2017-02-27azvalor Asset ManagementNeutralQuarterly letter 4Q2016Detail →
2016-12-31Giverny CapitalNeutralGiverny Capital Annual Letter to Partners 2016Detail →
2015-12-31Giverny CapitalBullGiverny Capital Annual Letter to Partners 2015Detail →
2014-12-31Giverny CapitalBullGiverny Capital Annual Letter to Partners 2014Detail →
2013-12-31Giverny CapitalNeutralGiverny Capital Annual Letter to Partners 2013Detail →
Earnings Callsⓘ
Q2 2026May 6, 2026
›
This quarter's results exceeded expectations, with the core driver being stronger-than-expected revenue growth.
Total revenue grew 7% year-over-year, segment operating profit increased 4%, and entertainment SVOD revenue growth accelerated from 11% to 13%.
The experiences business benefited from the Asian debut of the Disney Adventure and the opening of Frozen World in Paris, reaching a quarterly high; streaming improved product experience to reduce churn, and ESPN enhanced live features; Zootopia 2 grossed $1.9 billion globally and drove over 1 billion hours of streaming.
Management reiterated full-year adjusted EPS growth of 12%, and double-digit growth for the next year (both excluding the impact of the 53rd week), with domestic parks' Q3 attendance expected to improve sequentially.
Management's tone was positive, emphasizing technology investments as long-term catalysts, but attention should be paid to the pace at which international visitors and headwinds from Epic Universe subside.