Disney published its fiscal third-quarter report on 5 August 2026. We are writing about it today, 6 August.
What was reported
| Quarter | Year ago | Change | |
|---|---|---|---|
| Revenue | 25,248 | 23,650 | +7% |
| Year to date | 76,397 | 71,961 | +6% |
In millions of dollars
The letter to shareholders opens: "Our strong fiscal Q3 results..."
And what the 53rd week is
A technical detail that shifts every number in the report
Disney's fiscal year is not 365 days but 52 weeks.
And since 52 weeks is 364 days, every few years the drift accumulates enough to require a whole extra week - the 53rd week.
Fiscal 2026 is such a year.
Which means the year contains one additional trading week compared with last year. So every annual comparison is slightly inflated, and every forecast has to state whether it includes it or not.
And so Disney gives two numbers:
- Growth of approximately 12% in adjusted EPS - excluding the 53rd week
- Growth of approximately 16% - including it
The 4-point gap is entirely the extra week. And the number describing the business is the first one.
The statement about 2027
And here is the part that interests me more than the quarter itself.
Disney reiterates that it expects double-digit adjusted EPS growth in fiscal 2027 as well, excluding the 53rd week.
And the company adds an important note: in the fourth quarter of fiscal 2027 it will lap the quarter that contained the 53rd week - meaning it will absorb the difference against itself.
That is disclosure worth noting. A company stating double-digit growth while in the same breath reminding you it faces a comparison obstacle at year end is giving the investor both sides.
And the outlook for the coming quarter
Total segment operating income in the fourth quarter is expected to be approximately $4.9 billion, including the impact of the 53rd week.
My Angle
A personal opinion of Ilan Abramov - not advice, not a recommendation
Disney is a company that is hard to read in a single quarter, and deliberately so - it is built from engines that behave differently.
Revenue growth of 7% is not a dramatic story. At a company of roughly $100 billion in annual revenue, it mainly says it is not shrinking.
And what I look at is the statement about 2027. A company committing in advance to double-digit EPS growth for a year that has not started sets itself a public bar - something managements avoid when they are unsure.
And what I appreciate in this report is actually the handling of the 53rd week. It is a dull technical detail most companies would bury in a footnote. Disney gives both numbers up front - 12% excluding and 16% including - and also flags in advance that next year the same item works against it.
A company that shows you its own obstacle is reporting honestly. That does not make the stock cheap, but it does say something about disclosure quality.
