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As media conglomerates accelerate their retreat from legacy cable assets, the streaming operations left standing are beginning to deliver the margins the market once doubted.
The Walt Disney Company (NYSE: DIS) posted fiscal third-quarter free cash flow of $3.1 billion, lifted by a 32% jump in operating cash flow, and announced plans to spend at least $9 billion on share repurchases this fiscal year, matching the $9.4 billion it spent buying back stock in fiscal 2017.
Streaming and parks deliver on the operating line Disney's direct-to-consumer division, anchored by Disney+ and Hulu, grew revenue 11% year over year in the quarter ended June 27 and posted an operating margin of 13%.
The division was losing more than $1 billion per quarter only a few years ago. That reversal is the clearest single operational shift in the results.
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