The Walt Disney Company (DIS)财务
NYSE · Communication Services · Entertainment · 员工194,040人 · CEO Josh D'Amaro
- 股价
- $110.94 +0.03%
- 市值
- $1920亿
- 企业价值
- $2320亿
- 最近财报
- Q3 '26 2026-08-05提交
- 下次财报
- 2026-11-17 EPS预期 $1.69
营收(TTM)$989亿+4.6% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)16.0%+1.2 百分点 对比去年同期营业利润 $158亿
净利润(TTM)$86亿-25.5% 对比去年同期税后,含营业外收益
自由现金流(TTM)$82.9亿-28.2% 对比去年同期资本支出 $87亿
稀释EPS(TTM)$4.85-24.0% 对比去年同期最近4个季度之和
净现金-$409亿-10.7% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1920亿 EV $2320亿
- 营收
- $989亿 过去12个月
- 营收增速
- +8% FY2026年一致预期
- 净利润率
- 8.7% 净利润 / 营收,TTM
- P/E
- 22.8× 预期 16.0×(FY2026)
- P/S
- 1.9× 股价 / 营收,TTM
- EV / EBITDA
- 10.0× TTM
- 自由现金流
- $82.9亿 过去12个月
- 净利润
- $86亿 过去12个月
- 营收预期
- $1020亿 FY2026年一致预期
- 盈利
- 2026-11-17 营收预期 $252亿
- 股息
- $1.50 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-05):营收低于预期0.6%,EPS 超预期10.8%营收$252亿,预期$254亿(-0.6%);EPS $2.06,预期$1.86(+10.8%)。
- 营收增长加速:同比6.8%Q3 '26营收$252亿,此前四个季度的平均值为3.4%。
- 营业利润率16.0%(TTM),较去年同期+1.2 百分点营收增长4.6%,营业利润增长13.2%。
- 税前利润的24.1%被营业外亏损吞噬税前利润$128亿,营业利润$158亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的8.8%(去年为8.0%)最近4个季度投入$87亿(同比+14.5%)。自由现金流$82.9亿,相当于净利润的96.4%。
- 股东回报$105亿 = 自由现金流的126.4%回购$82.5亿(去年为$29.7亿),股息$22.4亿,股权激励$15.2亿(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少3.4%Q3 '26稀释股数17.4亿,一年前为18.1亿。
- 净债务 $409亿现金 + 短期投资 $51.9亿,含租赁债务 $460亿;一年前净债务 $369亿。
- Experiences Segment:营收+9.7%,利润率30.3%(此前为27.7%)Q3 '26增长最快的披露分部:营收$99.7亿,营业利润$30.2亿(来自财报的分部附注)。
上一季度:Q3 '26
截至2026-06-27的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $252亿 | $237亿 | +6.8% |
| 毛利率 | 40.2% | 38.6% | +1.6 百分点 |
| 营业利润 | $55.6亿 | $36.5亿 | +52.4% |
| 营业利润率 | 22.0% | 15.4% | +6.6 百分点 |
| 净利润 | $26.4亿 | $52.6亿 | -49.9% |
| 稀释EPS | $1.51 | $2.92 | -48.3% |
| 经营现金流 | $48.7亿 | $36.7亿 | +32.6% |
| 资本支出 | $17.9亿 | $17.8亿 | +0.8% |
| 自由现金流 | $30.7亿 | $18.9亿 | +62.6% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $4.23亿 | $3.57亿 | +18.5% |
实际 vs 一致预期
2026-08-05| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $252亿 | $254亿 | -0.6% |
| EPS(一致预期口径) | $2.06 | $1.86 | +10.8% |
来自2026-08-05发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Subscription and affiliate fees | $103亿 | +9.7% | 40.6% | $400亿 | – | |
| Advertising | $28.3亿 | +1.4% | 11.2% | $112亿 | -0.9% | |
| Theme park admissions | $32.5亿 | +8.6% | 12.9% | $124亿 | – | |
| Resorts and vacations | $27.7亿 | +16.6% | 11.0% | $100亿 | – | |
| Retail and wholesale sales of merchandise, food and beverage | $25.4亿 | +5.8% | 10.0% | $101亿 | +5.7% | |
| Content sales | $16亿 | -10.4% | 6.3% | $65.9亿 | – | |
| Other | $10.4亿 | -4.5% | 4.1% | $45.8亿 | – | |
| Merchandise licensing | $9.74亿 | +11.3% | 3.9% | $40.4亿 | – |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Americas | $201亿 | +4.7% | 79.4% | $792亿 | +4.0% | |
| Europe | $31.8亿 | +12.3% | 12.6% | $121亿 | +10.2% | |
| Asia Pacific | $20.1亿 | +21.4% | 8.0% | $75.8亿 | +2.2% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Entertainment Segment | $113亿 | +6.0% | $16.8亿 | +64.4% | 14.8% | 9.5% | $48.1亿 |
| Experiences Segment | $99.7亿 | +9.7% | $30.2亿 | +19.9% | 30.3% | 27.7% | $108亿 |
| Sports Segment | $45亿 | +4.5% | $8.58亿 | -17.3% | 19.1% | 24.1% | $26.1亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $170亿
- 资本支出
- -$87亿
- 股票回购
- -$82.5亿
- 股息
- -$22.4亿
- 收购
- $0
- 债务净发行
- $34.8亿
- 股权激励费用
- $15.2亿
- 自由现金流
- $82.9亿
- 股东回报 / FCF
- 126.4%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 22.8× | 65.8× | 16.5× – 160.0× |
| EV / EBITDA | 10.0× | 20.1× | 12.8× – 39.9× |
| EV / 营收 | 2.4× | 3.0× | 2.1× – 5.4× |
| 股价 / FCF | 23.1× | 78.6× | 20.3× – 161.1× |
| 股价 / 净资产 | 1.8× | 2.1× | 1.5× – 3.6× |
| FCF收益率 | 4.3% | 2.9% | 0.6% – 4.9% |
| 投入资本回报率 | 6.4% | 4.3% | 2.0% – 8.1% |
| 净资产收益率 | 7.9% | 4.8% | 2.3% – 11.3% |
分析师
一致目标价 $125.67 (+13.3%)
区间 $111.00 – $164.00 · 评级 Buy
强烈买入0
买入40
持有20
卖出4
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $1020亿 | +7.5% | $6.92 | +1.1% | 16.0× | 19 |
| FY2027 | $1060亿 | +4.6% | $7.52 | +8.6% | 14.8× | 17 |
| FY2028 | $1110亿 | +4.4% | $8.48 | +12.8% | 13.1× | 12 |
| FY2029 | $1150亿 | +4.2% | $9.42 | +11.1% | 11.8× | 3 |
| FY2030 | $1210亿 | +4.9% | $10.79 | +14.5% | 10.3× | 1 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
The Walt Disney Company在近期10-Q / 10-K文件中标记的全部314项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $195亿 | $205亿 | -4.6% | $212亿 | $211亿 | +0.6% |
| Accounts Payable, Current | $151亿2025-09-27 | $148亿 | +1.8% | $151亿 | $148亿 | +1.8% |
| Accounts Receivable, Allowance for Credit Loss | $1.26亿2025-09-27 | $1.18亿 | +6.8% | $1.26亿 | $1.18亿 | +6.8% |
| Accounts Receivable, Allowance for Credit Loss, Current | $9000万2025-09-27 | $8300万 | +8.4% | $9000万 | $8300万 | +8.4% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $121亿 | $111亿 | +8.5% | $104亿 | $103亿 | +0.9% |
| Accounts Receivable, before Allowance for Credit Loss, Noncurrent | $10.8亿 | $10.1亿 | +7.0% | – | – | – |
| Accrued Participation Liabilities, Due in Next Operating Cycle | $21亿2025-09-27 | $22亿 | -4.5% | $21亿 | $22亿 | -4.5% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $491亿 | $488亿 | +0.4% | $489亿 | $455亿 | +7.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$29.1亿 | -$30.5亿 | +4.6% | -$29.1亿 | -$37亿 | +21.2% |
| Advertising Expense | – | – | – | $65亿 | $61亿 | +6.6% |
| Amortization of Intangible Assets | $3.34亿 | $3.95亿 | -15.4% | $14.7亿 | $15.6亿 | -5.7% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1500万 | 1700万 | -11.8% | 1300万 | 2400万 | -45.8% |
| AOCI before Tax, Attributable to Parent | -$35.3亿 | -$37.5亿 | +5.9% | -$35.4亿 | -$44.2亿 | +20.0% |
| AOCI Tax, Attributable to Parent | $6.17亿 | $6.99亿 | -11.7% | $6.21亿 | $7.18亿 | -13.5% |
| Assets | $2050亿 | $1970亿 | +4.1% | $1980亿 | $1960亿 | +0.7% |
| Assets, Current | $249亿 | $238亿 | +4.5% | $243亿 | $252亿 | -3.9% |
| Capitalized Computer Software, Net | $12亿2025-09-27 | $13亿 | -7.7% | $12亿 | $13亿 | -7.7% |
| Cash and Cash Equivalents, at Carrying Value | $51.9亿 | $53.7亿 | -3.4% | $57亿 | $60亿 | -5.1% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $1400万 | $2.73亿 | -94.9% | $2.54亿 | $9900万 | +156.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $53亿 | $54.8亿 | -3.2% | $58亿 | $61亿 | -5.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$4.9亿 | -$4.81亿 | -1.9% | -$3.03亿 | -$81.3亿 | +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 | 46亿 | 46亿 | 0.0% | 46亿 | 46亿 | 0.0% |
| Common Stock, Shares, Issued | 19亿 | 19亿 | 0.0% | 19亿 | 19亿 | 0.0% |
| Common Stock, Shares, Outstanding | 19亿2025-09-27 | 19亿 | 0.0% | 19亿 | 19亿 | 0.0% |
| Common Stocks, Including Additional Paid in Capital | $626亿 | $595亿 | +5.2% | $598亿 | $586亿 | +2.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $26.8亿 | $50.9亿 | -47.3% | $132亿 | $45.7亿 | +188.9% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $29.1亿 | $57.8亿 | -49.7% | $142亿 | $54.5亿 | +160.2% |
| Construction in Progress, Gross | $51.7亿 | $62.9亿 | -17.9% | $69.1亿 | $47.3亿 | +46.2% |
| Contract with Customer, Asset, Allowance for Credit Loss | $1.45亿 | $1.39亿 | +4.3% | $1.94亿2021-10-02 | $4.6亿 | -57.8% |
| Contract with Customer, Liability, Current | $64亿 | $61.5亿 | +4.2% | $56.9亿 | $55.9亿 | +1.8% |
| Contract with Customer, Liability, Noncurrent | $6.93亿 | $8.18亿 | -15.3% | $7.85亿 | $8.58亿 | -8.5% |
| Contract with Customer, Liability, Revenue Recognized | $5亿 | $5亿 | 0.0% | $53亿 | $52亿 | +1.9% |
| Contract with Customer, Performance Obligation Satisfied in Previous Period | $3亿 | $3亿 | 0.0% | $10亿 | $10亿 | 0.0% |
| Contractual Obligation | $1040亿2025-09-27 | $1070亿 | -2.5% | $1040亿 | $1070亿 | -2.5% |
| Contractual Obligation, to be Paid, after Year Five | $385亿2025-09-27 | $446亿 | -13.5% | $385亿 | $446亿 | -13.5% |
| Contractual Obligation, to be Paid, Year Five | $104亿2025-09-27 | $95.9亿 | +8.5% | $104亿 | $95.9亿 | +8.5% |
| Contractual Obligation, to be Paid, Year Four | $117亿2025-09-27 | $104亿 | +12.0% | $117亿 | $104亿 | +12.0% |
| Contractual Obligation, to be Paid, Year One | $170亿2025-09-27 | $176亿 | -3.5% | $170亿 | $176亿 | -3.5% |
| Contractual Obligation, to be Paid, Year Three | $128亿2025-09-27 | $115亿 | +11.5% | $128亿 | $115亿 | +11.5% |
| Contractual Obligation, to be Paid, Year Two | $137亿2025-09-27 | $131亿 | +4.1% | $137亿 | $131亿 | +4.1% |
| Costs and Expenses | $205亿 | $200亿 | +2.4% | $806亿 | $794亿 | +1.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$1.3亿 | $13.9亿 | -109.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $9.06亿 | $9.73亿 | -6.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $11.9亿 | $26亿 | -54.3% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $4.13亿 | $2.37亿 | +74.3% |
| Debt Instrument, Increase (Decrease), Other, Net | -$1700万 | $1.37亿 | -112.4% | -$3500万 | $3200万 | -209.4% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | $4亿2025-09-27 | $9亿 | -55.6% | $4亿 | $9亿 | -55.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$21.7亿 | -$7.64亿 | -184.2% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $8100万 | -$9700万 | +183.5% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$26.2亿 | -$8.07亿 | -224.3% |
| Deferred Income Taxes and Tax Credits | $1.1亿 | -$30.1亿 | +103.7% | -$27.4亿 | -$8.21亿 | -233.6% |
| Deferred Revenue, Current | $69.3亿 | $67.4亿 | +2.8% | $62.5亿 | $66.8亿 | -6.5% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$5.27亿 | $5400万 | -1,075.9% |
| Deferred Tax and Other Liabilities, Noncurrent | $52.2亿 | $31亿 | +68.5% | $35.2亿 | $62.8亿 | -43.9% |
| Deferred Tax Assets, Gross | $66.5亿2025-09-27 | $62.9亿 | +5.7% | $66.5亿 | $62.9亿 | +5.7% |
| Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $36.3亿2025-09-27 | $34.4亿 | +5.4% | $36.3亿 | $34.4亿 | +5.4% |
| Deferred Tax Assets, Other | $4.13亿2025-09-27 | $6.55亿 | -36.9% | $4.13亿 | $6.55亿 | -36.9% |
| Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $9.45亿2025-09-27 | $8.22亿 | +15.0% | $9.45亿 | $8.22亿 | +15.0% |
| Deferred Tax Assets, Tax Credit Carryforwards, Other | $4.68亿2025-09-27 | $5.59亿 | -16.3% | $4.68亿 | $5.59亿 | -16.3% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01