Disney (DIS) FY3Q26: Read across from Universal Parks and key debates heading into the print

研报英文原文证据摘录

Disney (DIS) FY3Q26: Read across from Universal Parks and key debates heading into the print

Laurent Yoon +1 917 344 8502 laurent.yoon@bernsteinsg.com 29 July 2026

DISNEY EXPERIENCES REVENUE SOFTNESS IN FYQ3?

Last week, Comcast reported its Q2 2026 earnings, which included a ~3% miss in parks revenue and a ~6% miss in Parks

EBITDA vs consensus estimate heading into the print. More notably, management cited softer attendance at its Orlando parks

beginning in June and continuing through the summer due to weaker consumer sentiment and higher travel costs affecting

demand. In addition, travel and attention on the during the FIFA World Cup also potentially affected attendance(Exhibit 1). This

read has left investors concerned about Disney’s Parks performance in FYQ3.

In prior notes, we have highlighted the strong historical relationship between Comcast’s and Disney’s Parks revenues, driven

by the fact that the performance of both Universal Studios and Disney theme parks are closely tied to the overall health of the

consumer economy. We revisit that analysis here to assess the potential read-across from Comast’s Q2 results to Disney’s

upcoming print.

EXHIBIT 1: CMCSA Orlando Parks saw softer YoY EXHIBIT 2: Similarly, Disney also saw softening crowd

attendance in June, which management attributed levels YoY in June at 3 of 4 Walt Disney World Orlando

to weakened consumer sentiment and rising parks

transportation costs We reference this dataset for directional purposes only - up or down -

We reference this dataset for directional purposes only - up or down - vs. accuracy

vs. accuracy Walt Disney World Parks Avg Monthly Crowd Level

(June 2025 vs June 2026)

NBCU Orlando Parks Avg Monthly Crowd Level 50%

(June 2025 vs June 2026) Jun-25

45%

80% Jun-26

Jun-25 40%

70% Jun-26 35%