Filing Flows › Walt Disney (DIS) › Q2 FY26 › vs Q2 FY25
Walt Disney (DIS) Q2 FY26 vs Q2 FY25 (year over year)
Walt Disney's revenue rose $1.5B (+7%) from $23.6B in Q2 FY25 to $25.2B in Q2 FY26. The biggest changes: Service +$1.5B (+7%); Content Sales +$81.0M (+5%); Merchandise licensing +$13.0M (+2%). Operating margin 18.3% against 18.8% (-0.5 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 Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Operating margin | 18.3% | 18.8% | -0.5 pts |
| Net margin | 8.9% | 13.9% | -4.9 pts |
| Free cash flow margin | 19.6% | 20.7% | -1.1 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| Subscription and affiliate fees | $10.6B | $9.6B | $976M | +10% |
| Theme park admissions | $3.1B | $2.9B | $173M | +6% |
| Advertising | $2.8B | $2.8B | $47.0M | +2% |
| Resorts and vacations | $2.6B | $2.4B | $205M | +9% |
| Product | $2.5B | $2.4B | $121M | +5% |
| Other | $1.1B | $1.2B | −$57.0M | -5% |
| Service | $22.6B | $21.2B | $1.5B | +7% |
| Content Sales | $1.7B | $1.6B | $81.0M | +5% |
| Merchandise licensing | $865M | $852M | $13.0M | +2% |
| Revenue | $25.2B | $23.6B | $1.5B | +7% |
| Operating profit | $4.6B | $4.4B | $167M | +4% |
| Costs & expenses | $20.6B | $19.2B | $1.4B | +7% |
| Pre-tax earnings | $3.4B | $3.1B | $280M | +9% |
| Other expense, net | $1.2B | $1.3B | −$113M | -8% |
| SG&A | $4.1B | $4.0B | $92.0M | +2% |
| Other operating costs | $16.5B | $15.2B | $1.3B | +8% |
| Net earnings | $2.2B | $3.3B | −$1.0B | -31% |
| Minority interests | $218M | $126M | $92.0M | +73% |
| Income tax | $902M | −$314M | $1.2B | — |
| Depreciation & amortization | $1.4B | $1.3B | $81.0M | +6% |
| Share-based compensation | $405M | $330M | $75.0M | +23% |
| Working capital & other | $2.9B | $1.8B | $1.0B | +57% |
| Operating cash flow | $6.9B | $6.8B | $161M | +2% |
| Free cash flow (company-reported) | $4.9B | $4.9B | $50.0M | +1% |
| Investments in parks, resorts and other property | $2.0B | $1.9B | $111M | +6% |
Questions
How much did Walt Disney's revenue grow year over year in Q2 FY26?
Walt Disney's revenue rose $1.5B (+7%) from $23.6B in Q2 FY25 to $25.2B in Q2 FY26.
What drove Walt Disney's revenue change in Q2 FY26?
Service +$1.5B (+7%); Content Sales +$81.0M (+5%); Merchandise licensing +$13.0M (+2%).