Disney
What matters nowUpdated 3 h ago
- On October 7, Disney said Disney+ will stream Super Bowl LXI live on February 14, 2027, the first time the game streams on the service, alongside the ESPN and ABC broadcast 1.
- On October 1 the Wall Street Journal reported that Disney plans to consolidate its television divisions around streaming and cut hundreds of jobs, and the pooled 24/7 venue price fell 3.69% that day 2.
- On October 2 Disney licensed Ice Age, Percy Jackson and Will Trent to Netflix on a non-exclusive basis, and the titles stay on Disney+ and Hulu 3.
- The pooled 24/7 venue price of $109.45 is 1.10% above the previous close of $108.26; on trailing twelve-month figures as of June 27, 2026, Disney trades at a P/E of 22.6 and 9.7x EV/EBITDA, with trailing revenue of $98.9B, up 4.6% year over year.
- Fiscal Q3 2026 (ended June 27, 2026) revenue rose 7% to $25.2B and segment operating income rose 21% to $5.6B, led by Experiences and streaming profit.
- Insiders sold 18,070 shares worth $1.9M over the last 180 days and bought none, with three of the four sales planned.
- Fiscal Q4 and full-year 2026 results, covering a 53-week year, are confirmed for November 17, 2026, and the first Disney+ membership ecosystem features are expected in spring 2027, without a confirmed date.
TV Technology · Oct 7
Bloomberg Tax (Daily Labor Report, citing the Wall Street Journal) · Oct 1
TheWrap · Oct 2
Disney is a diversified entertainment company with three segments: Entertainment (film and TV studios, Disney+ and Hulu streaming, and linear networks), Sports (ESPN and ABC sports) and Experiences (theme parks, resorts and cruises). Fiscal 2025, which ended September 27, 2025, brought revenue of $94.4B (+3%) and segment operating income of $17.6B. In fiscal Q3 2026 (ended June 27, 2026) revenue rose 7% to $25.2B and segment operating income rose 21% to $5.6B, led by Experiences and streaming profit. Josh D'Amaro became CEO on March 18, 2026, succeeding Bob Iger.
How it makes money
Disney earns from subscription fees and advertising on its streaming services, from affiliate and advertising revenue at ESPN and ABC, from theme park and resort tickets, food, merchandise and hotel stays, from cruise fares, and from film box office, licensing and consumer products. Its largest cost is content: about $24B of content investment was planned across Entertainment and Sports for fiscal 2026. Parks and cruises need heavy capital spending, about $9B planned for fiscal 2026. Excess cash goes to buybacks (at least $9B targeted for fiscal 2026) and dividends ($1.50 per share for fiscal 2026).
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-06-27 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
Disney+ and Hulu (streaming)
Streaming profit is growing fast: SVOD operating margin was 13% in fiscal Q3 2026, and Hulu standalone subscribers can now link profiles on Disney+.
ESPN and ABC Sports
Sports operating income fell 17% in fiscal Q3 2026 after early NBA playoff exits and a carriage dispute, though championship viewing more than doubled.
Next: More ESPN games simulcast on Disney+ in the fall, alongside College GameDay · 2026-09-01
Theme parks and resorts
Experiences operating income rose 20% in fiscal Q3 2026, with a tariff refund adding about four points; Asia parks were soft.
Disney Cruise Line
Stateroom capacity rose about 50% year over year in fiscal Q3 2026 with two new ships in service, and five more ships are due between 2027 and 2031.
Next: Five more Disney cruise ships set to launch · 2027-01-01
Latest newsAll news →
Disney+ to stream Super Bowl LXI on February 14, 2027, alongside ESPN and ABC
Disney announced with ESPN and the NFL that Disney+ will livestream Super Bowl LXI on February 14, 2027, the first time the game streams on the service.
Disney raises some theme park ticket and annual pass prices; cheapest Disneyland ticket stays $104
Disney raised some theme park prices for the new fiscal year, with changes published on October 6.
Disney licenses Ice Age, Percy Jackson and Will Trent titles to Netflix on a non-exclusive basis
Disney and Netflix announced a non-exclusive licensing agreement on October 2, 2026.
WSJ reports Disney plans to consolidate TV divisions and cut hundreds of jobs; shares fall about 3%
The Wall Street Journal reported that Disney plans to consolidate its television divisions around streaming and cut hundreds of jobs.
Adam Smith named chairman of Disney's direct-to-consumer division; Joe Earley moves to content role
Disney named Adam Smith chairman of its Direct-to-Consumer division within Disney Entertainment, which oversees Disney+ and Hulu.
FCC asks court to dismiss Disney and ABC lawsuit over early license review
In a court filing, lawyers for the FCC asked a federal judge to dismiss the lawsuit in which Disney and ABC seek to block the agency's early review of ABC's broadcast licenses.
Products & businesses
Disney+ and Hulu (streaming)
Streaming profit is growing fast: SVOD operating margin was 13% in fiscal Q3 2026, and Hulu standalone subscribers can now link profiles on Disney+.
ESPN and ABC Sports
Sports operating income fell 17% in fiscal Q3 2026 after early NBA playoff exits and a carriage dispute, though championship viewing more than doubled.
Next: More ESPN games simulcast on Disney+ in the fall, alongside College GameDay · 2026-09-01
Theme parks and resorts
Experiences operating income rose 20% in fiscal Q3 2026, with a tariff refund adding about four points; Asia parks were soft.
Disney Cruise Line
Stateroom capacity rose about 50% year over year in fiscal Q3 2026 with two new ships in service, and five more ships are due between 2027 and 2031.
Next: Five more Disney cruise ships set to launch · 2027-01-01
Film studios and consumer products
Toy Story 5 passed $1B at the box office, while Moana and Mandalorian and Grogu fell short of box-office expectations.
Hulu + Live TV and Fubo
Disney holds about 70% of the combined live TV streaming business, which has nearly 6 million North American subscribers.
What it's building next
Disney+ membership ecosystem
Management expects to start introducing the first elements in spring 2027. No product details have been published yet.
Next: First elements of the Disney+ membership ecosystem introduced · 2027-03-01
Abu Dhabi theme park and resort
Announced with Miral in May 2025. Disney has not set an opening date.
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Entertainment Film and TV studios, Disney+ and Hulu streaming (Entertainment SVOD) and linear networks. Fiscal 2025 segment operating income was $4.7B, up 19%. Subscription fees, advertising, affiliate fees and content licensing are the main revenue sources. | $42.47B | 44.1% | |
| Sports ESPN (generally 80% owned by Disney), ABC sports rights and the ESPN streaming offer. Fiscal 2025 segment operating income was $2.9B. Revenue comes from affiliate and subscription fees, advertising and other sources. | $17.67B | 18.4% | |
| Experiences Theme parks and resorts, including Walt Disney World, Disneyland Resort and Disneyland Paris, plus Disney Cruise Line. Fiscal 2025 segment operating income was a record $10.0B. Management plans to move much of the Consumer Products business out of this segment. | $36.16B | 37.5% |
Fiscal 2025 · from the annual report
Valuation & fundamentals
TTM through 2026-06-27 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q3 FY2026 2026-06-27 | Q2 FY2026 2026-03-28 | Q1 FY2026 2025-12-27 | Q4 FY2025 2025-09-27 | Q3 FY2025 2025-06-28 | Q2 FY2025 2025-03-29 | Q1 FY2025 2024-12-28 | Q4 FY2024 2024-09-28 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $98.86B | $25.25B +7% | $25.17B +7% | $25.98B +5% | $22.46Bd -0% | $23.65B +2% | $23.62B +7% | $24.69B +5% | $22.57Bd +6% |
| Operating income | $18.24B | $5.55B +21% | $4.60B +4% | $4.60B -9% | $3.48Bd -5% | $4.58B +8% | $4.44B +15% | $5.06B +31% | $3.65Bd +23% |
| Net income | $8.60B | $2.64B -50% | $2.25B -31% | $2.40B -6% | $1.31Bd +185% | $5.26B +101% | $3.27B | $2.55B +34% | $460.0Md +74% |
| EPS (diluted) | $4.85 | $1.51 -48% | $1.27 -30% | $1.34 -4% | $0.73d +181% | $2.92 +104% | $1.81 | $1.40 +35% | $0.26d +73% |
| Operating cash flow | $16.99B | $4.87Bd +33% | $6.91Bd +2% | $735.0M -77% | $4.47Bd -19% | $3.67Bd +41% | $6.75Bd +84% | $3.21B +47% | $5.52Bd +15% |
| Capital expenditure | $8.70B | $1.79Bd +1% | $1.97Bd +6% | $3.01B +22% | $1.92Bd +29% | $1.78Bd +30% | $1.86Bd +48% | $2.47B +90% | $1.49Bd +8% |
| Share buybacks | $8.25B | $1.75Bd +145% | $3.47Bd +250% | $2.03B +156% | $1.00Bd +114% | $711.0Md -53% | $991.0Md -1% | $794.0M | $469.0Md |
| Cash & equivalents | $5.18B | $5.18B | $5.68B | $5.68B | $5.70B | $5.37B | $5.85B | $5.49B | $6.00B |
| Total debt | $46.04B | $46.04Bd | $47.36Bd | $46.64Bd | $42.03B | $42.26Bd | $42.89Bd | $45.31Bd | $45.81B |
| Shares outstanding | 1.73B | 1.73B | 1.74B | 1.77B | 1.90B | 1.80B | 1.80B | 1.90B | 1.90B |
| Metric | FY2025 2025-09-27 | FY2024 2024-09-28 | FY2023 2023-09-30 | FY2022 2022-10-01 |
|---|---|---|---|---|
| Revenue | $94.42B +3% | $91.36B +3% | $88.90B +7% | $82.72B |
| Operating income | $17.55B +12% | $15.60B +21% | $12.86B +6% | $12.12B |
| EBIT | $17.55B +12% | $15.60B +21% | $12.86B +6% | $12.12B |
| Depreciation & amortization | $5.33B +7% | $4.99B -7% | $5.37B +4% | $5.16B |
| Interest expense | −$1.81B | −$2.07B | −$1.97B | −$1.55B |
| Income tax | −$1.43B -180% | $1.80B +30% | $1.38B -20% | $1.73B |
| Net income | $12.40B +149% | $4.97B +111% | $2.35B -25% | $3.15B |
| EPS (diluted) | $6.85 +152% | $2.72 +111% | $1.29 -25% | $1.72 |
| Diluted shares (weighted) | 1.81B | 1.83B | 1.83B | 1.83B |
| Operating cash flow | $18.10B +30% | $13.97B +42% | $9.87B | — |
| Capital expenditure | $8.02B +48% | $5.41B +9% | $4.97B +1% | $4.94B |
| Share buybacks | $3.50B +17% | $2.99B | $0 | $0 |
| Dividends paid | $1.80B +32% | $1.37B | $0 | $0 |
| Cash & equivalents | $5.70B | $6.00B | $14.18B | $11.62B |
| Long-term debt (incl. current portion) | $42.03B | $45.81B | $46.43B | $48.37B |
| Total debt | $42.03B | $45.81B | $46.43B | $48.37B |
| Total assets | $197.51B | $196.22B | $205.58B | $203.63B |
| Total liabilities | $87.64Bd | $95.52Bd | $106.30Bd | $108.62Bd |
| Shareholders' equity | $109.87B | $100.70B | $99.28B | $95.01B |
| Shares outstanding | 1.90B | 1.90B | 1.80B | 1.80B |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
Disney+ to stream Super Bowl LXI on February 14, 2027, alongside ESPN and ABC
Disney announced with ESPN and the NFL that Disney+ will livestream Super Bowl LXI on February 14, 2027, the first time the game streams on the service.
Disney raises some theme park ticket and annual pass prices; cheapest Disneyland ticket stays $104
Disney raised some theme park prices for the new fiscal year, with changes published on October 6.
Disney licenses Ice Age, Percy Jackson and Will Trent titles to Netflix on a non-exclusive basis
Disney and Netflix announced a non-exclusive licensing agreement on October 2, 2026.
WSJ reports Disney plans to consolidate TV divisions and cut hundreds of jobs; shares fall about 3%
The Wall Street Journal reported that Disney plans to consolidate its television divisions around streaming and cut hundreds of jobs.
Adam Smith named chairman of Disney's direct-to-consumer division; Joe Earley moves to content role
Disney named Adam Smith chairman of its Direct-to-Consumer division within Disney Entertainment, which oversees Disney+ and Hulu.
FCC asks court to dismiss Disney and ABC lawsuit over early license review
In a court filing, lawyers for the FCC asked a federal judge to dismiss the lawsuit in which Disney and ABC seek to block the agency's early review of ABC's broadcast licenses.
Frontier Developments signs deal with Disney for a new management simulation game
UK developer Frontier Developments, maker of Planet Coaster, announced a collaboration with Disney on a new game based on Disney intellectual property.
Disney raises fiscal 2026 buyback target to at least $9B from $8B
Disney raised its fiscal 2026 share repurchase target to at least $9B, up from at least $8B.
Disney shares rise in early trading after fiscal Q3 report
Disney shares rose in early New York trading on the day of the fiscal third-quarter report, trading around $100.59 at about 2.5% higher.
Disney reports fiscal Q3 2026 results: revenue $25.25B, up 7% from a year earlier
Disney filed a Form 8-K with the SEC on Aug 5, 2026, 6:30 AM ET, reporting an event dated Aug 5, 2026.
Hearst to buy Disney's 50% stake in A+E Global Media for $1.2B in cash
Hearst agreed to buy Disney's 50% stake in A+E Global Media for about $1.2B in cash, which would give Hearst full ownership of the cable network business.
Toy Story 5 opens to about $160M domestic and $312M global, a franchise record
Pixar's Toy Story 5 opened over the June 19 to 21, 2026 weekend with about $160 million domestically from 4,425 locations, and $312 million worldwide.
Star Wars: The Mandalorian and Grogu opens to about $100M domestic over Memorial Day
The Mandalorian and Grogu, a Lucasfilm release, opened to about $100 million domestically over the four-day Memorial Day weekend and about $163 million worldwide.
Disney fiscal Q2 2026 beats: adjusted EPS $1.57, streaming profit up 88%, buyback raised to $8B
Disney reported fiscal Q2 2026, the quarter ended March 28, with revenue of $25.17B, up 7%, and adjusted EPS of $1.57, up 8%.
The Devil Wears Prada 2 opens with $33M on opening day, tracking near $80M
The Devil Wears Prada 2, released by 20th Century Studios, took in $33 million on its opening day, including $10 million from previews, from about 4,150 locations.
Disney begins cutting about 1,000 jobs in marketing and publicity
TheWrap reported on April 10, 2026 that Disney was cutting about 1,000 roles, with layoffs starting the following week.
Disney Adventure World opens at Disneyland Paris with World of Frozen
Disneyland Paris renamed its second park Disney Adventure World and opened the World of Frozen land on March 29, 2026, after an opening ceremony on March 28.
OpenAI shuts down Sora, ending Disney's roughly $1B AI partnership
OpenAI said on March 24, 2026 that it would shut down its Sora video app, which ends its partnership with Disney.
D'Amaro takes over as Disney CEO; say-on-pay passes with about 86%
Josh D'Amaro became Disney's chief executive at the March 18, 2026 annual meeting and was appointed a director.
Disney Adventure sets sail on its maiden voyage from Singapore
Disney Cruise Line's Disney Adventure began its maiden voyage from Singapore on March 10, 2026.
Pixar's original animated film Hoppers opens to $45.3M
Pixar's original animated film Hoppers opened to $45.3 million in its first weekend in early March 2026 and posted a strong second weekend of about $28 million.
Disney sells $4 billion of notes in four tranches due 2029 to 2036
Disney's February 10, 2026 prospectus supplement covers a $4.0B senior unsecured bond sale, with settlement expected on or about February 12.
Disney names Josh D'Amaro CEO, succeeding Bob Iger on March 18
Disney's board unanimously chose Josh D'Amaro, previously chairman of Disney Experiences, as chief executive, effective at the March 18, 2026 annual meeting, when he also joins the board.
Disney fiscal Q1 2026: revenue up 5% to $25.98B, adjusted EPS down 7% to $1.63
Disney reported fiscal Q1 2026, the quarter ended December 27, 2025, with revenue of $25.98B, up 5%, but total segment operating income fell 9% to $4.60B.
ESPN closes NFL Network deal; NFL takes a 10% stake in ESPN
ESPN acquired NFL Network and certain other media assets from the NFL, effective January 31, 2026, in exchange for a 10% noncontrolling interest in ESPN.
Disney completes its roughly 2% equity investment in WEBTOON
Disney and WEBTOON Entertainment announced on January 8, 2026 that they had completed agreements that include Disney's roughly 2% equity stake in WEBTOON and plans for a new digital comics platform.
Disney reports fiscal Q4 2025 results: revenue $22.46B, down 0% from a year earlier
Disney filed a Form 8-K with the SEC on Nov 13, 2025, 6:42 AM ET, reporting an event dated Nov 13, 2025.
SEC filings
| Oct 9, 26 | 4 | Form 4: WOODFORD BRENT (EVP, Control, Fin Plan & Tax) — option exercise 3,618 sh, open-market sale 3,618 sh | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: MCDONALD CALVIN (Director) — award 1,006 sh | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: Chang Amy (Director) — award 1,006 sh | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: Barra Mary T (Director) — award 1,174 sh | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: Darroch Jeremy (Director) — award 955 sh, tax withholding 122 sh | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: Everson Carolyn (Director) — award 995 sh | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: GORMAN JAMES P (Director) — award 1,386 sh | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: LAGOMASINO MARIA ELENA (Director) — award 1,167 sh | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: Froman Michael B. G. (Director) — award 1,003 sh | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: Rice Derica W (Director) — award 1,152 sh | sec.gov ↗ |
| Oct 2, 26 | 4 | Form 4: WILLIAMS JEFFREY E (Director) — award 925 sh | sec.gov ↗ |
| Sep 25, 26 | 4 | Form 4: WOODFORD BRENT (EVP, Control, Fin Plan & Tax) — option exercise 1,060 sh, tax withholding 393 sh | sec.gov ↗ |
| Sep 3, 26 | 4 | Form 4: WOODFORD BRENT (EVP, Control, Fin Plan & Tax) — option exercise 3,618 sh, open-market sale 3,618 sh | sec.gov ↗ |
| Aug 20, 26 | 4 | Form 4: Roeder Paul M (Sr EVP and Chief Comm Officer) — open-market sale 3,596 sh | sec.gov ↗ |
| Aug 19, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 17, 26 | 4 | Form 4: WOODFORD BRENT (EVP, Control, Fin Plan & Tax) — option exercise 7,238 sh, open-market sale 7,238 sh | sec.gov ↗ |
| Aug 14, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 5, 26 | 10-Q | 10-Q: Quarterly report for the period ended Jun 27, 2026 | sec.gov ↗ |
| Aug 5, 26 | 8-K | 8-K: Results of Operations (Item 2.02) | sec.gov ↗ |
| Jul 20, 26 | 4 | Form 4: WOODFORD BRENT (EVP, Control, Fin Plan & Tax) — option exercise 1,162 sh, tax withholding 362 sh | sec.gov ↗ |
| Jul 20, 26 | 4 | Form 4: Roeder Paul M (Sr EVP and Chief Comm Officer) — option exercise 955 sh, tax withholding 343 sh | sec.gov ↗ |
| Jul 20, 26 | 4 | Form 4: Coleman Sonia L (Sr. EVP & Chief People Officer) — option exercise 1,181 sh, tax withholding 559 sh | sec.gov ↗ |
| Jul 16, 26 | 4 | Form 4: WOODFORD BRENT (EVP, Control, Fin Plan & Tax) — option exercise 3,827 sh, tax withholding 933 sh | sec.gov ↗ |
| Jul 16, 26 | 4 | Form 4: Roeder Paul M (Sr EVP and Chief Comm Officer) — option exercise 3,115 sh, tax withholding 1,119 sh | sec.gov ↗ |
| Jul 2, 26 | 4 | Form 4: GORMAN JAMES P (Director) — award 1,364 sh | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-08 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Sale 10b5-1 plan | 3.6K | $105.31 | $381.0K |
| 2026-09-01 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Sale 10b5-1 plan | 3.6K | $107.13 | $387.6K |
| 2026-08-19 | Roeder Paul M Sr EVP and Chief Comm Officer | Sale | 3.6K | $106.32 | $382.3K |
| 2026-08-14 | WOODFORD BRENT EVP, Control, Fin Plan & Tax | Sale 10b5-1 plan | 7.2K | $105.31 | $762.2K |
| 2026-02-12 | Chang Amy Director | Buy | 916 | $107.85 | $98.8K |
| 2026-01-22 | Coleman Sonia L Sr. EVP & Chief People Officer | Sale 10b5-1 plan | 2.5K | $114.00 | $281.9K |