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How Walt Disney (DIS) makes money
Walt Disney (DIS) made $25.3B of revenue in the third quarter fiscal 2026 (Q3 FY26), +7% from a year earlier. Service brought in $22.7B (90%); Content Sales brought in $1.6B (6%); Merchandise licensing brought in $974M (4%). Of every dollar of revenue, 22¢ was left as operating profit, 10¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 FY26
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Service | $22.7B | 89.8% | +0.4% | +8% |
| ↳ Subscription and affiliate fees | $10.3B | 40.6% | -3% | +10% |
| ↳ Theme park admissions | $3.3B | 12.9% | +5% | +9% |
| ↳ Advertising | $2.8B | 11.2% | +1% | +1% |
| ↳ Resorts and vacations | $2.8B | 10.9% | +8% | +17% |
| ↳ Product | $2.6B | 10.2% | +4% | +6% |
| ↳ Other | $1.0B | 4.1% | -5% | -4% |
| Content Sales | $1.6B | 6.3% | -7% | -10% |
| Merchandise licensing | $974M | 3.9% | +13% | +11% |
Where each dollar of revenue goes
| Line | Q3 FY26 | % of revenue |
|---|---|---|
| Revenue | $25.3B | 100.0% |
| Operating profit | $5.6B | 22.0% |
| Income tax | $801M | 3.2% |
| Net earnings | $2.6B | 10.4% |
| Operating cash flow | $4.9B | 19.2% |
| Free cash flow | $3.1B | 12.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 FY26 | $25.2B | +7% |
| Q2 FY26 | $25.2B | +6% |
| Q1 FY26 | $26.0B | +5% |
| Q4 FY25 | $22.5B | -0.5% |
| Q3 FY25 | $23.6B | +2% |
| Q2 FY25 | $23.6B | +7% |
| Q4 FY24 | $22.6B | +6% |
From Walt Disney's 10-Q filed Aug 5, 2026 (on EDGAR).
Questions
How does Walt Disney make money?
Walt Disney (DIS) made $25.3B of revenue in the third quarter fiscal 2026 (Q3 FY26), +7% from a year earlier. Service brought in $22.7B (90%); Content Sales brought in $1.6B (6%); Merchandise licensing brought in $974M (4%). Of every dollar of revenue, 22¢ was left as operating profit, 10¢ was left as net earnings.
What is Walt Disney's biggest business?
Service: $22.7B in the third quarter fiscal 2026, 90% of revenue, +8% from a year earlier.
What is Walt Disney's profit margin?
Net earnings were $2.6B, 10.4% of revenue, in the third quarter fiscal 2026; the operating margin was 22.0%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.