Company | The Walt Disney Company |
Ticker | DIS (NYSE) |
Reporting Period | Fiscal Q3 2026 (quarter ended June 28, 2026) |
Earnings Date | August 5, 2026 — 8:30 AM ET Webcast |
Prepared | August 4, 2026 |
Sector ETF Benchmark | XLY (Consumer Discretionary Select Sector SPDR) |
Key Takeaway: Setup is constructive but not a slam dunk — the bar is achievable on SVOD margin and Experiences, but a guided ~14% decline in Sports operating income and softening Orlando attendance (per Comcast’s Q2 read-through) introduce meaningful downside risk to the headline segment mix.
Heading into fiscal Q3 2026, Disney’s consensus bar looks reasonable rather than demanding: the Street is modeling adjusted EPS of $1.84 (down from the post-Q2 print baseline of $1.87) and total revenue of $25.4 billion, both of which management’s own Q3 total segment operating income guidance of ~$5.3 billion implicitly supports. Management’s tone on the May 6 call was notably more confident than a year ago — the “earnings compounder” thesis was extended into FY2027 with a new double-digit EPS growth commitment, and the share repurchase target was raised to at least $8 billion — but estimates have drifted modestly lower since the print (Q3 EPS consensus slipped from $1.87 to $1.84), suggesting the market is pricing in some macro caution rather than a clean beat. The biggest swing factor is domestic parks attendance: management guided Q3 attendance to improve versus Q2’s 1% decline, but Comcast’s July 23 earnings call explicitly flagged that “attendance across the broader Orlando market began to soften in June and that trend has continued into the third quarter,” driven by weaker consumer sentiment and higher travel costs — a direct read-through that could pressure Experiences operating income below the $2.79 billion consensus. On the positive side, the theatrical slate (Zootopia 2 at $1.9B global box office, The Devil Wears Prada 2 strong opening) and SVOD margin trajectory (10.6% in Q2, guided ≥10% for the full year) provide credible upside levers, and Live Nation’s Q2 call confirmed “no consumer concerns” and double-digit fan growth in Q3/Q4, which is a positive read for the broader experiences category. The wildcard is the FCC/ABC license review: while unlikely to affect the print directly, any escalation could weigh on sentiment and the linear network valuation narrative heading into the call.
Key Takeaway: Consensus sets a moderate bar — SVOD operating income and Experiences are the two biggest swing factors, with Sports a known headwind (guided -14% YoY). The Street is looking for continued streaming margin expansion and a parks attendance recovery to validate the H2 acceleration thesis.
KPI | Last Quarter Actual (Q2 FY2026) | Prior Year Period (Q3 FY2025) | Q3 FY2026 Consensus Estimate | YoY Change (Est. vs. PY) | Guidance (Last Earnings Call) | Consensus vs. Guidance |
Total Revenue ($B) | $25.17B | $23.65B | $25.41B | +7.4% | ~$25.4B (implied by ~$5.3B total segment OI guidance) | ~Inline |
Adj. EPS — Diluted Operating ($) | $1.57 | $1.61 | $1.84 | +14.3% | FY2026 ~12% growth (excl. 53rd wk); Q3 implied by $5.3B total seg. OI | Consistent with guidance |
SVOD Operating Income ($M) | $582M | $329M | $627M | +90.6% | ≥10% SVOD margin for full FY2026 | Tracking above floor |
Experiences Operating Income ($B) | $2.615B | $2.516B | $2.789B | +10.9% | High-single-digit FY growth; Q3 attendance improvement vs. Q2 | Slightly above implied guidance |
Sports Operating Income ($M) | $652M | $1,037M | $897M | -13.5% | Q3 Sports OI guided -~14% YoY; FY mid-single-digit growth | Inline with guidance |
Disney+ Subs ex-Hotstar (M) | 134.8M | 127.7M | 136.5M | +6.9% | No specific sub guidance; focus on SVOD revenue & OI | N/A — not guided |
Source: Visible Alpha Consensus and Actuals Data. All consensus figures as of August 4, 2026. Prior year actuals from VA reported figures. Guidance from DIS Q2 FY2026 Earnings Release and Earnings Call, May 6, 2026.
Quarter | KPI | Reported | Consensus | Surprise % | Result |
Q2 FY2026 | Adj. EPS | $1.57 | $1.49 | +5.4% | Beat |
Q2 FY2026 | Experiences OI | $2.615B | $2.549B | +2.6% | Beat |
Q1 FY2026 | Adj. EPS | $1.63 | $1.56 | +4.5% | Beat |
Q1 FY2026 | Experiences OI | $3.309B | $3.211B | +3.1% | Beat |
Q4 FY2025 | Adj. EPS | $1.11 | $1.04 | +6.7% | Beat |
Q4 FY2025 | Experiences OI | $1.878B | $1.913B | -1.8% | Miss |
Q3 FY2025 | Adj. EPS | $1.61 | $1.48 | +8.8% | Beat |
Q3 FY2025 | Experiences OI | $2.516B | $2.462B | +2.2% | Beat |
Q2 FY2025 | Adj. EPS | $1.44 | $1.20 | +20.7% | Beat |
Q2 FY2025 | Experiences OI | $2.491B | $2.367B | +5.2% | Beat |
Q1 FY2025 | Adj. EPS | $1.76 | $1.45 | +21.4% | Beat |
Q1 FY2025 | Experiences OI | $3.110B | $2.977B | +4.5% | Beat |
Q4 FY2024 | Adj. EPS | $1.14 | $1.11 | +2.7% | Beat |
Q4 FY2024 | Experiences OI | $1.659B | $1.666B | -0.4% | Inline |
Q3 FY2024 | Adj. EPS | N/A — pre-VA coverage | N/A | N/A | N/A |
Q3 FY2024 | Experiences OI | N/A — pre-VA coverage | N/A | N/A | N/A |
Pattern: Disney has beaten adjusted EPS consensus in 7 of the last 7 fully covered quarters, with beats averaging ~7% — a consistent track record that sets a high bar for the Street to set conservative estimates. Experiences OI has beaten in 6 of 7 quarters, with the lone miss in Q4 FY2025 driven by known Epic Universe headwinds. Source: Visible Alpha Consensus and Actuals Data.
Key Takeaway: Guidance has been stable-to-slightly-upgraded since the May 6 print — Sports OI was revised upward from low-single-digit to mid-single-digit FY growth (incorporating the NFL Network transaction), while all other metrics remain unchanged. Management tone has shifted from defensive to confident, with the FY2027 double-digit EPS growth commitment marking the most significant forward signal.
Metric | Initial Guidance (Q2 FY2026 Earnings Call, May 6, 2026) | Revised Guidance | Current Consensus | Note |
FY2026 Adj. EPS Growth | ~12% growth excl. 53rd week; ~16% incl. 53rd week | — | $6.81 (FY2026 consensus) | Unchanged; consensus tracking slightly below implied guidance midpoint |
FY2027 Adj. EPS Growth | Double-digit growth excl. 53rd week impact | — | $7.45 (FY2027 consensus) | New guidance introduced at Q2 call; extends earnings compounder thesis |
Q3 FY2026 Total Segment OI | ~$5.3 billion | — | ~$5.3B (implied by segment consensus) | Consensus tracking inline with guidance |
Q3 FY2026 Sports OI | ~-14% YoY (driven by higher programming costs incl. new rights timing) | — | $897M (-13.5% YoY) | Consensus inline with guidance; known headwind from rights timing |
FY2026 Sports OI Growth | Mid-single-digit % growth (incl. NFL Network transaction) | ↑ Raised from low-single-digit at Q2 call; NFL Network incorporated | $3.05B (+3.5% vs. FY2025) | ↑ Raised on Q2 call; NFL Network transaction added ~$0.03 dilution to adj. EPS |
SVOD Operating Margin (FY2026) | ≥10% for full FY2026 (first double-digit margin achieved in Q2 at 10.6%) | — | $2.40B SVOD OI (FY2026 consensus) | Tracking above floor; management aspires to “margin expansion in chunks” |
Share Repurchases (FY2026) | At least $8 billion (raised from $7B target) | ↑ Raised at Q2 call from $7B | N/A — not in VA | ↑ Raised at Q2 earnings; $5.5B completed through H1 FY2026 |
Q3 Domestic Parks Attendance | Improvement vs. Q2’s -1% YoY decline; international visitation headwinds easing | — | N/A — not in VA | Key risk: Comcast Q2 call flagged broader Orlando softening in June/Q3 |
Source: DIS Q2 FY2026 Earnings Release and Earnings Call Transcript, May 6, 2026; Visible Alpha Consensus and Actuals Data.
Key Takeaway: Estimates have drifted modestly lower since the Q2 print across all key metrics — Q3 EPS is down ~1.3% from the post-print baseline, and FY2026 EPS is down ~0.5% — suggesting the market is pricing in some macro caution (parks softness, consumer sentiment) rather than a structural downgrade. The gap between current consensus and guidance remains narrow, leaving limited cushion if Experiences disappoints.
KPI (Period) | Estimate ~5 Days Post Q2 Earnings (May 13, 2026) | Current Consensus (Aug 4, 2026) | Estimate Δ (%) | Initial Guidance (Q2 Call) | Current Guidance | Guidance Δ | Consensus vs. Guidance (%) |
Adj. EPS — Q3 FY2026 | $1.867 | $1.842 | -1.3% | Implied by ~$5.3B total seg. OI | Unchanged | — | Inline |
Adj. EPS — FY2026 | $6.844 | $6.810 | -0.5% | ~12% growth excl. 53rd wk | Unchanged | — | Slightly below implied midpoint |
Total Revenue — Q3 FY2026 | $25.46B | $25.41B | -0.2% | N/A (not explicitly guided) | Unchanged | — | N/A |
Total Revenue — FY2026 | $102.13B | $101.89B | -0.2% | N/A (not explicitly guided) | Unchanged | — | N/A |
Experiences OI — Q3 FY2026 | $2.831B | $2.789B | -1.5% | High-single-digit FY growth; Q3 attendance improvement vs. Q2 | Unchanged | — | Slight downward drift; Comcast read-through a risk |
Experiences OI — FY2026 | $11.074B | $11.019B | -0.5% | High-single-digit FY growth | Unchanged | — | Tracking guidance |
SVOD OI — Q3 FY2026 | $635M | $627M | -1.3% | ≥10% SVOD margin for FY2026 | Unchanged | — | Tracking above floor |
SVOD OI — FY2026 | $2.404B | $2.395B | -0.4% | ≥10% SVOD margin for FY2026 | Unchanged | — | Tracking above floor |
Source: Visible Alpha Consensus and Actuals Data. Post-Q2 baseline as of May 13, 2026 (5 trading days post-print). Current consensus as of August 4, 2026. Guidance from DIS Q2 FY2026 Earnings Release and Earnings Call, May 6, 2026.
Estimates have drifted uniformly lower across all KPIs since the Q2 print, with Experiences OI showing the largest relative decline (-1.5% for Q3), consistent with the Comcast read-through on Orlando softening. SVOD OI estimates have been more resilient, reflecting confidence in the streaming margin trajectory. The modest downward drift in EPS (-1.3% for Q3) suggests the market is cautiously adjusting for macro uncertainty rather than pricing in a structural miss.
Key Takeaway: DIS has underperformed both XLY and the S&P 500 since the Q2 earnings print on May 6, driven almost entirely by multiple compression (NTM P/E contracted from ~18x to ~14.5x over 6 months) rather than estimate cuts — suggesting the market is discounting the earnings compounder thesis rather than revising it away.
Since the Q2 FY2026 earnings date (May 6, 2026), DIS has declined approximately -9.1% (from $108.06 to $98.18 as of August 4, 2026), while XLY declined approximately -1.3% (from $119.87 to $118.29) and the S&P 500 (SPY) gained approximately +5.1% (from $733.83 to $771.33). DIS has meaningfully underperformed both benchmarks over the period. The stock hit a post-earnings high of ~$108.66 on May 7 before declining steadily through late July, reaching a trough of ~$92.83 on July 23 (the day Alphabet’s capex-driven selloff hit the broader market). DIS partially recovered to ~$98 by early August. The underperformance is primarily multiple-driven: NTM EV/EBITDA compressed from ~10.8x (6 months ago) to ~9.5x currently, and NTM P/E from ~18x to ~14.5x — both well below historical averages — while estimate revisions have been only modestly negative. Key events during the period include: ESPN/NFL Network layoffs announced July 21–23; FCC/ABC license review escalation (July 28–30); and the broader market selloff on July 23 tied to Alphabet’s capex guidance. Source: Stock Price Data (Yahoo Finance); Stock Performance Decomposition Data.
Chart: DIS vs. XLY vs. S&P 500 — Indexed to 100 at May 6, 2026 (Last Earnings Date)
Date | DIS (Indexed) | XLY (Indexed) | SPY (Indexed) |
May 6, 2026 (Earnings Day) | 100.0 | 100.0 | 100.0 |
May 29, 2026 | 94.2 | 100.8 | 103.1 |
Jun 30, 2026 | 89.1 | 97.8 | 101.8 |
Jul 23, 2026 (Trough) | 85.9 | 90.7 | 100.6 |
Aug 4, 2026 (Current) | 90.9 | 98.7 | 105.1 |
Note: XLY (Consumer Discretionary Select Sector SPDR ETF) selected as the sector benchmark given Disney’s classification in Consumer Discretionary and its diversified exposure to media, parks, and streaming. Indexed values calculated from closing prices. Source: Stock Price Data (Yahoo Finance).
Material Events Since May 6, 2026:
Key Takeaway: The most important development since the Q2 print is Comcast’s explicit disclosure that Orlando market attendance softened in June and continued into Q3 — a direct read-through that puts Disney’s Q3 Experiences guidance at risk. The FCC/ABC license review is the most significant regulatory overhang, though it is unlikely to affect the near-term print.
Key Takeaway: Peer commentary is mixed but skews cautious for Experiences and constructive for theatrical and live entertainment. The most actionable read-through is Comcast’s explicit Orlando softening disclosure, which directly challenges Disney’s Q3 parks attendance guidance. Live Nation and Royal Caribbean provide offsetting positives on consumer demand for premium experiences.
Note: Only commentary addressing the current reporting quarter (Disney fiscal Q3 2026, ending June 28, 2026) or forward periods is included below. Prior-quarter results commentary from peers has been excluded.
Comcast provided the most direct and actionable read-through for Disney’s domestic parks. Management disclosed that “the operating environment has softened more than we anticipated” and that “attendance across the broader Orlando market began to soften in June, and that trend has continued into the third quarter.” The softening was attributed to “some weakness in consumer sentiment and higher travel costs affecting demand.” Importantly, Comcast noted that Epic Universe itself “continues to perform well and is delivering the strong guest response we expected” — meaning the softness is in the broader Orlando market, not Epic-specific. Comcast does not view this as a “permanent change in the outlook” and maintained its long-term parks thesis, but the near-term Q3 headwind is explicit.
Read-Through to DIS: This is the single most important peer data point for Disney’s Q3 print. Disney guided Q3 domestic parks attendance to “improve versus Q2’s modest decline” — but Comcast’s disclosure suggests the broader Orlando market (where Walt Disney World is the dominant player) was softening in June and into Q3. This puts the $2.789B Experiences OI consensus at risk and could be the primary source of a miss if attendance trends did not recover as management expected. The silver lining: Disney’s per capita spending growth (+5% in Q2) and cruise expansion (Disney Adventure launched March 2026) provide partial offsets.
Royal Caribbean reported “better than expected close-in demand” and noted that “demand for vacation experiences continues to strengthen, driven by a healthy experience-seeking consumer.” The company raised full-year EPS guidance to $17.73–$17.87 (from $17.10–$17.50) and noted that “travel remains the number one leisure category where consumers intend to spend more.” However, RCL also flagged that “the ongoing conflict in the Middle East has modestly weighed on bookings for select itineraries, primarily impacting Q3,” and that Q3 net yields are expected to be “roughly flat” due to deployment mix and geopolitical headwinds, with yield growth re-accelerating in Q4. Book position for 2027 is “at record pricing” and “pacing ahead of historical levels.”
Read-Through to DIS: Broadly positive for Disney’s cruise business (Disney Adventure launched in Singapore, booked out for a full season) and the long-term Experiences thesis. The close-in demand strength and record 2027 pricing are constructive for Disney’s cruise expansion. The geopolitical headwind on international itineraries is a modest risk for Disney’s international parks (particularly Disneyland Paris and Hong Kong). The overall consumer demand picture — “incredibly resilient” with consumers prioritizing “building memories and experiences” — is a positive backdrop for Disney Experiences.
Live Nation CEO Michael Rapino stated explicitly: “We’ve seen no consumer issues to date in terms of purchasing.” The company reported fan counts “up over 10% across all genres, venues, and geographies” and confirmed that “2026 is going to be an absolute record year” with “strong, strong Q3 and Q4.” Per-capita on-site spending is “up across the board,” with food & beverage, liquor, and premium ticket categories all growing. CFO Joe Berchtold confirmed that “all the fan growth in the U.S. will be in the second half, and we expect double-digit fan growth year-on-year in each of Q3 and Q4 for the U.S.” Early 2027 bookings are also described as strong, with a “big percentage of bookings already in for next year.”
Read-Through to DIS: Strongly positive for Disney’s Experiences segment and the broader consumer discretionary entertainment thesis. The “no consumer concerns” message and double-digit fan growth in Q3/Q4 suggest that the live entertainment consumer is healthy and spending freely on premium experiences — a positive backdrop for Disney’s parks, resorts, and cruise lines. The per-capita spending growth at Live Nation venues is directionally consistent with Disney’s own +5% per capita spending in Q2 and supports the yield management thesis.
Netflix issued a disappointing Q3 revenue guidance that was below Wall Street expectations, fueling concerns about slowing engagement and intensifying competition in the streaming market. Shares fell sharply on the guidance miss. Netflix is in talks to add “Hot Ones” (First We Feast) to its slate, with new episodes publishing simultaneously on Netflix and YouTube — signaling continued content diversification. Netflix also hired Hall of Fame linebacker Luke Kuechly as its lead NFL game analyst for its five NFL games this season, reinforcing its sports content push.
Read-Through to DIS: Mixed. Netflix’s Q3 guidance miss suggests the streaming market is maturing and that subscriber/revenue growth is becoming harder to sustain at scale — a potential headwind for Disney’s SVOD revenue growth aspirations. However, Disney’s bundling strategy (Disney+/Hulu/ESPN), its unique IP portfolio, and its shift to profitability metrics (rather than subscriber counts) differentiate its narrative. Netflix’s sports content push (NFL games, Luke Kuechly) is a competitive signal for ESPN’s DTC positioning.
Peacock achieved profitability for the first time in Q2 2026, generating $189M in EBITDA, with revenue up 54% (distribution +50%, advertising +70%). Peacock added 2 million paid subscribers in each of the last two quarters, reaching 48 million paid subscribers. June was Peacock’s “biggest viewership month ever,” fueled by the FIFA World Cup and Love Island. Management noted that “profitability will continue to improve on an annual basis” but will “vary quarter by quarter based on sports schedules and content timing.”
Read-Through to DIS: Positive for Disney’s SVOD margin narrative. Peacock’s achievement of profitability validates the streaming industry’s broader profitability inflection thesis — Disney already crossed the 10% SVOD margin threshold in Q2, and Peacock’s trajectory suggests the market will reward continued margin expansion. The strong advertising revenue growth (+70% at Peacock) is a positive read-through for Disney’s ad-supported tier and ESPN advertising revenue. The World Cup engagement data (record viewership) is also a positive signal for sports content monetization.
Cinemark reported a “historic quarter in Q2,” with worldwide revenue exceeding $1 billion for the first time in company history — “the best box office quarter since the pandemic.” The company set all-time quarterly records across admissions, revenue, concession sales, and per-cap spending. Looking ahead to Q3, Cinemark is “looking forward to building further on the robust performance” with “a tremendous launch of Spider-Man Brand New Day this weekend, along with continued momentum from The Odyssey.” The company noted that younger audience frequency is “up something like 20% year over year,” driven by creator content films. Consumer spending on moviegoing shows “no indications of impact from macro pressures.” For 2027, the slate is described as “very positive,” with “another Avengers Secret Wars, a Frozen 3, a Sonic, another Spider-Man animated film, Minecraft” among the highlights.
Read-Through to DIS: Strongly positive for Disney’s theatrical segment. The record Q2 box office environment (which included Disney’s “Zootopia 2” at $1.9B global box office and “The Devil Wears Prada 2” strong opening) validates Disney’s content strategy. The Q3 momentum from “The Odyssey” and “Spider-Man Brand New Day” (a Sony/Marvel property) suggests a healthy theatrical market for Disney’s upcoming releases. The 2027 slate mentions (“Avengers Secret Wars,” “Frozen 3”) are direct Disney IP references, confirming strong forward demand for Disney franchises. The 45-day theatrical window is “starting to increase,” which benefits Disney’s theatrical-to-streaming pipeline.
IMAX reported Q2 revenue of $103M (+12% YoY) and adjusted EPS of $0.43 (+65% YoY), beating consensus across virtually every metric. The company highlighted the extraordinary performance of “The Odyssey” (Universal/Nolan), which delivered IMAX’s biggest global opening weekend in history at $52M, with 75% domestic network occupancy and “eye-popping” holds. IMAX remains on track for a record $1.4B in global box office for the full year, with “substantial box office growth” expected in H2 2026. The 2027 slate is described as “very strong,” with “Star Wars Starfighter with Ryan Gosling” and sequels to “Superman” and “Minecraft” among the highlights. IMAX noted that “Disney has obviously been very successful with IMAX before.”
Read-Through to DIS: Positive for Disney’s theatrical and Content Sales/Licensing segment. The record IMAX performance confirms that premium theatrical experiences are in high demand, which benefits Disney’s blockbuster franchise strategy. The 2027 “Star Wars Starfighter” mention is a direct Disney IP reference, signaling strong IMAX partnership potential. The broader “substantial box office growth” outlook for H2 2026 is constructive for Disney’s upcoming theatrical releases.
Peer | Report Date | Key Signal for DIS | DIS Segment Impacted | Direction |
Comcast (CMCSA) | Jul 23, 2026 | Orlando market attendance softened in June, continued into Q3; consumer sentiment & travel costs cited | Experiences (Domestic Parks) | Negative |
Live Nation (LYV) | Jul 30, 2026 | No consumer concerns; double-digit fan growth in Q3/Q4; per-cap spending up across the board | Experiences (Parks, Cruise) | Positive |
Royal Caribbean (RCL) | Jul 28, 2026 | Strong close-in demand; record 2027 pricing; geopolitical headwind on select international itineraries in Q3 | Experiences (Cruise, Intl Parks) | Mixed |
Cinemark (CNK) | Jul 30, 2026 | Record Q2 box office; Q3 momentum from The Odyssey & Spider-Man; 2027 slate mentions Avengers & Frozen 3 | Entertainment (Theatrical, Content) | Positive |
IMAX (IMAX) | Jul 23, 2026 | Record IMAX opening for The Odyssey; substantial H2 box office growth expected; Star Wars Starfighter (2027) highlighted | Entertainment (Theatrical) | Positive |
Netflix (NFLX) | Jul 16, 2026 | Disappointing Q3 revenue guidance; slowing engagement concerns; sports content push (NFL games) | Entertainment (SVOD, ESPN DTC) | Mixed |
Comcast/Peacock (CMCSA) | Jul 23, 2026 | Peacock first-ever profitability ($189M EBITDA); advertising revenue +70%; World Cup drove record viewership | Entertainment (SVOD, Advertising) | Positive |
Key Takeaway: No open-market buys or discretionary sells by senior executives since the Q2 print. All transactions in the period are RSU vesting-related (code M = exercise/conversion, code F = tax withholding, code A = grant) — routine, obligation-driven activity with no directional signal. The absence of any open-market purchases or sales is notable given the stock’s ~9% decline since earnings.
Name | Title | Transaction Type | Shares / Value (Approx.) | Date | Note |
Coleman, Sonia L. | Sr. EVP & Chief People Officer | RSU Vest / Tax Withholding (F) | 559 shares withheld for taxes | Jul 17, 2026 | Obligation-driven; shares withheld to cover tax on RSU vest. Not a discretionary sale. |
Roeder, Paul M. | Sr. EVP & Chief Communications Officer | RSU Vest / Tax Withholding (F) | 343 shares withheld for taxes | Jul 17, 2026 | Obligation-driven; shares withheld to cover tax on RSU vest. Not a discretionary sale. |
Woodford, Brent | EVP, Control, Financial Planning & Tax | RSU Vest (M → A) | 1,162 shares acquired via RSU conversion | Jul 17, 2026 | Routine RSU vesting; no open-market transaction. |
Roeder, Paul M. | Sr. EVP & Chief Communications Officer | RSU Vest / Tax Withholding (F) | 1,119 shares withheld for taxes | Jul 15, 2026 | Obligation-driven; shares withheld to cover tax on RSU vest. Not a discretionary sale. |
Woodford, Brent | EVP, Control, Financial Planning & Tax | RSU Vest / Tax Withholding (F) | 933 shares withheld for taxes | Jul 15, 2026 | Obligation-driven; shares withheld to cover tax on RSU vest. Not a discretionary sale. |
Multiple Directors (Barra, Chang, Darroch, Everson, Froman, Gorman, Lagomasino, McDonald, Rice, Williams) | Board of Directors | Director Compensation Grant (A) | ~955–1,364 shares each (annual director equity grant) | Jun 30, 2026 | Routine annual director equity compensation grants. Not open-market purchases. |
Coleman, Sonia L. | Sr. EVP & Chief People Officer | RSU Vest / Tax Withholding (F) | 1,464 + 291 shares withheld for taxes | Jun 23, 2026 | Obligation-driven; shares withheld to cover tax on RSU vest. Not a discretionary sale. |
Roeder, Paul M. | Sr. EVP & Chief Communications Officer | RSU Vest / Tax Withholding (F) | 550 shares withheld for taxes | Jun 15, 2026 | Obligation-driven; shares withheld to cover tax on RSU vest. Not a discretionary sale. |
Source: SEC Form 4 Filings (Insider Transaction Data). Filing date window: May 6, 2026 – August 4, 2026. Only Form 4 transactions shown. Transaction codes: M = RSU exercise/conversion (acquisition of underlying shares); F = shares withheld for tax (disposition, obligation-driven); A = grant/award; S = open-market sale; P = open-market purchase. No open-market buys (code P) or discretionary open-market sales (code S) were filed by DIS insiders during this period.
Assessment: The complete absence of open-market insider purchases during a ~9% stock decline since the Q2 print is notable — it does not signal bearishness (all transactions are routine RSU-related), but it also does not provide the positive conviction signal that open-market buying would. No 10b5-1 plan initiations were filed during the period. The director equity grants on June 30 are standard annual compensation and carry no informational content.