPN broadcasts the Super Bowl for the very first time, something we'll be bringing the full force of The Walt Disney Company to in a way that only we can. The power of Disney comes full circle at Disney Experiences. There's a reason this business is such a strong and consistent driver for the company. Built on our unparalleled storytelling and decades of creative innovation and operational excellence, Disney has continually raised the bar for what experiences can be, and it's always evolving. All around the world, we're building new adventures and expanding capacity to welcome more families into our uniquely Disney experiences, driven by the largest capital investment plan in Disney Experiences history. It's already bringing new lands to our parks and new parks to our world. Later this month, we'll unveil a new Frozen land in Paris. We're doubling the size of Avengers Campus at Disney California Adventure, building a Villains Land at Magic Kingdom, and planning our first new park in a decade in a brand-new corner of the world. We continue to expand our award-winning Disney Cruise Line fleet. I was just in Singapore for the launch of the Disney Adventure, which is our very first ship based in Asia. It is stunning, and I'm so excited for our guests to experience it. We have five more ships on the way, and today I'm excited to announce the name of our ninth ship, the Disney Believe. Underpinning all of this is technology. We've never shied away from the latest innovations, and in many cases, we're the ones pushing the envelope because we know technology acts as an amplifier for our stories, our experiences, and the emotional connection audiences have with our brand. That's why we've partnered with Epic Games to bring a transformative new entertainment experience to Fortnite and connect it to our broader ecosystem. I just reviewed some of the progress on the worlds that we're building, and I was blown away by the possibilities. We'll continue to develop and embrace new technologies to empower our storytellers, but never at the expense of our characters and worlds, our creative partners, or the trust people place in us. Because Disney, at its core, is a company that celebrates human creativity. There's a door on Main Street in Disneyland. It's on your right as you're walking toward the castle. The door is labeled Casting Agency, and the quote on the door is from Walt. It says, "It takes people to make the dream a reality." This couldn't be more true for a company like ours. We have the most creative, most passionate, dedicated people, and it's because of our people that we'll continue to create stories and experiences that our fans carry with them for a lifetime. One of the most profound ways we see this coming to life is through our ongoing work with children's hospitals, veterans and military families, and the various community organizations we have the honor to engage with. We're especially proud of our work with Make-A-Wish. Disney is the largest wish granter in the world, granting a wish every hour of every single day. Our stories bring joy and hope and inspiration to millions around the world, and that's a privilege that we take very seriously. That's why we'll continue to come together as one team, building on the strengths I've highlighted today to carry Disney's enduring legacy forward and write the next chapter of this incredible story. As I officially step into this role with an incredible team at my side, I'm truly excited about the road ahead, and I have absolute confidence in our ability to deliver high-quality experiential storytelling that stands head and shoulders above the rest. I want to thank Bob Iger once more. He set a standard for creativity, integrity, and ambition that will continue to guide all of us. We are deeply grateful for everything that he's done. Of course, my thanks go out to all of our fans around the world. As some of you may know, I love talking to guests and fans and hearing all of your stories. Whether you love our movies, shows, parks, ships, games, books, music, the list goes on and on. You are the reason that we do what we do. To our shareholders, on behalf of everyone at Disney, thank you for joining us today and thank you for your continued belief and investment in this one-of-a-kind company. Please welcome Senior Executive Vice President, Chief Legal and Global Affairs Officer of The Walt Disney Company, Horacio Gutierrez. Today's meeting is being conducted in conformity with the laws of Delaware and the company's charter and bylaws. Today is March 18, 2026. James Gorman opened the polls on all matters at 10:03 AM. Pacific Time. If you have already voted by proxy, you don't need to vote again now. For those in attendance on the virtual meeting website, if you haven't voted or if you want to change your vote, you may do that during this meeting by clicking Vote Here on the virtual meeting website and following the instructions there. Please note that you must submit any vote by ballot before the polls close at today's meeting in order for your vote to be counted. The rules of conduct for the meeting have been posted on the virtual meeting website, and I would ask that everyone please respect the rules. The notice of this meeting was distributed to shareholders of record as of the record date. We note that a shareholder proposal included as proposal five in our notice has since been withdrawn by the proponent and therefore will not be presented or voted on at this meeting, nor will any votes cast on the proposal be tabulated or reported. As a result, we have six items on the agenda today, including three shareholder proposals. I will introduce each of the first three items, and shareholder representatives will present each of the shareholder proposals. Then the polls will close, and we will hear a preliminary report from the Inspector of Election and adjourn the business portion of the meeting. The Inspector of Election, Jason Graham of First Coast Results, Inc., has signed an oath of Inspector of Election and is present today at this meeting. I would now like to ask Mr. Graham to report on the number of outstanding shares entitled to vote that are present today in person or by proxy. Thank you, Mr. Gutierrez. As of the close of business on January 20, 2026, the record date for this meeting, there were 1,773,386,947 shares of common stock outstanding, each of which is entitled to one vote. There are at least 904,427,343 shares of common stock represented by proxy at this meeting, which represents at least 51% of the total number of shares entitled to vote. Thank you. Based on this report, I declare that a quorum is present and that this meeting is qualified to proceed. The first item, Proposal One in the proxy statement, is the election of 11 director nominees. Each director holds office for a term of one year. The company has nominated the following 11 director nominees for election at this meeting. Mary Barra, Amy Chang, Jeremy Darroch, Carolyn Everson, Michael Froman, James Gorman, Bob Iger, Mel Lagomasino, Calvin McDonald, Derica W. Rice, and Jeff Williams. All of the company's nominees have been duly nominated. The board recommends a vote for the election of the 11 director nominees. The next item, Proposal Two in the proxy statement, is ratification of the appointment of PricewaterhouseCoopers, LLP as the company's independent registered public accountants for the current fiscal year, as recommended by the Audit Committee of the Board of Directors. Bud Schwartz and Wilson Matheson, representatives of PricewaterhouseCoopers, are here today to respond to any questions. The board recommends a vote for the ratification of the appointment of PricewaterhouseCoopers as the company's independent registered public accountants for fiscal 2026. The next item, Proposal Three in the proxy statement, is the advisory vote on executive compensation. We are seeking advisory shareholder approval for the compensation of our named executive officers, and the board recommends a vote for this proposal. The next item, Proposal Four in the proxy statement, is a shareholder proposal by Dana Tuggle. The full text of the proposal is set forth in the proxy statement. Dana Tuggle will now present the proposal. Operator, please proceed with the statement by Dana Tuggle at this time. Hello, my name is Dana Tuggle, and I'm here to present Proposal Four. I'm a longtime Disney shareholder and have visited the parks for years with family and friends. I love this company, and I want to see it focus on creating great experiences for future generations of kids, not let policies get pulled off course by politics. That's why I brought this proposal. Disney's gift match policy should be politically and socially neutral. They shouldn't recommend or restrict charities based on their religion or viewpoint. We want to know, for example, whether Disney favors groups such as the Human Rights Campaign that subjects conservative organizations like Turning Point USA and Family Research Council to extra scrutiny to be eligible for charitable matching. Instead of answering, the companies closed the doors of the Magic Kingdom. They told us that their employee match program has terms and conditions and other things with no further details. Sorry, but that's just not enough. I love Disney and the many happy moments it's provided me and my family and friends for decades. The way it's dodging questions on this issue isn't in keeping with that. Let's get Disney away from biased corporate policies and back to creating more of those happy moments. Choosing political neutrality is how to do that. Thank you so much for your time. The board of directors has recommended a vote against this proposal for the reasons set out in the proxy statement. The next item, Proposal Six in the proxy statement, is a shareholder proposal by the National Legal and Policy Center. The full text of the proposal is set forth in the proxy statement. Luc Pirlot will now present the proposal. Operator, please proceed with the statement by Luc Pirlot at this time. Good morning. I urge shareholders to vote for Proposal Six, which asks Disney's board to adopt cumulative voting for director elections. Disney's board says that this would allow special interests to override the broader goals of the company. Disney has already shown what the current winner-take-all system produces. In 2024, Nelson Peltz received about 31% of votes cast for a board seat. Yet shareholders elected Disney's full slate of 12 directors anyway. That's 31% of shares, a 31% economic stake, but zero board seats. If cumulative voting had been in place back then, those shareholders could have concentrated their shares and very likely earned a seat at the table. Disney also complains that cumulative voting could undermine a cohesive board, and that's the point. Under today's rules, a simple majority can effectively elect 100% of the board, and even a large minority can be dismissed as just noise unless they can fund an expensive proxy fight. Even then, their success is almost impossible. Is that cohesion or is that managerial capture? Cumulative voting lets owners concentrate votes so that a meaningful minority can translate economic ownership into real boardroom representation. Corporate governance should be designed for the real world. The board should represent the will of all its shareholders, not just the simple majority. Cumulative voting is a modest structural check that solves the problem of managerial capture that has persisted at Disney in recent years. For these reasons, I urge shareholders to vote for Proposal Six. Thank you. The board of directors has recommended a vote against this proposal for the reasons set out in the proxy statement. The next item, Proposal Seven in the proxy statement, is a shareholder proposal by Erik G. Paul. The full text of the proposal is set forth in the proxy statement. Erik Paul will now present the proposal. Operator, please proceed with the statement by Erik Paul at this time. Good morning. Walt Disney opened Disneyland in 1955 with a simple but radical promise, "To all who come to this happy place, welcome." That promise built one of the most trusted brands in the world. For more than a century, Disney stories have shaped culture because they reflect a core value of this company, inclusion. As Bob Iger himself said, one reason Disney's storytelling has such a meaningful and positive impact is because it embraces inclusion, acceptance, and tolerance. The disability community is one of the fastest-growing demographics in the world. These are not fringe guests. They are families planning multi-generational vacations, loyal customers who invest extraordinary time, coordination, and resources to make a Disney trip possible. Accessibility for disabled guests is not charity. It is not politics. It is smart market positioning, responsible brand stewardship, and sound risk management. Right now, there are warning signs. A recent study found that 85% of disabled Disney guests surveyed said they are unlikely to return because of recent accessibility changes. That is not noise. That is a strategic signal. We are already seeing tightening consumer spending, raising competition for travelers, and leadership acknowledging lower park volumes tied to attendance, as well as a class action lawsuit. At a moment like this, we can't afford to erode one of Disney's most powerful brand promises that everyone belongs and is welcome. An independent review of accessibility practices is not an admission of failure. It is leadership. It shows shareholders that the board takes risk management, brand strength, and guest loyalty seriously. Disney magic is not only created in films, it is created in how people feel when they walk through the gates. Protecting that magic means protecting the people who believe in it. I urge you to support this proposal. Thank you. The board of directors has recommended a vote against this proposal for the reasons set out in the proxy statement. If you're voting today, you must submit your votes at this time in order for your votes to be counted by the Inspector of Elections. The Inspector of Election will not consider ballots, proxies, or votes, or any changes or revocations thereof, submitted after the closing of the polls. We will pause to give everyone a final chance to vote. It is now 10:40 AM. Pacific Time, and the polls for each matter to be voted on at this meeting are now closed. I would ask the Inspector of Election to give us his report based on proxies received by the opening of the polls at today's meeting. Inspector, may we have your preliminary report, please? Thank you, Mr. Gutierrez. For Item One, the election of the directors, we have received proxies voting for each director representing at least 93% of the votes cast. For Item Two, ratification of the appointment of PricewaterhouseCoopers, we have received proxies for approximately 93% of shares voting to approve the appointment. For Item Three, relating to executive compensation, we have received proxies for approximately 85% of shares voting to approve the resolution. For Item Four, relating to a report on how the employee gift matching program may impact risk related to religious discrimination against employees, we have received proxies for approximately 1% of shares voting to approve the proposal. For Item Six, relating to the adoption of cumulative voting for board elections, we have received proxies for approximately 3% of shares voting to approve the proposal. For Item Seven, relating to an independent review and report on accessibility and disability inclusion practices, we have received proxies for approximately 5% of shares voting to approve the proposal. That concludes my report, Mr. Gutierrez. Thank you. Based on that report, and subject to the counting of ballots presented at the meeting and final confirmation of voting results by the Inspector of Election, I declare that all the nominees for election for the board have been duly elected, that Proposals Two and Three have been approved, and that Proposals Four, Six, and Seven are not approved. The final vote results will be included in the Form 8-K that will be filed within four business days after this meeting. That concludes the business portion of the meeting. We'll now begin the question and answer portion of our meeting. Would you consider changing the Pixar short movies in the Journey Into Imagination pavilion in Epcot? The same movies have been playing there for many years. That's a great way to start this off. It's a really good question. Listen, first, I am a huge fan of the Pixar shorts. I think it's pretty incredible how the talented folks at Pixar are so good at conveying powerful stories and emotion, and they do it in such a short amount of time. One of my favorites is Bao. I don't know if you've all had a chance to see it, but if not, I'd recommend going to check that one out. Like I said, it's a great question. It's an interesting idea, but right now we don't have any plans to bring new shorts to Journey Into Imagination. Again, good question. Let's move to the next one. Disney's parks and experiences clearly benefit from strong IP. How are the company's creative teams balancing their focus on creating new franchises versus sequels? What changes, if any, are being made to the creative process to encourage more breakout success from new IP? Okay, that's another great question. I'm sure that some have heard me say this before. You know, I think our creative teams are absolutely best in class, and they're always thinking about ways to extend stories that our fans have these deep connections with. Stories like Toy Story or Moana, Inside Out, and at the same time, these teams, they're constantly developing original ideas that they have the potential to become the next beloved, possibly the next enduring Disney franchise, and I think they do a really nice job of balancing these two things. It's interesting. Hoppers is actually a great example of this. That film is doing really well right now. In fact, two weeks ago when the film opened, it opened at number one. It is the biggest global debut for an original animated film since Coco, and that was back in 2017. The film is also been widely praised by critics and audiences. You know, what really differentiates Disney is what happens after a great story's created, and this is when our stories start to move across the entire company. Everything that we create, that could be a film, a series, an experience at one of our parks, could be a game, could be a consumer product. Each of these are amplified and reinforced across the whole Disney network. It's pretty unique. It's pretty powerful, actually. For example, a story when it's brand new or an extension of an existing franchise, it might begin as a film or a series, but it could also become an experience in our parks. It could become a game. It could be a product that families decide to bring into their homes. Essentially, the stories, all of them, they'll seamlessly move across our platforms. If you think about how fandom and the consumer experience landscape is shifting, audiences have more choices than they ever have before, and they expect that their favorite brands and stories will travel with them wherever they decide to spend their time. I think this is what Disney does better than anyone else. We have the strongest collection of stories and franchises anywhere, and we have so many compelling ways for audiences to engage with them. You know, one thing for sure, you'll see us continue to evolve in this way, more stories, existing ones and new ones, in more places where fans spend their time. I think it's really exciting. A great question. Thanks for asking that one. Let's move to the next one. Where can I find information on the professional backgrounds of current board members? Well, thanks for the question. First, we're really proud of our board. All of their professional backgrounds and other pertinent information about our directors, that can all be found on our proxy statement. You can also find it on our company website. Another note here, our board is committed to refreshment, and we have a thoughtful process that we use to identify the best director candidates that we think would be additive to the board. You can see this commitment in the fact that if you go back to 2021, since then, we've had 6 new non-management directors join the board, and the average tenure of independent directors, it's around 5 years. Most recently, the board nominated Jeff Williams, and we think that he'll bring a deep leadership perspective in a number of areas that are aligned with our strategy. Good question. Let's move to the next one. The Walt Disney Company is the result of Walt Disney's ideas, creativity, struggles, and pursuit of newness and imagination. How are you considering his legacy and ideals and incorporating his principles into the company's future? Oh, this is a good one, and this is actually something that's really important to me. You know, Walt, he created this company around a very simple but I think a really powerful idea that great storytelling and creativity, they can actually bring people together and create experiences that stay with them for their whole life. I love it. I love that idea and that philosophy. It still guides us in everything that we do at the company today. When I think back about Walt's legacy, and I do this a lot, actually, I think about Walt's legacy a lot. I think less about preserving something from the past and more about carrying forward the innovative spirit that defined him, and quite frankly, it's defined the company now for more than a hundred years. Walt, he was incredibly optimistic about the future. He embraced new technology. He took a lot of creative risks. He was always pushing his team to imagine what was possible, rather than just what was comfortable. That mindset, it's still very much part of our culture today, and you can see it across the entire Walt Disney Company. You see it everywhere, whether it's a filmmaker or our Imagineers, in our game development or our teams that are building new digital experiences. We're continuing to bring together human creativity and new technology to tell stories for fans in ways that Walt could probably only imagine at the time, and I'm sure, I know that he would be proud of today. Of course, as we continue to innovate, I and the whole team around me, we feel that tremendous responsibility to never compromise on what makes Disney so special. Our brand is one that's always stood for quality, it's stood for creativity and storytelling that can endure right across generations. As we look ahead, the goal is to make sure that we're honoring that legacy while continuing to evolve, just as Walt himself always did. Yeah, I think that's a great question. Again, something that's important to me. Thanks for asking. We'll move on to the next question now. How is Disney leveraging artificial intelligence to strengthen its position within the industry? Okay. Well, it's probably not a complete discussion these days if we don't talk about AI at least a little bit. Technology's always played an important role in Disney's history. We've been at the forefront of innovation for more than 100 years now, and this is a company of creators, of innovators, and of course, we understand that our willingness and passion in terms of embracing new technologies, it's been completely key to our success. When you look across our company today, we're using AI and machine learning in a variety of ways across the company, and we're doing this to enable creators and creativity, to develop and improve products and experiences and to drive business productivity and efficiency in everything that we do. We've been doing this for some time. Of course, you know, not surprisingly, we're approaching this very thoughtfully. At Disney, creativity is always led by people. That will always be the case. Our goal with AI is to empower human creativity and not replace it. We want to give artists and filmmakers and designers better tools so that they can focus on what they do best. It's a really important question. I'm glad you asked it, so thank you for that. Now we can move on to the next question. How does Disney Experiences balance revenue growth from ticket pricing and attendance with maintaining positive guest satisfaction? Thanks. That is an important question. I guess I'd start with the fact that I know that a Disney park visit, it's a meaningful investment for families that visit us, and our goal is for every single guest to feel that their experience is worth it. Basically, we want this experience to be the best day of a guest's life, and we're always measuring our success here. For example, we look at things like guest experience ratings and a guest's intent to return after they've visited us, and these metrics are both very high across all of our parks. When it comes to how we think about pricing, what we try to do is focus on offering a wide range of options and different price points so that families can visit in ways that work for them, whether that's during a value season or, you know, maybe taking advantage of multi-day ticket savings or even taking advantage of special offers that we introduce from time to time. In fact, we have one of those special offers available right now at Disneyland. It's a kids' ticket offer, and with this offer, kids can visit Disneyland for $50 a day, which is pretty good. We also have a kids' free dining promotion with some packages at Walt Disney World. What we try to do is provide a fair amount of choice and flexibility for our guests, while at the same time, making sure that we're managing daily attendance and overall experience. Again, a really good and important question. I appreciate you asking that one. Now we can move on to the next question. What guides the company's capital allocation decisions around growth versus maintenance investments, dividends, share buybacks, and M&A? Thanks for the question. Well, we've managed our capital allocation approach pretty consistently over the years. Here, we're always looking to invest across our businesses to make sure that we're advancing our strategy and driving solid returns on investment and ultimately driving shareholder returns as all these investments come to life. Actually, the segment that I have been running, Disney Experiences, this is it's a great example. This business has been generating great returns on investment over the last decade, and we know that as we continue to build great, innovative new experiences, the returns will follow. That's why you see us continuing to invest in this segment. Now, when we get growth in earnings and cash flow over time, this allows us to reinvest in our business and drive future growth while also increasing our returns to shareholders through things like share repurchases and dividends. Of course, we're always managing our balance sheet. We want to make sure that we maintain appropriate leverage levels to give us financial flexibility. We've done this really well, and you can see that in our single A rating. We don't think it's necessary to build up excess cash on our balance sheet or reduce leverage from the current levels that we're at. When we take this overall approach, it then drives our thinking around the level of share repurchase that we might make in a given year, and this informed our fiscal 2026 guide to buy back $7 billion of shares this year, and this is double the amount that we repurchased in fiscal 2025. Finally, I'll touch on M&A here. We believe that we're really well-positioned and that we have a great hand. If you look across the broader industry, we're well ahead of the curve, and this is because of the acquisitions that we've made related to Fox assets and before that it was Lucasfilm and Marvel and of course, Pixar. We're going to continue to create our own IP and, of course, we've got an unbelievable bedrock of stories to grow from. While we're always looking at the landscape and assessing opportunities, we feel really good about where we stand right now. Thanks for the question, and we can move on to the next one now. Would Disney consider restructuring the Disability Access Service program to ensure it benefits everyone who needs it? Okay. I'll address that question, and I'll start with the fact that we know that accessibility is deeply personal, and for many families, our services for guests with disabilities, they make it possible to enjoy our parks together. Creating a welcoming and inclusive environment for all guests, especially those with disabilities, this is. It's foundational to who we are. The current approach that we have with our Disability Access Service, it reflects really extensive work that we've done with accessibility experts and medical professionals, all in an effort to better understand individual needs and then really thoughtfully match guests with the right levels of support. It's important to us that we have individual conversations with families and that we have a broad range of accommodations that our cast members can recommend through these individual conversations. Now, you know, of course, as we look ahead, as we always do, we'll continue to listen, we'll learn and apply expert guidance as we evaluate these accommodations over time, and we'll always be focused on providing great experiences and designing these services to support our guests. Thanks for asking the question. Let's go to the next one now. Disney has a vast library of classic content to mine. While each title may not individually generate blockbuster revenue, the cumulative effect could be beneficial. Is there room for growth in the distribution of the company's portfolio of legacy content? Or how do you determine which titles show up on Disney+ and which don't? Okay, good question. Yeah, there's no doubt that we have an incredibly strong and deep library. There's no other company that has what we have. It's actually pretty amazing. So Disney+, it's becoming the digital centerpiece of our company. A place where audiences can connect with our stories or connect with our characters, even our experiences. We're gonna keep pushing here, always looking at how to best bring those stories and audiences in ways that match how they wanna interact with our storytelling today and to give them the stories that they're all most excited about. I think the key point here is that Disney+ benefits from our incredibly rich library, and we're always enhancing our capabilities to recommend the right content to the right user and, of course, showcasing that content in ways that keep subscribers and fans engaged. Really doing this across generations and across the world. Great question. Let's move on to the next question. How can I get a confirmation showing I voted for all my shares? Oh, that's actually a good one. I had just actually asked this same question recently. Here's what you do. If you wanna get confirmation of your voting record, well, there are a few ways you can do it. You could go to the proxy vote website, and there's a control number that you have on your notice or your proxy card form. You can use that control number, and you can see your voting information. Now, as I understand it, if you hold your shares through a bank or a brokerage account, you're gonna wanna check with your contact there to get any specific directions that they might have. Given that I've asked the question before, it's a good one and I understand it, so thanks for asking. Let's move on to the next question now. A stock split hasn't happened for years at Disney. Would the company ever consider one? Thanks for the question. Right now, we are not currently contemplating a stock split. We think that Disney stock is very accessible right now for both investors and employees, and also the stock's got a good trading volume and market liquidity. Appreciate the question. Let's move on to the next one, please. Why are Disney World's and Disneyland's Lightning Lane reservations so different? Disney World allows us to reserve at 7:00 AM. regardless if we're in the park. Why isn't that offered at Disneyland? Okay, a good question. We have a fair amount of guests who visit both parks, so it's not surprising that this question would come up. Walt Disney World and Disneyland, they're obviously both incredible destinations, but they do operate in really different ways, and our Lightning Lane systems are designed to reflect how guests experience each of those resorts. So, for example, at Walt Disney World, our guests typically plan farther in advance, they have more theme parks to choose from. And over at Disneyland, that resort is contained within a more compact footprint. It has two theme parks. They're located side by side, and there's a lot of dynamic day-of-flow between attractions and the parks. Now, for guests who choose to use Lightning Lane, our objective, it's the same regardless of which resort you're visiting. We wanna offer a convenient and optional way to reduce time spent waiting in line and add flexibility to the day in a way that fits how each resort actually operates. Like everything, we're always evaluating guest feedback. We're looking at how guests use these products. We look at operational performance. All this to make sure that we're giving our guests the best experience that we possibly can. Good question. We have time for one last question. Let's go forward with that last question. Would Disney consider creating a unique film for Figment, or do you have any plans to bring more Figment to your parks or content? Well, well, there it is. I've obviously listened to these shareholder meetings for a long time, and I know that there is always a Figment question that comes up. You know, I gotta say that I love that, and I love the fact that there is so much adoration for Figment. He has stood the test of time as a fan favorite, and he clearly continues to spark creativity and imagination across generations, and I think that's really cool. Well, given that this question is coming up, I am sure that some of our fans may have seen that Figment recently made a special appearance in the How NOT to Draw short. Neil Patrick Harris narrates this. It's really fun, and it celebrates Figment and his connection to imagination. Now, I don't have anything new to announce at this time, but I can assure you that we're always exploring new ways for guests to engage with Figment and other of our characters that fans love so much. That's a really great way to end the questions today. I wanna thank everyone for joining us, and I hope everyone has a great day. Thank you for joining us. That concludes our annual meeting. You may now disconnect.