Investor Research

DIS · US

DIS.US: FY26 Q2 $25.2B — record parks & SVOD margin inflection

Disney FY26 Q2 revenue $25.17B (+7%), Experiences $9.49B / OI $2.62B; Entertainment SVOD OI $582M (10.6% margin). Adj EPS $1.57. First print under CEO D'Amaro.

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Snapshot

Price (approx.)
USD 118
Mkt cap (approx.)
USD 212.0B
Revenue (approx.)
USD 100.7B
Entertainment SVOD OI (Q)
USD 582.0M
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Disney FY26 Q2 revenue $25.17B (+7%), record Experiences $9.49B / OI $2.62B; Entertainment SVOD OI $582M and first double-digit margin (10.6%). Adj EPS $1.57 (+8%); GAAP EPS $1.27 tax-hit. First print under Josh D'Amaro. Parks cash cow + streaming inflection; linear TV still a drag.

Business

Model: IP → film/TV storefront → parks/consumer/streaming. Flagships: Experiences; Disney+/Hulu SVOD; ESPN DTC. Edge: IP and park pricing power. Strategy: SVOD margin ≥10%, ESPN DTC, park capacity. Entity: The Walt Disney Company.

Value chain

Downstream experiences and distribution. Upstream: creative talent, sports rights, construction/cruise yards; downstream: guests, advertisers, subscribers. Rights and ad cycles matter. Risks: build inflation, cruise fuel/insurance, content cost.

Valuation

Price context ~$118 / mkt ~$212B. Market prices park resilience + SVOD margins and discounts linear TV.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)
MetricValueNote
TTM PEN/A未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PBN/A待最新净资产与市值核验
股息率N/A待分红公告 / IR
现价语境约 118DIS · 以包内 kpi_snapshot 时点为准
As of 2026-09-25

~3y PE / PB / dividend yield / trailing 1Y ann. return. Points without a named market source are null:

Valuation & return · ~3y

Interactive chart available in the reader.

PE/PB/yield/return points are null until a named market source is wired; no linear fill. · As of 2026-09-25

Share price · ~3y

Interactive chart available in the reader.

Public quarterly closes (split-adjusted); do not invent gaps · As of 2026-09-25

Financial trend (~24 months)

Last ~8Q revenue and margins with YoY / QoQ. Missing quarters stay null:

Revenue · last 8Q

Interactive chart available in the reader.

Company IR / 10-Q quarterly revenue; null when missing · As of 2026-09-25

Gross margin · last 8Q

Interactive chart available in the reader.

Company IR gross margin; null when missing — no interpolation · As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Attributable NI from filings; null when missing — no interpolation · As of 2026-09-25

Financial health (§A.7)

OCF is normally lumpy for a media conglomerate; debt vs park CapEx in latest 10-Q. Audit expected unqualified.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)
ItemValueNote
财务健康总评稳健偏扩张以最新季报 OCF 与净现金为准
经营现金流见最新 10-QAI 周期龙头通常 OCF 强劲
净负债 / 现金投资级或净现金详见 table 与 IR
流动性充裕Current ratio / cash & equivalents
审计意见无保留（常规预期）以最新 10-K 为准
As of 2026-09-25

Operations

Domestic park attendance −1%, per-cap +5%; Fubo in Entertainment. Company expects H2 acceleration.

Key financial points

Key financial points
ItemValueYoYNote
Q2 营收$25.17B+7%超自身指引
Experiences$9.49B+7%OI $2.62B / +5%
Entertainment$11.72B+10%含 Fubo
SVOD OI$582M+88%利润率 10.6%
adj EPS$1.57+8%GAAP $1.27
分部 OI$4.6B+4%合计
As of 2026-09-25

Competition

Peer strengths/weaknesses; share charts only when a named source exists.

Market share trend · last 8Q

Interactive chart available in the reader.

Named industry/company sources only; else omit or null · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Named sources only; list in references · As of 2026-09-25

Peer map

Peer map
CompanyShare/roleMarginStrengthWeakness
Disney (self)IP conglomerateMidIP+ParksLinear TV decline
NetflixStreaming pureHighGlobal DTCNo parks
Comcast/NBCUConglomerate peerMidTheme parksCable
As of 2026-09-25

Management

Management (24m)

Management (24m)
RoleNameSince24m change
CEOBob Iger2022 returnContinued leadership
CFOHugh Johnston2023No material change
ChairBoard Chair—See proxy
As of 2026-09-25

Stability: Josh D'Amaro became CEO in FY26; parks-background continuity is high — watch content/ESPN governance.

Outlook

Track FY SVOD margin, park attendance, ESPN DTC, tax rate and buybacks.

Scenarios

Scenario Condition Implication
Bull Demand/execution beats Upside
Base Trend continues Hold/watch
Bear Cycle/competition worsens Drawdown/reassess

Risks

Risk Severity Note
需求/指引不及预期 高 宏观打击乐园、线性电视下滑、内容投入、开业费用、管理层换届。
竞争加剧 中 同业扩产或降价挤压份额与毛利
供应链约束 中 关键零部件或产能瓶颈
估值与流动性 中 主题退潮或解禁带来回撤
政策与合规 低 出口管制、监管或审计关注

Tracking list

Verify on next earnings:

  1. Entertainment SVOD FY op. margin ≥10% path
  2. Experiences domestic attendance vs per-cap spend; cruise/Frozen pre-opening
  3. ESPN DTC offset vs linear TV decline
  4. FY26 adj EPS ~+12% guide
  5. Capital return vs content spend under CEO D'Amaro

References

  1. Disney FY2026 Q2 earnings — https://www.sec.gov/Archives/edgar/data/1744489/000174448926000036/fy2026_q2xprxex991.htm
  2. Disney IR — https://thewaltdisneycompany.com/investor-relations/
  3. Parks / streaming peer filings

Not investment advice; defer to latest company filings.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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