Walt Disney (DIS) Q1 FY2026 earnings: revenue $26.0 billion, up 5.2% on the year

Walt Disney Co. (DIS) reported revenue of $26.0 billion for Q1 FY2026, the quarter ended 27 December 2025, up 5.2% on the same quarter a year earlier. Net income was $2.4 billion, down 6.0% on the year, and diluted earnings per share $1.34. The figures are the company's own, from the 10-Q it filed with the SEC on 2 February 2026.

Revenue

$26.0 billion

+5.2% on the year · +15.7% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

17.7%

20.5% a year earlier

Q2 FY2024Q1 FY2026

Net income

$2.4 billion

-6.0% on the year · +82.9% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.34

-4.3% on the year · +83.6% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 3 new, 3 kept.

Revenue rose 5% to $26.0 billion: Revenues rose to $25,981 million from $24,690 million. Income before income taxes was $3,693 million, comparable to $3,660 million a year earlier.
Diluted EPS down 4%, adjusted down 7%: Diluted EPS was $1.34 against $1.40. Adjusted EPS was $1.63 against $1.76. Adjusted EPS excludes a $0.17 non-cash tax charge from the Fubo Transaction and $0.12 of acquisition amortization.
Total segment operating income down 9%: Total segment operating income was $4.6 billion, against $5.1 billion. The company reconciles this measure to income before income taxes by adding back corporate costs, interest and acquisition amortization.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	25,981	22,464	24,690	+15.7%	+5.2%
Selling, general and administrative	4,121	4,449	3,930	-7.4%	+4.9%
Operating income	4,600	3,480	5,060	+32.2%	-9.1%
Operating margin	17.7%	15.5%	20.5%
Interest expense	443	-3,208	487		-9.0%
Pre-tax income	3,693	2,045	3,660	+80.6%	+0.9%
Income tax	1,209	602	1,016	+100.8%	+19.0%
Effective tax rate	32.7%	29.4%	27.8%
Net income	2,402	1,313	2,554	+82.9%	-6.0%
Net margin	9.2%	5.8%	10.3%
Diluted EPS	$1.34	$0.73	$1.40	+83.6%	-4.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	735	4,474	3,205	-83.6%	-77.1%
Capital expenditure	3,013	1,916	2,466	+57.3%	+22.2%
Free cash flow	-2,278	2,558	739
Free cash flow margin	-8.8%	11.4%	3.0%
Cash from investing	-2,737	-1,850	-2,575
Cash from financing	1,984	-2,276	-997
Depreciation and amortisation	1,316	1,394	1,276	-5.6%	+3.1%
Share-based compensation	332	359	317	-7.5%	+4.7%
Buybacks	2,034	1,004	794	+102.6%	+156.2%
Diluted shares, weighted	1,793m	1,806m	1,818m	-0.7%	-1.4%
Shares outstanding at period end	1,772m	1,900m	1,900m	-6.8%	-6.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	108,476	109,869	101,933	-1.3%	+6.4%
Non-controlling interest	5,532	4,743	4,806	+16.6%	+15.1%
Debt	46,640	42,026	45,308	+11.0%	+2.9%
Operating lease liabilities	n/a	2,710	n/a
Finance lease liabilities	n/a	141	n/a
Other liabilities	41,441	38,025	44,999	+9.0%	-7.9%
Total liabilities and equity	202,089	197,514	197,046	+2.3%	+2.6%
Fixed assets	43,198	41,255	38,140	+4.7%	+13.3%
Goodwill	74,743	73,294	73,312	+2.0%	+2.0%
Intangible assets	9,429	9,272	10,372	+1.7%	-9.1%
Investments	8,052	8,097	8,902	-0.6%	-9.5%
Cash and equivalents	5,678	5,695	5,486	-0.3%	+3.5%
Receivables	15,054	13,217	13,767	+13.9%	+9.3%
Inventory	2,157	2,134	2,018	+1.1%	+6.9%
Other assets	43,778	44,550	45,049	-1.7%	-2.8%
Total assets	202,089	197,514	197,046	+2.3%	+2.6%

Questions

What was Walt Disney's revenue in Q1 FY2026?

Walt Disney (DIS) reported revenue of $26.0 billion for Q1 FY2026, the quarter ended 27 December 2025, up 5.2% on the same quarter a year earlier.

How much did Walt Disney earn in Q1 FY2026?

Net income for Q1 FY2026 was $2.4 billion, down 6.0% on the year, and diluted earnings per share $1.34.

When did Walt Disney report Q1 FY2026 results?

Walt Disney filed its 10-Q for the quarter ended 27 December 2025 with the SEC on 2 February 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	18,534	21,819	19,249	21,504	20,150	23,512	21,815	22,330	21,241	23,549	22,083	23,155	22,574	24,690	23,621	23,650	22,464	25,981	25,168	25,248
SG&A	4,319	3,787	3,768	4,100	4,733	3,827	3,614	3,874	4,021	3,783	3,790	3,872	4,314	3,930	3,981	4,141	4,449	4,121	4,073	3,968
Operating income	1,587	3,258	3,699	3,567	1,597	3,043	3,285	3,559	2,976	3,876	3,845	4,225	3,655	5,060	4,436	4,575	3,480	4,600	4,603	5,555
Operating margin	9%	15%	19%	17%	8%	13%	15%	16%	14%	16%	17%	18%	16%	20%	19%	19%	15%	18%	18%	22%
Interest expense	323	361	374	380	434	465	504	503	-3,445	528	501	509	-3,608	487	471	438	-3,208	443	473	463
Pre-tax income	290	1,688	1,102	2,119	376	1,773	2,123	-134	1,007	2,871	657	3,093	948	3,660	3,087	3,211	2,045	3,693	3,367	3,645
Tax rate	12%	29%	46%	29%	32%	23%	30%	n/a	31%	25%	67%	8%	41%	28%	-10%	-85%	29%	33%	27%	22%
Net income	159	1,104	470	1,409	162	1,279	1,271	-460	264	1,911	-20.0	2,621	460	2,554	3,275	5,262	1,313	2,402	2,247	2,638
Net margin	1%	5%	2%	7%	1%	5%	6%	-2%	1%	8%	-0%	11%	2%	10%	14%	22%	6%	9%	9%	10%
Diluted EPS	$0.09	$0.60	$0.26	$0.77	$0.09	$0.70	$0.69	-$0.25	$0.14	$1.04	-$0.01	$1.43	$0.25	$1.40	$1.81	$2.92	$0.73	$1.34	$1.27	$1.51
Operating cash flow	n/a	n/a	n/a	n/a	n/a	-974	3,236	2,802	4,802	2,185	3,666	2,602	5,518	3,205	6,753	3,669	4,474	735	6,914	4,866
Capital expenditure	1,110	981	1,079	1,735	1,148	1,181	1,249	1,165	1,374	1,299	1,259	1,365	1,489	2,466	1,862	1,780	1,916	3,013	1,973	1,794
Free cash flow	n/a	n/a	n/a	n/a	n/a	-2,155	1,987	1,637	3,428	886	2,407	1,237	4,029	739	4,891	1,889	2,558	-2,278	4,941	3,072
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	0.0	1,001	1,522	469	794	991	711	1,004	2,034	3,466	1,745
Dividends paid	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	0.0	n/a	n/a	0.0	n/a	n/a	n/a	0.0	n/a	n/a	n/a	0.0
Shares outstanding	1,818m	1,821m	1,821m	1,823m	1,800m	1,827m	1,827m	1,830m	1,800m	1,900m	1,900m	1,900m	1,900m	1,900m	1,798m	1,798m	1,900m	1,772m	1,737m	1,727m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 27 December 2025, filed 2 February 2026: the filing.