The Walt Disney Company (DIS) Earnings
The Walt Disney Company is expected to report next earnings on November 12, 2026 (in NaN days), with a consensus EPS estimate of $1.66. DIS has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +6.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 5, 2026 | $1.86 | $2.06 | +10.8% | $25.2B | -0.6% |
| May 6, 2026 | $1.49 | $1.57 | +5.4% | $25.2B | +1.2% |
| Feb 2, 2026 | $1.57 | $1.63 | +3.8% | $26.0B | +1.1% |
| Nov 13, 2025 | $1.05 | $1.11 | +5.7% | $22.5B | -1.3% |
| May 7, 2025 | $1.19 | $1.45 | +21.8% | $23.6B | +2.3% |
| Feb 5, 2025 | $1.45 | $1.76 | +21.4% | $24.7B | +0.1% |
| Nov 14, 2024 | $1.11 | $1.14 | +2.7% | $22.6B | +0.4% |
| Feb 7, 2024 | $0.99 | $1.22 | +23.2% | $23.5B | -0.7% |
| Nov 8, 2023 | $0.67 | $0.82 | +22.4% | $21.2B | +5.5% |
| Feb 8, 2023 | $0.69 | $0.99 | +43.5% | $23.5B | +0.3% |
| Aug 10, 2022 | $0.94 | $1.09 | +16.0% | $21.5B | +2.4% |
| Feb 9, 2022 | $0.57 | $1.06 | +86.0% | $21.8B | +8.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2026 · August 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Core Business Performance Highlights - Total Q3 results beat prior guidance, with the company reaffirming its full-year outlook, demonstrating operational strength amid ongoing macroeconomic uncertainty - Disney Experiences set new quarterly revenue and operating income records, with healthy forward bookings for both Walt Disney World and Disney Cruise Line; new capacity additions including the *Disney Destiny*, *Disney Adventure*, and Disneyland Paris's World of Frozen have performed well with guests - Theatrical IP leverages the Disney flywheel: the five *Toy Story* films have grossed over $4 billion in global box office, generated over $1 billion in annual global retail sales, and delivered over 2 billion hours of streaming on Disney+, with integrated attractions and experiences across Disney parks and cruise lines; even underperforming theatrical releases drive downstream value across other business segments, including retail, parks, and streaming - Disney reached a key milestone in app unification: Hulu standalone and bundle subscribers can now link profiles and manage subscriptions directly on Disney+, with full tech stack and data integration targeted by the end of the 2025 calendar year - A new content partnership with TikTok will bring curated short-form and fan-created content to Disney+ to boost engagement - Upfront advertising results for the coming year were strong, with total volume commitments up double digits year-over-year and sports volume up low teens year-over-year; all Super Bowl ad inventory was sold out - Strategic Priorities - Maintain three core strategic priorities: 1) invest in creative excellence and industry-leading IP, 2) leverage technology to accelerate growth and drive returns, 3) deepen direct fan relationships via a connected, unified Disney experience enabled by the 'one Disney' operating model - Position Disney+ as the global digital centerpiece of the Disney ecosystem, with plans to expand the platform to integrate games, merchandise, personalized experiences, and third-party add-ons by spring 2027 to lower churn, deepen engagement, and increase lifetime fan value - Expand Disney+ growth in under-monetized international markets via regional partnerships and scaled local original content - Evolve ESPN as the core sports destination, with select premium sports content added to Disney+ to drive upsell to the high-lifetime-value Trio Bundle; integrate ESPN into the broader Disney ecosystem to increase overall fan lifetime value - Leverage AI enterprise-wide to amplify, not replace, human creativity: AI is deployed to speed pre- and post-production workflows, improve content personalization on Disney+, create new ad formats, improve AI-powered personalized sports content (e.g., SportsCenter4U), and simplify park vacation planning, while also driving cost efficiencies that free up capital for high-priority long-term investments - Continue unified data integration across all business segments to enable better personalization and consumer insight, and invest in next-generation technology for parks experiences (e.g., interactive guest-facing robotics, faster AI-powered attraction design)
Guidance
- Reiterates full-year 2025 outlook and double-digit adjusted EPS growth targets for fiscal 2026 and fiscal 2027 - Disney Experiences is now expected to deliver operating income growth at the high end of its prior high single-digit growth guidance for fiscal 2026, excluding the 53rd week impact; this upward adjustment is driven by core operational outperformance, not one-time tariff refunds - Maintains target of double-digit SVOD operating margins for fiscal 2026, excluding the 53rd week impact - Confirms fiscal 2026 capital allocation plans: $9 billion in capital expenditures for Disney Experiences capacity expansion, $24 billion in content spending, and at least $8 billion in share repurchases - Confirms the expanded Disney+ ecosystem integration project is on track to launch initial elements in spring 2027 - Full Disney+ and Hulu app integration is on track to be completed by the end of calendar 2025 - Management reaffirms confidence in the timelines for Disney Cruise Line's new ship launch schedule
Segment performance
Total company revenue grew 7% year-over-year, and total segment operating income increased 21% year-over-year, exceeding prior guidance. Disney Experiences delivered record Q3 revenue and operating income: it achieved 4% year-over-year global guest growth, 3% domestic park attendance growth, and 4% year-over-year per-capita spending growth at domestic parks. The segment received a $100 million one-time tariff refund in Q3 that boosted operating income with no impact on revenue, and is now expected to deliver high single-digit operating income growth at the high end of prior guidance for full fiscal 2026 (excluding the 53rd week impact). Disney Direct-to-Consumer (DTC) delivered a 13% SVOD operating margin in Q3, and remains on track for double-digit full-year SVOD margins in fiscal 2026 (excluding the 53rd week impact). ESPN reported over 100% year-over-year growth in NBA Finals and NHL postseason viewership across ESPN and ABC, marking the most viewed fiscal Q3 for ESPN linear networks since 2016, and achieved its most watched first half of the calendar year since 2012. Disney Studios saw strong box office performance from *Toy Story 5*, which crossed $1 billion in global box office, offsetting mixed results from other theatrical releases.
Risks & headwinds
- Ongoing macroeconomic uncertainty continues to impact consumer discretionary spending, with sustained softness in international visitation to U.S. parks and weaker consumer demand for Disney parks in Shanghai and Hong Kong persisting into Q4 - The advertising market is healthy for live sports but competitive for streaming, with growing ad supply creating industry-wide pricing pressure that impacted Disney's SVOD ad sales growth in Q3 - Theatrical performance is inherently variable, with some high-profile releases failing to meet box office expectations - Fuel price volatility and geopolitical risks, including Middle East conflict, create macro uncertainty; Disney has mitigated near-term fuel price risk for its cruise line via hedging and fuel efficiency initiatives, resulting in minimal near-term impact - Disney's long-term capital investment cycle for parks and cruise expansion relies on projected returns, though management notes all projects undergo rigorous return testing prior to approval
Analyst Q&A
Q: After several years of the $60 billion 10-year parks capital expenditure program, how much long-term revenue and margin upside can be expected from expanded parks and cruise capacity, and how will Disney balance volume and pricing growth? /
A: Q3 results already demonstrate clear growth from current investments, with 4% global guest growth, 3% domestic attendance growth, and 4% per-capita spending growth even amid macro uncertainty. All new capital projects undergo rigorous review with clear return targets, and Disney now guides Experiences operating growth to the high end of prior high single-digit guidance for fiscal 2026 (excluding the 53rd week). Management plans to balance volume growth from new capacity and yield to serve more fans while maintaining the desirability of Disney experiences.
Q: Will return on invested capital for parks investments decline over the investment cycle as early projects capture low-hanging fruit? /
A: All parks projects are approved only if they meet attractive return thresholds and improve the guest experience. Return on invested capital for the Experiences segment has increased meaningfully over time, and management expects strong returns to continue into the future. Project timing is driven by operational needs and shipyard capacity constraints, not declining return potential, so investors should not expect project returns to deteriorate over the course of the investment cycle.
Q: Do recent targeted discount programs at U.S. parks signal concerns about attendance trends or weakness in international visitation? /
A: These targeted promotions are part of a refined commercial strategy to reach specific guest segments, including value-focused consumers, local residents, and guests seeking flexible visit options, not a sign of broad attendance weakness. Q3 delivered 4% year-over-year total global guest growth, and strong domestic tourist and local growth is already offsetting the continued softness in international attendance.
Q: What is the update on Disney+ and Hulu integration, and will Disney+ follow Hulu's model as an aggregator for third-party streaming services? /
A: The quarter achieved a key milestone with Hulu profile linking and unified personalization on Disney+ active now. Full unification of tech stacks and data sets is targeted by the end of 2025, when live TV and third-party add-ons will be integrated into the Disney+ interface. Management confirms Disney+ is well positioned to act as a global aggregator of third-party services via bundles and add-ons, pointing to the popular Disney+ Hulu HBO Max bundle, which has materially lower churn than standalone subscriptions.
Q: What is the strategic rationale for Disney to continue scaling direct-to-consumer rather than shifting to a focus on content licensing? /
A: A large global direct-to-consumer user base provides critical strategic value, including first-party consumer data that enables personalization, product innovation, and new long-term revenue streams that are not possible with an exclusive licensing model. Content licensing is inherently lumpy and dependent on market conditions, and exiting DTC would sacrifice significant strategic and financial value for shareholders. Management points to three encouraging current trends: lower churn for international original viewers, the lowest churn for the Trio Bundle, and rising engagement from recent product improvements.