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.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueFilm, television, episodic content, and content licensing across theatrical and TV/VOD channels.
Disney+ and Hulu subscription and advertising-supported streaming services.
ESPN-branded sports programming, rights, and related media distribution.
Theme parks, resorts, cruise ships, vacation club, guided tours, and related guest services.
Licensing, retail stores, and branded merchandise tied to Disney franchises.
Products
Reported · share of revenue- 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.
Households subscribing to Disney+ and Hulu for on-demand entertainment and, in some plans, live TV or sports access.
Consumers and families buying admissions, hotel stays, food, beverage, and premium experiences at Disney destinations.
Pay-TV, streaming, and direct subscribers consuming ESPN-branded sports programming and related rights content.
Third-party manufacturers and retailers that buy rights to use Disney characters and franchises on products.
Brands purchasing ad inventory across streaming, linear networks, and sports media to reach Disney audiences.
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.
Disney franchises create recurring value when reused in content, parks, retail and licensing.
Streaming gives Disney a direct relationship with viewers and a flexible distribution channel for its content.
Parks, resorts and cruises depend on continual reinvestment in attractions and guest experience.
Sports and premium content support subscriber demand, advertising, and affiliate value.
Geography
Q1/2026Disney 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.
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.
- Misalignment with public and consumer tastesImpact: HighLikelihood: High
Demand for entertainment, travel and consumer products depends on changing preferences and franchise appeal.
Exposure - 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
- Travel and leisure cyclicalityImpact: HighLikelihood: High
Parks, resorts and cruises depend on discretionary spending, tourism trends, weather and macro conditions.
Exposure: Experiences
- Brand and reputation damageImpact: HighLikelihood: Medium
Negative publicity can spread across globally recognized brands and affect sales, partnerships and consumer trust.
Exposure: All segments
- Foreign exchange and international exposureImpact: MediumLikelihood: Medium
International operations and royalties are exposed to currency movements and local market conditions.
Exposure
Accounting
Judgemental itemsAmortization and impairment judgments affect timing of expense recognition and reported segment profitability.
Impact: Film, episodic and licensed content libraries
Expense recognition depends on estimated relative value by season, which can accelerate or slow costs.
Impact: ESPN and other sports programming
Parks and Experiences revenue fluctuates materially by quarter, affecting comparability and working capital timing.
Impact: Theme parks, resorts, cruises and tours
Content groups and other long-lived assets may require write-downs if expected cash flows weaken.
Impact: Content assets and related intangible assets
International revenue and royalties can be affected by currency translation and transaction impacts.
Impact: International streaming, retail and parks
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Last updated: 24/09/2026