Q1 2026 Walt Disney Co Earnings Call Transcript
Key Points
- The Walt Disney Co (DIS) achieved over $6.5 billion at the global box office in 2025, marking it as the third biggest year ever for the company.
- Zootopia 2 became Hollywood's highest-grossing animated film ever, earning more than $1.7 billion.
- The launch of ESPN Unlimited has shown promising adoption and engagement, with ESPN delivering outstanding ratings across its portfolio of live sports.
- The Experiences segment saw quarterly revenue exceeding $10 billion for the first time, with expansion projects underway at every theme park.
- The Disney Cruise Line's new ship, Disney Destiny, received outstanding reviews, and the upcoming Disney Adventure will be the first ship homeported in Asia.
- The absence of subscriber disclosure for SVOD's 13% subscription revenue growth raises questions about the drivers behind this growth.
- There is a lack of visibility on international visitation in the parks, despite a 5% increase in bookings.
- The company is still working through technical details for the Sora-generated content, with no specific timeline for its availability on Disney+.
- The Entertainment segment's disclosure change may create complexity for investors trying to understand the business's future and management strategies.
- The streaming business, while improving, was previously losing $1 billion a quarter, highlighting the challenges in turning it into a profitable venture.
Welcome to The Walt Disney Company first quarter 2026 financial results conference call. My name is Lauren, and I will be your moderator today. (Operator Instructions) Please note today's event is being recorded.
I would now like to turn the call over to Carlos Gomez, Executive Vice President, Treasurer, and Head of Investor Relations. Please go ahead.
Good morning. It's my pleasure to welcome everyone to The Walt Disney Company's first quarter 2026 earnings call. Our press release, Form 10-Q, and management's posted prepared remarks were issued earlier this morning and are available on our website at www.disney.com/investors. Today's call is being webcast, and a replay and transcript will be made available on our website after the call. Before we begin, please take note of our cautionary statement regarding forward-looking statements on our IR website.
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