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 | |
| · Theme park admissions | 11,707 | 11,171 | 10,423 | |
| · Advertising | 11,123 | 11,894 | 11,518 | |
| · Retail and wholesale sales of merchandise, food and beverage | 9,642 | 9,204 | 8,921 | |
| · Resort and vacations | 9,210 | 8,375 | 7,949 | |
| · Other | 4,719 | 4,758 | 5,050 | |
| · Merchandise licensing | 3,879 | 3,784 | 3,128 | |
| · TV/VOD and home entertainment distribution | 3,774 | 3,356 | 3,923 | |
| · Theatrical distribution licensing | 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 | Experiences | Sports | Eliminations and Other | Consolidated |
|---|---|---|---|---|---|
| Net sales | 42,466 | 36,156 | 17,672 | (1,869) | 94,425 |
| Operating income | 4,674 | 9,995 | 2,882 | — | 17,551 |
| · operating margin | 11.0% | 27.6% | 16.3% | — | 18.6% |
Not shown: Selling, general & administrative, Depreciation & amortization, Capital expenditure. The filed segment lines for these do not reconcile to the consolidated line, so the row is left out rather than approximated.
| Revenue by product or service · as filed · $ millions | FY2025 | Share |
|---|---|---|
| Subscription and affiliate fees | 37,779 | 40.0% |
| Theme park admissions | 11,707 | 12.4% |
| Advertising | 11,123 | 11.8% |
| Retail and wholesale sales of merchandise, food and beverage | 9,642 | 10.2% |
| Resort and vacations | 9,210 | 9.8% |
| Other | 4,719 | 5.0% |
| Merchandise licensing | 3,879 | 4.1% |
| TV/VOD and home entertainment distribution | 3,774 | 4.0% |
| Theatrical distribution licensing | 2,592 | 2.7% |
| Total revenues, as filed | 94,425 | 100.0% |
Product lines sum to the filed total. 1 filed line(s) not shown: Product.
| Revenue by geography · as filed · $ millions | FY2025 | Share |
|---|---|---|
| Americas | 76,430 | 80.9% |
| Europe | 11,090 | 11.7% |
| Asia Pacific | 6,905 | 7.3% |
| Total revenues, as filed | 94,425 | 100.0% |
Geographic lines sum to the filed total.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| 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 0.76 | 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 16.2% | cyclical |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | DEC 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 23,621 | 23,650 | 25,981 | 25,168 | 25,248 |
| Selling, general and administrative | 3,981 | 4,141 | 4,121 | 4,073 | 3,968 |
| Depreciation, depletion and amortization | 1,324 | 1,332 | 1,316 | 1,405 | 1,414 |
| Total operating expenses | 20,115 | 20,005 | 22,106 | 21,379 | 20,488 |
| Operating income | 4,436 | 4,575 | 4,600 | 4,603 | 5,555 |
| Interest expense | 471 | 438 | 443 | 473 | 463 |
| Income before income taxes | 3,087 | 3,211 | 3,693 | 3,367 | 3,645 |
| Income tax provision | (314) | (2,732) | 1,209 | 902 | 801 |
| Net income incl. noncontrolling interests | 3,401 | 5,943 | 2,484 | 2,465 | 2,844 |
| Less: noncontrolling interests | 126 | 681 | 82 | 218 | 206 |
| Net income attributable to common | 3,275 | 5,262 | 2,402 | 2,247 | 2,638 |
| Diluted earnings per share | $1.81 | $2.92 | $1.34 | $1.27 | $1.51 |
| Weighted-average diluted shares | 1,814 | 1,805 | 1,793 | 1,772 | 1,743 |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Operating income | 4,603 | 5,555 | +952 | +20.7% |
| Total operating expenses | 21,379 | 20,488 | −891 | -4.2% |
| Net income attributable to common | 2,247 | 2,638 | +391 | +17.4% |
| Net income incl. noncontrolling interests | 2,465 | 2,844 | +379 | +15.4% |
| Income before income taxes | 3,367 | 3,645 | +278 | +8.3% |
| Selling, general and administrative | 4,073 | 3,968 | −105 | -2.6% |
| Income tax provision | 902 | 801 | −101 | -11.2% |
| Total revenues | 25,168 | 25,248 | +80 | +0.3% |
| 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 | 22 filings · 0 buys / 3 sells | net selling · −$1,532,157 |
| · Woodford Brent | SELL $762,234 | Form 4 filed 2026-08-17 · open market |
| · Woodford Brent | SELL $387,596 | Form 4 filed 2026-09-03 · open market |
| · Roeder Paul M | SELL $382,327 | Form 4 filed 2026-08-20 · open market |
| 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.