NYSE : DIS
The Walt Disney Company — Financial statements
Communication Services · Entertainment · United States
Last price 110.91 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 191.51B
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Financial statements
The Walt Disney Company (DIS) reported revenue of 98.86B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 98.86B | 94.42B | 91.36B | 88.90B | 82.72B | 67.42B |
| Cost of Revenue | 61.69B | 58.77B | 58.70B | 59.20B | 54.40B | 45.13B |
| Gross Profit | 37.17B | 35.66B | 32.66B | 29.70B | 28.32B | 22.29B |
| Selling, General & Admin | 16.20B | 16.24B | 15.36B | 15.00B | 16.33B | 13.68B |
| Operating Expenses | 21.73B | 21.57B | 20.34B | 20.36B | 21.49B | 18.80B |
| Operating Income | 15.43B | 14.09B | 12.32B | 9.33B | 6.83B | 3.49B |
| Interest Expense | -1.79B | -1.81B | -2.07B | -1.97B | -1.55B | -1.55B |
| Interest & Investment Income | 307.00M | 246.00M | 406.00M | 424.00M | 90.00M | 307.00M |
| Earnings From Equity Investments | 325.00M | 295.00M | 575.00M | 782.00M | 816.00M | 761.00M |
| Other Non Operating Income (Expenses) | -65.00M | -73.00M | -4.00M | |||
| EBT Excluding Unusual Items | 14.27B | 12.82B | 11.16B | 8.49B | 6.18B | 3.01B |
| Merger & Restructuring Charges | -180.00M | -237.00M | -654.00M | |||
| Impairment of Goodwill | 143.00M | -1.29B | -721.00M | |||
| Gain (Loss) on Sale of Investments | -1.41B | -635.00M | -158.00M | 28.00M | -663.00M | 201.00M |
| Asset Writedown | -75.00M | -184.00M | -2.15B | -3.03B | ||
| Pretax Income | 12.75B | 12.00B | 7.57B | 4.77B | 5.29B | 2.56B |
| Income Tax Expense | 3.51B | -1.43B | 1.80B | 1.38B | 1.73B | 25.00M |
| Earnings From Continuing Operations | 9.24B | 13.43B | 5.77B | 3.39B | 3.55B | 2.54B |
| Earnings From Discontinued Operations | -48.00M | -29.00M | ||||
| Net Income to Company | 9.24B | 13.43B | 5.77B | 3.39B | 3.50B | 2.51B |
| Minority Interest in Earnings | -636.00M | -1.03B | -801.00M | -1.04B | -360.00M | -512.00M |
| Net Income | 8.60B | 12.40B | 4.97B | 2.35B | 3.15B | 2.00B |
| Net Income to Common | 8.60B | 12.40B | 4.97B | 2.35B | 3.15B | 2.00B |
| Shares Outstanding (Basic) | 1.77B | 1.80B | 1.82B | 1.83B | 1.82B | 1.82B |
| Shares Outstanding (Diluted) | 1.78B | 1.81B | 1.83B | 1.83B | 1.83B | 1.83B |
| EPS (Basic) | 4.85 | 6.88 | 2.72 | 1.29 | 1.73 | 1.10 |
| EPS (Diluted) | 4.84 | 6.85 | 2.72 | 1.29 | 1.72 | 1.09 |
| Free Cash Flow | 8.29B | 10.08B | 8.56B | 4.90B | 1.07B | 1.99B |
| Free Cash Flow Per Share | 4.66 | 5.56 | 4.67 | 2.68 | 0.58 | 1.09 |
| Dividend Per Share | 1.50 | 1.50 | 1.45 | 0.30 | ||
| Gross Margin | 37.59% | 37.76% | 35.75% | 33.41% | 34.24% | 33.06% |
| Operating Margin | 15.61% | 14.92% | 13.48% | 10.50% | 8.26% | 5.18% |
| Profit Margin | 8.70% | 13.14% | 5.44% | 2.65% | 3.80% | 2.96% |
| Free Cash Flow Margin | 8.39% | 10.67% | 9.37% | 5.51% | 1.29% | 2.95% |
| EBITDA | 20.96B | 19.42B | 17.31B | 14.70B | 11.99B | 8.60B |
| EBITDA Margin | 21.20% | 20.57% | 18.95% | 16.54% | 14.50% | 12.76% |
| D&A For EBITDA | 5.53B | 5.33B | 4.99B | 5.37B | 5.16B | 5.11B |
| EBIT | 15.43B | 14.09B | 12.32B | 9.33B | 6.83B | 3.49B |
| EBIT Margin | 15.61% | 14.92% | 13.48% | 10.50% | 8.26% | 5.18% |
| Effective Tax Rate | 27.56% | 23.73% | 28.92% | 32.77% | 0.98% | |
| Revenue as Reported | 98.86B | 94.42B | 91.36B | 88.90B | 82.72B | 67.42B |
Balance sheet
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 5.18B | 5.70B | 6.00B | 14.18B | 11.62B | 15.96B |
| Cash & Short-Term Investments | 5.18B | 5.70B | 6.00B | 14.18B | 11.62B | 15.96B |
| Accounts Receivable | 14.55B | 10.34B | 10.26B | 10.06B | 10.65B | 11.01B |
| Other Receivables | 2.87B | 2.47B | 2.27B | 2.00B | 2.36B | |
| Receivables | 14.55B | 13.22B | 12.73B | 12.33B | 12.65B | 13.37B |
| Inventory | 4.01B | 4.20B | 4.12B | 4.96B | 3.63B | 3.51B |
| Restricted Cash | 5.00M | 3.00M | 3.00M | |||
| Other Current Assets | 1.13B | 1.16B | 2.39B | 1.29B | 1.20B | 814.00M |
| Total Current Assets | 24.89B | 24.27B | 25.24B | 32.76B | 29.10B | 33.66B |
| Property, Plant & Equipment | 44.74B | 44.65B | 40.66B | 39.44B | 37.87B | 36.85B |
| Long-Term Investments | 7.63B | 8.10B | 4.46B | 3.08B | 3.22B | 3.94B |
| Goodwill | 74.68B | 73.29B | 73.33B | 77.07B | 77.90B | 78.07B |
| Other Intangible Assets | 9.79B | 9.27B | 10.74B | 13.06B | 14.84B | 17.11B |
| Long-Term Accounts Receivable | 1.08B | 1.28B | 1.30B | 1.30B | 600.00M | 800.00M |
| Other Long-Term Assets | 41.93B | 36.66B | 40.49B | 38.87B | 40.12B | 33.18B |
| Total Assets | 204.74B | 197.51B | 196.22B | 205.58B | 203.63B | 203.61B |
| Accounts Payable | 19.55B | 14.51B | 14.02B | 14.35B | 15.49B | 15.68B |
| Accrued Expenses | 3.59B | 3.67B | 3.06B | 3.45B | 3.48B | |
| Short-Term Debt | 647.00M | 2.06B | 3.04B | 1.48B | 1.66B | 1.99B |
| Current Portion of Long-Term Debt | 7.98B | 4.65B | 3.81B | 2.85B | 1.41B | 3.87B |
| Current Portion of Leases | 546.00M | 774.00M | 777.00M | 651.00M | 678.00M | |
| Current Income Taxes Payable | 2.30B | 2.47B | 2.28B | 378.00M | ||
| Current Unearned Revenue | 6.40B | 5.69B | 5.59B | 5.57B | 5.53B | 4.07B |
| Other Current Liabilities | 528.00M | 819.00M | 1.23B | 779.00M | 506.00M | 1.30B |
| Total Current Liabilities | 35.10B | 34.16B | 34.60B | 31.14B | 29.07B | 31.08B |
| Long-Term Debt | 37.41B | 35.31B | 38.97B | 42.10B | 45.30B | 48.54B |
| Long-Term Leases | 2.85B | 2.93B | 3.46B | 3.24B | 3.23B | |
| Long-Term Unearned Revenue | 693.00M | 785.00M | 858.00M | 977.00M | 927.00M | 581.00M |
| Pension & Post-Retirement Benefits | 4.13B | |||||
| Long-Term Deferred Tax Liabilities | 5.22B | 3.52B | 6.28B | 7.26B | 8.36B | 7.25B |
| Other Long-Term Liabilities | 9.47B | 6.26B | 7.07B | 7.63B | 8.35B | 6.58B |
| Total Liabilities | 87.90B | 82.90B | 90.70B | 92.57B | 95.25B | 101.39B |
| Common Stock | 62.64B | 59.81B | 58.59B | 57.38B | 56.40B | 55.47B |
| Retained Earnings | 65.05B | 60.41B | 49.72B | 46.09B | 43.64B | 40.43B |
| Treasury Stock | -14.75B | -7.44B | -3.92B | -907.00M | -907.00M | -907.00M |
| Comprehensive Income & Other | -2.91B | -2.91B | -3.70B | -3.29B | -4.12B | -6.44B |
| Total Common Equity | 110.03B | 109.87B | 100.70B | 99.28B | 95.01B | 88.55B |
| Minority Interest | 6.81B | 4.74B | 4.83B | 13.73B | 13.37B | 13.67B |
| Shareholders' Equity | 116.84B | 114.61B | 105.52B | 113.01B | 108.38B | 102.22B |
| Total Liabilities & Equity | 204.74B | 197.51B | 196.22B | 205.58B | 203.63B | 203.61B |
| Total Debt | 46.04B | 45.42B | 49.52B | 50.67B | 52.26B | 58.31B |
| Net Cash (Debt) | -40.86B | -39.73B | -43.52B | -36.49B | -40.64B | -42.35B |
| Net Cash Per Share | -22.97 | -21.94 | -23.77 | -19.94 | -22.25 | -23.17 |
| Filing Date Shares Outstanding | 1.73B | 1.79B | 1.81B | 1.83B | 1.82B | 1.82B |
| Total Common Shares Outstanding | 1.73B | 1.79B | 1.81B | 1.83B | 1.82B | 1.82B |
| Working Capital | -10.21B | -9.89B | -9.36B | 1.62B | 25.00M | 2.58B |
| Book Value Per Share | 63.60 | 61.35 | 55.57 | 54.25 | 52.09 | 48.71 |
| Tangible Book Value | 25.56B | 27.30B | 16.63B | 9.15B | 2.27B | -6.63B |
| Tangible Book Value Per Share | 14.78 | 15.24 | 9.18 | 5.00 | 1.25 | -3.65 |
| Land | 1.18B | 1.19B | 1.15B | 1.18B | 8.90B | 1.13B |
| Machinery | 30.85B | 28.28B | 26.36B | 24.41B | 24.01B | |
| Construction In Progress | 5.17B | 6.91B | 4.73B | 6.29B | 4.81B | 4.52B |
| Leasehold Improvements | 1.10B | 1.08B | 1.06B | 1.04B | 1.06B |
Cash flow statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 8.60B | 12.40B | 4.97B | 2.35B | 3.15B | 2.00B |
| Depreciation & Amortization | 5.53B | 5.33B | 4.99B | 5.37B | 5.16B | 5.11B |
| Asset Writedown & Restructuring Costs | 637.00M | 871.00M | 3.51B | 3.13B | 212.00M | |
| Loss (Gain) From Sale of Investments | 774.00M | 714.00M | -332.00M | |||
| Loss (Gain) on Equity Investments | -99.00M | -150.00M | -138.00M | -62.00M | -37.00M | -7.00M |
| Stock-Based Compensation | 1.52B | 1.36B | 1.37B | 1.14B | 977.00M | 600.00M |
| Other Operating Activities | 2.59B | -1.28B | 883.00M | -2.24B | -4.66B | -4.00B |
| Change in Accounts Receivable | -793.00M | -283.00M | -565.00M | 358.00M | 605.00M | -357.00M |
| Change in Inventory | -43.00M | -114.00M | -42.00M | -183.00M | -420.00M | 252.00M |
| Change in Accounts Payable | 15.00M | 237.00M | 156.00M | -1.14B | 964.00M | 2.41B |
| Change in Income Taxes | -1.70B | -228.00M | -1.43B | 1.34B | 46.00M | -282.00M |
| Change in Other Net Operating Assets | -35.00M | -42.00M | 265.00M | -201.00M | -707.00M | 171.00M |
| Operating Cash Flow | 16.99B | 18.10B | 13.97B | 9.87B | 6.01B | 5.57B |
| Capital Expenditures | -8.70B | -8.02B | -5.41B | -4.97B | -4.94B | -3.58B |
| Investment in Securities | -536.00M | -94.00M | -1.40B | 458.00M | 52.00M | 337.00M |
| Other Investing Activities | 126.00M | 75.00M | -68.00M | -130.00M | -117.00M | 78.00M |
| Investing Cash Flow | -9.11B | -8.04B | -6.88B | -4.64B | -5.01B | -3.16B |
| Short-Term Debt Issued | 1.53B | |||||
| Long-Term Debt Issued | 1.06B | 132.00M | 83.00M | 333.00M | 64.00M | |
| Total Debt Issued | 7.31B | 1.06B | 1.66B | 83.00M | 333.00M | 64.00M |
| Short-Term Debt Repaid | -943.00M | -191.00M | -334.00M | -26.00M | ||
| Long-Term Debt Repaid | -3.73B | -3.06B | -1.68B | -4.02B | -3.74B | |
| Total Debt Repaid | -3.84B | -4.68B | -3.06B | -1.87B | -4.35B | -3.76B |
| Net Debt Issued (Repaid) | 3.48B | -3.62B | -1.40B | -1.78B | -4.02B | -3.70B |
| Issuance of Common Stock | 435.00M | |||||
| Repurchase of Common Stock | -8.25B | -3.50B | -2.99B | |||
| Common Dividends Paid | -2.23B | -1.80B | -1.37B | |||
| Other Financing Activities | -1.01B | -1.44B | -9.53B | -941.00M | -724.00M | -1.12B |
| Financing Cash Flow | -8.02B | -10.37B | -15.29B | -2.72B | -4.74B | -4.38B |
| Foreign Exchange Rate Adjustments | -45.00M | 5.00M | 65.00M | 73.00M | -603.00M | 30.00M |
| Net Cash Flow | -178.00M | -303.00M | -8.13B | 2.57B | -4.34B | -1.95B |
| Free Cash Flow | 8.29B | 10.08B | 8.56B | 4.90B | 1.07B | 1.99B |
| Free Cash Flow Margin | 8.39% | 10.67% | 9.37% | 5.51% | 1.29% | 2.95% |
| Free Cash Flow Per Share | 4.66 | 5.56 | 4.67 | 2.68 | 0.58 | 1.09 |
| Levered Free Cash Flow | 4.86B | 6.93B | 7.64B | 5.72B | 5.53B | 7.39B |
| Unlevered Free Cash Flow | 5.98B | 8.07B | 8.93B | 6.96B | 6.50B | 8.35B |
| Cash Interest Paid | 2.05B | 2.05B | 2.13B | 2.11B | 1.69B | 1.89B |
| Cash Income Tax Paid | 1.22B | 1.22B | 3.96B | 1.19B | 1.10B | 1.64B |
| Change in Working Capital | -2.56B | -430.00M | -1.61B | 177.00M | 488.00M | 2.19B |
Ratios
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 195.31B | 204.01B | 174.35B | 148.30B | 171.97B | 319.83B |
| Enterprise Value | 236.16B | 245.52B | 220.67B | 197.37B | 223.97B | 373.47B |
| Last Close Price | 110.94 | 111.85 | 93.82 | 78.58 | 91.46 | 170.65 |
| PE Ratio | 23.38 | 16.45 | 35.07 | 63.00 | 54.68 | 160.32 |
| Forward PE | 14.98 | 18.61 | 18.80 | 17.67 | 19.63 | 40.17 |
| PS Ratio | 1.98 | 2.16 | 1.91 | 1.67 | 2.08 | 4.74 |
| PB Ratio | 1.74 | 1.78 | 1.65 | 1.31 | 1.59 | 3.13 |
| P/TBV Ratio | 7.65 | 7.47 | 10.48 | 16.21 | 75.62 | |
| P/FCF Ratio | 23.58 | 20.25 | 20.37 | 30.29 | 161.17 | 160.80 |
| P/OCF Ratio | 11.51 | 11.27 | 12.48 | 15.03 | 28.61 | 57.45 |
| PEG Ratio | 4.20 | 1.48 | 1.30 | 0.82 | 0.58 | 1.61 |
| EV/Sales Ratio | 2.39 | 2.60 | 2.42 | 2.22 | 2.71 | 5.54 |
| EV/EBITDA Ratio | 11.28 | 12.64 | 12.75 | 13.43 | 18.67 | 43.41 |
| EV/EBIT Ratio | 15.32 | 17.42 | 17.91 | 21.15 | 32.78 | 106.95 |
| EV/FCF Ratio | 28.51 | 24.36 | 25.78 | 40.30 | 209.91 | 187.77 |
| Debt / Equity Ratio | 0.39 | 0.40 | 0.47 | 0.45 | 0.48 | 0.57 |
| Debt / EBITDA Ratio | 2.07 | 2.19 | 2.64 | 3.17 | 3.97 | 5.91 |
| Debt / FCF Ratio | 5.55 | 4.51 | 5.79 | 10.35 | 48.98 | 29.32 |
| Net Debt / Equity Ratio | 0.35 | 0.35 | 0.41 | 0.32 | 0.38 | 0.41 |
| Net Debt / EBITDA Ratio | 1.95 | 2.05 | 2.51 | 2.48 | 3.39 | 4.92 |
| Net Debt / FCF Ratio | 4.93 | 3.94 | 5.08 | 7.45 | 38.09 | 21.29 |
| Asset Turnover | 0.49 | 0.48 | 0.46 | 0.43 | 0.41 | 0.33 |
| Inventory Turnover | 15.72 | 14.13 | 12.92 | 13.77 | 15.23 | 12.42 |
| Quick Ratio | 0.56 | 0.55 | 0.54 | 0.85 | 0.83 | 0.94 |
| Current Ratio | 0.71 | 0.71 | 0.73 | 1.05 | 1.00 | 1.08 |
| Return on Equity (ROE) | 8.01% | 12.20% | 5.28% | 3.06% | 3.37% | 2.54% |
| Return on Assets (ROA) | 4.81% | 4.47% | 3.83% | 2.85% | 2.10% | 1.08% |
| Return on Invested Capital (ROIC) | 7.11% | 9.29% | 6.29% | 4.44% | 3.13% | 2.41% |
| Return on Capital Employed (ROCE) | 9.10% | 8.60% | 7.60% | 5.30% | 3.90% | 2.00% |
| Earnings Yield | 4.28% | 6.08% | 2.85% | 1.59% | 1.83% | 0.62% |
| FCF Yield | 4.24% | 4.94% | 4.91% | 3.30% | 0.62% | 0.62% |
| Dividend Yield | 1.33% | 1.32% | 1.51% | 0.37% | ||
| Payout Ratio | 31.01% | 14.54% | 27.47% | |||
| Buyback Yield / Dilution | 1.93% | 1.09% | -0.06% | -0.16% | 0.06% | -1.11% |
| Total Shareholder Return | 3.26% | 2.41% | 1.45% | 0.21% | 0.06% | -1.11% |