Disney Reports Fiscal Third-Quarter Results, Highlights Parks Segment and A+E Stake Sale

Disney reported fiscal third-quarter results on August 5 that included adjusted earnings per share of $1.61 and revenue of $23.65 billion. The figures came in below some analyst estimates, and the company's shares declined approximately 2 percent in premarket trading.

The quarter marked the second earnings release under Chief Executive Officer Josh D'Amaro. The company stated it continued share repurchases during the period. On the prior day, Disney announced the sale of its 50 percent stake in A+E Global Media to Hearst Corporation for $1.2 billion. The transaction covers brands including Lifetime and The History Channel. Disney said it would apply the proceeds toward an increase in its share repurchase authorization to $9 billion for the fiscal year, up from the prior target of $8 billion.

Total operating income reached $5.6 billion, compared with $4.6 billion in the year-earlier quarter. The company projected operating income of roughly $4.9 billion for the current quarter. It also reaffirmed its outlook for 12 percent adjusted earnings growth in fiscal 2026 and double-digit adjusted earnings growth in fiscal 2027.

Experiences segment performance

Revenue in the Experiences segment rose 10 percent to $9.97 billion. Attendance at U.S. parks increased 3 percent from the same quarter a year earlier, while global guest counts rose 4 percent. Revenue at U.S. parks and experiences, which includes the Disney Cruise Line, grew 11 percent year over year. Resorts and vacations revenue increased 17 percent, passenger cruise days rose 10 percent, and average daily hotel room rates and occupied nights each advanced 2 percent. Average per-guest spending on admissions, food, and merchandise increased 3 percent.

The company noted that international attendance at domestic parks continued to face headwinds, though the year-over-year impact moderated compared with the second quarter. Earlier in the year, Disney had cited macro uncertainty and reported a 1 percent decline in U.S. park attendance for the prior quarter.

Additional segment details

The company provided updates across its other operating units. In the Entertainment segment, revenue and operating income reflected ongoing shifts in content distribution and advertising. The Sports segment recorded results tied to carriage fees and advertising. Management indicated continued emphasis on cost discipline across the organization while monitoring consumer spending patterns.

Disney also referenced capital allocation priorities, including maintenance of existing theme park assets and selective investments in new attractions and cruise ships. The company stated that share repurchases would remain a component of its capital return program alongside the recently expanded authorization.

Analysts had anticipated the report would provide additional clarity on operating trends following the leadership transition. The stock traded at $98.18 at the close on August 4 before the premarket move.