Q2 26 EPS
$1.57
BEAT +4.98%
Est. $1.50
Q2 26 Revenue
$25.17B
BEAT +1.28%
Est. $24.85B
vs S&P Since Q2 26
+1.3%
BEATING MARKET
DIS +3.0% vs S&P +1.8%
Market Reaction
Did DIS Beat Earnings? Q2 2026 Results
Walt Disney Co delivered a solid fiscal second quarter for 2026, posting adjusted EPS of $1.57 against a consensus estimate of $1.50, a beat of roughly 4.98%, while revenue climbed 6.5% year over year to $25.17 billion, edging past the $24.85 billion… Read more Walt Disney Co delivered a solid fiscal second quarter for 2026, posting adjusted EPS of $1.57 against a consensus estimate of $1.50, a beat of roughly 4.98%, while revenue climbed 6.5% year over year to $25.17 billion, edging past the $24.85 billion analysts had expected. The clearest engine behind the upside was Disney's Entertainment segment, where streaming profitability took a meaningful step forward; Entertainment SVOD operating income surged 88% to $582 million, pushing the segment to a double-digit operating margin of 10.6% for the quarter. Experiences also contributed, generating record fiscal Q2 revenues of $9.49 billion, up 7%, even as pre-opening costs for new cruise and park projects trimmed margin gains. On the outlook, management raised its fiscal 2026 share repurchase target to at least $8 billion and guided third-quarter total segment operating income to approximately $5.30 billion, with full-year adjusted EPS growth now expected at roughly 16% including the benefit of a 53rd fiscal week, and double-digit growth targeted again in fiscal 2027.
Key Takeaways
- • Entertainment SVOD revenue growth of 13% driven by rate adjustments and subscriber growth
- • Entertainment SVOD achieved first double-digit operating margin at 10.6% with operating income up 88%
- • Zootopia 2 generated $1.9 billion in global box office and surpassed 1 billion hours streamed
- • Experiences delivered record fiscal Q2 revenues and operating income
- • Per capita spending at domestic parks up 5% driven by admissions, food and beverage, and merchandise
- • Disney Entertainment subscription and affiliate revenues grew 14% with Fubo contributing 5%
- • Stronger-than-expected revenue growth was primary driver of outperformance vs. guidance
DIS Forward Guidance & Outlook
Disney expects fiscal 2026 adjusted EPS growth of approximately 12% excluding the 53rd week, or approximately 16% including the 53rd week. The company targets at least $8 billion in share repurchases in fiscal 2026. Q3 total segment operating income is expected to be approximately $5.3 billion. Sports segment operating income is expected to decline approximately 14% year-over-year in Q3 due to higher programming expenses, but grow by a mid-single digit percentage for full fiscal 2026 (excluding the 53rd week). The NFL transaction is expected to be roughly $0.03 dilutive to fiscal 2026 adjusted EPS. Entertainment SVOD is on track to deliver at least 10% operating margin for the full fiscal year 2026. Current demand at domestic parks and resorts is described as healthy, with Q3 domestic attendance expected to show year-over-year improvement compared to Q2. The company continues to expect double-digit adjusted EPS growth in fiscal 2027, excluding the 53rd week impact.
DIS YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
DIS Revenue by Segment
With YoY comparisons, source: SEC Filings
“At an important moment of change for Disney, we remain focused on executing our long-term growth strategy. Our creative and operational momentum drove strong quarterly results, and we continue to expect growth to accelerate in the second half of the fiscal year.”
— Josh D'Amaro, Q2 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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |