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Disney

DIS Q1 2026 Earnings

Reported Feb 2, 2026 at 6:42 AM ET · SEC Source

Q1 26 EPS

$1.63

BEAT +3.44%

Est. $1.58

Q1 26 Revenue

$25.98B

BEAT +1.49%

Est. $25.60B

vs S&P Since Q1 26

-7.7%

TRAILING MARKET

DIS -4.1% vs S&P +3.6%

Market Reaction

Did DIS Beat Earnings? Q1 2026 Results

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 … Read more 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 free cash flow deeply negative. Management reaffirmed its full-year outlook for double-digit adjusted EPS growth and $19 billion in operating cash flow.

Key Takeaways

  • • 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

DIS Forward Guidance & Outlook

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.

24/7 Wall St

DIS YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

DIS Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“We are pleased with the start to our fiscal year, and our achievements reflect the tremendous progress we've made.”

— Robert A. Iger, Q1 2026 Earnings Press Release

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