Communication Services · NYSE: DIS
Disney: how the business works
Disney sells streaming, TV channels, sports, films, theme park visits and cruises, with revenue of $94.4 billion in FY2025.
By Hardik Bhandare · Checked against filings:
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The Walt Disney Company · Burbank, California
Last updated
- Revenue, FY2025
- $94.4B
- Income before income taxes, FY2025
- $12.0B
- Net income, FY2025 (incl. $3.8B of one-off tax items, net)
- $12.4B
- Cash from operations, FY2025
- $18.1B
- Employees, Sep 27, 2025
- About 231,000
The short version
Disney in 5 points
1 · What it sells
Disney sells streaming, TV channels, ESPN sports, films, theme park visits, cruises and licensed products, with $94.4 billion of revenue in FY2025.
2 · Who pays it
In FY2025, subscribers and pay-TV distributors paid 40.0% of revenue, guests and product buyers 32.4%, advertisers 11.8%, and licensees and others 15.8%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Disney kept $13.1 as net income, including one-off tax benefits of $3.3 billion (Hulu) and $1.0 billion (a prior-year matter), less a $462 million Hulu charge in outside owners' share; Disney reports no operating income line, and its total segment operating income, before corporate costs, interest and restructuring, was $17.6 billion against $12.0 billion of income before taxes.
4 · Where the operating profit comes from
Experiences, mainly parks and resorts, earned $10.0 billion, or 56.9%, of FY2025 segment operating income, a Disney measure before corporate costs, on 37.5% of segment revenue.
5 · The one thing to watch
Disney had $84.1 billion of sports programming commitments at Sep 27, 2025, payable over many years, $9.9 billion of it in FY2026 (variable payments excluded), against $17.7 billion of Sports segment revenue in FY2025.
Sources: From Disney's FY2025 10-K · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Disney's money go?
Disney · FY2025
Receipt for every $100
| Cost of services and products | $62.0 |
|---|---|
| Selling, admin and other | $17.4 |
| Depreciation and amortization | $5.6 |
| Restructuring and impairment | $0.9 |
| Net interest | $1.4 |
| Outside owners' share of profit | $1.1 |
| Income tax benefit, from one-off items (adds) | −$1.5 |
| Kept as net income | $13.1 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue of $94,425 million plus $295 million of income from part-owned companies): each line = line ÷ $94,720 million × 100. The tax line is negative because one-off benefits of $3,277 million (Hulu) and $1,016 million (a prior-year matter) turned income taxes into a benefit. Hulu also carried a $462 million charge in the outside owners' line, so the two items net to $3,831 million for Disney.
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02The business in one line
What does Disney do?
Subscribers, pay-TV distributors, advertisers and park guests pay Disney; most of the money goes on programming, production and running the parks, and the parks segment earns the largest share of segment profit.
- In FY2025, subscription and affiliate fees were 40.0% of revenue, guests and product buyers 32.4%, advertising 11.8%, and licensing and other 15.8%.
- Experiences brought in 37.5% of segment revenue but 56.9% of segment operating income, a Disney measure that comes before corporate costs, interest and restructuring.
03Who pays it
Who pays Disney?
Subscribers and pay-TV distributors
40%
of revenue
Streaming subscribers, and the TV services that pay fees to carry Disney's and ESPN's channels: $37.8 billion in FY2025.
Guests and product buyers
32%
of revenue
Theme park admissions 12.4%, merchandise, food and beverage 10.2%, and resorts and vacations 9.8% of FY2025 revenue.
Advertisers
12%
of revenue
Companies buying ads on Disney's TV channels, streaming services and ESPN: $11.1 billion in FY2025.
Licensees and others
16%
of revenue
Merchandise licensing 4.1%, TV/VOD and home entertainment 4.0%, theatrical distribution 2.7%, and other 5.0% of FY2025 revenue.
- Subscribers and pay-TV distributors40%
- Guests and product buyers32%
- Advertisers12%
- Licensees and others16%
How spread out the customers are
Disney's FY2025 10-K gives no revenue share for any single customer. It says receivables are not a significant credit concentration because of the wide variety of customers and markets.
04Why it makes money
Why does Disney make money?
Experiences earns the highest margin of the three segments, and streaming's margin is rising from a low base.
Per $100 of FY2025 revenue, Experiences kept $27.64 of segment operating income, Sports $16.31 and Entertainment $11.01. Inside Entertainment, Direct-to-Consumer kept $5.39, up from $0.63 in FY2024. Linear Networks kept $31.56, on falling revenue. These figures are before corporate costs, so they are not whole-company margins.
Direct-to-Consumer operating income per $100 of its revenue
$0.6$5.4
FY2024 to FY2025
- Studios make films and shows under brands such as Disney, Pixar and Marvel
- Viewers pay in theaters and on Disney+ and Hulu
- Pay-TV distributors and advertisers pay for channels and ad time
- Parks, cruises and licensed products use the same characters
- Guests and product buyers pay for visits and merchandise
- Cash pays for more content, parks and ships
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Disney?
Entertainment
44%Disney+, Hulu, TV channels, and films and licensing. Shares are of segment revenue before $1,869 million of eliminations between segments.
Revenue $42.5B · Operating profit $4.7B
Sports
18%ESPN's channels and streaming service. Programming and production cost $12.5 billion in FY2025.
Revenue $17.7B · Operating profit $2.9B
Experiences
38%Parks, resorts, cruises and consumer products. In FY2025 it earned $10.0 billion, or 56.9%, of segment operating income, a Disney measure before corporate costs. Disney said on Aug 5, 2026 it intends to shift much of Consumer Products to Entertainment from Q1 FY2027.
Revenue $36.2B · Operating profit $10.0B
How the mix changed
- Entertainment
- Sports
- Experiences
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Disney done?
Revenue
$94.4BFY2025
Revenue rose every year to $94.4 billion in FY2025 and grew 7% in Q3 FY2026; FY2026 has 53 weeks, with the extra week in Q4, which Disney said on Aug 5, 2026 lifts revenue by roughly 1.5-2%.
US$
See the numbers
Net profit
$12.4BFY2025
Net income attributable to Disney rose to $12.4 billion in FY2025 from $5.0 billion in FY2024, but FY2025 includes one-off tax benefits of $3.3 billion (Hulu) and $1.0 billion (a prior-year matter), less a $462 million Hulu charge in outside owners' share.
US$
See the numbers
Profit kept per $100 of revenue
$13.1FY2025
Disney kept $13.1 of net income per $100 of revenue in FY2025, up from $5.4 in FY2024, with the FY2025 figure lifted by the same two tax items.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$10.1BFY2025
Free cash flow was $10.1 billion in FY2025, up from $8.6 billion in FY2024, as cash from operations rose to $18.1 billion and capital spending to $8.0 billion from $5.4 billion.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Saturday closest to Sep 30; FY2025 ended Sep 27, 2025, and FY2026 has 53 weeks, with the extra week in Q4). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Total net income includes $1,027 million for outside owners, such as the other holders of Hong Kong, Shanghai and ESPN. The two lines are never added. Disney reports no operating income line, so the EBITDA column is left empty.
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
07Who runs it
Who runs Disney, and did they deliver?
Josh D'Amaro
Chief Executive Officer · since 2026
CEO since Mar 18, 2026. Joined in 1998; previously Chairman of Disney Experiences. Base salary $2.5 million, target bonus 250% of base.
Robert A. Iger
Senior Advisor and director · since 2026
Serves through Dec 31, 2026. CEO in FY2025, when his total pay was $45.9 million, 805 times the median employee's $56,932.
Dana Walden
President and Chief Creative Officer · since 2026
Previously Co-Chairman of Disney Entertainment.
Hugh F. Johnston
Senior Executive Vice President and Chief Financial Officer
Contract extended to Jan 31, 2029.
James Gorman
Chairman of the Board · since 2025
Chairman since Jan 2, 2025.
What they said, and what happened
4 delivered · 3 too early to tell
Said on Nov 14, 2024
Disney said it expected FY2025 adjusted EPS to rise high single digits, with cash from operations of about $15 billion, capital spending of about $8 billion and $3 billion of buybacks.
DeliveredWhat happened
Reported adjusted EPS rose 19% to $5.93 (diluted EPS $6.85), cash from operations was $18.1 billion, capital spending $8.0 billion and buybacks $3.5 billion.
Said on Nov 14, 2024
Disney said it expected FY2025 segment income growth of 6-8% at Experiences and 13% at Sports, and about $875 million more from Direct-to-Consumer.
DeliveredWhat happened
Experiences rose 8% and Sports 20%; Direct-to-Consumer rose $1,184 million to $1,327 million.
Said on Aug 6, 2025
Disney said it expected FY2025 adjusted EPS of $5.85.
DeliveredWhat happened
Reported adjusted EPS was $5.93; diluted EPS was $6.85.
Said on May 6, 2026
Disney said it expected Q3 FY2026 total segment operating income of about $5.3 billion.
DeliveredWhat happened
Reported $5,555 million; income before income taxes was $3,645 million.
Said on Nov 14, 2024
Disney said it expected a 10% Entertainment SVOD margin and double-digit adjusted EPS growth in FY2026.
Too early to tellWhat happened
Q3 FY2026 SVOD margin was 13%. On Aug 5, 2026 Disney repeated a double-digit margin for FY2026, excluding the 53rd week.
Said on Nov 13, 2025
Disney said it expected FY2026 cash from operations of $19 billion, capital spending of $9 billion, $7 billion of buybacks and high-single-digit Experiences growth.
Too early to tellWhat happened
Nine-month figures: cash from operations $12.5 billion, capital spending $6.8 billion, buybacks $7.2 billion. On Aug 5, 2026 Disney raised buybacks to at least $9 billion; its Experiences figure excludes the 53rd week.
Said on Aug 5, 2026
Disney said it expected Q4 FY2026 total segment operating income of about $4.9 billion, including about $600 million from the 53rd week.
Too early to tellWhat happened
Q4 FY2026 results are not out yet.
08What could go wrong
What could go wrong for Disney?
- Technology
Traditional TV is shrinking
Linear Networks revenue fell to $9.4 billion in FY2025 from $10.7 billion, and operating income to $3.0 billion from $3.5 billion. Disney's 10-K lists technology and viewing shifts as a risk.
Watch Linear Networks revenue and operating income in each 10-K, and streaming's margin against it.
- Concentration
Large sports rights commitments
Disney had $84.1 billion of sports programming commitments at Sep 27, 2025, payable over many years, $9.9 billion of it in FY2026 (variable payments excluded), against $17.7 billion of Sports revenue in FY2025. In Q3 FY2026 Sports programming and production costs rose to $3.1 billion from $2.8 billion.
Watch Sports programming costs and segment operating income each quarter.
- Demand
Parks depend on consumers, and spending on them is rising
Experiences earned 56.9% of FY2025 segment operating income, a Disney measure before corporate costs. Disney's 10-K names economic declines and uncontrollable events as risks. Experiences capital spending rose to $6.4 billion from $3.7 billion. International parks' income fell to $369 million from $422 million in Q3 FY2026, and Comcast opened Epic Universe in Orlando in May 2025.
Watch Attendance and guest spending in each 10-Q, and capital spending against cash from operations.
- Concentration
Distribution disputes can take channels off TV services
Disney's channels were removed from YouTube TV on Oct 30, 2025 when a contract expired. Disney said on Feb 2, 2026 that the temporary suspension cost Sports about $110 million of segment operating income in Q1 FY2026.
Watch Renewals with pay-TV distributors, and any service blackout in Disney's filings.
- Debt
Debt, with $8.6 billion due within a year
Borrowings were $46.0 billion at Jun 27, 2026, and cash was $5.2 billion. Moody's rated Disney A2 and S&P rated it A at Sep 27, 2025. The 10-K says downgrades could raise borrowing costs.
Watch Borrowings, cash and credit ratings in each 10-Q and 10-K.
- Legal
Lawsuits
Shareholders allege misstatements and omissions about Disney+ costs and subscriber growth; trial is set for Nov 16, 2027. Disney's Q3 FY2026 10-Q says it cannot estimate any loss in that case. Antitrust claims by YouTube TV and DirecTV Stream subscribers are settled in principle for an amount the 10-Q calls not material, with a final hearing on Jan 14, 2027. Claims by Fubo subscribers continue, and Disney expects any loss would not be material.
Watch The legal matters note in each 10-Q and 10-K.
- Execution
A new CEO
Josh D'Amaro became CEO on Mar 18, 2026, and Robert Iger leaves his Senior Advisor role and the board on Dec 31, 2026. Disney said on Aug 5, 2026 it intends to shift much of Consumer Products to Entertainment from Q1 FY2027.
Watch Changes in strategy or segments in each earnings release, and any new impairment charges.
- Legal
Early works lose US copyright
Disney's Q3 FY2026 10-Q says US copyright on early works expires at the end of the 95th calendar year after the date the copyright was originally secured.
Watch The intellectual property risk factor in each 10-K.
09Both sides
What do supporters and critics point to?
What supporters point to
- Experiences revenue rose 10% to $10.0 billion in Q3 FY2026, and its segment operating income rose 20% to $3.0 billion.
- Direct-to-Consumer operating income rose to $1.3 billion in FY2025 from $143 million in FY2024.
- Free cash flow rose to $10.1 billion in FY2025 from $1.1 billion in FY2022.
- Reported FY2025 adjusted EPS of $5.93 was above the $5.85 Disney stated on Aug 6, 2025; diluted EPS was $6.85.
- Disney bought back $7.2 billion of shares in the first nine months of FY2026, and dividends declared rose to $1.50 from $1.00.
What critics point to
- FY2025 net income included $3.8 billion of one-off tax items, net of a Hulu charge in outside owners' share, and Q3 FY2026 diluted EPS fell 48% to $1.51 against a quarter holding the Hulu benefit.
- Sports segment operating income fell 17% to $858 million in Q3 FY2026, while its programming and production costs rose 10%.
- Linear Networks revenue fell 12% to $9.4 billion in FY2025.
- Net debt rose to $40.9 billion at Jun 27, 2026 from $36.3 billion at Sep 27, 2025.
- Restructuring and impairment charges totaled $8.3 billion from FY2023 to FY2025.
10What to watch next
What should you watch next at Disney?
Next event
Q4 FY2026 results
Date not announced yet.
FY2026 results, with 53 weeks
Disney said on Aug 5, 2026 that it expected about $4.9 billion of Q4 total segment operating income, including about $600 million from the extra week. FY2026 growth against FY2025 will include that week.
The A+E sale
Disney agreed in July 2026 to sell its 50% stake for about $1.2 billion in cash. It expected closing by the end of fiscal 2026; no later filing confirms it.
Segment recast
Disney said on Aug 5, 2026 it intends to shift much of Consumer Products from Experiences to Entertainment from Q1 FY2027, so later filings may show different segment figures.
11Key dates
What are the key dates for Disney?
| Event | Date | Source |
|---|---|---|
| Robert Iger's Senior Advisor role and board seat end | Form 8-K: CEO succession, Josh D'Amaro appointed | |
| Trial date in the Disney+ securities class action | Form 10-Q for Q3 FY2026 |
Learn: IPO lock-up agreements: what they are and when they end
12Key facts
Key facts about Disney
- What does Disney do?
- The Walt Disney Company runs Disney+ and Hulu, the ABC network and other TV channels, ESPN, film studios, theme parks, cruise ships and a licensed products business. Disney's revenue was $94.4 billion in FY2025, the year ended Sep 27, 2025, and it had about 231,000 employees.
- How does Disney make money?
- In FY2025 Disney's revenue came from subscription and affiliate fees (40.0%), theme park admissions (12.4%), advertising (11.8%), merchandise, food and beverage (10.2%), resorts and vacations (9.8%), and licensing and other sources (15.8%).
- What is Disney's business model?
- Disney makes and buys films, shows and sports programs, then earns from them through subscriptions, fees from pay-TV distributors and advertising. Its parks, cruises and licensed products use the same characters and brands. In FY2025 Disney's Experiences segment earned $10.0 billion of segment operating income on $36.2 billion of revenue.
- Is Disney profitable?
- Disney had net income of $12.4 billion in FY2025, up from $5.0 billion in FY2024. The FY2025 figure includes one-off tax benefits of $3.3 billion (Hulu) and $1.0 billion (a prior-year matter), less a $462 million Hulu charge in outside owners' share. Disney's income before income taxes was $12.0 billion in FY2025, up from $7.6 billion.
- What is Disney's revenue by segment?
- In FY2025 Disney's Entertainment segment had revenue of $42.5 billion, Experiences $36.2 billion and Sports $17.7 billion. Eliminations between segments took off $1.9 billion, for total revenue of $94.4 billion.
- Who owns Disney?
- Disney has one class of common stock, with one vote per share. Its 2026 proxy lists The Vanguard Group with 8.5% and BlackRock with 6.9%, and all directors and executive officers together with less than 1%. After an internal realignment at Vanguard, a later filing shows Vanguard Capital Management with 7.49% at Mar 31, 2026.
- How much does Disney earn from streaming?
- Disney's Direct-to-Consumer line, mainly Disney+ and Hulu, had revenue of $24.6 billion and operating income of $1.3 billion in FY2025, up from $22.8 billion and $143 million in FY2024.
- How much does Disney earn from theme parks and consumer products?
- In FY2025 Disney's domestic parks and experiences had revenue of $25.2 billion and operating income of $6.4 billion. International had $6.5 billion and $1.4 billion. Disney's Consumer Products had $4.4 billion and $2.2 billion.
- How much does Disney earn from ESPN and sports?
- Disney's Sports segment, built around ESPN, had revenue of $17.7 billion and segment operating income of $2.9 billion in FY2025, up from $17.6 billion and $2.4 billion in FY2024.
- How much does Disney earn from TV channels and film licensing?
- In FY2025 Disney's Linear Networks line, its traditional TV channels, had revenue of $9.4 billion and operating income of $3.0 billion. Its Content Sales/Licensing line, including films, had revenue of $8.5 billion and operating income of $392 million.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Disney sell?
Streaming: Disney+ and Hulu ($24.6B in FY2025)
Monthly subscriptions and ads. This Direct-to-Consumer line also includes Hulu Live TV. Last reported counts, Sep 27, 2025: Disney+ 131.6 million, Hulu 64.1 million.
TV channels ($9.4B)
The ABC network, eight owned ABC stations, and the Disney, Freeform, FX and National Geographic channels. Pay-TV distributors and advertisers pay for them.
Films and content licensing ($8.5B)
Films in theaters, plus sales of films and shows to other distributors. Brands include Disney, Pixar, Marvel, Star Wars and National Geographic.
Sports: ESPN ($17.7B)
ESPN channels, ESPN's streaming service and ESPN on ABC. Disney's effective stake is 72%; Hearst has 18% and the NFL 10% since Jan 31, 2026.
Parks, resorts and cruises ($31.7B)
Walt Disney World, Disneyland, Disneyland Paris, Hong Kong and Shanghai, plus Disney Cruise Line. Guests pay for tickets, rooms, food and merchandise.
Consumer products ($4.4B)
Other companies pay to put Disney's characters on merchandise, and Disney sells some products itself.
What it does
- Does: Earns fees from streaming subscribers and from pay-TV distributors that carry its channels
- Does: Sells ads on its TV channels, streaming services and ESPN
- Does: Counts all of Hong Kong (48% owned) and Shanghai (43% owned) in its results; outside owners get a share of the profit
What it does not do
- Does not: Does not run Tokyo Disney Resort: Oriental Land does, and pays Disney royalties
- Does not: Will not build or run the planned Abu Dhabi park: Miral will, and Disney will earn royalties and fees, subject to finalizing agreements
- Does not: Has not reported Disney+ or Hulu subscriber counts since Sep 27, 2025
- Does not: Does not show an operating income line on its income statement
14How the money flows
14How the money flows · FY2025
How does money flow through Disney?
Money in
- Services revenue (subscriptions, fees, ads, tickets, resorts)$84.6B
- Products revenue (merchandise, food and beverage)$9.8B
- Income from part-owned companies (equity income)$295M
The company
Disney
$94.7B came in
Money out
- Cost of services and products$58.8B
- Selling, general, administrative and other$16.5B
- Depreciation and amortization$5.3B
- Restructuring and impairment$819M
- Net interest$1.3B
- Outside owners' share of profit$1.0B
- Income taxes (a benefit, so it adds money)−$1.4B
- Net income attributable to Disney$12.4B
- Subscribers, pay-TV distributors, advertisers, guests and licensees paid Disney $94.4 billion in FY2025; part-owned companies added $0.3 billion.
- Programming, production and running the parks and resorts took most of it: $58.8 billion for services and products.
- Selling and administrative costs took $16.5 billion, and depreciation and amortization $5.3 billion.
- Restructuring charges took $0.8 billion and net interest $1.3 billion.
- Income taxes added $1.4 billion because of two one-off benefits; outside owners took $1.0 billion, including a $462 million Hulu charge, leaving Disney $12.4 billion.
15What it needs to run
15What it needs to run
What does Disney need to run?
Films, shows and sports rights
Produced and licensed content was $31.3 billion on the balance sheet at Sep 27, 2025. Disney's FY2025 10-K said it expected about $24 billion of content spending in fiscal 2026, including sports rights.
Parks and resorts
Parks, resorts and other property was $41.3 billion, net, at Sep 27, 2025. Walt Disney World alone has 4 parks on about 25,000 acres.
Cruise ships
Six ships at the end of FY2025. The Disney Destiny and Disney Adventure joined in FY2026, and four more are contracted for 2027 to 2031.
People
About 231,000 employees at the end of FY2025: 172,000 in the US and 59,000 elsewhere; 76% full-time, 16% part-time and 8% seasonal.
16Where it sells
16Where it sells · FY2025
Where does Disney sell?
- Americas81%
- Europe12%
- Asia Pacific7%
17Competitors and what protects it
17Competitors and what protects it
Who does Disney compete with?
Comcast
Comcast's own filing reports 2025 theme parks revenue of $9.8 billion, and says Epic Universe opened in Orlando in May 2025. Its Peacock streaming service had 44 million paid subscribers at the end of 2025. These are calendar-year figures.
Netflix
Netflix's own 10-K reports FY2025 revenue of $45.2 billion from one operating segment. Disney management said on its Aug 5, 2026 call that streaming can earn high margins on added revenue and "Netflix has shown that that's possible".
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Characters and brands4 of 5
Disney, Pixar, Marvel, Star Wars and National Geographic have their own tiles on Disney+. Merchandise licensing brought in $3.9 billion in FY2025, and Consumer Products kept $49.00 of operating income per $100 of revenue.
- Parks and resorts4 of 5
Experiences earned $10.0 billion of segment operating income in FY2025. Parks, resorts and other property was $41.3 billion, net, and Experiences capital spending was $6.4 billion that year.
- Sports rights3 of 5
Sports had $17.7 billion of FY2025 revenue and $84.1 billion of sports programming commitments at Sep 27, 2025, payable over many years, $9.9 billion of it in FY2026. The NFL has held 10% of ESPN since Jan 31, 2026.
- Streaming scale3 of 5
Direct-to-Consumer had $24.6 billion of revenue and $1.3 billion of operating income in FY2025. The last reported counts were 131.6 million for Disney+ and 64.1 million for Hulu.
Weak spot
Shrinking TV channels
Linear Networks revenue fell to $9.4 billion in FY2025 from $10.7 billion in FY2024, and its operating income fell to $3.0 billion from $3.5 billion. That is still more than Direct-to-Consumer's $1.3 billion.
18Where growth could come from
18Where growth could come from
Where could Disney's growth come from?
Disney said on Aug 5, 2026 that it expected Q4 FY2026 total segment operating income of about $4.9 billion, including about $600 million from FY2026's 53rd week. It expected FY2026 adjusted EPS growth of about 12% excluding that week and about 16% including it, and double-digit growth in FY2027 excluding it. It also expected FY2026 cash from operations of at least $19 billion, capital spending of about $9 billion and buybacks of at least $9 billion. Disney also said the extra week lifts revenue by roughly 1.5-2%.
Streaming
Working+12% fees, Q3 FY2026
Entertainment subscription and affiliate fees rose to $7.5 billion from $6.8 billion; Fubo, consolidated since Oct 29, 2025, added 4 points. Entertainment SVOD operating income, a Disney measure, was $712 million, up from $329 million, within Entertainment segment operating income of $1,680 million. Q3 has no extra week; the 53rd falls in Q4.
Status: Working, on track against what the company said.
Parks and cruises
Working+10% revenue, Q3 FY2026
Experiences revenue rose to $10.0 billion from $9.1 billion, and segment operating income to $3.0 billion from $2.5 billion. Global guests rose 4%. Disney said on Aug 5, 2026 that two new ships raised stateroom capacity by about 50%. Disney's Aug 5, 2026 outlook for the high end of high-single-digit FY2026 growth excludes the 53rd week.
Status: Working, on track against what the company said.
Sports
Mixed-17% segment income, Q3 FY2026
Sports revenue rose 4% to $4.5 billion, with the NFL deal adding 4 points to subscription and affiliate growth, but segment operating income fell to $858 million from $1,037 million. Disney said on Aug 5, 2026 that it expected mid-single-digit FY2026 growth, excluding the 53rd week.
Status: Mixed, partly on track.
Abu Dhabi park
EarlyRoyalties and fees
Miral will build and operate a Disney-branded park in Abu Dhabi, under a May 2025 agreement. Disney will earn royalties and fees, subject to finalizing agreements; the 10-K gives no opening date or amount.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
19The company's own measures (non-GAAP)
19The company's own measures · FY2025 and Q3 FY2026
What do Disney's own measures show?
Official (GAAP): Income before income taxes, FY2025
$12.0B
Company's own measure: Total segment operating income, FY2025
$17.6B
The sum of the three segments' operating income, Disney's headline profit measure. It leaves out corporate costs ($1,646 million), the India joint venture's loss ($202 million), restructuring ($819 million), net interest ($1,305 million), TFCF and Hulu acquisition amortization ($1,576 million) and income taxes. It includes most other equity income.
Official (GAAP): Income before income taxes, Q3 FY2026
$3.6B
Company's own measure: Total segment operating income, Q3 FY2026
$5.6B
Same definition. The quarter's $900 million of restructuring and impairment, including $812 million on the A+E stake, is left out.
Official (GAAP): Diluted EPS, FY2025
$6.85
Company's own measure: Adjusted EPS, FY2025
$5.93
Disney removes the Hulu tax benefit, net of its $462 million charge in outside owners' share ($1.55), the prior-year tax matter ($0.56), acquisition amortization (-$0.64) and restructuring (-$0.55).
Official (GAAP): Diluted EPS, Q3 FY2026
$1.51
Company's own measure: Adjusted EPS, Q3 FY2026
$2.06
Diluted EPS fell 48% from $2.92, a quarter that held the Hulu benefit, and Q3 FY2026 holds the A+E impairment. Adjusted EPS rose 28% from $1.61.
Official (GAAP): Cash from operations, FY2025
$18.1B
Company's own measure: Free cash flow, FY2025 (Disney's measure)
$10.1B
Cash from operations minus investments in parks, resorts and other property. The figure in "The numbers" uses the same definition.
Official (GAAP): Entertainment segment operating income, Q3 FY2026
$1.7B
Company's own measure: Entertainment SVOD operating income, Q3 FY2026
$712M
Covers Disney+ and Hulu subscription services on $5,532 million of revenue, and leaves out Hulu Live TV and Fubo. That is 12.9% of revenue (Cityfort calculation from Q3 FY2026 earnings release; Disney said 13% on Aug 5, 2026), up from 6.6%. Reported only since Q1 FY2026, so it does not chain to the older Direct-to-Consumer line.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Sources
Form 10-K for fiscal year 2025; Earnings release for Q3 FY2026 (Form 8-K, Exhibit 99.1); Earnings release for Q4 FY2025 (Form 8-K, Exhibit 99.1)
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
20Financial strength and debt
20Financial strength · Jun 27, 2026
How much debt does Disney have?
- Total debt$46.0B
- Cash and investments$5.2B
- Net debt (debt minus cash)$40.9B
- Net worth (shareholders' money)$110.0B
- Debt to equity
- 0.42×
- $ of debt for every $1 of shareholders' money
- Debt is current plus long-term borrowings. Net debt and the 2.4 times are a Cityfort calculation from FY2025 10-K and Q3 FY2026 10-Q. Net debt was $36.3 billion at Sep 27, 2025.
- Equity shown is Disney shareholders' equity; outside owners hold another $6.8 billion. Unused bank facilities were $12.25 billion at Jun 27, 2026.
- Commitments at Sep 27, 2025 totaled $104.1 billion, of which $84.1 billion was sports programming, payable over many years, and $7.7 billion other programming. $17.0 billion was due in FY2026.
21Who owns it
21Who owns it · ownership as of Jan 20, 2026
Who owns Disney?
- Officers and directors (as a group), shares
- 0.2%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-Q for Q3 FY2026; Proxy statement (DEF 14A) for the 2026 annual meeting; Schedule 13G/A, The Vanguard Group and 1 more
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
22What it does with profit
22What it does with profit
What does Disney do with its profit?
Dividend per share
$1.50FY2026
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Sep 28, 2024
FY2024: paid $3.0 billion for its own shares.
$3.0B
Buyback · Sep 27, 2025
FY2025: paid $3.5 billion for its own shares.
$3.5B
Buyback · Jun 27, 2026
First nine months of FY2026: 68 million shares for $7.2 billion. About 271 million shares remain under the 400 million authorization, which has no expiry. Disney said on Aug 5, 2026 it plans to use about $1.2 billion from the A+E sale for more buybacks.
$7.2B
23Governance signals
23Governance signals
What do Disney's governance filings show?
- Auditor
- PricewaterhouseCoopers LLP, since 1938
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The proxy describes a written policy for reviewing related-person transactions. Vanguard and BlackRock, each above 5% during FY2025, earned about $1.5 million and $4.0 million that year for funds in Disney's employee plans.
- Credit rating
- Moody's and S&P (as stated in Disney's FY2025 10-K) A2 / P-1 (Moody's); A / A-1 (S&P) (Stable), Sep 27, 2025
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
disclosure
No operating income line
Disney's income statement goes from costs to restructuring, interest and equity income, with no operating income subtotal. Its headline is total segment operating income, its own measure.
disclosure
Subscriber counts stopped
Disney stopped reporting Disney+ and Hulu counts after Sep 27, 2025, when they were 131.6 million and 64.1 million.
other
Securities lawsuit over Disney+
A class action filed on May 12, 2023 alleges misstatements and omissions about Disney+ costs and subscriber growth. Trial is set for Nov 16, 2027. Disney's Q3 FY2026 10-Q says it intends to defend vigorously and cannot estimate any loss.
other
Board ratified certain equity awards
On Sep 25, 2025 the board ratified certain equity awards under Delaware law, because of an inadvertent omission in the committee resolutions that delegated granting authority to officers.
other
CEO pay vote
At the Mar 18, 2026 annual meeting, 1,091,655,024 votes were for executive pay and 181,755,217 against, or 85.7% of those cast either way (Cityfort calculation from 8-K filed Mar 20, 2026).
24What the market paid
24What the market paid · price as of Oct 30, 2026
What did the market pay for Disney on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Price as of Oct 30, 2026: $110.94, the close shown in Nasdaq's historical price table for DIS; the shares list on the NYSE, and this price is from Nasdaq's site, not NYSE's. Times 1,726.7 million shares (Jul 29, 2026), that is a market value of about $191.6 billion (Cityfort calculation from the Oct 30, 2026 closing price and the Q3 FY2026 10-Q cover). P/E is price ÷ earnings per share: 22.9 on $4.85, a Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases: the sum of diluted EPS for the four quarters to Jun 27, 2026, not a filed figure; those quarters include $1,521 million of restructuring and impairment. Dividend yield is $1.50 declared for FY2026 ÷ $110.94 = 1.35%, as of the same date.
- Share price
- $110.94
- Market value (market cap)
- $191.6B
- P/E
- 22.9×
Source: DIS historical closing prices, Oct 26-30, 2026 (close of Oct 30, 2026); Form 10-Q for Q3 FY2026; Earnings release for Q3 FY2026 (Form 8-K, Exhibit 99.1)
25How it got here
25How it got here
How did Disney get here?
2019
Business-model change
TFCF acquired
On Mar 20, 2019, as part of acquiring Twenty-First Century Fox (TFCF), the new holding company became Disney's parent. FY2025 still carried $1.6 billion of TFCF and Hulu amortization.
2022
Milestone
Experiences back in profit
The segment went from a $120 million loss in FY2021 to $7.3 billion of segment operating income in FY2022.
2023
Business-model change
Three segments
The FY2023 10-K recast results into Entertainment, Sports and Experiences, replacing the two earlier segments.
2023
Business-model change
Full ownership of Hulu
Disney agreed in November 2023 to buy NBCUniversal's stake in Hulu and paid $8.6 billion that December, plus about $0.4 billion after a final appraisal in FY2025.
2024
Milestone
Dividends return
Disney paid $0.30 a share in January 2024, after none from FY2021 to FY2023.
2024
Crisis
Proxy contest
Preliminary counts showed Nelson Peltz with 369,785,247 votes for and 819,457,227 against. All twelve company nominees were elected.
2024
Business-model change
Star India joint venture
On Nov 14, 2024 Star India left Disney's consolidated results for a joint venture with Reliance Industries, in which Disney holds 37%.
2025
Milestone
ESPN Unlimited
ESPN started its ESPN Unlimited streaming plan in August 2025.
2026
Business-model change
NFL takes 10% of ESPN
On Jan 31, 2026 ESPN acquired NFL Network and other assets. The NFL now holds 10%, Disney 72% and Hearst 18%.
2026
Milestone
New CEO
Josh D'Amaro, previously Chairman of Disney Experiences, succeeded Robert Iger on Mar 18, 2026.
26Sources and changes
Where every number on this page comes from
Sources (41 documents)
- S1Form 10-K for fiscal year 2025 · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Nov 13, 2025
- S2Form 10-K for fiscal year 2024 · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Nov 14, 2024
- S3Form 10-K for fiscal year 2023 · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Nov 21, 2023
- S4Form 10-K for fiscal year 2022 · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Nov 29, 2022
- S5Form 10-K for fiscal year 2021 · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Nov 24, 2021
- S6Form 10-Q for Q3 FY2026 · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
- S7Form 10-Q for Q2 FY2026 · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2026
- S8Form 10-Q for Q1 FY2026 · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 2, 2026
- S9Form 10-Q for Q3 FY2025 · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2025
- S10Form 10-Q for Q2 FY2025 · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2025
- S11Form 10-Q for Q1 FY2025 · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2025
- S12Form 10-Q for Q3 FY2024 · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2024
- S13Form 10-Q for Q2 FY2024 · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2024
- S14Form 10-Q for Q1 FY2024 · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 7, 2024
- S15Earnings release for Q3 FY2026 (Form 8-K, Exhibit 99.1) · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
- S16Earnings release for Q2 FY2026 (Form 8-K, Exhibit 99.1) · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2026
- S17Earnings release for Q1 FY2026 (Form 8-K, Exhibit 99.1) · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 2, 2026
- S18Earnings release for Q4 FY2025 (Form 8-K, Exhibit 99.1) · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Nov 13, 2025
- S19Earnings release for Q3 FY2025 (Form 8-K, Exhibit 99.1) · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2025
- S20Earnings release for Q2 FY2025 (Form 8-K, Exhibit 99.1) · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2025
- S21Earnings release for Q1 FY2025 (Form 8-K, Exhibit 99.1) · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2025
- S22Earnings release for Q4 FY2024 (Form 8-K, Exhibit 99.1) · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Nov 14, 2024
- S23Earnings release for Q3 FY2024 (Form 8-K, Exhibit 99.1) · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2024
- S24Earnings release for Q2 FY2024 (Form 8-K, Exhibit 99.1) · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2024
- S25Earnings release for Q1 FY2024 (Form 8-K, Exhibit 99.1) · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 7, 2024
- S27Proxy statement (DEF 14A) for the 2026 annual meeting · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 22, 2026
- S28Schedule 13G, Vanguard Capital Management · Filed by Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S29Schedule 13G/A, The Vanguard Group · Filed by The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S30Form 8-K: CEO succession, Josh D'Amaro appointed · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 3, 2026
- S31Form 8-K: annual meeting results, D'Amaro joins the board · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Mar 20, 2026
- S32Form 8-K: Mark Parker resigns, James Gorman named Chairman · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 21, 2024
- S33Form 8-K: Star India joint venture with Reliance · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Feb 28, 2024
- S35Form 8-K: final Hulu appraisal with NBCU · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Jun 9, 2025
- S36Form 8-K: Disney to acquire the NBCU stake in Hulu · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Nov 1, 2023
- S37Form 8-K: 2024 annual meeting preliminary vote · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 9, 2024
- S39Form 8-K: CFO Hugh Johnston contract extended · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Nov 12, 2025
- S41Earnings call transcript, Q3 FY2026 · The Walt Disney Company (investor relations) · Tier 1: company or exchange filing · Aug 5, 2026
- S46DIS historical closing prices, Oct 26-30, 2026 (close of Oct 30, 2026) · Nasdaq, Inc. (DIS lists on the NYSE) · Tier 1: company or exchange filing · Oct 30, 2026
- S48SEC XBRL company facts (quarter D&A, repurchases, cover shares) · The Walt Disney Company (SEC EDGAR) · Tier 1: company or exchange filing · Nov 1, 2026
- S49Comcast Corporation Form 10-K for 2025 · Comcast Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 3, 2026
- S50Netflix, Inc. Form 10-K for fiscal year 2025 · Netflix, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 23, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q3 FY2026)
- v1 · Nov 1, 2026First version. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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