Overview
- Disney disclosed on August 5, 2026 in its Q3 shareholder letter and earnings call that Star Wars: The Mandalorian and Grogu and the live-action Moana “underperformed” the company’s box-office expectations.
- The company reported The Mandalorian and Grogu earned roughly $345.2 million worldwide and Moana about $262–263 million while still in theaters.
- Industry estimates put The Mandalorian’s theatrical break-even near $500–600 million and suggest Moana, with a reported production budget near $250 million, could face about a $100 million theatrical shortfall.
- Disney pointed to strong audience scores versus critics, and said both films drove retail sales, park attendance at Star Wars attractions, and gaming and streaming engagement as ways the releases create value beyond ticket sales.
- Despite the misses, executives said the results will not prompt a retreat from franchise projects and noted a diversified strategy that uses films to feed merchandise, parks, games and Disney+ as a way to manage box-office volatility.