DIS · 8-K · 20260805PR000056

Streaming Revenue and Margin

Walt Disney Co · 2026-08-05 · Importance 69 · Surprise 64 · From source text

Entertainment SVOD revenue increased 11% to $5.532 billion, including 15% growth in subscription fees to $4.715 billion and 3% growth in advertising revenue to $851 million. Subscription growth reflected 9% more subscribers, 3% higher effective rates, and a 1% favorable foreign exchange impact. Entertainment SVOD operating income increased more than 100% to $712 million from $329 million, and the operating margin was 13% in fiscal Q3. Advertising growth was limited by a softer demand environment as marketplace supply increased, while the company continued to expect a double-digit full-year fiscal 2026 SVOD operating margin excluding the 53rd week.

Key facts

• Entertainment SVOD subscription fees for the quarter were $4,715 million, up 15% from $4,116 million in the prior-year quarter. source
• Company plans to deliver a more robust subset of games for Disney+ subscribers beginning this fall, anchored by additional college football simulcasts and continued simulcast of College GameDay. source
• Entertainment SVOD revenue growth was 11% in fiscal Q3, driven by subscription revenue growth of 15% and Entertainment SVOD advertising revenues up 3%. source
• Entertainment SVOD operating margin was 13% in fiscal Q3. source
• Entertainment SVOD subscription fee growth attribution: 9% from more subscribers, 3% from higher effective rates and 1% from favorable foreign exchange. source

Impact estimates