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Walt Disney (DIS) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Aug 5, 2026 · Walt Disney (DIS) Q3 FY26 earnings results →

Q3 FY26 Revenue up 7% year over year to $25.2B · 10¢ of every $1 of revenue kept as net profit · operating margin 22.0%

Walt Disney made $25.2B in Q3 FY26 (+7% Y/Y): Service $22.7B, Content Sales $1.6B, Merchandise licensing $974M. Operating margin 22.0%, net earnings $2.6B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 5, 2026.

Revenue$25.2B
Year over year+7%
Operating margin22.0%
Net earnings$2.6B
Operating cash flow$4.9B

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Walt Disney Q3 FY26 revenue breakdown: Sankey diagram of revenue (Service, Content Sales, Merchandise licensing), costs, profit and cash flow
Walt Disney Q3 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $25.2B in Q3 FY26, up 7% year over year and roughly flat from the previous quarter. Subscription and affiliate fees was the largest line at 41% of revenue. Subscription and affiliate fees added $0.91B year over year (up 10%), 57% of the total change. Content Sales declined 10%.

Operating profit was $5.6B, a 22.0% margin (up 2.7 points year over year). Of the extra revenue versus Q3 FY25, 61% reached operating profit, above the 19% margin then. Total costs grew 3% against revenue growth of 7%. Net earnings were $2.6B, down 50% year over year. The effective tax rate was 22.0%.

Operating cash flow was $4.9B (up 33% year over year), 171% of net income including minority interests. Non-cash charges added back $1.4B of depreciation and amortization and $0.42B of share-based compensation. After investments in parks, resorts and other property ($1.8B), free cash flow as the company reports it was $3.1B.

Quarterly history

Walt Disney revenue by quarterWalt Disney revenue by quarter$22.6BQ4 FY24$23.6BQ2 FY25$23.6BQ3 FY25$22.5BQ4 FY25$26.0BQ1 FY26$25.2BQ2 FY26$25.2BQ3 FY26
Walt Disney net earnings by quarterWalt Disney net earnings by quarter$460MQ4 FY24$3.3BQ2 FY25$5.3BQ3 FY25$1.3BQ4 FY25$2.4BQ1 FY26$2.2BQ2 FY26$2.6BQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QAug 5, 2026$25.2B+7%22.0%$2.6B$4.9B
Q2 FY2610-QMay 6, 2026$25.2B+6%18.3%$2.2B$6.9B
Q1 FY2610-QFeb 2, 2026$26.0B+5%17.7%$2.4B$735M
Q4 FY2510-KNov 13, 2025$22.5B-0.5%15.5%$1.3B$4.5B
Q3 FY2510-QAug 6, 2025$23.6B+2%19.3%$5.3B$3.7B
Q2 FY2510-QMay 7, 2025$23.6B+7%18.8%$3.3B$6.8B
Q4 FY2410-KNov 14, 2024$22.6B+6%16.2%$460M$5.5B

Charts

Walt Disney: revenue growth, year over year and quarter over quarterWalt Disney: revenue growth, year over year and quarter over quarterY/YQ/Q+6%Q4 FY24+7%+5%Q2 FY25+2%+0%Q3 FY250%-5%Q4 FY25+5%+16%Q1 FY26+6%-3%Q2 FY26+7%+0%Q3 FY26
Latest (Q3 FY26): Y/Y +7%, Q/Q +0%.
Walt Disney: where the cash came from (+) and went (−), TTM to Q3 FY26Walt Disney: where the cash came from (+) and went (−), TTM to Q3 FY26Operating cash flow$17.0BCapital spending−$8.7BBuybacks−$8.2BNet borrowing (+) / repaid (−)$3.5BDividends−$2.2BOther financing−$1.0BOther investing−$410MCash drawn (+) / kept (−)$178MNot reconciled−$45.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Walt Disney: profit against cash, quarter by quarterWalt Disney: profit against cash, quarter by quarterNet incomeOperating cash flow$564M$5.5BQ4 FY24$2.6B$3.2BQ1 FY25$3.4B$6.8BQ2 FY25$5.9B$3.7BQ3 FY25$1.4B$4.5BQ4 FY25$2.5B$735MQ1 FY26$2.5B$6.9BQ2 FY26$2.8B$4.9BQ3 FY26
Latest (Q3 FY26): Net income $2.8B, Operating cash flow $4.9B.
Walt Disney: diluted shares by fiscal yearWalt Disney: diluted shares by fiscal year1.81BFY201.83BFY211.83BFY221.83BFY231.83BFY241.81BFY25
+0.2% since FY20: more shares outstanding (issuance, stock pay).
Walt Disney: long-term debt falling due (FY25)Walt Disney: long-term debt falling due (FY25)$6.8B2026$3.0B2027$1.8B2028$2.4B2029$1.5B2030$25.9BLater
Cash $5.7B, short-term investments —, long-term debt $42.0B at 2025-09-27.
Walt Disney in its industry: growth against margin (18 companies, SIC 7990)Walt Disney in its industry: growth against margin (18 companies, SIC 7990)revenue growth, year over year →↑ operating marginmedian +7%median 4%DKNGSTUBPRKSRSIMTNPRSUMSGESEATXPOFMSGKSEGBUKSMSGRFBYDTBTCPRKALIMXDIS (+7%, 22%)
Services-Miscellaneous Amusement & Recreation; dot size is quarterly revenue; dashed lines are the industry's medians.

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Customers and suppliers named in filings

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About Walt Disney

The Walt Disney Company, together with the subsidiaries through which businesses are conducted (the Company), is a diversified worldwide entertainment company with operations in three segments: Entertainment, Sports and Experiences. The terms “Company”, “we”, “our” and “us” are used in this report to refer collectively to the parent company and the subsidiaries through which businesses are conducted.

In its own words, from its 10-K, filed Nov 13, 2025.

Walt Disney against its Services-Miscellaneous Amusement & Recreation peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +7%. Operating margin: 22.0% against the peers' median 4.5%.

CompanyQuarterRevenueY/YOp. margin
DIS Walt DisneyQ3 FY26$25.2B+7%22.0%
DKNG DraftKingsQ3 2026$1.3B+16%-37.1%
STUB StubHub HoldingsQ2 2026$573M+33%3.4%
PRKS United Parks & ResortsQ3 2026$506M-1%27.8%
RSI Rush Street InteractiveQ3 2026$386M+39%11.1%
MTN Vail ResortsQ4 FY26$278M+2%-75.1%
PRSU Pursuit Attractions & HospitalityQ3 2026$252M+4%45.0%
MSGE Madison Square Garden EntertainmentQ1 FY27$217M+37%4.5%
SEAT Vivid SeatsQ2 2026$104M-9%-13.8%

Source: Walt Disney 10-Q on SEC EDGAR · CIK 1744489 · Services-Miscellaneous Amusement & Recreation

Guidance and outlook

Walt Disney: what its forward-looking statements are about (10-Q filed 2026-08-05)Walt Disney: what its forward-looking statements are about (10-Q filed 2026-08-05)Other3Financing2Capital spending1Buybacks & dividends1Costs1Demand1
9 statements; tone +0.00 (−1 all cautious, +1 all confident); 1 hedged.
Walt Disney: outlook statements against the filing beforeWalt Disney: outlook statements against the filing beforeUpdated2Dropped1Confident1Cautious1

13F: who owns DIS and who is buying

Largest holders of DIS (13F)Largest holders of DIS (13F)Vanguard Group$18.1BBlackRock$13.2BVanguard Capital Management LLC$10.9BState Street$8.1BGeode Capital Management, LLC$4.0BVanguard Portfolio Management LLC$3.5BMorgan Stanley$3.3BWellington Management Group LLP$3.1BFMR LLC$2.4BNorthern Trust$1.9B
Funds' net buying of DIS by quarter (13F)Funds' net buying of DIS by quarter (13F)$557M2024-09−$2.2B2024-12$1.3B2025-03$584M2025-06−$1.1B2025-09$5.0B2025-12−$5.8B2026-03$865M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on DIS

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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中文版：迪士尼（DIS）财报

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