Wednesday, August 5th, 2026 – 12:02 pm
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To the untrained ear, Disney’s Q3 earnings call on Wednesday morning probably sounded like the usual ode to theme parks, movies and sports streaming.
But to the trained ear, it was really about two things: what Disney is doing with the cash it didn’t spend on OpenAI – and how it plans to lean into AI anyway.
Disney’s total Q3 (don’t even try to understand the structure of their fiscal year) revenue hit $25.3 billion, up 7% from the previous year. It also bumped up its share repurchase program to roughly $9 billion, up from about $7 billion, as it shifts around cash, much of which “had been set aside previously for the OpenAI deal,” said Disney CFO Hugh Johnston.
