Overview
- Disney’s fiscal 2026 repurchase plan totals $7 billion, double fiscal 2025 and the company’s second-largest annual program after 2017.
- The company projects about $19 billion in cash from operations and $9 billion in capital expenditures, leaving roughly $10 billion in free cash flow to cover buybacks and dividends.
- Based on the share count and recent price cited in the analysis, the program could trim outstanding shares by about 67.5 million, or approximately 3.8%, with purchases executed over the year.
- Disney is prioritizing buybacks over a larger dividend, focusing capital returns on share repurchases rather than boosting the roughly $2.6 billion dividend outlay.
- The update follows Q1 fiscal 2026 results that pressured the stock as investors weighed slower linear networks and sports headwinds against strong cash generation from parks and a rapidly expanding cruise business, with Josh D’Amaro set to become CEO on March 18.