Josh D'Amaro's First Earnings Call as Disney CEO Lands a Fiscal Q2 Parks Record, with Walt Disney World, Disneyland, and Shanghai Flagged as 2026 Capital Investment Priorities

The new Disney CEO just told Wall Street the parks segment posted a fresh fiscal Q2 record. Josh D'Amaro delivered his first earnings call as CEO this morning, the company's Experiences segment (parks and cruises) posted record fiscal Q2 revenue and operating income, total Disney revenue was up 7 percent year over year to $25.17 billion, and per TheWrap, the 2026 capital expenditure is concentrated on the new cruise ship plus expansions at Walt Disney World, Disneyland, and Shanghai Disney Resort.

From D'Amaro's prepared Experiences remarks (per the official Walt Disney Company Q2 FY26 commentary): "the strong demand that we're seeing for these attractions reinforces our confidence in the long-term opportunity across our portfolio of experiential assets, parks, cruise line, and immersive experiences alike." That is the line WDW capex bulls will cite over the next eighteen months.

Rock 'n' Roller Coaster Starring The Muppets, opening May 26 at Hollywood Studios. The kind of "new lands to our parks" capex D'Amaro flagged on the call. Image: Disney Parks Blog.

The numbers

• Total Q2 revenue: $25.17 billion, up 7 percent year over year.
• Disney Experiences segment: $9.49 billion in revenue (up 7 percent) and $2.62 billion in operating income (up 5 percent). Both fiscal Q2 records.
• Adjusted EPS: $1.57, up 8 percent. That beat the Wall Street consensus of $1.49 EPS on $24.78 billion in revenue (LSEG, via CNBC).
• Disney shares jumped on the report, with multiple outlets noting an 8 percent intraday move.
• Streaming (Disney+ and Hulu) posted operating income up 88 percent year over year to $582 million on $5.49 billion in revenue.
• Domestic theme park attendance was down 1 percent year over year. Per-guest spend carried the segment.

What it means for Walt Disney World

D'Amaro explicitly named Walt Disney World, Disneyland, and Shanghai Disney Resort as the top destinations for 2026 capital investment, alongside the new cruise ship expansion. For our local readers, that puts a CEO seal on the slate that has been rolling out across spring and summer:

• Big Thunder Mountain Railroad, reopened Sunday May 3 with new track, more than 2,000 bats, and a 38-inch height bar.
• Rock 'n' Roller Coaster Starring The Muppets opens May 26 at Hollywood Studios.
• Soarin' Across America debuts May 26 at EPCOT, replacing Soarin' Around the World after its final flights earlier in the month.
• Mickey's Not-So-Scary Halloween Party 2026 kicks off August 7, with resort-guest pre-sale that opened yesterday and public on-sale next Tuesday.
• EPCOT International Food and Wine Festival runs August 27 through November 21 with new debut items already announced.
• Tropical Americas at Animal Kingdom and the Cars-themed Piston Peak National Park at Magic Kingdom continue construction, with walls visible along the Frontierland edge today.

Soarin' Across America at EPCOT, debuting May 26. Image: Disney Parks Blog.

The macro hedge

D'Amaro and CFO Hugh Johnston paired the bullish parks message with a careful read on demand. Their joint phrasing on the call: "Current demand at our domestic parks and resorts is healthy. However, we are mindful of the macroeconomic uncertainty consumers are facing today."

That hedge is consistent with the 1 percent attendance dip on the domestic side. Disney is not signaling weakness, but it is signaling caution. The growth in Experiences came from per-guest spend (food, beverage, premium experiences, hotel mix), not gate count. Watch that line on subsequent calls if domestic park attendance keeps drifting.

The capital allocation read

• At least $8 billion in fiscal-2026 share repurchases while still funding the largest capital investment plan in Experiences history. The buyback signals confidence in cash flow.
• 2026 capex is concentrated on the new cruise ship plus expansions at Walt Disney World, Disneyland, and Shanghai Disney Resort.
• Streaming OI nearly doubled to $582 million, with the entertainment streaming margin clearing 10.6 percent (its first double-digit quarter, per Variety). Disney+ and Hulu have been profitable since fiscal 2024, so there is clear runway to fund the parks capex slate D'Amaro flagged.

Quick planner notes

• D'Amaro's first call as CEO landed cleanly. No surprises, no walk-backs, and the parks-pipeline framing is on the record now.
• Bookmark D'Amaro's long-term-opportunity line. The verified TWDC commentary phrasing ("the strong demand that we're seeing for these attractions reinforces our confidence in the long-term opportunity across our portfolio of experiential assets") will get cited every time a new WDW expansion drops over the next 18 months.
• Domestic attendance is the one yellow flag. Down 1 percent. If your trip is mid-week, expect mid-week to keep feeling slightly lighter than 2024 levels through summer.
• Cast Member preview registration for Soarin' Across America and Rock 'n' Roller Coaster Starring The Muppets is rolling out this week, per Cast-portal reporting. Both attractions debut May 26.

Sources

• The Walt Disney Company: Q2 FY26 CEO Commentary
• Variety: Disney Q2 FY26 earnings recap
• CNBC: stock pop and first report under D'Amaro
• TheWrap: capex breakdown citing WDW, Disneyland, Shanghai

Image credits: Disney Parks Blog.