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The Walt Disney Company operates as an entertainment company in Americas, Europe, and the Asia Pacific. It operates in three segments: Entertainment, Sports, and Experiences. The company produces and distributes film and television content under the ABC Television Network, Disney, Freeform, FX, Fox, National Geographic, and Star brand television channels, as well as ABC television stations and A+E television networks; and produces original content under the Disney Branded Television, FX Productions, Lucasfilm, Marvel, National Geographic Studios, Pixar, Searchlight Pictures, Twentieth Century Studios, 20th Television, and Walt Disney Pictures banners. It also provides direct-to-consumer streaming services through Disney+, Disney+ Hotstar, and Hulu; sports-related video streaming content through ESPN, ESPN on ABC, ESPN+ DTC, and Star; sale/licensing of film and episodic content to television and video-on-demand services; theatrical, home entertainment, and music distribution services; DVD and Blu-ray discs, electronic home video licenses, and VOD rental services; staging and licensing of live entertainment events; and post-production services. In addition, the company operates theme parks and resorts, such as Walt Disney World Resort, Disneyland Resort, Disneyland Paris, Hong Kong Disneyland Resort, Shanghai Disney Resort, Disney Cruise Line, Disney Vacation Club, National Geographic Expeditions, and Adventures by Disney, as well as Aulani, a Disney resort and spa in Hawaii. Further, it licenses its intellectual property (IP) to a third party that owns and operates Tokyo Disney Resort; licenses trade names, characters, visual, literary, and other IP for use on merchandise, published materials, and games; operates a direct-to-home satellite distribution platform; sells branded merchandise through retail, online, and wholesale businesses; and develops and publishes books, comic books, and magazines. The company was founded in 1923 and is based in Burbank, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $94.4B | $19.1B | $12.4B | $10.1B | 11.3% | 3.4% | 149.5% |
| 2024 | $91.4B | $14.6B | $5.0B | $8.6B | 4.9% | 2.8% | 111.2% |
| 2023 | $88.9B | $12.1B | $2.4B | $4.9B | 2.4% | 7.5% | -25.2% |
| 2022 | $82.7B | $12.0B | $3.1B | $1.1B | 3.3% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 82,722 | 88,898 | 91,361 | 94,425 |
| Operating Revenue | - | 82,722 | 88,898 | 91,361 | 94,425 |
| Cost Of Revenue | - | 54,401 | 59,201 | 58,698 | 58,766 |
| Gross Profit | - | 28,321 | 29,697 | 32,663 | 35,659 |
| Operating Expense | - | 21,551 | 20,705 | 20,749 | 21,827 |
| Selling General And Administration | - | 16,388 | 15,336 | 15,759 | 16,501 |
| Total Expenses | - | 75,952 | 79,906 | 79,447 | 80,593 |
| Operating Income | - | 6,770 | 8,992 | 11,914 | 13,832 |
| EBITDA | - | 11,997 | 12,111 | 14,629 | 19,141 |
| Normalized EBITDA | - | 12,897 | 15,935 | 18,289 | 19,960 |
| EBIT | - | 6,834 | 6,742 | 9,639 | 13,815 |
| Interest Income | - | 90 | 764 | 810 | 507 |
| Interest Expense | - | 1,549 | 1,973 | 2,070 | 1,812 |
| Net Interest Income | - | -1,459 | -1,209 | -1,260 | -1,305 |
| Other Non Operating Income Expenses | 201 | 58 | 28 | 404 | - |
| Other Income Expense | - | -26 | -3,014 | -3,085 | -524 |
| Interest Income Non Operating | - | 90 | 764 | 810 | 507 |
| Interest Expense Non Operating | - | 1,549 | 1,973 | 2,070 | 1,812 |
| Net Non Operating Interest Income Expense | - | -1,459 | -1,209 | -1,260 | -1,305 |
| Pretax Income | - | 5,285 | 4,769 | 7,569 | 12,003 |
| Tax Provision | - | 1,732 | 1,379 | 1,796 | -1,428 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -295.20 | -1,105.14 | -867.42 | -171.99 |
| Net Income Continuous Operations | - | 3,553 | 3,390 | 5,773 | 13,431 |
| Net Income From Continuing And Discontinued Operation | - | 3,145 | 2,354 | 4,972 | 12,404 |
| Net Income From Continuing Operation Net Minority Interest | - | 3,193 | 2,354 | 4,972 | 12,404 |
| Net Income | - | 3,145 | 2,354 | 4,972 | 12,404 |
| Net Income Common Stockholders | - | 3,145 | 2,354 | 4,972 | 12,404 |
| Net Income Including Noncontrolling Interests | - | 3,505 | 3,390 | 5,773 | 13,431 |
| Normalized Income | - | 3,797.80 | 5,072.86 | 7,764.58 | 13,051.01 |
| Diluted NI Availto Com Stockholders | - | 3,145 | 2,354 | 4,972 | 12,404 |
| Basic Average Shares | - | 1,822 | 1,828 | 1,825 | 1,804 |
| Diluted Average Shares | - | 1,827 | 1,830 | 1,831 | 1,811 |
| Reconciled Depreciation | - | 5,163 | 5,369 | 4,990 | 5,326 |
| Reconciled Cost Of Revenue | - | 54,401 | 59,201 | 58,698 | 58,766 |
| Total Unusual Items | - | -900 | -3,824 | -3,660 | -819 |
| Total Unusual Items Excluding Goodwill | - | -900 | -3,824 | -3,660 | -819 |
| Minority Interests | - | -360 | -1,036 | -801 | -1,027 |
| Net Income Discontinuous Operations | -29 | -48 | 0 | 0 | - |
| Special Income Charges | - | -900 | -3,824 | -3,660 | -819 |
| Gain On Sale Of Business | - | -663 | 169 | -1,545 | -75 |
| Other Special Charges | - | - | 101 | 65 | - |
| Write Off | - | - | 141 | 158 | 635 |
| Impairment Of Capital Assets | - | - | 721 | 1,287 | 0 |
| Restructuring And Mergern Acquisition | - | 237 | 3,030 | 605 | 109 |
| Gain On Sale Of Security | -111 | -663 | 169 | - | - |
| Depreciation Amortization Depletion Income Statement | - | 5,163 | 5,369 | 4,990 | 5,326 |
| Depreciation And Amortization In Income Statement | - | 5,163 | 5,369 | 4,990 | 5,326 |
| Gain On Sale Of Ppe | 0 | - | - | - | - |
| Total Other Finance Cost | - | -62 | -340 | -404 | - |
| Earnings From Equity Interest | - | 816 | 782 | 575 | 295 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| The Walt Disney Companythis co. | DIS | $172.5B | 13.91 | 1.57 | 11.3% | 11.06 |
| T-Mobile US, Inc. | TMUS | $191.6B | 17.43 | 3.24 | 18.6% | 9.77 |
| AppLovin Corporation | APP | $187.7B | 56.32 | 87.95 | 156.2% | 43.36 |
| Verizon Communications Inc. | VZ | $187.4B | 10.91 | 1.79 | 16.4% | 7.33 |
| AT&T Inc. | T | $158.2B | 7.21 |
| - |
| - |
| - |
| - |
| - |
| - |
| 1.43 |
| 19.9% |
| 5.39 |
| Comcast Corporation | CMCSA | $83.3B | 4.17 | 0.86 | 20.6% | 3.73 |
| Warner Bros. Discovery, Inc. | WBD | $67.7B | 93.11 | 1.88 | 2.0% | 4.50 |
| Electronic Arts Inc. | EA | $51.0B | 57.50 | 7.54 | 13.1% | 31.86 |
| Take-Two Interactive Software, Inc. | TTWO | $40.2B | -134.89 | 11.46 | -8.5% | 33.54 |
| Peer Median | - | 14.17 | 2.56 | 17.5% | 8.55 | |