News Disney’s Q2 FY26 Earnings Results Webcast

[Dranth]

Nevermind attendance!

Disney’s revenue is going up as attendance goes down!

Seaworld, Q1 2026, with a net loss of $34.1 million on $278.3 million in revenue. The results, released May 11, 2026, showed a widening loss compared to a $16M loss in Q1 2025.

Disney learned it’s not about attendance, it’s about per capita spending.

I did not realize Seaworld was in so much trouble.

The producers of Blackfish must be proud….

They have both. Attendance has been going up (slowly for the most part) since everything was reset in 2020 and they have been getting increased guest spending.

The issue I think most of us agree on is that you can't continue to do both forever and whatever breaking point exists out there is going to be easier to hit if the economy in general gets moving in the wrong direction.

 

[Sirwalterraleigh]

They have both. Attendance has been going up (slowly for the most part) since everything was reset in 2020 and they have been getting increased guest spending.

The issue I think most of us agree on is that you can't continue to do both forever and whatever breaking point exists out there is going to be easier to hit if the economy in general gets moving in the wrong direction.

Now…never regaining what we think to be between 5 and 8 million sets of feet back…not to mention what should have been a natural increase in the “greatest YUGE economy ever”…can’t be labeled growth.

And we’ve been getting along pretty well…I’ll remind

 

[BrianLo]

Disney rooms are solely to feed secondary spending outside the room, but with the property.
Which really is the scenario no where else.

So “industry standard” never really applied

Not entirely. Their hotel business is quite healthy in its own right. I mentioned earlier that I liked this new change in their reporting that better shows us how the sub-segments are doing. Hotels fall under resorts and vacations and obviously the rest is self explanatory. It’s a pretty big chunk nowadays.

 

[Dranth]

Now…never regaining what we think to be between 5 and 8 million sets of feet back…not to mention what should have been a natural increase in the “greatest YUGE economy ever”…can’t be labeled growth.

And we’ve been getting along pretty well…I’ll remind

True, they never did get those back. It is also true attendance has increased every year post covid. At least so far.

I believe it is safe to say it was a combination of policies and pricing that prevented a full rebound. We can argue all day about if it was intentional or not, but in the end it really doesn't matter. It is what happened and if they weren't happy with it, they could have changed direction by now.

End of the day, they are making a lot more money on less people which I am sure they love but I think most of us also recognize it is going to hurt them long-term.

 

[BrianLo]

The issue I think most of us agree on is that you can't continue to do both forever

That’s really where consistent capital expansion fills its role.

We’ll of course get our next look at it again this summer. I’m not sure if they are entirely there yet and it’s not going to be even (ie DCL will for sure take on an outside portion of growth). But at least they are saying the right things.

 

[HauntedPirate]

It changes based on how many DVC rooms are booked via points or not. Available rooms nights is only room nights that are available for cash booking for the quarter. Q2 FY25 and FY26 were both 90 days. FY 26 has more available rooms nights because lower DVC room bookings by points put more of those rooms on Cash available room nights.

Ok, thanks. I read the little footnote on that but didn't connect the dots between room nights and rooms not occupied by DVC members. Not that they could really sell those rooms in DVC inventory for cash at a moment's notice...

 

[HauntedPirate]

Hey, MK averaged 318 more people per day in 2024 than 2023!

 

[Sirwalterraleigh]

That’s really where consistent capital expansion fills its role.

We’ll of course get our next look at it again this summer. I’m not sure if they are entirely there yet and it’s not going to be even (ie DCL will for sure take on an outside portion of growth). But at least they are saying the right things.

Capital expansion into a mass model without a growing mass clientele sounds kinda Enron

 

[Sirwalterraleigh]

True, they never did get those back. It is also true attendance has increased every year post covid. At least so far.

I believe it is safe to say it was a combination of policies and pricing that prevented a full rebound. We can argue all day about if it was intentional or not, but in the end it really doesn't matter. It is what happened and if they weren't happy with it, they could have changed direction by now.

End of the day, they are making a lot more money on less people which I am sure they love but I think most of us also recognize it is going to hurt them long-term.

What worries me (and dusters should be scared stupid when that happens)…is not That they didn’t get back to the 2019 crowds quickly. That could have just meant the capacity wasn’t comfortable…in addition to the prices being reckless (which they are)…

It’s that there has been no real traction on upward volume the last 4 years when spending has been rising beyond record levels.

If you look at the history of parks - especially wdw - they have had steady rise when economics are strong…only dipping when there are global disruptions across the whole system.

They’ve gone nowhere…which brings up a couple of possibilities:
1. The system is not strong
2. They’re being managed poorly
3. Both


I bet you can guess where I’m leaning?…

 

[Sirwalterraleigh]

Hey, MK averaged 318 more people per day in 2024 than 2023!

And dropped 319 in 2025