Jun 2026 (Q3 FY26) — Aug 5, 2026
The Walt Disney Company Q3 FY26 — Strong Experiences Growth and Streaming Margin Expansion
Read the full callWalt Disney (DIS) earnings
- Jun 2026
- Jun 2026 (Q3 FY26)
- Sep 2025
Global media and entertainment company spanning streaming (Disney+, Hulu), sports (ESPN), theme parks/cruise lines, and film/IP franchises.
Walt Disney earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 25,248 | +6.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 22.0 | +2.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 2,638 | −49.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
12 of 12 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Domestic parks attendance growth | Q3 FY26 domestic parks attendance to improve versus the 1% decline reported in Q2 FY26 | Mar 2026 | we delivered 4% global guest growth, and we had 3% attendance growth at our domestic parks | Achieved |
| Experiences segment operating income growth | High single-digit operating income growth in fiscal 2026 | Sep 2025 | we did just this morning guide to the high end of our prior high single-digit OI growth for fiscal year '26 | Revised Up |
| Adjusted EPS growth | Double-digit adjusted EPS growth in fiscal 2026 | Sep 2024 | And our Q3 results and reiterated full year outlook show we're operating from a real position of strength. | On Track |
18 of Walt Disney Co's 30 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 27 more targets are in the full ledger.
Claimed
- Total segment operating income increased 21% year-over-year, exceeding prior guidance.
- Total company revenue grew 7% year-over-year.
- Disney Experiences delivered record fiscal Q3 revenue of $10 billion and segment operating income, growing 10% YoY.
- Global guest growth was 4% year-over-year, with domestic parks attendance up 3% and per capita spending up 4%.
- SVOD operating margin reached 13% in fiscal Q3, on track for double-digit margins in FY26.
- Share repurchase program authorization increased to at least $9 billion for fiscal '26.
Qualified
- Some franchise films, such as Mandalorian and live-action Moana, underperformed box office expectations.
- Weaker consumer sentiment in Asia impacted parks in Shanghai and Hong Kong in Q3 and is continuing into Q4.
- The competitive streaming market is creating pricing pressure due to increased supply.
- Advertising categories like telecom, restaurants, and CPG are showing some softness.
Price
$109.59 −0.90% · −$1
Performance −1.0% 1Y
1Y: $110.67 on 17 Oct 2025 → $109.59. High $116.65 (12 Nov 2025), low $92.42 (27 Mar 2026).
- Previous close
- $110.59
- 52-week range
- $92.42 – $116.65
- One year
- −2.12%
Overview
- Symbol
- DIS
- Sector
- Communication Services
- Exchange
- US
- Currency
- USD
What Walt Disney does
Based on the company's own presentations, annual report and earnings calls.
Walt Disney Company creates and monetizes intellectual property across film, television and streaming, then extends those franchises into physical touch points such as theme parks and cruise ships. Its streaming arm (Disney+ and Hulu) delivers original and licensed content internationally, while ESPN operates as its sports content and innovation unit. The company is expanding its parks and cruise business internationally through capital-light partnership agreements rather than wholly-owned builds.
Segments
- Studio / Content (IP)
- Direct-to-Consumer Streaming
- Sports (ESPN)
- Parks & Experiences / Cruise Lines
- Streaming platforms
- 2 (Disney+, Hulu)
- New international park/cruise partnerships announced
- 2 (Oriental Land Company cruise ship in Japan; Miral theme park in Abu Dhabi)
- Zootopia 2 streaming engagement
- 1 billion+ hours streamed
Guidance
What management said, and what became of it
12 of 12 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Domestic parks attendance growth | Q3 FY26 domestic parks attendance to improve versus the 1% decline reported in Q2 FY26 | Mar 2026 | we delivered 4% global guest growth, and we had 3% attendance growth at our domestic parks | Achieved |
| Experiences segment operating income growth | High single-digit operating income growth in fiscal 2026 | Sep 2025 | we did just this morning guide to the high end of our prior high single-digit OI growth for fiscal year '26 | Revised Up |
| Adjusted EPS growth | Double-digit adjusted EPS growth in fiscal 2026 | Sep 2024 | And our Q3 results and reiterated full year outlook show we're operating from a real position of strength. | On Track |
Claimed
- Total segment operating income increased 21% year-over-year, exceeding prior guidance.
- Total company revenue grew 7% year-over-year.
- Disney Experiences delivered record fiscal Q3 revenue of $10 billion and segment operating income, growing 10% YoY.
- Global guest growth was 4% year-over-year, with domestic parks attendance up 3% and per capita spending up 4%.
- SVOD operating margin reached 13% in fiscal Q3, on track for double-digit margins in FY26.
- Share repurchase program authorization increased to at least $9 billion for fiscal '26.
Qualified
- Some franchise films, such as Mandalorian and live-action Moana, underperformed box office expectations.
- Weaker consumer sentiment in Asia impacted parks in Shanghai and Hong Kong in Q3 and is continuing into Q4.
- The competitive streaming market is creating pricing pressure due to increased supply.
- Advertising categories like telecom, restaurants, and CPG are showing some softness.
The full ledger
Open Walt Disney Co’s full ledger
A free account opens 5 company ledgers a month. All 30 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q2 FY26) — May 12, 2026
The Walt Disney Company Q2 FY26 — Strong Q2 Results Driven by Creativity, Strategy, and Technology
Read the full callDec 2025 (Q1 FY26) — Feb 2, 2026
The Walt Disney Company Q1 FY26 — Strong Start to Fiscal Year Driven by Experiences and Streaming Profitability
Read the full callEvery analysed call
Walt Disney earnings calls (DIS)
Financials
What the filings say
Net profit, year on year: −50% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 22,574 | 24,690 | 23,621 | 23,650 | 22,464 | 25,981 | 25,168 | 25,248 |
| Expenses | 19,829 | 20,612 | 20,115 | 20,005 | 19,861 | 22,106 | 21,379 | 20,488 |
| Operating profit | 3,655 | 5,060 | 4,436 | 4,575 | 3,480 | 4,600 | 4,603 | 5,555 |
| Operating margin | 16.2% | 20.5% | 18.8% | 19.3% | 15.5% | 17.7% | 18.3% | 22.0% |
| Other income | 0 | — | — | 0 | 0 | — | — | — |
| Interest | -3,608 | 487 | 471 | 438 | -3,208 | 443 | 473 | 463 |
| Profit before tax | 948 | 3,660 | 3,087 | 3,211 | 2,045 | 3,693 | 3,367 | 3,645 |
| Tax rate | 40.5% | 27.8% | −10.2% | −85.1% | 29.4% | 32.7% | 26.8% | 22.0% |
| Net profit | 460 | 2,554 | 3,275 | 5,262 | 1,313 | 2,402 | 2,247 | 2,638 |
| EPS ($ per share) | — | 1.41 | 1.81 | 2.92 | — | 1.34 | 1.27 | 1.52 |
| Line item | Sep 2018 | Sep 2019 | Oct 2020 | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 36,779 | 53,907 | 54,497 | 55,471 | 56,398 | 57,383 | 58,592 | 59,814 |
| Reserves | 82,679 | 42,494 | 38,315 | 40,429 | 43,636 | 46,093 | 49,722 | 60,410 |
| Total liabilities | 45,766 | 100,095 | 113,286 | 110,598 | 104,752 | 101,622 | 90,697 | 82,902 |
| Fixed assets | 29,540 | 31,603 | 32,078 | 32,624 | 33,596 | 34,941 | 37,041 | 41,255 |
| Total assets | 98,598 | 193,984 | 201,549 | 203,609 | 203,631 | 205,579 | 196,219 | 197,514 |
| Line item | Sep 2018 | Sep 2019 | Oct 2020 | Oct 2021 | Oct 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 14,295 | 5,984 | 7,616 | 5,566 | 6,002 | 9,866 | 13,971 | 18,101 |
| Cash from investing | — | — | — | — | -5,008 | -4,641 | -6,881 | -8,043 |
| Cash from financing | — | — | — | — | — | -2,724 | -15,288 | -10,366 |
| Net cash flow | 91 | 1,300 | 12,499 | -1,951 | -4,342 | 2,574 | -8,133 | -303 |
| Capital expenditure | -4,465 | -4,876 | -4,022 | -3,578 | -4,943 | -4,969 | -5,412 | -8,024 |
| Free cash flow | 9,830 | 1,108 | 3,594 | 1,988 | 1,059 | 4,897 | 8,559 | 10,077 |
DIS revenue by segment
Experiences grew from 36% to 39% of revenue over the last two years.
| Segment | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Entertainment | 46% | 44% | 45% | 45% | 45% | 45% | 47% | 45% | +6.0% |
| Experiences | 36% | 38% | 38% | 38% | 39% | 39% | 38% | 39% | +9.7% |
| Sports | 20% | 20% | 19% | 18% | 18% | 19% | 18% | 18% | +4.5% |
| Segment Eliminations | -2% | -2% | -2% | -2% | -2% | -2% | -3% | -2% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q3 FY2026 · share of revenue
- Americas 79%
- Europe 13% ↑ 1 pt
- Asia Pacific 8% ↓ 2 pt
As DIS cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
121 filings between Dec 12, 2025 and Oct 8, 2026.
Open market
decisions to buy or sellPurchases
$2.11M
2 purchases by 2 insiders
Sales
$2.47M
6 sales by 3 insiders
83% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 39
- Award — granted as compensation
- 34
- Option exercise — converted options into shares
- 38
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 dispositions to the issuer.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| GORMAN JAMES P | $2.01M | — | Dec 12, 2025 |
| WOODFORD BRENT | — | $1.53M | Oct 8, 2026 |
| Coleman Sonia L | — | $559.1K | Jan 22, 2026 |
| Roeder Paul M | — | $382.3K | Aug 19, 2026 |
| Chang Amy | $98.8K | — | Feb 12, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 8, 2026 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Sale 10b5-1 plan | 3,618 | $381.0K |
| Oct 8, 2026 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Option exercise 10b5-1 plan | 3,618 | $380.6K |
| Sep 30, 2026 | WILLIAMS JEFFREY E Director | Award | 925 | $97.0K |
| Sep 30, 2026 | Rice Derica W Director | Award | 1,152 | $120.9K |
| Sep 30, 2026 | LAGOMASINO MARIA ELENA Director | Award | 1,167 | $122.4K |
| Sep 30, 2026 | MCDONALD CALVIN Director | Award | 1,006 | $105.5K |
| Sep 30, 2026 | Darroch Jeremy Director | Tax withheld | 122 | $12.9K |
| Sep 30, 2026 | Darroch Jeremy Director | Award | 955 | $100.1K |
| Sep 30, 2026 | GORMAN JAMES P Director | Award | 1,386 | $145.4K |
| Sep 30, 2026 | Chang Amy Director | Award | 1,006 | $105.5K |
| Sep 30, 2026 | Barra Mary T Director | Award | 1,174 | $123.2K |
| Sep 30, 2026 | Everson Carolyn Director | Award | 995 | $104.3K |
| Sep 30, 2026 | Froman Michael B. G. Director | Award | 1,003 | $105.2K |
| Sep 23, 2026 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Tax withheld | 393 | $40.7K |
| Sep 23, 2026 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Option exercise | 1,060 | — |
| Sep 1, 2026 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Option exercise 10b5-1 plan | 3,618 | $380.6K |
| Sep 1, 2026 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Sale 10b5-1 plan | 3,618 | $387.6K |
| Aug 19, 2026 | Roeder Paul M Sr EVP and Chief Comm Officer | Sale | 3,596 | $382.3K |
| Aug 14, 2026 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Sale 10b5-1 plan | 7,238 | $762.2K |
| Aug 14, 2026 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Option exercise 10b5-1 plan | 7,238 | $761.5K |
| Jul 17, 2026 | Roeder Paul M Sr EVP and Chief Comm Officer | Tax withheld | 343 | $33.8K |
| Jul 17, 2026 | Roeder Paul M Sr EVP and Chief Comm Officer | Option exercise | 955 | — |
| Jul 17, 2026 | Coleman Sonia L Sr. EVP & Chief People Officer | Tax withheld | 559 | $55.0K |
| Jul 17, 2026 | Coleman Sonia L Sr. EVP & Chief People Officer | Option exercise | 1,181 | — |
| Jul 17, 2026 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Tax withheld | 362 | $35.6K |
| Jul 17, 2026 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Option exercise | 1,162 | — |
| Jul 15, 2026 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Tax withheld | 477 | $46.3K |
| Jul 15, 2026 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Option exercise | 1,956 | — |
| Jul 15, 2026 | Roeder Paul M Sr EVP and Chief Comm Officer | Tax withheld | 592 | $57.4K |
| Jul 15, 2026 | Roeder Paul M Sr EVP and Chief Comm Officer | Option exercise | 1,649 | — |
| Jul 15, 2026 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Option exercise | 1,871 | — |
| Jul 15, 2026 | Roeder Paul M Sr EVP and Chief Comm Officer | Tax withheld | 527 | $51.1K |
| Jul 15, 2026 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Tax withheld | 456 | $44.2K |
| Jul 15, 2026 | Roeder Paul M Sr EVP and Chief Comm Officer | Option exercise | 1,466 | — |
| Jun 30, 2026 | Rice Derica W Director | Award | 1,023 | $103.1K |
| Jun 30, 2026 | Everson Carolyn Director | Award | 955 | $96.2K |
| Jun 30, 2026 | MCDONALD CALVIN Director | Award | 955 | $96.2K |
| Jun 30, 2026 | Barra Mary T Director | Award | 1,017 | $102.5K |
| Jun 30, 2026 | Darroch Jeremy Director | Tax withheld | 113 | $11.0K |
| Jun 30, 2026 | Darroch Jeremy Director | Award | 955 | $96.2K |
| Jun 30, 2026 | WILLIAMS JEFFREY E Director | Award | 955 | $96.2K |
| Jun 30, 2026 | Chang Amy Director | Award | 955 | $96.2K |
| Jun 30, 2026 | LAGOMASINO MARIA ELENA Director | Award | 955 | $96.2K |
| Jun 30, 2026 | Froman Michael B. G. Director | Award | 1,004 | $101.2K |
| Jun 30, 2026 | GORMAN JAMES P Director | Award | 1,364 | $137.5K |
| Jun 23, 2026 | Coleman Sonia L Sr. EVP & Chief People Officer | Tax withheld | 1,464 | $150.7K |
| Jun 23, 2026 | Coleman Sonia L Sr. EVP & Chief People Officer | Option exercise | 4,079 | — |
| Jun 23, 2026 | Coleman Sonia L Sr. EVP & Chief People Officer | Tax withheld | 291 | $29.9K |
| Jun 23, 2026 | Coleman Sonia L Sr. EVP & Chief People Officer | Option exercise | 809 | — |
| Jun 15, 2026 | Roeder Paul M Sr EVP and Chief Comm Officer | Option exercise | 1,533 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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