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      "text": "Disney should commit publicly to a 15-20% operating margin target by 2027. We believe this goal is achievable because Netflix earned higher margins (21%) on a lower revenue base ($30bn) than the Street expects Disney to generate in 2027 ($33bn+).",
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      "text": "Source: SEC filings, Company transcripts. Note: (1) “Cost of Revenues” includes Programming and Production Costs, Technology, Depreciation and Amortization, and Other Operating Expenses.",
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      "text": "Board Should Insist on a Plan to Achieve 15-20% DTC Margin",
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