Q2 FY2026 earnings beat: D'Amaro's first call spotlights parks/streaming strength, FY26-27 EPS guide & stock rebound
Key Questions
What were Disney's key Q2 FY2026 earnings results?
Disney reported $25.2B in revenue, up 7%, and $1.58 EPS, up 8% versus estimates, with total segment operating income reaching $4.60B. Parks and Experiences delivered $9.5B in operating income with per capita spending up 5%, while streaming grew 88%.
How did Disney's stock perform after the earnings release?
The stock rose 7-8% to around $108 initially following the beat but later showed some weakness. Analyst price target increases, such as Citi's to $145, supported the positive reaction.
What is Disney's EPS guidance for FY2026-2027?
Management guided for 12-16% EPS growth in FY2026 along with $8B in share buybacks. This outlook highlights confidence in continued growth across segments.
Which institutional investors adjusted their Disney holdings post-earnings?
Lazard sold shares, Saranac Partners trimmed its position, while Investment House grew its stake. Other moves included reductions by iA Global and Tredje AP-fonden.
What drove growth in Disney's streaming business?
Streaming operating income rose 88%, supported by content strength and the Fubo NFL partnership. This contributed to overall segment momentum in the quarter.
What should investors monitor after Disney's Q2 results?
Key items include Q3 performance, upcoming 13F filings from investors like Yacktman and Lawood, and execution on the FY26-27 guidance. Institutional trading activity remains a focus.
How did Disney's Experiences segment contribute to the quarter?
Experiences generated $9.5B in operating income with 5% per capita growth amid strong demand. Domestic parks operated near capacity, supporting overall results.
What revenue and EPS figures beat analyst expectations in Q2?
Revenue came in at $25.2B versus $24.83B expected, and EPS at $1.58 beat the $1.49 consensus. Both metrics exceeded estimates and drove the positive market response.
10-Q/transcripts confirm $25.2B rev +7%/$1.58 EPS +8% vs ests; total segment OI $4.60B growth; PT hikes (Citi $145); Experiences $9.5B OI/per cap +5%; streaming +88%/Fubo NFL; FY26 +12-16% EPS/$8B buybacks; stock +7-8% ~$108 then weakness. Institutional trades (Lazard sell, Saranac trim, Investment House grow). Monitor Q3/Yacktman/Lawood 13F.