Analyst Consensus ?
ConsensusBuy60 ratings
Bullish3863.3%
Neutral1830.0%
Bearish46.7%
3 unmapped firm ratings excluded from the percentages.
The Walt Disney Company · DIS · FY2026 Q3 · Calendar Q3 2026
Disney Q3: Experiences and streaming remain key growth engines
Disney's fiscal Q3 supports a constructive operating narrative: Experiences and streaming both showed momentum, while management maintained its outlook. The main test is whether substantial investment in parks, cruises, content and technology produces durable returns without weakening attendance or streaming economics.
Reported Before market openNYSECommunication Services
$180.96B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.06
Consensus $1.86
EPS surprise
+10.8%
Reported versus consensus
Reported revenue
$25.25B
Consensus $25.39B
Revenue surprise
-0.6%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+3.6%
Event window
SPY move
-0.2%
Same window
Abnormal move
+3.8%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
+6.1%
Up to 20 sessions
DISSPY benchmark
Ask FN2 about DIS FY2026 Q3
Transcript, numbers and history already loaded
Why did DIS rise 3.6% after beating EPS estimates in FY2026 Q3?What changed in DIS's guidance and outlook in FY2026 Q3?Give me the bull and bear case for DIS after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, the latest call added stronger reported operating momentum, record Experiences revenue with 4% global guest growth, a 13% Disney+ SVOD operating margin, and further detail on Hulu integration, sports bundling and AI deployment. The capital-investment outlook remains increasing, and guidance sentiment remains maintained.
Guidance delta
Management maintained its full-year outlook; the analysis characterizes guidance sentiment as maintained.
Key takeaways
- Q3 operating income rose 21% and revenue increased 7% year over year.
- Experiences delivered record revenue, 4% global guest growth and strong per-capita spending.
- Disney+ reached a 13% SVOD operating margin as management emphasized international growth and bundling.
Management priorities
- Expand parks and cruise capacity, including new attractions and ships
- Grow Disney+ internationally through localized content, sports and bundling
- Apply AI across studios, streaming, sports and parks for efficiency and personalization
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$103.82Current
$50Low
$138.4Average
$263High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 22, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Overweight | Overweight | Maintain | Aug 6, 2026 |
| Rosenblatt | Buy | Buy | Maintain | Aug 6, 2026 |
| Guggenheim | Buy | Buy | Maintain | Aug 6, 2026 |
| Benchmark | Buy | Buy | Maintain | Aug 6, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 6, 2026 |
| Argus Research | Buy | Buy | Maintain | Aug 6, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 29, 2026 |
| UBS | Buy | Buy | Maintain | Jul 20, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Jul 2, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jun 30, 2026 |
| Needham | Buy | Buy | Maintain | Jun 12, 2026 |
| TD Cowen | Hold | Hold | Maintain | Feb 3, 2026 |
| Jefferies | Buy | Buy | Maintain | Feb 3, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Nov 14, 2025 |
| Morgan Stanley | Overweight | Overweight | Maintain | Aug 4, 2025 |
| Seaport Global | Buy | Buy | Maintain | Jun 30, 2025 |
| Loop Capital | Buy | Buy | Maintain | Jun 10, 2025 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Apr 21, 2025 |
| Redburn Atlantic | Buy | Neutral | Upgrade | Jan 7, 2025 |
| Macquarie | Neutral | Neutral | Maintain | Jan 6, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Nov 15, 2024 |
| Bernstein | Outperform | Outperform | Maintain | Nov 15, 2024 |
| B of A Securities | Buy | Buy | Maintain | Nov 15, 2024 |
| MoffettNathanson | Buy | Buy | Maintain | Jul 2, 2024 |
| Daiwa Capital | Buy | Buy | Maintain | Apr 1, 2024 |
| Tigress Financial | Buy | Buy | Maintain | Feb 21, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 8, 2024 |
| Truist Securities | Buy | Buy | Maintain | Sep 19, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 21, 2023 |
| Atlantic Equities | Underweight | Neutral | Downgrade | Jul 25, 2023 |
| Keybanc | Overweight | Downgrade | Jun 29, 2023 | |
| RBC Capital | Outperform | Outperform | Maintain | Aug 10, 2022 |
| Vertical Research | Perform | Positive | Downgrade | Jul 6, 2022 |
| BMO Capital | Market Perform | Market Perform | Maintain | May 12, 2022 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Jul 16, 2020 |
| Consumer Edge Research | Equal Weight | Overweight | Downgrade | Jun 9, 2020 |
| Imperial Capital | Underperform | In Line | Downgrade | May 28, 2020 |
| LightShed Partners | Sell | Neutral | Downgrade | May 5, 2020 |
| CFRA | Buy | Buy | Maintain | Apr 7, 2020 |
| Guggenheim Securities | Neutral | Buy | Downgrade | Apr 2, 2020 |
| Bank of America | Buy | Buy | Maintain | Apr 23, 2019 |
| BTIG Research | Neutral | Sell | Upgrade | Apr 15, 2019 |
| BTIG | Neutral | Sell | Upgrade | Apr 15, 2019 |
| Argus | Buy | Buy | Maintain | Nov 12, 2018 |
| B. Riley Securities | Neutral | Neutral | Maintain | Aug 8, 2018 |
| B. Riley FBR | Neutral | Neutral | Maintain | Aug 8, 2018 |
| Pivotal Research | Sell | Hold | Downgrade | Jun 18, 2018 |
| Drexel Hamilton | Hold | Buy | Downgrade | Sep 26, 2016 |
| CLSA | Outperform | Outperform | Maintain | Sep 23, 2016 |
| FBR Capital | Market Perform | Outperform | Downgrade | Jul 26, 2016 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Jul 20, 2016 |
| Stifel | Hold | Buy | Downgrade | Jul 20, 2016 |
| Nomura | Buy | Buy | Maintain | Apr 26, 2016 |
| PiperJaffray | Overweight | Neutral | Upgrade | Mar 3, 2016 |
| Piper Sandler | Overweight | Neutral | Upgrade | Mar 3, 2016 |
| Hilliard Lyons | Buy | Maintain | Nov 9, 2015 | |
| Topeka Capital | Buy | Hold | Upgrade | Jul 24, 2015 |
| Topeka | Buy | Hold | Upgrade | Jul 24, 2015 |
| Wunderlich Securities | Hold | Hold | Maintain | Nov 5, 2013 |
| Wunderlich | Hold | Hold | Maintain | Nov 5, 2013 |
| Caris & Co. | Above Average | Downgrade | Oct 8, 2012 | |
| Gabelli & Co. | Hold | Buy | Downgrade | Aug 8, 2012 |
| Miller Tabak | Buy | Buy | Maintain | Feb 13, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $103.82. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $115 | $109.82 | +10.8% | Aug 24, 2026 |
| Wells Fargo | Steven Cahall | $132 | $101.74 | +27.1% | Aug 6, 2026 |
| Barclays | Analyst unavailable | $115 | $101.74 | +10.8% | Aug 6, 2026 |
| Truist Financial | Analyst unavailable | $115 | $97.72 | +10.8% | Aug 3, 2026 |
| Jefferies | Analyst unavailable | $125 | $94.64 | +20.4% | Jul 30, 2026 |
| Morgan Stanley | Analyst unavailable | $123 | $98.98 | +18.5% | Jul 29, 2026 |
| UBS | John Hodulik | $133 | $97.67 | +28.1% | Jul 20, 2026 |
| Barclays | Kannan Venkateshwar | $110 | $96.01 | +6.0% | Jul 14, 2026 |
| Wells Fargo | Analyst unavailable | $125 | $95.63 | +20.4% | Jul 13, 2026 |
| Raymond James | Ric Prentiss | $111 | $97.09 | +6.9% | Jul 2, 2026 |
| Wolfe Research | Analyst unavailable | $131 | $98.62 | +26.2% | Jun 30, 2026 |
| Wells Fargo | Analyst unavailable | $146 | $110.12 | +40.6% | May 7, 2026 |
| Raymond James | Analyst unavailable | $119 | $110.17 | +14.6% | May 7, 2026 |
| Goldman Sachs | Analyst unavailable | $164 | $107.99 | +58.0% | May 6, 2026 |
| Deutsche Bank | Analyst unavailable | $132 | $92.42 | +27.1% | Mar 27, 2026 |
| Wells Fargo | Steven Cahall | $148 | $92.42 | +42.6% | Mar 27, 2026 |
| Morgan Stanley | Thomas Yeh | $135 | $104.45 | +30.0% | Feb 3, 2026 |
| Goldman Sachs | Michael Ng | $151 | $107.58 | +45.4% | Feb 2, 2026 |
| Wolfe Research | Analyst unavailable | $134 | $110.6 | +29.1% | Dec 15, 2025 |
| UBS | John Hodulik | $138 | $105.66 | +32.9% | Nov 14, 2025 |
| Jefferies | James Heaney | $136 | $105.92 | +31.0% | Nov 14, 2025 |
| Evercore ISI | Kutgun Maral | $142 | $106.95 | +36.8% | Nov 14, 2025 |
| Goldman Sachs | Michael Ng | $152 | $107.61 | +46.4% | Nov 14, 2025 |
| Morgan Stanley | Analyst unavailable | $140 | $119.35 | +34.8% | Aug 4, 2025 |
| MoffettNathanson | Michael Nathanson | $140 | $119.97 | +34.8% | Jul 14, 2025 |
| Seaport Global | Analyst unavailable | $130 | $124.01 | +25.2% | Jun 30, 2025 |
| Guggenheim | Michael Morris | $120 | $105.14 | +15.6% | May 8, 2025 |
| Redburn Partners | Hamilton Faber | $147 | $111.39 | +41.6% | Jan 7, 2025 |
| Evercore ISI | Vijay Jayant | $134 | $86.21 | +29.1% | Nov 18, 2024 |
| Guggenheim | Michael Morris | $130 | $112.98 | +25.2% | Nov 15, 2024 |
| Loop Capital Markets | Alan Gould | $125 | $112.38 | +20.4% | Nov 15, 2024 |
| Deutsche Bank | Bryan Kraft | $131 | $109.12 | +26.2% | Nov 15, 2024 |
| Piper Sandler | Matt Farrell | $95 | $94.22 | -8.5% | Oct 16, 2024 |
| Seaport Global | David Joyce | $108 | $94.49 | +4.0% | Sep 30, 2024 |
| Needham | Laura Martin | $110 | $95.2 | +6.0% | Sep 26, 2024 |
| Raymond James | Ric Prentiss | $101 | $85.49 | -2.7% | Aug 8, 2024 |
| Bank of America Securities | Jessica Ehrlich | $120 | $85.43 | +15.6% | Aug 8, 2024 |
| Loop Capital Markets | Alan Gould | $120 | $85.96 | +15.6% | Aug 8, 2024 |
| Deutsche Bank | Bryan Kraft | $115 | $85.96 | +10.8% | Aug 8, 2024 |
| Loop Capital Markets | Alan Gould | $130 | $92.14 | +25.2% | Jul 30, 2024 |
| Goldman Sachs | Michael Ng | $125 | $101.98 | +20.4% | Jun 25, 2024 |
| Bernstein | Laurent Yoon | $120 | $101.55 | +15.6% | Jun 7, 2024 |
| Redburn Partners | Hamilton Faber | $100 | $103.35 | -3.7% | May 21, 2024 |
| Macquarie | Tim Nollen | $107 | $106.1 | +3.1% | May 13, 2024 |
| Loop Capital Markets | Alan Gould | $140 | $113.66 | +34.8% | May 6, 2024 |
| Argus Research | Joseph Bonner | $140 | $117.97 | +34.8% | Apr 10, 2024 |
| Evercore ISI | Vijay Jayant | $130 | $118.38 | +25.2% | Apr 8, 2024 |
| Guggenheim | Michael Morris | $140 | $122.82 | +34.8% | Apr 3, 2024 |
| Rosenblatt Securities | Barton Crockett | $137 | $121.53 | +32.0% | Apr 2, 2024 |
| Needham | Laura Martin | $145 | $122.32 | +39.7% | Mar 28, 2024 |
| UBS | John Hodulik | $140 | $119.93 | +34.8% | Mar 27, 2024 |
| Raymond James | Ric Prentiss | $128 | $118.82 | +23.3% | Mar 26, 2024 |
| CFRA | Kenneth Leon | $139 | $119.36 | +33.9% | Mar 25, 2024 |
| Barclays | Kannan Venkateshwar | $135 | $118.46 | +30.0% | Mar 25, 2024 |
| Needham | Laura Martin | $120 | $109.05 | +15.6% | Feb 8, 2024 |
| Needham | Bernie McTernan | $50 | $94.03 | -51.8% | Nov 16, 2023 |
| Raymond James | Ric Prentiss | $93 | $90.4 | -10.4% | Nov 9, 2023 |
| Seaport Global | David Joyce | $93 | $84.44 | -10.4% | Nov 8, 2023 |
| Morgan Stanley | Benjamin Swinburne | $105 | $82.62 | +1.1% | Sep 20, 2023 |
| Macquarie | Tim Nollen | $94 | $90.47 | -9.5% | Aug 10, 2023 |
| Morgan Stanley | Benjamin Swinburne | $110 | $92.08 | +6.0% | Jun 6, 2023 |
| Truist Financial | Matthew Thornton | $105 | $87.74 | +1.1% | May 30, 2023 |
| Morgan Stanley | Benjamin Swinburne | $120 | $92.28 | +15.6% | May 11, 2023 |
| Truist Financial | Matthew Thornton | $121 | $101.18 | +16.5% | May 10, 2023 |
| Barclays | Kannan Venkateshwar | $107 | $102.18 | +3.1% | May 10, 2023 |
| J.P. Morgan | Philip Cusick | $135 | $108.17 | +30.0% | Feb 13, 2023 |
| RBC Capital | Kutgun Maral | $130 | $113.78 | +25.2% | Feb 9, 2023 |
| Wells Fargo | Steven Cahall | $141 | $111.78 | +35.8% | Feb 9, 2023 |
| Morgan Stanley | Benjamin Swinburne | $115 | $110.96 | +10.8% | Feb 7, 2023 |
| Macquarie | Analyst unavailable | $110 | $88.97 | +6.0% | Jan 4, 2023 |
| MoffettNathanson | Michael Nathanson | $120 | $97.58 | +15.6% | Nov 22, 2022 |
| Credit Suisse | Analyst unavailable | $157 | $118.87 | +51.2% | Aug 11, 2022 |
| Goldman Sachs | Brett Feldman | $140 | $112.43 | +34.8% | Aug 11, 2022 |
| Deutsche Bank | David Begleiter | $117 | $112.43 | +12.7% | Aug 11, 2022 |
| Wells Fargo | Analyst unavailable | $145 | $112.43 | +39.7% | Aug 11, 2022 |
| J.P. Morgan | Analyst unavailable | $160 | $112.43 | +54.1% | Aug 11, 2022 |
| Rosenblatt Securities | Analyst unavailable | $140 | $112.43 | +34.8% | Aug 11, 2022 |
| Goldman Sachs | Analyst unavailable | $140 | $112.43 | +34.8% | Aug 11, 2022 |
| RBC Capital | Analyst unavailable | $150 | $111.08 | +44.5% | Aug 10, 2022 |
| Goldman Sachs | Brett Feldman | $130 | $106.1 | +25.2% | Jul 30, 2022 |
| Truist Financial | Analyst unavailable | $125 | $100.23 | +20.4% | Jul 26, 2022 |
| Wells Fargo | Analyst unavailable | $130 | $102.79 | +25.2% | Jul 25, 2022 |
| Barclays | Analyst unavailable | $120 | $91.34 | +15.6% | Jul 14, 2022 |
| Citigroup | Analyst unavailable | $145 | $96.96 | +39.7% | Jul 7, 2022 |
| Morgan Stanley | Benjamin Swinburne | $125 | $96.14 | +20.4% | Jul 2, 2022 |
| KeyBanc | Brandon Nispel | $151 | $95.7 | +45.4% | Jun 29, 2022 |
| Deutsche Bank | Bryan Kraft | $130 | $94.34 | +25.2% | Jun 20, 2022 |
| Truist Financial | Matthew Thornton | $135 | $110.87 | +30.0% | Jun 2, 2022 |
| Wolfe Research | Analyst unavailable | $128 | $108.55 | +23.3% | Jun 2, 2022 |
| Daiwa | Jonathan Kees | $151 | $103.26 | +45.4% | May 26, 2022 |
| Credit Suisse | Douglas Mitchelson | $170 | $107.33 | +63.7% | May 15, 2022 |
| Goldman Sachs | Analyst unavailable | $148 | $102.19 | +42.6% | May 12, 2022 |
| Wells Fargo | Steven Cahall | $153 | $105.21 | +47.4% | May 12, 2022 |
| Rosenblatt Securities | Analyst unavailable | $174 | $105.21 | +67.6% | May 12, 2022 |
| MoffettNathanson | Michael Nathanson | $130 | $106.98 | +25.2% | May 9, 2022 |
| Wells Fargo | Steven Cahall | $182 | $112.61 | +75.3% | May 6, 2022 |
| J.P. Morgan | Analyst unavailable | $175 | $132.3 | +68.6% | Apr 19, 2022 |
| Rosenblatt Securities | Barton Crockett | $177 | $127.77 | +70.5% | Apr 19, 2022 |
| Morgan Stanley | Benjamin Swinburne | $170 | $130.65 | +63.7% | Apr 11, 2022 |
| Loop Capital Markets | Alan Gould | $165 | $138.58 | +58.9% | Apr 4, 2022 |
| MoffettNathanson | Michael Nathanson | $150 | $133.5 | +44.5% | Mar 7, 2022 |
| Citigroup | Jason Bazinet | $200 | $152.95 | +92.6% | Feb 17, 2022 |
| Wolfe Research | Eric Katz | $211 | $149.47 | +103.2% | Feb 11, 2022 |
| Guggenheim | Michael Morris | $172 | $152.16 | +65.7% | Feb 10, 2022 |
| KeyBanc | Brandon Nispel | $216 | $152.16 | +108.1% | Feb 10, 2022 |
| Atlantic Equities | Hamilton Faber | $167 | $152.16 | +60.9% | Feb 10, 2022 |
| BMO Capital | Daniel Salmon | $175 | $152.16 | +68.6% | Feb 10, 2022 |
| Credit Suisse | Douglas Mitchelson | $218 | $152.16 | +110.0% | Feb 10, 2022 |
| Evercore ISI | Vijay Jayant | $190 | $152.16 | +83.0% | Feb 10, 2022 |
| J.P. Morgan | Philip Cusick | $200 | $152.16 | +92.6% | Feb 10, 2022 |
| Bank of America Securities | Jessica Ehrlich | $191 | $138.63 | +84.0% | Jan 28, 2022 |
| MoffettNathanson | Michael Nathanson | $165 | $150.11 | +58.9% | Jan 19, 2022 |
| Morgan Stanley | Benjamin Swinburne | $185 | $149.1 | +78.2% | Dec 14, 2021 |
| Macquarie | Tim Nollen | $185 | $149.1 | +78.2% | Dec 14, 2021 |
| Loop Capital Markets | Alan Gould | $190 | $144.9 | +83.0% | Nov 30, 2021 |
| Benchmark Co. | Mark Zgutowicz | $220 | $162.11 | +111.9% | Nov 11, 2021 |
| UBS | John Hodulik | $205 | $162.11 | +97.5% | Nov 11, 2021 |
| Barclays | Kannan Venkateshwar | $168 | $174.45 | +61.8% | Nov 10, 2021 |
| Daiwa | Jonathan Kees | $225 | $171.17 | +116.7% | Sep 21, 2021 |
| Arete Research | Andrew Beale | $263 | $185.91 | +153.3% | Sep 9, 2021 |
| Argus Research | Joseph Bonner | $255 | $179.09 | +145.6% | Aug 16, 2021 |
| CFRA | Tuna Amobi | $220 | $173.7 | +111.9% | May 14, 2021 |
Track every rating change on DIS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationOperating worldwide through its various subsidiaries, The Walt Disney Company (DIS) stands as a prominent global entertainment enterprise. Its vast array of activities is organized into two primary divisions: Disney Media and Entertainment Distribution, and Disney Parks, Experiences and Products. Within its media and entertainment arm, Disney is actively engaged in developing and distributing both cinematic films and television series. This segment encompasses the management of well-known broadcast networks such as ABC, Disney, ESPN, Freeform, FX, Fox, National Geographic, and Star, as well as renowned film studios responsible for productions under banners like Walt Disney Pictures, Twentieth Century Studios, Marvel, Lucasfilm, Pixar, and Searchlight Pictures. The company also delivers content directly to consumers through its popular streaming platforms, including Disney+, Disney+ Hotstar, ESPN+, Hulu, and Star+.…
Historical context
All DIS earningsLatest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the DIS recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-08-05T18:22:07.995463+00:00
- FN2 earnings calendar · 2026-09-10T01:23:13.706414+00:00
- Polygon adjusted daily market bars · 2026-09-22T18:40:51.554777+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-22T18:40:51.551968+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-22. For educational purposes only; not investment advice.