Walt Disney's free cash flow fell 24% to $5.74 billion in the first nine months of fiscal 2026 as heavier investment in its Experiences business pushed cash outflows higher. Operating cash flow came in at $12.5 billion, down from $13.6 billion a year earlier, while investments in parks, resorts and other property rose to $6.78 billion from $6.11 billion. Disney expects fiscal 2026 capital expenditures of approximately $9 billion, up from $8 billion in fiscal 2025, and is targeting about $24 billion of produced and licensed content spending, including sports rights, versus $23 billion last year. The spending is already showing results: third-quarter 2026 free cash flow rose 63% year over year to $3.07 billion, Experiences revenues gained 10% and operating income rose 20%, while the 2026 global box office surpassed $4 billion and Toy Story 5 exceeded $1.1 billion in September. Disney shares have dropped 8.3% over the past year, and the Zacks Consensus Estimate for fiscal 2026 earnings stands at $6.91 per share, up 3 cents over the past 30 days, against $5.93 per share reported in fiscal 2025.
Walt Disney CompanyFree cash flow fell 24% to $5.74B in the first nine months of fiscal 2026 as capex and content spending climbed, with fiscal 2026 capex guided up to ~$9B.
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