$DisCharts - Capex, Free Cash Flow and Cash Q2FY24

Capital Expenditure - Breakdown

Capital Expenditure - Parks Breakdown

Most of the post-covid domestic capex has been spent on expanding the Disney Cuise Line fleet. With the news that Disney will ‘supercharge the parks’ over the next decade it will be fun to see who see the lions share of the investment and watch these trendline go up and to the right.

Free Cash Flow

Disney’s Post-Covid free cash flow bounce back has been nothing short of amazing. We have not seen free cash flow like this since 2019. We have the dividend back and a $3B stock buyback for FY24 and still we see very strong free cash flow.

Cash on Hand

Disney is a healthy cash situation even after writing a cheque to Comcast for their portion of Hulu. We see that pre-Covid Disney kept just over $4B in cash before they ramped up for the Fox merger.

The stock buyback will contribute to taking cash off the balance sheet. I would not be shocked if Disney continued to buyback stock until it is around $4B, like pre-covid.