Filing Flows › Walt Disney (DIS) › Q2 FY26 › vs Q1 FY26
Walt Disney (DIS) Q2 FY26 vs Q1 FY26 (quarter over quarter)
Walt Disney's revenue fell $813M (-3%) from $26.0B in Q1 FY26 to $25.2B in Q2 FY26. The biggest changes: Merchandise licensing −$272M (-24%); Content Sales −$271M (-14%); Service −$262M (-1%). Operating margin 18.3% against 17.7% (+0.6 pts).
Walt Disney, Q2 FY26: revenue $25.2B (+6% year over year), operating margin 18.3%, net earnings $2.2B, operating cash flow $6.9B. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Operating margin | 18.3% | 17.7% | +0.6 pts |
| Net margin | 8.9% | 9.2% | -0.3 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Subscription and affiliate fees | $10.6B | $9.8B | $765M | +8% |
| Theme park admissions | $3.1B | $3.3B | −$209M | -6% |
| Advertising | $2.8B | $3.3B | −$450M | -14% |
| Resorts and vacations | $2.6B | $2.4B | $154M | +6% |
| Product | $2.5B | $2.8B | −$291M | -10% |
| Other | $1.1B | $1.3B | −$231M | -17% |
| Service | $22.6B | $22.9B | −$262M | -1% |
| Content Sales | $1.7B | $2.0B | −$271M | -14% |
| Merchandise licensing | $865M | $1.1B | −$272M | -24% |
| Revenue | $25.2B | $26.0B | −$813M | -3% |
| Operating profit | $4.6B | $4.6B | $3.0M | +0.1% |
| Costs & expenses | $20.6B | $21.4B | −$816M | -4% |
| Pre-tax earnings | $3.4B | $3.7B | −$326M | -9% |
| Other expense, net | $1.2B | $907M | $329M | +36% |
| SG&A | $4.1B | $4.1B | −$48.0M | -1% |
| Other operating costs | $16.5B | $17.3B | −$768M | -4% |
| Net earnings | $2.2B | $2.4B | −$155M | -6% |
| Minority interests | $218M | $82.0M | $136M | +166% |
| Income tax | $902M | $1.2B | −$307M | -25% |
| Depreciation & amortization | $1.4B | $1.3B | $89.0M | +7% |
| Share-based compensation | $405M | $332M | $73.0M | +22% |
| Working capital & other | $2.9B | −$3.3B | $6.2B | — |
| Operating cash flow | $6.9B | $735M | $6.2B | +841% |
Questions
How much did Walt Disney's revenue grow quarter over quarter in Q2 FY26?
Walt Disney's revenue fell $813M (-3%) from $26.0B in Q1 FY26 to $25.2B in Q2 FY26.
What drove Walt Disney's revenue change in Q2 FY26?
Merchandise licensing −$272M (-24%); Content Sales −$271M (-14%); Service −$262M (-1%).