The Walt Disney Company (DIS) financials
NYSE · Communication Services · Entertainment · 194,040 employees · CEO Josh D'Amaro
- Price
- $110.94 +0.03%
- Market cap
- $192B
- Enterprise value
- $232B
- Last report
- Q3 '26 filed 2026-08-05
- Next report
- 2026-11-17 EPS est. $1.69
Revenue (TTM)$98.9B+4.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)16.0%+1.2 pp vs a year agoOperating income $15.8B
Net income (TTM)$8.6B-25.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$8.29B-28.2% vs a year agoCapex $8.7B
Diluted EPS (TTM)$4.85-24.0% vs a year agoSum of the last 4 quarters
Net cash-$40.9B-10.7% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $192B EV $232B
- Revenue
- $98.9B Trailing 12 months
- Revenue growth
- +8% FY2026 consensus
- Profit margin
- 8.7% Net income / revenue, TTM
- P/E
- 22.8× Forward 16.0× (FY2026)
- P/S
- 1.9× Price / sales, TTM
- EV / EBITDA
- 10.0× TTM
- Free cash flow
- $8.29B Trailing 12 months
- Net income
- $8.6B Trailing 12 months
- Revenue estimate
- $102B FY2026 consensus
- Earnings
- 2026-11-17 Revenue est. $25.2B
- Dividend
- $1.50 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-05): revenue missed by 0.6%, EPS beat by 10.8%Revenue $25.2B vs $25.4B expected (-0.6%); EPS $2.06 vs $1.86 (+10.8%).
- Revenue growth accelerating: 6.8% year on yearQ3 '26 revenue $25.2B, against an average of 3.4% over the four quarters before.
- Operating margin 16.0% (TTM), +1.2 pp on a year agoOperating income grew 13.2% while revenue grew 4.6%.
- 24.1% of pre-tax profit is eaten by non-operating lossesPre-tax income $12.8B vs operating income $15.8B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 8.8% of revenue (a year ago 8.0%)$8.7B invested in the last 4 quarters (+14.5% on a year earlier). Free cash flow $8.29B = 96.4% of net income.
- Returned $10.5B to shareholders = 126.4% of free cash flowBuybacks $8.25B (a year earlier $2.97B), dividends $2.24B, stock-based pay $1.52B (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 3.4% in a year1.74B diluted shares in Q3 '26, 1.81B a year earlier.
- Net debt $40.9BCash + short-term investments $5.19B, debt incl. leases $46B; a year ago net debt $36.9B.
- Experiences Segment: revenue +9.7%, margin 30.3% (was 27.7%)Fastest-growing reported segment in Q3 '26: operating income $3.02B on revenue $9.97B (from the segment note of the filing).
Last quarter: Q3 '26
Quarter ended 2026-06-27. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $25.2B | $23.7B | +6.8% |
| Gross margin | 40.2% | 38.6% | +1.6 pp |
| Operating income | $5.56B | $3.65B | +52.4% |
| Operating margin | 22.0% | 15.4% | +6.6 pp |
| Net income | $2.64B | $5.26B | -49.9% |
| Diluted EPS | $1.51 | $2.92 | -48.3% |
| Operating cash flow | $4.87B | $3.67B | +32.6% |
| Capex | $1.79B | $1.78B | +0.8% |
| Free cash flow | $3.07B | $1.89B | +62.6% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $423M | $357M | +18.5% |
Reported vs consensus
2026-08-05| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $25.2B | $25.4B | -0.6% |
| EPS (as estimated) | $2.06 | $1.86 | +10.8% |
From the report of 2026-08-05 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Subscription and affiliate fees | $10.3B | +9.7% | 40.6% | $40B | – | |
| Advertising | $2.83B | +1.4% | 11.2% | $11.2B | -0.9% | |
| Theme park admissions | $3.25B | +8.6% | 12.9% | $12.4B | – | |
| Resorts and vacations | $2.77B | +16.6% | 11.0% | $10B | – | |
| Retail and wholesale sales of merchandise, food and beverage | $2.54B | +5.8% | 10.0% | $10.1B | +5.7% | |
| Content sales | $1.6B | -10.4% | 6.3% | $6.59B | – | |
| Other | $1.04B | -4.5% | 4.1% | $4.58B | – | |
| Merchandise licensing | $974M | +11.3% | 3.9% | $4.04B | – |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Americas | $20.1B | +4.7% | 79.4% | $79.2B | +4.0% | |
| Europe | $3.18B | +12.3% | 12.6% | $12.1B | +10.2% | |
| Asia Pacific | $2.01B | +21.4% | 8.0% | $7.58B | +2.2% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Entertainment Segment | $11.3B | +6.0% | $1.68B | +64.4% | 14.8% | 9.5% | $4.81B |
| Experiences Segment | $9.97B | +9.7% | $3.02B | +19.9% | 30.3% | 27.7% | $10.8B |
| Sports Segment | $4.5B | +4.5% | $858M | -17.3% | 19.1% | 24.1% | $2.61B |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $17B
- Capex
- -$8.7B
- Buybacks
- -$8.25B
- Dividends
- -$2.24B
- Acquisitions
- $0
- Net debt issued
- $3.48B
- Stock-based compensation
- $1.52B
- Free cash flow
- $8.29B
- Returned to shareholders / FCF
- 126.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 22.8× | 65.8× | 16.5× – 160.0× |
| EV / EBITDA | 10.0× | 20.1× | 12.8× – 39.9× |
| EV / Sales | 2.4× | 3.0× | 2.1× – 5.4× |
| Price / FCF | 23.1× | 78.6× | 20.3× – 161.1× |
| Price / Book | 1.8× | 2.1× | 1.5× – 3.6× |
| FCF yield | 4.3% | 2.9% | 0.6% – 4.9% |
| Return on invested capital | 6.4% | 4.3% | 2.0% – 8.1% |
| Return on equity | 7.9% | 4.8% | 2.3% – 11.3% |
Analysts
Consensus target $125.67 (+13.3%)
range $111.00 – $164.00 · rating Buy
Strong buy0
Buy40
Hold20
Sell4
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $102B | +7.5% | $6.92 | +1.1% | 16.0× | 19 |
| FY2027 | $106B | +4.6% | $7.52 | +8.6% | 14.8× | 17 |
| FY2028 | $111B | +4.4% | $8.48 | +12.8% | 13.1× | 12 |
| FY2029 | $115B | +4.2% | $9.42 | +11.1% | 11.8× | 3 |
| FY2030 | $121B | +4.9% | $10.79 | +14.5% | 10.3× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 314 figures The Walt Disney Company tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $19.5B | $20.5B | -4.6% | $21.2B | $21.1B | +0.6% |
| Accounts Payable, Current | $15.1B2025-09-27 | $14.8B | +1.8% | $15.1B | $14.8B | +1.8% |
| Accounts Receivable, Allowance for Credit Loss | $126M2025-09-27 | $118M | +6.8% | $126M | $118M | +6.8% |
| Accounts Receivable, Allowance for Credit Loss, Current | $90M2025-09-27 | $83M | +8.4% | $90M | $83M | +8.4% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $12.1B | $11.1B | +8.5% | $10.4B | $10.3B | +0.9% |
| Accounts Receivable, before Allowance for Credit Loss, Noncurrent | $1.08B | $1.01B | +7.0% | – | – | – |
| Accrued Participation Liabilities, Due in Next Operating Cycle | $2.1B2025-09-27 | $2.2B | -4.5% | $2.1B | $2.2B | -4.5% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $49.1B | $48.8B | +0.4% | $48.9B | $45.5B | +7.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$2.91B | -$3.05B | +4.6% | -$2.91B | -$3.7B | +21.2% |
| Advertising Expense | – | – | – | $6.5B | $6.1B | +6.6% |
| Amortization of Intangible Assets | $334M | $395M | -15.4% | $1.47B | $1.56B | -5.7% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15M | 17M | -11.8% | 13M | 24M | -45.8% |
| AOCI before Tax, Attributable to Parent | -$3.53B | -$3.75B | +5.9% | -$3.54B | -$4.42B | +20.0% |
| AOCI Tax, Attributable to Parent | $617M | $699M | -11.7% | $621M | $718M | -13.5% |
| Assets | $205B | $197B | +4.1% | $198B | $196B | +0.7% |
| Assets, Current | $24.9B | $23.8B | +4.5% | $24.3B | $25.2B | -3.9% |
| Capitalized Computer Software, Net | $1.2B2025-09-27 | $1.3B | -7.7% | $1.2B | $1.3B | -7.7% |
| Cash and Cash Equivalents, at Carrying Value | $5.19B | $5.37B | -3.4% | $5.7B | $6B | -5.1% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $14M | $273M | -94.9% | $254M | $99M | +156.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $5.3B | $5.48B | -3.2% | $5.8B | $6.1B | -5.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$490M | -$481M | -1.9% | -$303M | -$8.13B | +96.3% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 4.6B | 4.6B | 0.0% | 4.6B | 4.6B | 0.0% |
| Common Stock, Shares, Issued | 1.9B | 1.9B | 0.0% | 1.9B | 1.9B | 0.0% |
| Common Stock, Shares, Outstanding | 1.9B2025-09-27 | 1.9B | 0.0% | 1.9B | 1.9B | 0.0% |
| Common Stocks, Including Additional Paid in Capital | $62.6B | $59.5B | +5.2% | $59.8B | $58.6B | +2.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $2.68B | $5.09B | -47.3% | $13.2B | $4.57B | +188.9% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $2.91B | $5.78B | -49.7% | $14.2B | $5.45B | +160.2% |
| Construction in Progress, Gross | $5.17B | $6.29B | -17.9% | $6.91B | $4.73B | +46.2% |
| Contract with Customer, Asset, Allowance for Credit Loss | $145M | $139M | +4.3% | $194M2021-10-02 | $460M | -57.8% |
| Contract with Customer, Liability, Current | $6.4B | $6.15B | +4.2% | $5.69B | $5.59B | +1.8% |
| Contract with Customer, Liability, Noncurrent | $693M | $818M | -15.3% | $785M | $858M | -8.5% |
| Contract with Customer, Liability, Revenue Recognized | $500M | $500M | 0.0% | $5.3B | $5.2B | +1.9% |
| Contract with Customer, Performance Obligation Satisfied in Previous Period | $300M | $300M | 0.0% | $1B | $1B | 0.0% |
| Contractual Obligation | $104B2025-09-27 | $107B | -2.5% | $104B | $107B | -2.5% |
| Contractual Obligation, to be Paid, after Year Five | $38.5B2025-09-27 | $44.6B | -13.5% | $38.5B | $44.6B | -13.5% |
| Contractual Obligation, to be Paid, Year Five | $10.4B2025-09-27 | $9.59B | +8.5% | $10.4B | $9.59B | +8.5% |
| Contractual Obligation, to be Paid, Year Four | $11.7B2025-09-27 | $10.4B | +12.0% | $11.7B | $10.4B | +12.0% |
| Contractual Obligation, to be Paid, Year One | $17B2025-09-27 | $17.6B | -3.5% | $17B | $17.6B | -3.5% |
| Contractual Obligation, to be Paid, Year Three | $12.8B2025-09-27 | $11.5B | +11.5% | $12.8B | $11.5B | +11.5% |
| Contractual Obligation, to be Paid, Year Two | $13.7B2025-09-27 | $13.1B | +4.1% | $13.7B | $13.1B | +4.1% |
| Costs and Expenses | $20.5B | $20B | +2.4% | $80.6B | $79.4B | +1.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$130M | $1.39B | -109.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $906M | $973M | -6.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.19B | $2.6B | -54.3% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $413M | $237M | +74.3% |
| Debt Instrument, Increase (Decrease), Other, Net | -$17M | $137M | -112.4% | -$35M | $32M | -209.4% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | $400M2025-09-27 | $900M | -55.6% | $400M | $900M | -55.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$2.17B | -$764M | -184.2% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $81M | -$97M | +183.5% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$2.62B | -$807M | -224.3% |
| Deferred Income Taxes and Tax Credits | $110M | -$3.01B | +103.7% | -$2.74B | -$821M | -233.6% |
| Deferred Revenue, Current | $6.93B | $6.74B | +2.8% | $6.25B | $6.68B | -6.5% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$527M | $54M | -1,075.9% |
| Deferred Tax and Other Liabilities, Noncurrent | $5.22B | $3.1B | +68.5% | $3.52B | $6.28B | -43.9% |
| Deferred Tax Assets, Gross | $6.65B2025-09-27 | $6.29B | +5.7% | $6.65B | $6.29B | +5.7% |
| Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $3.63B2025-09-27 | $3.44B | +5.4% | $3.63B | $3.44B | +5.4% |
| Deferred Tax Assets, Other | $413M2025-09-27 | $655M | -36.9% | $413M | $655M | -36.9% |
| Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $945M2025-09-27 | $822M | +15.0% | $945M | $822M | +15.0% |
| Deferred Tax Assets, Tax Credit Carryforwards, Other | $468M2025-09-27 | $559M | -16.3% | $468M | $559M | -16.3% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-27, 10-Q 2026-03-28, 10-Q 2025-12-27, 10-K 2025-09-27, 10-Q 2025-06-28, 10-Q 2025-03-29, 10-Q 2024-12-28, 10-K 2024-09-28, 10-Q 2024-06-29
Data as of 2026-11-01