Equity Profile

DIS

The Walt Disney Company

Communication ServicesMovies & Entertainment$166.7B

Aug5Wed

Pre-Earnings Brief

UpcomingQ3-2026Pre-Market9:00 AM EDT

Company Snapshot

The Walt Disney Company (DIS) is a leading entertainment and media conglomerate known for its iconic movies, television networks, and theme parks. As a major player in the Communication Services sector, Disney's performance is closely tied to consumer spending and trends in digital streaming, especially with its Disney+ platform.

Key Metrics to Watch

EPS (Earnings Per Share)

EPS is a key indicator of profitability and will show how well Disney is managing costs and revenue.

N/A

Subscriber Growth for Disney+

Subscriber numbers are crucial for Disney's streaming service, impacting revenue and market share in the competitive streaming landscape.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

DIS Q3-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+11.79%

Avg Stock Reaction

-0.02%

Last Quarter Recap

In Q2 2026, Disney reported an EPS of $1.57, beating estimates by 5.72%. However, revenue figures were not disclosed, leading to a stock increase of 7.54% the following day.

Management Promises & Guidance

Focus on improving Disney+ content and subscriber growth.
Commitment to enhancing theme park experiences.
Plans to streamline operations and reduce costs.

Expectations

Wall Street Expectations

Overall, Wall Street is cautiously optimistic about Disney's upcoming earnings, especially after a series of positive EPS surprises in recent quarters.

Bull Case

If Disney continues to show strong EPS growth and subscriber increases for Disney+, it could signal a robust recovery and growth trajectory.

Bear Case

Conversely, if subscriber growth stagnates or if there are signs of increased costs without corresponding revenue growth, it could lead to a negative market reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the current subscriber count for Disney+ and how does it compare to previous quarters?

Subscriber growth is critical for Disney's streaming strategy and overall revenue, especially as competition intensifies.

What are the attendance figures for Disney's theme parks this quarter?

Theme park attendance is a key revenue driver and an indicator of consumer confidence and spending patterns.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of new content on Disney+ subscriber growth, which could significantly boost revenue this quarter.

Supporting Evidence

Disney's recent investments in exclusive content could attract new subscribers.

Options pricing suggests a larger move than historical averages, indicating potential for a surprise.

Positive trends in theme park attendance could offset any weaknesses in streaming.

Key Risk

If subscriber growth for Disney+ falls below expectations, it could undermine the entire growth narrative.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter, the focus is on how well Disney is navigating the competitive streaming landscape and recovering its theme park business.

Bull Confirmed If

A subscriber growth rate of over 10% quarter-over-quarter would confirm the bull case.

Bear Confirmed If

If Disney+ subscriber growth is flat or declines, it would support the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±10.87%

Historical Avg

±6.2%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect volatility around the earnings announcement.

Options are pricing ±10.9% while DIS has averaged ±6.2% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

30.5%

Calls (933K)P/C Ratio: 0.80Puts (538K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Disney beats expectations, history suggests a potential stock increase of around 6.16%, confirming a positive growth outlook.

In-Line / Cautious

If results are in line but management expresses caution, the stock may see muted movement as investors digest the commentary.

Miss

If Disney misses on key metrics, history suggests a potential decline of around 6.16%, reflecting disappointment in growth prospects.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

0 buys·1 sell

Members

House only

Est. Notional

$1,001.00–$15,000.00

disclosed dollar ranges

Most Active Members

D-CAGilbert CisnerosRep.
1

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on Disney+ subscriber growth and retention rates.
2Details on new content releases and their expected impact.
3Insights into theme park attendance and guest spending.
4Any operational cost-saving measures being implemented.
5Management's outlook on future revenue streams and market conditions.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Key Metrics to Watch

EPS (Earnings Per Share)

EPS is a key indicator of profitability and will show how well Disney is managing costs and revenue.

N/A

Subscriber Growth for Disney+

Subscriber numbers are crucial for Disney's streaming service, impacting revenue and market share in the competitive streaming landscape.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

DIS Q3-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+11.79%

Avg Stock Reaction

-0.02%

Last Quarter Recap

In Q2 2026, Disney reported an EPS of $1.57, beating estimates by 5.72%. However, revenue figures were not disclosed, leading to a stock increase of 7.54% the following day.

Management Promises & Guidance

Focus on improving Disney+ content and subscriber growth.
Commitment to enhancing theme park experiences.
Plans to streamline operations and reduce costs.

Expectations

Wall Street Expectations

Overall, Wall Street is cautiously optimistic about Disney's upcoming earnings, especially after a series of positive EPS surprises in recent quarters.

Bull Case

If Disney continues to show strong EPS growth and subscriber increases for Disney+, it could signal a robust recovery and growth trajectory.

Bear Case

Conversely, if subscriber growth stagnates or if there are signs of increased costs without corresponding revenue growth, it could lead to a negative market reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the current subscriber count for Disney+ and how does it compare to previous quarters?

Subscriber growth is critical for Disney's streaming strategy and overall revenue, especially as competition intensifies.

What are the attendance figures for Disney's theme parks this quarter?

Theme park attendance is a key revenue driver and an indicator of consumer confidence and spending patterns.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of new content on Disney+ subscriber growth, which could significantly boost revenue this quarter.

Supporting Evidence

Disney's recent investments in exclusive content could attract new subscribers.

Options pricing suggests a larger move than historical averages, indicating potential for a surprise.

Positive trends in theme park attendance could offset any weaknesses in streaming.

Key Risk

If subscriber growth for Disney+ falls below expectations, it could undermine the entire growth narrative.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter, the focus is on how well Disney is navigating the competitive streaming landscape and recovering its theme park business.

Bull Confirmed If

A subscriber growth rate of over 10% quarter-over-quarter would confirm the bull case.

Bear Confirmed If

If Disney+ subscriber growth is flat or declines, it would support the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±10.87%

Historical Avg

±6.2%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect volatility around the earnings announcement.

Options are pricing ±10.9% while DIS has averaged ±6.2% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

30.5%

Calls (933K)P/C Ratio: 0.80Puts (538K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Disney beats expectations, history suggests a potential stock increase of around 6.16%, confirming a positive growth outlook.

In-Line / Cautious

If results are in line but management expresses caution, the stock may see muted movement as investors digest the commentary.

Miss

If Disney misses on key metrics, history suggests a potential decline of around 6.16%, reflecting disappointment in growth prospects.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

0 buys·1 sell

Members

House only

Est. Notional

$1,001.00–$15,000.00

disclosed dollar ranges

Most Active Members

D-CAGilbert CisnerosRep.
1

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on Disney+ subscriber growth and retention rates.
2Details on new content releases and their expected impact.
3Insights into theme park attendance and guest spending.
4Any operational cost-saving measures being implemented.
5Management's outlook on future revenue streams and market conditions.