# The Walt Disney Company (DIS)

> Source: Nexqual · https://nexqual.com/DIS · data as of 2026-10-22 20:03 UTC · cite as "Nexqual, The Walt Disney Company (DIS), nexqual.com/DIS" · informational, not investment advice.

**Price:** USD 113.13 (+1.16% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 111.83 · day 111.73–113.38 · 52w 92.19–117.09 · market cap $195B · NYQ

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $98.9B, net income $8.60B (8.7% margin), free cash flow $8.29B (SEC filings).
- Valuation: P/E 22.7x (avg 38.4x at the last 3 fiscal year-ends), EV/EBITDA 9.9x, net debt $40.9B.
- 20 of 80 tracked superinvestors hold DIS (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 2 new, 7 added, 9 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $2.2M; 1 not under a Rule 10b5-1 plan ($382K); 4 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.97 on a 1–5 scale) (33 analysts), mean target USD 126.58 (range 86–144).
- Total return with dividends: 1Y +1.5% vs S&P 500 +14.9%; 5Y -31.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-17, EPS estimate USD 1.69, revenue estimate $25.2B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $67.4B | $82.7B | $88.9B | $91.4B | $94.4B | $98.9B |
| Operating income | $7.77B | $12.1B | $12.9B | $15.6B | $17.6B | $18.2B |
| Net income | $2.00B | $3.15B | $2.35B | $4.97B | $12.4B | $8.60B |
| EPS (diluted) | $1.09 | $1.72 | $1.29 | $2.72 | $6.85 | — |
| Free cash flow | $1.99B | $1.06B | $4.90B | $8.56B | $10.1B | $8.29B |
| Operating margin | 11.5% | 14.7% | 14.5% | 17.1% | 18.6% | 18.4% |
| Net margin | 3.0% | 3.8% | 2.6% | 5.4% | 13.1% | 8.7% |
| Revenue growth | +3.1% | +22.7% | +7.5% | +2.8% | +3.4% | — |
| Cash + short-term investments | $16.0B | $11.6B | $14.2B | $6.00B | $5.70B | — |
| Total debt | $54.4B | $48.4B | $46.4B | $45.8B | $42.0B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 22.7x · P/S 2.0x · EV/EBITDA 9.9x · EV/Sales 2.4x · P/FCF 23.6x · P/B 1.8x · FCF yield 4.25% · Earnings yield 4.40% · Buyback yield (TTM) 4.22% · Net debt $40.9B · EV $236B
P/E at fiscal year-ends: Sep 2025 16.7x, Sep 2024 35.4x, Sep 2023 63.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
20 of 80 tracked investors hold DIS (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Lindsell Train |  | 9.55% | $251M | Reduced -18.7% | Q2 2026 |
| Kahn Brothers | Kahn Brothers Group | 6.47% | $36.5M | Unchanged | Q2 2026 |
| Harry Burn | Sound Shore | 2.87% | $93.2M | Reduced -0.3% | Q2 2026 |
| Viking Global | Viking Global Investors | 1.96% | $689M | Reduced -46.2% | Q2 2026 |
| Hillman Capital | Hillman Capital Management | 1.77% | $2.4M | Added +3.2% | Q2 2026 |
| Christopher Bloomstran | Semper Augustus | 1.75% | $15.5M | Added +5.3% | Q2 2026 |
| Francois Rochon | Giverny Capital | 1.67% | $49.6M | Reduced -3.9% | Q2 2026 |
| Yacktman Asset Management |  | 1.64% | $132M | Added +2.1% | Q2 2026 |
| Thomas Gayner | Markel Group | 1.49% | $196M | Unchanged | Q2 2026 |
| Van Den Berg Management I |  | 1.37% | $6.5M | Added +1.2% | Q2 2026 |
| John Armitage | Egerton Capital | 1.00% | $97.9M | New position | Q3 2026 |
| First Eagle Investment | First Eagle Investment Management | 0.86% | $517M | Added +2.3% | Q2 2026 |
| Duan Yongping | H&H International Investment | 0.86% | $164M | Added +12.9% | Q2 2026 |
| John Rogers | Ariel Investments | 0.61% | $61.2M | Reduced -2.9% | Q2 2026 |
| Sarah Ketterer | Causeway Capital Management | 0.38% | $34.7M | Reduced -35.6% | Q2 2026 |
| Tweedy Browne |  | 0.33% | $4.3M | New position | Q2 2026 |
| Richard Pzena | Pzena Investment Management | 0.25% | $85.0M | Added +879.3% | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 0.15% | $16.7M | Reduced -27.6% | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | 0.01% | $25.1M | Reduced -2.2% | Q2 2026 |
| Thomas Russo | Gardner Russo & Quinn | <0.01% | $240K | Reduced -1.0% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-16 | Woodford Brent | EVP, Control, Fin Plan & Tax | 2,856 | $319K | 4.3% | Yes (adopted February 24, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-08 | Woodford Brent | EVP, Control, Fin Plan & Tax | 3,618 | $381K | 5.4% | Yes (adopted February 24, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-01 | Woodford Brent | EVP, Control, Fin Plan & Tax | 3,618 | $388K | 5.5% | Yes (adopted February 24, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-19 | Roeder Paul M | Sr EVP and Chief Comm Officer | 3,596 | $382K | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14 | Woodford Brent | EVP, Control, Fin Plan & Tax | 7,238 | $762K | 10.3% | Yes (adopted February 24, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.97 on a 1–5 scale), 33 analysts; mean target USD 126.58 (low 86, high 144).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Citigroup | Target raised | Buy | $135 → $140 |
| 2026-10-09 | Needham | Reiterated | Buy | $125 |
| 2026-10-05 | Raymond James | Target lowered | Outperform | $120 → $119 |
| 2026-09-28 | Guggenheim | Reiterated | Buy | $120 |
| 2026-08-06 | Wells Fargo | Target raised | Overweight | $125 → $132 |
| 2026-08-06 | Argus Research | Reiterated | Buy | $134 |
| 2026-08-06 | Benchmark | Reiterated | Buy | $115 |
| 2026-08-06 | Barclays | Target raised | Overweight | $110 → $115 |
| 2026-08-06 | Guggenheim | Reiterated | Buy | $120 |
| 2026-08-06 | Rosenblatt | Maintained | Buy | $126 |
| 2026-07-29 | Citigroup | Target lowered | Buy | $145 → $135 |
| 2026-07-20 | UBS | Target lowered | Buy | $138 → $133 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +1.5% | -31.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +1.5% | -7.2% |
| Volatility (annualized) | 27.0% | 29.2% |
| Max drawdown | -20.3% (Jan 2026→Mar 2026) | -54.8% (Nov 2021→Oct 2023) |

## Peers (Entertainment)
NFLX (Netflix, Inc.) USD 67.05 +3.09% · LYV (Live Nation Entertainment, Inc.) USD 174.5 +0.09% · SKYD (Skydance Corporation) USD 7.79 -1.02% · TKO (TKO Group Holdings, Inc.) USD 177.72 -0.12% · FOXA (Fox Corporation) USD 68.27 +3.69% · ROKU (Roku, Inc.) USD 160.06 +1.45%

## More
Full page: https://nexqual.com/DIS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DIS's own 10-K filed 2025-11-13 (https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | DraftKings Inc. (DKNG) | "In November 2025, this agreement was terminated effective December 1, 2025, and ESPN entered into a promotional services agreement with DraftKings Inc., under which DraftKings Inc. will serve as the exclusive sportsbook …" |

Other companies that name DIS in their own reports (relationship from DIS's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Fox Corp (FOX) | 10-K 2026-08-06 | "FOX Sports and Disney/ESPN are the domestic distribution partners of the UFL games under multi-year rights agreements." |
| partner | CROWN CRAFTS INC (CRWS) | 10-K 2026-06-24 | "The Company's license agreement with Disney expires December 31, 2027 and covers infant and toddler bedding, diaper bags, infant feeding and bath in the United States and Canada, and bibs and disposab…" |
| partner | Infosys Ltd (INFY) | 20-F 2026-06-15 | "She also represented Disney on the US-India Strategic Partnership Forum (USISPF)." |
| supplier | PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA TBK (TLK) | 20-F 2026-05-15 | "For example, we promote digital touchpoints for IndiHome customers, which offer bundled packages that may include services such as Disney+ Hotstar, Indibox (a source of value-added services such as vi…" |
| partner | Nexus Advanced Technologies Inc. (NXAT) | 20-F 2026-05-15 | "The KWM production entities operate in an environment characterized by expanding multi-platform demand: beyond Netflix, HBO Max launched a multi-year content partnership with CJ ENM's TVING service ac…" |
| competitor | GRUPO TELEVISA, S.A.B. (TV) | 20-F 2026-04-30 | "Our pay-TV companies face competition from IPTV, AVOD or over-the-top ("OTT") providers such as Netflix, Disney+, Claro Video, Prime Video (Amazon), HBO Max, Apple TV+ and YouTube among others, as wel…" |
| competitor | SK TELECOM CO LTD (SKM) | 20-F 2026-04-29 | "Furthermore, our IPTV and cable TV services are facing an increasing level of competition from global operators of online video streaming platforms, such as YouTube, Netflix, Disney Plus and Apple TV,…" |
| partner | AZUL SA (AZUL) | 20-F 2026-04-03 | "In October 2021, we entered into a strategic partnership with Disney to offer a unique experience to our customers through our "magical fleet"." |
| partner | Xsolla SPAC 1 (XSLL) | 10-K 2026-03-31 | "where he forged partnerships with major international game companies like Activision and Disney and helped elevate the local market into" |
| competitor | READING INTERNATIONAL INC (RDIB) | 10-K 2026-03-31 | "The continued dominance of streaming subscription services such as Netflix, Amazon Prime Video, Disney/Hulu, and Apple continues to create competition for the traditional theatrical experience offered…" |
| competitor | Kartoon Studios, Inc. (TOON) | 10-K 2026-03-31 | "We compete against other creators of children's content including Disney, Nickelodeon, Netflix, Hulu, PBS" |
| partner | TIM S.A. (TIMB) | 20-F 2026-03-30 | "premium partnership benefits with the major entertainment brands in streaming: Amazon, Paramount, Netflix, Disney, etc." |
| partner | Vera Bradley, Inc. (VRA) | 10-K 2026-03-27 | "•We continued another year of product collaborations with iconic brands such as Disney, Peanuts, Harry Potter, and Gilmore Girls which resonate with our customers." |
| partner | Getty Images Holdings, Inc. (GETY) | 10-K 2026-03-16 | "•Over 75 exclusive editorial content partners, such as AFP, Disney, Globo, ITN, Bloomberg, BBC Studios, CBS, The Boston Globe, Fairfax Media, NBC News Archives and Sky News, who rely upon Getty Images…" |
| partner | COCA-COLA EUROPACIFIC PARTNERS plc (CCEP) | 20-F 2026-03-13 | "the Coca-Cola x Star Wars collaboration with Disney saw" |

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Entertainment | $11.35B | 44.9% | +6.0% | $1.68B | 14.8% |
| Experiences | $9.97B | 39.5% | +9.7% | $3.02B | 30.3% |
| Sports | $4.50B | 17.8% | +4.5% | $858.0M | 19.1% |
| Total revenue | $25.25B | 100% | — | $5.55B | 22.0% |
The lines above cover 102.2% of total revenue.

## Revenue by product line (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Segments | $25.25B | 100.0% | +6.8% |
| Service | $22.68B | 89.8% | +6.9% |
| Entertainment Third Party | $11.19B | 44.3% | +5.6% |
| Subscription and affiliate fees | $7.54B | 29.9% | +11.5% |
| Sports Third Party | $4.09B | 16.2% | +3.1% |
| Theme park admissions | $3.25B | 12.9% | +8.6% |
| Resorts and vacations | $2.77B | 11.0% | +16.6% |
| Product | $2.57B | 10.2% | +5.6% |
| Retail and wholesale sales of merchandise, food and beverage | $2.54B | 10.0% | +5.8% |
| Advertising | $1.63B | 6.4% | -1.0% |
| Content Sales | $1.60B | 6.3% | -6.0% |
| Other | $409.0M | 1.6% | -9.3% |
| Merchandise licensing | $170.0M | 0.7% | +14.1% |
| Intersegment Eliminations | $159.0M | 0.6% | +43.2% |
| Total revenue | $25.25B | 100% | — |
The lines above cover 340% of total revenue.

## Revenue by region (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $20.06B | 79.4% | +4.7% |
| Europe | $3.18B | 12.6% | +12.3% |
| Asia Pacific | $2.01B | 8.0% | +21.4% |
| Total revenue | $25.25B | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "EX-99.1 2 fy2026_q3xerxex991.htm EARNINGS RELEASE Document Exhibit 99.1 August 5, 2026 To Our Shareholders and the Broader Investment Community, Our strong fiscal Q3 results and reiterated full-year outlook reinforce our confidence that we are uniquely well positioned."
- "Total segment operating income (1) modestly exceeded our prior guidance."
- "Fiscal 2027 outlook: • We continue to expect double-digit growth in adjusted EPS in fiscal 2027, excluding the impact of the 53 rd week."
- "While audience scores for both Star Wars: The Mandalorian and Grogu and fiscal Q4's live action Moana have been strong, both films underperformed our box office expectations."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.69 | $1.77 | -4.5% | $25.19B | 23 |
| Next quarter (ends 2026-12-31) | $1.96 | $1.93 | +1.5% | $27.63B | 10 |
| Current fiscal year (ends 2026-09-30) | $6.93 | $6.82 | +1.7% | $101.55B | 29 |
| Next fiscal year (ends 2027-09-30) | $7.50 | $7.47 | +0.4% | $106.05B | 25 |