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Sentiment · FY2026 Q3
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Robert Fishman | MoffettNathanson | 11 (9%) |
| David Karnovsky | JPMorgan | 11 (9%) |
| Jessica Reif Ehrlich | Bank of America | 9 (11%) |
| Mike Morris | Guggenheim | 9 (33%) |
| Kannan Venkateshwar | Barclays | 8 (0%) |
| Steve Cahall | Wells Fargo | 8 (25%) |
| Mike Ng | Goldman Sachs | 6 (0%) |
| John Hodulik | UBS | 6 (17%) |
| Ben Swinburne | Morgan Stanley | 5 (0%) |
| Peter Supino | Wolfe Research | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 | 11 (9%) |
| MoffettNathanson | 1 | 11 (9%) |
| Bank of America | 1 | 9 (11%) |
| Guggenheim | 1 |
| 9 (33%) |
| Morgan Stanley | 3 | 9 (11%) |
| Barclays | 1 | 8 (0%) |
| Wells Fargo | 1 | 8 (25%) |
| UBS | 2 | 7 (14%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $22.57B | +6.3% | $0.25 | +78.6% | 12.2% | 2.0% | $4.03B |
| FY2025 Q1 | $24.69B | +4.8% | $1.40 | +34.6% | 16.5% | 10.3% | $739M |
| FY2025 Q2 | $23.62B | +7.0% | $1.81 | +16705.5% | 14.8% | 13.9% | $4.89B |
| FY2025 Q3 | $23.65B | +2.1% | $2.92 | +104.2% | 15.4% | 22.2% | $1.89B |
| FY2025 Q4 | $22.46B | -0.5% | $0.73 | +192.0% | 11.6% | 5.8% | $2.56B |
| FY2026 Q1 | $25.98B | +5.2% | $1.34 | -4.3% | 14.9% | 9.2% | $-2.28B |
| FY2026 Q2 | $25.17B | +6.5% | $1.27 | -29.8% | 15.1% | 8.9% | $4.94B |
| FY2026 Q3 | $25.25B | +6.8% | $1.51 | -48.3% | 22.0% | 10.4% | $3.07B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Disney grew revenue 7% and total segment operating income 4% in the quarter, outperforming its own guidance on stronger-than-expected revenue. Entertainment SVOD revenue growth accelerated sequentially from 11% in Q1 to 13%, driven by both rate and volume alongside double-digit advertising growth, while Experiences set second quarter records with revenue up 7% and segment operating income up 5% despite a 1% decline in domestic parks attendance from international visitation and Epic Universe headwinds. Management reiterated guidance for 12% adjusted EPS growth in fiscal 2026 and double-digit adjusted EPS growth in fiscal 2027, both excluding the 53rd week, and said elevated gas prices had not yet changed consumer behavior with Disney World bookings pacing up strongly. GAAP diluted EPS fell 30% year over year even as GAAP operating income rose 8%, a divergence driven below the operating line rather than by operational deterioration.
Demand | Subscriber Growth | Competitive Dynamics | Guidance Reliability | Margin | Product Launch | Innovation & R&D | Revenue Growth | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 6 | 5 | 5 | 4 | 2 | 3 | 1 | 2 |
| 2025Q2 | 9 | 2 | 1 | 1 | 2 | 2 | 1 | |
| 2025Q3 | 4 | 4 | 2 | 2 | 2 | 2 | 1 | 1 |
| 2025Q4 | 4 | 3 | 2 | 2 | 2 | 1 | 2 | |
| 2026Q1 | 2 | 2 | 2 | 3 | 1 | 1 | 1 | 1 |
| 2026Q2 | 3 | 4 | 5 | 1 | 2 | 1 | 5 | 4 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 9 | 4 | 4 | 2 | 3 |
| Subscriber Growth | 5 | 2 | 4 | 3 | 2 | 4 |
| Competitive Dynamics | 5 | 1 | 2 | 2 | 2 | 5 |
| Guidance Reliability | 4 | 1 | 2 | 2 | 3 | 1 |
| Margin | 2 | 2 | 2 | 2 | 1 | 2 |
| Product Launch | 3 | 2 | 2 | 1 | 1 | 1 |
| Innovation & R&D | 1 | 1 | 2 | 1 | 5 | |
| Revenue Growth | 2 | 1 | 1 | 1 | 4 |
What DIS and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Does ESPN and NBC allow you to promote predictions through your Super App?”
An analyst asked whether DraftKings can promote predictions via its ESPN marketing relationship, a read-through on the scope of ESPN's (Disney's) betting-media partnerships.
“Similar to what you've heard on the earnings calls with Live Nation and the Walt Disney Company, we have seen no consumer pullback whatsoever.”
TKO cites the Walt Disney Company's earnings commentary alongside its own, noting neither has seen a consumer pullback in experiential demand.
“At WWE, our ESPN partnership is gaining traction.”
WWE's media-rights partnership with ESPN is gaining traction, with strong WrestleMania and Elimination Chamber viewership on ESPN platforms.
“we saw with Disney that it was that bundling together, we -- the churn went down.”
WBD cites its bundle with Disney as evidence bundling lowers churn and improves the consumer and economic experience, a positive read-through for streaming aggregation.
“Disney has one of the largest ad businesses of any publisher in CTV.”
Disney is a major CTV ad publisher with a close biddable/programmatic relationship with The Trade Desk, benefiting from better data and higher CPMs.
“And yesterday in partnership with The Walt Disney Company, we announced Magic Arena will feature full digital rights for the upcoming Marvel Super Heroes launch.”
Hasbro's partnership with Disney brings full digital Marvel rights to Magic Arena, extending the Magic ecosystem and monetizing Disney/Marvel IP.
“we've got a new cruise ship with the oriented land company in Japan”
Disney is adding a new cruise ship via a capital-light arrangement with Oriental Land Company in Japan, a read-through to OLC's expansion beyond Tokyo Disney parks.
“a new theme park in Abu Dhabi with our partner, Miral.”
Disney is developing a capital-light Abu Dhabi theme park with partner Miral, a read-through to Miral's destination development pipeline.
“Our relationship with the NFL is as broad as deep as it's ever been, and we're excited looking ahead to the upcoming NFL season with the NFL network and with Red Zone linear now part of our distribution portfolio”
Disney/ESPN deepened its NFL rights relationship, adding NFL Network and RedZone to its distribution portfolio, a read-through to the NFL's media-rights strategy.
“when we look at the marketplace for streaming in our competitive set, Netflix, Prime video, YouTube, Paramount+, all of them are increasing their position in live sports.”
Disney names Paramount+ (Paramount Skydance) among streaming competitors expanding in live sports, a read-through to Paramount's sports streaming strategy.
“when we look at the marketplace for streaming in our competitive set, Netflix, Prime video, YouTube, Paramount+, all of them are increasing their position in live sports.”
Disney names YouTube (Google) among streaming competitors increasing their live-sports position, a read-through to Google's sports streaming push.
“when we look at the marketplace for streaming in our competitive set, Netflix, Prime video, YouTube, Paramount+, all of them are increasing their position in live sports.”
Disney names Amazon Prime Video among streaming competitors pushing into live sports, a read-through to Amazon's live-sports rights investment.
“when we look at the marketplace for streaming in our competitive set, Netflix, Prime video, YouTube, Paramount+, all of them are increasing their position in live sports.”
Disney names Netflix among streaming competitors increasing their position in live sports, a read-through to Netflix's expanding live-sports ambitions.
“Epic gives us an interactive a gaming native environment to reach audiences that we don't currently own, and by the way, particularly younger audiences.”
Disney frames its Epic Games/Fortnite partnership as a way to reach younger gaming audiences, a read-through to Epic's platform as a distribution surface for major IP.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
DIS The Walt Disney Company | 6 | +6.5% | |
| FOX Fox Corporation (Class B) | 5 | -8.6% | |
| LYV Live Nation Entertainment | 7 | +12.2% | |
| NFLX Netflix, Inc. | 8 | +16.2% | |
| NWS News Corp (Class B) | 7 | +8.8% | |
| PSKY Paramount Skydance Corp | 6 | +2.2% | |
| ROKU Roku, Inc. | 9 | +22.4% | |
| TKO TKO Group Holdings | 7 | +25.9% | |
| WBD Warner Bros. Discovery | 4 | -1.0% |