DIS Walt Disney Company (The) FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-09-27 · FILED 2025-11-13 · 1,811M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

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.

S&P 500 · COMMUNICATION SERVICES · CIK 1744489
REVENUE$94.4B+3.4% YoY
NET INCOME$12.4B+149.5% YoY
OPERATING CASH FLOW$18.1B+29.6% YoY
FREE CASH FLOW
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Free cash flow = operating cash flow − capital expenditure, both as filed.
$10.1B+17.7% YoY
86
FILING SCORE / 100
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How the score is computed: 5 management claims are checked against the filed statements and 8 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 9/10 on claims and 13/16 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG13 CHECKS · 1 red · 1 watchNEXT 10-Q ~AUG 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues94,42591,36188,8983
· Subscription and affiliate fees37,77936,55334,812
· Admission11,70711,17110,423
· Advertising11,12311,89411,518
· Product9,8379,5209,336
· Resortandvacations9,2108,3757,949
· Other revenue4,7194,7585,050
· License3,8793,7843,128
· TVVOD and home entertainment distribution3,7743,3563,923
· Theatricaldistributionlicensing2,5922,2663,174
Selling, general and administrative16,50115,75915,336
Depreciation, depletion and amortization5,3264,9905,369
Impairments1872,577
Total operating expenses80,59379,44779,906
Operating income17,55115,60112,8631
Interest expense(1,812)(2,070)(1,973)1
Other income (expense), net0(65)96
Income before income taxes12,0037,5694,7691
Income tax provision(1,428)1,7961,3791
— of which current1,1892,6032,744
Net income incl. noncontrolling interests13,4315,7733,390
Less: noncontrolling interests1,0278011,036
Net income attributable to common12,4044,9722,3543
Diluted earnings per share$6.85$2.72$1.291
Weighted-average diluted shares1,8111,8311,8301
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests13,4315,7733,390
Depreciation, depletion and amortization5,3264,9905,369
Share-based compensation1,3631,3661,143
Deferred income taxes(2,617)(807)(1,365)
Change in receivables283565(358)
Change in inventories11442183
Change in payables237156(1,142)
Net cash provided by operating activities18,10113,9719,8664
Capital expenditure8,0245,4124,9691
Net cash used in investing activities(8,043)(6,881)(4,641)
Dividends paid1,8031,36601
Repurchases of common stock3,5002,99201
Debt issued1,05713283
Debt repaid3,7353,0641,675
Net cash used in financing activities(10,366)(15,288)(2,724)
Cash and equivalents at end of period5,7996,10214,235
Balance sheet · $ millions20252024
Cash and cash equivalents5,6956,002
Receivables, net13,21712,7291
Inventories2,1342,0221
Total current assets24,26725,241
Property, plant and equipment, net41,25537,041
Goodwill73,29473,3261
Intangible assets, net7,4808,947
Total assets197,514196,2191
Accounts payable15,05514,796
Current debt6,7116,845
Total current liabilities34,16234,599
Long-term debt35,31538,970
Redeemable interests (temporary equity)0
Stockholders' equity109,869100,696
Noncontrolling interests4,7434,826
Total equity114,612105,522
Segments · as filed in the segment note · $ millionsEntertainment segmentExperiences segmentSports segmentSegment eliminationsEliminations and otherCorporate / unallocatedConsolidated
Net sales42,46636,15617,672(1,869)(1,869)1,86994,425
Selling, general & administrative9,7334,1141,3311,32316,501
Operating income4,6749,9952,88217,551
· operating margin11.0%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|FY2025FY2024Δ $Δ %Reading
Stockholders' equity · BS109,869100,696+9,173+9.1%
Total equity · BS114,612105,522+9,090+8.6%
Net income incl. noncontrolling interests · IS13,4315,773+7,658+132.7%◐ outsized
Net income incl. noncontrolling interests · CF13,4315,773+7,658+132.7%◐ outsized
Net income attributable to common · IS12,4044,972+7,432+149.5%◐ outsized
Net cash used in financing activities · CF(10,366)(15,288)+4,922+32.2%
Income before income taxes · IS12,0037,569+4,434+58.6%
Property, plant and equipment, net · BS41,25537,041+4,214+11.4%
Net cash provided by operating activities · CF18,10113,971+4,130+29.6%
Long-term debt · BS35,31538,970−3,655-9.4%
Income tax provision · IS(1,428)1,796−3,224-179.5%
Total revenues · IS94,42591,361+3,064+3.4%
Capital expenditure · CF8,0245,412+2,612+48.3%
Operating income · IS17,55115,601+1,950+12.5%
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
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 3consistent
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 · $ millionsDEC 24MAR 25JUN 25DEC 25MAR 26
Total revenues24,69023,62123,65025,98125,168
Selling, general and administrative3,9303,9814,1414,1214,073
Depreciation, depletion and amortization1,2761,3241,3321,3161,405
Total operating expenses20,61220,11520,00522,10621,379
Operating income5,0604,4364,5754,6004,603
Interest expense487471438443473
Income before income taxes3,6603,0873,2113,6933,367
Income tax provision1,016(314)(2,732)1,209902
Net income incl. noncontrolling interests2,6443,4015,9432,4842,465
Less: noncontrolling interests9012668182218
Net income attributable to common2,5543,2755,2622,4022,247
Diluted earnings per share$1.40$1.81$2.92$1.34$1.27
Weighted-average diluted shares1,8181,8141,8051,7931,772
Net cash provided by operating activities3,205735
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Net cash provided by operating activities3,205735−2,470-77.1%
Total revenues25,98125,168−813-3.1%
Total operating expenses22,10621,379−727-3.3%
Income before income taxes3,6933,367−326-8.8%
Income tax provision1,209902−307-25.4%
Net income attributable to common2,4022,247−155-6.5%
Less: noncontrolling interests82218+136+165.9%
Depreciation, depletion and amortization1,3161,405+89+6.8%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$176,600M10-K cover · as of 2025-03-29
Insider Form 4s, 90d19 filings · 33 non-market txnsquiet — awards/exercises only
Insider ownership %needs the proxy statement — not read yet, never estimated
Institutional %needs 13F aggregation — not read yet, never estimated
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Terms and acronyms used on this page
Income statement & cash flow
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
AffiliateOfficers, directors and large holders. Their holdings are excluded from public float and are disclosed in the proxy statement, not the 10-K.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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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.