Walt Disney (DIS) official guidance

We're turbocharging the experiences growth with our $9 billion of fiscal 2026 CapEx, and you can see the results on that in terms of the accelerated growth we're seeing in that business.

On content, we're on track to spend $24 billion across the company this year.

You've reaffirmed double-digit adjusted EPS growth for fiscal 2026 and fiscal 2027, the flywheel narrative is that content feeds both parks and streaming.

You've reaffirmed double-digit adjusted EPS growth for fiscal 2026 and fiscal 2027, the flywheel narrative is that content feeds both parks and streaming.

Looking forward, while we haven't provided a longer-term revenue or margin outlook for the segment, we did just this morning guide to the high end of our prior high single-digit OI growth for fiscal year 2026, and that excludes the 53rd week.

We delivered a 13% SVOD operating margin in fiscal Q3, and we remain on track for double-digit margins in fiscal 2026, excluding the 53rd-week impact.

Number Two, in terms of the share repurchase program, recall we originally guided to about $7 billion in fiscal 2026, and now we're up to at least $9 billion.

We continue to expect fiscal 2026 adjusted EPS growth of approximately 12%, excluding the impact of the 53rd week.

We continue to expect double-digit growth in adjusted EPS in fiscal 2027, excluding the impact of the 53rd week. Note that in Q4 fiscal 2027 we will lap the impact of the 53rd week in Q4 fiscal 2026.

We continue to expect fiscal 2026 adjusted EPS growth of approximately 16%, including the impact of the 53rd week.

Forward bookings at Walt Disney World remain robust and we expect another quarter of global guests growth in fiscal Q4, excluding the 53rd week, despite consumer softness in Asia.

We reiterate our prior full-year guidance for cash provided by operations and capital expenditures of at least $19 billion and approximately $9 billion, respectively, for fiscal 2026.

We expect Q4 total segment operating income of approximately $4.9 billion, including the impact of the 53rd week.

We continue to expect double-digit segment operating income growth at our Entertainment segment for the fiscal year, excluding the 53rd week.

We continue to expect Sports segment operating income to grow in the mid-single digits for the year, excluding the 53rd week.

We expect Q4 total segment operating income of $4.9 billion, with the 53rd week contributing approximately $600 million spread across the segments.

We continue to expect double-digit Entertainment SVOD operating margin for full-year fiscal 2026, excluding the impact of the 53rd week.

The 53rd week has a fairly proportionate impact on total revenues, with roughly a 1.5-2% lift (53/52-1).

Finally, when we look forward, demand's healthy. We're expecting attendance at our domestic parks in Q3 compared to the prior-year period to show improvement compared to the 1% decline that we had reported in Q2.

However, we expect the NFL transaction to be roughly $0.03 dilutive to fiscal 2026 adjusted EPS, due to the increase in noncontrolling interest.

We expect Q3 total segment operating income of approximately $5.3 billion.

For Q3, we expect Sports segment operating income to decline by approximately 14% when compared to the prior-year quarter, driven by a double-digit percentage increase in programming expenses, including the timing of new rights agreements.

As far as bookings for the full year, bookings are up 5% for the full year, weighted more toward the back half.

We talked last call about a goal of achieving double-digit revenue growth. In fact, we did do that in the first quarter. That's something we aspire to continue to do.

For Q2 fiscal 2026, the Company expects Entertainment segment operating income comparable to Q2 2025, other Entertainment businesses operating income of approximately $0.7 billion and Entertainment SVOD operating income of approximately $0.5 billion.

Segment OI comparable to Q2 fiscal 2025

For Q2 fiscal 2026, the Company expects Entertainment segment operating income comparable to Q2 2025, other Entertainment businesses operating income of approximately $0.7 billion and Entertainment SVOD operating income of approximately $0.5 billion.

Modest segment OI growth, due to a combination of factors, including international visitation headwinds at our domestic parks, pre-launch costs for the Disney Adventure at Disney Cruise Line and pre-opening costs for World of Frozen at Disneyland Paris

Comparable revenue to Q2 fiscal 2025, and a decline in segment OI of $100 million reflecting higher rights expenses

Comparable revenue to Q2 fiscal 2025, and a decline in segment OI of $100 million reflecting higher rights expenses

Going forward, we do expect advertising growth going into '26 as well, despite the fact that we're overlapping political advertising in the first quarter of '26, so.

$24 billion in content investment across Entertainment and Sports

$60 million in dry dock expenses at Disney Cruise Line

$120 million in dry dock expenses

DTC SVOD operating income(2) of approximately $375 million

Theatrical slate comparisons to drive an adverse impact to segment operating income of $400 million compared to Q1 fiscal 2025

Lower political advertising revenue of $140 million compared to Q1 fiscal 2025

$90 million in pre-opening expenses at Disney Cruise Line, driven by the Disney Destiny and Disney Adventure

$160 million in pre-opening expenses, driven by the Disney Adventure and Disney Destiny