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DIS US S&P 500DJIARussell 1000 Konferencja wynikowa

The Walt Disney Company

Wyniki II kw. 2026 vs I kw. 2026 · poprzedni kwartał · rok obrotowy: Q3 2026 · opublikowano 5 sie 2026 i 6 maj 2026

Net income up 17.4% on the previous quarter. Management sounded cautious, though noticeably more positive answering analysts.

1 · Liczby

+17,4%

Zysk netto vs I kw. 2026

Podano perspektywy

Zysk netto 2,64 mld vs 2,25 mld

Przychody +0,3%

Against the same quarter last year (II kw. 2025) it is −49.9%, so the move on last quarter looks seasonal or timing-related rather than a trend.

2 · Jak mówił zarząd

Ostrożny

Among the least upbeat of all company calls

Answers to analysts: upbeat, and more positive than the script.

Last call it was different: script and answers matched.

3 · Co się wyróżniło

The Walt Disney Company expects the Experiences segment to deliver operating income growth at the high end of its previously provided high-single-digit growth guidance for the fiscal year.

Oficjalne kanały

Strona spółki i jej oficjalne konta w mediach społecznościowych.

Między wierszami

  1. Prognoza

    Total segment operating income rose 21% ahead of prior guidance while total company revenue grew 7%, driven by record fiscal Q3 revenue and segment operating income for Disney Experiences.

  2. Liczba

    Toy Story generates more than $1 billion in annual global retail sales across all retailers, reaching fans across every Disney park and cruise ship.

    Cytat ze źródła
    “Across all retailers, Toy Story generates more than $1 billion in annual global retail sales and reaches fans across every Disney park and cruise ship, including 4 immersive lands, 19 attractions and 2 hotels.”
  3. Liczba

    The Experiences segment reached a record revenue of $10 billion in III kw. 2026, which is 10% higher than the revenue reported in Q3 of the previous year.

    Cytat ze źródła
    “It was another record revenue quarter for the Experiences segment. Revenue was $10 billion. It's 10% above where we were in Q3 last year.”
  4. Prognoza

    The company now expects the Experiences segment to deliver operating income growth at the high end of its previously provided high-single-digit growth guidance for the fiscal year.

  5. Główny temat

    Return on invested capital in Experiences has increased meaningfully over time, and the company expects strong returns into the future.

    Cytat ze źródła
    “Our return on invested capital in Experiences has increased meaningfully over time, and we do expect strong returns into the future.”
4 więcej
  1. Główny temat

    The company is utilizing cash previously set aside for the OpenAI deal and expected proceeds from the A&E transaction to fund operations.

    Cytat ze źródła
    “And the reason we're doing that is largely to utilize the cash that had been set aside previously for the OpenAI deal and now from the expected proceeds from the A&E transaction, which was announced overnight.”
  2. Liczba

    The company is on track to spend $24 billion on content across the company this year.

    Cytat ze źródła
    “On content, we're on track to spend $24 billion across the company this year.”
  3. Główny temat

    The consumer touch points that Walt Disney's streaming platforms provide, they give us a global user base to communicate with and importantly, a critical first-party dataset that will enable personalization and continued…

    Cytat ze źródła
    “And the consumer touch points that our streaming platforms provide, they give us a global user base to communicate with and importantly, a critical first-party dataset that will enable personalization and continued product innovation and it establishes a foundation that we can build new revenue streams on top of over time.”
  4. Główny temat

    Disney Experiences, Disney+, and ESPN grew guests, users, and audiences respectively compared to the prior year quarter, showing growth across core platforms.

    Cytat ze źródła
    “Our core platforms, Disney Experiences, Disney+ and ESPN grew guests, users and audiences, respectively, versus the prior year quarter.”

Wycena

Odwrócony DCF. Wolne przepływy pieniężne z ostatniego pełnego roku obrotowego (2025-09-27), powiększane przez 10 lat, zdyskontowane, plus wartość rezydualna. „Wzrost implikowany” to tempo, które zakłada obecna cena.

Aktualna cena

$104.75

zamknięcie z 2026-10-07

Rynek zakłada wzrost o iRoczny wzrost wolnych przepływów pieniężnych przez następne 10 lat, który zakłada dzisiejsza cena akcji. Jeśli uważasz, że spółka będzie rosła szybciej, akcja jest w tym modelu tania; wolniej — droga.

+9,0% przez 10 lat

Wartość godziwa / akcję

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Cena vs wartość godziwa

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Cena vs cena zakupu

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Ton

Jak optymistyczny był język w porównaniu z innymi spółkamiiTon to liczba pozytywnych słów finansowych minus liczba negatywnych, skorygowana o długość tekstu. Zarządy zwykle mówią pozytywnie, więc etykiety porównują każdą konferencję z ostatnimi konferencjami wszystkich spółek: „typowy” to środkowa trzecia, „bardzo optymistyczny” to najlepsze 10%, „ostrożny” to najsłabsze 10%.. Kropka: II kw. 2026. Pierścień: I kw. 2026.

Prezentacja Ostrożny (wcześniej optymistyczny)
Odpowiedzi analitykom Optymistyczny (wcześniej typowy)

Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.

Zdania, które wpłynęły na ton
“And Robert, you may recall last year when there was a lot of concern about we were not terribly concerned about it, and we had put out some forecasts.”
“And then on the experiences side, we clearly understand how much a Disney vacation means to our fans, and we're using AI to reduce some of the complexities that come...”
“And to remind everyone, we're achieving this even during a period where there's a fair amount of macro uncertainty.”

Liczby

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-27)

Pozycja II kw. 2026period end 2026-06-27 I kw. 2026period end 2026-03-28 Zmiana II kw. 2025 r/r
Przychody 25,25 mld 25,17 mld +0,3% 23,65 mld +6,8%
Zysk operacyjny 5,55 mld 4,60 mld +20,7% 4,58 mld +21,4%
Zysk netto 2,64 mld 2,25 mld +17,4% 5,26 mld −49,9%
Zysk na akcję 1,51 1,27 +18,9% 2,92 −48,3%
C/Z dziś 21,4 20,4 14,8 +5,6 19,2 +1,2

Tematy

Najczęściej omawiane teraz

  • Nowe The strength was supported in large part by Walt Disney's sophisticated commercial tools.
  • Nowe As Walt Disney thinks about shareholder returns in that aspect of capital allocation, I'd certainly highlight 2 things: number one is...
  • Nowe The churn on the bundle is significantly lower than its Hulu or Disney+ stand-alone products when Walt Disney looks at similar...
  • What Walt Disney is seeing this quarter is proof that coordinating its franchises, sharing data and technology and building seamless fan…
  • Just from an OI and a margin perspective, the Experiences segment, again, delivered Q3 records, which it was fueled by...

Zniknęło od I kw. 2026

  • Słabnie This is deliberate as Walt Disney hopes it helps explain why it believes the company is uniquely positioned, lays out its...
  • Słabnie In the breakthrough creative storytelling that sets Disney apart; second, strengthening Walt Disney's streaming business through product…
  • Słabnie Walt Disney understands the importance of investing in existing franchises but then also taking creative risk to build brand-new ones.
  • Słabnie Walt Disney is focused on investing in IP that really breaks through that builds those fan connections endure.

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