Disney Q2 2026 Earnings Beat

CNBC reported Wednesday that Disney delivered a second-quarter revenue beat. The media giant posted $25.17 billion in total revenue, clearing the $24.78 billion Wall Street had penciled in. Shares jumped roughly 8% in premarket trade following the print.

D’Amaro’s First Report Sets a Confident Tone

The results mark the debut earnings release under new chief executive Josh D’Amaro, who took the top job in March after Bob Iger stepped down. D’Amaro laid out a growth strategy centered on intellectual property investment and technology-driven storytelling. Both streaming and theme parks were cited as the primary beneficiaries of that approach.

Adjusted earnings per share came in at $1.57, ahead of the $1.49 consensus estimate compiled by LSEG. Net income, however, fell to $2.47 billion from $3.4 billion a year earlier. The decline reflected one-time costs tied to ESPN’s purchase of NFL Network assets and other media properties.

Disney also raised its share-buyback target for the full fiscal year to at least $8 billion, up from the prior $7 billion commitment. The company guided for roughly 12% adjusted earnings growth in fiscal 2026 and flagged double-digit expansion again in fiscal 2027.

Streaming Growth Cushions a Faltering TV Bundle

Background: Linear TV Has Weighed on the Sector

The traditional pay-TV bundle has been shedding viewers for years across the entire media industry. Disney stopped disclosing quarterly streaming subscriber figures and linear network breakdowns last quarter, a signal of its pivot away from legacy metrics. Subscription and affiliate fees climbed 14% to $7.8 billion, helped in part by recent price increases across its streaming tiers. Advertising revenue rose 5%, boosted by higher streaming impressions. Box office hits including “Avatar: Fire and Ash” and “Zootopia 2” also lifted the entertainment segment, which grew 10% year over year to $11.72 billion. The closed Fubo acquisition added roughly 4 percentage points to that gain.

Parks Hold Steady Despite Macro Pressure

Disney’s experiences division, covering parks, resorts, and cruises, generated nearly $9.5 billion in revenue, up 7% from the same quarter a year ago. Global guest attendance grew 2%, though domestic park visits dipped 1%. Disney pointed to softer overseas visitation at its U.S. properties as the cause. The company noted that rising oil prices, linked to U.S.-Israel military action against Iran in late February, had created broader consumer uncertainty. Despite that backdrop, Disney said domestic demand and per-guest spending both held up through the quarter.

For the third quarter, Disney is targeting total segment income of approximately $5.3 billion.

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