Latest Quarterly Results (Q1 FY26)
Segment Highlights (Q1 FY26):
• Entertainment revenue: $11,609 million; segment operating income: $1,100 million.
• Sports revenue: $4,909 million; segment operating income: $191 million.
• Experiences revenue of $10,006 million; segment operating income of $3,309 million.
Financial Trends
Chart 1 — Operating Performance: Annual revenue trend (FY2023–FY2025).
Chart 2 — Market Performance: 1-month price trend (selected trading days).
Full-Year Results Context
Fiscal 2025 consolidated revenue $94,425 million, up 3% year-over-year. Net income attributable to Disney for fiscal 2025 is $12,404 million, up versus the prior year.
Business & Operations Update
The company consolidated its joint ventures and completed prior transactions disclosed in filings. The Parks & Experiences business continued capacity additions and fleet expansion, including new cruise ships and ongoing park development announced for fiscal 2026. The company continued to integrate Fubo and its India joint venture reporting changes as disclosed in corporate filings.
M&A or Strategic Moves
During the period, the company completed the Star India transaction and consolidated aspects of the FuboTV business as described in its investor materials. No additional announced acquisitions were disclosed in the quarter beyond previously announced transactions.
Risks and Constraints
The company cited elevated programming and production costs and higher marketing and content spend. Temporary carriage disruptions and changes in advertising mix affected sports operating income in the quarter. Capital spending on parks and cruise fleet expansion increased near-term cash needs.
Outlook / Guidance — what to watch for
What to watch for: company guidance items include fiscal 2026 segment operating income direction by segment, an intended SVOD operating margin target, expected cash from operations, and scheduled share repurchases noted in the company commentary. Monitor quarterly segment operating income, SVOD margins, and cash flow metrics the company cited for fiscal 2026.
Performance Summary
Stock moved lower on the day. Q1 revenue increased. Q1 net income declined. Experiences reported record quarterly revenue.