Disney (DIS) reports mixed fiscal Q3 2026 results as earnings beat estimates while revenue falls slightly short.
Stock Earnings Results
August 5, 2026
Table of Contents
August 5, 2026
The Walt Disney Company (NYSE: DIS) reported fiscal third-quarter 2026 results with earnings above expectations, higher total revenue, stronger segment operating income, growth in Entertainment and Experiences, and continued share repurchases, though revenue came in slightly below analyst estimates.
Disney is a global entertainment and media company with businesses across streaming, film and television, sports, theme parks, resorts, cruises, consumer products, and intellectual property licensing.
The dashboard showed EPS of $2.06, above estimates of $1.88, representing a 9.6% earnings surprise. Revenue came in at $25.25 billion, slightly below estimates of $25.41 billion, though revenue growth was 6.8%.
Disney reported total revenue of $25.25 billion, up from $23.65 billion in the prior-year quarter.
Services revenue was $22.68 billion.
Products revenue was $2.57 billion.
Net income attributable to Disney was $2.64 billion.
GAAP diluted EPS was $1.51, compared with $2.92 in the prior-year quarter.
The year-over-year GAAP EPS decline reflected higher restructuring and impairment charges, including an $812 million impairment tied to Disney’s investment in A+E.
Total segment operating income increased to $5.56 billion from $4.58 billion.
Entertainment operating income increased 64% to $1.68 billion.
Sports operating income declined 17% to $858 million.
Experiences operating income increased 20% to $3.02 billion.
The overall segment result was stronger, but performance was uneven across the portfolio.
Entertainment revenue increased 6% to $11.35 billion.
Subscription and affiliate fees increased 12% to $7.55 billion.
Advertising revenue declined 1% to $1.63 billion.
Content sales declined 6% to $1.60 billion.
Entertainment operating income increased to $1.68 billion from $1.02 billion.
Disney said the increase was driven by higher subscription and affiliate fees.
The improvement also reflected lower marketing costs, partly offset by higher technology and distribution costs.
Sports revenue increased 4% to $4.50 billion.
Subscription and affiliate fees increased 8%.
Advertising revenue increased 5%.
Other revenue declined 41%, mainly due to the comparison against UFC pay-per-view revenue in the prior-year quarter after Disney’s UFC rights expired in December 2025.
Sports operating income declined to $858 million from $1.04 billion.
The decline was driven by higher programming and production costs.
Disney said those costs increased due to contractual rate increases, new sports rights, and the timing of rights-cost recognition related to the NBA contract renewal.
Experiences revenue increased 10% to $9.97 billion.
Theme park admissions revenue increased 9%.
Resorts and vacations revenue increased 17%.
Parks and Experiences merchandise, food, and beverage revenue increased 7%.
Merchandise licensing and retail revenue increased 8%.
Experiences operating income increased 20% to $3.02 billion.
The improvement was driven by higher revenue at Parks and Experiences and, to a lesser extent, Consumer Products, partly offset by higher costs.
Disney said theme park admissions revenue growth was driven by higher average per-capita ticket revenue and increased attendance.
Resorts and vacations revenue increased because of additional passenger cruise days, higher average daily hotel room rates, and higher occupied hotel room nights.
The increase in passenger cruise days reflected the launches of Disney Destiny in November 2025 and Disney Adventure in March 2026.
Domestic Parks and Experiences revenue increased 11% to $7.12 billion.
International Parks and Experiences revenue increased 6% to $1.79 billion.
Consumer Products revenue increased 7% to $1.07 billion.
For the first nine months of fiscal 2026, Disney generated $12.52 billion in cash from operations.
The company invested $6.78 billion in parks, resorts, and other property during that period.
Disney repurchased $1.7 billion of common stock during the quarter.
For the first nine months of fiscal 2026, Disney repurchased $7.2 billion of common stock.
Disney also declared a $0.75 per share dividend, representing about $1.3 billion.
As of June 27, 2026, the company had authorization remaining to repurchase about 271 million additional shares.
Disney delivered a mixed but better-than-expected earnings quarter.
The dashboard showed EPS ahead of expectations, total revenue increased nearly 7%, Entertainment operating income improved sharply, and Experiences continued to grow. Parks, resorts, cruises, and consumer products remained important profit drivers.
The main pressure points were the revenue miss, lower Sports operating income, higher programming costs, and restructuring and impairment charges that weighed on GAAP earnings.
The key question is whether Disney can keep growing Entertainment and Experiences while managing sports rights inflation, streaming costs, and large capital investments in parks and cruise capacity.
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