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.
DIS YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
DIS Revenue by Segment
With YoY comparisons, source: SEC Filings
“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
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
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.58 | $1.63 | +3.44% | $25.98B | +1.49% |
| Q4 25 FY | — | $1.11 | — | $22.46B | — |
| 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% |