The Walt Disney Company is a diversified entertainment company operating through Entertainment, Sports, and Experiences segments. Entertainment produces and distributes non-sports film and episodic content through linear television networks, direct-to-consumer streaming services, and theatrical, home entertainment, and licensing channels. Sports encompasses television and streaming distribution of sports programming through ESPN-branded channels and digital platforms.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 94,425 | 91,361 | 88,898 | 3 |
| · Subscription and affiliate fees | 37,779 | 36,553 | 34,812 | |
| · Admission | 11,707 | 11,171 | 10,423 | |
| · Advertising | 11,123 | 11,894 | 11,518 | |
| · Product | 9,837 | 9,520 | 9,336 | |
| · Resortandvacations | 9,210 | 8,375 | 7,949 | |
| · Other revenue | 4,719 | 4,758 | 5,050 | |
| · License | 3,879 | 3,784 | 3,128 | |
| · TVVOD and home entertainment distribution | 3,774 | 3,356 | 3,923 | |
| · Theatricaldistributionlicensing | 2,592 | 2,266 | 3,174 | |
| Selling, general and administrative | 16,501 | 15,759 | 15,336 | |
| Depreciation, depletion and amortization | 5,326 | 4,990 | 5,369 | |
| Impairments | — | 187 | 2,577 | |
| Total operating expenses | 80,593 | 79,447 | 79,906 | |
| Operating income | 17,551 | 15,601 | 12,863 | 1 |
| Interest expense | (1,812) | (2,070) | (1,973) | 1 |
| Other income (expense), net | 0 | (65) | 96 | |
| Income before income taxes | 12,003 | 7,569 | 4,769 | 1 |
| Income tax provision | (1,428) | 1,796 | 1,379 | 1 |
| — of which current | 1,189 | 2,603 | 2,744 | |
| Net income incl. noncontrolling interests | 13,431 | 5,773 | 3,390 | |
| Less: noncontrolling interests | 1,027 | 801 | 1,036 | |
| Net income attributable to common | 12,404 | 4,972 | 2,354 | 3 |
| Diluted earnings per share | $6.85 | $2.72 | $1.29 | 1 |
| Weighted-average diluted shares | 1,811 | 1,831 | 1,830 | 1 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 13,431 | 5,773 | 3,390 | |
| Depreciation, depletion and amortization | 5,326 | 4,990 | 5,369 | |
| Share-based compensation | 1,363 | 1,366 | 1,143 | |
| Deferred income taxes | (2,617) | (807) | (1,365) | |
| Change in receivables | 283 | 565 | (358) | |
| Change in inventories | 114 | 42 | 183 | |
| Change in payables | 237 | 156 | (1,142) | |
| Net cash provided by operating activities | 18,101 | 13,971 | 9,866 | 4 |
| Capital expenditure | 8,024 | 5,412 | 4,969 | 1 |
| Net cash used in investing activities | (8,043) | (6,881) | (4,641) | |
| Dividends paid | 1,803 | 1,366 | 0 | 1 |
| Repurchases of common stock | 3,500 | 2,992 | 0 | 1 |
| Debt issued | 1,057 | 132 | 83 | |
| Debt repaid | 3,735 | 3,064 | 1,675 | |
| Net cash used in financing activities | (10,366) | (15,288) | (2,724) | |
| Cash and equivalents at end of period | 5,799 | 6,102 | 14,235 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 5,695 | 6,002 | |
| Receivables, net | 13,217 | 12,729 | 1 |
| Inventories | 2,134 | 2,022 | 1 |
| Total current assets | 24,267 | 25,241 | |
| Property, plant and equipment, net | 41,255 | 37,041 | |
| Goodwill | 73,294 | 73,326 | 1 |
| Intangible assets, net | 7,480 | 8,947 | |
| Total assets | 197,514 | 196,219 | 1 |
| Accounts payable | 15,055 | 14,796 | |
| Current debt | 6,711 | 6,845 | |
| Total current liabilities | 34,162 | 34,599 | |
| Long-term debt | 35,315 | 38,970 | |
| Redeemable interests (temporary equity) | — | 0 | |
| Stockholders' equity | 109,869 | 100,696 | |
| Noncontrolling interests | 4,743 | 4,826 | |
| Total equity | 114,612 | 105,522 |
| Segments · as filed in the segment note · $ millions | Entertainment segment | Experiences segment | Sports segment | Segment eliminations | Eliminations and other | Corporate / unallocated | Consolidated |
|---|---|---|---|---|---|---|---|
| Net sales | 42,466 | 36,156 | 17,672 | (1,869) | (1,869) | 1,869 | 94,425 |
| Selling, general & administrative | 9,733 | 4,114 | 1,331 | — | — | 1,323 | 16,501 |
| Operating income | 4,674 | 9,995 | 2,882 | — | — | — | 17,551 |
| · operating margin | 11.0% | 27.6% | 16.3% | — | — | — | 18.6% |
Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Stockholders' equity · BS | 109,869 | 100,696 | +9,173 | +9.1% | — |
| Total equity · BS | 114,612 | 105,522 | +9,090 | +8.6% | — |
| Net income incl. noncontrolling interests · IS | 13,431 | 5,773 | +7,658 | +132.7% | ◐ outsized |
| Net income incl. noncontrolling interests · CF | 13,431 | 5,773 | +7,658 | +132.7% | ◐ outsized |
| Net income attributable to common · IS | 12,404 | 4,972 | +7,432 | +149.5% | ◐ outsized |
| Net cash used in financing activities · CF | (10,366) | (15,288) | +4,922 | +32.2% | — |
| Income before income taxes · IS | 12,003 | 7,569 | +4,434 | +58.6% | — |
| Property, plant and equipment, net · BS | 41,255 | 37,041 | +4,214 | +11.4% | — |
| Net cash provided by operating activities · CF | 18,101 | 13,971 | +4,130 | +29.6% | — |
| Long-term debt · BS | 35,315 | 38,970 | −3,655 | -9.4% | — |
| Income tax provision · IS | (1,428) | 1,796 | −3,224 | -179.5% | — |
| Total revenues · IS | 94,425 | 91,361 | +3,064 | +3.4% | — |
| Capital expenditure · CF | 8,024 | 5,412 | +2,612 | +48.3% | — |
| Operating income · IS | 17,551 | 15,601 | +1,950 | +12.5% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 11.8% sector median 16.6% | adequate |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | +0.0% sector median +0.0% | flat |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 0.38 sector median 0.71 | low |
| FCF consistency, 3yr operating cash flow − capital expenditure, per year | positive 3 of 3 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 12.7% sector median 15.9% | cyclical |
| Quarterly · as filed in 10-Q/10-K · $ millions | DEC 24 | MAR 25 | JUN 25 | DEC 25 | MAR 26 |
|---|---|---|---|---|---|
| Total revenues | 24,690 | 23,621 | 23,650 | 25,981 | 25,168 |
| Selling, general and administrative | 3,930 | 3,981 | 4,141 | 4,121 | 4,073 |
| Depreciation, depletion and amortization | 1,276 | 1,324 | 1,332 | 1,316 | 1,405 |
| Total operating expenses | 20,612 | 20,115 | 20,005 | 22,106 | 21,379 |
| Operating income | 5,060 | 4,436 | 4,575 | 4,600 | 4,603 |
| Interest expense | 487 | 471 | 438 | 443 | 473 |
| Income before income taxes | 3,660 | 3,087 | 3,211 | 3,693 | 3,367 |
| Income tax provision | 1,016 | (314) | (2,732) | 1,209 | 902 |
| Net income incl. noncontrolling interests | 2,644 | 3,401 | 5,943 | 2,484 | 2,465 |
| Less: noncontrolling interests | 90 | 126 | 681 | 82 | 218 |
| Net income attributable to common | 2,554 | 3,275 | 5,262 | 2,402 | 2,247 |
| Diluted earnings per share | $1.40 | $1.81 | $2.92 | $1.34 | $1.27 |
| Weighted-average diluted shares | 1,818 | 1,814 | 1,805 | 1,793 | 1,772 |
| Net cash provided by operating activities | 3,205 | — | — | 735 | — |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Net cash provided by operating activities | 3,205 | 735 | −2,470 | -77.1% |
| Total revenues | 25,981 | 25,168 | −813 | -3.1% |
| Total operating expenses | 22,106 | 21,379 | −727 | -3.3% |
| Income before income taxes | 3,693 | 3,367 | −326 | -8.8% |
| Income tax provision | 1,209 | 902 | −307 | -25.4% |
| Net income attributable to common | 2,402 | 2,247 | −155 | -6.5% |
| Less: noncontrolling interests | 82 | 218 | +136 | +165.9% |
| Depreciation, depletion and amortization | 1,316 | 1,405 | +89 | +6.8% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $176,600M | 10-K cover · as of 2025-03-29 |
| Insider Form 4s, 90d | 19 filings · 33 non-market txns | quiet — awards/exercises only |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Walt Disney Company (The)'s Form 10-K for FY2025 (accession 0001744489-25-000155), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. DIS is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.