Revenue Growth Across Segments
Total revenue rose 6.5% YoY to $25.2B in Q2 FY2026, up from $23.6B in Q2 FY2025, indicating broad-based demand across Disney's entertainment and experiences businesses.
来源: 10-Q Income Statement
该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
Disney reported Q2 FY2026 revenue of $25.2B (+6.5% YoY), but net income fell sharply to $2.2B (-31.4% YoY), reflecting higher costs and non-operating headwinds even as operating income grew modestly to $4.6B.
营收
251.68亿美元
同比 +6.55%
每股收益（稀释）
1.27美元
同比 -29.83%
营业利润
46.03亿美元
同比 +3.76%
SEC XBRL 原值
Walt Disney (DIS) Q2 FY2026 营收 251.68亿美元，同比增长 6.5%。 营业利润率 18.3%，较去年同期的 18.8% 收窄 0.5 个百分点。 DIS 的财年 Q2 FY2026 对应日历 Q1 2026。
近 4 个季度：4 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | 2.06 | 1.88 | 超预期 +9.8% |
| 2026年3月本次财报 | 1.57 | 1.50 | 超预期 +4.4% |
| 2025年12月 | 1.63 | 1.59 | 超预期 +2.8% |
| 2025年9月 | 1.11 | 1.06 | 超预期 +5.2% |
2026年3月 调整后（非 GAAP） EPS 1.57美元，分析师一致预期 1.50美元，超预期 +4.4%。 分析师一致预期按市场通行的调整后（非 GAAP）口径。本季 GAAP 稀释每股收益为 1.27美元。
由 AI 基于本次 SEC 报告整理
Total revenue rose 6.5% YoY to $25.2B in Q2 FY2026, up from $23.6B in Q2 FY2025, indicating broad-based demand across Disney's entertainment and experiences businesses.
来源: 10-Q Income Statement
Operating income grew 3.8% YoY to $4.6B, but operating margin compressed slightly from 18.8% to 18.3%, suggesting cost growth is outpacing revenue growth. Net income dropped 31.4% to $2.2B, pointing to significant non-operating charges or tax/interest headwinds below the operating line.
来源: 10-Q Income Statement & Key Ratios
SG&A expenses increased 2.3% YoY to $4.1B, though the pace of growth was slower than revenue, suggesting some operating leverage is being achieved on the selling and administrative cost base.
来源: 10-Q Income Statement
Cumulative fiscal year-to-date operating cash flow fell 23.2% YoY to $7.6B (vs. $10.0B in the prior-year period), while investing outflows increased to -$5.5B, reflecting heavier capital deployment and potentially working capital headwinds.
来源: 10-Q Cash Flow Statement (YTD)
Disney repurchased $5.5B in shares on a YTD basis, more than triple the $1.8B repurchased in the same period last year (+208.1% YoY), signaling management's confidence in the stock and commitment to returning capital to shareholders.
来源: 10-Q Cash Flow Statement (YTD)
由 AI 基于本次 SEC 报告整理 · 高 2 中 3 低 0
Net income fell 31.4% YoY to $2.2B even as revenue grew 6.5%, implying significant non-operating costs such as interest expense, impairments, or tax items are weighing on profitability. This divergence between operating and net income performance is a key concern for investors assessing earnings quality.
来源: 10-Q Income Statement
Disney's current ratio stands at 0.68, meaning current liabilities of $36.2B substantially exceed current assets of $24.6B. This structural liquidity shortfall requires Disney to continuously refinance short-term obligations and maintain access to capital markets, which could be challenging in a tighter credit environment.
来源: 10-Q Balance Sheet & Key Ratios
Long-term debt increased 5.6% YoY to $38.5B, adding to Disney's already substantial leverage. Combined with declining operating cash flow, this raises questions about Disney's ability to service debt while simultaneously funding content investment and share buybacks.
来源: 10-Q Balance Sheet & Cash Flow Statement
YTD operating cash flow declined 23.2% YoY to $7.6B, a significant drop that could constrain Disney's financial flexibility. If this trend persists, it may force trade-offs between capital expenditures, debt repayment, and shareholder returns.
来源: 10-Q Cash Flow Statement (YTD)
Operating margin declined from 18.8% to 18.3% YoY, and net margin stands at 8.9% — well below what operating performance alone would suggest. Sustained cost pressures in content production, technology, and labor could further erode margins if revenue growth moderates.
来源: 10-Q Key Ratios
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 251.68 亿美元 | 236.21 亿美元 | +6.55% |
营业利润 亿美元 | 46.03 亿美元 | 44.36 亿美元 | +3.76% |
净利润 亿美元 | 22.47 亿美元 | 32.75 亿美元 | -31.39% |
每股收益（基本） 美元 | 1.27 美元 | 1.81 美元 | -29.83% |
每股收益（稀释） 美元 | 1.27 美元 | 1.81 美元 | -29.83% |
销售及管理费用 亿美元 | 40.73 亿美元 | 39.81 亿美元 | +2.31% |
答案基于本次 SEC 报告与本页数据