Disney (DIS) Q1 2026 (USD): adj. EPS 1.63 (exp. 1.57), Revenue 26bln (exp. 25.7bln); on track to repurchase USD 7bln of stock in FY26

• Entertainment revenue increased +7% Y/Y; operating income declined USD 0.6bln, to USD 1.1bln
• Sports OI USD 191mln, advertising revenue growth +10% was more than offset by higher programming and production costs and a decrease in subscription and affiliate fees; temporary suspension of YouTube TV carriage had an adverse impact to segment operating income of approximately USD 110mln
• Experiences quarterly revenue rose to a record of USD 10.0bln, and segment OI of USD 3.3bln; Domestic Parks & Experiences OI growth of 8%, attendance at domestic parks +1% in the quarter, and per capita spending was up 4%

• FY EPS seen growing double-digits range, weighted to H2 2026 (exp. 6.61)

Disney's Q1 2026 results show an adjusted EPS beat and revenue above expectations, indicating strong performance with entertainment revenue up 7%. However, the decline in operating income raises concerns about cost pressures, especially in sports and programming. The company is committed to a significant stock repurchase program, reflecting confidence in its long-term growth despite some operational challenges.