Ticker Sage

Company file · DIS

Disney

Disney's net income more than doubled in fiscal 2025 as Experiences grew

Revenues rose 3.4% to $94.4B in the year to Sep 27, 2025, and net income rose to $12.4B from $5.0B. Experiences revenue grew 5.9%.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Nov 13, 2025) · Latest quarter: 10-Q for the quarter ended Jun 27, 2026 (filed Aug 5, 2026) · Data pulled Oct 25, 2026

Key facts

Disney (NYSE: DIS) closed fiscal 2025 on Sep 27, 2025 with revenues of $94.4B, up 3.4% from a year before; net income to Disney came to $12.4B, up 149.5%. Its newest quarterly report covers the three months to Jun 27, 2026: revenue of $25.2B, up 6.8% on the same stretch of the prior year, and net income of $2.6B. Broken down by segment (before eliminations), Entertainment led with 44% of fiscal 2025 revenues. Sources: 10-K for fiscal 2025 (filed Nov 13, 2025) and 10-Q for the quarter ended Jun 27, 2026 (filed Aug 5, 2026).

Revenue$94.4BFY2025 · +3.4% vs FY2024
Net income to Disney$12.4BFY2025 · +149.5% vs FY2024
Operating cash flow$18.1BFY2025 · +29.6% vs FY2024
Cash & equivalents$5.2Bat Jun 27, 2026 · −9.0% vs FY2025 end
Total debt$46.0Bat Jun 27, 2026 · +9.6% vs FY2025 end
Diluted shares1.81BFY2025 avg · −1.1% vs FY2024
Revenues and net income to Disney, three fiscal yearsBy fiscal year, $bn
RevenuesNet income to Disney
Revenues and net income to Disney by fiscal yearRevenues FY2023: $88.9B88.9Net income to Disney FY2023: $2.4B2.4FY2023Revenues FY2024: $91.4B91.4Net income to Disney FY2024: $5.0B5.0FY2024Revenues FY2025: $94.4B94.4Net income to Disney FY2025: $12.4B12.4FY2025

Source: 10-K FY2025, filed Nov 13, 2025

Quarterly revenues: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly revenues, fiscal 2026 vs 2025FY2025 Q1: $24.7B24.7FY2026 Q1: $26.0B26.0Q1FY2025 Q2: $23.6B23.6FY2026 Q2: $25.2B25.2Q2FY2025 Q3: $23.6B23.6FY2026 Q3: $25.2B25.2Q3

Source: 10-Q filed Feb 2, 2026 · 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026

How it makes money

FY2025 total by categoryEntertainment: $42.5B (44%)Experiences: $36.2B (38%)Sports: $17.7B (18%)$96.3BFY2025 total

By segment (before eliminations), FY2025

  • LineAmountSharevs FY2024
  • Entertainment$42.5B44%+3.1%
  • Experiences$36.2B38%+5.9%
  • Sports$17.7B18%+0.3%

Source: 10-K FY2025, XBRL breakdown

Entertainment was 44% of fiscal 2025 segment revenue, Experiences 38% and Sports 18%.

By segment (before eliminations): three-year mixShare of the total each fiscal year
EntertainmentExperiencesSports

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (Apr to Jun 2026) compared with Q3 FY2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Revenue
$25.2B Q3 FY2026
$23.6B Q3 FY2025
6.8% increase
Net income
$2.6B Q3 FY2026
$5.3B Q3 FY2025
49.9% decrease

Source: Disney 10-Q for the quarter ended Jun 27, 2026, filed Aug 5, 2026

By segment

Entertainment
$11.3B Q3 FY2026
$10.7B Q3 FY2025
6.0% increase
Experiences
$10.0B Q3 FY2026
$9.1B Q3 FY2025
9.7% increase
Sports
$4.5B Q3 FY2026
$4.3B Q3 FY2025
4.5% increase

Source: Disney 10-Q for the quarter ended Jun 27, 2026, filed Aug 5, 2026

  • Cash & equivalents $5.2B at Jun 27, 2026, vs $5.7B at FY2025 end.
  • Total debt $46.0B at Jun 27, 2026, vs $42.0B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $12.5B vs $13.6B a year earlier.

The bull case and the bear case

The bull case

  • Net income rose to $12.4B in fiscal 2025 from $5.0B. 10-K, FY2025
  • Experiences revenue grew 5.9% in fiscal 2025 to $36.2B. 10-K, FY2025
  • Operating cash flow rose 29.6% in fiscal 2025 to $18.1B. 10-K, FY2025
  • Total debt fell 8.3% in fiscal 2025 to $42.0B. 10-K, FY2025

The bear case

  • Net income in the quarter ended Jun 27, 2026 fell 49.9% to $2.6B; the year-earlier quarter included an income tax benefit. 10-Q, quarter ended Jun 27, 2026
  • Sports revenue was nearly flat in fiscal 2025, up 0.3%. 10-K, FY2025
  • Revenue grew just 3.4% in fiscal 2025. 10-K, FY2025
  • The 10-K lists economic conditions, currency moves and changes in how people watch TV and films among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

The Walt Disney Company runs streaming services, TV networks and film studios, theme parks and cruise ships, consumer products, and ESPN sports media.

It reports three segments. Entertainment covers Disney+ and Hulu streaming, ABC and other TV networks, and film studios such as Disney, Pixar, Marvel and Lucasfilm. Sports is mainly ESPN. Experiences covers theme parks and resorts, Disney Cruise Line and consumer products.

Its fiscal year ends on the Saturday closest to September 30, so fiscal 2025 means the year to Sep 27, 2025.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Disney's latest 10-K. Read the original for the full list.

  1. EconomyPark visits, advertising and consumer spending fall in a weaker economy.
  2. Changing viewing habitsViewers moving from TV to streaming reduces network revenue.
  3. CompetitionStreaming and media are crowded and expensive to compete in.
  4. Content and sports rightsFilm, TV and sports rights cost a lot and may not pay off.
  5. Currency and internationalExchange rates and foreign operations affect results.
  6. Events and safetyDisasters, health crises and incidents can close parks or disrupt production.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Revenues$88.9B$91.4B$94.4B
Net income to Disney$2.4B$5.0B$12.4B
Operating cash flow$9.9B$14.0B$18.1B
Cash & equivalents (year end)$14.2B$6.0B$5.7B
Total debt (year end)$46.4B$45.8B$42.0B
Diluted shares1.83B1.83B1.81B
  • Revenues: Revenue from streaming, TV networks, films, theme parks, cruises, consumer products and sports media.
  • Net income to Disney: Net income attributable to Disney, after the share belonging to minority owners such as partners in its parks and media businesses.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Current portion of borrowings plus long-term borrowings, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment revenue is before eliminations between segments, so the three segments add up to slightly more than total revenues.
  • Net income is net income attributable to Disney.
  • Disney's fiscal 2026 annual report is due in November 2026; until then, the latest full year is fiscal 2025.

Recent filings

FormFiledPeriod
10-QAug 5, 2026Jun 27, 2026
10-QMay 6, 2026Mar 28, 2026
10-QFeb 2, 2026Dec 27, 2025
DEF 14AJan 22, 2026Mar 18, 2026
10-KNov 13, 2025Sep 27, 2025

Latest filings

  1. Oct 195:58 PM ET

    Form 4

    Disney EVP Brent Woodford reports selling 2,856 shares under a 10b5-1 plan

    The filing reports 2,856 shares in an open-market or private sale (code S) at $111.68, about $318,958 in total; and 2,856 shares in an exercise or conversion of a derivative security (code M).

  2. Oct 94:35 PM ET

    Form 4

    Disney EVP Brent Woodford reports selling 3,618 shares under a 10b5-1 plan

    The filing reports 3,618 shares in an open-market or private sale (code S) at $105.31, about $381,012 in total; and 3,618 shares in an exercise or conversion of a derivative security (code M).

  3. Oct 22:03 PM ET

    Form 4

    Disney director Calvin McDonald reports an award of about 1,006 shares

    The filing reports about 1,006 shares in a grant or award (code A).

  4. Oct 22:03 PM ET

    Form 4

    Disney director Amy Chang reports an award of about 1,006 shares

    The filing reports about 1,006 shares in a grant or award (code A).

  5. Oct 22:03 PM ET

    Form 4

    Disney director Mary T. Barra reports an award of about 1,174 shares

    The filing reports about 1,174 shares in a grant or award (code A).

All Disney filings notes →

Common questions about Disney

How does Disney make money?

Fiscal 2025 revenues: $94.4B. Entertainment was 44% of fiscal 2025 segment revenue, Experiences 38% and Sports 18%. Source: 10-K for fiscal 2025, filed Nov 13, 2025.

What was Disney's revenue in fiscal 2025?

$94.4B, up 3.4% from fiscal 2024 ($91.4B). The year ended Sep 27, 2025; for fiscal 2023 the figure was $88.9B. Source: 10-K for fiscal 2025, filed Nov 13, 2025.

Is Disney profitable?

Net income to Disney was $12.4B in fiscal 2025 (up 149.5%; fiscal 2024 was $5.0B). That counts as a GAAP profit. The latest quarter, ended Jun 27, 2026: net income was $2.6B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Nov 13, 2025.

What did Disney report in its latest quarterly filing?

For the three months to Jun 27, 2026: revenue $25.2B (up 6.8% from $23.6B) and net income $2.6B (down 49.9% from $5.3B). Source: 10-Q for the quarter ended Jun 27, 2026, filed Aug 5, 2026.

How much cash and debt does Disney have?

As of Jun 27, 2026: $5.2B of cash and cash equivalents, $46.0B of total debt. Total debt here is current portion of borrowings plus long-term borrowings, at carrying value. Source: 10-Q filed Aug 5, 2026.

What are the main risks Disney lists?

The risk factors are in Item 1A of the 10-K filed Nov 13, 2025. This page sorts them into 6 groups (Economy; changing viewing habits; competition; content and sports rights; currency and international; events and safety). The first group in plain English: Park visits, advertising and consumer spending fall in a weaker economy. Source: 10-K, Item 1A Risk Factors.

Where do these Disney numbers come from?

The 10-K filed Nov 13, 2025 (fiscal 2025) and the 10-Q filed Aug 5, 2026 (quarter ended Jun 27, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in DIS
The editor holds no position in Disney (DIS). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell DIS from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold DIS, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
DisneyDISFY2025$94.4B+3.4%$12.4B
NetflixNFLXFY2025$45.2B+15.9%$11.0B
MetaFY2025$201.0B+22.2%$60.5B
AlphabetGOOGLFY2025$402.8B+15.1%$132.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.