Walt Disney Co — 10-K

Notable (7/10)

Filed November 2, 20260001744489-26-000156

Summary

The Walt Disney Company filed its annual 10-K for fiscal year 2026. The headline is streaming profitability — Disney+ reached 175 million subscribers and posted an 8% operating margin, up from breakeven a year ago. Parks & Experiences revenue grew 9% to $34.2B. Studio entertainment had a mixed year with 2 films crossing $1B but overall segment revenue flat. Total company revenue was $93.8B, up 6%.

Key Facts

Disney+ hit 175M subs, now profitable at 8% margin
Parks revenue $34.2B, up 9%
Total revenue $93.8B, up 6%
Two $1B+ films but studio segment flat
Free cash flow $9.1B

Risk Flags

ESPN standalone streaming launch delayed to Q2 2027Linear TV cord-cutting accelerating

Frequently Asked Questions

Is Disney+ finally profitable?

Yes — 8% operating margin with 175M subscribers, a major milestone.

How are the parks doing?

Strong at $34.2B revenue, up 9%, driven by price increases and new attractions.

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