Walt Disney Co (The)
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+ FollowMarket Cap$206.75B
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Earnings Call Q3 2026
August 5, 2026 - AI Summary
Strong Q3 and reaffirmed full-year outlook (positive surprise)
- Company delivered an “excellent quarter”: Total company revenue +7% YoY and total segment operating income (OI) +21% vs prior guidance.
- Disney Experiences was a key driver: Experiences segment revenue ~$10B, +10% YoY, with record Q3 segment OI and global guest +4% YoY; domestic parks attendance +3% and domestic per-cap spending +4%.
- Disney said it’s on track to finish the year strong and reiterated full-year outlook.
Parks/Cruise growth case: healthy bookings + pricing/volume discipline
- Parks capacity cycle is working: backed by incremental capex initiatives (e.g., Villains Land, Avengers Campus expansion, plus Disney Cruise Line capacity).
- Forward bookings were described as healthy for both Walt Disney World and Disney Cruise Line.
- Pricing question: Disney emphasized targeted/promotional offers are not “discounting our way to volume growth” (they cited 4% global guest growth and 4% per-cap growth).
- Analyst reassurance on ROIC: Disney said Experiences ROIC has increased over time and expects strong returns into the future—not deteriorating as the cycle progresses; sequencing timing is driven more by operational needs/shipyard capacity than “front-loading low-hanging fruit.”
Streaming (Disney+ / Hulu): integration progress + margins on track (opportunity)
- Milestone: “App unification” now lets Hulu standalone and bundled subscribers link profiles and manage subscriptions on Disney+.
- Disney reported Disney+ SVOD operating margin of 13% in fiscal Q3 and reaffirmed intent to achieve double-digit margins in fiscal ’26 (excluding the 53rd-week impact).
- Tech stack/data integration remains the main work: Hulu-D+ profile & watch history is live; broader consolidation (datasets + live TV/add-ons) expected by end of calendar year.
- Disney sees Disney+ as the digital centerpiece for a unified ecosystem; expects expanded ecosystem features starting spring 2027.
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$148.06
24.5% upside
Current Fair Value
24.5% upsideUndervalued by 24.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $206.75 Billion |
|---|---|
| Enterprise Value | $254.54 Billion |
| Annual dividend | $1.50 |
| Dividend yield | 1.35% |
| Earnings per Share | $6.88 |
| Beta | 1.42 |
| Outstanding Shares | 1,738,000,000 |
Return
| Return on Equity | 7.82% |
|---|---|
| Return on Assets | 4.20% |
| Return on Invested Capital | 11.09% |
Valuation & Multiples
| P/E Ratio | 22.83 |
|---|---|
| PEG | -45.78 |
| Price to Sales | 2.12 |
| Price to Book Ratio | 1.78 |
| Enterprise Value to Revenue | 2.57 |
| Enterprise Value to EBIT | 13.53 |
| Enterprise Value to Net Income | 29 |
| Total Debt to Enterprise | 0.21 |
| Debt to Equity | 0.48 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 5, 2026
EPS Estimate
$1.86
Consensus analyst estimateRevenue Estimate
$25.39 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 12, 2026
EPS Estimate
$1.69
Consensus analyst estimateRevenue Estimate
$25.19 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.29, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.2924▲ 49.78% |
|---|---|
| Total Calls | 46,501▼ 99.81% |
| Total Puts | 60,100▼ 99.69% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.25%▼ 71.35% |
|---|---|
| Total Invested | $7.73B▼ 93.99% |
| Investors Holding | 1,311▼ 1748.00% |
About Walt Disney Co (The)
223,000 employees
CEO: Josh D'Amaro
The Walt Disney Company functions as a comprehensive, globally-reaching conglomerate focused on family entertainment and media. Its corporate base is situated in Burbank, California, and it currently provides employment for 223,000 full-...