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DIS

NYSE · USD
The Walt Disney Company
Communication Services · Entertainment
CEO Josh D'Amaro Employees 231,000 R&D / revenue 0.0%
Last price
$110.55−0.12%last session
Market cap
$190.9B
P/E (TTM)
22.7x
From 52w high
−5.6%
From 52w low
+19.9%
1-year return
+1.3%
RSI 14 · vs SMA200
65.2 · +6.8%
IS score
44.0/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

DIS   SPY   XLC (sector ETF) · weekly closes
90100110Jan 26Apr 26Jul 26Oct 26SPY 116DIS 101XLC 97

Score DNA

Each bar is a 0-100 score within the scored universe
44
Profitability
25
Growth
57
Value
58
Momentum
50
Risk (safety)
73
Quality
61
Balance sheet
77
Earnings quality

Flags

Strengths
None of the computed strength flags fires.
Warnings
None of the computed warning flags fires for DIS (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: None, Efficient ScalePiotroski 6 / 9Altman Z 2.3Beta 1.412 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
4 open-market sales, $1.9M
Form 144 notices (12m): 4, $1.7M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−63
159 new holders, 185 closed
2,954 filers hold 76.8% · 1,048 added, 1,385 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+181
1,474 funds adding shares
1,293 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
35.4%
20-day avg 48.0%, 50-day avg 44.9%
Latest 12.6 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$94.4B
Revenue growth YoY+3.4%
Gross margin37.8%
Operating income$13.8B
Operating margin14.6%
Net income$12.4B
Net margin13.1%
EPS (diluted)$6.85
Cash flow
Operating cash flow$18.1B
Capital expenditure$8.0B
Free cash flow$10.1B
FCF conversion (FCF / OCF)55.7%
Stock-based compensation$1.4B
FCF less SBC$8.7B
Buybacks$3.5B
Dividends$1.8B
Balance sheet & returns
Cash & short-term investments$5.7B
Total debt$42.0B
Net debt$36.3B
Shareholders' equity$114.6B
Goodwill & intangibles$82.6B
Debt / equity0.42
ROE (TTM)7.9%
ROIC (TTM)6.4%
Operating margin by fiscal year
5.4%FY20218.2%FY202210.1%FY202313.0%FY202414.6%FY2025
Revenue $67.4B (FY2021) to $94.4B (FY2025), a 8.8% CAGR.

Valuation

P/E (TTM)22.7x
EV / EBITDA10.0x
Price / sales1.93x
Price / FCF23.0x
FCF yield4.34%
Buyback yield1.83%
SBC / revenue1.5%
Price / book1.75x
Forward P/E FY202714.7x
Forward P/E FY202813.1x
Forward multiples divide today's price by Street EPS estimates. Street mean target $122.57 across 7 analysts last quarter is theirs, not ours.

DIS vs industry median

159 companies in Entertainment
Gross margin 37.6% 38.6% Operating margin 16.0% -6.1% Net margin 8.7% -10.4% ROIC 6.4% 3.8%
DIS (TTM)Industry median Asset turnover 0.48 vs industry 0.43 · financial leverage 1.86

Earnings delivery

Next report 2026-11-17 · consensus EPS $1.69
100%
beat rate, 12 of 12 quarters
+10.9%
median EPS surprise
12
longest beat streak
+22+23+10+17+3+21+22+11+6+4+5+11
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-08 to 2026-08-05. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
DIS The Walt Disney Company $190.9B22.7x7.9%8.7%+3.4% +1.3%
NFLX Netflix, Inc. $293.7B21.8x49.5%27.1%+16.0% −40.4%
WBD Warner Bros. Discovery, Inc. $77.6Bn/m-9.2%1.7%−6.1% +63.0%
LYV Live Nation Entertainment, I $39.7Bn/m60.9%3.8%+10.8% +12.5%
FOXA Fox Corporation $27.1B14.7x14.3%16.4%+5.1% +12.5%
FWONK Liberty Media Corporation $22.8B45.2x3.0%0.5%+12.2% —
ROKU Roku, Inc. $20.4B64.4x13.1%12.1%+18.5% —
VZ Verizon Communications Inc. $186.1B11.7x15.6%11.2%+1.4% —
12-month window: SPY +15.9%, sector ETF XLC −3.4%. Past returns describe history only.

Recent 8-K filings

2026-08-05Earnings Release; Exhibits
2026-05-06Earnings Release; Exhibits
2026-03-03Other Events; Financial Statements and Exhibits
2026-02-24Departure/Election of Directors; Appointment of Officers; Financial Statements and Exhibits
2026-02-12Other Events; Financial Statements and Exhibits
2026-02-03Departure/Election of Directors; Appointment of Officers; Other Events; Financial Statements and Exhibits

Context

Shares outstanding1,726,690,000
Free float99.8%
Institutional ownership76.8%
Beta1.41
Dividend yield1.36%
Last dividend$0.75 on 2026-06-30
50 / 200-day average$106.00 / $103.61
Large-cap Communication Services median P/E16.1x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where DIS sits among 26 scored companies in Entertainment (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureDISIndustry medianIndustry percentileSector median
P/E (TTM) 22.2x 45.2x
31st		 16.6x
PEG (P/E ÷ 3-yr EPS CAGR) 0.38 0.88
0th		 0.47
Price / sales 1.9x 2.3x
40th		 1.6x
Price / book 1.7x 2.3x
30th		 2.1x
Price / tangible book 6.7x 5.6x
55th		 3.7x
Price / free cash flow 23.0x 18.5x
67th		 10.4x
Price / operating cash flow 11.2x 11.2x
50th		 8.9x
Enterprise value $231.7B $7.6B
96th		 $3.9B
EV / sales 2.3x 2.9x
40th		 2.2x
EV / EBITDA 10.0x 16.5x
30th		 10.0x
EV / EBIT 13.1x 27.1x
20th		 15.8x
EV / free cash flow 27.9x 20.9x
76th		 17.3x
Earnings yield 4.5% 1.4%
80th		 2.4%
FCF yield 4.3% 4.7%
44th		 6.6%
Operating cash flow yield 8.9% 8.5%
56th		 10.7%
Graham number (per share) $83.71 $25.11
100th		 $31.22

Profitability (TTM)

MeasureDISIndustry medianIndustry percentileSector median
Gross margin 37.6% 45.0%
40th		 51.5%
EBITDA margin 23.5% 17.7%
64th		 18.1%
Operating margin 16.0% 10.0%
72nd		 9.7%
EBIT margin 17.9% 9.7%
76th		 9.3%
Net margin 8.7% 4.6%
72nd		 5.3%
NOPAT margin 11.6% 7.2%
72nd		 7.1%
FCF margin 8.4% 10.9%
28th		 10.5%
Operating cash flow margin 17.2% 18.2%
44th		 17.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 12.8% 17.0%
8th		 26.0%
Stock comp / revenue 1.5% 1.0%
60th		 1.7%
Effective tax rate 27.6% 21.0%
76th		 21.0%

Returns on capital

MeasureDISIndustry medianIndustry percentileSector median
ROE (on average equity) 7.8% 6.0%
55th		 7.6%
ROA 4.3% 1.7%
72nd		 3.1%
ROIC 7.6% 5.4%
58th		 7.6%
ROCE 10.4% 6.3%
76th		 7.2%
Return on tangible assets 8.8% 4.3%
84th		 5.5%
Cash ROIC (OCF / invested capital) 11.3% 16.9%
32nd		 15.6%
Gross profitability (GP / assets) 18.2% 27.7%
28th		 26.4%
ROIC, 3-yr average 5.2% 2.7%
58th		 4.1%
ROIC, 5-yr average 4.5% 2.8%
67th		 3.7%
ROE, 5-yr average 5.8% 3.5%
73rd		 5.0%
Incremental ROIC 66.3% 7.3%
70th		 1.0%

Growth

MeasureDISIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 4.6% 12.2%
19th		 7.2%
Revenue growth (QoQ) 0.3% 5.5%
32nd		 4.0%
Revenue CAGR, 3 yr 4.0% 8.1%
11th		 5.0%
Revenue CAGR, 5 yr 9.2% 17.8%
33rd		 7.4%
Gross profit CAGR, 3 yr 8.9% 10.4%
42nd		 6.4%
Operating income CAGR, 3 yr 28.5% 25.0%
54th		 13.7%
Net income growth (TTM YoY) -25.5% 3.3%
15th		 12.6%
Net income CAGR, 3 yr 56.3% 10.8%
90th		 20.1%
EPS growth (TTM YoY) -22.9% 4.4%
8th		 15.5%
EPS CAGR, 3 yr 58.8% 16.2%
90th		 26.6%
EPS CAGR, 5 yr 51.6% 19.1%
83rd		 14.4%
FCF growth (TTM YoY) -28.2% 30.9%
17th		 20.6%
FCF CAGR, 3 yr 42.8% 19.8%
85th		 16.7%
Operating cash flow CAGR, 3 yr 30.8% 17.5%
67th		 13.1%
Book value CAGR, 3 yr 5.8% 8.8%
40th		 3.9%
Dividend CAGR, 3 yr 42.1% 13.6%
100th		 4.2%
Sustainable growth rate 5.8% 7.7%
31st		 7.7%

Margin history & stability

MeasureDISIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 36.9% 44.6%
30th		 52.4%
Operating margin, 3-yr average 14.4% 10.6%
70th		 7.5%
Net margin, 3-yr average 8.7% 3.9%
85th		 4.7%
FCF margin, 3-yr average 9.8% 9.8%
50th		 9.7%
Revenue stability (0-1) 0.91 0.84
68th		 0.83
Earnings stability (0-1) 0.74 0.29
82nd		 0.30
Margin stability (0-1) 0.92 0.82
80th		 0.88

Liquidity (latest quarter)

MeasureDISIndustry medianIndustry percentileSector median
Cash & short-term investments $5.2B $698.2M
92nd		 $479.5M
Net cash (− = net debt) −$40.9B −$1.1B
0th		 −$532.8M
Working capital −$10.2B −$24.5M
0th		 $125.0M
Current ratio 0.71 0.96
36th		 1.28
Quick ratio 0.65 0.95
36th		 1.28
Cash ratio (cash + ST investments / current liabilities) 0.15 0.56
8th		 0.70
Defensive interval (days) 338 days 446 days
36th		 395 days

Leverage & solvency (latest quarter)

MeasureDISIndustry medianIndustry percentileSector median
Total debt $46.0B $1.4B
100th		 $1.2B
Debt / equity 0.42 0.68
16th		 0.67
Net debt / equity 0.37 0.45
40th		 0.37
Debt / assets 22.5% 31.0%
16th		 30.9%
Debt / capital 29.5% 41.2%
15th		 40.7%
Debt / EBITDA 1.98 3.10
30th		 3.03
Net debt / EBITDA 1.76 1.99
48th		 1.41
Interest coverage (EBIT / interest) 10.3x 2.7x
92nd		 3.2x
Cash interest coverage 9.9x 5.7x
64th		 5.5x
Debt payback (years of OCF) 2.7 yrs 2.8 yrs
45th		 2.8 yrs
Liabilities / assets 42.9% 57.2%
8th		 56.1%
IS credit model rating BBB+ — —
Implied credit spread (bps) 225 400
28th		 400

Efficiency

MeasureDISIndustry medianIndustry percentileSector median
Asset turnover 0.49 0.69
32nd		 0.52
Fixed asset turnover 2.21 3.81
40th		 3.99
Inventory turnover 29.7 45.9
40th		 23.8
Receivables turnover 7.1 10.2
32nd		 8.1
Days sales outstanding 52 days 36 days
68th		 44 days
Days inventory outstanding 12 days 8 days
60th		 15 days
Days payables outstanding 118 days 34 days
96th		 57 days
Cash conversion cycle (days) −55 days 3 days
12th		 1 days
Capex / revenue 8.8% 2.9%
92nd		 3.5%
Capex / depreciation 1.57 0.32
88th		 0.60
Operating expense ratio 18.2% 29.7%
0th		 45.3%

Cash flow & earnings quality

MeasureDISIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.98 3.00
19th		 2.40
FCF / net income 0.96 2.80
12th		 1.69
FCF / operating cash flow 48.8% 87.0%
5th		 72.9%
Capex / operating cash flow 51.2% 13.0%
95th		 27.1%
Accruals ratio -4.2% -9.8%
76th		 -8.0%
Sloan accruals ratio -3.3% -5.0%
56th		 -5.6%
Earnings quality score (0-1) 1.00 0.75
71st		 0.75

Dividends & buybacks

MeasureDISIndustry medianIndustry percentileSector median
Dividend yield 1.4% 0.0%
88th		 0.0%
Dividend per share (TTM) $1.50 $0.00
96th		 $0.00
Payout ratio (dividends / net income) 26.0% 3.0%
82nd		 5.7%
Dividends / FCF 27.0% 0.0%
90th		 0.0%
Dividend growth (YoY) 183.3% 11.7%
100th		 3.2%
Buyback yield 4.3% 0.4%
80th		 1.7%
Shareholder yield (dividends + buybacks) 5.5% 0.4%
80th		 3.5%
Share count change (YoY) -3.4% -0.0%
17th		 -0.8%
Buybacks, last 5 years $26.7B $60.1M
96th		 $152.3M

Scores & forensic checks

MeasureDISIndustry medianIndustry percentileSector median
IS score 44 50
44th		 44
IS profitability 44 29
64th		 36
IS growth 25 55
0th		 56
IS value 57 32
84th		 44
IS momentum 58 67
33rd		 66
IS risk (safety) 50 50
44th		 30
IS quality 73 62
76th		 58
IS balance sheet 61 46
76th		 48
IS earnings quality 77 61
80th		 58
IS cash flow 42 59
24th		 56
Piotroski F-score (0-9) 6 6
40th		 5
Altman Z-score 2.3 1.9
64th		 1.7
Beneish M-score −2.44 −2.53
52nd		 −2.74
Ohlson O-score −9.53 −6.64
12th		 −7.27
IS credit score 65 46
72nd		 49

Per share

MeasureDISIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $4.93 $0.73
100th		 $0.86
Book value per share $63.13 $16.10
100th		 $14.63
Tangible book per share $18.63 −$0.47
92nd		 $1.25
Revenue per share $56.72 $26.80
92nd		 $17.81
FCF per share $4.76 $3.20
64th		 $1.98
Operating cash flow per share $9.75 $4.58
76th		 $2.77
Cash per share $2.97 $5.86
36th		 $3.75

Size (TTM)

MeasureDISIndustry medianIndustry percentileSector median
Market cap $190.9B $6.7B
96th		 $2.7B
Revenue $98.9B $2.9B
100th		 $1.8B
EBITDA $23.2B $507.9M
96th		 $326.9M
Net income $8.6B $53.6M
96th		 $65.3M
Free cash flow $8.3B $613.7M
96th		 $211.5M
Total assets $204.7B $4.5B
100th		 $3.6B
Shareholders' equity $110.0B $882.6M
100th		 $1.1B
Employees 194,040 2,274
100th		 3,872

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-08Woodford Brent
EVP, Control, Fin Plan & Tax
 Option exercise 3,618$105.21$380,65066,613
2026-10-08Woodford Brent
EVP, Control, Fin Plan & Tax
 Open-market sale 3,618$105.31$381,01262,995
2026-10-08Woodford Brent
EVP, Control, Fin Plan & Tax
 Option exercise 3,618$105.21$380,6507,236
2026-09-30Mcdonald Calvin
Director
 Award / grant 1,006$104.88$105,47830,595
2026-09-30Chang Amy
Director
 Award / grant 1,006$104.88$105,47817,761
2026-09-30Barra Mary T
Director
 Award / grant 1,174$104.88$123,16128,940
2026-09-30Darroch Jeremy
Director
 Award / grant 955$104.88$100,12910,285
2026-09-30Darroch Jeremy
Director
 Tax withholding 122$105.65$12,93610,162
2026-09-30Everson Carolyn
Director
 Award / grant 995$104.88$104,32413,681
2026-09-30Gorman James P
Director
 Award / grant 1,386$104.88$145,37411,962
2026-09-30Lagomasino Maria Elena
Director
 Award / grant 1,167$104.88$122,36338,907
2026-09-30Froman Michael B. G.
Director
 Award / grant 1,003$104.88$105,23725,192

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired2122,625$2.2M
Open-market saleDisposed418,070$1.9M
Option exerciseAcquired1534,410$1.5M
Option exerciseDisposed1430,331$1.5M
Tax withholdingDisposed146,738$674,061
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 4 notices · 15,738 shares · $1.7M
FiledFilerShares proposedEst. proceeds
2026-08-19Roeder Paul M3,596$382,327
2026-08-14Woodford Brent7,238$762,198
2026-01-22Coleman Sonia L2,473$281,922
2025-12-29Coleman Sonia L2,431$277,134
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 17 trades (6 purchases) · Senate 2 (2 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-10Kevin HernHouseSale$15,001 - $50,0002026-09-02
2026-08-10Kevin HernHouseSale (Full)$15,001 - $50,0002026-09-02
2026-08-09Kevin HernHouseSale (Full)$15,001 - $50,0002026-09-02
2026-07-17Mike KellyHouseSale$1,001 - $15,0002026-08-12
2026-01-08John BoozmanSenatePurchase$1,001 - $15,0002026-02-15
2026-01-08John BoozmanSenatePurchase$1,001 - $15,0002026-02-14
2025-02-13John BoozmanSenateSale (Full)$1,001 - $15,0002025-03-06
2025-02-13John BoozmanSenateSale (Full)$1,001 - $15,0002025-03-05
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.136,882,993$13.2B7.93%
VANGUARD CAPITAL MANAGEMENT LLC113,429,755$10.9B6.57%
STATE STREET CORP83,495,399$8.1B4.84%
JPMORGAN CHASE & CO72,679,685$7.2B4.21%
GEODE CAPITAL MANAGEMENT, LLC41,318,206$4.0B2.39%
VANGUARD PORTFOLIO MANAGEMENT LLC36,764,336$3.5B2.13%
WELLINGTON MANAGEMENT GROUP LLP31,986,559$3.1B1.85%
FMR LLC25,391,170$2.4B1.47%
NORGES BANK20,249,669$1.9B1.17%
PRICE T ROWE ASSOCIATES INC /MD/17,189,546$1.7B1.00%
BANK OF AMERICA CORP /DE/16,869,572$1.6B0.98%
NORTHERN TRUST CORP15,145,447$1.5B0.88%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC14,604,338$1.4B0.85%
Sixth Street Partners Management Company, L.P.14,604,338$1.4B0.85%
Capital World Investors14,472,873$1.4B0.84%

Institutional ownership by quarter

2023-092026-0676.8%
% of shares held by 13F filers
2023-092026-062,954
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,95476.8%1591,0481,385185
2026-03-313,01774.7%1931,0931,448308
2025-12-313,19078.8%3569841,511177
2025-09-303,08474.7%1531,1421,435225
2025-06-303,21677.3%3261,0371,555151
2025-03-313,08574.4%1611,2511,388272
2024-12-313,25373.2%4859861,479116
2024-09-302,94271.6%1541,0621,449220
2024-06-303,04171.2%1711,0981,426274
2024-03-313,18472.2%3551,2061,347147
2023-12-313,01669.7%3769331,466148
2023-09-302,83967.3%1621,0611,379249

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%132,734,000
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.25%$5.8B
VTI0.25%$5.8B
VTSAX0.25%$5.8B
VSMPX0.25%$5.8B
VFFSX0.27%$4.8B
VFIAX0.27%$4.8B

Share structure

Shares outstanding1,726,690,000
Float1,723,872,402
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$67.4B$82.7B$88.9B$91.4B$94.4B
Cost of revenue$45.1B$54.4B$59.2B$58.7B$58.8B
Gross profit$22.3B$28.3B$29.7B$32.7B$35.7B
R&D$0$0$0$0$0
SG&A$13.5B$16.4B$15.3B$15.8B$16.5B
Operating income$3.7B$6.8B$9.0B$11.9B$13.8B
EBITDA$9.1B$12.0B$12.1B$14.6B$19.1B
Pretax income$2.6B$5.3B$4.8B$7.6B$12.0B
Income tax$25.0M$1.7B$1.4B$1.8B−$1.4B
Net income$2.0B$3.1B$2.4B$5.0B$12.4B
EPS, diluted$1.09$1.72$1.29$2.72$6.85
Diluted shares1.8B1.8B1.8B1.8B1.8B

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$16.0B$11.6B$14.2B$6.0B$5.7B
Receivables$13.4B$12.7B$12.3B$12.7B$13.2B
Inventory$1.3B$1.7B$2.0B$2.0B$2.1B
Total current assets$33.7B$29.1B$32.8B$25.2B$24.3B
PP&E, net$32.6B$33.6B$34.9B$37.0B$41.3B
Goodwill & intangibles$95.2B$92.7B$90.1B$84.1B$82.6B
Total assets$203.6B$203.6B$205.6B$196.2B$197.5B
Accounts payable$16.4B$16.2B$15.1B$14.8B$15.1B
Total current liabilities$31.1B$29.1B$31.1B$34.6B$34.2B
Long-term debt$48.5B$45.3B$42.1B$39.0B$35.3B
Total liabilities$101.4B$95.3B$92.6B$90.7B$82.9B
Shareholders' equity$102.2B$108.4B$113.0B$105.5B$114.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$2.5B$3.6B$3.4B$5.8B$13.4B
Depreciation & amortization$5.1B$5.2B$5.4B$5.0B$5.3B
Stock-based compensation$600.0M$977.0M$1.1B$1.4B$1.4B
Change in working capital$2.2B$488.0M$177.0M−$1.6B−$430.0M
Operating cash flow$5.6B$6.0B$9.9B$14.0B$18.1B
Capital expenditure−$3.6B−$4.9B−$5.0B−$5.4B−$8.0B
Free cash flow$2.0B$1.1B$4.9B$8.6B$10.1B
Investing cash flow−$3.2B−$5.0B−$4.6B−$6.9B−$8.0B
Net debt issued / repaid−$3.7B−$4.0B−$1.8B−$1.4B−$3.6B
Buybacks$0$0$0−$3.0B−$3.5B
Dividends paid$0$0$0−$1.4B−$1.8B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin33.1%34.2%33.4%35.8%37.8%
Operating margin5.4%8.2%10.1%13.0%14.6%
Net margin3.0%3.8%2.6%5.4%13.1%
FCF margin3.0%1.3%5.5%9.4%10.7%
ROE2.3%3.4%2.4%5.0%11.8%
ROIC2.8%3.4%4.7%6.3%10.4%
ROA1.0%1.5%1.2%2.5%6.3%
Debt / equity0.660.550.510.490.41
Interest coverage2.6x4.4x3.4x4.7x7.7x
Current ratio1.081.001.050.730.71
Revenue growth+3.1%+22.7%+7.5%+2.8%+3.4%
EPS growth+168.9%+57.8%−25.4%+112.8%+150.6%
P/E at year end151.4x53.5x61.7x34.6x16.5x
EV / EBITDA at year end37.9x17.4x15.0x14.7x12.6x
FCF yield at year end0.66%0.63%3.37%4.98%4.94%
Dividend payout0.0%0.0%0.0%16.4%7.2%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Subscription and affiliate fees————$37.8B
Subscription fees$12.0B$15.3B$17.9B$20.4B—
Affiliate fees$17.8B$17.5B$16.9B$16.1B—
Advertising$12.4B$13.0B$11.5B$11.9B$11.1B
Theme park admissions————$11.7B
Admission$3.8B$8.6B$10.4B$11.2B$11.7B
Retail and wholesale sales of merchandise, food and beverage$5.0B$7.8B$8.9B$9.2B$9.6B
Resort and vacations$2.7B$6.4B$7.9B$8.4B$9.2B
Resorts and vacations————$9.2B
Content sales————$6.4B
TV/SVOD distribution licensing$5.3B$3.4B$3.0B$2.6B$3.8B
Other Revenue$2.9B$3.9B$5.0B$4.8B$4.7B
Other————$4.7B
License$3.6B$4.0B$3.1B$3.8B$3.9B
Merchandise licensing————$3.9B
Theatrical distribution licensing$920.0M$1.9B$3.2B$2.3B$2.6B
Entertainment$1.0B$820.0M$931.0M$753.0M—

Revenue by region · FY2025

Americas$76.4B · 81%
Europe$11.1B · 12%
Asia Pacific$6.9B · 7%

Street estimates by fiscal year

Next report 2026-11-17 · consensus EPS $1.69 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$101.6B$101.0B – $102.3B$6.92$6.72 – $7.071916.0x
2027$106.3B$104.4B – $108.4B$7.51$7.20 – $7.661714.7x
2028$111.0B$107.3B – $113.5B$8.47$6.64 – $10.061213.1x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-05$1.86$2.06+10.8%$25.4B$25.2B−0.6%
2026-05-06$1.49$1.57+5.4%$24.9B$25.2B+1.2%
2026-02-02$1.57$1.63+3.8%$25.7B$26.0B+1.1%
2025-11-13$1.05$1.11+5.7%$22.8B$22.5B−1.3%
2025-08-06$1.45$1.61+11.0%$23.7B$23.6B−0.5%
2025-05-07$1.19$1.45+21.8%$23.1B$23.6B+2.3%
2025-02-05$1.45$1.76+21.4%$24.7B$24.7B+0.1%
2024-11-14$1.11$1.14+2.7%$22.5B$22.6B+0.4%
2024-08-07$1.19$1.39+16.8%$23.1B$23.2B+0.3%
2024-05-07$1.10$1.21+10.0%$22.1B$22.1B−0.2%
2024-02-07$0.99$1.22+23.2%$23.7B$23.5B−0.7%
2023-11-08$0.67$0.82+22.4%$20.1B$21.2B+5.5%
2023-08-09$0.99$1.03+4.0%$22.5B$22.3B−0.7%
2023-05-10$0.89$0.93+4.5%$21.8B$21.8B+0.1%
2023-02-08$0.69$0.99+43.5%$23.4B$23.5B+0.3%
2022-11-08$0.50$0.30−40.0%$21.3B$20.1B−5.3%
2022-08-10$0.94$1.09+16.0%$21.0B$21.5B+2.4%
2022-05-11$1.20$1.08−10.0%$20.1B$19.2B−4.0%
2022-02-09$0.57$1.06+86.0%$20.3B$21.8B+7.6%
2021-11-10$0.51$0.37−27.5%$23.4B$18.5B−20.6%
2021-08-12$0.57$0.80+40.4%$16.8B$17.0B+1.6%
2021-05-13$0.29$0.79+172.4%$15.8B$15.6B−1.3%
2021-02-11$-0.45$0.32+171.1%$40.7B$16.2B−60.0%
2020-11-12$-0.68$-0.20+70.6%$22.7B$14.7B−35.2%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.106-151.606-220.806-290.907-060.807-131.107-201.507-271.808-030.908-100.908-170.908-240.708-31
Week ofNotionalSharesTrades
2026-08-31$715.7M6,668,754139,857
2026-08-24$931.5M8,508,027132,071
2026-08-17$916.8M8,628,822138,931
2026-08-10$878.5M8,423,171141,124
2026-08-03$1.8B17,342,126221,832
2026-07-27$1.5B15,652,606192,769

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1535.4%
DateShort shareShort volumeTotal volume
2026-10-1535.4%1,281,2103,622,018
2026-10-1449.5%1,590,6203,210,931
2026-10-1356.7%1,650,3112,912,700
2026-10-1250.1%1,025,0052,047,738
2026-10-0956.5%1,371,0242,426,241
2026-10-0854.6%1,375,9272,517,711
2026-10-0740.0%1,034,5762,584,890
2026-10-0645.1%834,0061,851,103
2026-10-0554.0%1,119,7162,074,692
2026-10-0262.3%1,344,4162,159,122
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.8Jan+1.8Feb-0.7Mar+2.2Apr+0.6May-1.0Jun+1.2Jul-1.1Aug-1.2Sep+1.7Oct+3.5Nov+2.8Dec
MonthAvg returnUp yearsYears
Jan−0.8%50%20
Feb+1.8%60%20
Mar−0.7%52%21
Apr+2.2%70%20
May+0.6%35%20
Jun−1.0%35%20
Jul+1.2%50%20
Aug−1.1%45%20
Sep−1.2%40%20
Oct+1.7%55%20
Nov+3.5%60%20
Dec+2.8%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1465.2
MFI74.2
ADX20.4
Stochastic %K / %D86.6 / 87.1
Williams %R-18.5
CCI167
TSI / signal14.7 / 5.2
Chaikin money flow0.14
ATR$2.11
Bollinger width9.8%
Volume vs 20-day avg0.83x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$105.87 (+4.4%)
SMA 50$106.11 (+4.2%)
SMA 200$103.55 (+6.8%)
EMA 21$106.80 (+3.5%)
EMA 50$105.32 (+5.0%)
EMA 200$104.28 (+6.0%)
Bollinger upper$111.03 (−0.4%)
Bollinger lower$100.71 (+9.8%)
Parabolic SAR$104.09 (+6.2%)
Open the live chart, 110+ indicators

About The Walt Disney Company

Operating worldwide through its various subsidiaries, The Walt Disney Company (DIS) stands as a prominent global entertainment enterprise. Its vast array of activities is organized into two primary divisions: Disney Media and Entertainment Distribution, and Disney Parks, Experiences and Products. Within its media and entertainment arm, Disney is actively engaged in developing and distributing both cinematic films and television series. This segment encompasses the management of well-known broadcast networks such as ABC, Disney, ESPN, Freeform, FX, Fox, National Geographic, and Star, as well as renowned film studios responsible for productions under banners like Walt Disney Pictures, Twentieth Century Studios, Marvel, Lucasfilm, Pixar, and Searchlight Pictures. The company also delivers content directly to consumers through its popular streaming platforms, including Disney+, Disney+ Hotstar, ESPN+, Hulu, and Star+. Further activities involve licensing its film and television content to external broadcasters and subscription video-on-demand services, overseeing theatrical releases, home entertainment distribution, and music distribution, staging and licensing live entertainment spectacles, and offering specialized post-production services via Industrial Light & Magic and Skywalker Sound. The "Parks, Experiences and Products" segment manages a celebrated collection of global theme parks and resorts, which notably includes Walt Disney World Resort in Florida, Disneyland Resort in California, Disneyland Paris, Hong Kong Disneyland Resort, and Shanghai Disney Resort. This division also features the Disney Cruise Line, Disney Vacation Club, National Geographic Expeditions, Adventures by Disney, and Aulani, a resort and spa located in Hawaii. The company extends its brand presence by licensing its intellectual property to a third party for the operations of the Tokyo Disney Resort. A substantial part of this segment involves consumer products, where Disney licenses its iconic trade names, characters, visual elements, literary works, and other intellectual property for use on a diverse range of merchandise, published materials, and games. Moreover, it sells branded merchandise directly through its retail stores, online platforms, and wholesale channels, and actively develops and publishes various books, comic books, and magazines. The Walt Disney Company was founded in 1923 and is based in Burbank, California.

https://www.thewaltdisneycompany.com

Key executives

NameTitlePayBorn
Josh D'AmaroChief Executive Officer & Director$10.8M1972
Robert A. IgerSenior Advisor & Director$10.8M1951
Hugh F. JohnstonSenior Executive Vice President & Chief Financial Officer$7.9M1962
Horacio E. GutierrezSenior EVP and Chief Legal & Global Affairs Officer$6.1M1966
Sonia ColemanSenior EVP & Chief People Officer$3.5M1973
Paul RoederSenior Executive VP & Chief Communications Officer$2.7M—
Benjamin Daniel SwinburneExecutive Vice President of Investor Relations & Corporate Strategy——
Jennifer CreeganHead of Marketing Technology & Operations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Robert A. Iger Chief Executive Officer; Former Executive Chairman2025$1.0M$21.0M$7.2M$45.8M
Hugh F. Johnston Senior Executive Vice President and Chief Financial Officer2025$2.0M$9.2M$5.8M$20.2M
Horacio E. Gutierrez Senior Executive Vice President, Chief Legal and Global Affairs Officer2025$1.5M$7.6M$4.5M$16.3M
Sonia L. Coleman Senior Executive Vice President and Chief People Officer2025$947,269$2.8M$2.5M$7.4M
Kristina K. Schake Senior Executive Vice President and Chief Communications Officer2025$823,145$2.6M$1.8M$6.2M

Employees

223k2019203k2020190k2021220k2022225k2023233k2024231k2025

Dividends

Ex-dateAmountPaid
2026-06-30$0.752026-07-22
2025-12-15$0.752026-01-15
2024-12-16$0.52025-01-16
2024-07-08$0.452024-07-25
2023-12-08$0.32024-01-10
2019-12-13$0.882020-01-16
2019-07-05$0.882019-07-25
2018-12-07$0.882019-01-10

Moat model

None · Efficient Scale · 2026-06-27
Cost advantage30
Intangibles31
Switching costs12
Network effect50
Efficient scale80
Our component scores (0-100) and overall 36.3; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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