Below is Dolphin Research's Trans of $Disney(DIS.US) FY26Q2 earnings call. For our earnings analysis, see 'Disney: A solid debut by the new chief, resilience from a century-old brand'.

Hi everyone, this is Dolphin Research. $Disney(DIS.US) FY2Q26 was the first outing for the new CEO who took over in Mar. Results were solid, showing operating resilience, and management added a bit more buyback commitment.

This helped ease prior market jitters tied to macro volatility. It also calmed concerns about AI-driven industry shifts and the leadership transition.

1) Guidance beat. FY2Q26 lines up with calendar Q1, and the quarter faced short-term headwinds from Mid-East tensions and rising sports rights costs.

Higher oil prices could curb travel demand, weighing on parks revenue...

The following is Dolphin Research's Trans of Disney's FY26 Q1 earnings call. For the earnings analysis, please see 'Disney: Volatility in Integration, Awaiting New Growth to Activate'.

Hello everyone, this is Dolphin Research! $Disney(DIS.US) released FY26 Q1 (CY25 Q4) results pre-market on Feb 2 ET.

The following are the minutes of the 4Q25FY earnings call for $Disney(DIS.US) compiled by Dolphin Research. For a review of the earnings report, please refer to the article "Disney: Short-term Pressure but Guidance Unchanged, Can Iger Turn the Tide Before Leaving?"

1. Review of Core Financial Information

1. DTC Net User Growth Rebounds Beyond Expectations: Streaming user growth continued to rebound in the fourth quarter, with Disney+ adding 4 million net new users (bundled packages) and Hulu adding 8.6 million (driven by the resumption of the Charter partnership and global brand expansion), both exceeding market expectations. The growth was mainly driven by high-quality content...

Hello everyone, I am Dolphin Research! $Disney(DIS.US) released its fiscal year 2025 fourth quarter (CY25Q3) earnings before the U.S. stock market opened on November 12th, Eastern Time. The third-quarter performance slightly missed expectations overall, with revenue under pressure, especially in the theme parks, which contribute the most to earnings, as the delayed competitive impact has become apparent. Although the company's profitability was slightly better and it maintained its relatively positive guidance for 2026 without adjustments, the market seems to lack confidence. Specifically: 1. DTC net user growth rebounded beyond expectations: Fourth-quarter streaming user growth continued to rebound...

The following are the minutes of the FY25Q3 earnings call for $Disney(DIS.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to "Be Patient, Disney's Spring is Near." 1. Review of Core Financial Information: 1. DTC continues to grow "with quality": In the third quarter, the net increase in streaming users was 1.7 million, basically in line with market expectations, mainly driven by the release of previous hits like "Moana 2" and "Andor" on the platform. By integrating different resources, it is evident that monetization efficiency can be improved. The DTC segment has seen a continuous increase in profit margins for four consecutive quarters, with an operating profit margin of 5.6% in the third quarter guidance...

Hello everyone, I am Dolphin Research! $Disney(DIS.US) released its fiscal year 2025 third quarter (CY25Q2) earnings before the U.S. stock market opened on August 6th, Eastern Time. The third-quarter performance was generally in line with the company's positive trend, but compared to expectations, it was mixed. The negative market feedback post-earnings was mainly due to dissatisfaction with the extent of the guidance increase. Specifically: 1. DTC continues to grow "with quality": The third quarter saw a net increase of 1.7 million streaming users, roughly meeting market expectations, mainly driven by the release of previous hits like "Moana 2" and "Andor" on the platform. After integrating different resources...

Below is the $Disney(DIS.US) 2Q25FY Minutes. For earnings commentary, please refer to "Multiple Breakthroughs, Is Disney's Spring Coming?" I. Key Financial Indicators II. Management Report In the 102-year history of The Walt Disney Company, there have been many milestone moments and countless achievements. One significant moment was the opening of Disneyland in 1955. Now, 70 years later, we have welcomed 4 billion guests across our 6 Disney theme park destinations worldwide, celebrating another great moment in our glorious history...

Hello everyone, this is Dolphin Research! $Disney(DIS.US) released its Q2 FY2025 (CY25Q1) earnings before the U.S. market opened on May 8, Eastern Time. The Q2 performance was strong, exceeding market expectations which were initially cautious, with multiple business revenues surpassing forecasts, especially on the profit side, which significantly outperformed. Management subsequently raised the outlook for the year. Specifically: 1. The dual strategy of DTC streaming bundles and account sharing worked effectively: The net increase in streaming subscribers this quarter was very encouraging. Last quarter, the company had guided for a slight decline, while third-party channel tracking data showed...