Walt Disney Co financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Walt Disney Co files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	55,137	59,434	69,607	65,388	67,418	82,722	88,898	91,361	94,425
Selling, general and administrative	8,176	8,860	11,549	12,369	13,517	16,388	15,336	15,759	16,501
Operating income	14,775	15,689	14,847	8,108	7,766	12,121	12,863	15,601	17,551
Interest expense	507	682	1,246	1,647	-1,546	-1,549	-1,973	-2,070	-1,812
Other non-operating income	78	601	4,357	1,038	201	-667	96	-65	0
Pre-tax income	13,788	14,729	13,923	-1,743	2,561	5,285	4,769	7,569	12,003
Income tax	4,422	1,663	3,026	699	25	1,732	1,379	1,796	-1,428
Net income to minority interests	386	468	530	390	512	360	1,036	801	1,027
Net income	8,980	12,598	11,054	-2,864	1,995	3,145	2,354	4,972	12,404
EBITDA	17,557	18,700	19,014	13,453	12,877	17,284	18,232	20,591	22,877
EPS, basic	5.73	8.40	6.68	-1.58	1.10	1.73	1.29	2.72	6.88
EPS, diluted	5.69	8.36	6.64	-1.58	1.09	1.72	1.29	2.72	6.85
Shares, basic (weighted)	1,568	1,499	1,656	1,808	1,816	1,822	1,828	1,825	1,804
Shares, diluted (weighted)	1,578	1,507	1,666	1,808	1,828	1,827	1,830	1,831	1,811

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4,017	4,150	5,418	17,914	15,959	11,615	14,182	6,002	5,695
Receivables		9,334	15,481	12,708	13,367	12,652	12,330	12,729	13,217
Inventory		1,392	1,649	1,583	1,331	1,742	1,963	2,022	2,134
Other current assets		635	979	875	817	1,199	1,286	2,391	1,158
Total current assets		16,825	28,124	35,251	33,657	29,098	32,763	25,241	24,267
Property, plant and equipment		29,540	31,603	32,078	32,624	33,596	34,941	37,041	41,255
Lease right-of-use assets					3,895	3,966	4,211	3,376	3,170
Goodwill	31,426	31,269	80,293	77,689	78,071	77,897	77,067	73,326	73,294
Intangible assets		6,812	23,215	19,173	17,115	14,837	13,061	10,739	9,272
Long-term investments		2,899	3,224	3,903	3,935	3,218	3,080	4,459	8,097
Other non-current assets		3,365	4,715	8,433	8,658	9,208	11,076	13,101	10,002
Total assets		98,598	193,984	201,549	203,609	203,631	205,579	196,219	197,514
Accounts payable		6,503	13,778	13,183	16,357	16,205	15,125	14,796	15,055
Accrued liabilities		2,189	3,010	2,925	3,482	3,447	3,061	3,672	3,587
Deferred revenue		4,591	4,050	3,688	4,067	5,531	5,568	5,587	5,689
Short-term debt		3,790	8,857	5,711	5,866	3,070	4,330	6,845	6,711
Total current liabilities		17,860	31,341	26,628	31,077	29,073	31,139	34,599	34,162
Long-term debt		17,084	38,129	52,917	48,540	45,299	42,101	38,970	35,315
Lease liabilities					2,983	3,020	3,258	2,768	2,710
Other non-current liabilities		6,590	13,760	17,204	14,522	12,518	12,069	10,851	9,901
Total liabilities		45,766	100,095	113,286	110,598	104,752	101,622	90,697	82,902
Total debt		20,874	46,986	58,628	54,406	48,369	46,431	45,815	42,026
Paid-in capital		36,779	53,907	54,497	55,471	56,398	57,383	58,592	59,814
Retained earnings		82,679	42,494	38,315	40,429	43,636	46,093	49,722	60,410
Treasury stock		-67,588	-907	-907	-907	-907	-907	-3,919	-7,441
Other comprehensive income	-3,528	-3,097	-6,617	-8,322	-6,440	-4,119	-3,292	-3,699	-2,914
Shareholders' equity		48,773	88,877	83,583	88,553	95,008	99,277	100,696	109,869
Minority interests		4,059	5,012	4,680	4,458	3,871	4,680	4,826	4,743
Total equity		52,832	93,889	88,263	93,011	98,879	103,957	105,522	114,612
Total liabilities and equity		98,598	193,984	201,549	203,609	203,631	205,579	196,219	197,514
Shares outstanding						1,800	1,800	1,900	1,900

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	9,366	13,066	11,584	-2,474	2,507	3,505	3,390	5,773	13,431
Depreciation and amortization	2,782	3,011	4,167	5,345	5,111	5,163	5,369	4,990	5,326
Stock-based compensation	364	393	711	525	600	977	1,143	1,366	1,363
Deferred income tax	344	-1,581	2,076	-275	-1,252	168	-1,365	-807	-2,617
Change in receivables	107	-720	55	1,943	-357	605	358	-565	-283
Change in inventory	-5	-17	-223	14	252	-420	-183	-42	-114
Change in payables	-368	235	191	-2,293	2,410	964	-1,142	156	237
Cash from operations	12,343	14,295	5,984	7,616	5,566	6,002	9,866	13,971	18,101
Capital expenditures	-3,623	-4,465	-4,876	-4,022	-3,578	-4,943	-4,969	-5,412	-8,024
Cash from investing	-4,111	-5,336	-15,096	-3,850	-3,171	-5,008	-4,641	-6,881	-8,043
Debt issued	4,820	1,056	38,240	18,120	64	333	83	132	1,057
Debt repaid	-2,364	-1,871	-38,881	-3,533	-3,737	-4,016	-1,675	-3,064	-3,735
Stock issued	276	210	318	305	435	127	52	88	233
Share buybacks	-9,368	-3,577	0	0		0	0	-2,992	-3,500
Dividends paid	-2,445	-2,515	-2,895	-1,587	0	0	0	-1,366	-1,803
Cash from financing	-8,959	-8,843	-464	8,480	-4,385	-4,729	-2,724	-15,288	-10,366
Exchange rate effect	31	-25	-98	38	30
Net change in cash	-696	91	1,300	12,499	-1,951	-4,342	2,574	-8,133	-303
Free cash flow	8,720	9,830	1,108	3,594	1,988	1,059	4,897	8,559	10,077
Interest paid	466	631	1,142	1,559	1,892	1,685	2,110	2,134	2,050
Income taxes paid	3,801	2,503	9,259	738	1,638	1,097	1,193	3,963	1,221

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 27, 2026; growth uses fiscal years. Valuation uses the share price of $106.15 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	18.4%	Operating income / revenue.
EBITDA margin	24.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.9%	Pre-tax income / revenue.
Net margin	8.7%	Net income / revenue.
FCF margin	8.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.2%	Cash from operations / revenue.
Effective tax rate	27.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.2%	Net income / average total assets.
Return on invested capital (ROIC)	8.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	16.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	8.8%	Capital expenditures / revenue.
D&A / revenue	5.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	12.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	13.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	16.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	11.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	149.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	58.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	151.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	58.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	29.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	44.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	18.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	17.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	111.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	22.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.71x	Current assets / current liabilities.
Quick ratio	0.56x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.15x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.42x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.5%	Total debt / total assets.
Liabilities / assets	42.9%	Total liabilities / total assets.
Net debt	$40.86B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.72x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$10.21B	Current assets - current liabilities.
Goodwill and intangibles / assets	41.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$25.56B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.48x	Revenue / average total assets.
Fixed asset turnover	2.21x	Revenue / average property, plant and equipment.
Receivables turnover	6.79x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
FCF conversion	96.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	51.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.93	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$56.72	Revenue / diluted weighted shares.
FCF per share	$4.76	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.75	Cash from operations / diluted weighted shares.
Book value per share	$63.13	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14.67	Tangible book value / shares outstanding.
Cash per share	$2.97	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	99.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$183.29B	Share price x shares outstanding.
Enterprise value	$224.14B	Market cap + total debt - cash - short-term investments.
P/E	21.3x	Market cap / net income. Only when net income is positive.
P/S	1.85x	Market cap / revenue.
P/B	1.67x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.17x	Market cap / tangible book value, when positive.
P/FCF	22.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.8x	Market cap / cash from operations, when positive.
EV/Sales	2.27x	Enterprise value / revenue.
EV/EBIT	12.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.43x	Enterprise value / EBITDA, when both are positive.
EV/FCF	27.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.5%	Free cash flow / market cap.
Earnings yield	4.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	4.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.36x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Walt Disney Co's revenue in fiscal 2025?

Walt Disney Co reported revenue of $94.43B for fiscal 2025, 3.4% higher than the year before.

Was Walt Disney Co profitable in fiscal 2025?

Yes. Net income was $12.40B, a net margin of 13.1%.

How much free cash flow did Walt Disney Co generate in fiscal 2025?

Cash from operations of $18.10B minus capital expenditures of $8.02B left free cash flow of $10.08B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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