Disney CEO Josh D’Amaro frames Q3 FY26 results around “One Disney” strategy, Disney+ growth and AI for content creation

The Walt Disney Company used its Q3 FY26 earnings commentary to lay out a single-threaded message: Disney’s franchises work best when they are run as an integrated system, rather than separate businesses competing for attention. CEO Josh D’Amaro, speaking in his first five months as chief executive, told investors that the quarter’s performance shows that coordinating creative and technology across Disney’s platforms and “building seamless fan experiences” can translate into longer-term financial durability.

D’Amaro said his initial focus as CEO has been to ensure the company “execute as one company around a unified strategy.” He pointed to the company’s “fundamental advantage,” which he described as the depth of Disney’s fan relationships, and argued that those connections “translate directly to durable financial returns.” He also acknowledged a more crowded consumer environment, saying people have more options than ever for how to spend their time, but adding that Disney’s results indicate consumers still choose Disney.

He linked the approach to three stated priorities. First, he said Disney is investing in creative excellence and what he called “world-class IP,” or intellectual property that can be reused across formats. Second, he emphasized technology as a growth lever, saying it can accelerate performance and improve returns. Third, he said the company is deepening direct relationships with fans by building a “more connected Disney experience.” D’Amaro said these priorities are anchored by Disney’s “One Disney operating model,” which he described as the framework intended to capture value across the portfolio for both fans and shareholders.

Turning to concrete examples, D’Amaro highlighted Disney Experiences, where he said the company is investing to sustain growth and outlined a pipeline that includes major attractions at every site. He cited Villains Land in Orlando, the Avengers Campus expansion in Anaheim, and the previously announced cruise ship expansion as part of that slate.

In studio and content, D’Amaro used the latest Toy Story installment as an example of why Disney believes its storytelling translates into recurring earnings power. He said the franchise has delivered more than $4 billion globally at the box office across five Toy Story films, and more than 2 billion hours streamed on Disney+. He also said that across retailers, the franchise generates more than $1 billion in annual global retail sales, and that it reaches fans across parks and cruises, spanning four immersive lands, 19 attractions and two hotels.

D’Amaro described this integration as a “flywheel,” with one enduring story told across theaters, streaming, retail and physical experiences. He argued that the structure is difficult for competitors to replicate because it connects audience attention to multiple monetization channels. He added that even when franchise films underperform expectations, Disney’s investment in those core properties can still support other parts of the company, pointing to what he said were spillover effects from The Mandalorian and Grogu into Star Wars retail, guest traffic to an updated Millennium Falcon attraction at Disneyland and Walt Disney World, and engagement in gaming. For the live-action Moana, he said it is expected to be a strong performer on Disney+, building on the original film’s streaming success.

While emphasizing the role of Disney+ as the “digital centerpiece” for the company’s IP strategy, D’Amaro also set expectations for international scaling. He said Disney has “work to do scaling Disney+ outside the U.S.” and that management is focused on growth and returns over the long term in under-monetized markets. He described a long-term streaming strategy with two pillars: making the core streaming experience the best in the marketplace and connecting Disney’s businesses into a single digital ecosystem.

For growth internationally, D’Amaro said the company intends to leverage regional relationships and bring regional content onto Disney+ at scale. He also described Disney+ as serving two strategic needs: global reach to develop new fans and consumer data to support personalization. Beyond streaming, he said the same consumer-connection logic extends to sports, with ESPN described as another vehicle to deepen relationships with fans.

In the near term, D’Amaro said Disney+ will continue to add “select premium sports events,” while maintaining ESPN as the primary destination for daily sports content. He characterized live sports as more than a viewership strategy, calling it an “engagement and ecosystem play” that can increase a sports fan’s lifetime value as they interact with Disney’s platforms, parks and digital offerings.

On technology, D’Amaro tied the company’s integrated strategy to emerging tools, saying Disney is leveraging AI to give storytellers innovative methods. He said AI is being used particularly in pre- and post-production workflows, and that it can help personalize content and experiences at scale. At the same time, he stressed that AI is intended to amplify human creativity rather than replace it. He also argued that working more efficiently can be financially meaningful, freeing capital for reinvestment in new content, next-generation guest experiences and technology infrastructure. The executive concluded that Disney has “clarity of purpose,” anchored in storytelling reach, technology leverage and integrated execution.