Walt Disney Company (The)
DIS · NYSE
Next quarter
Consensus is $1.88 EPS for Jun 2026 across 8 estimates, ranging $1.84 to $1.93.
DIS Mar 2026
- 5.37%
- +0.56%
- $1.49
- $1.57
- —
- $25.17B
Reported results
- $25.17B
- $4.60B
- 18.29%
- $2.25B
- $1.27
Highlights
- Revenue was $25.248 billion, up from $23.650 billion in the prior-year quarter; net income was $2.64 billion versus $5.26 billion.
- Entertainment revenue increased to $11.345 billion from $10.704 billion, while segment operating income rose to $1.680 billion from $1.022 billion.
- Sports revenue increased to $4.500 billion from $4.308 billion, but segment operating income declined to $858 million from $1.037 billion.
- Experiences revenue rose to $9.968 billion from $9.086 billion, and segment operating income increased to $3.017 billion from $2.516 billion.
- Total segment operating income was $5.555 billion versus $4.575 billion; restructuring and impairment charges were $900 million versus $185 million in the prior-year quarter.
- No capex, subscriber count, or formal forward revenue and earnings guidance was provided in the supplied material.
Analysis
No consensus figures are on file, so the quarter cannot be judged against an analyst benchmark. Revenue reached $25.248 billion, up from $23.650 billion a year earlier, but net income fell to $2.64 billion from $5.26 billion. Entertainment and Experiences carried the operating performance: Entertainment revenue rose to $11.345 billion and operating income increased to $1.680 billion, while Experiences revenue reached $9.968 billion and operating income rose to $3.017 billion. Sports revenue grew to $4.500 billion, but operating income declined to $858 million as programming and production costs increased to $3.050 billion from $2.762 billion. Total segment operating income improved to $5.555 billion from $4.575 billion. Below that line, the benefit was partly offset by $900 million of restructuring and impairment charges, compared with $185 million previously, helping explain why net income declined despite stronger segment results.
Guidance
The supplied material does not include formal guidance for the next quarter or fiscal year, so there is no management range to compare with a prior guide. The filing does disclose $16 billion of unsatisfied performance obligations expected to be recognized in the future, including approximately $2 billion in the remainder of fiscal 2026, $6 billion in fiscal 2027, $4 billion in fiscal 2028 and $4 billion thereafter. These amounts include only fixed consideration or minimum guarantees and exclude contracts with an original expected term of one year or less and licenses based solely on licensee sales.
What drove it
- Entertainment growth — Entertainment revenue was $11.345 billion and operating income was $1.680 billion, compared with $10.704 billion and $1.022 billion, respectively.
- Experiences momentum — Experiences revenue increased to $9.968 billion and operating income reached $3.017 billion, versus $9.086 billion and $2.516 billion.
- Sports pressure — Sports operating income fell to $858 million from $1.037 billion even as revenue rose to $4.500 billion from $4.308 billion.
- Cost restructuring — Restructuring and impairment charges increased to $900 million from $185 million, while total costs and expenses rose to $20.488 billion from $20.005 billion.
Watch items
- Sports operating income declined to $858 million from $1.037 billion despite higher revenue, with programming and production costs rising to $3.050 billion from $2.762 billion.
- Restructuring and impairment charges increased sharply to $900 million from $185 million, reducing the conversion of stronger segment operating results into net income.
- Experiences costs and expenses rose to $6.951 billion from $6.570 billion, including higher operating labor, infrastructure, other operating expenses, and depreciation and amortization.
- Net income declined to $2.64 billion from $5.26 billion even though total segment operating income increased to $5.555 billion from $4.575 billion.
