The Walt Disney Company (DIS)

Disney's newest results, for the fiscal third quarter ended 27 June 2026, showed revenue up 7 percent to $25.2 billion and segment operating income up 21 percent to $5.6 billion 1. Segment operating income is the profit of the three businesses before corporate costs, one-off charges, interest and taxes 2. Net income attributable to Disney fell to $2.6 billion from $5.3 billion, because the year before held a $3.3 billion one-time tax benefit tied to Hulu 2.

Parks and cruises led: Experiences revenue rose 10 percent, helped by the Disney Destiny and Disney Adventure ships, which added about 50 percent more cabin capacity 1. Disney+ and Hulu earned $712 million of operating income, up from $329 million 1. Sports profit fell 17 percent, as costs of the renewed NBA contract shifted into the quarter 1.

A new chief executive runs it: Josh D'Amaro, who ran the parks, took over from Bob Iger on 18 March 2026, and Iger stays an adviser until 31 December 2026 4. Under D'Amaro the company is cutting costs: Deadline reported a third round of layoffs on 29 September 2026, after about 1,000 jobs went in April 14.

The open question is the full year: Disney reports its fourth quarter and fiscal 2026 on 17 November 15.

The modern Disney took shape on 20 March 2019, when it bought Twenty-First Century Fox for cash and shares, paying $35.7 billion in cash 6. The deal brought the Fox studios and a controlling 67 percent stake in Hulu 610. In November 2019 Disney launched Disney+, a streaming service built on Disney, Pixar, Marvel, Star Wars and National Geographic titles 6.

Then the pandemic shut the parks: revenue fell 6 percent to $65.4 billion in fiscal 2020, and the company lost $2.9 billion 6. The annual report put the hit to parks operating income at about $6.9 billion, as parks closed or ran at reduced capacity for much of the year 6.

Streaming carried the next year: revenue rose 3 percent to $67.4 billion in fiscal 2021, on higher streaming subscriptions and advertising 7. Paid subscribers to Disney+ and its sister services Disney+ Hotstar and Star+ reached about 118 million by 2 October 2021 7.

Fiscal 2022 was the rebound: revenue jumped 23 percent to $82.7 billion as theme parks and resorts filled again and streaming subscriptions kept rising 8. The board brought Bob Iger back as chief executive on 20 November 2022 9. Its chairman later said the board asked him to lead the company through "a challenging transition" 4.

In fiscal 2023 Iger reorganized the company into three segments: Entertainment, Sports and Experiences 9. Revenue rose 7 percent to $88.9 billion, but profit fell to $2.4 billion after a $2.6 billion charge, largely for content pulled from the streaming services 93. Between 2023 and 2025 some 8,000 workers were let go, and cost savings reached $7.5 billion, Deadline reported 14.

Fiscal 2024 was the turn in streaming: the Direct-to-Consumer business went from a $2.5 billion operating loss to $143 million of operating income 10. Revenue rose 3 percent to $91.4 billion and profit rose to $5.0 billion from $2.4 billion 10. Disney also paid $8.6 billion for NBCUniversal's 33 percent of Hulu 10.

On 14 November 2024 Disney put its Star channels and Disney+ Hotstar in India into a joint venture with Reliance Industries, keeping 37 percent 3. In fiscal 2025 revenue rose 3 percent to $94.4 billion and profit reached $12.4 billion, lifted by a tax benefit when Hulu's tax classification changed 3.

In fiscal 2025 it also announced a plan to trade 10 percent of ESPN for the NFL's media assets 3. On 29 October 2025 it combined Hulu Live TV with Fubo, a listed online pay-TV service, taking 70 percent of the combined company 3.

Entertainment: studios, streaming and TV channels

Entertainment, the largest segment, brought in $42.5 billion in fiscal 2025, against $17.7 billion at Sports and $36.2 billion at Experiences 3. It makes films and shows and sells them through Disney+, Hulu, the ABC network, cable channels such as FX and Disney Channel, and cinemas 3.

In the third quarter Disney+ and Hulu took $5.5 billion of revenue, and subscription fees rose 15 percent, from more subscribers and higher prices 1. At the last count Disney gave, on 27 September 2025, Disney+ had about 132 million paid subscribers and Hulu about 64 million 3.

Gray News reported on 23 September 2026 that Disney+ with ads rises to $12.49 a month and Disney+ Premium, without ads, to $21.49 17. The Disney+ and Hulu bundle with ads stays at $12.99 17.

The studios, among them Walt Disney Pictures, Pixar, Marvel, Lucasfilm and Twentieth Century Studios, planned about 20 films for fiscal 2026 3. Toy Story 5, released on 19 June 2026, passed $1 billion at the global box office, while The Mandalorian and Grogu and the live-action Moana fell short of the company's hopes 1.

Critics split on Toy Story 5: the Telegraph gave it four stars out of five and the Guardian two, the Press Association's roundup of 16 June 2026 reported 18. The Independent called it "the worst in the series", while Empire called it "a welcome return to philosophical form" 18.

On broadcast TV, ABC reaches almost every US television home through about 245 affiliated stations and eight stations Disney owns 3.

Sports: ESPN

ESPN earns its money from cable fees, advertising and its streaming plans, ESPN Select and ESPN Unlimited, and holds rights to the NFL, college football, the NBA, MLB and the NHL 3. After ESPN took over NFL Network on 31 January 2026, Disney holds an effective 72 percent of ESPN, Hearst 18 percent and the NFL 10 percent 2.

Sports viewing lifts the whole company: Nielsen counted Disney's channels and streams at 11.9 percent of all US television viewing in January 2026, behind YouTube at 12.5 percent 16. Netflix was third, at 8.8 percent 16.

Experiences: parks, cruises and products

Experiences runs 12 theme parks and 57 resort hotels 4. The largest are Walt Disney World near Orlando, on about 25,000 acres, and the Disneyland Resort in Anaheim 3. Abroad it runs Disneyland Paris and owns 48 percent of Hong Kong Disneyland and 43 percent of Shanghai Disney Resort, while Tokyo Disney Resort pays it royalties 3.

In the third quarter domestic parks revenue rose 11 percent and spending per guest at the domestic parks 4 percent, while the Asian parks were soft 1. Disney Cruise Line added the Disney Destiny in November 2025 and the Disney Adventure, with about 2,100 staterooms, in March 2026 13.

Consumer Products licenses characters to toy, clothing and game makers and runs the Disney Store 3. Its revenue rose 7 percent in the third quarter on Toy Story 5 and Star Wars goods 1.

Plants and people

Disney employed about 231,000 people at the end of fiscal 2025, about 172,000 of them in the US, and many park workers and production crews are under union contracts 3. Its main offices and studios are in Burbank and Los Angeles, with ESPN's campus in Bristol, Connecticut, and further owned sites in New York and Emeryville, California 3.

Josh D'Amaro, a 28-year company veteran, is chief executive, and Dana Walden is president and chief creative officer 4. Hugh Johnston, formerly finance chief of PepsiCo, is chief financial officer, and James Gorman chairs the board 34.

Rivals

For viewers' time Disney competes with YouTube, Netflix, NBCUniversal and Fox, by Nielsen's count 16. Its parks, its annual report says, compete with other forms of entertainment, lodging, tourism and recreation 3.

Current problems

A shareholder class action claims the company hid the real costs and subscriber growth of Disney+, and the court has set trial for 16 November 2027 2. Suits by YouTube TV and DirecTV Stream subscribers over carriage terms are being settled for an amount Disney calls not material, with a final hearing on 14 January 2027 2.

DISH Network has filed antitrust counterclaims against Disney over its carriage terms and its control of Fubo 2. In the third quarter Disney also wrote down its A+E stake by $812 million 1.

The umbrella, in words

The main brands are Disney, Pixar, Marvel, Star Wars, National Geographic, ABC, ESPN, FX, Hulu and Disney+ 3. Exhibit 21 to the newest annual report lists the subsidiaries, among them ESPN, Inc., Hulu, LLC, Lucasfilm Ltd. LLC and Hongkong International Theme Parks Limited 11.

Disney owns 73 percent of the National Geographic businesses, 37 percent of the India joint venture with Reliance, and 30 percent each of Tata Play and Canada's CTV Specialty Television 3. It owns 72.9 percent of Fubo's Class A shares, by its own filing in March 2026 13.

It agreed in July 2026 to sell its 50 percent of A+E Global Media to an affiliate of Hearst for about $1.2 billion in cash 1. It invested $1 billion in OpenAI in December 2025 and agreed to license more than 200 characters to OpenAI's Sora video app, CNN reported 19.

Its land includes about 25,000 acres at Walt Disney World, about 550 at Disneyland and a 5,200-acre site at Disneyland Paris 3. Its common stock is listed on the New York Stock Exchange, and the largest holder on file, Vanguard Capital Management, reported 7.49 percent on 30 April 2026 312.

Disney reports its fourth quarter and fiscal 2026 on 17 November 2026 15. For the fourth quarter it expects segment operating income of about $4.9 billion, about $600 million of it from an extra 53rd week in the fiscal year 1.

For fiscal 2026 it expects at least $19 billion of cash from operations, about $9 billion of capital spending and at least $9 billion of share buybacks 1. It expects Experiences profit growth at the high end of high single digits, Sports in the mid single digits and Entertainment in double digits, without the extra week 1.

The A+E sale is expected to close by the end of fiscal 2026, subject to regulatory approvals 1. From the first quarter of fiscal 2027, much of Consumer Products moves into Entertainment, beside the studios that create the characters 1.

Disney+ is to start turning into a "comprehensive membership ecosystem" in spring 2027, and over three years Disney plans to roughly triple its local original series 1. From this fall more college football games come to Disney+ 1.

At Animal Kingdom, DinoLand USA is planned to reopen as Tropical Americas in 2027, and the Disney Lakeshore Lodge vacation club is projected to open in 2027 3. Disney Cruise Line plans four more ships between 2027 and 2031, and Oriental Land expects a Disney-branded ship in Japan by 2029 3.

In Abu Dhabi, Miral would build and run a Disney park, with Disney paid royalties and fees and putting in no capital, once final agreements are signed 3. Iger retires from the company and the board on 31 December 2026 5.

The class action trial is set for 16 November 2027 2. After July 2034 Disney may have a right to buy back the NFL's ESPN stake in exchange for a ten-year note 2. On 5 August 2026 management said it was "mid-stream" in cutting costs, including labor, and would report progress 1.

Past

Revenue grew from $55 billion in fiscal 2017 to $94 billion in fiscal 2025, up 7% a year, rising in 7 of 8 years, with the deepest fall of 6% from fiscal 2019 to fiscal 2020; net income was positive in 8 of 9 of those years Over the three fiscal years to 2025, the diluted share count shrank about 0.3% a year, and dividends and buybacks returned about 23% of operating cash flow over three years Officers and directors filed 7 sales (6 under scheduled 10b5-1 plans) and 2 purchases of their own stock on the open market in the year to 2026-10-19 The grade's past tense reads 7.1 of 10 12

Present

In the fiscal year ended 2025-09-27, Disney reported revenue of $94 billion and a profit of $12 billion Return on equity was about 11 cents of profit for every dollar of shareholders' money; leverage was about 42 cents per dollar of assets, and the share count shrank 1.1% over the year Revenue of $94 billion ranks in the top 3% by size among 20 graded names in its family; a net margin of 13.1% ranks in the top 7%; revenue growth of 4.5% a year over the last three filed years ranks in the bottom 38% The chief executive is Damaro, Joshua W, filing under that title since 2026-03-20, 7 months; the 19 officers and directors filing in the last fifteen months have been on the record a median of 4.3 years The grade's present tense reads 6.1 of 10 21

Future

The annual report for the fiscal year ending 2026-10-03 is due by 2026-12-02 The quarterly report for the quarter ending 2027-01-31 is due by 2027-03-12 Cash of $5.8 billion against debt of $42 billion leaves negative 18.3% of assets as net cash, bottom 26% of its family; cash from operations less capital spending is 10.7% of revenue, top 39% Revenue grew 4.5% a year over the last three filed years against 7% over all 9, slowing; the newest year grew 3.4%; capital spending grew 17.6% a year, top 25% Revenue of $94 billion in fiscal 2025 came in 1.7% below the $96 billion its prior three years' pace pointed to; net income of $12 billion against a prior three-year average of $3.5 billion; a net margin of 13.1% against 4% before The grade's future tense reads 5.9 of 10 312

How the company operates

Disney reported three lines of business in fiscal 2025: Entertainment at 44%, Experiences at 38%, and Sports at 18% All 3 of those lines grew against the year before Entertainment was $42 billion, Experiences $36 billion, and Sports $18 billion 21

New moves

The record does not say.