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DIS

The Walt Disney Company

DIS

The Walt Disney Company • NYSE
$104.43 ▲ 0.97% (+1.00)
Market Cap $188.39 B
52w High $124.69
52w Low $80.10
Dividend Yield 1.00%
P/E 15.25
Volume 6.07M
Outstanding Shares 1.80B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $22.464B ▼ $5.843B ▲ $1.313B ▼ 5.845% ▼ $0.73 ▼ $3.948B ▼
Q3-2025 $23.65B ▲ $5.473B ▲ $5.262B ▲ 22.249% ▲ $2.92 ▲ $4.981B ▲
Q2-2025 $23.621B ▼ $5.305B ▲ $3.275B ▲ 13.865% ▲ $1.81 ▲ $4.882B ▼
Q1-2025 $24.69B ▲ $5.206B ▼ $2.554B ▲ 10.344% ▲ $1.41 ▲ $5.423B ▲
Q4-2024 $22.574B $5.599B $460M 2.038% $0.25 $2.765B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $5.695B ▲ $197.514B ▲ $82.902B ▲ $109.869B ▲
Q3-2025 $5.367B ▼ $196.612B ▲ $82.856B ▼ $109.145B ▲
Q2-2025 $5.852B ▲ $195.833B ▼ $87.067B ▼ $104.339B ▲
Q1-2025 $5.486B ▼ $197.046B ▲ $90.307B ▼ $101.933B ▲
Q4-2024 $6.002B $196.219B $90.697B $100.696B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $1.313B ▼ $4.474B ▲ $-1.85B ▼ $-2.276B ▲ $322M ▲ $4.474B ▲
Q3-2025 $5.943B ▲ $3.669B ▼ $-1.72B ▲ $-2.537B ▲ $-481M ▼ $1.889B ▼
Q2-2025 $3.401B ▲ $6.753B ▲ $-1.898B ▲ $-4.556B ▼ $376M ▲ $4.891B ▲
Q1-2025 $2.644B ▲ $3.205B ▼ $-2.575B ▼ $-997M ▲ $-520M ▼ $739M ▼
Q4-2024 $564M $5.518B $-1.978B $-3.566B $53M $4.029B

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Admission
Admission
 $3.09Bn ▲$2.92Bn ▼$3.00Bn ▲$2.71Bn ▼
Advertising
Advertising
 $3.24Bn ▲$2.75Bn ▼$2.79Bn ▲$2.34Bn ▼
License
License
 $1.09Bn ▲$850.00M ▼$880.00M ▲$1.06Bn ▲
Other Revenue
Other Revenue
 $1.36Bn ▲$1.15Bn ▼$1.09Bn ▼$1.12Bn ▲
Resort and vacations
Resort and vacations
 $2.22Bn ▲$2.36Bn ▲$2.37Bn ▲$2.26Bn ▼
Retail and wholesale sales of merchandise food and beverage
Retail and wholesale sales of merchandise food and beverage
 $2.57Bn ▲$2.33Bn ▼$2.40Bn ▲$2.34Bn ▼
Theatrical distribution licensing
Theatrical distribution licensing
 $640.00M ▲$650.00M ▲$820.00M ▲$480.00M ▼
Affiliate fees
Affiliate fees
 $3.96Bn ▲$3.96Bn ▲$3.72Bn ▼$0 ▼
Subscription fees
Subscription fees
 $5.49Bn ▲$5.64Bn ▲$5.63Bn ▼$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Disney’s income statement shows a business that has moved from recovery into a more solid, though still evolving, profitability phase. Sales have grown steadily each year, helped by stronger parks, experiences, and a larger streaming footprint. Profitability has improved faster than sales: operating profit and overall earnings have climbed meaningfully, suggesting better cost control and more efficient use of content and assets. That said, earnings are still not at the level one might expect for a company with Disney’s brand strength, reflecting ongoing pressure from the shift to streaming, the drag from legacy TV networks, and the high cost of content and park investments. Overall, trends are positive, but the profit profile is still in transition rather than fully mature.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and gradually strengthening. Total assets have been fairly stable, while shareholder equity has grown, indicating that the company is slowly rebuilding its financial cushion. Debt has been edging down over the last few years, which reduces financial risk and interest burden, but it remains a meaningful part of the capital structure. Cash on hand has fallen from earlier elevated levels, suggesting Disney has been using liquidity to pay down debt, fund investments, or return capital, leaving a smaller immediate cash buffer. In short, the balance sheet is not ultra-conservative, but it appears manageable and trending in a healthier direction.

Cash Flow

Cash Flow Disney’s cash flow has improved markedly. Cash generated from day-to-day operations has grown strongly, showing that the core businesses are throwing off more cash as parks recover and losses in newer businesses like streaming narrow. After capital spending, free cash flow has expanded from very low levels to a much more comfortable range, giving Disney more flexibility to service debt, invest in new projects, and potentially reward shareholders. Capital spending itself has been rising, which fits with a strategy of reinvesting in parks, content, and technology. The key point: the cash engine is stronger and more reliable than it was a few years ago, though it still needs to support heavy ongoing investment demands.

Competitive Edge

Competitive Edge Disney enjoys one of the strongest competitive positions in global entertainment. Its library of characters and stories across Disney, Pixar, Marvel, Star Wars, and other brands is extremely hard to replicate and can be reused across films, series, products, parks, and games. The company’s ecosystem is a major advantage: a hit movie can drive streaming views, park attendance, and merchandise, creating multiple revenue streams from the same idea. Theme parks and cruise lines provide highly differentiated, immersive experiences that competitors struggle to match at scale. However, Disney faces fierce competition in streaming from technology and media giants, ongoing declines in traditional TV, and sensitivity of travel and park attendance to economic cycles and geopolitical issues. The moat is wide, but the battlefield is shifting quickly.

Innovation and R&D

Innovation and R&D Innovation is deeply embedded in Disney’s model, even if it does not label spending as traditional “R&D.” Historically, Disney has pushed boundaries in animation, special effects, and park attractions, and that continues today with advanced ride systems, robotics, and data-driven park management. On the digital side, Disney+ is a major strategic innovation, supported by investment in streaming technology, user experience, and original content. The company is also exploring more interactive and immersive formats—augmented and virtual reality in parks, more personalized streaming experiences, and a broader presence in gaming and virtual worlds through partnerships like its stake in Epic Games. The opportunity is to turn its intellectual property into richer, more interactive experiences; the risk is that these initiatives are costly and execution-sensitive in a fast-moving tech landscape.

Summary

Overall, Disney looks like a powerful brand that is financially recovering from a disruptive few years and adapting to a new media era. The income statement tells a story of rising sales and improving profitability, but with earnings still pressured by the cost and complexity of transforming its business model. The balance sheet is stable, with debt gradually coming down and equity building, though the reduced cash cushion means management needs to remain disciplined. Cash flows are much healthier, giving Disney more room to invest in parks, content, and technology. Competitively, Disney’s intellectual property, parks, and cross-platform ecosystem give it a rare advantage, even as streaming competition, declining traditional TV, and macroeconomic swings add uncertainty. The long-term picture hinges on how effectively Disney can turn its vast stories and characters into profitable, modern digital and physical experiences without overextending its finances.

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