olivLaw · US equity research
The Walt Disney Company DIS
Services-Miscellaneous Amusement & Recreation · SIC 7990 · Vertical: Services-Miscellaneous Amusement & Recreation (SIC 7990)
The Walt Disney Company is a global entertainment group organized into three segments: Entertainment, Sports and Experiences. In its latest reported quarter, revenues reached 25.2 billion USD, and the company reiterated its adjusted EPS growth target for fiscal 2026, so the performance of its parks and streaming services is being closely watched by the market.
At the close of 04 Nov 2026, The Walt Disney Company (DIS) stock was 118.95 USD (+4.18% on the day), with market capitalisation 205.4 bn USD, P/E 24.5 on diluted EPS of 4.85 USD over the last 12 months, dividend yield 2.96%, beta 0.88, 52-week range 92.42–118.95 USD. Latest reported quarter (Q3 2026): revenue of 25.2 bn USD (+6.8% YoY), net income of 2.6 bn USD (−49.9% YoY), diluted EPS 1.51 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 74.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 105.78 – 116.11
- above the upper band · %B 1.27 · band width 9.3%
- SMA 50 / 200
- 107.69 / 103.51
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.17 / 1.64
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.8% | −1.1% | +15.9 pp | — |
| 3 months | +16.9% | −0.5% | +17.3 pp | — |
| 6 months | +10.1% | +4.4% | +5.7 pp | — |
| Year to date | +4.6% | +12.3% | −7.8 pp | — |
| 1 year | +6.7% | +13.5% | −6.8 pp | −31.8% |
| 3 years | +39.8% | +76.4% | −36.6 pp | −25.9% |
| 5 years | −32.3% | +63.7% | −95.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 27 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22.6 bn | 24.7 bn | 23.6 bn | 23.7 bn | 22.5 bn | 26.0 bn | 25.2 bn | 25.2 bn |
| SG&A | 4.3 bn | 3.9 bn | 4.0 bn | 4.1 bn | 4.4 bn | 4.1 bn | 4.1 bn | 4.0 bn |
| Operating income | 3.7 bn | 5.1 bn | 4.4 bn | 4.6 bn | 3.5 bn | 4.6 bn | 4.6 bn | 5.6 bn |
| Depreciation & amortisation | 1.3 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.3 bn | 1.4 bn | 1.4 bn |
| Interest expense | -3.6 bn | 487.0 m | 471.0 m | 438.0 m | -3.2 bn | 443.0 m | 473.0 m | 463.0 m |
| Pre-tax income | 948.0 m | 3.7 bn | 3.1 bn | 3.2 bn | 2.0 bn | 3.7 bn | 3.4 bn | 3.6 bn |
| Income tax | 384.0 m | 1.0 bn | -314.0 m | -2.7 bn | 602.0 m | 1.2 bn | 902.0 m | 801.0 m |
| Net income | 460.0 m | 2.6 bn | 3.3 bn | 5.3 bn | 1.3 bn | 2.4 bn | 2.2 bn | 2.6 bn |
| Diluted EPS | 0.25 ≈ | 1.40 | 1.81 | 2.92 | 0.73 ≈ | 1.34 | 1.27 | 1.51 |
| Operating cash flow | 5.5 bn | 3.2 bn | 6.8 bn ≈ | 3.7 bn ≈ | 4.5 bn | 735.0 m | 6.9 bn ≈ | 4.9 bn ≈ |
| Capex | 1.5 bn | 2.5 bn | 1.9 bn ≈ | 1.8 bn ≈ | 1.9 bn | 3.0 bn | 2.0 bn ≈ | 1.8 bn ≈ |
| Dividends paid | 817.0 m | — | — | 0 ≈ | 898.0 m | — | — | 0 ≈ |
| Share repurchases | 469.0 m | 794.0 m | 991.0 m ≈ | 711.0 m ≈ | 1.0 bn | 2.0 bn | 3.5 bn ≈ | 1.7 bn ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 43 percentile of its own 28-quarter history (min 12.5, median 35.8, max 290.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 59.4 bn | 69.6 bn | 65.4 bn | 67.4 bn | 82.7 bn | 88.9 bn | 91.4 bn | 94.4 bn |
| Revenue YoY | +7.8% | +17.1% | −6.1% | +3.1% | +22.7% | +7.5% | +2.8% | +3.4% |
| Net income | 12.6 bn | 11.1 bn | -2.9 bn | 2.0 bn | 3.1 bn | 2.4 bn | 5.0 bn | 12.4 bn |
| Net income YoY | +40.3% | −12.3% | −125.9% | unavailable | +57.6% | −25.2% | +111.2% | +149.5% |
| Diluted EPS | 8.36 | 6.64 | -1.58 | 1.09 | 1.72 | 1.29 | 2.72 | 6.85 |
| Diluted EPS YoY | +46.9% | −20.6% | −123.8% | unavailable | +57.8% | −25.0% | +110.9% | +151.8% |
| net % | 21.2% | 15.9% | -4.4% | 3.0% | 3.8% | 2.6% | 5.4% | 13.1% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | 4.9 bn | 8.6 bn | 10.1 bn |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 27 Sept 2025
- Cash
- 5.7 bn USD
- Financial debt
- 42.0 bn USD
- Net debt
- 36.3 bn USD
- Equity
- 114.6 bn USD
- Total assets
- 197.5 bn USD
- Debt / equity
- 0.37x
- Current ratio
- 0.71x
- ROE
- 11.3%
- ROA
- 6.3%
- FCF margin
- 10.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 65.4 bn | 67.4 bn | 82.7 bn | 88.9 bn | 91.4 bn | 94.4 bn | SEC (XBRL)· 13 Nov 2025verified |
| SG&A | 12.4 bn | 13.5 bn | 16.4 bn | 15.3 bn | 15.8 bn | 16.5 bn | SEC (XBRL)· 13 Nov 2025verified |
| Operating income | 8.1 bn | 7.8 bn | 12.1 bn | 12.9 bn | 15.6 bn | 17.6 bn | SEC (XBRL)· 13 Nov 2025verified |
| Depreciation & amortisation | 5.3 bn | 5.1 bn | 5.2 bn | 5.4 bn | 5.0 bn | 5.3 bn | SEC (XBRL)· 13 Nov 2025verified |
| EBITDA | 13.5 bn ≈ | 12.9 bn ≈ | 17.3 bn ≈ | 18.2 bn ≈ | 20.6 bn ≈ | 22.9 bn ≈ | SEC (XBRL)· 13 Nov 2025derived |
| Interest expense | 1.6 bn | -1.5 bn | -1.5 bn | -2.0 bn | -2.1 bn | -1.8 bn | SEC (XBRL)· 13 Nov 2025verified |
| Pre-tax income | -1.7 bn | 2.6 bn | 5.3 bn | 4.8 bn | 7.6 bn | 12.0 bn | SEC (XBRL)· 13 Nov 2025verified |
| Income tax | 699.0 m | 25.0 m | 1.7 bn | 1.4 bn | 1.8 bn | -1.4 bn | SEC (XBRL)· 13 Nov 2025verified |
| Net income | -2.9 bn | 2.0 bn | 3.1 bn | 2.4 bn | 5.0 bn | 12.4 bn | SEC (XBRL)· 13 Nov 2025verified |
| Diluted EPS | -1.58 | 1.09 | 1.72 | 1.29 | 2.72 | 6.85 | SEC (XBRL)· 13 Nov 2025verified |
| Weighted average diluted shares | 1.8 bn | 1.8 bn | 1.8 bn | 1.8 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 13 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 17.9 bn | 16.0 bn | 11.6 bn | 14.2 bn | 6.0 bn | 5.7 bn | SEC (XBRL)· 13 Nov 2025verified |
| Inventories | 1.6 bn | 1.3 bn | 1.7 bn | 2.0 bn | 2.0 bn | 2.1 bn | SEC (XBRL)· 13 Nov 2025verified |
| Current assets | 35.3 bn | 33.7 bn | 29.1 bn | 32.8 bn | 25.2 bn | 24.3 bn | SEC (XBRL)· 13 Nov 2025verified |
| Property, plant & equipment, net | 32.1 bn | 32.6 bn | 33.6 bn | 34.9 bn | 37.0 bn | 41.3 bn | SEC (XBRL)· 13 Nov 2025verified |
| Goodwill | 77.7 bn | 78.1 bn | 77.9 bn | 77.1 bn | 73.3 bn | 73.3 bn | SEC (XBRL)· 13 Nov 2025verified |
| Intangibles (excl. goodwill) | 19.2 bn | 17.1 bn | 14.8 bn | 13.1 bn | 10.7 bn | 9.3 bn | SEC (XBRL)· 13 Nov 2025verified |
| Total assets | 201.5 bn | 203.6 bn | 203.6 bn | 205.6 bn | 196.2 bn | 197.5 bn | SEC (XBRL)· 13 Nov 2025verified |
| Accounts payable | 13.2 bn | 16.4 bn | 16.2 bn | 15.1 bn | 14.8 bn | 15.1 bn | SEC (XBRL)· 13 Nov 2025verified |
| Short-term debt | 5.7 bn | 5.9 bn | 3.1 bn | 4.3 bn | 6.8 bn | 6.7 bn | SEC (XBRL)· 13 Nov 2025verified |
| Long-term debt | 52.9 bn | 48.5 bn | 45.3 bn | 42.1 bn | 39.0 bn | 35.3 bn | SEC (XBRL)· 13 Nov 2025verified |
| Current liabilities | 26.6 bn | 31.1 bn | 29.1 bn | 31.1 bn | 34.6 bn | 34.2 bn | SEC (XBRL)· 13 Nov 2025verified |
| Equity | 88.3 bn | 93.0 bn | 98.9 bn | 104.0 bn | 105.5 bn | 114.6 bn | SEC (XBRL)· 13 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | — | — | — | 9.9 bn | 14.0 bn | 18.1 bn | SEC (XBRL)· 13 Nov 2025verified |
| Capex | 4.0 bn | 3.6 bn | 4.9 bn | 5.0 bn | 5.4 bn | 8.0 bn | SEC (XBRL)· 13 Nov 2025verified |
| Free cash flow | — | — | — | 4.9 bn ≈ | 8.6 bn ≈ | 10.1 bn ≈ | SEC (XBRL)· 13 Nov 2025derived |
| Investing cash flow | — | — | -5.0 bn | -4.6 bn | -6.9 bn | -8.0 bn | SEC (XBRL)· 13 Nov 2025verified |
| Financing cash flow | — | — | — | -2.7 bn | -15.3 bn | -10.4 bn | SEC (XBRL)· 13 Nov 2025verified |
| Dividends paid | 1.6 bn | 0 | 0 | 0 | 1.4 bn | 1.8 bn | SEC (XBRL)· 13 Nov 2025verified |
| Share repurchases | 0 | — | 0 | 0 | 3.0 bn | 3.5 bn | SEC (XBRL)· 13 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 69 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 205.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation52
- Returns84
- Quality79
- Balance sheet73
- Growth69
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 58.51 – 188.56 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)58.51 – 110.15 (Mid 77.80)WACC 8.4% · starting FCFF 9.6 bn USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 20.2%
- Peers: EV/EBITDA72.93 – 142.75 (Mid 111.45)4 companies used · median multiple 9.8x · quartiles 7.0x – 12.1xBRSL, FBYD, MTN, PRKS
- Peers: P/E65.75 – 188.56 (Mid 162.61)7 companies used · median multiple 33.6x · quartiles 13.6x – 38.9xBRSL, MSGE, MTN, PRKS, PRSU, RSI, SEAT
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 69/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.6% | 63 (vs peers) | 10% |
| Net margin · Quality | 8.7% | 89 (vs peers) | 6% |
| FCF conversion · Quality | 96.4% | 95 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 4.5% | 38 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 58.5% | 100 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 1.7x | 86 (vs peers) | 10% |
| Interest coverage · Balance sheet | 10.0x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 24.5x | 63 (vs peers) | 10% |
| EV/EBITDA · Valuation | 10.4x | 42 (on a fixed band) | 10% |
| FCF yield · Valuation | 4.0% | 50 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 5.1% | 73 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 27.0% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet73/100 · 3/3 factors with a value
- Growth69/100 · 2/2 factors with a value
- Quality79/100 · 3/3 factors with a value
- Returns84/100 · 2/2 factors with a value
- Valuation52/100 · 3/3 factors with a value
Memo
WALT DISNEY CO/ (DIS). Latest full fiscal year: 2025; data up to 2026-06-27.
Figures computed from the financial statements: revenue 94.4 bn USD in 2025; YoY growth 3.4%; net margin 8.7%; ROE 7.8%; net debt/EBITDA 1.7x.
The estimated value range is 65.75–142.75 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 111.45 USD, the price of 118.95 USD leaves a potential of -6.3% (value / price − 1) and a margin of safety of -6.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 69/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 8.7%
- FCF conversion: 96.4%
- EPS CAGR 3Y: 58.5%
- Net debt / EBITDA: 1.7x
- Interest coverage: 10.0x
- Shareholder yield (distributions): 5.1%
- Payout ratio (FCF): 27.0%
What contradicts it
- Current ratio: 0.7x
- The valuation methods diverge
Versus the vertical median
Services-Miscellaneous Amusement & Recreation (SIC 7990) · same industry (4-digit SIC) · compared with 20 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DISWalt Disney Co | 205.4 bn | 24.5 | 7.8% | 8.7% | +3.4% | +7% / +40% |
| MTNVail Resorts, Inc. | 5.7 bn | 39.1 | 44.4% | 5.2% | −4.3% | +15% / −26% |
| RSIRush Street Interactive, Inc. | 2.5 bn | 40.9 | 23.0% | 2.6% | +22.8% | −33% / +193% |
| BRSLBrightstar Lottery PLC | 1.9 bn | 13.7 | 11.6% | 5.9% | −0.0% | −35% / −62% |
| PRKSUnited Parks & Resorts Inc. | 1.6 bn | 13.5 | — | 8.1% | −3.6% | −5% / −30% |
| PRSUPursuit Attractions and Hospitality, Inc. | 1.5 bn | 33.6 | 7.7% | 9.6% | +23.4% | +65% / +70% |
| NIPGNIP Group Inc. | 471.7 m | — | -15.9% | -14.9% | +1.9% | −91% / unavailable |
| SEGSeaport Entertainment Group Inc. | 301.9 m | — | -22.6% | -91.4% | +18.3% | +10% / unavailable |
| GENIGenius Sports Limited | 70.1 m | — | -17.2% | -16.7% | +31.0% | −30% / +26% |
| SEATVivid Seats Inc. | 32.0 m | 0.0 | 2,000.9% | 278.1% | −30.5% | −63% / −98% |
| GRSDGrandstand Limited | 29.8 m | — | -28.5% | -19.9% | +30.1% | −85% / −91% |
| FCHLFitness Champs Holdings Limited | 12.0 m | — | -349.1% | -32.9% | +4.7% | −100% / unavailable |
| FBYDFalcon’s Beyond Global, Inc. | 77 | — | -100.8% | -36.0% | +120.8% | −62% / −26% |
| MSGEMadison Square Garden Entertainment Corp. | — | 38.7 | — | 8.6% | +12.5% | +59% / +160% |
| MSGSMsg Knickerbockers Corp. | — | 983.9 | — | 0.7% | +11.0% | +38% / +86% |
| XPOFXponential Fitness, Inc. | — | — | — | -401.5% | −20.7% | −32% / −67% |
| CDROCodere Online Luxembourg, S.A. | — | — | 17.3% | 1.9% | +24.2% | +25% / +173% |
| ENHAEnhanced Group Inc. | — | — | -1,903.4% | — | unavailable | unavailable / unavailable |
| STUBStubhub Holdings, Inc. | — | — | -145.8% | -91.3% | −1.4% | −44% / unavailable |
| GDHGGolden Heaven Group Holdings Ltd. | — | — | -6.5% | -56.2% | −31.5% | −75% / −100% |
| DKNGDraftkings Inc. | — | — | -21.1% | -2.7% | +27.0% | −30% / −40% |
1- and 3-year price returns: for DIS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 72.27 Total return -39% · Per year -39% | 127.76 Total return 7% · Per year 7% | 192.44 Total return 62% · Per year 62% |
| 3 years | 70.15 Total return -41% · Per year -16% | 139.54 Total return 17% · Per year 5% | 230.79 Total return 94% · Per year 25% |
| 5 years | 68.09 Total return -43% · Per year -11% | 152.41 Total return 28% · Per year 5% | 276.76 Total return 133% · Per year 18% |
- Exit P/E± 34.89
- Net margin± 24.42
- Annual revenue growth± 20.04
- Annual dilution± 2.05
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
The Walt Disney Company is a global entertainment group organized into three segments: Entertainment, Sports and Experiences. In its latest reported quarter, revenues reached 25.2 billion USD, and the company reiterated its adjusted EPS growth target for fiscal 2026, so the performance of its parks and streaming services is being closely watched by the market.
SWOT
Strengths
- The content library is vast and includes characters with global recognition, and franchises can generate revenue across cinema, streaming, products and parks 13.
- The Experiences segment is a solid profit generator, and demand for parks grew in the latest reported quarter 13.
- The company has a large subscriber base across several services and a broad international network of channels 1.
Weaknesses
Opportunities
- Expanding international offerings and local original content on Disney+ could attract new users and reduce churn 3.
- Bringing sports into streaming services and bundles could lift subscriptions and advertising revenue 3.
- Parks and cruises can keep expanding, and recent franchise products could generate additional revenue 3.
Threats
- An economic slowdown and inflation could reduce spending on parks, subscriptions and advertising 1.
- Competition for audience attention and for sports rights is intense, and large foreign digital platforms are strong 1.
- Natural disasters, geopolitical conflicts and trade tensions can disrupt operations and supply chains 1.
Risks
- Economic slowdownhigh
A recession or persistent inflation could reduce demand for parks, advertising and subscriptions, with effects across several segments at once 1.
- Shifting consumer preferenceshigh
Public tastes are volatile, and large investments in content or attractions may not be received as expected 1.
- Currency and tariffsmedium
Currency fluctuations and tariffs can affect costs and international revenue, and hedging does not fully offset the effect 13.
- Dependence on third partiesmedium
Affiliate, licensing and advertising revenue depends on distribution partners and advertisers, and liquidity problems at some partners can delay payments 1.
- Impairments and restructuringmedium
Write-downs of investments, such as those in A+E and Tata Play, have weighed on recent profit and could continue if performance declines 23.
Investment thesis
What would need to be true (bull case)
- If growth in parks and franchises continues, the company could turn its vast IP into stable revenue across several channels.
- Improving streaming profitability could reduce dependence on declining linear networks.
- The expanded share repurchase programme and rising adjusted EPS, if confirmed, could support shareholder value.
What would break the thesis
- If the economy slows, demand for parks and advertising could fall faster than the company's costs.
- Losses from investment write-downs could recur if linear network performance does not improve.
- Intense competition for content, sports and advertising could compress margins over the longer term.
What to watch
- Quarterly results and operating income of the Entertainment, Sports and Experiences segmentsQ4 2026
- Delivery of the guidance for total segment operating income in the fourth quarterQ4 2026
- Evolution of Disney+ and Hulu subscriber numbers and the SVOD operating margin2027
- Guidance on adjusted EPS growth for fiscal 2027, excluding the 53rd week effect2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company produces and distributes films and episodic content, operates linear networks such as ABC and the Disney, FX and National Geographic channels, and runs the Disney+ and Hulu streaming services. The Sports segment includes ESPN, and the Experiences segment covers theme parks, hotels, cruises and licensed products. In fiscal 2025 total revenues reached 94.4 billion USD, according to the 10-K 1.
Segments
Entertainment
The Entertainment segment includes Linear Networks, Direct-to-Consumer and Content Sales/Licensing. Its revenues reached 42.5 billion USD in fiscal 2025 1. In fiscal Q3 2026 the segment's operating income rose considerably year on year, and the company indicated that the SVOD operating margin could remain at double digits for the full year 23.
Sports
The Sports segment, which includes ESPN, is funded by affiliate fees, subscriptions, advertising and sub-licensed sports rights. Revenues were 17.7 billion USD in fiscal 2025 1. In fiscal Q3 2026 the segment's operating income fell year on year, while the company expands ESPN offerings on Disney+ 3.
Market context
The entertainment market is shaped by consumer demand, the shift of content consumption to digital platforms and sensitivity to the economic cycle. The sources indicate that park and tourism revenues depend on economic conditions and demand for out-of-home experiences 1. Competition for advertising, subscribers and sports rights remains intense, and the company points to an increasingly broad digital offering 12.
Trends
- Growth of streamingmixed
Disney+ and Hulu had approximately 132 million and 64 million paid subscribers respectively as of September 27 2025 1. The company plans to increase investment in international content on Disney+, which could support subscription revenue if retention remains solid 3.
- Demand for parks and experiencesmixed
Park revenues grew in fiscal Q3 2026, with growth in both volume and rate across the global portfolio 3. However, the company flags softness at its Asian parks, and demand for experiences depends on macroeconomic conditions 23.
- Technology and artificial intelligencemixed
Technological change and evolving rules on artificial intelligence are altering how content is created and distributed, and traditional business models have been hit by the decline of linear television audiences 1. If new streaming and advertising models offset these losses, the impact could be positive.
- Cost and currency sensitivityheadwind
Inflation, trade tariffs and currency swings can raise operating costs and reduce international revenue 13. The company recorded a favorable tariff refund in fiscal Q3 2026, but future refund amounts are expected to be immaterial 3.
Competitive position
Linear Networks and Direct-to-Consumer compete for viewers' attention with other television networks, other streaming services, social media and video games 1. In advertising the company competes with online search, marketplaces and social platforms 1. In content production it faces other studios and video-on-demand services 1.
- Sony Pictures Entertainment
Holds the rights to produce and distribute Spider-Man films, making it a direct competitor in films built on Marvel characters 1.
- Feld Entertainment
Producer of the Disney On Ice show under licence from the company, making it both a partner and a competitor in live entertainment 1.
- Hearst
Co-owner with the company of A+E Global Media, a competitor in documentary content and cable networks 1.
- FuboTVFUBO
A vMVPD platform with which the company combined Hulu Live TV assets, making it both a partner and a rival at the same time 12.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Disney's D23 Asia event in Singapore to feature celebrity appearances, exclusive previews and live performancesCNA (Channel NewsAsia) · 05 Nov 2026 · EN
- Guvernul britanic intervine într-o tranzacție de 1,6 miliarde de lire sterline între doi giganți ai televiziuniiMediafax · 04 Nov 2026 · RO
- The John Cena Classic 2026: Data, locul și schimbările de format anunțate de John Cena - www.goldring.roSurge — Google News · 04 Nov 2026 · RO
- Mii de angajați Disney vor fi concediați. Gigantul american reduce bugetele cu 20%Libertatea.ro · 04 Nov 2026 · RO
- Disney pregătește concedieri masiveProfit.ro · 04 Nov 2026 · RO
- Disney vrea să dea afară câteva mii de angajați. Gigantul american pregătește și reduceri de cheltuieli de până la 20%Antena 3 CNN · 04 Nov 2026 · RO
- How The Remarried Empress stars Shin Min-a, Ju Ji-hoon and cast brought the hit webtoon to lifeCNA (Channel NewsAsia) · 04 Nov 2026 · EN
- Electori americani, surprinși: Scenariul care a adus SUA în aliatul Israelului pe linia moartă - www.goldring.roSurge — Google News · 04 Nov 2026 · RO
- Disney plans several thousand layoffs, asks some managers to cut costs by up to 20%CNBC — Top News · 03 Nov 2026 · EN
- Disney Targets 20% Cost Savings in Thousands of LayoffsBloomberg Markets · 03 Nov 2026 · EN
- Thousands of Disney job cuts may be coming. Investors are asking what comes next.MarketWatch — Top Stories · 03 Nov 2026 · EN
- Disney планирует уволить тысячи сотрудников для сокращения расходовInterfax Russia (RU) · 03 Nov 2026 · RU
- Johnny Depp a dezvăluit singurul motiv pentru care ar juca în următorul film „Pirații din Caraibe”HotNews.ro · 03 Nov 2026 · RO
- Bloomberg узнал о планах Disney сократить 20% персоналаRBC News (RU business+politics) · 03 Nov 2026 · RU
- Bloomberg: Disney планирует тысячи увольнений ради экономии затрат на 20%Kommersant (RU) · 03 Nov 2026 · RU
- Disney preparing thousands of job cuts to trim annual costsAnadolu Agency (TR, EN) · 03 Nov 2026 · EN
- Actrița McKenna Grace, noua vedetă a seriei „The Hunger Games”, explică de ce evită scenele de nuditate: „Este ceva înfricoșător”Mediafax · 03 Nov 2026 · RO
- Disney plans thousands of layoffs while targeting 20% cost savingsThe Japan Times · 03 Nov 2026 · EN
- Nasdaq scade 1% pe fondul îngrijorărilor privind cheltuielile pentru AI - InvezzSurge — Google News · 02 Nov 2026 · RO
- Scoop: Senate GOP makes massive bet on streamingAxios · 02 Nov 2026 · EN
SEC filings
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Current report20 Mar 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report03 Mar 2026Other events · Financial statements and exhibits
- Current report24 Feb 2026Departure or appointment of officers · Financial statements and exhibits
- Current report12 Feb 2026Other events · Financial statements and exhibits
- Current report03 Feb 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Quarterly report02 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-09-27 · SEC / The Walt Disney Company · 13 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / The Walt Disney Company · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / The Walt Disney Company · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.