Saturday 31 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.

111.07 0.16 +0.14%

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Market cap: $191.5B
P/E: 22.9×
Fwd P/E: 19.8×
Dividend yield: 1.35%
F-score: 8/9
Altman Z: 2.56
Beneish M: −2.53
Dividend safety: 77/100

Overview Business Profile Earnings & Analysis Segments Filings

The Walt Disney Company (DIS) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by products and services, and margins
Service	84,588	89.58%
Product	9,837	10.42%
Gross margin		37.76%
Operating margin		13.78%
Pre-tax margin		12.71%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Also reported: a second breakdown of the same revenue
Subscription and affiliate fees	37,779 40.01%	36,553 40.01%	34,812 39.16%	—	—	—	—	—	—
Theme park admissions	11,707 12.40%	11,171 12.23%	10,423 11.72%	8,602 10.40%	3,848 5.71%	4,038 6.18%	7,540 10.83%	7,183 12.09%	—
Advertising	11,123 11.78%	11,894 13.02%	11,518 12.96%	13,048 15.77%	12,429 18.44%	10,855 16.60%	10,513 15.10%	7,904 13.30%	—
Retail and wholesale sales of merchandise, food and beverage	9,642 10.21%	9,204 10.07%	8,921 10.04%	7,838 9.48%	4,957 7.35%	4,952 7.57%	7,716 11.09%	7,365 12.39%	—
Resorts and vacations	9,210 9.75%	8,375 9.17%	7,949 8.94%	6,410 7.75%	2,701 4.01%	3,402 5.20%	6,266 9.00%	5,938 9.99%	—
Other	4,719 5.00%	4,758 5.21%	5,050 5.68%	4,202 5.08%	3,093 4.59%	3,136 4.80%	3,887 5.58%	3,455 5.81%	—
Merchandise licensing	3,879 4.11%	3,784 4.14%	3,128 3.52%	3,969 4.80%	3,598 5.34%	3,242 4.96%	3,380 4.86%	3,192 5.37%	—
TV/VOD and home entertainment distribution	3,774 4.00%	3,356 3.67%	3,923 4.41%	—	—	—	—	—	—
Theatrical distribution licensing	2,592 2.75%	2,266 2.48%	3,174 3.57%	1,875 2.27%	920 1.36%	2,134 3.26%	4,726 6.79%	4,303 7.24%	—
Affiliate fees	—	—	—	17,525 21.19%	17,760 26.34%	17,929 27.42%	15,948 22.91%	13,279 22.34%	—
Subscription fees	—	—	—	15,291 18.48%	12,020 17.83%	7,645 11.69%	2,115 3.04%	168 0.28%	—
TV/VOD distribution licensing	—	—	—	2,879 3.48%	4,795 7.11%	6,253 9.56%	5,555 7.98%	4,897 8.24%	—
Home entertainment	—	—	—	1,083 1.31%	1,297 1.92%	1,802 2.76%	1,961 2.82%	1,750 2.94%	—
Product	—	—	—	—	—	—	—	8,565	—
Service	—	—	—	—	—	—	—	50,869	—
Total Segments	94,425	91,361	88,898	83,745	67,418	65,388	—	—	—
Revenue	94,425	91,361	88,898	82,722	67,418	65,388	69,607	59,434	55,137

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Service	‡	‡	‡	‡	‡	‡	‡	‡	‡
Product	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Entertainment Segment	42,466 44.97%	41,186 45.08%	40,635 45.71%	39,569 47.83%	36,489 54.12%	—	—	—	—
Experiences Segment	36,156 38.29%	34,151 37.38%	32,549 36.61%	28,085 33.95%	15,961 23.67%	—	—	—	—
Sports Segment	17,672 18.72%	17,619 19.29%	17,111 19.25%	17,270 20.88%	15,960 23.67%	—	—	—	—
Segment Eliminations	(1,869) (1.98%)	(1,595) (1.75%)	(1,397) (1.57%)	(1,179) (1.43%)	(992) (1.47%)	—	—	(668) (1.12%)	(613) (1.11%)
Content License Segment Adjustment	—	—	—	(1,023) (1.24%)	0 0.00%	—	—	—	—
Disney Media and Entertainment Distribution	—	—	—	—	—	48,350 73.94%	42,821 61.52%	—	—
Disney Parks, Experiences and Products	—	—	—	—	—	17,038 26.06%	26,786 38.48%	—	—
Parks, Experiences and Products	—	—	—	—	—	—	—	24,701 41.56%	23,024 41.76%
Media Networks	—	—	—	—	—	—	—	21,922 36.88%	21,299 38.63%
Studio Entertainment	—	—	—	—	—	—	—	10,065 16.93%	8,352 15.15%
Direct-to-Consumer & International	—	—	—	—	—	—	—	3,414 5.74%	3,075 5.58%
Other, not broken out	1,869 1.98%	1,595 1.75%	1,397 1.57%	—	992 1.47%	—	—	—	—
Eliminations and Other	—	—	—	(2,202)	—	—	—	—	—
Revenue	94,425	91,361	88,898	82,722	67,418	65,388	69,607	59,434	55,137

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Experiences Segment	‡	‡	‡	‡	‡	‡	‡	‡	‡
Entertainment Segment	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sports Segment	‡	‡	‡	‡	‡	‡	‡	‡	‡
Disney Media and Entertainment Distribution	‡	‡	‡	‡	‡	‡	‡	‡	‡
Disney Parks, Experiences and Products	‡	‡	‡	‡	‡	‡	‡	‡	‡
Media Networks	‡	‡	‡	‡	‡	‡	‡	‡	‡
Parks, Experiences and Products	‡	‡	‡	‡	‡	‡	‡	‡	‡
Studio Entertainment	‡	‡	‡	‡	‡	‡	‡	‡	‡
Segment Eliminations	‡	‡	‡	‡	‡	‡	‡	‡	‡
Direct-to-Consumer & International	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Americas	76,430 80.94%	72,162 78.99%	71,205 80.10%	68,218 82.47%	54,157 80.33%	51,992 79.51%	53,805 77.30%	46,877 78.87%	41,881 75.96%
Europe	11,090 11.74%	10,279 11.25%	9,533 10.72%	8,680 10.49%	6,690 9.92%	7,333 11.21%	8,006 11.50%	7,026 11.82%	6,541 11.86%
Asia Pacific	6,905 7.31%	8,920 9.76%	8,160 9.18%	6,847 8.28%	6,571 9.75%	6,063 9.27%	7,796 11.20%	5,531 9.31%	5,075 9.20%
Content License Segment Adjustment	—	—	—	(1,023) (1.24%)	—	—	—	—	—
Latin America	—	—	—	—	—	—	—	—	1,640 2.97%
Revenue	94,425	91,361	88,898	82,722	67,418	65,388	69,607	59,434	55,137

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Americas	‡	‡	‡	‡	‡	‡	‡	‡	‡
Europe	‡	‡	‡	‡	‡	‡	‡	‡	‡
Asia Pacific	‡	‡	‡	‡	‡	‡	‡	‡	‡
Latin America	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Disney+ and Hulu subscriptions	Q4 FY2025	196.0M	—	—
Disney+ Core average monthly revenue per paid subscriber	Q4 FY2025	$8.04	$7.30	+10.14%
Disney+ Core paid subscribers	Q4 FY2025	131.6M	122.7M	+7.25%
Disney+ Domestic (U.S. and Canada) paid subscribers	Q4 FY2025	59.3M	56.0M	+5.89%
Disney+ International (excluding Disney+ Hotstar) average monthly revenue per paid subscriber	Q4 FY2025	$8.00	$6.95	+15.11%
Disney+ International (excluding Disney+ Hotstar) paid subscribers	Q4 FY2025	72.4M	66.7M	+8.55%
Hulu Live TV + SVOD average monthly revenue per paid subscriber	Q4 FY2025	$100.02	$95.82	+4.38%
Hulu Live TV + SVOD paid subscribers	Q4 FY2025	4.4M	4.6M	−4.35%
Hulu SVOD Only average monthly revenue per paid subscriber	Q4 FY2025	$12.20	$12.54	−2.71%
Hulu SVOD Only paid subscribers	Q4 FY2025	59.7M	47.4M	+25.95%
Per capita spending at our domestic parks	Q3 FY2026	4.00%	—	—
Remaining performance obligations	Q3 FY2026	$16.0B	$16.0B	0.00%
Total Hulu paid subscribers	Q4 FY2025	64.1M	52.0M	+23.27%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019
Disney+ and Hulu subscriptions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Disney+ Core average monthly revenue per paid subscriber	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Disney+ Core paid subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Disney+ Domestic (U.S. and Canada) paid subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Disney+ International (excluding Disney+ Hotstar) average monthly revenue per paid subscriber	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Disney+ International (excluding Disney+ Hotstar) paid subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Hulu Live TV + SVOD average monthly revenue per paid subscriber	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Hulu Live TV + SVOD paid subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Hulu SVOD Only average monthly revenue per paid subscriber	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Hulu SVOD Only paid subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Per capita spending at our domestic parks	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total Hulu paid subscribers	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.

The Walt Disney Company (DIS) revenue by segment, product and region

Where the money comes from and where it goes

Revenue by product or service $m

Gross profit by product or service $m, and margin

Revenue by segment $m

Operating income by segment $m, and margin

Revenue by region $m

Operating income by segment $m, and margin

Operating figures as reported in each quarter’s results release or filing

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