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Walt Disney (DIS) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Feb 2, 2026
Walt Disney (DIS) reported revenue of $26.0B for the first quarter fiscal 2026 (Q1 FY26), +5% from a year earlier and +16% from the quarter before. Operating margin was 17.7%, net earnings $2.4B (9.2% of revenue).
Walt Disney, Q1 FY26: revenue $26.0B (+5% year over year), operating margin 17.7%, net earnings $2.4B, operating cash flow $735M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $26.0B | +16% | +5% |
| Operating profit | $4.6B | +32% | -9% |
| Net earnings | $2.4B | +83% | -6% |
| Operating cash flow | $735M | -84% | -77% |
What changed
Revenue was $26.0B in Q1 FY26, up 5% year over year and up 16% from the previous quarter. Subscription and affiliate fees was the largest line at 38% of revenue. Subscription and affiliate fees added $0.36B year over year (up 4%), 28% of the total change. Other declined 2%.
Operating profit was $4.6B, a 17.7% margin (down 2.8 points year over year). Operating profit fell $0.46B even though revenue rose $1.3B versus a year earlier, so costs grew faster than sales. Total costs grew 9% against revenue growth of 5%. Net earnings were $2.4B, down 6% year over year. The effective tax rate was 32.7%.
Operating cash flow was $0.73B (down 77% year over year), 30% of net income including minority interests. Non-cash charges added back $1.3B of depreciation and amortization and $0.33B of share-based compensation. Working capital and other items used $3.4B. Capital expenditures of $3.0B exceeded it, leaving free cash flow of −$2.3B.
Questions
What was Walt Disney's revenue in the first quarter fiscal 2026?
Walt Disney (DIS) reported revenue of $26.0B for the first quarter fiscal 2026 (Q1 FY26), +5% from a year earlier and +16% from the quarter before.
Was Walt Disney profitable in the first quarter fiscal 2026?
Operating profit was $4.6B (17.7% of revenue) and net earnings $2.4B.
Source: Walt Disney 10-Q on SEC EDGAR.