Disney released the transcript of its Q3 FY26 earnings call, attended by CEO Josh D'Amaro, CFO Hugh Johnston, and IR chief Ben Swinburne.
Total segment operating income rose 21% on 7% revenue growth, beating prior guidance; Experiences posted record Q3 revenue of $10 billion, up 10%.
Experiences volume held up despite promotions: global guests rose 4%, domestic parks attendance rose 3%, and domestic per-capita spending increased 4%.
Management lifted FY26 share repurchase plans to at least $9 billion from about $7 billion, citing cash previously set aside for an OpenAI deal.
Disney+ delivered a 13% SVOD operating margin; Hulu profile linking launched, with live TV and add-ons slated by year-end, and broader ecosystem features in spring 2027.
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