10-K 0001744489-25-000155 (2025-11-13) vs 10-K 0001744489-24-000276 (2024-11-14)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 9,255 |
24.8% |
| MD&A | Item 7 | 9,933 |
29.2% |
| Legal Proceedings | Item 3 | 36 |
not compared |
| Accounting Policies | 10-K text (note not found) | 0 |
not compared |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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 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.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
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 ↗
RemovedRisk Factors
Declines in economic conditions, such as recessions, other less severe slowdowns in economic activity and/or inflationary conditions in the U.S. and other regions of the world in which we do business typically adversely affect demand for our products and services and/or costs to operate our businesses, reducing our revenue and earnings. Past declines in economic conditions reduced or resulted in slower growth than expected in, among other things, guest spending at our parks and resorts, purchases of and prices for advertising on our platforms and purchases of Company-branded consumer products, and we expect similar impacts as such conditions recur. Recent inflationary conditions increased certain of our costs, including at our parks
Read it in 10-K 2024-11-14 at sec.gov ↗
RemovedRisk Factors
no assurance that revenues from programming based on these rights will exceed the cost of the rights plus the other costs of producing and distributing the programming.
Read it in 10-K 2024-11-14 at sec.gov ↗
RemovedRisk Factors
Elevated indebtedness or leverage ratios could adversely affect us, including by decreasing our business flexibility.
Read it in 10-K 2024-11-14 at sec.gov ↗
RemovedRisk Factors
We face risks related to costs and expenses in connection with the acquisition of NBC Universal’s (NBCU) equity interest in Hulu and the TFCF acquisition.
Read it in 10-K 2024-11-14 at sec.gov ↗
RemovedRisk Factors
On November 1, 2023, NBCU exercised its right to require the Company to purchase NBCU’s equity interest in Hulu under a put/call arrangement between the parties. The purchase price for NBCU’s equity interest in Hulu will be determined based on NBCU’s equity ownership percentage of the greater of Hulu’s equity fair value as of September 30, 2023 based on a contractual appraisal process, and a guaranteed floor value. Further, the Company will share with NBCU 50% of the Company’s tax benefit from the purchase of NBCU’s interest in Hulu, which payments are expected to be made primarily over a 15-year period. In May 2024, the Company and NBCU entered into a confidential arbitration to resolve a dispute regarding the contractual appraisal process, in which the parties seek declaratory relief, equitable relief and unspecified damages (see Note 2 of the Consolidated Financial Statements for additional information). In addition, we may incur significant costs and expenses in connection with the TFCF acquisition, including costs for which we have established reserves or which may lead to reserves in the future. The cost to purchase NBCU’s equity interest in Hulu and related obligations to NBCU and any such other costs could negatively impact the Company’s cash position and result in the Company incurring additional indebtedness.
Read it in 10-K 2024-11-14 at sec.gov ↗
RewordedRisk Factors
For example, in October 2025, we completed a combination of certain Hulu Live TV assets with Fubo to acquire a 70% interest in Fubo; in fiscal 2025, we announced plans for ESPN to acquire the NFL Network and certain other media assets owned and controlled by the NFL in exchange for a 10% noncontrolling interest in ESPN; in fiscal 2024, we announced entering into a definitive agreement to transfer transferred Star India into a joint venture and recorded related impairment charges; charges and announced an investment in a multi-year project with Epic Games; in fiscal 2023, we reorganized our media and entertainment operations, which had been previously reported in one segment, into two segments, Entertainment and Sports; in fiscal 2023 we announced that we would review content, primarily on our DTC services, for alignment with a strategic change in our approach to content curation, resulting in removal of certain content from our platforms and related impairment charges; in fiscal 2022, and from time to time, we announced plans to introduce an ad-supported Disney+ service, new pricing model and price increases and cost realignment; and we have announced announce exploration of a number of new types of businesses.
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedRisk Factors
While a number of different factors affect the demand for our products and services, actual or perceived declines in economic conditions could contribute to typically have impacts across our businesses, including, among others, lower attendance or and spending at our parks and experiences businesses, prices that MVPDs pay fees received for our cable programming, programming and DTC services, including as a result of declines in subscription levels, purchases of and prices for advertising on our DTC products services and linear platforms, subscription levels for our cable programming or DTC platforms networks or licensing fees, while in the case of inflationary conditions, also continuing to increase increasing the prices we pay for goods, services and labor. labor, as well as typically our borrowing costs due to elevated interest rates, making it more difficult to obtain financing for our operations and investments on favorable terms.
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedRisk Factors
The operation of our businesses and businesses, the environment for travel and tourism, as well as the demand for and consumption of our other entertainment products, is products and services and ultimately our results of operations and financial condition are subject to significant adverse impact impacts from a variety of factors beyond our control in the U.S., globally or in specific geographic regions as a result of a variety of factors beyond our control, around the world where we operate, including: health concerns; adverse weather conditions arising from short-term weather patterns or long-term climate change, including longer and more regular excessive heat conditions, catastrophic events or natural disasters (such as excessive heat or rain, hurricanes, wildfires, typhoons, floods, droughts, tsunamis and earthquakes); international, political or military developments, including tariffs and other trade and other international disputes and social unrest; macroeconomic conditions, including a decline in economic activity, inflation legal and foreign exchange rates; and terrorist attacks.
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedRisk Factors
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.
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedRisk Factors
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. investment,
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedRisk Factors
Elevated Further, periods of elevated indebtedness could have the effect of, among other things, reducing our financial flexibility and our ability to respond to changing business and economic conditions and other uncontrollable events. events, including by reducing funds available for investments, capital expenditures, share repurchases and dividends and other activities, and putting us at a competitive disadvantage relative to companies with lower debt levels.
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedRisk Factors
The In addition, as a global entertainment company with a global consumer base, the success of our businesses therefore depends on our ability to successfully predict and adapt to continually constantly evolving and often divergent consumer tastes and preferences outside as well as inside the U.S. across various domestic and international markets.
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedRisk Factors
Data maintained in digital form is Such data and systems are subject to the risk of compromise and other cyberattacks, including unauthorized access, modification, exfiltration, destruction or denial of access and our systems are subject to cyberattacks that from time to time access, which also can result in disruptions in service.
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedRisk Factors
In general, domestic general entertainment linear networks advertising revenues are typically somewhat higher during the fall and somewhat lower during the summer months, domestic advertising revenues are typically higher during election cycles and sports advertising revenues are impacted by the timing of sports seasons and events, which varies throughout the year and/or take place periodically.
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedRisk Factors
The terms of some copyrights for IP related to some of our products and services have expired, including For example, the copyright term for the short film Steamboat Willie (1928) and early versions of characters depicted in this film, and other copyrights will expire in the future. film have expired.
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedRisk Factors
In addition, an increase in price levels generally, or in price levels in a particular sector, could result in a shift in consumer demand away from the entertainment and experiences we offer, which could also adversely affect our revenues and, revenues, while at the same time, increase our costs, including borrowing costs as a result of elevated interest rates, making it more difficult to obtain financing for our operations and investments on favorable terms. costs.
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedRisk Factors
In order to respond to the impact of new technologies on our businesses, we regularly consider, and from time to time implement implement, new initiatives and changes to our business models, including by developing, developing and investing in DTC streaming services and acquiring DTC products, reorganizing our media content offerings and entertainment businesses to advance our DTC strategies and developing new media offerings.
Read it in 10-K 2025-11-13 at sec.gov ↗
Quiet changesRisk Factors
Even if when inflationary pressures moderate, we expect certain costs, such as for labor, to remain elevated.
Read it in 10-K 2025-11-13 at sec.gov ↗
Quiet changesRisk Factors
For example, the terms of recent certain renewals of carriage agreements have included fewer of our linear networks or the opportunity to offer multiple genre-specific bundle options of fewer than all our linear networks while providing for certain of our DTC streaming services to be made available to the distributor’s subscribers.
Read it in 10-K 2025-11-13 at sec.gov ↗
Quiet changesRisk Factors
We face risks related to environmental, social and governance matters and any related reporting obligations.
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 ↗
AddedMD&A
(1)Primarily related to A+E (fiscal 2025 and 2024) and Tata Play Limited (fiscal 2025).
Read it in 10-K 2025-11-13 at sec.gov ↗
AddedMD&A
In the prior year, the Company recorded a charge of $65 million related to a legal ruling.
Read it in 10-K 2025-11-13 at sec.gov ↗
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 year included a non-cash tax benefit of approximately 26 percentage points due to a change in Hulu’s U.S. income tax classification
Read it in 10-K 2025-11-13 at sec.gov ↗
AddedMD&A
•The prior year reflected an unfavorable impact of approximately 6 percentage points from impairments that are not tax deductible
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 $244 million related to the Star India Transaction
Read it in 10-K 2025-11-13 at sec.gov ↗
RemovedMD&A
by lower theatrical distribution revenue, a decrease in TV/VOD distribution sales and lower affiliate revenue. Service revenues reflected an approximate 1 percentage point decrease due to an unfavorable movement of the U.S. dollar against major currencies including the impact of our hedging program (Foreign Exchange Impact).
Read it in 10-K 2024-11-14 at sec.gov ↗
RemovedMD&A
($ in millions) 2024 2023 Impairments: Star India $ 1,545 $ — Goodwill(1) 1,287 721 Retail assets 328 — Content(2) 187 2,577 Equity investments 165 141 Severance 83 357 Costs to exit our Russia businesses and other — 96 $ 3,595 $ 3,892
Read it in 10-K 2024-11-14 at sec.gov ↗
RemovedMD&A
(1)In the current year, goodwill impairments related to our general entertainment linear networks. In the prior year, goodwill impairments related to our general entertainment and international sports linear networks.
Read it in 10-K 2024-11-14 at sec.gov ↗
RemovedMD&A
(2)In the current and prior years, content impairments related to strategic changes in our approach to content curation.
Read it in 10-K 2024-11-14 at sec.gov ↗
RemovedMD&A
In fiscal 2023, the Company recognized a gain of $169 million on its investment in DraftKings, Inc. (DraftKings), which was sold in fiscal 2023.
Read it in 10-K 2024-11-14 at sec.gov ↗
RemovedMD&A
($ in millions) 2024 2023 Income before income taxes $ 7,569 $ 4,769 Income tax expense 1,796 1,379 Effective income tax rate 23.7% 28.9%
Read it in 10-K 2024-11-14 at sec.gov ↗
RemovedMD&A
The decrease in the effective income tax rate in the current year compared to the prior year was due to the recognition of a $418 million benefit in the current year related to prior years’ tax matters (Income Tax Reserve Adjustments) and a lower foreign effective tax rate. These decreases were partially offset by higher non-tax deductible impairments in the current year compared to the prior year. We recognized $2.9 billion of impairments in the current year and $0.7 billion of impairments in the prior year that are not tax deductible.
Read it in 10-K 2024-11-14 at sec.gov ↗
RemovedMD&A
The decrease in net income attributable to noncontrolling interests reflected the comparison to the accretion of NBCU’s interest in Hulu and Major League Baseball’s interest in BAMTech LLC as well as lower results at our National Geographic business. These decreases were partially offset by improved results at Hong Kong Disneyland Resort. We had accreted to the redemption value for BAMTech LLC by November 2022 and to the guaranteed floor payment for Hulu by December 2023.
Read it in 10-K 2024-11-14 at sec.gov ↗
RemovedMD&A
•Other income, net of $96 million, primarily due to the DraftKings gain ($169 million), partially offset by a charge related to a legal ruling ($101 million)
Read it in 10-K 2024-11-14 at sec.gov ↗
RemovedMD&A
(4)Restructuring and impairment charges in the prior year include the impact of a content license agreement termination with A+E, which generated a gain at A+E. The Company’s 50% interest in this gain was $56 million (A+E gain) and is included in Restructuring and impairment charges in this table.
Read it in 10-K 2024-11-14 at sec.gov ↗
RemovedMD&A
(1) Restructuring and impairment charges in the prior year include the A+E gain.
Read it in 10-K 2024-11-14 at sec.gov ↗
RemovedMD&A
The decrease in domestic programming and production costs was due to a lower average cost mix of programming, including fewer hours of scripted programming, which reflected the impact of production delays as a result of guild strikes in the prior year.
Read it in 10-K 2024-11-14 at sec.gov ↗
RewordedMD&A
During the year ended September 28, 2024, 27, 2025, the Company’s borrowing activity was as follows:($ in millions) September 30, 2023 28, 2024 Borrowings Payments Other September 28, 2024 27, 2025 Activity Commercial paper with original maturities less than three months(1) $ 289 727 $ 431 1,232 $ — $ 7 4 $ 727 1,963 Commercial paper with original maturities greater than three months 1,187 4,305 (3,204) 25 2,313 1,129 (3,304) (39) 99 U.S. dollar denominated notes(2) 43,504 — (2,870) (138) 40,496 1,057 (2,742) (153) 38,658 Asia Theme Parks borrowings(3) 1,308 1,292 — (62) 46 1,292 (68) (149) 1,075 Foreign currency denominated debt and other(4) 143 132 (132) 844 987 $ 46,431 $ 4,868 $ (6,268) $ 784 — (925) 169 231 $ 45,815 $ 3,418 $ (7,039) $ (168) $ 42,026
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedMD&A
Cost of services (exclusive of depreciation and amortization) (52,677) (52,509) (53,139) 1 — % Cost of products (exclusive of depreciation and amortization) (6,089) (6,189) (6,062) (2) 2 % Selling, general, administrative and other (16,501) (15,759) (15,336) (3) (5) % Depreciation and amortization (5,326) (4,990) (5,369) 7 (7) % Total costs and expenses (80,593) (79,447) (79,906) 1 (1) % Restructuring and impairment charges (819) (3,595) (3,892) 8 77 % Other income (expense), net expense — (65) 96 nm 100 % Interest expense, net (1,305) (1,260) (1,209) (4) % Equity in the income of investees, net 295 575 782 (26) (49) % Income before income taxes 12,003 7,569 4,769 59 % Income taxes 1,428 (1,796) (1,379) (30) % nm Net income 13,431 5,773 3,390 70 >100 % Net income attributable to noncontrolling interests (1,027) (801) (1,036) 23 (28) % Net income attributable to Disney $ 12,404 $ 4,972 $ 2,354 >100 % Diluted earnings per share attributable to Disney $ 6.85 $ 2.72 $ 1.29 >100 %
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedMD&A
($ in millions) 2025 2024 2023 % Change Better (Worse) Entertainment operating income $ 4,674 $ 3,923 $ 1,444 >100 19 % Sports operating income 2,882 2,406 2,465 (2) 20 % Experiences operating income 9,995 9,272 8,954 4 8 % Corporate and unallocated shared expenses (1,646) (1,435) (1,147) (25) (15) % Equity in the loss of India joint venture (202) — nm Restructuring and impairment charges(1) charges (819) (3,595) (3,836) 6 77 % Other income (expense), net expense — (65) 96 nm 100 % Interest expense, net (1,305) (1,260) (1,209) (4) % TFCF and Hulu acquisition amortization (1,576) (1,677) (1,998) 16 6 % Income from continuing operations before income taxes $ 12,003 $ 7,569 $ 4,769 59 %
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedMD&A
($ in millions) 2025 2024 2023 % Change Better (Worse) Revenues Theme park admissions $ 11,707 $ 11,171 $ 10,423 7 5 % Resorts and vacations 9,210 8,375 7,949 5 10 % Parks & Experiences merchandise, food and beverage 8,491 8,039 7,712 4 6 % Merchandise licensing and retail 4,387 4,307 4,358 (1) 2 % Parks licensing and other 2,361 2,259 2,107 7 5 % Total revenues 36,156 34,151 32,549 5 6 % Operating expenses (19,224) (18,356) (17,129) (7) (5) % Selling, general, administrative and other (4,114) (3,944) (3,675) (7) (4) % Depreciation and amortization (2,823) (2,579) (2,789) 8 % Equity in the loss of investees — (2) 100 (9) % Operating Income $ 9,995 $ 9,272 $ 8,954 4 8 %
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedMD&A
($ in millions) 2025 2024 2023 % Change Better (Worse) Revenues TV/VOD and home entertainment distribution $ 2,255 3,458 $ 2,618 (14) 3,008 15 % Theatrical distribution 2,592 2,266 3,174 (29) % Home entertainment distribution 753 931 (19) 14 % Other 2,438 2,444 2,325 5 — % Total revenues 8,488 7,718 9,048 (15) 10 % Operating expenses (4,977) (4,901) (6,280) 22 (2) % Selling, general, administrative and other (2,746) (2,108) (2,595) 19 (30) % Depreciation and amortization (367) (371) (347) (7) 1 % Equity in the loss of investees (6) (10) (5) (100) 40 % Operating Income (Loss) $ 392 $ 328 $ (179) nm 20 %
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedMD&A
Cost of services products for fiscal 2024 2025 decreased 1%, 2%, or $0.6 $0.1 billion to $6.1 billion, to $52.5 billion, primarily due to lower non-sports programming and production costs, a shift to licensing of physical home entertainment distribution, partially offset by higher sports programming and production costs and the impact of inflation and increased volumes at our theme parks and experiences businesses. resorts.
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedMD&A
Average Monthly Revenue Per Paid Subscriber for the fiscal year ended:2024 2023 ended:2025 2024 % Change Better (Worse) Disney+ Domestic (U.S. and Canada) $ 8.06 $ 7.89 $ 6.97 13 2 % International (excluding Disney+ Hotstar)(1) 6.60 5.93 International(3) 7.59 6.38 19 % Disney+(3) 7.81 7.04 11 % Disney+ Core 7.18 6.39 12 % Disney+ Hotstar 0.96 0.66 45 % Hulu SVOD Only 12.36 12.35 12.17 1 — % Live TV + SVOD 99.85 95.12 90.52 5 %
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedMD&A
The increase also reflected collateral receipts related was due to our hedging program lower tax payments in the current year compared to collateral payments in the prior year, year and higher operating cash flows at Entertainment and the comparison and, to a payment in the prior year related to the termination of content licenses in fiscal 2022. lesser extent, Experiences.
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedMD&A
Growth in subscription fees reflected was due to increases of 10% 8% attributable to higher effective rates due to reflecting increases in retail pricing and 6% 4% from subscriber growth, more subscribers, partially offset by a decrease decreases of 2% 1% from an unfavorable Foreign movement of the U.S. dollar against major currencies (Foreign Exchange Impact. Impact) and 1% from the Star India Transaction.
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedMD&A
Cost Aside from this impact, cost of services for fiscal 2024 decreased 1%, or $0.6 billion, to $52.5 billion, primarily increased due to lower non-sports programming and production costs, partially offset by higher sports programming and production costs and and, to a lesser extent, the impact of inflation and increased volumes at our parks and experiences businesses.
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedMD&A
(1) Activities related to noncontrolling and redeemable noncontrolling interests in the current year were due to an $8.6 billion payment for Hulu’s redeemable noncontrolling interest and $0.5 $0.6 billion of dividend payments to noncontrolling interest holders. holders and $0.4 billion related to an incremental amount paid by the Company for Hulu based on the final appraisal of Hulu’s fair value.
Read it in 10-K 2025-11-13 at sec.gov ↗
RewordedMD&A
Growth in resorts and vacations revenue was primarily attributable to increases of 3% 5% from higher average ticket prices for additional passenger cruise line sailings, 1% from an increase in average daily hotel room rates and 1% days, 2% from higher occupied hotel room nights, partially offset by a decrease of nights and 1% from lower increased unit sales at Disney Vacation Club.
Read it in 10-K 2025-11-13 at sec.gov ↗
Quiet changesMD&A
The Entertainment segment generates revenue from film, episodic and other content that is produced and distributed across three significant lines of business:
Read it in 10-K 2025-11-13 at sec.gov ↗
