DISWalt Disney
The Walt Disney Company, together with the subsidiaries through which businesses are conducted (the Company), is a diversified worldwide entertainment company with operations in three segments: Entertainment, Sports and Experiences. 10-K, Item 1
- Employees
- 231,000
- Headquarters
- Burbank, CA
- Next results
- around Nov 12, 2026
All key numbers (38) From EDGAR
| EPS (ttm) | 4.85 | Sales (ttm) | 98.9B | Net income (ttm) | 8.6B | Sales growth | +3.4% | EPS growth | +152% | Sales Q/Q | +6.8% |
| Free cash flow | 8.3B | Gross margin | - | Oper. margin | 18.4% | Net margin | 8.7% | FCF margin | 8.4% | ROE | 7.8% |
| ROA | 4.2% | R&D / sales | - | Dividend | - | Debt/Eq | 0.42 | Curr. ratio | 0.71 | Cash | 5.2B |
| Op. cash flow (ttm) | 17.0B | EBITDA | 22.9B | EBITDA margin | 24.2% | Net debt | 40.9B | Quick ratio | 0.65 | ROIC | 12.6% |
| Tax rate | -11.9% | Stock pay / sales | 1.4% | Shares out. | 1.7B | Shares Y/Y | -1.1% | Book / share | 63.72 | Cash / share | 3.00 |
| Sales / share | 57.25 | Asset turnover | 0.48 | Days sales out. | 51 | Sales 3Y CAGR | +4.5% | Sales 5Y CAGR | +7.7% | EPS 3Y CAGR | +58.8% |
| Employees | 231,000 | Sales / employee | 428K |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
DIS against Communication peers
Ten years, side by side → · All 19 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 19 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| DIS Walt Disney | $98.9B | +3.4% | - | 8.7% | 7.8% | 8.4% | 0.42 |
| VZ Verizon | $139.4B | +2.5% | - | 11.8% | 15.3% | - | 1.55 |
| T AT&T | $128.9B | +2.7% | - | 10.2% | 10.7% | 13.8% | 1.30 |
| CMCSA Comcast | $123.0B | 0.0% | - | 9.2% | 12.2% | 16.0% | 0.94 |
| TMUS T-Mobile US | $93.8B | +8.5% | - | 12.0% | 20.1% | 19.9% | 1.62 |
| CHTR Charter Communications | $55.6B | -0.6% | - | 2.5% | 12.7% | 7.1% | 9.75 |
Profitability
0 of 3- !Net margin below the peer median8.7% vs 9.2%
- !Return on equity below 15%7.8%
- !A profit in 8 of 9 years
Balance sheet
1 of 3- ✓Debt smaller than equityDebt / equity 0.42 on the latest balance sheet (peer median 0.94)
- !Current ratio below 1Current ratio 0.71
- !Net debt over 3 years of free cash flow$40.9B net debt, 4.9 years
Cash and shareholders
2 of 3- ✓Free cash flow positive in every one of 9 years$10.1B last year
- !Share count up over 5 years+0.2%
- ✓Cash from operations above net income$18.1B vs $12.4B
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
What the debt is made of, and when it is due
balance sheet of Jun 27, 2026 · schedule of Sep 27, 2025The debt note's own lines, 2025-09-27
Fixed rate $0Floating $2.1B Not stated $42.0B
| Line, as the company names it | Kind | Rate | Fixed or floating | Amount |
|---|---|---|---|---|
| U.S. Dollar Denominated Notes | Notes and bonds | 1.75–8.45% | not stated | $38.7B |
| Commercial Paper | Commercial paper | 4.28% | floating | $2.1B |
| Foreign Currency Denominated Canadian Debt March 2027 Maturity | – | 3.06% | not stated | $1.3B |
| Asia International Theme Parks | – | 4.55–8.00% | not stated | $1.1B |
| Foreign currency denominated debt | – | 3.06–5.11% | not stated | $931.0M |
From the debt note in the 10-K's XBRL (0001744489-25-000155), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.
Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →
Revenue and net income, FY2017 to FY2025
Revenue 94.4B Net income 12.4BFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Where the $96.3B of revenue came from
by segment, year to Sep 27, 2025- Entertainment Segment $42.5B · 44%
- Experiences Segment $36.2B · 38%
- Sports Segment $17.7B · 18%
From the segment tables in the 10-K XBRL. Revenue by segment, product and region →
DIS's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
The segments changed
10-K filed 2025-11-13Compared with the 10-K of Nov 14, 2024: no longer reported: Content License Segment Adjustment.
When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.
Revenue by business segment
year to Sep 27, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Entertainment Segment | 42.5B | 45.0% | +3.1% |
| Experiences Segment | 36.2B | 38.3% | +5.9% |
| Sports Segment | 17.7B | 18.7% | +0.3% |
| Eliminations and Other | -1.9B | -2.0% | - |
| Segment Eliminations | -1.9B | -2.0% | - |
10-K 0001744489-25-000155, segment and revenue notes (XBRL).
Revenue by product or service
year to Sep 27, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Subscription and affiliate fees | 37.8B | 40.0% | +3.4% |
| Theme park admissions | 11.7B | 12.4% | +4.8% |
| Advertising | 11.1B | 11.8% | -6.5% |
| Retail and wholesale sales of merchandise, food and beverage | 9.6B | 10.2% | +4.8% |
| Resort and vacations | 9.2B | 9.8% | +10.0% |
| Other | 4.7B | 5.0% | -0.8% |
| Merchandise licensing | 3.9B | 4.1% | +2.5% |
| TV/VOD and home entertainment distribution | 3.8B | 4.0% | +12.5% |
| Theatrical distribution licensing | 2.6B | 2.7% | +14.4% |
10-K 0001744489-25-000155, segment and revenue notes (XBRL).
Revenue by region
year to Sep 27, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Americas | 76.4B | 80.9% | +5.9% |
| Europe | 11.1B | 11.7% | +7.9% |
| Asia Pacific | 6.9B | 7.3% | -22.6% |
10-K 0001744489-25-000155, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 55.1B | 59.4B | 69.6B | 65.4B | 67.4B | 82.7B | 88.9B | 91.4B | 94.4B |
| SG&A | 8.2B | 8.9B | 11.5B | 12.4B | 13.5B | 16.4B | 15.3B | 15.8B | 16.5B |
| Operating income | 14.8B | 15.7B | 14.8B | 8.1B | 7.8B | 12.1B | 12.9B | 15.6B | 17.6B |
| Interest expense | 507.0M | 682.0M | 1.2B | 1.6B | -1.5B | -1.5B | -2.0B | -2.1B | -1.8B |
| Pretax income | 13.8B | 14.7B | 13.9B | -1.7B | 2.6B | 5.3B | 4.8B | 7.6B | 12.0B |
| Income tax | 4.4B | 1.7B | 3.0B | 699.0M | 25.0M | 1.7B | 1.4B | 1.8B | -1.4B |
| Net income | 9.0B | 12.6B | 11.1B | -2.9B | 2.0B | 3.1B | 2.4B | 5.0B | 12.4B |
| EPS (diluted) | 5.69 | 8.36 | 6.64 | -1.58 | 1.09 | 1.72 | 1.29 | 2.72 | 6.85 |
| Diluted shares | 1.6B | 1.5B | 1.7B | 1.8B | 1.8B | 1.8B | 1.8B | 1.8B | 1.8B |
| Depreciation & amortization | 2.8B | 3.0B | 4.2B | 5.3B | 5.1B | 5.2B | 5.4B | 5.0B | 5.3B |
| EBITDA | 17.6B | 18.7B | 19.0B | 13.5B | 12.9B | 17.3B | 18.2B | 20.6B | 22.9B |
| Operating margin | 26.8% | 26.4% | 21.3% | 12.4% | 11.5% | 14.7% | 14.5% | 17.1% | 18.6% |
| Net margin | 16.3% | 21.2% | 15.9% | -4.4% | 3.0% | 3.8% | 2.6% | 5.4% | 13.1% |
| Revenue growth | - | +7.8% | +17.1% | -6.1% | +3.1% | +22.7% | +7.5% | +2.8% | +3.4% |
| EPS growth | - | +46.9% | -20.6% | -124% | - | +57.8% | -25.0% | +111% | +152% |
Balance sheet
From EDGAR| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash | 4.0B | 4.2B | 5.4B | 17.9B | 16.0B | 11.6B | 14.2B | 6.0B | 5.7B |
| Receivables | 8.6B | 9.3B | 15.5B | 12.7B | 13.4B | 12.7B | 12.3B | 12.7B | 13.2B |
| Inventory | 1.4B | 1.4B | 1.6B | 1.6B | 1.3B | 1.7B | 2.0B | 2.0B | 2.1B |
| Current assets | 15.9B | 16.8B | 28.1B | 35.3B | 33.7B | 29.1B | 32.8B | 25.2B | 24.3B |
| Property & equipment | 28.4B | 29.5B | 31.6B | 32.1B | 32.6B | 33.6B | 34.9B | 37.0B | 41.3B |
| Goodwill | 31.4B | 31.3B | 80.3B | 77.7B | 78.1B | 77.9B | 77.1B | 73.3B | 73.3B |
| Total assets | 95.8B | 98.6B | 194.0B | 201.5B | 203.6B | 203.6B | 205.6B | 196.2B | 197.5B |
| Accounts payable | 6.3B | 6.5B | 13.8B | 13.2B | 16.4B | 16.2B | 15.1B | 14.8B | 15.1B |
| Current liabilities | 19.6B | 17.9B | 31.3B | 26.6B | 31.1B | 29.1B | 31.1B | 34.6B | 34.2B |
| Total debt | 25.3B | 20.9B | 47.0B | 58.6B | 54.4B | 48.4B | 46.4B | 45.8B | 42.0B |
| Shareholders' equity | 41.3B | 48.8B | 88.9B | 83.6B | 88.6B | 95.0B | 99.3B | 100.7B | 109.9B |
| Retained earnings | 72.6B | 82.7B | 42.5B | 38.3B | 40.4B | 43.6B | 46.1B | 49.7B | 60.4B |
Cash flow
From EDGAR| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 12.3B | 14.3B | 6.0B | 7.6B | 5.6B | 6.0B | 9.9B | 14.0B | 18.1B |
| Capital spending | 3.6B | 4.5B | 4.9B | 4.0B | 3.6B | 4.9B | 5.0B | 5.4B | 8.0B |
| Free cash flow | 8.7B | 9.8B | 1.1B | 3.6B | 2.0B | 1.1B | 4.9B | 8.6B | 10.1B |
| Stock-based pay (added back) | 364.0M | 393.0M | 711.0M | 525.0M | 600.0M | 977.0M | 1.1B | 1.4B | 1.4B |
| Dividends paid | 2.4B | 2.5B | 2.9B | 1.6B | 0 | 0 | 0 | 1.4B | 1.8B |
| Buybacks | 9.4B | 3.6B | 0 | 0 | - | 0 | 0 | 3.0B | 3.5B |
| Debt raised | 4.8B | 1.1B | 38.2B | 18.1B | 64.0M | 333.0M | 83.0M | 132.0M | 1.1B |
| Debt repaid | 2.4B | 1.9B | 38.9B | 3.5B | 3.7B | 4.0B | 1.7B | 3.1B | 3.7B |
| Investing cash flow | -4.1B | -5.3B | -15.1B | -3.9B | -3.2B | -5.0B | -4.6B | -6.9B | -8.0B |
| Financing cash flow | -9.0B | -8.8B | -464.0M | 8.5B | -4.4B | -4.7B | -2.7B | -15.3B | -10.4B |
Stock-based pay and leases
From EDGAR| FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 364.0M | 393.0M | 711.0M | 525.0M | 600.0M | 977.0M | 1.1B | 1.4B | 1.4B |
| Stock-based pay / revenue | 0.7% | 0.7% | 1.0% | 0.8% | 0.9% | 1.2% | 1.3% | 1.5% | 1.4% |
| Operating lease cost | - | - | - | - | - | 796.0M | 820.0M | 926.0M | 773.0M |
| Operating lease cash paid | - | - | - | 879.0M | 925.0M | 736.0M | 714.0M | 876.0M | 903.0M |
| Finance lease principal paid | - | - | - | 37.0M | 25.0M | 48.0M | 41.0M | 44.0M | 46.0M |
| Right-of-use assets | - | - | - | - | 3.9B | 4.0B | 4.2B | 3.4B | 3.2B |
| Operating lease liabilities | - | - | - | - | 3.6B | 3.6B | 4.0B | 3.5B | 3.2B |
| Finance lease liabilities | - | - | - | 308.0M | 287.0M | 256.0M | 243.0M | 190.0M | 162.0M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.
Work on DIS in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/DIS/export.csv") into a cell.