Disney Leads Boeing in Turnaround Efforts with Concrete Results

Walt Disney and Boeing are two iconic American companies that have been struggling to recover from past setbacks. Both have been working on turnarounds, but which one is actually delivering results? A closer look at their performance reveals that Disney has made significant progress in its turnaround efforts.

Disney's Q3 revenue rose 7% and segment operating income was up 21% compared to the previous year. The company's streaming business reached a 13% SVOD operating margin, while Experiences posted record fiscal Q3 revenue and segment OI. CEO Josh D'Amaro stated that Disney is 'operating from a real position of strength' and reaffirmed double-digit adjusted EPS growth for fiscal 26 and fiscal 27.

Boeing's turnaround efforts are more mixed. While deliveries reached 171 airplanes, the highest quarterly total since 2018, and free cash flow turned positive at $631 million, Q2 2026 core loss per share of $0.76 missed estimates. CEO Kelly Ortberg acknowledged that there is 'more work to do' and recognized the risks facing the company.

When it comes to paying shareholders, Disney has a trailing P/E of 23 and pays an annualized dividend of $1.50 in two semi-annual installments of $0.75. Boeing's trailing P/E of 76 is distorted by a one-time $9.67 billion divestiture gain, and the last common dividend had an ex-date of February 13, 2020.

Boeing faces near-term risks on its calendar, including a potential work stoppage due to rejected labor offers and a whistleblower documentary adding reputational pressure. Disney's risks are structural, including linear network decline, ESPN sports-rights costs, and consumer sensitivity in Experiences.