Walt DisneyDIS

10-Q · 5 aug 2026 · for the period to 27 jun 2026

accession 0001744489-26-000057

the reasons · as derived · open any one to read itat latest read

every reason’s state · derivation order

01Resorts and vacations revenue increased 10% from additional passenger cruise daysThe increase in passenger cruise days reflected the launches of the Disney Destiny in November 2025 and the Disney Adventure in March 2026The Company currently expects its fiscal 2026 capital expenditures to be approximately $9 billion compared to fiscal 2025 capital expenditures of $8 billionThe projected increase in capital expenditures is due to higher spending at Experiences, attributable to theme park and resort expansion and new attractions

scarcity assetowns a thing that cannot be built or permitted twice

holdsread 11 sep 2026

02Disney's DTC streaming business is transitioning from subscriber acquisition mode to margin expansion, with subscription revenue growing faster than streaming content costs. The content spend increase is modest relative to revenue growth, indicating the business model is inflecting toward profitability leverage rather than growth-at-all-costs.

pricing powercan hold its price and keep the customer

holdsread 11 sep 2026

03The Company may use cash balances, operating cash flows, commercial paper borrowings up to the amount of its unused $12.25 billion bank facilitiesMoody's Ratings' long- and short-term debt ratings for the Company were A2 and P-1 (Stable), respectively, and S&P Global Ratings' long- and short-term debt ratings for the Company were A and A-1 (Stable)On June 27, 2026, the Company met this covenant by a significant marginCash provided by operations was $12.5 billion for the current period

capital disciplinea reason to hold, not a barrier

holdsread 11 sep 2026

04Higher content sales revenue was primarily due to an increase of 11% from theatrical distributionPerformance of Zootopia 2, Avatar: Fire and Ash, The Devil Wears Prada 2, Toy Story 5, Hoppers and The Mandalorian and Grogu in the current periodHigher intersegment allocations of revenues from the Experiences segment reflecting an increase in merchandise licensing royalties

franchise flywheelnot in the table

holdsread 11 sep 2026

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