Disney (DIS) Q1 2026 Earnings
How Did DIS Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: −2.03%.
Did DIS Beat Earnings? Q1 2026 Results
Yes. Disney reported Q1 2026 earnings of $1.63 a share on Feb 2, 2026, beating the $1.58 consensus estimate by 3.4%. Revenue was $26.0B against a $25.6B estimate.
Walt Disney delivered a dual beat in fiscal Q1 2026, posting adjusted EPS of $1.63 against a consensus of $1.58 — a 3.44% beat — while revenue of $25.98 billion topped estimates by 1.49% and grew 5.2% year-over-year, though the headline numbers masked a more complicated picture underneath. The quarter's defining tension was that top-line momentum collided with meaningful margin pressure: Entertainment segment operating income fell 35% as Disney absorbed heavy programming and marketing costs tied to a packed theatrical slate, while a $307 million non-cash tax charge stemming from the Fubo Transaction — in which Disney consolidated Hulu Live TV with FuboTV to gain a 70% stake in the combined entity — weighed on reported earnings. The Experiences segment provided the clearest bright spot, delivering record quarterly revenue of $10.01 billion. Cash flow was the sharpest concern, with operating cash flow plunging 77% to $735 million, leaving <a href="https://247wallst.com/investing/2026/02/02/record-earnings-cant-save-disney-stock-from-100-plunge-heres-why/">free cash flow deeply negative</a>. Management reaffirmed its full-year outlook for double-digit adjusted EPS growth and $19 billion in operating cash flow.
- Record Experiences quarterly revenue of $10.0 billion and segment OI of $3.3 billion
- Strong box office performance from Zootopia 2, Avatar: Fire and Ash, Predator: Badlands and Tron: Ares
- SVOD operating income increased 72% to $450 million with 8.4% margin
- Domestic parks attendance up 1% and per capita spending up 4%
- SVOD subscription fees grew 13% driven by rate increases and subscriber growth
- Sports advertising revenue growth of 10%
- Corporate and unallocated shared expenses decreased $156 million YoY
“We are pleased with the start to our fiscal year, and our achievements reflect the tremendous progress we've made.”
Disney CEO, on the earnings call
What Was Disney's Outlook in Q1 2026?
For Q2 fiscal 2026: Entertainment segment OI expected comparable to Q2 fiscal 2025, with SVOD operating income of approximately $500 million (increase of ~$200 million YoY). Sports expects comparable revenue to Q2 fiscal 2025, with OI declining $100 million due to higher rights expenses. Experiences expects modest segment OI growth, tempered by international visitation headwinds at domestic parks, pre-launch costs for Disney Adventure cruise ship, and pre-opening costs for World of Frozen at Disneyland Paris. For full fiscal year 2026: double-digit Entertainment segment OI growth (weighted to H2), SVOD operating margin of 10%, low-single digit Sports OI growth, high-single digit Experiences OI growth (weighted to H2), double-digit adjusted EPS growth, $19 billion in cash from operations, and on track to repurchase $7 billion of stock. FY2026 Q4 includes a 53rd week; segment OI, SVOD margin, and adjusted EPS guidance excludes the additional week benefit.
DIS YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $26.0B | $24.7B | +5.2% |
| Operating Income | $4.6B | $4.1B | +12.8% |
| Net Income | $2.4B | $2.6B | −6.0% |
DIS Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.