Disney Q3 Preview: $25.38B Revenue and Attendance Uptick Projected
DIS•Walt Disney Co's Experiences segment is projected to benefit from a slight uptick in US theme park attendance, partly offset by cruise ship dry dock costs. Analysts forecast $25.38 billion revenue, $5.30 billion operating income and $1.87 EPS for fiscal Q3, with a maintained $125 price target ahead of August 5 report.
1. Park Attendance Trends
Disney’s Experiences segment is projected to see a modest improvement in US theme park attendance compared with the fiscal second quarter, driven by looser consumer spending conditions and lower fuel prices boosting discretionary visits during the summer season.
2. Cruise Ship Dry Dock and Pre-opening Costs
Expected gains from stronger park attendance are anticipated to be partially offset by expenses related to cruise ship dry docks, though year-over-year comparisons benefit from reduced pre-opening costs following fewer park launches in the prior period.
3. Sports and Studio Segment Performance
Strong NBA Finals viewership is expected to bolster the Sports business, while shorter NBA playoff series and an NFL Network blackout on select distributors may limit gains. The Studio segment faces headwinds as The Mandalorian and Grogu installments performed below expectations.
4. Streaming Growth and Financial Outlook
Direct-to-consumer margins have expanded, with the company on track for double-digit SVOD margins in fiscal 2026. Analysts project fiscal Q3 revenue of $25.38 billion, operating income of $5.30 billion, EPS of $1.87, and maintain a $125 price target ahead of the August 5 earnings release.
