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Saturday 17 October 2026 Export DIS’s income statement to Excel — free account

The Walt Disney Company

DIS Communication Services Entertainment

The Walt Disney Company’s revenue for fiscal 2025 (year ended September 2025) was $94.4 billion, up 3.35% from fiscal 2024. In the quarter to June 2026, revenue grew 6.76%, EPS fell 48.0%, free cash flow grew 62.6% and total debt rose 8.94%, each against the same quarter a year earlier. Member of the S&P 500 and Dow Jones; dividend growth for three consecutive years, revenue growth for five, operating cash flow growth for five; insiders bought in the last twelve months.

110.20 0.48 −0.43%
Market cap
$191.1B
P/E
22.7×
Fwd P/E
17.0×
Dividend yield
1.36%
F-score
8/9
Altman Z
2.56
Beneish M
−2.53
Dividend safety
77/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

The Walt Disney Company (DIS) Financial Analysis

Updated · Covers results through Q3 FY2026 · How this is made

Snapshot

The Walt Disney Company had a market capitalisation of $183.5 billion as of September 28, 2026. Revenue reached $94.4 billion in FY2025, while operating income was $13.0 billion in FY2025 and net income was $13.4 billion in FY2025.

In Q3 FY2026, revenue was $25.2 billion, gross profit was $10.1 billion, and operating income was $3.9 billion. Net income was $2.8 billion in Q3 FY2026, diluted EPS was $1.51 in Q3 FY2026, and free cash flow was $3.1 billion in Q3 FY2026.

Growth

Revenue was $94.4 billion in FY2025, up 3.35% in FY2025 against FY2024. Revenue compound annual growth was 4.51% in FY2022–FY2025 and 7.63% in FY2020–FY2025.

Diluted EPS was $6.85 in FY2025, with growth of 151.8% in FY2025 against FY2024 and a compound annual growth rate of 58.5% in FY2022–FY2025. Free cash flow was $10.1 billion in FY2025, up 17.7% in FY2025 against FY2024; its compound annual growth was 111.9% in FY2022–FY2025.

Revenue was $25.2 billion in Q3 FY2026, up 6.76% in Q3 FY2026 against Q3 FY2025 and 0.32% in Q3 FY2026 against Q2 FY2026. Diluted EPS declined 48.3% in Q3 FY2026 against Q3 FY2025, while free cash flow increased 62.6% in Q3 FY2026 against Q3 FY2025.

Profitability

Gross margin was 37.8% in FY2025, an increase of 4.9 percentage points in FY2020–FY2025. Operating margin was 13.8% in FY2025, up 16.7 percentage points in FY2020–FY2025, while net margin was 14.2% in FY2025, up 18.0 percentage points in FY2020–FY2025.

Return on equity was 11.3% in FY2025, return on assets was 6.30% in FY2025, and return on invested capital was 5.39% in FY2025. These measures were higher in FY2025 than in FY2024. Gross margin was 40.2% in Q3 FY2026 and operating margin was 15.3% in Q3 FY2026. Industry median comparisons for margins and returns are not reported.

Balance sheet

Total debt was $42.0 billion in FY2025, down from $45.8 billion in FY2024. Net debt was $36.3 billion in FY2025, compared with $39.8 billion in FY2024, while cash and short-term investments were $5.7 billion in FY2025.

Shareholders’ equity was $114.6 billion in FY2025, and book value per share was $63.53 in FY2025. Working capital was −$9.9 billion in FY2025. Net debt was $40.9 billion in Q3 FY2026, following $41.7 billion in Q2 FY2026. The current ratio was 0.7× in Q3 FY2026, and debt to equity was 0.4× in Q3 FY2026.

Cash flow & capital return

Operating cash flow was $18.1 billion in FY2025, up 29.6% in FY2025 against FY2024. Capital expenditure was $8.0 billion in FY2025, and free cash flow was $10.1 billion in FY2025. Free cash flow represented 75.0% of net income in FY2025.

Disney paid $1.8 billion in dividends in FY2025 and reported $3.5 billion of net share repurchases in FY2025. Capital returned to shareholders was $5.3 billion in FY2025. Weighted average shares were 1.8 billion shares in FY2025, and the share count changed by −0.22% in FY2020–FY2025. Free cash flow was $3.1 billion in Q3 FY2026, compared with $4.9 billion in Q2 FY2026.

Valuation

As of September 28, 2026, P/E was 21.7×, equal to the industry median P/E of 21.7× and below the five-year median P/E of 54.5× over the five fiscal years to FY2025. A ten-year P/E median is not reported.

As of September 28, 2026, P/S was 1.9×, above the industry median of 1.5× and below the five-year median of 2.1× and ten-year median of 2.8×. As of September 28, 2026, P/B was 1.6×, below the industry median of 2.0×, the five-year median of 1.7×, and the ten-year median of 2.4×.

As of September 28, 2026, EV/Sales was 2.3×, above the industry median of 1.8× and below its five-year median of 2.5× and ten-year median of 3.1×. EV/Cash flow was 27.1× as of September 28, 2026, below its five-year median of 37.1× and ten-year median of 31.1×.

What changed since last quarter

Revenue was $25.2 billion in Q3 FY2026, up 0.32% in Q3 FY2026 against Q2 FY2026 and 6.76% in Q3 FY2026 against Q3 FY2025. Gross margin increased 3.3 percentage points in Q3 FY2026 against Q2 FY2026 and 1.6 percentage points in Q3 FY2026 against Q3 FY2025. Operating margin increased 1.2 percentage points in Q3 FY2026 against Q2 FY2026 and 0.7 percentage points in Q3 FY2026 against Q3 FY2025.

Diluted EPS was $1.51 in Q3 FY2026, up 18.9% in Q3 FY2026 against Q2 FY2026 but down 48.3% in Q3 FY2026 against Q3 FY2025. Free cash flow was $3.1 billion in Q3 FY2026, down 37.8% in Q3 FY2026 against Q2 FY2026 but up 62.6% in Q3 FY2026 against Q3 FY2025. No management explanation for these changes is reported.

Open questions

  • What factors drove the divergence between revenue growth and the decline in net income and diluted EPS over the trailing twelve months?
  • What drove the increase in net debt from a year earlier despite the sequential reduction in the latest quarter?
  • What explains the quarter-to-quarter variability in free cash flow?
  • What were the uses of capital expenditure in FY2025?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.