Q3 26 EPS
$2.06
Q3 26 Revenue
$25.25B
vs S&P Since Q3 26
+6.3%
BEATING MARKET
DIS +6.4% vs S&P +0.2%
Market Reaction
Did DIS Beat Earnings? Q3 2026 Results
Walt Disney Co delivered a strong fiscal third quarter, posting adjusted EPS of $2.06 on revenue of $25.25 billion, up 6.8% year over year, extending its streak of beating consensus EPS estimates to five consecutive quarters. The standout engine behi… Read more Walt Disney Co delivered a strong fiscal third quarter, posting adjusted EPS of $2.06 on revenue of $25.25 billion, up 6.8% year over year, extending its streak of beating consensus EPS estimates to five consecutive quarters. The standout engine behind the results was the Experiences segment, where operating income climbed 20% to $3.02 billion on 10% revenue growth, fueled by healthy domestic park attendance and a significantly expanded Disney Cruise Line fleet. Entertainment was equally compelling, with segment operating income surging 64% to $1.68 billion as Disney+ and Hulu SVOD more than doubled their combined operating income to $712.00 million on 15% subscription revenue growth. Sports remained the quarter's soft spot, with ESPN operating income declining 17% to $858.00 million amid NBA Playoff sweeps and a carriage dispute, a dynamic that had kept some investors cautious heading into the print. Looking ahead, Disney reiterated full-year adjusted EPS growth of approximately 16% including the 53rd week and guided Q4 total segment operating income to approximately $4.90 billion, while lifting its share repurchase target for fiscal 2026 to at least $9.00 billion.
Key Takeaways
- • Toy Story 5 surpassed $1 billion global box office, lifting Consumer Products revenue growth to strongest in 20 quarters
- • Disney Cruise Line fleet expansion with Disney Destiny and Disney Adventure added approximately 50% stateroom capacity
- • Entertainment SVOD subscription revenue grew 15% driven by both rate and volume
- • Walt Disney World had stand-out quarter with healthy domestic tourist and annual passholder attendance increases
- • 4% per capita spending growth at domestic parks
- • Approximately $100 million tariff refund in the quarter contributing roughly 4 points of Experiences OI growth
- • ESPN viewership gains with NBA and NHL playoff ratings more than doubling year over year
- • Disneyland Paris attendance growth following World of Frozen opening
DIS Forward Guidance & Outlook
Disney reiterated its fiscal 2026 outlook: adjusted EPS growth of approximately 12% excluding the 53rd week, or approximately 16% including the 53rd week. Q4 total segment operating income is expected at approximately $4.9 billion, with the 53rd week contributing approximately $600 million. Experiences segment operating income is now expected at the high end of prior high-single-digit growth guidance for the fiscal year (excluding 53rd week). Sports segment operating income expected to grow mid-single digits for the year (excluding 53rd week). Entertainment segment operating income expected to deliver double-digit growth for the year (excluding 53rd week), though Q4 will reflect Moana's box office underperformance and softer domestic SVOD advertising. Cash from operations expected at least $19 billion and capital expenditures approximately $9 billion for fiscal 2026. Share repurchases now targeted at least $9 billion for fiscal 2026. For fiscal 2027, the company continues to expect double-digit adjusted EPS growth excluding the 53rd week impact. Entertainment SVOD operating margin expected to be double-digit for full-year fiscal 2026 (excluding 53rd week). Asia parks softness expected to continue in fiscal Q4.
DIS YoY Financials
Q3 2026 vs Q3 2025, source: SEC Filings
DIS Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our strong fiscal Q3 results and reiterated full-year outlook reinforce our confidence that we are uniquely well positioned. Decades of IP investment have built deep fan connections that translate into strong financial results.”
— Josh D'Amaro, Q3 2026 Earnings Press Release
DIS Earnings Trends
DIS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
DIS EPS Trend
Earnings per share: estimate vs actual
DIS Revenue Trend
Quarterly revenue: estimate vs actual
DIS Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 | — | $2.06 | — | $25.25B | — |
| Q2 26 BEAT | $1.50 | $1.57 | +4.98% | $25.17B | +1.28% |
| Q1 26 BEAT | $1.58 | $1.63 | +3.44% | $25.98B | +1.49% |
| Q4 25 BEAT FY | $1.02 | $1.11 | +8.42% | $22.46B | -1.40% |
| FY Full Year | — | $5.93 | — | $94.43B | — |
| Q3 25 BEAT | $1.44 | $1.61 | +11.48% | $23.65B | -0.43% |
| Q2 25 BEAT | $1.21 | $1.45 | +19.80% | $23.62B | +2.14% |