Walt Disney (DIS) Q2 FY2026 earnings: revenue $25.2 billion, up 6.5% on the year

Walt Disney Co. (DIS) reported revenue of $25.2 billion for Q2 FY2026, the quarter ended 28 March 2026, up 6.5% on the same quarter a year earlier. Net income was $2.2 billion, down 31.4% on the year, and diluted earnings per share $1.27. The figures are the company's own, from the 10-Q it filed with the SEC on 6 May 2026.

Revenue

$25.2 billion

+6.5% on the year · -3.1% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

18.3%

18.8% a year earlier

Q3 FY2024Q2 FY2026

Net income

$2.2 billion

-31.4% on the year · -6.5% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$1.27

-29.8% on the year · -5.2% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 2 raised, 5 new, 1 kept.

Revenue rose 7% to $25.2 billion: Revenue was $25.2 billion against $23.6 billion a year earlier. Income before income taxes was $3.4 billion, up 9% from $3.1 billion.
Segment operating income rose 4%: Total segment operating income was $4.6 billion. Experiences and Entertainment rose while Sports fell 5%. Six-month total segment operating income fell 3%.
Diluted EPS fell, adjusted EPS rose: Diluted EPS fell to $1.27 from $1.81; the prior-year figure included a $0.56 benefit from resolution of a prior-year tax matter. Adjusted EPS rose 8% to $1.57.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	25,168	25,981	23,621	-3.1%	+6.5%
Selling, general and administrative	4,073	4,121	3,981	-1.2%	+2.3%
Operating income	4,603	4,600	4,436	+0.1%	+3.8%
Operating margin	18.3%	17.7%	18.8%
Interest expense	473	443	471	+6.8%	+0.4%
Pre-tax income	3,367	3,693	3,087	-8.8%	+9.1%
Income tax	902	1,209	-314	-25.4%
Effective tax rate	26.8%	32.7%	-10.2%
Net income	2,247	2,402	3,275	-6.5%	-31.4%
Net margin	8.9%	9.2%	13.9%
Diluted EPS	$1.27	$1.34	$1.81	-5.2%	-29.8%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	6,914	735	6,753	+840.7%	+2.4%
Capital expenditure	1,973	3,013	1,862	-34.5%	+6.0%
Free cash flow	4,941	-2,278	4,891		+1.0%
Free cash flow margin	19.6%	-8.8%	20.7%
Cash from investing	-2,732	-2,737	-1,898
Cash from financing	-4,146	1,984	-4,556
Depreciation and amortisation	1,405	1,316	1,324	+6.8%	+6.1%
Share-based compensation	405	332	330	+22.0%	+22.7%
Buybacks	3,466	2,034	991	+70.4%	+249.7%
Diluted shares, weighted	1,772m	1,793m	1,814m	-1.2%	-2.3%
Shares outstanding at period end	1,737m	1,772m	1,798m	-2.0%	-3.4%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	108,708	108,476	104,339	+0.2%	+4.2%
Non-controlling interest	6,604	5,532	4,427	+19.4%	+49.2%
Debt	47,358	46,640	42,889	+1.5%	+10.4%
Other liabilities	42,547	41,441	44,178	+2.7%	-3.7%
Total liabilities and equity	205,217	202,089	195,833	+1.5%	+4.8%
Fixed assets	44,255	43,198	39,095	+2.4%	+13.2%
Goodwill	74,682	74,743	73,313	-0.1%	+1.9%
Intangible assets	10,062	9,429	10,006	+6.7%	+0.6%
Investments	8,397	8,052	8,794	+4.3%	-4.5%
Cash and equivalents	5,682	5,678	5,852	+0.1%	-2.9%
Receivables	14,390	15,054	12,571	-4.4%	+14.5%
Inventory	2,080	2,157	1,999	-3.6%	+4.1%
Other assets	45,669	43,778	44,203	+4.3%	+3.3%
Total assets	205,217	202,089	195,833	+1.5%	+4.8%

Questions

What was Walt Disney's revenue in Q2 FY2026?

Walt Disney (DIS) reported revenue of $25.2 billion for Q2 FY2026, the quarter ended 28 March 2026, up 6.5% on the same quarter a year earlier.

How much did Walt Disney earn in Q2 FY2026?

Net income for Q2 FY2026 was $2.2 billion, down 31.4% on the year, and diluted earnings per share $1.27.

When did Walt Disney report Q2 FY2026 results?

Walt Disney filed its 10-Q for the quarter ended 28 March 2026 with the SEC on 6 May 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 28 March 2026, filed 6 May 2026: the filing.