Disney (DIS) Q3 2026 (USD): Adj. EPS 2.06 (exp. 1.86), Revenue 25.2bln (exp. 25.39bln)

• Continue to expect fiscal 2026 adjusted EPS growth of approximately 12%, excluding the impact of the 53rd week; 16%, including the impact of the 53rd week.
• We expect Q4 total segment operating income of approximately USD 4.9bln, including the impact of the 53rd week.
• We are now targeting at least USD 9bln in share repurchases in fiscal 2026.

• 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.

A split print of this kind, earnings ahead of consensus with revenue marginally short, has historically produced a muted first reaction in large-cap media names, with the call and the guidance doing the heavier lifting. The pattern in past Disney reports of this vintage is that the stock trades on the forward detail rather than the headline beat: segment operating income guidance, the streaming margin trajectory, and parks commentary have each at times been the swing factor, and the raised repurchase target here is the kind of capital return signal that has tended to cushion mixed prints. The distinction worth drawing is between the adjusted EPS line, which flatters, and the top line, which is where questions on parks demand and advertising softness have clustered in comparable episodes. Watch items are the segment breakdown on the call, any revision to streaming profitability language, and whether management attributes the revenue shortfall to a discrete item or a trend. Peer read-across to other media names has historically been limited on idiosyncratic guides of this sort.