Filing Flows › Walt Disney (DIS) › Q3 FY26 › vs Q3 FY25
Walt Disney (DIS) Q3 FY26 vs Q3 FY25 (year over year)
Walt Disney's revenue rose $1.6B (+7%) from $23.6B in Q3 FY25 to $25.2B in Q3 FY26. The biggest changes: Service +$1.7B (+8%); Content Sales −$186M (-10%); Merchandise licensing +$99.0M (+11%). Operating margin 22.0% against 19.3% (+2.7 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 Q3 FY25, the increases inside each band.
Margins
| Q3 FY26 | Q3 FY25 | Change | |
|---|---|---|---|
| Operating margin | 22.0% | 19.3% | +2.7 pts |
| Net margin | 10.4% | 22.2% | -11.8 pts |
| Free cash flow margin | 12.2% | 8.0% | +4.2 pts |
Every line
| Line | Q3 FY26 | Q3 FY25 | Change | % |
|---|---|---|---|---|
| Subscription and affiliate fees | $10.3B | $9.3B | $905M | +10% |
| Theme park admissions | $3.3B | $3.0B | $257M | +9% |
| Advertising | $2.8B | $2.8B | $40.0M | +1% |
| Resorts and vacations | $2.8B | $2.4B | $393M | +17% |
| Product | $2.6B | $2.4B | $137M | +6% |
| Other | $1.0B | $1.1B | −$49.0M | -4% |
| Service | $22.7B | $21.0B | $1.7B | +8% |
| Content Sales | $1.6B | $1.8B | −$186M | -10% |
| Merchandise licensing | $974M | $875M | $99.0M | +11% |
| Revenue | $25.2B | $23.6B | $1.6B | +7% |
| Operating profit | $5.6B | $4.6B | $980M | +21% |
| Costs & expenses | $19.7B | $19.1B | $618M | +3% |
| Pre-tax earnings | $3.6B | $3.2B | $434M | +14% |
| Other expense, net | $1.9B | $1.4B | $546M | +40% |
| SG&A | $4.0B | $4.1B | −$173M | -4% |
| Other operating costs | $15.7B | $14.9B | $791M | +5% |
| Net earnings | $2.6B | $5.3B | −$2.6B | -50% |
| Minority interests | $206M | $681M | −$475M | -70% |
| Income tax | $801M | −$2.7B | $3.5B | — |
| Depreciation & amortization | $1.4B | $1.3B | $82.0M | +6% |
| Share-based compensation | $423M | $357M | $66.0M | +18% |
| Working capital & other | $391M | −$3.3B | $3.7B | — |
| Operating cash flow | $4.9B | $3.7B | $1.2B | +33% |
| Free cash flow (company-reported) | $3.1B | $1.9B | $1.2B | +63% |
| Investments in parks, resorts and other property | $1.8B | $1.8B | $14.0M | +0.8% |
Questions
How much did Walt Disney's revenue grow year over year in Q3 FY26?
Walt Disney's revenue rose $1.6B (+7%) from $23.6B in Q3 FY25 to $25.2B in Q3 FY26.
What drove Walt Disney's revenue change in Q3 FY26?
Service +$1.7B (+8%); Content Sales −$186M (-10%); Merchandise licensing +$99.0M (+11%).