The Walt Disney Company DIS is facing free cash flow pressure as higher investment in its Experiences business and other growth initiatives increases cash outflows. The company generated $12.5 billion of operating cash flow in the first nine months of fiscal 2026, down from $13.6 billion a year ago, while investments in parks, resorts and other property rose to $6.78 billion from $6.11 billion. As a result, free cash flow fell 24% to $5.74 billion. The investment burden is likely to remain elevated. Disney expects fiscal 2026 capital expenditures of approximately $9 billion, up from $8 billion in fiscal 2025, primarily due to theme park and resort expansion and new attractions.
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