Filing Flows › Walt Disney (DIS) › Q3 FY26 › vs Q2 FY26
Walt Disney (DIS) Q3 FY26 vs Q2 FY26 (quarter over quarter)
Walt Disney's revenue rose $80.0M (+0.3%) from $25.2B in Q2 FY26 to $25.2B in Q3 FY26. The biggest changes: Content Sales −$129M (-7%); Merchandise licensing +$109M (+13%); Service +$95.0M (+0.4%). Operating margin 22.0% against 18.3% (+3.7 pts).
Walt Disney, Q3 FY26: revenue $25.2B (+7% year over year), operating margin 22.0%, net earnings $2.6B, operating cash flow $4.9B. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Operating margin | 22.0% | 18.3% | +3.7 pts |
| Net margin | 10.4% | 8.9% | +1.5 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Subscription and affiliate fees | $10.3B | $10.6B | −$328M | -3% |
| Theme park admissions | $3.3B | $3.1B | $161M | +5% |
| Advertising | $2.8B | $2.8B | $27.0M | +1% |
| Resorts and vacations | $2.8B | $2.6B | $202M | +8% |
| Product | $2.6B | $2.5B | $89.0M | +4% |
| Other | $1.0B | $1.1B | −$56.0M | -5% |
| Service | $22.7B | $22.6B | $95.0M | +0.4% |
| Content Sales | $1.6B | $1.7B | −$129M | -7% |
| Merchandise licensing | $974M | $865M | $109M | +13% |
| Revenue | $25.2B | $25.2B | $80.0M | +0.3% |
| Operating profit | $5.6B | $4.6B | $952M | +21% |
| Costs & expenses | $19.7B | $20.6B | −$872M | -4% |
| Pre-tax earnings | $3.6B | $3.4B | $278M | +8% |
| Other expense, net | $1.9B | $1.2B | $674M | +55% |
| SG&A | $4.0B | $4.1B | −$105M | -3% |
| Other operating costs | $15.7B | $16.5B | −$767M | -5% |
| Net earnings | $2.6B | $2.2B | $391M | +17% |
| Minority interests | $206M | $218M | −$12.0M | -6% |
| Income tax | $801M | $902M | −$101M | -11% |
| Depreciation & amortization | $1.4B | $1.4B | $9.0M | +0.6% |
| Share-based compensation | $423M | $405M | $18.0M | +4% |
| Working capital & other | $391M | $2.9B | −$2.5B | -86% |
| Operating cash flow | $4.9B | $6.9B | −$2.0B | -30% |
Questions
How much did Walt Disney's revenue grow quarter over quarter in Q3 FY26?
Walt Disney's revenue rose $80.0M (+0.3%) from $25.2B in Q2 FY26 to $25.2B in Q3 FY26.
What drove Walt Disney's revenue change in Q3 FY26?
Content Sales −$129M (-7%); Merchandise licensing +$109M (+13%); Service +$95.0M (+0.4%).