Disney oznámil několik stovek propouštění včetně Pixaru, který podle zdroje přišel zhruba o 116 lidí. Škrty přicházejí i přes silný start „Toy Story 5“.
The Walt Disney Company has unleashed a fresh bloodbath across its entertainment empire, with Pixar taking a major hit despite the blockbuster success of “Toy Story 5.”
The “Mouse House” announced several hundred layoffs Tuesday in its third round of cuts this year, affecting Disney Entertainment Television, ESPN, corporate divisions and Disney Studios, according to SFist.
Pixar’s Emeryville animation studio was hit hardest within the film division. Disney has not confirmed how many Pixar workers lost their jobs, but a source told TheWrap that roughly 116 employees were laid off.
Disney has unleashed a fresh bloodbath across its entertainment empire, with Pixar taking a major hit. GC Images
Disney has not confirmed how many Pixar workers lost their jobs, but a source said around 116 employees were laid off. AFP via Getty Images Many of the Pixar cuts were concentrated in production and operations and reflected the studio’s current slate of projects rather than any single movie’s performance.
“These changes are part of our continual evaluation of how we manage resources and reinvest across the company as our industry continues to evolve,” a Disney spokesperson told the outlet.
The latest cuts come despite “Toy Story 5” delivering a massive box office debut after hitting theaters June 19.
The recent installment in the animated franchise raked in an estimated $312 million worldwide during its opening weekend, including a franchise-record $160 million domestically.
“We’re building a company that’s more agile,” Disney CEO Josh D’Amaro told employees in April. Getty Images for SXSW Pixar’s recent original movies, however, have produced more mixed results at the box office.
“Elio” posted the weakest opening weekend in the studio’s history, while “Hoppers” earned stronger reviews and better ticket sales but still fell short of Pixar’s established franchises’ commercial success.
The Emeryville studio has already endured repeated rounds of job cuts.
Disney then eliminated roughly 1,000 more positions in April across marketing, television, ESPN, technology, studio operations and corporate teams as it continued reshaping its workforce.
“We’re building a company that’s more agile and better equipped for how the entertainment business is changing,” Disney CEO Josh D’Amaro told employees in April.
Many of the eliminated ESPN positions were behind-the-scenes roles tied to the company’s integration of the NFL Network.
Employees were notified of the layoffs Tuesday morning. As of late 2025, Disney reportedly employed about 230,000 people worldwide.
Despite the latest cuts, Pixar’s upcoming slate still includes the original feature “Gatto,” directed by “Luca” filmmaker Enrico Casarosa, along with “Incredibles 3.”
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Disney ve fiskálním 2. čtvrtletí zvýšil tržby o 7 % na 25,2 miliardy USD a zisk ze streamingu téměř zdvojnásobil na 582 milionů USD. Upravený EPS vzrostl o 8 % na 1,57 USD. Firma očekává, že za fiskální rok 2026 upravený EPS vzroste asi o 12 %.
Netflix gave streaming investors a jolt last week. The industry leader reported second-quarter results that were fine on their own, but its forecast called for revenue growth to slow again in the third quarter, and the stock, already deep in a yearlong slide, fell further on Friday.
Walt Disney (DIS 0.31%) shareholders know the feeling. Shares of the entertainment giant have fallen about 15% in 2026, to roughly $96 as of this writing, and they trade about 22% off their 52-week high.
But there's an irony in the timing. While the market frets over the streaming leader's slowing growth, Disney's own streaming business has been moving the other direction -- toward faster growth and higher profits.
So, with the leader stumbling, is the House of Mouse the contrarian buy in streaming?
Image source: Walt Disney.
Behind the decline Disney's sell-off this year wasn't baseless. In the company's fiscal first quarter of 2026 (the period ended Dec. 27, 2025), total segment operating income fell 9% year over year. The biggest problem was the entertainment segment, where operating income dropped 35% to $1.1 billion as programming, production, and marketing costs grew faster than revenue. The sports segment's operating income fell 23%, too, dinged by about $110 million from YouTube TV temporarily dropping Disney's networks in a carriage dispute.
Layer on the long-running decline of linear television and management's own caution about consumers (Disney says it is "mindful of the macroeconomic uncertainty consumers are facing today"), and investors had reasons to sour on the stock.
Streaming profits are finally showing up But the fiscal second quarter (ended March 28, 2026) showed a company in better shape than the stock price suggests. Revenue increased 7% year over year to $25.2 billion, and total segment operating income grew 4%. Non-GAAP (adjusted) earnings per share rose 8% to $1.57.
Streaming was the standout. Disney's subscription streaming revenue grew 13% year over year, accelerating from 11% growth in fiscal Q1, with subscription fees up 16%. And the streaming business's operating income nearly doubled year over year, climbing from $310 million to $582 million. That works out to a streaming operating margin of about 11%, up from about 6% a year earlier.
The trend within the year matters as much as the comparison. Streaming operating income went from $450 million in the fiscal first quarter to $582 million in the second, and the margin stepped up alongside it.
And Disney's content engine is helping. Zootopia 2 generated $1.9 billion at the global box office, and the franchise has since surpassed 1 billion hours streamed on Disney+. Hits like that can feed the company's parks and merchandise businesses for years to come.
The parks themselves are holding up as well. Experiences revenue rose 7% in the fiscal second quarter, and the segment's operating income grew 5%. Management called current demand at its domestic parks healthy, and it expects attendance to improve in fiscal Q3 after a 1% dip in the March quarter tied partly to soft international visitation.
Put it together, and management expects fiscal 2026 adjusted earnings per share to grow about 12%, excluding the benefit of an extra week in the fiscal year. The company is also targeting at least $8 billion in share repurchases in fiscal 2026.
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Yet the stock trades at about 13 times forward earnings. That's about two-thirds of what investors are paying for Netflix's forward earnings -- for the streaming business that's accelerating, not the one that's slowing down.
Of course, Disney's cheaper multiple partly reflects its baggage. The decline of linear TV remains a headwind, and those networks still generate profits that streaming must replace. A weakening consumer could hit the parks, which remain Disney's biggest source of operating income. And film slates are hit-driven, so the box office may disappoint in any given quarter.
With that said, the market seems to be pricing Disney as if its streaming turnaround isn't happening, even as the numbers show that turnaround gaining speed. To me, that makes Disney the more interesting streaming stock today -- a profitable, diversified entertainment company at 13 times forward earnings, backed by guided double-digit earnings growth and a large buyback program.
In short, I think the pessimism has overshot, and Disney looks like a contrarian buy here. Though I'd start with a modest position. With all of this said, we'll find out more soon; Disney's fiscal third-quarter report is due in early August.
UBS čeká, že Disney ve 3. fiskálním čtvrtletí zvýší EPS na 1,91 USD a streamingové marže na 10,1 %. Pro fiskální rok 2026 ponechává odhad EPS 6,90 USD.
Walt Disney Co (NYSE:DIS, XETRA:WDP) is scheduled to report fiscal third quarter results on August 5, with UBS analysts expecting accelerating earnings growth as first-half headwinds ease and forecasting the company will maintain its fiscal 2026 guidance.
UBS expects Disney to report fiscal third-quarter revenue of $25.4 billion and segment operating income of $5.16 billion, compared with Wall Street expectations of $5.24 billion and company guidance of about $5.3 billion.
The firm forecasts earnings per share of $1.91, above the consensus estimate of $1.85 and up 18% from a year earlier.
The analysts wrote that growth should be supported by high single-digit expansion in the Experiences segment and double-digit growth in the company's streaming business, while Sports operating income is expected to decline by the mid-teens due to higher sports rights costs. They also expect box office performance to remain soft overall.
For fiscal 2026, UBS continues to forecast earnings per share of $6.90, representing 16% year-over-year growth and broadly in line with Disney's guidance. The estimate includes a roughly 4% benefit from an extra week in the fiscal fourth quarter and is expected to be driven by continued strength in Experiences, improving Sports profitability and streaming margins above 10%.
In Experiences, UBS expects revenue to rise 8.7% year over year and operating income to increase 9.6% as the business laps upfront cruise costs and pre-opening expenses related to World of Frozen. The analysts expect growth to accelerate further in the fourth quarter before receiving an additional boost from the extra fiscal week.
UBS believes domestic attendance improved during the quarter, with attendance roughly flat from a year earlier after declining 1% in the prior quarter, as comparisons related to Epic Universe's opening and international visitation became less challenging. Per-capita guest spending is expected to remain strong, increasing about 4% year over year.
Within Entertainment, UBS forecasts revenue growth of 8.7% and operating income growth of 48% to approximately $1.5 billion, driven by streaming gains and the consolidation of Fubo. The analysts expect streaming subscription revenue to increase 11% year over year, while streaming operating margins improve by 350 basis points from a year earlier to 10.1%, despite sequential pressure from higher international content spending.
The analysts also expect mixed theatrical performance during the quarter, citing stronger box office results from The Devil Wears Prada 2 and Toy Story 5, offset by weaker performances from Star Wars: The Mandalorian & Grogu and the live-action Moana.
In Sports, UBS forecasts revenue growth of 4.7%, including an approximately 3% contribution from NFL Network, while operating income is expected to decline 14% to $891 million as double-digit growth in sports rights expenses, including NBA and WWE contracts, weighs on profitability.
The analysts expect advertising revenue to increase more than 10% on stronger NBA ratings and noted that Disney recorded its first quarter of year-over-year television viewership growth since the first quarter of 2024, helped by NBA Finals audiences. UBS expects subscription and affiliate revenue growth of around 5%, with streaming gains partly offset by the NFL Network no longer being carried on Comcast's Xfinity platform.
UBS also noted that management expects mid-single-digit operating income growth for the Sports segment for the full fiscal year, with the firm anticipating a stronger fourth quarter supported by easier comparisons related to sports rights costs and last year's ESPN direct-to-consumer launch expenses.
FCC podle zprávy zvažuje, že „The View“ není skutečný zpravodajský pořad, což by ABC podřídilo pravidlům o vyváženém vysílacím čase. Zároveň má eskalovat i kontrola vysílacích licencí společnosti Disney.
The Federal Communications Commission is preparing to rule that ABC’s “The View” is not a bona fide news program, a decision that would upend more than two decades of precedent and subject the Disney-owned daytime talk show to federal equal-time rules for political candidates, according to a report.
Bloomberg reported Wednesday that the FCC is also expected to escalate a separate investigation into Disney’s broadcast television licenses, moving the matter toward an administrative hearing that could ultimately threaten ABC-owned stations in New York, Los Angeles and other major markets.
The anticipated rulings, which people familiar with the matter told Bloomberg could come before Labor Day, would represent the most aggressive regulatory action against a major US broadcaster in decades and mark a significant victory for FCC Chairman Brendan Carr’s effort to overhaul how the agency polices political programming.
The Federal Communications Commission is poised to rule that ABC’s “The View” is not a bona fide news program, according to a report. American Broadcasting Companies, Inc. via AP If the FCC strips “The View” of its longstanding news exemption, the program generally would have to offer rival candidates comparable airtime when it interviews someone running for office — a requirement ABC argues would fundamentally alter its editorial discretion.
Disney is expected to challenge any adverse rulings, according to Bloomberg.
The FCC Media Bureau’s ruling on “The View” could be appealed to the full FCC and then to federal court, while the separate license proceeding could eventually be heard by FCC Chairman Brendan Carr or the full commission before any judicial appeal.
The Post has sought comment from ABC and its parent company, Disney, as well as from the FCC.
The dispute began after “The View” interviewed Texas Democratic Senate candidate James Talarico in February, prompting questions from the FCC about whether rival candidates were entitled to equal airtime under federal broadcast law.
Carr subsequently opened an inquiry into whether “The View” qualifies for the equal-time exemption afforded to bona fide news interview programs.
FCC Chairman Brendan Carr has launched parallel reviews of ABC’s broadcast licenses and “The View’s” status as a bona fide news program. REUTERS
The FCC is reportedly preparing to escalate its review of Disney’s broadcast licenses for ABC-owned television stations. Getty Images In May, ABC and its Houston affiliate asked the FCC to reaffirm a 2002 agency ruling that designated “The View” a bona fide news interview program exempt from the equal-time requirement.
ABC escalated the fight earlier this month, arguing in reply comments that the FCC was attempting to insert itself into the network’s editorial decisions.
“The First Amendment does not permit the government to sit in an editor’s chair,” the ABC filing states.
Semafor reported earlier this month that “The View” has quietly scaled back bookings of candidates running in competitive races while the FCC’s review remains pending.
ABC parent company Disney has vowed to fight any adverse ruling from the FCC. AP The outlet also reported that producers declined a request from New York City Mayor Zohran Mamdani’s team to host the mayor alongside Democratic congressional nominees Darializa Avila Chevalier and Claire Valdez while proceeding cautiously amid the FCC inquiry.
Meanwhile, conservative organizations including the Media Research Center, America First Legal, the Center for American Rights and the Article III Project have urged the FCC to deny renewal of ABC’s broadcast licenses, accusing the network of political bias and failing to serve the public interest.
Disney is exploring making some content on its namesake streamer free to watch. Stefano Facchin/Alessio Morgese/NurPhoto via Getty Images Disney is exploring making some of its streaming content available at an unbeatable price: free.
The Mouse House is discussing making some content accessible on Disney+ without a paywall, according to two people familiar with the matter.
Product and tech chief Adam Smith spoke about enabling free-tier content during a streaming town hall on Thursday afternoon, one staffer said. Smith didn't share a timeline for this initiative or a sense of the scope, this person added.
A person familiar with Disney's streaming strategy said these talks are part of an ongoing discussion about concepts to better serve fans.
Currently, the Disney+ and Hulu bundle costs $12.99 a month with ads or $19.99 without ads at full price.
Free streaming services like YouTube have become popular with audiences, generating significant growth in viewership share on US-based TVs compared to their paid peers, according to Nielsen data. The three largest free streamers accounted for 18.7% of watch time on US TVs in April, up from 16.8% a year earlier and 12.7% in April 2024.
As paid streamers have raised prices, consumers have increasingly sought out free content on YouTube and on ad-supported services like Tubi and The Roku Channel. (Tubi parent Fox is planning to double down on free streaming by buying Roku for $22 billion.)
A free tier could help Disney+ stand out among paid streamers. Apple TV and Paramount+ let users sample some full episodes, but paid streaming services generally don't have robust free offerings.
Disney and its Hollywood peers are also looking to boost engagement by embracing new formats like short-form video, podcasts, and micro dramas, which are bite-sized vertical shows.
In recent months, Disney has added vertical clips to its flagship streaming app, as has Paramount+. Disney CEO Josh D'Amaro has told staffers he's prioritizing "product and technology innovation" in streaming.
Netflix announced this week that it's adding 3- to 20-minute videos next month from publishers like BuzzFeed Studios, Condé Nast, Hearst Magazines, Penske Media, and People Inc. The streaming giant made a major move into video podcasts earlier this year and has also dabbled in vertical video.
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Shanghai Disneyland je nejvýdělečnější mezinárodní park Disney: od otevření přinesl mateřské společnosti zisk 516,2 milionu USD. V roce 2024 navíc návštěvnost stoupla o 5 % na 14,7 milionu.
Shanghai Disneyland is Disney's highest earning international international resort. (Photo by VCG/VCG via Getty Images)
VCG via Getty Images
Disney has revealed that the total profit payout it receives from one of its theme parks outside the United States passed the $500 million mark last year making it the studio's highest-earning international outpost based on its share of the bottom line.
Surprisingly, the accolade doesn't go to Disneyland Paris even though it generates more revenue than any other Disney park outside the U.S. Instead, Shanghai Disneyland takes the crown of paying more of its profit to its parent than any other international Disney park with the total coming to an eye-watering $516.2 million since the doors to the resort swung open a decade ago.
The sprawling site on the eastern edge of Shanghai encompasses two hotels, a lake, an entertainment district and a fairytale-themed park which Disney's former chief executive Bob Iger famously described as being "authentically Disney, distinctly Chinese." There is good reason for this. Instead of creating a carbon-copy of Disney's American theme parks, its designers, who are known as Imagineers due to their imaginative use of engineering, tailored the Shanghai site to the local market. Everything was customized, from the park's layout and attraction lineup right down to its wide range of Chinese food.
It has cast a powerful spell as Shanghai Disney welcomed its 100 millionth guest in November last year and it isn't stopping there. At an event marking its tenth anniversary last month the resort announced that it is building a third on-site hotel, called the Disney Enchanted Star, with a fourth property also under development to cater for the surging demand.
According to the latest data from the Themed Entertainment Association (TEA), attendance at Shanghai Disneyland rose 5% to 14.7 million in 2024 driven by the opening of a new land themed to the Oscar-winning computer animated movie Zootopia. This made it the world's fifth most-visited theme park but the magic touch it has on Disney's bottom line has remained a closely-guarded secret. Until now.
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Shanghai Disneyland has surged in popularity since the opening of its 'Zootopia' land. (Photo by Tang Yanjun/China News Service/VCG via Getty Images)
China News Service via Getty Images
Disney doesn't list the results of individual parks in its filings in the United States and China's companies register isn't public. However, recent filings for an obscurely-named company in the United Kingdom have lifted the curtain on the fortunes of Shanghai Disneyland.
Unlike Disney's theme parks in the United States, the resort is a public-private partnership between the media giant and China's state-owned Shanghai Shendi Group.
Disney only has a 43% stake in the company which owns the resort itself with the remainder in Shendi's hands. In contrast, Shendi is a minority shareholder in the resort's management company which is controlled by Disney through its 70% stake. In return, Disney receives royalties as well as a management fee based on the operating performance of the resort.
Disney’s shares in the resort and the management company are held by a wholly-owned subsidiary called WD Holdings (Shanghai) in Burbank, California. It pays dividends from its profits to the Disney companies which directly own it. Precisely 47% of WD Holdings is owned by The Walt Disney Company Limited in London which files publicly-available financial statements. Its latest set of filings were released recently and show that its dividends from WD Holdings began in 2019 and peaked at $57.7 million (£43.1 million) last year as I recently revealed in the Daily Mail.
This only represents 47% of the dividend so the full amount for 2025 is $122.7 million (£91.7 million) as the chart below shows. The dividend hit its lowest level in 2021 when it crashed by 60.3% to $25.9 million (£18.9 million) the midst of the pandemic. It has surged since then, thanks partly to the opening in December 2023 of the new Zootopia land. Is the first and only theme park area based on the film which was a huge hit in China.
Dividends paid by Shanghai Disneyland's holding company
MSM
A massive 23.1% of Zootopia's $1 billion box office was generated in China while a sequel last year did even better. It hauled in $630 million from China making it the highest-grossing Hollywood film in Chinese history. The theme park land capitalizes on this.
Home to a cutting-edge roving simulator ride, it is filled with brightly-colored buildings which have robotic replicas of the characters from the film peering out of their windows. Disney put more than 260 Zootopia products on sale in the park and created themed food for its restaurants. More than 532 tons of its pink paw-shaped pawpsicles alone have been sold. It has given a glow to Disney's bottom line.
'Zootopia' fans can try real-life pawpsicles in Shanghai Disneyland. (Photo by Tang Yanjun/China News Service/VCG via Getty Images)
China News Service via Getty Images
Three of its four international parks either don’t pay a dividend or only pay small sums. Disney doesn’t own its resort in Tokyo, which is run by specialist leisure operator Oriental Land Company (OLC). In return for licensing its intellectual property, OLC pays Disney royalties but not a a share of its profits. Disneyland Paris pays both but the only time it has paid out a share of its profits was in 1993 when its dividend yielded just $10.2 million (FF56.6 million) for Disney as I recently reported in The Guardian.
Likewise, Hong Kong has one of the smallest Disney parks and in 2024, following the opening of a land themed to the Oscar-winning film Frozen it made its highest-ever profit of $107.8 million (HK$838 million) which is lower than the dividend its counterpart in Shanghai paid out last year.
Shanghai's total profit payout of $516.2 million (£392.8 million) is the highest of any of Disney's international parks and doesn't even include any royalties as they are paid directly to one of its U.S. subsidiaries so they aren't shown on the U.K. filings. The total dividend for last year will actually be even higher than the amount reported in the financial statements as Disney shuffled its Shanghai shares into yet another subsidiary mid-way through 2025 and the filings for this entity are confidential.
Disney’s theme parks produced 57% of its $17.6 billion operating income and nearly 40% of its $94.4 billion revenue in 2025 which explains why the company is doubling down on them. It has earmarked $60 billion for investment in its theme park division by 2033 with a new Spider-Man themed roller coaster coming to Shanghai and a second park widely expected to get the green light as this report explained.
Nevertheless, in line with its ownership stake, it is understood that Disney covered around 43% of the estimated $5.5 billion construction cost of its resort in Shanghai so despite banking a string of blockbuster dividends from it, the studio is still waiting for its happy ending.
Walt Disney (DIS) v posledním obchodním dni klesl o 2,1 % na 97,41 USD, zatímco širší trh rostl. Investoři čekají na výsledky, analytici očekávají EPS 1,88 USD a tržby 25,41 mld. USD.
In the latest trading session, Walt Disney (DIS - Free Report) closed at $97.41, marking a -2.1% move from the previous day. The stock trailed the S&P 500, which registered a daily gain of 0.72%. At the same time, the Dow added 0.3%, and the tech-heavy Nasdaq gained 1.12%.
The entertainment company's stock has dropped by 0.21% in the past month, falling short of the Consumer Discretionary sector's gain of 2.31% and outpacing the S&P 500's loss of 0.9%.
Investors will be eagerly watching for the performance of Walt Disney in its upcoming earnings disclosure. The company's upcoming EPS is projected at $1.88, signifying a 16.77% increase compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $25.41 billion, indicating a 7.44% upward movement from the same quarter last year.
DIS's full-year Zacks Consensus Estimates are calling for earnings of $6.86 per share and revenue of $101.72 billion. These results would represent year-over-year changes of +15.68% and +7.73%, respectively.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Walt Disney. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been a 0.06% rise in the Zacks Consensus EPS estimate. Right now, Walt Disney possesses a Zacks Rank of #3 (Hold).
From a valuation perspective, Walt Disney is currently exchanging hands at a Forward P/E ratio of 14.52. This indicates a discount in contrast to its industry's Forward P/E of 17.12.
It's also important to note that DIS currently trades at a PEG ratio of 1.25. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As the market closed yesterday, the Media Conglomerates industry was having an average PEG ratio of 0.65.
The Media Conglomerates industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 77, putting it in the top 32% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
Netflix zvýšil tržby na 12,25 miliardy USD a volný peněžní tok na 5,09 miliardy USD, zároveň zvýšil výhled FCF na zhruba 12,5 miliardy USD. Disney sice zvýšil tržby na 25,17 miliardy USD, ale čistý zisk meziročně klesl o 24,73 %.
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Netflix (NASDAQ: NFLX | NFLX Price Prediction) and Walt Disney (NYSE: DIS) just reported quarters showing two opposite business models behind the same word: streaming. Netflix delivered an asset-light cash haul. Disney posted a record parks quarter and streaming profitability inflection, but carried a heavy capital bill. The contrast matters as discretionary budgets tighten.
Netflix Squeezes Cash. Disney Buys Cruise Ships. Netflix put up Q1 2026 revenue of $12.25 billion, up 16.19% year over year, and free cash flow of $5.09 billion on just $196.1 million of capex. The ad tier drew over 60% of sign-ups in ads markets, with advertiser count climbing 70% to more than 4,000 clients. A $2.8 billion Warner Bros. termination fee juiced the headline, but the operating engine was already humming.
Disney’s Q2 FY2026 told a different story. Revenue reached $25.17 billion, up 6.55%, with adjusted EPS of $1.57 beating the $1.4955 estimate. Entertainment SVOD operating income surged 88% to $582 million, hitting a 10.6% margin for the first time. Experiences set a Q2 record at $9.49 billion. The catch: capex of $1.97 billion and net income that fell 24.73% year over year.
Business Driver Netflix Disney Quarterly capex $196M $1.97B FY operating margin target 31.5% 10% SVOD Main growth engine Ads + price hikes Parks + SVOD inflection One Walks Away. One Doubles Down. Netflix collected its breakup check, restarted buybacks, and stayed disciplined. The company repurchased 13.5 million shares for $1.3 billion with $6.8 billion still authorized, and raised 2026 free cash flow guidance to roughly $12.5 billion. Japan led the quarter, with the World Baseball Classic becoming the most-watched Netflix program ever in that country.
Disney went the other way. ESPN acquired NFL Network for a 10% noncontrolling interest in ESPN, Hulu Live TV merged into Fubo at 70% Disney ownership, and the Disney Adventure cruise launched in Singapore. FY2025 capex hit $8.02 billion, a 48% jump. Sports operating income is expected to decline roughly 14% year over year in Q3 on programming costs.
The Next Test Is Sticky Inflation Watch whether Disney’s per capita parks growth, up 5% domestically, holds as gasoline spending climbed to $552.8 billion in May 2026 from $415.7 billion in January. Recreation services spending hit $862.3 billion in May 2026, a dataset high, which favors couch entertainment over plane tickets. Netflix’s content amortization is expected to peak in Q2 2026, so margin expansion in the back half is the real proof point.
Why Netflix’s Cash Machine Wins Netflix edges Disney here. The streaming wars are effectively over and Netflix won, and the numbers back that read: a 31.5% operating margin target against a Disney SVOD business that just crossed 10.6%. NFLX is down 21.31% year to date, so the market is pricing in tougher comps. For diversified entertainment exposure, Disney offers a broader mix of parks, sports, and streaming assets. For insulated, capital-light cash generation, Netflix is the cleaner story, even after a rough six months.
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Disney is bolstering its namesake streamer by integrating shows and features from Hulu. Illustration by Samuel Boivin/NurPhoto via Getty Images; Chris Delmas/AFP via Getty Images Disney has momentum in streaming, and its leaders are looking for ways to further narrow the gap with Netflix in the battle for eyeballs.
Since launching Disney+ in 2019, Disney's direct-to-consumer business has gone from a promising but costly project to a profit engine.
CEO Josh D'Amaro is prioritizing streaming by investing in technology like AI-generated ad tools for Disney+. He's also named TV head Dana Walden as the company's first-ever chief creative officer and tapped Adam Smith and Joe Earley as co-presidents of the DTC business.
Business Insider recently published organizational charts showing who reports to D'Amaro and Walden, and we have new details on who's helping lead its streaming strategy, including key product and tech executives.
Smith, who's also the product and tech chief for Disney Entertainment, joined the company in September 2024 from YouTube. He has eight direct reports, including Andre Rohe, Disney's EVP of Product Engineering.
Smith has delivered a number of key updates to streaming staffers, including clarity on its "super app" ambitions, news of a shake-up of its streaming commerce and data teams, and a progress report on the Disney+ AI ad tool, which the tech chief said in a recent meeting is "one of the clearest areas where we're really making traction."
Rohe has helped Disney tech staffers better grasp the company's AI goals, including by saying that employees shouldn't be "tokenmaxxing," or using AI tools regardless of how productive they are.
Disney's standing in the streaming warsDisney's streamers have gained ground in 2026, scoring their highest monthly TV viewership share in nearly three years in March before posting their best month versus Netflix in nearly a year, according to Nielsen's US data. The slight rebound comes after Disney's streaming viewership had stagnated for years.
Disney+ and Hulu have become profitable thanks to a large base of loyal, engaged subscribers. Disney made $582 million in streaming profits last quarter, and while the company no longer discloses its subscriber count, it had 196 million subscriptions as of late September 2025.
Despite a steady stream of price hikes, Disney+ and Hulu have the lowest cancellation rates in the business, besides Netflix. Less than 4% of those services' customers quit in May, according to data firm Antenna.
To boost engagement further, D'Amaro is bringing Disney+ and Hulu together to create a one-stop shop in streaming, while looking to use resources more efficiently. The Mouse House's flagship streamer is also betting on short-form video, as are Peacock, Netflix, and Paramount+.
To better understand Disney's product and tech strategy, Business Insider is publishing parts of Disney's internal streaming org chart, based on screenshots sent by an employee.
Below are the complete org charts showing Smith's and Rohe's direct reports, based on Disney's records.
Here are the direct reports to Smith, Disney Entertainment's product and tech chief, in alphabetical order by first name:
NamePositionAndre RoheEVP, Product EngineeringChristopher (Chris) LawsonEVP, Content Platforms & OperationsDanette DugasSenior Executive AssistantDimitri KontopidisExecutive Director of Product & Tech Strategy and OperationsErin TeagueEVP, Product ManagementMeghan BorsicSVP, DesignMichael CupoSVP, Business OperationsTony DonohoeEVP, Ad PlatformsHere are the direct reports to Andre Rohe, Disney's EVP of product engineering, in alphabetical order by first name:
NamePositionAndrew HydeVP, Product Software EngineeringChristopher ShattuckHead of India Product & TechChristopher (Chris) SwordDirector of Data AnalyticsDevika ChawlaSVP, Product Software EngineeringDominique CharretteVP, Data AnalyticsJay DonnellSVP, Product Software EngineeringJustin AltwiesDirector of Product Engineering and Business OperationsMali SonnierSenior Executive AssistantMayank SachanVP, Growth EngineeringMehran BozorgiSVP, Product Software EngineeringNicholas BrookinsSVP, Media EngineeringZachary CavaVP, Product Software EngineeringDo you work for Disney or have a tip? Contact this reporter via email at [email protected] or Signal at jamesfaris.01.
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Šéf FCC Brendan Carr obvinil Disney z „kampaně dezinformací“ v souvislosti s vyšetřováním ABC. FCC zároveň řeší i obnovu licencí osmi stanic ABC. K vyšetřování pořadu The View obdržela FCC více než 51 000 podání a k širšímu procesu obnovy licencí téměř 40 000 podání.
Brendan Carr, the Trump-aligned chairman of the Federal Communications Commission (FCC), has accused Disney of running a “campaign of misinformation” as the media group defends itself against investigations the regulator has initiated.
Disney-owned ABC launched a public awareness campaign earlier this week to encourage viewers to back the network as it faces two separate investigations before the US media regulator.
Since ABC began running advertisements encouraging viewers to file public comments, the FCC has received more than 51,000 submissions on its investigation into whether the daytime talk show The View violated equal time provisions around political candidates appearing on programs.
There have also been nearly 40,000 submissions regarding the commission’s broader investigation into whether ABC should be able to renew its licenses for the eight local television stations it owns around the country. The outcome of that license renewal process, which could take more than a year, is extremely crucial for the future of the network.
Carr said that Disney “is running a fairly standard, off-the-shelf PR strategy” and is seeking to litigate the case in the media. Taking it one step further, Carr said: “I do think that Disney is running a campaign of misinformation here, I think in a lot of ways.”
He specifically called out ABC for saying in its advertisement raising awareness about The View investigation that “the FCC wants to control who is allowed to appear on the show.” “Our position is that we are enforcing the provisions of the Communications Act that Congress has passed,” he said. “We’re going to apply the law. Again, we have not made a decision one way or the other. We’re open-minded. We’ll see what they say.”
Asked whether the FCC would factor in the overwhelming proportion of comments that are defending ABC when making decisions about the network, Carr said: “We have our ways of combing through the comments and we evaluate the merits of what people are saying. We look at the facts and the arguments that are being presented. This is what we do day in and day out. Maybe it’s more comments than we normally get, but it’s not entirely unprecedented when you get issues that break above the media noise floor.”
Some telecom experts critical of Carr have said the license renewal process could ultimately take years, leaving the network in limbo. Asked by the Guardian about those concerns, Carr said it’s too early to say how long it could go.
“It’s not been decided at the FCC yet whether to renew the licenses, or whether we can’t make a finding to renew and therefore you set it for hearing through a hearing designation order,” he said. “Again, at this point, all options remain on the table and it can be dictated by the facts and the law, and we just got to go forward. If it’s short, great. If it’s long, great. But we got to apply the Communications Act and the provisions.”
Anna M Gomez, the lone Democrat-appointed FCC commissioner, reiterated her belief that Carr is using investigations and the license renewal process to put editorial pressure on ABC to go soft on the Trump administration, and not out of concern about whether Disney is discriminating against employees based on their race and gender, the rationale the chairman has given.
“It is so clear that this early license renewal is being done to pressure Disney,” she said. “This is all designed to pressure Disney to cave.”
Gomez also expressed doubt about whether public comments supporting ABC would factor into the FCC’s decision-making.
“Let’s not pretend that the public’s opinion will have an impact on the outcome,” she said. “I suspect this FCC will cherry-pick the submissions of partisan organizations to support its goal of silencing critics.”
Disney má podle 24/7 Wall St. cílovou cenu 110,07 USD, protože růst ziskovosti a marže ze streamingu zrychlují. Upravený EPS za 2. čtvrtletí činil 1,57 USD a tržby dosáhly 25,168 miliardy USD.
Disney (NYSE:DIS | DIS Price Prediction) has spent 2026 grinding sideways while the underlying business quietly accelerates. Shares are down 10.98% year to date, yet streaming margins just crossed double digits and FY26 EPS growth is guided at roughly 16%. That disconnect is the entire setup for our call.
Our 24/7 Wall St. price target for Disney is $110.07, implying 8.68% upside from $101.28. We rate Disney a buy with high confidence.
24/7 Wall St. Price Target Summary Metric Value Current Price $101.28 24/7 Wall St. Price Target $110.07 Upside 8.68% Recommendation BUY Confidence Level 90% A Streaming Inflection Hiding Behind a Sideways Tape Disney is down 14.3% over the past year and up 1.96% over the past week, with a 14-day RSI of 49.03 that reads as neutral. The stock sits between a 52-week low of $92.19 and a high of $123.85.
The May 6 earnings report told a much better story than the tape. Q2 FY26 adjusted EPS came in at $1.57 versus $1.4955 expected, on revenue of $25.168 billion, up 6.55% year over year. Operating income jumped 31.29%, Entertainment SVOD operating income surged 88% to $582M, and the Experiences segment posted record Q2 revenue of $9.487 billion. Management raised the buyback target to at least $8 billion.
The Case for $120+ The bull thesis hinges on streaming. Entertainment SVOD just hit a 10.6% operating margin, with 196M combined Disney+ and Hulu subscribers. Add the ESPN DTC launch, the NFL Network acquisition, and double-digit FY27 EPS growth guidance, and the operating leverage story is real.
Experiences keep printing records, helped by recreation spending of $864.2 billion in April 2026, a fresh high. The $129.67 analyst target, backed by 27 Buy ratings versus 1 Sell, is the bull scenario. Hit FY27 EPS estimates with a 19x multiple and Disney trades north of $120.
What Could Go Wrong Q1 FY26 free cash flow swung to negative $2.278 billion on California wildfire tax payments, and Q3 Sports operating income is guided down roughly 14% on higher programming costs. The NFL deal is $0.03 dilutive to FY26 EPS, and Polymarket traders give Disney+ only a 28% chance of reaching 150M users by September.
Bulls would counter that the Q1 cash flow hole reflected tax timing rather than operational weakness, and that Q2’s $4.941 billion in free cash flow shows the underlying engine is intact. A bear scenario clipping the multiple to 14x forward earnings drags the stock toward $88.
Disney Price Prediction 2026-2030 The 24/7 Wall St. price target of $110.07 is a buy with 90% confidence. The tipping factor is the SVOD margin breakout combined with a forward P/E of just 14x on a name guided to 12% to 16% EPS growth. The setup favors investors who believe streaming margins keep expanding into FY27. Investors who think Sports rights inflation eats the entire DTC win may want to wait for further evidence.
Year 24/7 Wall St. Price Target 2026 $110 2027 $122 2028 $135 2029 $148 2030 $162 These projections assume Disney executes on the double-digit EPS growth path guided for FY26 and FY27. Material upside or downside hinges on streaming margin trajectory, NFL economics, and the pace of Experiences expansion in Asia and the Middle East.
Disney má ve třetím fiskálním čtvrtletí vykázat mírné zlepšení návštěvnosti domácích zábavních parků. Bank of America čeká podporu i od silné sledovanosti finále NBA a potvrzuje cílovou cenu 125 USD.
Walt Disney Co (NYSE:DIS, XETRA:WDP) is expected to report modestly improving attendance trends at its domestic theme parks in its fiscal third quarter, Bank of America analysts have projected ahead of the entertainment giant’s upcoming report.
The bank’s analysts wrote that Disney's Experiences segment likely benefited from a slight improvement in US attendance compared with the fiscal second quarter, despite broader industry commentary pointing to mixed demand trends at theme parks.
The analysts also noted that lower fuel prices could provide an additional boost to consumer spending through the summer months.
Bank of America noted that gains from stronger attendance are expected to be partially offset by costs associated with cruise ship dry docks, though comparisons should also benefit from lower pre-opening expenses than a year earlier.
Within Disney's Sports business, the bank wrote that strong viewership for the NBA Finals likely supported results, but shorter playoff series and the blackout of NFL Network programming on some distributors may have weighed on performance.
In the studio segment, analysts said Star Wars: The Mandalorian and Grogu performed below expectations.
Bank of America also highlighted Disney's progress in its direct-to-consumer streaming business, noting that the company has expanded margins in recent years and remains on track to achieve double-digit subscription video-on-demand margins in fiscal 2026. However, the bank expects Disney to continue investing in growth initiatives, particularly international content production, which could support subscriber and revenue growth while moderating the pace of future margin expansion.
The firm maintained its fiscal third-quarter estimates for Disney, projecting revenue of $25.38 billion, operating income of $5.30 billion and earnings per share of $1.87.
It also left unchanged its fiscal 2026 earnings forecast of $6.88 per share.
Bank of America reiterated its ‘Buy’ rating on Disney shares and a price target of $125, above current levels of about $102, citing expected growth in streaming profitability, a recovery in parks attendance, long-term opportunities in sports, and the company's management team.
The company will report its Q3 earnings on August 5.
Toy Story 5 od Disney o víkendu celosvětově utržil 312 milionů USD a zaznamenal největší filmový debut roku 2026 i nejlepší start v historii série. Akcie DIS přesto po předchozím růstu jen mírně klesají.
Walt Disney DIS shares are slightly down following a recent surge, despite impressive weekend box-office results for Toy Story 5, which earned $312 million globally. This debut marks the largest movie opening of 2026 and the best launch in the franchise's history, bolstering the case for DIS's intellectual property (IP) strategy. However, the absence of a new operating update has led to a period of consolidation for the stock.
Franchise Engine: Toy Story 5's success extends beyond box-office numbers. DIS can leverage its franchises across various platforms including theatrical releases, Disney+, consumer products, theme parks, and digital experiences, highlighting the unique earnings potential of its character portfolio. Muted Stock Reaction: Following DIS's recent stock performance, investors may have already factored in expectations for a stronger content lineup. They are now looking for concrete evidence that franchise momentum will enhance streaming engagement, boost consumer product sales, and accelerate overall earnings. Streaming Quality: In Q2, reported on May 6, DIS saw a 13% increase in Entertainment SVOD revenue, with operating income soaring 88% to $582 million. The SVOD margin reached 10.6%, indicating that streaming is becoming more profitable. Additionally, SVOD advertising revenue grew by 12%, providing another monetization avenue. Experiences Resilience: Disney Experiences revenue rose 7% in Q2, with segment operating income increasing by 5%, both achieving record highs for the fiscal quarter. However, domestic attendance dipped by 1%, and pre-opening costs impacted profit margins. Investors are also monitoring potential pressures from Universal’s Epic Universe in Orlando. Parks Outlook: Management indicated that international visitor challenges and Epic Universe-related issues are expected to lessen. Meanwhile, Disney World bookings remain robust, and domestic attendance is anticipated to improve in Q3 compared to Q2. Sports and Capital Return: Last quarter, DIS raised its FY26 adjusted EPS growth forecast to around 16%, including an additional week, and reaffirmed double-digit growth for FY27. However, Q3 sports operating income may decline by about 14% year-over-year due to programming costs and timing. At least $8 billion in buybacks for FY26 is also planned to support shareholder returns.The recent success of Toy Story 5 serves as a testament to DIS's franchise strategy. The company's narrative is not solely based on theatrical performance but also on its capability to transform major IP into streaming engagement, merchandise sales, and long-term consumer connections. The stock's subdued movement is understandable given its recent performance, as the box-office news alone does not alter the short-term outlook. Future indicators will focus on DIS's ability to maintain double-digit streaming revenue growth with sustainable margins, stabilize domestic park attendance amid Epic Universe competition, and keep ESPN profitable in the face of rising sports rights costs. If these elements align, DIS could see a more resilient earnings recovery beyond just hit-driven content rebounds.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
