Filing Flows › Walt Disney (DIS) › Q2 FY26
Walt Disney (DIS) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed May 6, 2026
Walt Disney (DIS) reported revenue of $25.2B for the second quarter fiscal 2026 (Q2 FY26), +7% from a year earlier and -3% from the quarter before. Operating margin was 18.3%, net earnings $2.2B (8.9% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $25.2B | -3% | +7% |
| Operating profit | $4.6B | +0.1% | +4% |
| Net earnings | $2.2B | -6% | -31% |
| Operating cash flow | $6.9B | +841% | +2% |
| Free cash flow | $4.9B | — | +1% |
What changed
Revenue was $25.2B in Q2 FY26, up 7% year over year and down 3% from the previous quarter. Subscription and affiliate fees was the largest line at 42% of revenue. Subscription and affiliate fees added $1.0B year over year (up 10%), 63% of the total change. Other declined 5%.
Operating profit was $4.6B, a 18.3% margin (down 0.5 points year over year). Of the extra revenue versus Q2 FY25, 11% reached operating profit, below the 19% margin then. Total costs grew 7% against revenue growth of 7%. Net earnings were $2.2B, down 31% year over year. The effective tax rate was 26.8%.
Operating cash flow was $6.9B (up 2% year over year), 280% of net income including minority interests. Non-cash charges added back $1.4B of depreciation and amortization and $0.41B of share-based compensation. Working capital and other items added $2.6B. After investments in parks, resorts and other property ($2.0B), free cash flow as the company reports it was $4.9B.
Questions
What was Walt Disney's revenue in the second quarter fiscal 2026?
Walt Disney (DIS) reported revenue of $25.2B for the second quarter fiscal 2026 (Q2 FY26), +7% from a year earlier and -3% from the quarter before.
Was Walt Disney profitable in the second quarter fiscal 2026?
Operating profit was $4.6B (18.3% of revenue) and net earnings $2.2B.
Source: Walt Disney 10-Q on SEC EDGAR.