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Disney's Q3 Earnings Preview: EPS Growth of 12%

Disneyis scheduled to report results of its fiscal third quarter before the market opens on August 5, with a conference call scheduled for 8:30 am ET. What to watch for:GUIDANCE:Along with its last report, Disney guided for FY26 adjusted earnings per share growth of roughly 12%, excluding the impact of the 53rd week, and that it is targeting at least $8B in share repurchase in FY26. The media giant added that it expects Q3 total segment operating income of roughly $5.3B. Analysts expect Disney to report Q3 EPS of $1.85 on revenue of $25.41B.ANALYSTS BEARISH ON SHARE PRESSURE, CONSUMER CONCERNS:Multiple analysts have cut their price targets on Disney ahead of the quarterly print, citing an array of concerns. Most recently, Jefferies lowered the firm's price target on Disneyto $125 from $132 last week and kept a Buy rating on the shares. Despite positive recent results and "solid" 16% adjusted EPS growth guidance, shares remain under pressure year-to-date, which the firm attributes to broader consumer and engagement concerns. The firm continues to view Disney targets as "achievable," but adds that readthroughs from Netflixand Comcastresults, along with mixed data on U.S. parks and streaming, "likely take some upside off the table."Meanwhile, Citi analyst Jason Bazinet reduced the firm's price target on Disney to $135 from $145 with a Buy rating. The firm sees risk to Disney's fiscal 2026 guidance. While attendance volumes are "healthy" in fiscal Q3, Disney's U.S. attendance growth has been "muted," the analyst tells investors in a research note.Earlier this month, UBS analyst John Hodulik cut the firm's price target on Disney to $133 from $138 and reiterated a Buy rating on the shares. The company is expected to report stronger Q3 EPS growth as first half headwinds ease, driven by high-single-digit Experiences growth and double-digit streaming growth, partially offset by weaker sports profitability from higher rights costs and continued softness at the box office, the analyst told investors in a research note.Additionally, Wells Fargo lowered the firm's price target on Disney to $125 from $146 and kept an Overweight rating on the shares. The firm's believes Disney could unlock roughly 40% upside by returning to a producer-focused model rather than owning distribution, reducing earnings risk and allowing management to concentrate on its strongest assets, intellectual property and theme park experiences, the analyst told investors in a research note.BOX OFFICE UPS AND DOWNS:Sonyand Disney's "Spider-Man: Brand New Day," which released last week, generated the largest opening weekend ticket sales this year and the second highest in Hollywood history, Thomas Buckley of Bloomberg reported. The film took in $355M in U.S. and Canadian theaters, and an additional $572M in theaters internationally. Additionally, IMAX Chinasaid that "Spider-Man: Brand New Day" grossed more than $19.2M at the IMAX box office in China, delivering IMAX franchise records for both opening day and opening weekend. The record-setting debut marks IMAX's biggest opening day for a Hollywood release in China since "Avengers: Endgame" in 2019, while also establishing a new opening weekend record for a single-character superhero film. IMAX accounted for 16% of the film's nationwide opening weekend box office with roughly 1% of total screens, delivering the highest IMAX index ever for the live action franchise.While the success of the new "Spider-Man" appears undeniable, the same can't be said for Disney's other major new film release this summer. The company's live-action "Moana" was set to collect $43M at the domestic box office from Thursday to Sunday, the company said Sunday, but originally Disney had been aiming for $60M or more, Brooks Barnes of The New York Times reported last month. Overseas, the movie made an additional $52M, for a worldwide opening totaling at $95M. Meanwhile, the movie cost about $250M to make and at least another $100M to market.DISNEY+ OVERHAUL:As part of CEO Josh D'Amaro's plan to boost the platform, Disney+ will be introducing new features, such as better recommendations and vertical videos, in the hopes of closing the gap with Netflix and YouTube, Lucas Shaw and Thomas Buckley of Bloomberg reported last week. The company is integrating content from Hulu and ESPN while also increasing investment in local programming in foreign markets such as South Korea to entice international viewers to sign up.

IMAX Announces Expansion of Spider-Man: Brand New Day in North America

IMAX Corporation (IMAX) announced that Sony Pictures' (SONY) Spider-Man: Brand New Day will expand across the IMAX network into North America beginning Thursday, August 6. The move follows a strong IMAX opening for the film in China, Japan and South Korea, where it generated $23M at the IMAX box office. In China, the film earned $19M in IMAX, delivering the biggest IMAX opening weekend in Spider-Man franchise history, while accounting for a franchise-best 16% of the film's opening weekend box office. In South Korea, the film set a new record for the biggest IMAX opening weekend ever in the market, earning $2.4M and accounting for 9% of the film's opening weekend box office. Despite playing on a shared IMAX schedule in Japan, the film earned $2.2M, with IMAX accounting for an impressive 18% of the film's opening weekend box office. "Spider-Man has been among the most bankable superheroes at the global box office for over two decades - with the franchise delivering $365 million in IMAX receipts to date - and Brand New Day is taking that legacy to new heights with its record-breaking opening weekend," said Rich Gelfond, CEO of IMAX. "We believe more Spidey fans around the world will want to experience his latest adventure in IMAX - and we hope to be a major driver of both new and repeat viewing for the latest hit in this incredible year for moviegoing."

IMAX Achieves Highest Grossing Month at $257M in July

IMAX Corporation (IMAX) achieved the highest grossing month in its history, generating $257M at the global box office in July - 47% above its previous monthly record - as Christopher Nolan's The Odyssey climbed to $221M in total IMAX box office to date. Universal Pictures' movie delivered $44.7M in IMAX in its third weekend, becoming the fastest film to surpass $200M in global IMAX box office. To date, IMAX has delivered more than 24% of the overall global box office for The Odyssey, and the film remains the only release ever to generate multiple $40 million-plus weekends in global IMAX box office. With nearly $60M in pre-sales for future showtimes and sellouts for weeks in advance, The Odyssey will continue to play in the IMAX global network through at least September 17.