NYSE: DIS · Movies & Entertainment
Walt Disney
The Walt Disney Company has three segments. Entertainment covers studios, TV networks, and the Disney+ and Hulu streaming services. Sports is mainly ESPN. Experiences covers theme parks, cruise lines and consumer products. FY2025 (year ended September 2025) revenue was $94.4 billion and segment operating income $17.6 billion, of which Experiences contributed $10.0 billion. Net income attributable to Disney was $12.4 billion, helped by a non-cash tax benefit tied to Hulu's tax classification. Disney+ had about 132 million paid subscribers. Josh D'Amaro, previously chairman of Disney Experiences, succeeded Robert Iger as CEO in March 2026.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:07 (SEC EDGAR) · Source 10-K filed: November 13, 2025
Built on10-K FY2025 · filed 2025-11-1310-Q (quarter ended 2026-06-27) · filed 2026-08-05
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 7.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 18.6%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +1.5 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 1.6x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.46x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- —
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 26.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.94
Higher than 44% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 51% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 43% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 46% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 44% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-06-27
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$118.52close on 2026-11-04
Market cap$225.19B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 26.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.0x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 11.4x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 4.5%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- —
At FY2025 year-end: 16.6x
Earnings: trailing 12 months to 2026-06-27
At FY2025 year-end: 2.0x
Book value at FY2025 year-end
At FY2025 year-end: 11.0x
EBITDA for FY2025
At FY2025 year-end: 4.7%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jun 27, 2026.
- Revenue$23.65B → $25.25B (vs. a year earlier)↑ +6.8%$23.65B → $25.25B (vs. a year earlier)
- Operating margin19.3% → 22.0% (vs. a year earlier)↑ +2.7 pts19.3% → 22.0% (vs. a year earlier)
- Net income$5.26B → $2.64B (vs. a year earlier)↓ −49.9%$5.26B → $2.64B (vs. a year earlier)
- Diluted EPS$2.92 → $1.51 (vs. a year earlier)↓ −48.3%$2.92 → $1.51 (vs. a year earlier)
- Cash$5.68B → $5.19B (vs. previous quarter-end)↓ −8.7%$5.68B → $5.19B (vs. previous quarter-end)
- Long-term debt$47.36B → $46.04B (vs. previous quarter-end)↓ −2.8%$47.36B → $46.04B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Aug 5, 2026.
Management outlook → Reaffirmed
Continues to expect fiscal 2026 adjusted EPS growth of about 12%, excluding the 53rd week. Source sentence
We continue to expect fiscal 2026 adjusted EPS growth of approximately 12%, excluding the impact of the 53 rd week.
Key changes
Q3 revenues up 7% to $25.2B. Source sentence
Revenues increased 7% for the third quarter to $25.2 billion from $23.7 billion in Q3 fiscal 2025.
Diluted EPS $1.51 versus $2.92. Source sentence
Diluted earnings per share (EPS) decreased to $1.51 from $2.92 in Q3 fiscal 2025.
Expects Q4 segment operating income of about $4.9B. Source sentence
We expect Q4 total segment operating income of approximately $4.9 billion, including the impact of the 53 rd week.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Walt Disney Co
- Headquarters
- BURBANK, CA
- Incorporated in
- Delaware
- Fiscal year end
- 10/03
- Exchange & ticker
- NYSE: DIS
- Industry
- Movies & Entertainment
- CIK
- 1744489
Workforce (as of FY2025 year-end)
Employees
231,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: September 2026. In past years, Q4 results were released 39–47 days after quarter end (Nov 13, 2025; Nov 14, 2024; Nov 8, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around October 3.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 37–47 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Jun 27, 2026 | Aug 5, 2026 (+39 days) | Aug 5, 2026 10-Q (+39 days) |
| Q2 FY2026 | Mar 28, 2026 | May 6, 2026 (+39 days) | May 6, 2026 10-Q (+39 days) |
| Q1 FY2026 | Dec 27, 2025 | Feb 2, 2026 (+37 days) | Feb 2, 2026 10-Q (+37 days) |
| Q4 FY2025 | Sep 27, 2025 | Nov 13, 2025 (+47 days) | Nov 13, 2025 10-K (+47 days) |
| Q3 FY2025 | Jun 28, 2025 | Aug 6, 2025 (+39 days) | Aug 6, 2025 10-Q (+39 days) |
| Q2 FY2025 | Mar 29, 2025 | May 7, 2025 (+39 days) | May 7, 2025 10-Q (+39 days) |
| Q1 FY2025 | Dec 28, 2024 | Feb 5, 2025 (+39 days) | Feb 5, 2025 10-Q (+39 days) |
| Q4 FY2024 | Sep 28, 2024 | Nov 14, 2024 (+47 days) | Nov 14, 2024 10-K (+47 days) |
| Q3 FY2024 | Jun 29, 2024 | Aug 7, 2024 (+39 days) | Aug 7, 2024 10-Q (+39 days) |
| Q2 FY2024 | Mar 30, 2024 | May 7, 2024 (+38 days) | May 7, 2024 10-Q (+38 days) |
| Q1 FY2024 | Dec 30, 2023 | Feb 7, 2024 (+39 days) | Feb 7, 2024 10-Q (+39 days) |
| Q4 FY2023 | Sep 30, 2023 | Nov 8, 2023 (+39 days) | Nov 21, 2023 10-K (+52 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Entertainment
Disney+, Hulu
About 132M Disney+ and 64M Hulu paid subscribers (September 2025).
Sports
ESPN
Examples: ESPN DTC
Experiences
Parks, cruises, consumer products
Examples: Toy Story 5 merchandise
From the FY2025 Form 10-K and Q3 FY2026 release.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
ABC Network
U.S. TV households reached through affiliates and owned stations
U.S. share
~100% reach
Company-disclosedAbout 245 affiliated stations plus eight owned stations. This is reach, not audience share.
Worldwide share
—
Not disclosedABC owned TV stations
U.S. TV households reached (FCC national cap calculation)
U.S. share
~20% reach
Company-disclosedSix of the eight stations are in the top ten U.S. markets; federal rules cap aggregate reach at 39%.
Worldwide share
—
Not disclosed
Sources:
07
Recent strategic focusSite analysis
FY2026 developments.
CEO succession
The board elected Josh D'Amaro CEO effective at the March 18, 2026 annual meeting; Dana Walden became President and Chief Creative Officer.
Source: 8-K filed 2026-02-03
Q3 FY2026
Revenue +7% to $25.2B; segment operating income +21% to $5.6B; adjusted EPS $2.06.
Source: Q3 FY2026 earnings release
Financing
$4B of notes issued in February 2026; credit facilities renewed.
Source: 8-Ks filed 2026-02-12 and 2026-03-03
Capex ÷ D&A (FY2025)
1.51x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$8,024M ÷ $5,326M = 1.51x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $4.02B in FY2020 to $8.02B in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-13
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$94.43B
As reported in the 10-K
Revenue CAGR (5 years)
+7.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($94,425M ÷ $65,388M) ^ (1÷5) − 1 = 7.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
18.6%▲favorable
+6.2pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$17,551M ÷ $94,425M × 100 = 18.6%
ROE (FY2025)
11.8%▲favorable
6-year average: 3.6%
As reported in the 10-K
P/B (FY2025 end)
1.96x
formulafiscal year-end closing price ÷ book value per share
e.g.$113.47 ÷ $57.83 = 1.96x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
11.0x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($215,593M + $42,026M − $5,695M) ÷ ($17,551M + $5,326M) = 11.0x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +7.6% a year over 5 years (strong growth)
From $65.39B in FY2020 to $94.43B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 12.4% → 18.6%
How much operating profit is left per $100 of revenue. It moved +6.2 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 55.6% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▼
ROE averaged 3.6% over 6 years (latest: 11.8%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Fubo
07 · what it does
Key activities
Entertainment
Content production and distributionSports
Live sports productionExperiences
Guest experiences, merchandise licensing
06 · what it draws on
Key resources
Entertainment
IP and studios (Disney, Pixar, Marvel, Star Wars, National Geographic)Sports
Sports rightsExperiences
Parks, ships, IP
02 · why customers buy
Value propositions
- Film and TV content and franchises, ESPN sports, Disney+ and Hulu streaming, and theme parks, cruises and consumer products.
04 · how it keeps them
Customer relationships
- Streaming subscriptions and affiliate fees that vary with subscriber levels.
03 · how it reaches them
Channels
- Streaming services, linear networks distributed by MVPDs, theaters, parks and resorts, and licensees.
01 · who it serves
Customer segments
Entertainment
Subscribers, advertisers, distributors, theatergoersSports
Pay-TV distributors, advertisers, DTC subscribersExperiences
Guests and consumers
09 · where money goes
Cost structure
FY2025, share of revenue ($94.43B)
- Selling, general & administrative17.5%
- Other operating costs (incl. cost of goods sold)63.9%
Operating profit left: 18.6% of revenue. Depreciation & amortization (inside the costs above): $5.33B. Capital spending: $8.02B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Entertainment
Subscriptions, advertising, affiliate fees, theatrical and licensing ($42.5B)Sports
Affiliate fees and advertising ($17.7B)Experiences
Admissions, food and merchandise, cruises, licensing ($36.2B)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Entertainment
Film and TV production, linear networks (ABC, Disney Channel, FX, National Geographic), DTC services Disney+ and Hulu, and content licensing.
01 what it draws on
Inputs & resources
- IP and studios (Disney, Pixar, Marvel, Star Wars, National Geographic)
02 what it does
Activities
- Content production and distribution
03 who it serves
Customers
- Subscribers, advertisers, distributors, theatergoers
04 how money comes in
How it earns
- Subscriptions, advertising, affiliate fees, theatrical and licensing ($42.5B)
Entertainment: how it makes money
- Operating income $4.7B (+19%) in FY2025.
Sports
ESPN networks and the ESPN DTC service.
01 what it draws on
Inputs & resources
- Sports rights
02 what it does
Activities
- Live sports production
03 who it serves
Customers
- Pay-TV distributors, advertisers, DTC subscribers
04 how money comes in
How it earns
- Affiliate fees and advertising ($17.7B)
Sports: how it makes money
- Operating income $2.9B (+20%).
Experiences
Theme parks and resorts, Disney Cruise Line, vacation experiences and consumer products.
01 what it draws on
Inputs & resources
- Parks, ships, IP
02 what it does
Activities
- Guest experiences, merchandise licensing
03 who it serves
Customers
- Guests and consumers
04 how money comes in
How it earns
- Admissions, food and merchandise, cruises, licensing ($36.2B)
Experiences: how it makes money
- Operating income $10.0B (+8%), the largest segment.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Disney is exposed to tariffs and international trade policy.
Trade & export rules
Tariffs
Tariffs announced in 2025 could affect results depending on how they apply.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025 (Sep))
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Entertainment
42,466 (44%)profit 4,674 · margin 11.0%
Experiences
36,156 (38%)profit 9,995 · margin 27.6%
Sports
17,672 (18%)profit 2,882 · margin 16.3%
Source: Form 10-K (FY2025) — business segment results Profit is segment operating income; eliminations −$1.9B of revenue.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Capital tie / equity stake
Fubo
In October 2025 Disney combined Hulu Live TV assets with Fubo, taking a 70% interest in the combined entity.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Consumers, subscribers, advertisers, pay-TV distributors, licensees.
Named by the company
No customer is named.
Suppliers
Talent, sports leagues (rights holders), production vendors.
Named by the company
No supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The proxy's media industry peer group lists major media and tech companies.
Competitors named in the 10-K
Disney's 10-K doesn't name competitors.
Peer group the company chose
Media industry peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Used to evaluate compensation levels; Disney also uses an 18-company general industry group and the S&P 500 Media & Entertainment Index for performance.
- Alphabet (Google)site ↗
- Amazonsite ↗
- Applesite ↗
- Comcastsite ↗
- Meta Platformssite ↗
- Netflixsite ↗
- Paramount Skydancesite ↗
- Warner Bros. Discoverysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-13
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-13
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-13
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-13
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 65,388 | 67,418 | 82,722 | 88,898 | 91,361 | 94,425 |
| Operating income | 8,108 | 7,766 | 12,121 | 12,863 | 15,601 | 17,551 |
| Pretax income | -1,743 | 2,561 | 5,285 | 4,769 | 7,569 | 12,003 |
| Net income (attributable) | -2,864 | 1,995 | 3,145 | 2,354 | 4,972 | 12,404 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 3.1% | 22.7% | 7.5% | 2.8% | 3.4% |
| Operating margincalcoperating income ÷ revenue × 100 | 12.4% | 11.5% | 14.7% | 14.5% | 17.1% | 18.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -4.4% | 3.0% | 3.8% | 2.6% | 5.4% | 13.1% |
| Balance sheet ($M) | ||||||
| Total assets | 201,549 | 203,609 | 203,631 | 205,579 | 196,219 | 197,514 |
| Total equity | 88,263 | 93,011 | 98,879 | 103,957 | 105,522 | 114,612 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 58,628 | 54,406 | 48,369 | 46,431 | 45,815 | 42,026 |
| Equity ratio | 41.5% | 43.5% | 46.7% | 48.3% | 51.3% | 55.6% |
| ROE | -3.4% | 2.3% | 3.4% | 2.4% | 5.0% | 11.8% |
| Cash flow ($M) | ||||||
| Operating CF | 7,616 | 5,566 | 6,002 | 9,866 | 13,971 | 18,101 |
| Investing CF | -3,850 | -3,171 | -5,008 | -4,641 | -6,881 | -8,043 |
| Financing CF | 8,480 | -4,385 | -4,729 | -2,724 | -15,288 | -10,366 |
| Free cash flowcalccash flow from operations − capital expenditures | 3,594 | 1,988 | 1,059 | 4,897 | 8,559 | 10,077 |
| Cash and equivalents | 17,914 | 15,959 | 11,615 | 14,182 | 6,002 | 5,695 |
| Per share & other | ||||||
| EPS ($) | -1.58 | 1.09 | 1.72 | 1.29 | 2.72 | 6.85 |
| BVPS ($) | 46.93 | 49.72 | 52.78 | 55.15 | 53.00 | 57.83 |
| P/E (x) | — | 161.5 | 54.8 | 62.8 | 35.3 | 16.6 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 19.3 | 27.3 | 12.0 | 9.8 | 10.8 | 11.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.61 | 3.54 | 1.79 | 1.47 | 1.81 | 1.96 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-06-27 | $25.25B+6.8% | $5.56B+21.4% | $2.64B-49.9% | $1.51 |
| 2026-03-28 | $25.17B+6.5% | $4.6B+3.8% | $2.25B-31.4% | $1.27 |
| 2025-12-27 | $25.98B+5.2% | $4.6B-9.1% | $2.4B-6.0% | $1.34 |
| 2025-09-27 † | $22.46B-0.5% | $3.48B-4.8% | $1.31B+185.4% | — |
| 2025-06-28 | $23.65B | $4.58B | $5.26B | $2.92 |
| 2025-03-29 | $23.62B | $4.44B | $3.28B | $1.81 |
| 2024-12-28 | $24.69B | $5.06B | $2.55B | $1.40 |
| 2024-09-28 † | $22.57B | $3.66B | $460M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
10.6%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$17,551M × (1 − 7%) ÷ $153,988M × 100 = 10.6%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
9.12%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $215.59B ÷ ($215.59B + $42.03B) = 83.7%
e.g.Debt weight: $42.03B ÷ ($215.59B + $42.03B) = 16.3%
e.g.WACC: 10.1% × 83.7% + 4.3% × (1 − 7%) × 16.3% = 9.12%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 7.6%–11.0% and ROIC − WACC runs −0.4 to +3.0 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 9.12% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.94 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 10.12%
- Cost of debt
- 4.31%
- Tax rate
- 7% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 84% : 16%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 9.12%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.94 (price-derived adjusted beta. Raw β 0.92, R² 0.23, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.915 + 0.33 = 0.943
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.94 × 5.5% = 10.1%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
5.3%
Perpetual FCF growth: g = r − FCF ÷ EV = 9.1% − 3.9%
Past FCF growth (FY2020–FY2025)
+22.9%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+7.6%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $10.08B (operating CF − capex); enterprise value $261.52B = market cap $225.19B (latest close, 2026-11-04) + debt $42.03B − cash and short-term investments $5.7B; r = WACC of 9.1% using this page’s default assumptions (β 0.94, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$265.18B
FCF $10.08B ÷ (9.1% − 5.3%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 7.1% | 8.1% | 9.1% | 10.1% | 11.1% |
|---|---|---|---|---|---|
| 0% | 0.54x | 0.48x | 0.42x | 0.38x | 0.35x |
| 2% | 0.76x | 0.63x | 0.54x | 0.48x | 0.42x |
| 4% | 1.24x | 0.94x | 0.76x | 0.63x | 0.54x |
| 6% | 3.50x | 1.83x | 1.24x | 0.94x | 0.76x |
| 8% | — | 38.53x | 3.50x | 1.83x | 1.24x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.63x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.9%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 146%
Most profit comes from core operations.
- ✓
Days sales outstanding: 71 → 50 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-13
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-11-13
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$18,101M ÷ $12,404M = 1.46x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$17,551M ÷ $12,003M × 100 = 146%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($12,729M + $13,217M) ÷ 2 ÷ $94,425M × 365 = 50 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 76.8%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 23.2%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 335 of 416
- Beta (adjusted)
- 0.94
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 80% of covered companies have more
above 1 = swings more than the market
- 1,326.7M shares reported by 2,929 13F filers ÷ 1,726.7M shares outstanding on 2026-07-29. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-01-22 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-29)
19
Strengths & weaknessesSite analysis
Strengths
1. IP and parks
Experiences earned $10.0B of operating income in FY2025.
Evidence: Form 10-K (FY2025)
2. Streaming profitability
Entertainment operating income rose 19% in FY2025.
Evidence: Form 10-K (FY2025)
3. Cash returns
$1.50 per share dividend declared for FY2026 and a $7B buyback target.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Flat Sports revenue
Sports revenue was flat at $17.7B in FY2025.
Evidence: Form 10-K (FY2025)
2. Low historical ROE
ROE was 2–5% in FY2021–FY2024.
Evidence: SEC EDGAR XBRL
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
16.6x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
—
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
—
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
4.7%
(Operating CF − capex) ÷ market cap
1. Earnings recovery
Segment operating income growth with streaming profits.
- What has to hold
- Parks demand holds.
- The other side
- Macro uncertainty noted by management.
Evidence: Q3 FY2026 earnings release
The fiscal year ends on the Saturday closest to September 30 (FY2026 has 53 weeks). FY2025 net income includes a non-cash tax benefit from a change in Hulu's U.S. tax classification. Interest expense is shown as a positive amount. Dividends per share are not tagged in XBRL.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.8x
$5.7B vs. $6.71B
Interest coverage (operating income ÷ interest expense)
9.7x
$17.55B vs. $1.81B
Free cash flow ÷ dividends paid
5.6x
$10.08B vs. $1.8B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -4.2% in FY2021 ($8.11B → $7.77B) | Yes, by FY2022 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Diversified segments
Media, sports and experiences.
Source: Form 10-K (FY2025)
Cash flow
Operating cash flow $18.1B in FY2025.
Source: SEC EDGAR XBRL
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Disney is defending a securities class action, and ten related derivative suits, alleging it concealed Disney+ costs and subscriber growth. Trial is set for November 2027.
2 open matters
Disney+ securities class action
PendingClass actionPurchasers of Disney securities v. Disney, Chapek, McCarthy, Daniel and Iger (C.D. Cal.)
Alleges misstatements and a scheme to conceal Disney+ costs and subscriber growth. The motion to dismiss was largely denied in February 2025, and mandamus was denied in July 2025. A parallel Union Asset Management/GIC suit is stayed.
- Next step
- Trial set for November 16, 2027; discovery is under way.
Source: Form 10-Q (quarter ended 2026-06-27) — Legal Proceedings
Shareholder derivative actions
PendingLawsuitTen derivative plaintiffs (C.D. Cal.; Delaware Court of Chancery)
Allege fiduciary breaches, insider selling and securities violations based on the same Disney+ allegations. Most are stayed pending developments in the class action.
Source: Form 10-Q (quarter ended 2026-06-27) — Legal Proceedings
Company statement: Disney cannot reasonably estimate any possible loss.
Based on Form 10-Q (quarter ended 2026-06-27) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Media competition
- Company disclosure (summarized from the 10-K)
- Streaming and media compete with technology and media companies.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Demand & macro
Consumer spending
- Company disclosure (summarized from the 10-K)
- Parks and cruises depend on discretionary spending.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Labor & workforce
Unionized workforce
- Company disclosure (summarized from the 10-K)
- Many park employees and production personnel are covered by collective bargaining agreements.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Governance & quality
CEO transition
- Company disclosure (summarized from the 10-K)
- New CEO from March 2026.
- Company’s stated mitigation
- Internal successor.
- This site’s assessment
- Impact Low / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
We face risks from claims, litigation, governmental investigations and other proceedings to our businesses, reputation, results of operation and financial condition.
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…
Actual and threatened proceedings and investigations increase our costs, divert management resources and disrupt business operations and may negatively impact our reputation and brands. Read more
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…
No longer in the text (3)
Elevated indebtedness or leverage ratios could adversely affect us, including by decreasing our business flexibility.
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.
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. Read more
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…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Nov 13, 2025 ↗ with the 10-K filed Nov 14, 2024 ↗.
25
What to watch going forwardSite analysis
- Streaming margins.
- Experiences expansion spending (capex $8.0B in FY2025).
- ESPN DTC.
- Leadership under Josh D'Amaro.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:07 (SEC EDGAR) · Source 10-K filed: November 13, 2025
Built on10-K FY2025 · filed 2025-11-13
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Walt Disney’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.