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DISWalt Disney

Communication · Entertainment · NYSE
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The 10-K against last year's

226 changes: 26 added, 32 removed, 164 reworded, 4 quiet changes

10-K Nov 13, 2025 vs Nov 14, 2024
Risk FactorsRedline ↓
24.8%
of the text changed · 9,255 words now
29.2%
of the text changed · 9,933 words now

10-K 0001744489-25-000155 (2025-11-13) vs 10-K 0001744489-24-000276 (2024-11-14) Not compared: Legal Proceedings, Accounting Policies.

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 279 words changed in this paragraph; it is 33% similar to last year's version.
Cash provided by operating activities operations increased 42% 30% or $4.1 billion to $14.0 $18.1 billion in the current year compared to $9.9 $14.0 billion in the prior year. The increase was driven by lower film and television production spending and the timing of payments for sports rights. The increase also reflected collateral receipts related to our hedging program in the current year compared to collateral payments in the prior year, higher operating cash flows at Entertainment and the comparison to a payment in the prior year related to the termination of content licenses in fiscal 2022. The increase in operating cash flows at Entertainment was driven by lower cash disbursements due to a decrease in operating expenses. These increases were partially offset by higher cash lower tax payments in the current year compared to the prior year. Fiscal year and higher operating cash flows at Entertainment and, to a lesser extent, Experiences. Tax payments in the prior year reflected the payment of fiscal 2023 U.S. federal and California state tax payments were income taxes that had been deferred and paid in fiscal 2024 pursuant to relief provided by the Internal Revenue Service and California State Board of Equalization as a result of related to 2023 winter storms in California. In addition, a portion of payments for fiscal 2024 2025 U.S. federal and Florida California state taxes was paid in fiscal 2024 and the remainder has been income tax liabilities were deferred to fiscal until October 2025 pursuant to relief provided related to the 2025 wildfires in California. The increase in operating cash flows at Entertainment was primarily due to higher cash receipts, primarily attributable to higher revenue, and to a lesser extent, lower spending on content due to the impact of the Star India Transaction, partially offset by the Internal Revenue Service and Florida Department of Revenue as a result of 2024 hurricanes higher operating cash disbursements attributable to higher operating expenses. The increase in Florida. operating cash flows at Experiences was due to higher cash receipts attributable to higher revenue, partially offset by higher operating cash disbursements primarily due to higher operating expenses.

Source: Item 7, 10-K 0001744489-25-000155 vs Item 7, 10-K 0001744489-24-000276

Risk Factors 228 words changed in this paragraph; it is 36% similar to last year's version.
New laws Laws and regulations, as well as changes regulations in any of these current laws and regulations other areas and changes in judicial and agency interpretation or regulator activities regulatory priorities, actions or initiatives (or, if applicable, private litigation to enforce such laws and regulations) in any of these areas, or others, may regulations), as well as an increasingly unpredictable regulatory landscape, require us to incur additional compliance costs, costs and may restrict limit our ability to execute on implement our business strategies as planned or offer products and services in ways that are profitable, and create an increasingly unpredictable regulatory landscape. or at all. In addition, ongoing and future developments in international political, trade and security policy may lead to new regulations limiting that increase the cost of providing our products and services, negatively impact demand for our products and services and limit international trade and investment and disrupting our operations outside the U.S., including our international theme parks and resorts operations in France, mainland China and Hong Kong. For example, in 2022 the U.S. and other countries implemented a series of sanctions against Russia in response to events in Russia and Ukraine; U.S. agencies have enhanced trade restrictions, including new prohibitions on the importation of goods from certain regions and other jurisdictions are considering similar measures; and U.S. state governments have become more active in passing legislation targeted at specific sectors and companies and applying existing laws in novel ways to new technologies, including streaming and online commerce. Further the legal and regulatory landscape for certain new technologies, such as AI, is uncertain and evolving and our compliance obligations could increase our costs or limit how we may use these technologies in one or more of our businesses. investment,

Source: Item 1A, 10-K 0001744489-25-000155 vs Item 1A, 10-K 0001744489-24-000276

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of DIS's Risk Factors and MD&A, 10-K 2025-11-13 against 10-K 2024-11-14. Each links to the text at sec.gov.

AddedRisk Factors
The success of our DTC streaming services will be impacted by the success of our content curation and investment decisions and ability to offer compelling content and product features; our ability to grow subscription and advertising

Read it in 10-K 2025-11-13 at sec.gov ↗

AddedRisk Factors
We face risks from claims, litigation, governmental investigations and other proceedings to our businesses, reputation, results of operation and financial condition.

Read it in 10-K 2025-11-13 at sec.gov ↗

AddedRisk Factors
We are subject to various actual and threatened claims, litigation, investigations and other proceedings, including private individual actions, class actions and actions and investigations by governmental and other regulatory authorities, relating to a range of issues, including securities; competition and antitrust; intellectual property, including patent and copyright; employment and labor; taxes; privacy and data protection; data security; personal injury and property damage; consumer protection; contractual and commercial disputes; the production, distribution and licensing of our content; and other matters. For example, a private securities class action lawsuit was filed in federal court against the Company and certain current and former senior management on behalf of certain purchasers of securities of the Company seeking unspecified damages, plus interest and costs and fees, and an adverse final judgment or the terms of a settlement of such matter could result in the payment of substantial monetary damages. See Note 14 to the Consolidated Financial Statements for more details regarding this lawsuit and above in these risk factors regarding patent infringement litigation and other claims. In addition, from time to time, we pursue litigation against third parties seeking to vindicate our rights.

Read it in 10-K 2025-11-13 at sec.gov ↗

AddedRisk Factors
Actual and threatened proceedings and investigations increase our costs, divert management resources and disrupt business operations and may negatively impact our reputation and brands. The outcomes of such matters are inherently unpredictable, and determining legal reserves or potential losses from such matters involves judgment. If the losses to resolve such matters exceed the amounts recorded in any given reporting period, our results of operations for that interim or annual reporting period could be materially adversely affected. Further, from time to time, adverse resolutions or settlements of such matters result in substantial monetary damages or substantial future payment obligations and injunctive relief or other orders or actions that limit or prevent our implementation of our business plans, including our ability to complete strategic transactions and offer certain products and services, impact the enforcement or validity of our property and other (including intellectual property) rights, franchises and licenses or cause us to alter our business practices, which individually or taken together, negatively impact our business prospects, our results of operations, our financial condition and price of our common stock. While we maintain insurance for certain types of claims, our insurance may not be adequate to cover all losses and does not cover all types of claims that may arise.

Read it in 10-K 2025-11-13 at sec.gov ↗

AddedRisk Factors
disrupting our operations in and outside the U.S., including our international theme parks and resorts operations in France, mainland China and Hong Kong.

Read it in 10-K 2025-11-13 at sec.gov ↗

AddedRisk Factors
other jurisdictions. The exclusive forum provision in the Company’s amended and restated bylaws will not preclude or contract the scope of exclusive federal or concurrent jurisdiction for actions brought under the federal securities laws including the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, or the respective rules and regulations promulgated thereunder.

Read it in 10-K 2025-11-13 at sec.gov ↗

AddedMD&A
On November 14, 2024, the Company and RIL completed the Star India Transaction (see Note 4 to the Consolidated Financial Statements). The Company recognizes its 37% share of the India joint venture’s results in “Equity in the income of investees.” Star India results through November 14, 2024 were consolidated in the Company’s financial results and reported in the Entertainment and Sports segments.

Read it in 10-K 2025-11-13 at sec.gov ↗

AddedMD&A
Selling, general, administrative and other costs for fiscal 2025 increased 5%, or $0.7 billion, to $16.5 billion, which included approximately 2 percentage point decrease from the Star India Transaction. Aside from this impact, selling, general, administrative and other costs increased driven by higher marketing costs.

Read it in 10-K 2025-11-13 at sec.gov ↗

Show the other 10
AddedMD&A
The effective income tax rate was negative 11.9% in the current year compared to a positive effective income tax rate of 23.7% in the prior year. Items impacting the effective income tax rate include the following:

Read it in 10-K 2025-11-13 at sec.gov ↗

AddedMD&A
•The current and prior year reflected favorable adjustments related to prior-year tax matters of 10 percentage points and 3 percentage points, respectively

Read it in 10-K 2025-11-13 at sec.gov ↗

AddedMD&A
•The current year included a non-cash tax expense of approximately 2 percentage points and the prior year included a non-cash tax benefit of approximately 1 percentage point in connection with the Star India Transaction

Read it in 10-K 2025-11-13 at sec.gov ↗

AddedMD&A
The increase in net income attributable to noncontrolling interests was due to an incremental payment to acquire Hulu, partially offset by the accretion of NBC Universal’s interest in Hulu in the prior year.

Read it in 10-K 2025-11-13 at sec.gov ↗

AddedMD&A
•Hulu Transaction Impacts consisting of a $3,277 million benefit in “Income taxes” and a $462 million charge in “Net income attributable to noncontrolling interests”

Read it in 10-K 2025-11-13 at sec.gov ↗

AddedMD&A
•Restructuring and impairment charges of $819 million ($748 million after tax) and a non-cash tax expense of $244 million related to the Star India Transaction

Read it in 10-K 2025-11-13 at sec.gov ↗

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