Disney's Q2 2026 Earnings Call Live Blog: Leaning Into "One Disney"

Disney is making more than double its earnings in streaming over linear cable networks, but they are not giving up on linear TV quite yet, as they see the networks as ways to produce content that the company can spread over all its content delivery systems.

It's no surprise that AI has come up. Obviously, Disney is saying many of the same things other companies have discussed. They are exploring it on both the content-creation side and the business side, as well as how AI can help fans plan a Disney vacation. The Experiences side of the business seems to be where AI can be implemented the most effectively, on the front-facing side.

More personalized feeds in their streaming services, like SportsCenter for You, and more interactive content are things they are also focused on in their technology.

The second content-focused question is about short-form content and user-generated content. D'Amaro says they serious about building out both of these, as they have become more important to consumers with things like vertical video in Disney+ and how its shown "promise" with engagement. I'm not sure I love this idea, but I certainly understand why Disney is leaning in.

Two questions on the content front. D'Amaro is focused on original IP and "taking creative risk" to try out new IP. He cited Hoppers as an example of this, recently.

D'Amaro is excited about the capital investments made in the last quarter, like the World of Frozen attraction at Disneyland Paris and he has teased some more projects, saying there are more things in the works worldwide at parks than at another time in the company's history.

On the Disney Experiences. Disney is positive on the future of attendance in parks both domestically and internationally, though there are "head winds." Domestic attendance was down, but revenue was up. They are also looking grow their cruise ship fleet up to 13 ships by 2031. That's up from the current eight.

Disney World bookings are up domestically, but they are "mindful" of fuel prices and how that could effect bookings both at parks and on cruise ships this summer.

Now they are answering a question about Disney's partnership with Epic Games, the makers of Fortnight, and how that will fit in. D'Amaro sees the partnership as "feeding" the company with younger fans especially.

D'Amaro is now talking about streaming services and how they want to broaden the way viewers can discover new shows and movies. That's not really a surprise. As for third-party distribution, they will be selective but will continue when the fit is right.

The call is really focused on three things: creative IP, connecting fans through all the divisions, and building out robust technology. Those have been mentioned multiple times.

Past calls with Iger have usually talked about each division separately, but this new era under D'Amaro is focused more on the company as a whole and how the division will interact with each other.

Swinburne is laying out the long-term vision, that includes leaning into existing IP, but encouragingly, he has mentioned new IP they would like to develop.

D'Amaro mentions Paradise and Love Story as great successes at Hulu and is talking about the movies now, mentioning the four big movies the company has in 2026, in addition to two movies that have already been hits, Pixar's Hoppers and last weekend's The Devil Wears Prada 2.

Josh D'Amaro has begun speaking, first thanking Bob Iger for his work as CEO. His opening statement is pretty boilerplate, talking about how Disney is unique in how to reach fans and he's moved on to the numbers for last quarter.

He's talking about how he is pleased with the revenue subscription growth both through new subscribers and advertising.

Dan Swinbrune, Executive VP of Investor Relations, is kicking off the call, explaining how the report will be different.

It's been a good year for the House of Mouse, according to the top line of the earnings report. Revenues were up 7% for Q2 to $25.2 billion, up from $23.6 billion in Q2 of 2025. That was helped along by the huge success of Avatar: Fire and Ash and Zootopia 2, both of which brought in more than a billion dollars each.

I expect Josh D'Amaro will talk about the company's two streaming platforms, Disney+ and Hulu. He laid out their success in his letter to investors on Disney's Q2 earnings report. He'll also likely get into the upcoming movies the company has on the schedule, especially The Mandalorian and Grogu, Toy Story 5, and the Moana live action movie starring Dwayne Johnson which hits theaters in July.

On the parks side, Disney has had a good year so far, but there is no doubt macroeconomic pressures could affect attendance this summer, something he'll no doubt mention as well.