The Walt Disney Company released its fiscal third quarter 2026 earnings report today, and the Disney Experiences division posted just under $10 billion in revenue. That’s a 10% increase over the same quarter last year. Segment operating income for Experiences climbed 20% to $3 billion. Disney also disclosed plans to shift the majority of its Consumer Products business out of the Experiences segment and into Entertainment starting in fiscal 2027.
Disney Experiences Revenue and Operating Income for Fiscal Q3 2026
IN THIS ARTICLE:
- Disney Experiences revenue and operating income for the quarter ending June 27th
- Breakdown of domestic and international park results, plus the Consumer Products shift
- Company-wide guidance for the rest of fiscal 2026
Disney Experiences includes theme parks, resorts, cruise ships, and (for now) consumer products. The segment generated $9.968 billion in revenue for the quarter ending June 27th, up 10% from $9.086 billion a year earlier. That builds on the $9.5 billion in revenue the division posted for Q2 2026. Segment operating income increased 20% to $3.017 billion from $2.516 billion in the same quarter last year. Company leadership pointed to three main drivers. Per capita spending grew at domestic parks. The Disney Cruise Line fleet expanded. Merchandise licensing also strengthened.
Domestic Parks & Experiences revenue reached $7.116 billion for the quarter. That’s an 11% jump from $6.403 billion the prior year. Domestic operating income rose 27% to $2.088 billion. International parks brought in $1.787 billion in revenue, a 6% increase, but operating income there fell 13% to $369 million. Disney pointed to continued softness in its Asia parks, a trend the company expects to continue into fiscal Q4.
Cruise Line and Per Capita Spending Drive Growth
Resorts and vacations revenue rose 17% to $2.766 billion. Disney credited additional passenger cruise days for most of that increase. The quarter marked the first full quarter of operation for the Disney Destiny and Disney Adventure, the line’s two newest ships. Together, the pair increased stateroom capacity by roughly 50% compared to the prior-year quarter. Disney said it remains encouraged by current occupancy and forward bookings for both ships.
Per capita spending at domestic parks grew 4% for the quarter. Disney said that growth reflects fans’ willingness to spend more on the parks experience. The company also recorded a roughly $100 million tariff refund during the quarter, reversing payments made earlier in the fiscal year. Disney cautioned that additional refunds in coming quarters should be small. That tariff refund alone represented about four points of the segment’s 20% operating income growth.
Global guests, a metric combining domestic and international park attendance with cruise passenger days, grew 4% compared to the prior-year quarter. Domestic park attendance was up 3% for the quarter, and Disney said Walt Disney World had a standout quarter. The company cited healthy core attendance from domestic tourists and annual passholders along with effective summer promotions.
Consumer Products Shift and Fiscal Q4 Guidance
Disney also announced plans to shift much of its Consumer Products business out of Experiences and into Entertainment, effective fiscal 2027’s first quarter. The move is meant to bring monetization of its intellectual property closer to the studios that create that IP. It should also make Entertainment’s reporting more comparable to how peer companies present their own results. This lines up with earlier reporting that Consumer Products would move the majority of its operations to Disney Entertainment Studios starting in October 2026. That reporting cited a joint memo from Disney Experiences chairman Thomas Mazloum and Disney Entertainment Studios chairman Alan Bergman. No leadership changes have been announced as part of the shift. The company plans to share more details as the transition progresses through the rest of the year.
Within the current quarter’s results, Consumer Products revenue rose 7% to $1.065 billion. Operating income for that business grew 26% to $560 million. Strong Toy Story 5 and Star Wars: The Mandalorian and Grogu merchandise sales were the key drivers, per Disney.
Looking ahead, Experiences segment operating income growth should now come in at the high end of Disney’s previous high-single-digit guidance for the full fiscal year, excluding the impact of the extra week in fiscal 2026’s calendar. The company reiterated that it expects another quarter of global guest growth in fiscal Q4, even with continued consumer softness in Asia. Experiences segment operating margin sat at approximately 30% for the first nine months of fiscal 2026, a figure Disney says reflects healthy cumulative returns on its recent investments.
Company-wide, Disney reported total revenue of $25.248 billion for the quarter, a 7% increase. Adjusted earnings per share came in at $2.06, up from $1.61 in the same quarter last year. Disney reiterated its full-year guidance for adjusted EPS growth of approximately 12%, excluding the impact of the 53rd week. The company is now targeting at least $9 billion in share repurchases for fiscal 2026.
Keep Reading:
- Disney Parks Division Records $10 Billion in Revenue for Q1 2026: Look back at how the Experiences division opened the fiscal year before this quarter’s results.
- $9.5 billion in revenue the division posted for Q2 2026
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