The Walt Disney Company (DIS)

Outperform Recap: Q2 FY26

Streaming Acceleration, Experiences Record, and a Clean Succession Hand-Off — Upgrading to Outperform from Hold

Hold Recap: Q1 FY26

Streaming Margin Inflection Confirms, But Entertainment OI Drops 35% and FCF Turns Sharply Negative — Maintaining Hold

Hold Recap: Q4 FY25

Theatrical Comps Mask a Constructive FY26 Setup — DTC Profit Pool Compounds, Experiences Hits a Record, Capital Returns Step Up. Downgrading to Hold from Outperform.

Outperform Recap: Q3 FY25

DTC Inflection Sustained, Sports Reaccelerates, NFL/WWE/Hulu Mega-Moves Reframe the Streaming Thesis — Upgrading to Outperform

Hold Recap: Q2 FY25

Streaming Flips to Real Growth, Parks Margins Inflect, FY25 Guide Raised to $5.75 — Initiating Coverage at Hold