DISNYSEServices-Miscellaneous Amusement & RecreationUS GAAP · USD

Walt Disney Co

The Walt Disney Company is a U.S.-based diversified entertainment company organized around three segments: Entertainment, Sports and Experiences. Its businesses span film and episodic content, direct-to-consumer streaming, television networks, live sports, theme parks and resorts, cruise ships, guided travel, consumer products licensing, and branded retail.

Revenue94.4bn USD
+3.4 %y/y
Operating profit (EBIT)17.6bn USD
+12.5 %y/y
EBIT margin18.6%
+1.5 ppy/y
Net income12.4bn USD
+149.5 %y/y
Free cash flow10.1bn USD
+17.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

020406080100bn USD2020: 65.4 bn USD2020: EBIT 8.1 bn USD20202021: 67.4 bn USD2021: EBIT 7.8 bn USD20212022: 82.7 bn USD2022: EBIT 12.1 bn USD20222023: 88.9 bn USD2023: EBIT 12.9 bn USD20232024: 91.4 bn USD2024: EBIT 15.6 bn USD20242025: 94.4 bn USD2025: EBIT 17.6 bn USD202594.417.6
RevenueOperating profit (EBIT)

Business

Share of revenue
Entertainment content30 %

Film, television, episodic content, and content licensing across theatrical and TV/VOD channels.

Direct-to-consumer streaming20 %

Disney+ and Hulu subscription and advertising-supported streaming services.

Sports media15 %

ESPN-branded sports programming, rights, and related media distribution.

Experiences30 %

Theme parks, resorts, cruise ships, vacation club, guided tours, and related guest services.

Consumer products5 %

Licensing, retail stores, and branded merchandise tied to Disney franchises.

Products

Reported · share of revenue
40.0%12.4%11.8%10.2%9.8%15.8%FY2025100 %
  • Subscription and Affiliate Fees40.0 %
  • Admission12.4 %
  • Advertising11.8 %
  • Retailandwholesalesalesofmerchandisefoodandbeverage10.2 %
  • Resortandvacations9.8 %
  • Other15.8 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Disney sells to mass-market consumers, families, and fans who buy entertainment content, streaming subscriptions, park admissions, hotel stays, cruises, and branded merchandise. It also serves advertisers, distributors, licensees, and retail partners that pay for access to Disney audiences, intellectual property, and character brands.

Streaming subscribers

Households subscribing to Disney+ and Hulu for on-demand entertainment and, in some plans, live TV or sports access.

Theme park and resort guests

Consumers and families buying admissions, hotel stays, food, beverage, and premium experiences at Disney destinations.

Sports viewers and distributors

Pay-TV, streaming, and direct subscribers consuming ESPN-branded sports programming and related rights content.

Merchandise licensees and retailers

Third-party manufacturers and retailers that buy rights to use Disney characters and franchises on products.

Advertisers

Brands purchasing ad inventory across streaming, linear networks, and sports media to reach Disney audiences.

Travel and tour customers

Guests booking Adventures by Disney, National Geographic Expeditions, and related travel packages.

Strategy

Disney’s strategy centers on monetizing its intellectual property across content, streaming, sports, parks, and consumer products. The company continues to invest in content, sports rights, and Experiences capacity to deepen audience engagement and extend franchises across multiple revenue streams.

Monetize intellectual property across multiple platformsLong term

Disney franchises create recurring value when reused in content, parks, retail and licensing.

Strengthen direct-to-consumer streamingMedium term

Streaming gives Disney a direct relationship with viewers and a flexible distribution channel for its content.

Invest in Experiences capacity and guest offeringsMedium term

Parks, resorts and cruises depend on continual reinvestment in attractions and guest experience.

Maintain premium sports and content rightsShort term

Sports and premium content support subscriber demand, advertising, and affiliate value.

Geography

Q1/2026

Disney operates globally, with major business activity in the United States and international markets across Europe, Asia, and other regions. Its parks, resorts, retail stores, and content distribution footprint are geographically diversified, while several businesses are exposed to travel patterns, foreign exchange, and local consumer demand.

Americas81 %
Europe11 %
Asia Pacific7.6 %

Share of the revenue the company reports by geography.

Risks

Disney is exposed to shifts in consumer tastes, travel demand, and the competitive intensity of streaming, sports media, and entertainment. Its global brands also create reputational sensitivity, while content, sports rights, and park investments require large upfront spending before demand is fully known.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Misalignment with public and consumer tastes1Streaming service competition2Travel and leisure cyclicality3Brand and reputation damage4Foreign exchange and international exposure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Misalignment with public and consumer tastesImpact: HighLikelihood: High

    Demand for entertainment, travel and consumer products depends on changing preferences and franchise appeal.

    ExposureEntertainmentExperiencesConsumer Products
  2. Streaming service competitionImpact: HighLikelihood: High

    Disney+ and Hulu compete with other ad-supported and subscription platforms for attention, pricing power and retention.

    Exposure: Direct-to-Consumer

  3. Travel and leisure cyclicalityImpact: HighLikelihood: High

    Parks, resorts and cruises depend on discretionary spending, tourism trends, weather and macro conditions.

    Exposure: Experiences

  4. Brand and reputation damageImpact: HighLikelihood: Medium

    Negative publicity can spread across globally recognized brands and affect sales, partnerships and consumer trust.

    Exposure: All segments

  5. Foreign exchange and international exposureImpact: MediumLikelihood: Medium

    International operations and royalties are exposed to currency movements and local market conditions.

    ExposureInternational parksRetailStreaming

Accounting

Judgemental items
Produced and acquired/licensed content costs

Amortization and impairment judgments affect timing of expense recognition and reported segment profitability.

Impact: Film, episodic and licensed content libraries

Sports rights amortization

Expense recognition depends on estimated relative value by season, which can accelerate or slow costs.

Impact: ESPN and other sports programming

Revenue recognition and seasonality

Parks and Experiences revenue fluctuates materially by quarter, affecting comparability and working capital timing.

Impact: Theme parks, resorts, cruises and tours

Impairment testing

Content groups and other long-lived assets may require write-downs if expected cash flows weaken.

Impact: Content assets and related intangible assets

Foreign exchange effects

International revenue and royalties can be affected by currency translation and transaction impacts.

Impact: International streaming, retail and parks

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026