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    DIS
    Earnings call· Mar 2026(Q2 FY26)

    Walt Disney Q2 FY26 earnings call DIS

    May 12, 2026 Source

    Executive summary

    The Walt Disney Company Q2 FY26 — Strong Q2 Results Driven by Creativity, Strategy, and Technology

    The Walt Disney Company delivered strong Q2 FY26 results, driven by its unified enterprise-wide strategy focused on creative excellence, expanding global reach, and leveraging technology as a value multiplier. The company exceeded previous guidance and expects growth to accelerate in the second half of the fiscal year, emphasizing disciplined execution and long-term value creation through its "One Disney" approach.

    Highlights

    5

    • Revenue grew by 7% to $25.2 billion.

    • Total segment operating income increased by 4% to $4.6 billion.

    • Adjusted EPS increased by 8% to $1.57.

    • Zootopia 2 earned $1.9 billion at the global box office and streamed over 1 billion hours.

    • Disney+ and Hulu demonstrated stronger retention and engagement.

    Guidance & targets

    1
    CategoryTargetConfidence
    Growth acceleration
    accelerate
    medium materiality
    High

    Operational metrics

    5
    Revenue growth
    7%YoY
    Q2 FY26

    Total revenue grew to $25.2 billion.

    Total segment operating income
    $4.6 billionup 4%
    Q2 FY26

    Total segment operating income increased by 4%.

    Adjusted EPS
    $1.57increased by 8%
    Q2 FY26

    Adjusted EPS increased by 8%.

    AI application
    —
    Q2 FY26

    AI is being used for dynamic recommendations, AdTech, streamlining operations, and personalizing park experiences to drive efficiency and unlock new monetization streams.

    International expansion model
    —
    Q2 FY26

    Leaning into a capital-light model for international expansion, including a new ship in Japan through an agreement with Oriental Land Company and a theme park in Abu Dhabi through an agreement with Miral.

    Industry KPIs

    2
    MetricValueDetails
    Member quality and retentionstronger
    Content spend title performance$1.9 billionUSD

    Product announcements

    2
    ProductTypeDetails
    ESPN Appupdate
    Disney+roadmap

    Deals & partnerships

    2
    Oriental Land CompanyAgreement for a new Disney Cruise Line ship in Japan.

    Agreement to expand internationally with a new Disney Cruise Line ship in Japan, part of a capital-light expansion model.

    MiralAgreement for a landmark theme park in Abu Dhabi.

    Agreement to expand internationally with a landmark theme park in Abu Dhabi, part of a capital-light expansion model.

    What to watch in Q3 FY26

    4

    Overall growth acceleration

    H2 FY26
    CurrentQ2 FY26 revenue growth 7%, segment operating income growth 4%
    TargetAccelerated growth in H2 FY26

    Why it matters

    Indicates the company's ability to deliver on its forward outlook and strategic initiatives.

    We continue to expect growth to accelerate in the second half of the fiscal year.

    1 min read6 chapters

    Detailed Narrative

    01

    Disciplined Execution & Strategic Clarity

    The Walt Disney Company's Q2 FY26 performance reflects disciplined execution, creativity, strategic clarity, and business transformation. These factors collectively drove strong outcomes for consumers and sustained value for shareholders, allowing the company to modestly exceed previous guidance.

    02

    Three Pillars of Growth Strategy

    Disney's enterprise-wide strategy is built on three core pillars: relentless investment in creative excellence, expanding global reach and deepening engagement, and leveraging technology as a value multiplier. This unified approach aims to drive efficiency, unlock new monetization streams, and foster long-term value creation.

    03

    Creative Engine & IP Power

    The company's intellectual property serves as its engine, creating stories and characters that power engagement across platforms. Hits like Zootopia 2, which earned $1.9 billion at the global box office and streamed over 1 billion hours, demonstrate the enduring resonance of Disney's storytelling and its ability to extend from screens to parks and merchandise.

    04

    Global Reach & Engagement Expansion

    Disney is focused on building more touch points, both digital and physical, to reach fans globally. Disney+ and Hulu are scaling personalized experiences and international content, while Parks and Disney Cruise Lines are extending the brand into new geographies, including a new ship in Japan and a landmark theme park in Abu Dhabi.

    05

    Technology as a Value Multiplier

    Investments in technology, particularly AI, are driving efficiency and unlocking new monetization streams. AI is being used for dynamic recommendations, AdTech, streamlining operations, and personalizing park experiences. The company is also evolving Disney+ into a digital centerpiece with interactivity, integrated commerce, and gaming.

    06

    One Disney Unified Approach

    The "One Disney" strategy allows the company to leverage IP, data, and talent across all businesses. This unified approach enables cross-promotion through games, merchandise, and experiences, compounding the value of every success, from box office performance to theme park resonance.

    AI-generated summary of the company’s earnings call. Not investment advice.