Disney’s Q2 gains, Warner Bros. Q1.
Disney released its Q2 2026 results. Here’s the breakdown plus the change from last year:
$11.7bn entertainment revenue (Disney+, Hulu + Linear)
↑ 10%
$1.34bn entertainment operating profit
↑ 6%
$4.7bn streaming revenue
↑ 16%
$582M streaming profit (not including sports)
↑88% - price hikes!
$1.72bn gain - Content Sales/Licensing and Other (e.g., Theatrical + TV Licensing)
↑ 8%
Just a note, Disney is no longer breaking out their Linear revenue, profit, or subscribers for Disney+ and Hulu, and studio profit/loss, so it’s hard to see exactly what the growth trends are.
This was CEO Josh D’Amaro’s first quarter as CEO and a very successful one. They’re looking to use AI in all facets of the company, yet no word on exact plans after their deal with Sora got canceled after the AI video-generation app shut down.
Warner Bros. Discovery Q1 2026 results tell a grand story about where the company is at. Numbers are down all across the board, with the exception of streaming revenue.
Here are the topline Q1 numbers and the change from last year:
$2.92bn net loss Q1
*including $2.8bn fee to Netflix for breakup, repaid if the PSKY acquisition closes
↑ from $494M net loss
$8.89bn revenue
↓ 1%
$2.2bn EBITDA
↑ 5%
$3.13bn studio income
↑35%
$775M profit (↑156%)
↑21% theatrical revenue
140M subs
↑8.4M since last quarter
Projections for 2026: 150M subs
$2.9bn streaming revenue
↑ 9%
$438M profit streaming (vs. Disney’s $582M)
↑ 29%
$4.38bn linear division revenue
↓ 8% overall
↓ 9% profit ($1.63bn)
Bottom line is that WBD faced massive losses that will be repaid, but the studios unite their gallery of Oscar wins and nominations, leading them into massive studio profit. Linear is still shrinking, but there is massive streaming revenue.
So PSKY WBD will now own a metric ton of declining linear assets. Maybe those will get spun off separately at a later date.
As for Paramount+ and HBO, both are doing well, so no word on if those will get smashed together due to operational efficiencies.