Walt Disney Co (DIS)
Income Statement
Consolidated Statement of Income
WALT DISNEY CO/ (DIS)
Year Ended (In millions, except shares and per share data)
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | |
|---|---|---|---|
| Revenues | $94,425 | $91,361 | $88,898 |
| Service | $84,588 | $81,841 | $79,562 |
| Product | $9,837 | $9,520 | $9,336 |
| Cost of Product and Service Sold | $(58,766) | $(58,698) | $(59,201) |
| Service | $(52,677) | $(52,509) | $(53,139) |
| Product | $(6,089) | $(6,189) | $(6,062) |
| Selling, general, administrative and other | $(16,501) | $(15,759) | $(15,336) |
| Depreciation and amortization | $(5,326) | $(4,990) | $(5,369) |
| Total costs and expenses | $(80,593) | $(79,447) | $(79,906) |
| Restructuring and impairment charges | $(819) | $(3,595) | $(3,892) |
| Other income (expense), net | $(65) | $96 | |
| Interest expense, net | $(1,305) | $(1,260) | $(1,209) |
| Equity in the income of investees | $295 | $575 | $782 |
| Income before income taxes | $12,003 | $7,569 | $4,769 |
| Income taxes | $1,428 | $(1,796) | $(1,379) |
| Net income | $13,431 | $5,773 | $3,390 |
| Net income attributable to noncontrolling and redeemable noncontrolling interests | $(1,027) | $(801) | $(1,036) |
| Net income attributable to The Walt Disney Company (Disney) | $12,404 | $4,972 | $2,354 |
| Diluted | 6.85 | 2.72 | 1.29 |
| Basic | 6.88 | 2.72 | 1.29 |
| Diluted (shares) | 1,811 | 1,831 | 1,830 |
| Basic (shares) | 1,804 | 1,825 | 1,828 |
Balance Sheet
Consolidated Balance Sheets
WALT DISNEY CO/ (DIS)
As of September 27, 2025 and September 28, 2024 (In millions, except shares and per share data)
| Sep 27, 2025 | Sep 28, 2024 | |
|---|---|---|
| Cash and cash equivalents | $5,695 | $6,002 |
| Receivables, net | $13,217 | $12,729 |
| Inventories | $2,134 | $2,022 |
| Content advances | $2,063 | $2,097 |
| Other current assets | $1,158 | $2,391 |
| Total current assets | $24,267 | $25,241 |
| Produced and licensed content costs | $31,327 | $32,312 |
| Investments | $8,097 | $4,459 |
| Attractions, buildings and equipment | $82,041 | $76,674 |
| Accumulated depreciation | $(48,889) | $(45,506) |
| Parks, resorts and other property, before projects in progress and land, Total | $33,152 | $31,168 |
| Projects in progress | $6,911 | $4,728 |
| Land | $1,192 | $1,145 |
| Parks, resorts and other property | $41,255 | $37,041 |
| Intangible assets, net | $9,272 | $10,739 |
| Goodwill | $73,294 | $73,326 |
| Other assets | $10,002 | $13,101 |
| Total assets | $197,514 | $196,219 |
| Accounts payable and other accrued liabilities | $21,203 | $21,070 |
| Current portion of borrowings | $6,711 | $6,845 |
| Deferred revenue and other | $6,248 | $6,684 |
| Total current liabilities | $34,162 | $34,599 |
| Borrowings | $35,315 | $38,970 |
| Deferred income taxes | $3,524 | $6,277 |
| Other long-term liabilities | $9,901 | $10,851 |
| Commitments and contingencies | ||
| Preferred stock | ||
| Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.9 billion shares | $59,814 | $58,592 |
| Retained earnings | $60,410 | $49,722 |
| Accumulated other comprehensive loss | $(2,914) | $(3,699) |
| Treasury stock, at cost, 79 million shares at September 27, 2025 and 47 million shares at September 28, 2024 | $(7,441) | $(3,919) |
| Total Disney Shareholders’ equity | $109,869 | $100,696 |
| Noncontrolling interests | $4,743 | $4,826 |
| Total equity | $114,612 | $105,522 |
| Total liabilities and equity | $197,514 | $196,219 |
Cash Flow
Consolidated Statement of Cash Flows
WALT DISNEY CO/ (DIS)
Year Ended (In millions, except shares and per share data)
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | |
|---|---|---|---|
| Net income | $13,431 | $5,773 | $3,390 |
| Depreciation and amortization | $5,326 | $4,990 | $5,369 |
| Impairments of goodwill, produced and licensed content and other assets | $871 | $3,511 | $3,128 |
| Deferred income taxes | $(2,739) | $(821) | $(1,346) |
| Equity in the income of investees | $(295) | $(575) | $(782) |
| Cash distributions received from equity investees | $145 | $437 | $720 |
| Net change in produced and licensed content costs and advances | $577 | $1,046 | $(1,908) |
| Equity-based compensation | $1,363 | $1,366 | $1,143 |
| Other, net | $(148) | $(143) | $(25) |
| Receivables | $(283) | $(565) | $358 |
| Inventories | $(114) | $(42) | $(183) |
| Other assets | $(42) | $265 | $(201) |
| Accounts payable and other liabilities | $237 | $156 | $(1,142) |
| Income taxes | $(228) | $(1,427) | $1,345 |
| Cash provided by operations | 18,101 | 13,971 | 9,866 |
| Investments in parks, resorts and other property | $(8,024) | $(5,412) | $(4,969) |
| Proceeds from sales of investments | $4 | $105 | $458 |
| Purchase of investments | $(98) | $(1,506) | |
| Other, net | $75 | $(68) | $(130) |
| Cash used in investing activities | $(8,043) | $(6,881) | $(4,641) |
| Commercial paper borrowings (payments), net | $(943) | $1,532 | $(191) |
| Borrowings | $1,057 | $132 | $83 |
| Reduction of borrowings | $(3,735) | $(3,064) | $(1,675) |
| Dividends | $(1,803) | $(1,366) | |
| Repurchases of common stock | $(3,500) | $(2,992) | |
| Contributions from noncontrolling interests | $12 | $9 | $735 |
| Acquisition of redeemable noncontrolling interests | $(439) | $(8,610) | $(900) |
| Other, net | $(1,015) | $(929) | $(776) |
| Cash used in financing activities | $(10,366) | $(15,288) | $(2,724) |
| Effect of Exchange Rate on Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Including Discontinued Operation | 5 | 65 | 73 |
| Change in Cash, Cash Equivalents and Restricted Cash | $(303) | $(8,133) | $2,574 |
| Cash, cash equivalents and restricted cash, end of year | |||
| Cash, cash equivalents and restricted cash, end of year | |||
| Interest paid | $2,050 | $2,134 | $2,110 |
| Income taxes paid | $1,221 | $3,963 | $1,193 |