Disney
DIS NYSE Movies & Entertainment Financials FY2017–FY2025
Disney's revenue rose 3.4% to $94.4 billion in fiscal 2025. Its operating margin was 18.6%, up from 17.1% a year earlier. Free cash flow was $10.1 billion, up 17.7%. It paid out $5.3 billion in dividends and buybacks, 53% of free cash flow. The diluted share count fell 1.1%.
What Disney does
Disney makes films and TV shows and sells them to viewers in many ways: in movie theaters, on its own TV channels such as ABC, FX and National Geographic, on its streaming services Disney+ and Hulu, and through licenses to other channels and services. It also runs theme parks, hotels and cruise ships, and licenses its characters for toys, clothing and other goods.
Disney reports three segments. Entertainment covers its studios, TV networks and streaming, and earns money from subscriptions, advertising, the fees cable and satellite companies pay to carry its channels, and film releases. Disney says Disney+ had about 132 million paid subscribers in late 2025. Sports is mainly ESPN, which Disney generally owns 80% of, and which sells its channels to cable companies and its own streaming plans to viewers. Experiences earns money from park tickets, food and merchandise, hotel stays, cruises, vacation club properties and licensing. Disney says it competes for viewers and advertisers with other networks, streaming services, social media and video games.
Disney's parks include Walt Disney World in Florida, Disneyland in California and resorts in Paris, Hong Kong and Shanghai, and it licenses Tokyo Disney Resort to another company. It employed about 231,000 people at the end of fiscal 2025, most of them in the United States.
- Legal name
- WALT DISNEY CO/
- Fiscal year ends
- September 27, 2025
- Latest annual report
- 10-K · Nov 13, 2025
- Accession · CIK
- 0001744489-25-000155
0001744489
Revenue and margins
Disney had $94.4B of revenue in fiscal 2025, up 3.4% on the year before.
Net income and earnings per share
From fiscal 2017 to 2025, diluted EPS grew 2.3% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $10.1B in fiscal 2025, 10.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Disney returned $5.3B to shareholders in fiscal 2025, 53% of free cash flow. The diluted share count fell 1.1%.
Value Disney yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$36.5B and divides by 1,811.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 23.2x · peers 17.3x · sector 17.1x.
Balance sheet
Cash, debt and the ratios that show how comfortably Disney can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $16.0B | $11.6B | $14.2B | $6.0B | $5.7B |
| Debt incl. finance leases | $54.7B | $48.6B | $46.7B | $46.0B | $42.2B |
| Net debt / EBITDA | 3.0x | 2.1x | 1.8x | 1.9x | 1.6x |
| Debt / equity | 0.6x | 0.5x | 0.5x | 0.5x | 0.4x |
| Interest coverage | 5.0x | 7.8x | 6.5x | 7.5x | 9.7x |
| Current ratio | 1.1x | 1.0x | 1.1x | 0.7x | 0.7x |
| Quick ratio | 1.0x | 0.9x | 1.0x | 0.7x | 0.7x |
| Total assets | $203.6B | $203.6B | $205.6B | $196.2B | $197.5B |
| Total liabilities | $110.6B | $104.8B | $101.6B | $90.7B | $82.9B |
| Shareholders' equity | $88.6B | $95.0B | $99.3B | $100.7B | $109.9B |
| Net debt (− = net cash) | $38.7B | $37.0B | $32.5B | $40.0B | $36.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$2.1M
2 insiders
Sold, 12 months
$2.8M
3 insiders
Of sales under plans
86%
$2.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 16, 2026 | Brent WoodfordEVP, Control, Fin Plan & Tax | Sold plan | 2,856 | $111.68 | $0.3M | Form 4 |
| Oct 8, 2026 | Brent WoodfordEVP, Control, Fin Plan & Tax | Sold plan | 3,618 | $105.31 | $0.4M | Form 4 |
| Sep 1, 2026 | Brent WoodfordEVP, Control, Fin Plan & Tax | Sold plan | 3,618 | $107.13 | $0.4M | Form 4 |
| Aug 19, 2026 | Paul M RoederSr EVP and Chief Comm Officer | Sold | 3,596 | $106.32 | $0.4M | Form 4 |
| Aug 14, 2026 | Brent WoodfordEVP, Control, Fin Plan & Tax | Sold plan | 7,238 | $105.31 | $0.8M | Form 4 |
| Feb 12, 2026 | Amy ChangDirector | Bought | 916 | $107.85 | $0.1M | Form 4 |
| Jan 22, 2026 | Sonia L ColemanSr. EVP & Chief People Officer | Sold plan | 2,473 | $114.00 | $0.3M | Form 4 |
| Dec 24, 2025 | Sonia L ColemanSr. EVP & Chief People Officer | Sold plan | 2,431 | $114.00 | $0.3M | Form 4 |
| Dec 12, 2025 | James P GormanDirector | Bought | 18,000 | $111.89 | $2.0M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✓ |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 6 / 8 | 5 / 8 | 7 / 8 |
| Accruals ratio | −3.7% | −4.5% | −2.9% |
| Altman Z'' | 2.28 | 2.27 | 2.72 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Disney DIS | $196.1B | 3.4% | 18.6% | 10.7% | 11.8% | 23.2x | 7 | |
| Netflix NFLX | $276.2B | 15.9% | 29.5% | 20.9% | 36.7% | 19.0x | 7 | Compare → |
| MGM Resorts MGM | $7.2B | 1.7% | 5.7% | 8.3% | 12.8% | 17.3x | 6 | Compare → |
| Carnival CCL | $35.7B | 6.4% | 16.8% | 9.8% | 12.1% | 11.4x | 7 | Compare → |
9 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $55.1B | $59.4B | $69.6B | $65.4B | $67.4B | $82.7B | $88.9B | $91.4B | $94.4B |
| Operating income | $14.8B | $15.7B | $14.8B | $8.1B | $7.8B | $12.1B | $12.9B | $15.6B | $17.6B |
| Interest expense | $507M | $682M | $1.2B | $1.6B | −$1.5B | −$1.5B | −$2.0B | −$2.1B | −$1.8B |
| Pretax income | $13.8B | $14.7B | $13.9B | −$1.7B | $2.6B | $5.3B | $4.8B | $7.6B | $12.0B |
| Income tax | $4.4B | $1.7B | $3.0B | $699M | $25.0M | $1.7B | $1.4B | $1.8B | −$1.4B |
| Net income | $9.0B | $12.6B | $11.1B | −$2.9B | $2.0B | $3.1B | $2.4B | $5.0B | $12.4B |
| Diluted EPS | $5.69 | $8.36 | $6.64 | −$1.58 | $1.09 | $1.72 | $1.29 | $2.72 | $6.85 |
| Diluted shares | 1.58B | 1.51B | 1.67B | 1.81B | 1.83B | 1.83B | 1.83B | 1.83B | 1.81B |
| Cash flow | |||||||||
| Cash from operations | $12.3B | $14.3B | $6.0B | $7.6B | $5.6B | $6.0B | $9.9B | $14.0B | $18.1B |
| Capital expenditure | $3.6B | $4.5B | $4.9B | $4.0B | $3.6B | $4.9B | $5.0B | $5.4B | $8.0B |
| Free cash flow | $8.7B | $9.8B | $1.1B | $3.6B | $2.0B | $1.1B | $4.9B | $8.6B | $10.1B |
| Depreciation and amortization | $2.8B | $3.0B | $4.2B | $5.3B | $5.1B | $5.2B | $5.4B | $5.0B | $5.3B |
| Stock-based compensation | $364M | $393M | $711M | $525M | $600M | $977M | $1.1B | $1.4B | $1.4B |
| Acquisitions | $417M | $1.6B | $9.9B | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $9.4B | $3.6B | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $3.0B | $3.5B |
| Dividends paid | $2.4B | $2.5B | $2.9B | $1.6B | $0.0M | $0.0M | $0.0M | $1.4B | $1.8B |
| Dividends and buybacks | $11.8B | $6.1B | $2.9B | $1.6B | $0.0M | $0.0M | $0.0M | $4.4B | $5.3B |
| Balance sheet | |||||||||
| Cash and short-term investments | $4.0B | $4.2B | $5.4B | $17.9B | $16.0B | $11.6B | $14.2B | $6.0B | $5.7B |
| Total debt | — | $20.9B | $47.0B | $58.6B | $54.4B | $48.4B | $46.4B | $45.8B | $42.0B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $308M | $287M | $256M | $243M | $190M | $162M |
| Current assets | — | $16.8B | $28.1B | $35.3B | $33.7B | $29.1B | $32.8B | $25.2B | $24.3B |
| Current liabilities | — | $17.9B | $31.3B | $26.6B | $31.1B | $29.1B | $31.1B | $34.6B | $34.2B |
| Inventory | $0.0M | $1.4B | $1.6B | $1.6B | $1.3B | $1.7B | $2.0B | $2.0B | $2.1B |
| Property and equipment, net | — | $29.5B | $31.6B | $32.1B | $32.6B | $33.6B | $34.9B | $37.0B | $41.3B |
| Total assets | — | $98.6B | $194.0B | $201.5B | $203.6B | $203.6B | $205.6B | $196.2B | $197.5B |
| Total liabilities | — | $45.8B | $100.1B | $113.3B | $110.6B | $104.8B | $101.6B | $90.7B | $82.9B |
| Shareholders' equity | — | $48.8B | $88.9B | $83.6B | $88.6B | $95.0B | $99.3B | $100.7B | $109.9B |
| Margins | |||||||||
| Operating margin | 26.8% | 26.4% | 21.3% | 12.4% | 11.5% | 14.7% | 14.5% | 17.1% | 18.6% |
| EBITDA margin | 31.8% | 31.5% | 27.3% | 20.6% | 19.1% | 20.9% | 20.5% | 22.5% | 24.2% |
| Net margin | 16.3% | 21.2% | 15.9% | −4.4% | 3.0% | 3.8% | 2.7% | 5.4% | 13.1% |
| FCF margin | 15.8% | 16.5% | 1.6% | 5.5% | 3.0% | 1.3% | 5.5% | 9.4% | 10.7% |
| Returns | |||||||||
| Return on capital | — | — | 11.3% | 4.8% | 5.9% | 6.1% | 6.7% | 8.4% | 11.8% |
| Return on capital employed | — | — | 12.2% | 4.8% | 4.5% | 7.0% | 7.4% | 9.3% | 10.8% |
| Return on equity | — | — | 16.1% | −3.3% | 2.3% | 3.4% | 2.4% | 5.0% | 11.8% |
| Return on assets | — | — | 7.6% | −1.5% | 1.0% | 1.5% | 1.2% | 2.5% | 6.3% |
| Growth | |||||||||
| Revenue growth | — | 7.8% | 17.1% | −6.1% | 3.1% | 22.7% | 7.5% | 2.8% | 3.4% |
| Net income growth | — | 40.3% | −12.3% | −125.9% | — | 57.6% | −25.2% | 111.2% | 149.5% |
| EPS growth | — | 46.9% | −20.6% | −123.8% | — | 57.8% | −25.0% | 110.9% | 151.8% |
| FCF growth | — | 12.7% | −88.7% | 224.4% | −44.7% | −46.7% | 362.4% | 74.8% | 17.7% |
| Share count change | — | −4.5% | 10.6% | 8.5% | 1.1% | −0.1% | 0.2% | 0.1% | −1.1% |
| Financial health | |||||||||
| Net debt / EBITDA | — | 0.9x | 2.2x | 3.1x | 3.0x | 2.1x | 1.8x | 1.9x | 1.6x |
| Debt / equity | — | 0.4x | 0.5x | 0.7x | 0.6x | 0.5x | 0.5x | 0.5x | 0.4x |
| Interest coverage | 29.1x | 23.0x | 11.9x | 4.9x | 5.0x | 7.8x | 6.5x | 7.5x | 9.7x |
| Current ratio | — | 0.9x | 0.9x | 1.3x | 1.1x | 1.0x | 1.1x | 0.7x | 0.7x |
| Quick ratio | — | 0.9x | 0.8x | 1.3x | 1.0x | 0.9x | 1.0x | 0.7x | 0.7x |
| Capital allocation | |||||||||
| Capex / revenue | 6.6% | 7.5% | 7.0% | 6.2% | 5.3% | 6.0% | 5.6% | 5.9% | 8.5% |
| Stock comp / revenue | 0.7% | 0.7% | 1.0% | 0.8% | 0.9% | 1.2% | 1.3% | 1.5% | 1.4% |
| Payouts / FCF | 135.5% | 62.0% | 261.3% | 44.2% | 0.0% | 0.0% | 0.0% | 50.9% | 52.6% |
| Quality scores | |||||||||
| Piotroski F-score | — | — | — | 4.0 | 5.0 | 7.0 | 6.0 | 5.0 | 7.0 |
| Altman Z'' | — | 5.0 | 2.1 | 2.0 | 1.9 | 2.1 | 2.3 | 2.3 | 2.7 |
| Accruals ratio | — | — | 3.5% | −5.3% | −1.8% | −1.4% | −3.7% | −4.5% | −2.9% |
Source: SEC EDGAR XBRL filings (CIK 0001744489). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.