DIS
Updated: 24/09/2026, 19:03:17
Operating worldwide through its various subsidiaries, The Walt Disney Company (DIS) stands as a prominent global entertainment enterprise. Its vast array of activities is organized into two primary divisions: Disney Media and Entertainment Distribution, and Disney Parks, Experiences and Products. Within its media and entertainment arm, Disney is actively engaged in developing and distributing both cinematic films and television series. This segment encompasses the management of well-known broadcast networks such as ABC, Disney, ESPN, Freeform, FX, Fox, National Geographic, and Star, as well as renowned film studios responsible for productions under banners like Walt Disney Pictures, Twentieth Century Studios, Marvel, Lucasfilm, Pixar, and Searchlight Pictures. The company also delivers content directly to consumers through its popular streaming platforms, including Disney+, Disney+ Hotstar, ESPN+, Hulu, and Star+. Further activities involve licensing its film and television content to external broadcasters and subscription video-on-demand services, overseeing theatrical releases, home entertainment distribution, and music distribution, staging and licensing live entertainment spectacles, and offering specialized post-production services via Industrial Light & Magic and Skywalker Sound. The "Parks, Experiences and Products" segment manages a celebrated collection of global theme parks and resorts, which notably includes Walt Disney World Resort in Florida, Disneyland Resort in California, Disneyland Paris, Hong Kong Disneyland Resort, and Shanghai Disney Resort. This division also features the Disney Cruise Line, Disney Vacation Club, National Geographic Expeditions, Adventures by Disney, and Aulani, a resort and spa located in Hawaii. The company extends its brand presence by licensing its intellectual property to a third party for the operations of the Tokyo Disney Resort. A substantial part of this segment involves consumer products, where Disney licenses its iconic trade names, characters, visual elements, literary works, and other intellectual property for use on a diverse range of merchandise, published materials, and games. Moreover, it sells branded merchandise directly through its retail stores, online platforms, and wholesale channels, and actively develops and publishes various books, comic books, and magazines. The Walt Disney Company was founded in 1923 and is based in Burbank, California.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$12.4B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$10.1B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
$3.5B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Diversified worldwide entertainment company with operations in three segments: Entertainment, Sports and Experiences
“is a diversified worldwide entertainment company with operations in three segments: Entertainment, Sports and Experiences.”
Business mix referenced in risk factors
DTC services, linear networks, theaters, theme parks, resorts, cruise ships, consumer products
“The success of our theme parks, resorts, cruise ships and experiences, as well as our theatrical releases, depends on demand for out-of-home entertainment experiences.”
Entertainment segment lines of business
Entertainment: Linear Networks; Direct-to-Consumer (Disney+, Hulu); Content Sales/Licensing (theatrical, TV/VOD, home entertainment, music, stage plays, ILM/Skywalker Sound post-production)
“The Entertainment segment generally encompasses the Company’s non-sports focused global film and episodic content production and distribution activities.”
International theme park resort ownership structures
Hong Kong Disneyland 52% Disney-owned; Shanghai Disney Resort 43%; Tokyo royalties from OLC; Abu Dhabi resort with Miral (royalties/fees, no capital)
“The Company owns a 43% interest in Shanghai Disney Resort and Shanghai Shendi (Group) Co., Ltd (Shendi) owns a 57% interest.”
Linear Networks distribution customers
Linear Networks revenue from MVPDs, affiliated TV stations, and advertisers under multi-year per-subscriber-rate agreements
“The majority of Linear Networks revenue is derived from affiliate fees and advertising.”
Consumer products licensing and retail
Merchandise licensing across toys/apparel/games etc. with major properties (Star Wars, Spider-Man, Frozen); ~63 retail stores globally
“Major properties licensed by the Company include: Mickey and Friends, Lilo & Stitch, Star Wars, Spider-Man, Disney Princess, Frozen, Avengers, Winnie the Pooh and Toy Story.”
Content library scale
Cumulatively ~1,100 full-length live-action films and 100 animated films released; ~20 films expected in fiscal 2026
“During fiscal year 2026, we expect to release approximately 20 films.”
Entertainment revenue sources
Entertainment revenues: subscription fees, advertising, affiliate fees, theatrical distribution, TV/VOD and home entertainment, other
“•Subscription fees - Fees charged to customers/subscribers for our DTC streaming services”
Workforce size and unionization
~231,000 employees (172,000 US, 59,000 international; 76% full-time); significant portion covered by collective bargaining agreements
“The Company employed approximately 231,000 people as of fiscal year end 2025, of which approximately 172,000 were employed in the U.S.”
Approximately 231,000 employees with rising labor and benefit costs
~231,000 employees; labor costs in parks and resorts rising due to collective bargaining agreements and wage laws; medical benefits and pension/postretirement medical costs expected to keep increasing.
“With approximately 231,000 employees, the success of our businesses is substantially affected by our ability to attract and retain a workforce with the necessary skills”
Hulu Live TV / Fubo combination
On October 29, 2025, Disney combined Hulu Live TV assets with Fubo; Disney holds 70% of the combined entity
“The Company has a 70% interest in the combined entity, with the remaining 30% interest retained by Fubo shareholders.”
India joint venture with Reliance
India JV with RIL formed November 14, 2024; Disney owns 37%, results in Equity in the income of investees
“The Company owns 37% of the India joint venture and recognizes its share of the joint venture’s results in “Equity in the income of investees””
Hulu NBCU interest buyout and Epic Games investment
Completed Hulu NBCU interest acquisition ($8.6B in FY2024 plus ~$0.4B June 2025 final appraisal payment); $1.5B investment in Epic Games in FY2024
“In June 2025, the Company paid an incremental amount for Hulu based on a final appraisal of Hulu’s fair value”
FY2025 capex by segment
FY2025 investments in parks, resorts and other property: Entertainment $1,155M; Sports $3M; Experiences $6,429M (Domestic $5,271M, International $1,158M); Corporate $437M; total $8,024M vs $5,412M in FY2024
“Total investments in parks, resorts and other property (8,024)(5,412)”
DTC revenue drivers
DTC revenues fluctuate with subscriber counts, mix and fees, viewership, and demand for sports and film/TV content, sensitive to content availability including sports league work stoppages.
“DTC revenues fluctuate based on changes in the number of subscribers, mix of subscribers to different offerings and subscriber fees; viewership levels; and the demand for sports and film and television content”
Disney Cruise Line expansion
Cruise fleet of 6 ships adding Disney Destiny and Disney Adventure in fiscal 2026; four more ships planned 2027–2031; OLC Japan ship by 2029
“Between calendar years 2027 and 2031, Disney Cruise Line plans to launch four additional cruise ships, all of which are currently under contract to be built.”
Rising labor and benefit costs
Labor costs in parks and resorts have increased and are expected to continue increasing from collective bargaining agreements and wage laws; medical benefit costs also expected to rise.
“labor costs in our parks and resorts have increased, and we expect will continue to increase, as a result of collective bargaining agreements and wage laws and regulations where we operate”
Borrowings activity FY2025
Total borrowings $42.0B at Sep 27, 2025 (USD notes $38.7B, CP $2.1B, Asia Theme Parks $1.1B); unused $12.25 billion bank facilities available
“commercial paper borrowings up to the amount of its unused $12.25 billion bank facilities and incremental term debt issuances to retire or refinance other borrowings”
Credit ratings
Moody's A2/P-1 (Stable); S&P A/A-1 (Stable); Fitch A-/F2 (Stable) affirmed Sep 29, 2025 and withdrawn for commercial reasons
“Moody’s Ratings’ long- and short-term debt ratings for the Company were A2 and P-1 (Stable), respectively, and S&P Global Ratings’ long- and short-term debt ratings for the Company were A and A-1 (Stable).”
Fiscal 2026 capex guidance
Fiscal 2026 capital expenditures expected to total approximately $9 billion vs $8 billion in fiscal 2025, driven by Experiences expansion
“The Company currently expects its fiscal 2026 capital expenditures to total approximately $9 billion compared to fiscal 2025 capital expenditures of $8 billion.”
Fiscal 2026 content spend guidance
Fiscal 2026 produced and licensed content spend expected to be approximately $24 billion including sports rights
“The Company currently expects its fiscal 2026 spend on produced and licensed content to be approximately $24 billion including sports rights.”
Legal and tax matters exposure
Exposure for certain tax and legal matters disclosed in Notes 9 and 14
“the Company has exposure for certain tax and legal matters.”
Copyright expiration risk
Copyrights on early works (e.g., Steamboat Willie, 1928) have expired; further expirations are expected to reduce IP-generated revenues.
“the copyright term for the short film Steamboat Willie (1928) and early versions of characters depicted in this film have expired. As copyrights expire, we expect that revenues generated from such IP will be negatively impacted to some extent.”
Foreign currency exposure
USD fluctuations impact international revenue, costs and demand; hedging incomplete and limited in certain countries
“An increase or sustained strength in the value of the U.S. dollar adversely impacts the U.S. dollar value of revenue we receive and expect to receive from other markets and contributes to reduced international demand for our domestic products and services”
Macroeconomic conditions risk
Economic downturns and inflation lower parks attendance, cable/DTC fees, advertising and licensing revenue; inflation raises labor, goods and borrowing costs
“Declines in U.S., global and regional economic conditions, such as recessions, other less severe slowdowns in economic activity and/or inflationary conditions typically adversely affect demand for our products and services and/or costs to operate our businesses”
Cybersecurity risk
Cyberattacks on Disney and third-party systems could disrupt services, disclose confidential/customer data, and have previously misappropriated personal information; insurance does not cover all potential losses.
“We have experienced and may in the future experience cybersecurity attacks that result in the misappropriation of personal information of our customers and/or employees”
Technology/consumption shift and linear decline
Shift to DTC erodes linear network advertising/affiliate revenue; DTC model profitability not assured
“These developments have decreased advertising and affiliate revenue at some of our linear networks and have led, and may lead in the future, to the impairment of the value of certain of our assets.”
Macroeconomic, trade and travel uncertainty
Evolving macro, trade, travel and consumer spending conditions could adversely affect demand, costs and results of operations
“the future effects of evolving macroeconomic, trade and travel conditions, including as a result of evolving international political developments, trade policies and consumer spending dynamics are unknown”
AI regulatory uncertainty
Unsettled AI/generative AI regulation may affect IP monetization, content creation and competition
“Regulations governing new technological developments, such as developments in artificial intelligence (AI), including generative AI and large language model tools, remain unsettled, and these developments may affect aspects of our existing business models, including revenue streams for the use of our IP”
Competition for content, talent and advertising
Competitive pressure across content acquisition/creation, talent and advertising markets
“deterioration in or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue”
Broad litigation and regulatory investigation exposure
Disney faces claims, litigation and governmental investigations across securities, antitrust, IP, labor, tax, privacy/data protection, consumer protection and content licensing matters; outcomes may require substantial payments or limit business plans.
“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”
Cost inflation persistence in labor
Labor costs expected to remain elevated even after inflation moderates
“Even when inflationary pressures moderate, we expect certain costs, such as for labor, to remain elevated.”
Sanctions/trade restrictions led to ceasing operations
Operations ceased in certain regions due to sanctions/trade restrictions, causing impairment charges
“The Company has ceased certain operations in certain regions, including in response to sanctions, trade restrictions and related developments, resulting in impairment charg”
Theatrical market below pre-COVID levels
Theatrical attendance still below pre-pandemic levels
“In addition, theater-going to watch movies has remained below levels that existed prior to the COVID-19 pandemic.”
External event disruption risk (parks/tourism)
Parks demand subject to weather/natural disasters, health events, geopolitical developments, tariffs, cyber incidents and travel cost fluctuations
“Hurricanes have caused park closures and other impacts to the operations of Walt Disney World Resort, adversely affecting segment results, and may do so in the future.”
Consumer taste and preference risk
Misalignment with evolving consumer preferences; pre-investment in content, parks, cruise ships before acceptance known; potential boycotts
“we must often make substantial investments in content production and acquisition, acquisition of sports and other programming rights, theme park attractions, cruise ships or hotels and other facilities or customer facing platforms before we know the extent to which these products will earn consumer acceptance”
Piracy and AI-enabled IP infringement
Unauthorized digital distribution and AI tools that facilitate infringing works based on unauthorized use of Disney IP increase costs and risk revenue losses; legal framework for generative AI IP is uncertain.
“the availability of certain AI tools has facilitated the creation of infringing works based on the unauthorized use of our IP”
Patent infringement litigation against streaming services
Disney's streaming services and technology are periodically subject to patent infringement litigation seeking damages and injunctive relief; aggregate resolution may negatively impact results.
“from time to time, the Company's streaming services and technology are the subject of patent infringement litigation and other claims seeking damages and injunctive relief”
Asset impairment risk from distribution shifts
Linear declines have caused and may cause asset impairments
“have led, and may lead in the future, to the impairment of the value of certain of our assets”
Tariffs and trade policy exposure
Tariffs and trade policies identified as risks to operations and international parks
“international, including tariffs and other trade policies, political or military developments”
Cyber and payment processing failure risk
Cyber attacks and computing/payment processing failures disrupt operations and raise costs
“supply chain disruptions and malware and other cyber-related attacks or intrusions or other widespread computing, telecommunications or payment processing failures, from time to time disrupt our ability to provide our products and services”
Repatriation and hedging limitations
Certain countries limit hedging ability or revenue repatriation
“economic or political conditions in certain countries outside the U.S. also limit, our ability to hedge exposure to currency fluctuations in those countries or our ability to repatriate revenue from those countries.”
Strategic DTC investments are expected to drive subscription fee and advertising revenue growth that offsets linear declines.
“making strategic investments in our DTC offerings ... will lead to growth in subscription fees and advertising revenues”
Content is a major cost item: $22.7B FY2025 spend, ~$24B FY2026 planned, with Ultimate Revenues estimates driving amortization and impairment.
“The Company currently expects its fiscal 2026 spend on produced and licensed content to be approximately $24 billion including sports rights.”
Disney+ is the flagship global DTC service with ~132 million paid subscribers, a major Entertainment segment revenue driver via subscription fees and advertising.
“Disney+: a global direct-to-consumer (DTC) service that primarily offers general entertainment and family programming.”
Experiences dominates capex ($6.4B of $8.0B FY2025; driving FY2026 increase to ~$9B), with travel and consumer conditions as demand factors.
“Capital expenditures at Experiences are principally for theme park and resort expansion, new attractions, cruise ships, capital improvements and systems infrastructure.”
DTC strategy shift forgoes traditional linear revenue; DTC initially experienced significant losses and its long-term profitability is not assured.
“Initially, our DTC streaming services experienced significant losses. There can be no assurance that the DTC model and other business models we may develop will each be or remain profitable”
Entertainment operating expenses include amortization of capitalized production costs, licensed programming rights, Hulu Live TV subscriber-based fees, and payments to ESPN.
“Programming and production costs, which include: Amortization of capitalized production costs; Amortization of the costs of licensed programming rights”
Results are substantially affected by labor costs; parks and resorts wages rising under collective bargaining agreements and wage laws.
“labor costs in our parks and resorts have increased, and we expect will continue to increase, as a result of collective bargaining agreements and wage laws and regulations where we operate”
Inflation reduces demand for parks/cable/DTC services while raising goods, services, labor and borrowing costs.
“while in the case of inflationary conditions, also increasing the prices we pay for goods, services and labor, as well as typically our borrowing costs due to elevated interest rates”
USD strength reduces international revenue in USD terms and deters international travel to U.S. parks; USD weakness raises non-U.S. input costs; hedging only partial.
“An increase or sustained strength in the value of the U.S. dollar adversely impacts the U.S. dollar value of revenue we receive”
Cyberattacks on Disney and third-party systems can disrupt operations, leak confidential/personal data, and generate remediation, litigation and fine costs.
“We have experienced and may in the future experience cybersecurity attacks that result in the misappropriation of personal information of our customers and/or employees”
Hulu (SVOD with/without ads plus Live TV vMVPD) has ~64 million paid subscribers; Live TV assets being combined with Fubo.
“As of September 27, 2025, the estimated number of paid Hulu subscribers, based on internal management reports, was approximately 64 million.”
Evolving consumer spending dynamics and trade/travel conditions could affect demand and costs for products and services, including Experiences.
“could adversely affect demand for and availability of our products and services, increase our costs to provide products and services”
Parks & Experiences attendance and resort occupancy depend on economic conditions, leisure time, oil and transportation prices, and travel trends.
“Typically, theme park attendance and resort occupancy fluctuate based on the seasonal nature of vacation travel and leisure activities”
Affiliate fees from MVPDs under multi-year per-subscriber contracts are the majority of Linear Networks revenue; cord-cutting pressure affects this channel.
“The Company’s Linear Networks businesses provide programming under multi-year licensing agreements with MVPDs and/or affiliated television stations that are generally based on contractually specified rates on a per subscriber basis.”
Unsettled AI/generative AI regulation may affect IP licensing revenue streams, content creation methods and the competitive landscape.
“these developments may affect aspects of our existing business models, including revenue streams for the use of our IP, how we create our entertainment offerings and the competition we face”
Disney owns 43% of Shanghai Disney Resort with Shendi owning 57%; earns royalties and management fees, creating China operating exposure.
“The Company owns a 43% interest in Shanghai Disney Resort and Shanghai Shendi (Group) Co., Ltd (Shendi) owns a 57% interest.”
Hurricanes have caused Walt Disney World park closures and hurt segment results; climate change drives longer and more regular excessive heat.
“Hurricanes have caused park closures and other impacts to the operations of Walt Disney World Resort, adversely affecting segment results, and may do so in the future.”
AI tools facilitate infringing works using Disney IP and create uncertain legal protection for generative AI-generated IP.
“the availability of certain AI tools has facilitated the creation of infringing works based on the unauthorized use of our IP”
Borrowing costs are impacted by short- and long-term debt ratings based on credit metrics such as leverage and interest coverage.
“The Company’s borrowing costs can also be impacted by short- and long-term debt ratings assigned by nationally recognized rating agencies”
Labor costs expected to remain elevated even after inflationary pressures moderate.
“we expect certain costs, such as for labor, to remain elevated”
Asia Theme Parks borrowings of $1.1B at year end and commitments to fund the parks; excluded from bank facility covenants.
“Asia Theme Parks borrowings(3) 1,292 — (68) (149) 1,075”
Disney owns 52% of Hong Kong Disneyland Resort and receives royalties and management fees based on revenues and performance.
“The Company is entitled to receive royalties and management fees based on the revenues and operating performance, respectively, of Hong Kong Disneyland Resort.”
Sanctions and trade restrictions led the Company to cease operations in certain regions, producing impairment charges.
“The Company has ceased certain operations in certain regions, including in response to sanctions, trade restrictions and related developments, resulting in impairment charg”
Evolving trade policies and international political developments are flagged as unknown factors that could adversely affect demand and costs.
“evolving international political developments, trade policies and consumer spending dynamics are unknown”
OLC owns and operates Tokyo Disney Resort and a planned Japan cruise ship; Disney earns royalties on revenues without capital ownership.
“The Company earns royalties on revenues generated by the Tokyo Disney Resort, which is owned and operated by Oriental Land Co., Ltd. (OLC), a third-party Japanese corporation.”
Park closures from hurricane damage during peak summer travel season would disproportionately affect full-year results.
“our park closures due to hurricane damage during the summer travel season or other high seasons, could have a disproportionate effect on the results of that business for the year”
Tariffs and other trade policies cited as developments beyond company control that may affect demand, operations and profitability.
“international, including tariffs and other trade policies, political or military developments”
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