Q3 FY26 · Ended Jun 27, 2026 · View SEC filing
Reported profit halved while the business earned more
The filing ties the drop to a prior-year tax benefit, and free cash flow rose to $3.1B from $1.9B.
For investorsWhat has to hold for the wider margin to last?
For foundersSelling one story many times
Segment margin rose from 19.3%, helped by lower marketing spend, a cost that rises again with big release slates.
New ships brought more guests, not just higher prices, so Experiences grew on volume as well as spending.
Subscribers and distributors pay every month, a steadier base than advertising, which is sold anew each period.
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Business Lens describes Walt Disney Company from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
