Disney reported $712 million in combined Disney+ and Hulu operating profit for the third quarter of fiscal 2026, according to The Wrap, more than doubling the figure from the same period last year. Entertainment streaming revenue reached $5.5 billion, up 11% year over year, with subscription revenues climbing 15% and advertising revenue up 3%.
Total company revenue for the quarter was $25.25 billion, up 7%, with adjusted earnings per share of $2.06. Toy Story 5, which crossed $1 billion at the global box office, helped drive both theatrical and streaming performance. Disney Experiences contributed $3.02 billion in profit, a 20% increase, on $9.97 billion in revenue.
The results mark one of the cleaner quarters since Josh D'Amaro became CEO in early 2026. His most significant structural move announced alongside the earnings: Consumer Products will shift from the Experiences division into the Entertainment unit. The reorganization reflects D'Amaro's stated goal of building Disney+ into a super app, one that aggregates streaming, parks access, games, and merchandise within a single platform.
The company is also exploring a free Disney+ tier and plans to merge Disney+ and Hulu into a unified standalone app by the end of the year. Disney said it is tripling its slate of local original series over the next three years.
Disney sold its 50% stake in A+E Media to Hearst for $1.2 billion and announced at least $9 billion in stock buybacks for 2026. The company is targeting roughly 16% adjusted earnings per share growth for the full fiscal year and forecasts $4.9 billion in Q4 operating profit.
Whether D'Amaro's super app vision holds depends on how cleanly the app merger lands. Disney+ has been profitable. The harder question is whether one platform can carry everything the company wants to put inside it.