Disney filed an 8-K with its fiscal third-quarter 2026 results (the quarter ended June 27, 2026). Revenue rose 7% to $25.2 billion and adjusted earnings came in at $2.06 per share, ahead of Wall Street's roughly $1.86 estimate, as theme parks and a now-profitable streaming business did the heavy lifting. The stock rose about 4% in pre-market trading.

The numbers

• Revenue: $25.2B, up 7% year-over-year (a touch below the ~$25.4B analysts expected).
• Adjusted EPS: $2.06 vs ~$1.86 expected — a clear beat, and up 28% from $1.61 a year ago.
• Reported (GAAP) EPS: $1.51, down from $2.92 — but last year's figure was lifted by one-off items, so the adjusted $2.06 is the cleaner read (more on this below).
• Total segment operating income: $5.6B, up 21%.
• Experiences (parks & cruises): domestic parks revenue +11%; segment operating profit +20% — the standout.
• Entertainment (incl. Disney+/Hulu): revenue +6%, operating profit +64%; streaming reached record profitability.
• Sports (ESPN): revenue +4%, but operating profit −17% as it shifts toward streaming.
• Guidance: reiterated full-year FY2026 adjusted EPS growth of ~16% (including an extra "53rd week"), raised the buyback target to at least $9B (from $8B), and guided to double-digit adjusted EPS growth again in FY2027.

What an 8-K "Item 2.02" is

An 8-K is the form US companies use to tell the market about a major event between quarterly reports. Item 2.02 — "Results of Operations and Financial Condition" is the specific line item companies check when the news is their earnings. The actual press release is attached as an exhibit (Exhibit 99.1). So an 8-K tagged 2.02 is, in plain English, "our quarterly results are out."

Why it matters

Two of Disney's three engines — Experiences and streaming — are now growing and making money, which reduces the company's dependence on shrinking traditional TV. The most useful lesson here is the gap between the two EPS numbers: reported (GAAP) EPS fell to $1.51, but that is mostly because the year-ago quarter contained large one-time gains. Adjusted EPS, which strips out those one-offs, actually rose 28%. Headline GAAP numbers can look scary or great for reasons that have nothing to do with the underlying business, which is why analysts lean on the adjusted figure. Meanwhile, a bigger buyback signals management's confidence in cash generation, and the ESPN margin dip reflects the cost of moving sports into a streaming-first world. None of this tells you where the share price goes next — it just describes the quarter.

Beginner takeaway

Disney beat on profit and reaffirmed its outlook, powered by parks and streaming. When you see a "down" GAAP EPS next to an "up" adjusted EPS, check the footnotes — the difference is usually one-time items, not the health of the business.

FAQ

Why report a "fiscal Q3" in August? Disney's financial year doesn't follow the calendar — it ends in late September, so its third quarter covers roughly April to June.

What is "segment operating income"? It's the profit each business line (Experiences, Entertainment, Sports) makes before company-wide costs, interest and taxes — a clean way to see which parts are actually earning.

Is a stock buyback good or bad? Buying back shares returns cash to owners and can lift per-share figures, but it's only healthy if the company still has enough cash to invest in growth. It's a signal, not a guarantee.

As of August 5, 2026. Source: official SEC filing — read it directly here. We summarise filings for education and may make errors, so always verify against the official document. Educational content only — not investment advice, not a buy/sell recommendation.