7Baggers

Disney
(NYSE:DIS) 

DIS stock logo

The Walt Disney Company, together with its subsidiaries, operates as an entertainment company worldwide. The company's Media Networks segment operates domestic cable networks under the Disney, ESPN, Freeform, FX, and National Geographic brands; and television broadcast network under the ABC brand, a...

Founded: 1923
Full Time Employees: 213,000 (Feb 2023)
Founder: Walt Disney, Roy O. Disney 
CEO: Bob Iger  
Sector: Communication Services
Industry: Entertainment
StreamingEntertainmentMovies
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At a glance:
  • Streaming Profitability Improving: Disney is narrowing losses in its direct-to-consumer segment (Disney+, Hulu) through price increases, content spend discipline, and higher ad-supported tier penetration, with profitability a central near-term focus.
  • Parks & Experiences Remain the Core Cash Engine: Theme parks, resorts, and cruise operations continue to generate strong operating income and cash flow, though results can be sensitive to consumer demand, travel trends, and rising labor and operating costs.
  • Linear TV Pressures Persist: Traditional networks face ongoing cord-cutting and advertising volatility, creating headwinds that offset improvements elsewhere and increase the urgency of shifting economics toward streaming and sports.
  • Sports Strategy and ESPN Optionality: ESPN remains a key earnings driver but is navigating affiliate declines and rights-cost inflation; Disney’s evolving ESPN streaming and potential strategic partnerships are major swing factors for valuation.
  • Capital Allocation Focused on Balance Sheet and Returns: Disney has prioritized deleveraging and selective investment while reinstating shareholder returns, with future buybacks/dividends and content investment levels tied to cash flow durability.
Bull Thesis:
  • Parks & Experiences Resilience and Growth: Disney's Parks, Experiences and Products segment continues to demonstrate strong demand, pricing power, and operational efficiency. Post-pandemic recovery has been robust, with international parks showing significant growth potential and domestic parks benefiting from strategic investments and high guest satisfaction, driving strong revenue and operating income.
  • Streaming Path to Profitability and Subscriber Growth: Disney+ is on a clear path to profitability, driven by strategic price increases, effective cost management, and the integration of Hulu. The company's focus on subscriber retention and ARPU growth, coupled with the strength of its content library, positions its direct-to-consumer segment for sustainable long-term profitability.
  • Unrivaled IP and Content Engine: Disney possesses an unparalleled library of beloved intellectual property, including Marvel, Star Wars, Pixar, and its classic animation. This vast content engine allows for synergistic monetization across films, streaming series, merchandise, and theme park attractions, creating a powerful flywheel effect that few competitors can match.
  • Strategic Cost Cutting and Efficiency Initiatives: Under Bob Iger's leadership, Disney has embarked on significant cost-cutting and restructuring efforts, aiming to streamline operations, reduce content spend, and improve overall margins. These initiatives are expected to enhance profitability across all segments, particularly in the direct-to-consumer division, and improve free cash flow generation.
Bear Thesis:
  • Linear TV Decline and ESPN Headwinds: The ongoing trend of cord-cutting continues to erode Disney's traditional linear television revenues, particularly impacting its highly profitable cable networks like ESPN. High sports rights costs, coupled with declining subscriber bases, pose a significant challenge to the segment's long-term profitability and require a costly, uncertain transition to a direct-to-consumer model.
  • Streaming Profitability Hurdles and Competition: While Disney+ is targeting profitability, the streaming landscape remains intensely competitive with high content amortization costs. Sustaining subscriber growth and achieving consistent, high-margin profitability in the long term will require continuous investment in content, effective churn management, and navigating a saturated market with price-sensitive consumers.
  • Macroeconomic Sensitivity and Discretionary Spending: Disney's business, particularly its Parks & Experiences and Studio Entertainment segments, is highly sensitive to macroeconomic conditions. A potential economic downturn, rising inflation, or reduced consumer discretionary spending could negatively impact theme park attendance, cruise bookings, movie ticket sales, and merchandise purchases, affecting overall revenue and profitability.
  • Content Quality Concerns and Brand Fatigue: Recent years have seen mixed critical and audience reception for some of Disney's tentpole franchises, particularly within Marvel and Star Wars. A perceived decline in content quality or an oversaturation of content could lead to brand fatigue, impacting subscriber retention for streaming services and box office performance for theatrical releases, potentially diluting the value of its premium IP.
Main Competitors:
  • Netflix ($NFLX) (Netflix streaming service), Competes directly with Disney+ for subscriber attention and market share in the global streaming video-on-demand (SVOD) market, offering a vast library of original and licensed content across various genres.
  • Comcast Corporation ($CMCSA) (Universal Parks & Resorts, NBCUniversal (Peacock, Universal Pictures)), Competes across multiple Disney segments, including theme parks (Universal Studios vs. Disney Parks), studio entertainment (Universal Pictures vs. Walt Disney Studios), and streaming (Peacock vs. Disney+/Hulu).
  • Warner Bros. Discovery ($WBD) (Max (streaming), Warner Bros. Pictures, DC Comics), A major competitor in studio entertainment (film and television production), intellectual property (DC Comics vs. Marvel), and streaming services (Max vs. Disney+/Hulu), vying for audience attention and content licensing.
  • Epic Games (Fortnite), Competes for digital engagement and the attention of younger audiences through its immersive metaverse platform, user-generated content, and virtual events, representing a growing frontier for entertainment that Disney is also exploring.
Moat:
Disney's competitive moat is built on its unparalleled brand recognition, vast library of beloved intellectual property (IP), and integrated ecosystem spanning theme parks, media networks, and consumer products. Competition is intense across all its segments, from the streaming wars with Netflix and Warner Bros. Discovery to theme park rivalry with Comcast's Universal, and the emerging battle for digital engagement with companies like Epic Games. Sustaining its competitive edge requires continuous innovation in content creation, technological adaptation (e.g., metaverse integration), and leveraging its unique ability to create synergistic experiences across its diverse offerings.
Income Statements:
Quarterly
Annual
    Unit: USD2025-12-27 2025-09-27 2025-06-28 2025-03-29 2024-12-28 2024-09-28 2024-06-29 2024-03-30 2023-12-30 2023-09-30 2023-07-01 2023-04-01 2022-12-31 2022-10-01 2022-07-02 2022-04-02 2022-01-01 2021-10-02 2021-07-03 2021-04-03 2021-01-02 2020-10-03 2020-06-27 2020-03-28 2019-12-28 2019-09-28 2019-06-29 2019-03-30 
                                
      revenues:
    		                            
      services
    		23,206,000,000 20,068,000,000 21,214,000,000 21,258,000,000 22,048,000,000 20,273,000,000 20,836,000,000 19,757,000,000 20,975,000,000 18,971,000,000 20,008,000,000 19,586,000,000 20,997,000,000 17,985,000,000 19,461,000,000 17,212,000,000 19,542,000,000 16,790,000,000 15,585,000,000 14,522,000,000 14,871,000,000 13,746,000,000 11,235,000,000 16,174,000,000 18,075,000,000 16,643,000,000 18,022,000,000 13,006,000,000 
      products
    		2,775,000,000 2,396,000,000 2,436,000,000 2,363,000,000 2,642,000,000 2,301,000,000 2,319,000,000 2,326,000,000 2,574,000,000 2,270,000,000 2,322,000,000 2,229,000,000 2,515,000,000 2,165,000,000 2,043,000,000 2,037,000,000 2,277,000,000 1,744,000,000 1,437,000,000 1,091,000,000 1,378,000,000 961,000,000 544,000,000 1,835,000,000 2,783,000,000 2,457,000,000 2,223,000,000 1,916,000,000 
      total revenues
    		25,981,000,000 22,464,000,000 23,650,000,000 23,621,000,000 24,690,000,000 22,574,000,000 23,155,000,000 22,083,000,000 23,549,000,000 21,241,000,000 22,330,000,000 21,815,000,000 23,512,000,000 20,150,000,000 21,504,000,000 19,249,000,000 21,819,000,000 18,534,000,000 17,022,000,000 15,613,000,000 16,249,000,000 14,707,000,000 11,779,000,000 18,009,000,000 20,858,000,000 19,100,000,000 20,245,000,000 14,922,000,000 
      yoy
    		5.23% -0.49% 2.14% 6.96% 4.85% 6.28% 3.69% 1.23% 0.16% 5.41% 3.84% 13.33% 7.76% 8.72% 26.33% 23.29% 34.28% 26.02% 44.51% -13.30% -22.10% -23.00% -41.82% 20.69%     
      qoq
    		15.66% -5.01% 0.12% -4.33% 9.37% -2.51% 4.85% -6.23% 10.87% -4.88% 2.36% -7.22% 16.68% -6.30% 11.71% -11.78% 17.72% 8.88% 9.02% -3.91% 10.48% 24.86% -34.59% -13.66% 9.20% -5.66% 35.67%  
      costs and expenses:
    		                            
      cost of services
    		-15,003,000,000 -12,476,000,000 -13,034,000,000 -13,378,000,000 -13,789,000,000 -12,688,000,000 -13,236,000,000 -12,663,000,000 -13,922,000,000 -12,224,000,000 -12,974,000,000 -13,160,000,000 -14,781,000,000 -12,067,000,000 -12,404,000,000 -11,330,000,000 -13,161,000,000 -11,208,000,000 -10,251,000,000 -8,932,000,000 -10,738,000,000 -10,119,000,000 -7,209,000,000 -10,664,000,000 -11,377,000,000 -10,274,000,000 -11,445,000,000 -7,167,000,000 
      cost of products
    		-1,666,000,000 -1,542,000,000 -1,498,000,000 -1,432,000,000 -1,617,000,000 -1,542,000,000 -1,473,000,000 -1,509,000,000 -1,665,000,000 -1,504,000,000 -1,497,000,000 -1,456,000,000 -1,605,000,000 -1,491,000,000 -1,278,000,000 -1,264,000,000 -1,406,000,000 -1,133,000,000 -982,000,000 -850,000,000 -1,037,000,000 -894,000,000 -687,000,000 -1,254,000,000 -1,639,000,000 -1,548,000,000 -1,374,000,000 -1,209,000,000 
      selling, general, administrative and other
    		-4,121,000,000 -4,449,000,000 -4,141,000,000 -3,981,000,000 -3,930,000,000 -4,314,000,000 -3,872,000,000 -3,790,000,000 -3,783,000,000 -4,021,000,000 -3,874,000,000 -3,614,000,000 -3,827,000,000 -4,733,000,000 -4,100,000,000 -3,768,000,000 -3,787,000,000 -4,319,000,000 -3,168,000,000 -3,113,000,000 -2,917,000,000 -2,812,000,000 -2,455,000,000 -3,388,000,000 -3,703,000,000 -3,697,000,000 -3,362,000,000 -2,327,000,000 
      depreciation and amortization
    		-1,316,000,000 -1,394,000,000 -1,332,000,000 -1,324,000,000 -1,276,000,000 -1,285,000,000 -1,220,000,000 -1,242,000,000 -1,243,000,000 -1,409,000,000 -1,344,000,000 -1,310,000,000 -1,306,000,000 -1,317,000,000 -1,290,000,000 -1,287,000,000 -1,269,000,000 -1,275,000,000 -1,266,000,000 -1,272,000,000 -1,298,000,000 -1,335,000,000 -1,377,000,000 -1,333,000,000 -1,298,000,000 -1,296,000,000 -1,304,000,000 -828,000,000 
      total costs and expenses
    		-22,106,000,000 -19,861,000,000 -20,005,000,000 -20,115,000,000 -20,612,000,000 -19,829,000,000 -19,801,000,000 -19,204,000,000 -20,613,000,000 -19,158,000,000 -19,689,000,000 -19,540,000,000 -21,519,000,000 -19,608,000,000 -19,072,000,000 -17,649,000,000 -19,623,000,000 -17,935,000,000 -15,667,000,000 -14,167,000,000 -15,990,000,000 -15,160,000,000 -11,728,000,000 -16,639,000,000 -18,017,000,000 -16,815,000,000 -17,485,000,000 -11,531,000,000 
      gross profit
    		3,875,000,000 2,603,000,000 3,645,000,000 3,506,000,000 4,078,000,000 2,745,000,000 3,354,000,000 2,879,000,000 2,936,000,000 2,083,000,000 2,641,000,000 2,275,000,000 1,993,000,000 542,000,000 2,432,000,000 1,600,000,000 2,196,000,000 599,000,000 1,355,000,000 1,446,000,000 259,000,000 -453,000,000 51,000,000 1,370,000,000 2,841,000,000 2,285,000,000 2,760,000,000 3,391,000,000 
      yoy
    		-4.98% -5.17% 8.68% 21.78% 38.90% 31.78% 27.00% 26.55% 47.32% 284.32% 8.59% 42.19% -9.24% -9.52% 79.48% 10.65% 747.88% -232.23% 2556.86% 5.55% -90.88% -119.82% -98.15% -59.60%     
      qoq
    		48.87% -28.59% 3.96% -14.03% 48.56% -18.16% 16.50% -1.94% 40.95% -21.13% 16.09% 14.15% 267.71% -77.71% 52.00% -27.14% 266.61% -55.79% -6.29% 458.30% -157.17% -988.24% -96.28% -51.78% 24.33% -17.21% -18.61%  
      gross margin %
    		14.91% 11.59% 15.41% 14.84% 16.52% 12.16% 14.48% 13.04% 12.47% 9.81% 11.83% 10.43% 8.48% 2.69% 11.31% 8.31% 10.06% 3.23% 7.96% 9.26% 1.59% -3.08% 0.43% 7.61% 13.62% 11.96% 13.63% 22.72% 
      restructuring and impairment charges
    		 -382,000,000 -185,000,000 -109,000,000 -143,000,000 -1,543,000,000  -2,052,000,000  -1,021,000,000 -2,650,000,000 -152,000,000 -69,000,000  -42,000,000 -195,000,000  -92,000,000 -35,000,000 -414,000,000 -113,000,000 -393,000,000 -5,047,000,000 -145,000,000 -150,000,000 -314,000,000 -207,000,000 -662,000,000 
      interest expense
    		-275,000,000 -268,000,000 -324,000,000 -346,000,000 -367,000,000 -361,000,000 -342,000,000 -311,000,000 -246,000,000 -282,000,000 -305,000,000 -322,000,000 -300,000,000 -371,000,000 -360,000,000 -355,000,000 -311,000,000 -317,000,000 -445,000,000 -320,000,000 -324,000,000 -496,000,000 -412,000,000 -300,000,000 -283,000,000 -361,000,000 -411,000,000 -143,000,000 
      equity in the income of investees
    		93,000,000 92,000,000 75,000,000 36,000,000 92,000,000 107,000,000 146,000,000 141,000,000 181,000,000 227,000,000 191,000,000 173,000,000 191,000,000 142,000,000 225,000,000 210,000,000 239,000,000 113,000,000 211,000,000 213,000,000 224,000,000 106,000,000 186,000,000  224,000,000    
      income before income taxes
    		3,693,000,000 2,045,000,000 3,211,000,000 3,087,000,000 3,660,000,000 1,655,250,000 3,093,000,000 657,000,000 2,871,000,000                    
      income taxes
    		-1,209,000,000 -602,000,000 2,732,000,000 314,000,000 -1,016,000,000 -353,000,000 -251,000,000 -441,000,000 -720,000,000                    
      net income
    		2,484,000,000 1,443,000,000 5,943,000,000 3,401,000,000 2,644,000,000 564,000,000 2,842,000,000 216,000,000 2,151,000,000 694,000,000 -153,000,000 1,488,000,000 1,361,000,000 254,000,000 1,502,000,000 597,000,000 1,152,000,000 255,000,000 1,123,000,000 1,111,000,000 18,000,000 -629,000,000 -4,512,000,000 520,000,000 2,147,000,000 1,205,000,000 1,982,000,000  
      yoy
    		-6.05% 155.85% 109.11% 1474.54% 22.92% -18.73% -1957.52% -85.48% 58.05% 173.23% -110.19% 149.25% 18.14% -0.39% 33.75% -46.26% 6300.00% -140.54% -124.89% 113.65% -99.16% -152.20% -327.65%      
      qoq
    		72.14% -75.72% 74.74% 28.63% 368.79% -80.15% 1215.74% -89.96% 209.94% -553.59% -110.28% 9.33% 435.83% -83.09% 151.59% -48.18% 351.76% -77.29% 1.08% 6072.22% -102.86% -86.06% -967.69% -75.78% 78.17% -39.20%   
      net income margin %
    		9.56% 6.42% 25.13% 14.40% 10.71% 2.50% 12.27% 0.98% 9.13% 3.27% -0.69% 6.82% 5.79% 1.26% 6.98% 3.10% 5.28% 1.38% 6.60% 7.12% 0.11% -4.28% -38.31% 2.89% 10.29% 6.31% 9.79% 0% 
      net income attributable to noncontrolling interests
    		-82,000,000 -224,250,000 -681,000,000 -126,000,000 -90,000,000 -174,250,000 -221,000,000 -236,000,000 -240,000,000                    
      net income attributable to the walt disney company
    		2,402,000,000 1,313,000,000 5,262,000,000 3,275,000,000 2,554,000,000 460,000,000 2,621,000,000 -20,000,000          159,000,000 918,000,000 901,000,000 17,000,000 -710,000,000 -4,721,000,000 460,000,000 2,107,000,000 1,054,000,000 1,760,000,000 5,452,000,000 
      earnings per share attributable to disney:
    		                            
      diluted
    		1.34 0.73 2.92 1.81 1.4 0.615 1.43 -0.01 1.04                    
      basic
    		1.34 0.74 2.92 1.81 1.41 1,822.53 1.44 -0.01 1.04 1 1,829 1,828 1,825 1 1,823 1,822 1,819  1,818 1,817 1,812 1 1,809 1,808 1,805 49 1,802 1,530 
      weighted-average number of common and common equivalent shares outstanding:
    		                            
      diluted
    		1,793 -1 1,805 1,814 1,818 458.75 1,829 1,834 1,835                 404 1,814 1,537 
      other expense
    		            -42,000,000    -436,000,000            
      other income
    		      -65,000,000    -11,000,000 149,000,000  63,000,000 -136,000,000 -158,000,000  -13,000,000 -91,000,000 305,000,000  656,000,000 382,000,000     4,963,000,000 
      net income attributable to disney
    		        1,911,000,000 522,500,000 -460,000,000 1,271,000,000 1,279,000,000 745,750,000 1,409,000,000 470,000,000 1,104,000,000            
      income from continuing operations before income taxes
    		         1,007,000,000 -134,000,000 2,123,000,000 1,773,000,000 376,000,000 2,119,000,000 1,102,000,000 1,688,000,000 290,000,000 995,000,000 1,230,000,000 46,000,000 -580,000,000 -4,840,000,000 1,060,000,000 2,632,000,000 1,258,000,000 2,018,000,000 7,237,000,000 
      income taxes on continuing operations
    		         -313,000,000 -19,000,000 -635,000,000 -412,000,000 -122,000,000 -617,000,000 -505,000,000 -488,000,000 -34,000,000 133,000,000 -108,000,000 -16,000,000 -49,000,000 331,000,000 -525,000,000 -459,000,000    
      net income from continuing operations
    		         694,000,000 -153,000,000 1,488,000,000 1,361,000,000 254,000,000 1,502,000,000 597,000,000 1,200,000,000 256,000,000 1,128,000,000 1,122,000,000 30,000,000 -629,000,000 -4,509,000,000 535,000,000 2,173,000,000 914,000,000 1,623,000,000 5,590,000,000 
      loss from discontinued operations, net of income tax benefit of 0, 0, 0 and 14, respectively
    		                            
      net income from continuing operations attributable to noncontrolling interests
    		         -151,500,000 -307,000,000 -217,000,000 -82,000,000 -67,000,000 -93,000,000 -127,000,000 -48,000,000 -104,000,000 -205,000,000 -210,000,000 -1,000,000 -77,250,000 -209,000,000 -60,000,000     
      earnings per share attributable to disney:
    		                            
      diluted
    		1.34 0.73 2.92 1.81 1.4 0.615 1.43 -0.01 1.04                    
      continuing operations
    		         0.15 -0.25 0.69 0.7 0.09 0.77 0.26 0.63 0.09 0.5 0.5 0.02 -0.4 -2.61 0.26 1.17 0.29 0.79 3.53 
      discontinued operations
    		                -0.03   -0.01 -0.01   -0.01 -0.01 0.16 0.18 0.01 
      basic
    		                         1.555 0.98 3.56 
      weighted-average number of common and common equivalent shares outstanding:
    		                            
      diluted
    		         1 1,829 1,831 1,827  1,825 1,828 1,828 1 1,830 1,829 1,823 1 1,809 1,816 1,817    
      basic
    		1.34 0.74 2.92 1.81 1.41 1,822.53 1.44 -0.01 1.04 1 1,829 1,828 1,825 1 1,823 1,822 1,819  1,818 1,817 1,812 1 1,809 1,808 1,805 49 1,802 1,530 
      loss from discontinued operations, net of income tax benefit of 0 and 14, respectively
    		                            
      loss from discontinued operations, net of income tax benefit of 0, 2, 14 and 9, respectively
    		             -12,000,000               
      loss from discontinued operations, net of income tax benefit of 0, 3, 14 and 7, respectively
    		                            
      loss from discontinued operations, net of income tax benefit of 14 and 4, respectively
    		                -48,000,000            
      loss from discontinued operations, net of income tax benefit of 2, 1, 9 and 11, respectively)
    		                 -7,000,000 -5,000,000          
      income from discontinued operations, net of income tax benefit of 3, 3, 7 and 10, respectively)
    		                   -11,000,000         
      income from discontinued operations, net of income tax benefit of 4 and 7, respectively
    		                    -12,000,000        
      income from discontinued operations, net of income tax benefit (expense) of 1, (102), 11 and (107), respectively
    		                     -8,000,000 -3,000,000      
      net income from discontinued operations attributable to noncontrolling interests
    		                            
      equity in the income / (loss) of investees
    		                       135,000,000  -58,500,000 -1,000,000 -312,000,000 
      income from discontinued operations, net of income tax benefit/(expense) of 5, , 13 and , respectively
    		                       -15,000,000     
      income from discontinued operations
    		                        -26,000,000 291,000,000 359,000,000 21,000,000 
      net (income) income from continuing operations attributable to noncontrolling interests
    		                        -40,000,000    
      other income/(expense)
    		                         1,210,000,000 -123,000,000  
      income taxes from continuing operations
    		                         -344,000,000 -395,000,000 -1,647,000,000 
      less: net income from continuing operations attributable to noncontrolling and redeemable noncontrolling interests
    		                         -129,000,000 -186,000,000  
      less: net income from discontinued operations attributable to noncontrolling interests
    		                         -22,000,000 -36,000,000  
      earnings per share attributable to disney:
    		                            
      discontinued operations
    		                -0.03   -0.01 -0.01   -0.01 -0.01 0.16 0.18 0.01 
      diluted
    		                         1.548 0.97 3.55 
      basic
    		                         1.555 0.98 3.56 
      weighted-average number of common and common equivalent shares outstanding:
    		                            
      diluted
    		1,793 -1 1,805 1,814 1,818 458.75 1,829 1,834 1,835                 404 1,814 1,537 
      basic
    		1.34 0.74 2.92 1.81 1.41 1,822.53 1.44 -0.01 1.04 1 1,829 1,828 1,825 1 1,823 1,822 1,819  1,818 1,817 1,812 1 1,809 1,808 1,805 49 1,802 1,530 
      consolidated net income
    		                           5,611,000,000 
      less: net income attributable to noncontrolling interests
    		                           -159,000,000 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-12-27 2025-09-27 2025-06-28 2025-03-29 2024-12-28 2024-09-28 2024-06-29 2024-03-30 2023-12-30 2023-09-30 2023-07-01 2023-04-01 2022-12-31 2022-10-01 2022-07-02 2022-04-02 2022-01-01 2021-10-02 2021-07-03 2021-04-03 2021-01-02 2020-10-03 2020-06-27 2020-03-28 2019-12-28 2019-09-28 2019-06-29 2019-03-30 
                                  
        assets
      		                            
        current assets
      		                            
        cash and cash equivalents
      		5,678,000,000 5,695,000,000 5,367,000,000 5,852,000,000 5,486,000,000 6,002,000,000 5,954,000,000 6,635,000,000 7,192,000,000 14,182,000,000 11,458,000,000 10,399,000,000 8,470,000,000 11,615,000,000 12,959,000,000 13,272,000,000 14,444,000,000 15,959,000,000 16,070,000,000 15,890,000,000 17,068,000,000 17,914,000,000 23,115,000,000 14,339,000,000 6,833,000,000 5,418,000,000 6,728,000,000 10,108,000,000 
        receivables
      		15,054,000,000 13,217,000,000 13,402,000,000 12,571,000,000 13,767,000,000 12,729,000,000 12,966,000,000 12,026,000,000 14,115,000,000 12,330,000,000 13,112,000,000 12,770,000,000 13,993,000,000 12,652,000,000 13,685,000,000 13,746,000,000 14,882,000,000 13,367,000,000 13,355,000,000 12,533,000,000 14,051,000,000 12,708,000,000 12,622,000,000 14,532,000,000 17,100,000,000 15,481,000,000 15,673,000,000 14,593,000,000 
        inventories
      		2,157,000,000 2,134,000,000 2,080,000,000 1,999,000,000 2,018,000,000 2,022,000,000 1,984,000,000 1,948,000,000 1,954,000,000 1,963,000,000 1,900,000,000 1,848,000,000 1,830,000,000 1,742,000,000 1,590,000,000 1,428,000,000 1,345,000,000 1,331,000,000 1,344,000,000 1,406,000,000 1,480,000,000 1,583,000,000 1,559,000,000 1,531,000,000 1,571,000,000 1,649,000,000 1,516,000,000 1,445,000,000 
        content advances
      		1,336,000,000 2,063,000,000 1,756,000,000 1,063,000,000 1,157,000,000 2,097,000,000 1,992,000,000 1,921,000,000 1,409,000,000 3,002,000,000 2,369,000,000 1,872,000,000 1,300,000,000 1,890,000,000 1,902,000,000 1,796,000,000 1,125,000,000 2,183,000,000 2,367,000,000 2,204,000,000 1,423,000,000        
        other current assets
      		1,241,000,000 1,158,000,000 1,215,000,000 1,250,000,000 1,239,000,000 2,391,000,000 2,597,000,000 2,106,000,000 1,301,000,000 1,286,000,000 1,335,000,000 1,374,000,000 1,319,000,000 1,199,000,000 1,286,000,000 1,185,000,000 1,117,000,000 817,000,000 830,000,000 844,000,000 852,000,000 875,000,000 899,000,000 1,003,000,000 938,000,000 979,000,000 1,035,000,000 1,257,000,000 
        total current assets
      		25,466,000,000 24,267,000,000 23,820,000,000 22,735,000,000 23,667,000,000 25,241,000,000 25,493,000,000 24,636,000,000 25,971,000,000 32,763,000,000 30,174,000,000 28,263,000,000 26,912,000,000 29,098,000,000 31,422,000,000 31,427,000,000 32,913,000,000 33,657,000,000 33,966,000,000 32,877,000,000 34,874,000,000 35,251,000,000 41,330,000,000 33,274,000,000 27,776,000,000 28,124,000,000 31,370,000,000 34,277,000,000 
        produced and licensed content costs
      		31,114,000,000 31,327,000,000 31,278,000,000 31,820,000,000 32,505,000,000 32,312,000,000 32,799,000,000 32,590,000,000 32,725,000,000 33,591,000,000 34,607,000,000 36,949,000,000 36,266,000,000 35,777,000,000 34,077,000,000 32,349,000,000 30,669,000,000 29,549,000,000 27,889,000,000 26,858,000,000 25,929,000,000 25,022,000,000 25,560,000,000 26,757,000,000 26,539,000,000    
        investments
      		8,052,000,000 8,097,000,000 8,671,000,000 8,794,000,000 8,902,000,000 4,459,000,000 4,632,000,000 3,007,000,000 3,084,000,000 3,080,000,000 3,062,000,000 3,387,000,000 3,169,000,000 3,218,000,000 3,236,000,000 3,356,000,000 3,549,000,000 3,935,000,000 4,045,000,000 4,309,000,000 4,037,000,000 3,903,000,000 3,611,000,000 3,180,000,000 3,312,000,000 3,224,000,000 3,872,000,000 4,080,000,000 
        parks, resorts and other property
      		                            
        attractions, buildings and equipment
      		81,830,000,000 82,041,000,000 81,547,000,000 79,721,000,000 78,328,000,000 76,674,000,000 73,366,000,000 72,173,000,000 72,096,000,000 70,090,000,000 69,819,000,000 69,695,000,000 68,253,000,000 66,998,000,000 65,599,000,000 65,247,000,000 65,257,000,000 64,892,000,000 64,023,000,000 63,037,000,000 63,017,000,000 62,111,000,000 61,130,000,000 60,929,000,000 59,910,000,000 58,589,000,000 57,457,000,000 57,991,000,000 
        accumulated depreciation
      		-47,228,000,000 -48,889,000,000 -48,847,000,000 -47,532,000,000 -45,898,000,000 -45,506,000,000 -44,720,000,000 -44,065,000,000 -43,575,000,000 -42,610,000,000 -42,112,000,000 -41,452,000,000 -40,641,000,000 -39,356,000,000 -39,089,000,000 -38,783,000,000 -38,505,000,000 -37,920,000,000 -37,579,000,000 -36,866,000,000 -36,380,000,000 -35,517,000,000 -34,639,000,000 -33,713,000,000 -33,057,000,000 -32,415,000,000 -32,088,000,000 -33,132,000,000 
        parks, resorts and other property - sum
      		34,602,000,000 33,152,000,000 32,700,000,000 32,189,000,000 32,430,000,000 31,168,000,000 28,646,000,000 28,108,000,000 28,521,000,000 27,480,000,000 27,707,000,000 28,243,000,000 27,612,000,000 27,642,000,000 26,510,000,000 26,464,000,000             
        projects in progress
      		7,403,000,000 6,911,000,000 6,294,000,000 5,740,000,000 4,581,000,000 4,728,000,000 6,223,000,000 6,243,000,000 5,618,000,000 6,285,000,000 5,689,000,000 5,175,000,000 5,430,000,000 4,814,000,000 5,956,000,000 5,327,000,000 4,808,000,000 4,521,000,000 4,856,000,000 4,891,000,000 4,547,000,000 4,449,000,000 4,380,000,000 3,916,000,000 4,023,000,000 4,264,000,000 4,853,000,000 4,984,000,000 
        land
      		1,193,000,000 1,192,000,000 1,191,000,000 1,166,000,000 1,129,000,000 1,145,000,000 1,172,000,000 1,174,000,000 1,182,000,000 1,176,000,000 1,181,000,000 1,161,000,000 1,158,000,000 1,140,000,000 1,117,000,000 1,126,000,000 1,121,000,000 1,131,000,000 1,077,000,000 1,075,000,000 1,079,000,000 1,035,000,000 1,020,000,000 1,019,000,000 1,019,000,000 1,165,000,000 1,170,000,000 1,174,000,000 
        intangible assets
      		9,429,000,000 9,272,000,000 9,639,000,000 10,006,000,000 10,372,000,000 10,739,000,000 11,107,000,000 11,474,000,000 12,639,000,000 13,061,000,000 13,478,000,000 13,887,000,000 14,347,000,000 14,837,000,000 15,334,000,000 15,875,000,000 16,574,000,000 17,115,000,000 17,601,000,000 18,123,000,000 18,642,000,000 19,173,000,000 19,589,000,000 22,037,000,000 22,669,000,000 23,215,000,000 25,114,000,000 26,985,000,000 
        goodwill
      		74,743,000,000 73,294,000,000 73,314,000,000 73,313,000,000 73,312,000,000 73,326,000,000 73,914,000,000 73,914,000,000 77,066,000,000 77,067,000,000 77,881,000,000 77,878,000,000 77,867,000,000 77,897,000,000 77,945,000,000 78,019,000,000 78,052,000,000 78,071,000,000 77,835,000,000 77,861,000,000 77,800,000,000 77,689,000,000 77,233,000,000 80,320,000,000 80,314,000,000 80,293,000,000 77,801,000,000 75,057,000,000 
        other assets
      		10,087,000,000 10,002,000,000 9,705,000,000 10,070,000,000 10,148,000,000 13,101,000,000 13,786,000,000 13,964,000,000 10,968,000,000 11,076,000,000 10,004,000,000 9,915,000,000 9,363,000,000 9,208,000,000 8,477,000,000 8,510,000,000 8,873,000,000 8,658,000,000 8,508,000,000 8,085,000,000 8,343,000,000 8,433,000,000 8,435,000,000 8,575,000,000 8,443,000,000 4,715,000,000 4,783,000,000 5,391,000,000 
        total assets
      		202,089,000,000 197,514,000,000 196,612,000,000 195,833,000,000 197,046,000,000 196,219,000,000 197,772,000,000 195,110,000,000 197,774,000,000 205,579,000,000 203,783,000,000 204,858,000,000 202,124,000,000 203,631,000,000 204,074,000,000 202,453,000,000 203,311,000,000 203,609,000,000 202,221,000,000 200,250,000,000 201,888,000,000 201,549,000,000 207,649,000,000 206,294,000,000 200,948,000,000 193,984,000,000 209,475,000,000 214,342,000,000 
        liabilities and equity
      		                            
        current liabilities
      		                            
        accounts payable and other accrued liabilities
      		20,541,000,000 21,203,000,000 20,500,000,000 20,729,000,000 21,635,000,000 21,070,000,000 20,216,000,000 18,798,000,000 18,676,000,000 20,671,000,000 19,115,000,000 18,591,000,000 18,149,000,000 20,213,000,000 20,858,000,000 19,669,000,000 18,709,000,000 20,894,000,000 18,317,000,000 17,062,000,000 16,846,000,000 16,801,000,000 16,986,000,000 17,906,000,000 19,755,000,000 17,762,000,000 17,647,000,000 20,503,000,000 
        current portion of borrowings
      		10,819,000,000 6,711,000,000 5,732,000,000 6,446,000,000 6,620,000,000 6,845,000,000 8,060,000,000 6,789,000,000 6,087,000,000 4,330,000,000 2,645,000,000 3,452,000,000 3,249,000,000 3,070,000,000 5,580,000,000 5,399,000,000 6,783,000,000 5,866,000,000 4,728,000,000 5,243,000,000 5,397,000,000 5,711,000,000 10,224,000,000 12,676,000,000 10,018,000,000 8,857,000,000 21,923,000,000 19,158,000,000 
        deferred revenue and other
      		6,686,000,000 6,248,000,000 6,740,000,000 6,854,000,000 6,591,000,000 6,684,000,000 7,336,000,000 7,287,000,000 6,270,000,000 6,138,000,000 6,474,000,000 6,013,000,000 5,672,000,000 5,790,000,000 4,266,000,000 4,533,000,000 4,545,000,000 4,317,000,000 4,368,000,000 4,337,000,000 4,303,000,000 4,116,000,000 3,707,000,000 4,891,000,000 5,024,000,000 4,722,000,000 4,730,000,000 4,281,000,000 
        total current liabilities
      		38,046,000,000 34,162,000,000 32,972,000,000 34,029,000,000 34,846,000,000 34,599,000,000 35,612,000,000 32,874,000,000 31,033,000,000 31,139,000,000 28,234,000,000 28,056,000,000 27,070,000,000 29,073,000,000 30,704,000,000 29,601,000,000 30,037,000,000 31,077,000,000 27,413,000,000 26,642,000,000 26,546,000,000 26,628,000,000 30,917,000,000 35,473,000,000 34,797,000,000 31,341,000,000 44,593,000,000 44,376,000,000 
        borrowings
      		35,821,000,000 35,315,000,000 36,531,000,000 36,443,000,000 38,688,000,000 38,970,000,000 39,524,000,000 39,510,000,000 41,603,000,000 42,101,000,000 44,544,000,000 45,066,000,000 45,128,000,000 45,299,000,000 46,022,000,000 46,624,000,000 47,349,000,000 48,540,000,000 51,110,000,000 50,903,000,000 52,878,000,000 52,917,000,000 54,197,000,000 42,770,000,000 38,057,000,000 38,129,000,000 36,311,000,000 37,803,000,000 
        deferred income taxes
      		4,126,000,000 3,524,000,000 3,097,000,000 6,298,000,000 6,336,000,000 6,277,000,000 6,628,000,000 6,860,000,000 7,041,000,000 7,258,000,000 7,304,000,000 8,134,000,000 8,236,000,000 8,363,000,000 8,034,000,000 8,407,000,000 8,124,000,000 7,246,000,000 6,835,000,000 6,894,000,000 7,201,000,000 7,288,000,000 7,055,000,000 7,965,000,000 8,364,000,000 7,902,000,000 10,404,000,000 11,208,000,000 
        other long-term liabilities
      		10,088,000,000 9,901,000,000 10,256,000,000 10,297,000,000 10,437,000,000 10,851,000,000 10,705,000,000 12,103,000,000 12,596,000,000 12,069,000,000 12,759,000,000 13,232,000,000 12,812,000,000 12,518,000,000 13,456,000,000 13,808,000,000 14,208,000,000 14,522,000,000 16,249,000,000 16,615,000,000 17,205,000,000 17,204,000,000 15,855,000,000 16,113,000,000 15,928,000,000 13,760,000,000 10,561,000,000 12,854,000,000 
        commitments and contingencies
      		                            
        equity
      		                            
        preferred stock
      		                            
        common stock, 0.01 par value...
      		60,704,000,000 59,814,000,000 59,515,000,000 59,199,000,000 58,868,000,000 58,592,000,000 58,252,000,000 58,028,000,000 57,640,000,000 57,383,000,000 57,136,000,000 56,919,000,000 56,579,000,000 56,398,000,000 56,087,000,000 55,823,000,000 55,500,000,000 55,471,000,000 55,174,000,000 55,000,000,000 54,663,000,000  54,386,000,000 54,230,000,000 53,995,000,000  53,718,000,000 53,419,000,000 
        retained earnings
      		60,164,000,000 60,410,000,000 59,109,000,000 53,733,000,000 50,468,000,000 49,722,000,000 49,273,000,000 46,649,000,000 47,490,000,000 46,093,000,000 45,794,000,000 46,236,000,000 44,955,000,000 43,636,000,000 43,462,000,000 42,032,000,000 41,547,000,000 40,429,000,000 40,311,000,000 39,365,000,000 38,456,000,000 38,315,000,000 39,004,000,000 43,721,000,000 43,202,000,000 42,494,000,000 41,382,000,000 41,212,000,000 
        accumulated other comprehensive loss
      		-2,900,000,000 -2,914,000,000 -3,049,000,000 -2,877,000,000 -2,688,000,000 -3,699,000,000 -3,454,000,000 -3,509,000,000 -3,502,000,000 -3,292,000,000 -4,413,000,000 -4,389,000,000 -4,478,000,000 -4,119,000,000 -6,142,000,000 -6,312,000,000 -6,276,000,000 -6,440,000,000 -7,837,000,000 -7,918,000,000 -8,141,000,000 -8,322,000,000 -6,617,000,000 -6,637,000,000 -6,533,000,000 -6,617,000,000 -3,721,000,000 -3,786,000,000 
        treasury stock
      		-9,492,000,000 -7,441,000,000 -6,430,000,000 -5,716,000,000 -4,715,000,000 -3,919,000,000 -3,449,000,000 -1,916,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 -907,000,000 
        total disney shareholders’ equity
      		108,476,000,000 109,869,000,000 109,145,000,000 104,339,000,000 101,933,000,000 100,696,000,000 100,622,000,000 99,252,000,000 100,721,000,000 99,277,000,000 97,610,000,000 97,859,000,000 96,149,000,000 95,008,000,000 92,500,000,000 90,636,000,000 89,864,000,000 88,553,000,000 86,741,000,000 85,540,000,000 84,071,000,000 83,583,000,000 85,866,000,000 90,407,000,000 89,757,000,000 88,877,000,000 90,472,000,000 89,938,000,000 
        noncontrolling interests
      		5,532,000,000 4,743,000,000 4,611,000,000 4,427,000,000 4,806,000,000 4,826,000,000 4,681,000,000 4,511,000,000 4,780,000,000 4,680,000,000 4,446,000,000 3,697,000,000 3,986,000,000 3,871,000,000 3,933,000,000 4,023,000,000 4,446,000,000 4,458,000,000 4,381,000,000 4,246,000,000 4,657,000,000 4,680,000,000 4,597,000,000 4,470,000,000 5,016,000,000 5,012,000,000 5,884,000,000 14,401,000,000 
        total equity
      		114,008,000,000 114,612,000,000 113,756,000,000 108,766,000,000 106,739,000,000 105,522,000,000 105,303,000,000 103,763,000,000 105,501,000,000 103,957,000,000 102,056,000,000 101,556,000,000 100,135,000,000 98,879,000,000 96,433,000,000 94,659,000,000 94,310,000,000 93,011,000,000 91,122,000,000 89,786,000,000 88,728,000,000 88,263,000,000 90,463,000,000 94,877,000,000 94,773,000,000 93,889,000,000 96,356,000,000 104,339,000,000 
        total liabilities and equity
      		202,089,000,000 197,514,000,000 196,612,000,000 195,833,000,000 197,046,000,000 196,219,000,000 197,772,000,000 195,110,000,000 197,774,000,000 205,579,000,000 203,783,000,000 204,858,000,000 202,124,000,000 203,631,000,000 204,074,000,000 202,453,000,000 203,311,000,000 203,609,000,000 202,221,000,000 200,250,000,000 201,888,000,000 201,549,000,000 207,649,000,000 206,294,000,000 200,948,000,000 193,984,000,000 209,475,000,000 214,342,000,000 
        redeemable noncontrolling interests
      		         9,055,000,000 8,886,000,000 8,814,000,000 8,743,000,000 9,499,000,000 9,425,000,000 9,354,000,000 9,283,000,000 9,213,000,000 9,492,000,000 9,410,000,000 9,330,000,000 9,249,000,000 9,162,000,000 9,096,000,000 9,029,000,000 8,963,000,000 8,897,000,000 1,103,000,000 
        licensed content costs and advances
      		                     2,171,000,000 3,135,000,000 1,869,000,000 1,334,000,000    
        common stock, .01 par value...
      		                     54,497,000,000    53,907,000,000   
        television costs and advances
      		                         4,597,000,000 4,526,000,000 5,408,000,000 
        film and television costs
      		                         22,810,000,000 22,552,000,000 24,353,000,000 
        assets held for sale
      		                          1,892,000,000 1,466,000,000 
        noncurrent assets held for sale
      		                          12,591,000,000 13,182,000,000 
        liabilities held for sale
      		                          293,000,000 434,000,000 
        noncurrent liabilities held for sale
      		                          2,353,000,000 2,659,000,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-12-27 2025-09-27 2025-06-28 2025-03-29 2024-12-28 2024-09-28 2024-06-29 2024-03-30 2023-12-30 2023-09-30 2023-07-01 2023-04-01 2022-12-31 2022-10-01 2022-07-02 2022-04-02 2022-01-01 2021-10-02 2021-07-03 2021-04-03 2021-01-02 2020-10-03 2020-06-27 2020-03-28 2019-12-28 2019-09-28 2019-06-29 
                                   
          operating activities
        		                           
          net income
        		2,484,000,000 1,443,000,000 5,943,000,000 3,401,000,000 2,644,000,000 564,000,000 2,842,000,000 216,000,000 2,151,000,000 694,000,000 -153,000,000 1,488,000,000 1,361,000,000 254,000,000 1,502,000,000 597,000,000 1,200,000,000 256,000,000 1,128,000,000 1,122,000,000 30,000,000 -629,000,000 -4,521,000,000 535,000,000 2,173,000,000 914,000,000 1,623,000,000 
          depreciation and amortization
        		1,316,000,000 1,394,000,000 1,332,000,000 1,324,000,000 1,276,000,000 1,285,000,000 1,220,000,000 1,242,000,000 1,243,000,000 1,409,000,000 1,344,000,000 1,310,000,000 1,306,000,000 1,317,000,000 1,290,000,000 1,287,000,000 1,269,000,000 1,275,000,000 1,266,000,000 1,272,000,000 1,298,000,000 1,335,000,000 1,379,000,000 1,333,000,000 1,298,000,000 1,296,000,000 1,304,000,000 
          deferred income taxes
        		525,000,000 176,000,000 -3,008,000,000 68,000,000 25,000,000 -332,000,000 -278,000,000 -160,000,000 -51,000,000 -447,000,000 -853,000,000 -31,000,000 -15,000,000 -405,000,000 -378,000,000 257,000,000 726,000,000 -492,000,000 -193,000,000 -451,000,000 -105,000,000 156,000,000 -845,000,000 -237,000,000 534,000,000 -1,599,000,000 526,000,000 
          equity in the income of investees
        		-93,000,000 -92,000,000 -75,000,000 -36,000,000 -92,000,000 -107,000,000 -146,000,000 -141,000,000 -181,000,000 -227,000,000 -191,000,000 -173,000,000 -191,000,000 -142,000,000 -225,000,000 -210,000,000 -239,000,000  -211,000,000 -213,000,000 -224,000,000    -224,000,000   
          cash distributions received from equity investees
        		93,000,000 35,000,000 31,000,000 46,000,000 33,000,000 110,000,000 27,000,000 147,000,000 153,000,000 189,000,000 168,000,000 187,000,000 176,000,000 204,000,000 169,000,000 183,000,000 223,000,000 208,000,000 174,000,000 179,000,000 193,000,000 207,000,000 162,000,000 186,000,000 219,000,000 206,000,000 178,000,000 
          net change in produced and licensed content costs and advances
        		1,153,000,000 -242,000,000 -1,070,000,000 748,000,000 1,141,000,000 -75,000,000 -578,000,000 -943,000,000 2,642,000,000 -47,000,000 -1,037,000,000 -1,382,000,000 558,000,000 -1,965,000,000 -2,027,000,000 -2,786,000,000 507,000,000 -1,109,000,000 -1,507,000,000 -2,456,000,000 771,000,000 1,880,000,000 -558,000,000 -848,000,000 -77,000,000   
          equity-based compensation
        		332,000,000 359,000,000 357,000,000 330,000,000 317,000,000 330,000,000 361,000,000 367,000,000 308,000,000 282,000,000 291,000,000 300,000,000 270,000,000 254,000,000 273,000,000 254,000,000 196,000,000 172,000,000 158,000,000 136,000,000 134,000,000 137,000,000 142,000,000 131,000,000 115,000,000 120,000,000 116,000,000 
          other
        		9,000,000 5,000,000 -118,000,000 -241,000,000 206,000,000 -32,000,000 -14,000,000 58,000,000 -64,000,000 444,000,000 68,000,000 -2,000,000 -232,000,000 103,000,000 228,000,000 271,000,000 -7,000,000 -584,000,000 238,000,000 400,000,000 90,000,000 170,000,000 315,000,000 91,000,000 65,000,000 54,000,000 31,000,000 
          changes in operating assets and liabilities:
        		                           
          receivables
        		-1,806,000,000 377,000,000 -293,000,000 910,000,000 -1,277,000,000 808,000,000 -1,217,000,000 1,398,000,000 -1,554,000,000 1,102,000,000 -331,000,000 1,010,000,000 -1,423,000,000 1,111,000,000 -164,000,000 1,059,000,000 -1,401,000,000 -56,000,000 -264,000,000 1,287,000,000 -1,324,000,000 -157,000,000 1,272,000,000 2,252,000,000 -1,424,000,000 1,483,000,000 -1,042,000,000 
          inventories
        		-22,000,000 -44,000,000 -69,000,000 -5,000,000 4,000,000 -40,000,000 -28,000,000 18,000,000 8,000,000 -63,000,000 -13,000,000 -19,000,000 -88,000,000 -161,000,000 -162,000,000 -83,000,000 -14,000,000 16,000,000 61,000,000 81,000,000 94,000,000 -72,000,000 16,000,000 -11,000,000 81,000,000 -127,000,000 -77,000,000 
          other assets
        		-220,000,000 159,000,000 -211,000,000 126,000,000 -116,000,000 191,000,000 259,000,000 -215,000,000 30,000,000 -137,000,000 281,000,000 98,000,000 -443,000,000 -23,000,000 -8,000,000 -561,000,000 -115,000,000 284,000,000 18,000,000 5,000,000 -136,000,000 -165,000,000 182,000,000 -141,000,000 -33,000,000 482,000,000 404,000,000 
          accounts payable and other liabilities
        		-1,650,000,000 544,000,000 718,000,000 508,000,000 -1,533,000,000 970,000,000 261,000,000 321,000,000 -1,396,000,000 467,000,000 524,000,000 245,000,000 -2,378,000,000 1,856,000,000 457,000,000 1,230,000,000 -2,579,000,000 2,069,000,000 1,121,000,000 -138,000,000 -642,000,000 -307,000,000 -1,098,000,000 -47,000,000 -841,000,000  502,000,000 
          income taxes
        		-1,386,000,000 -92,000,000 -47,000,000 -666,000,000 577,000,000 464,000,000 -107,000,000 -680,000,000 -1,104,000,000 396,000,000 533,000,000 360,000,000 56,000,000 31,000,000 665,000,000 -84,000,000 -566,000,000 -22,000,000 -660,000,000 460,000,000 -60,000,000 -247,000,000 207,000,000 144,000,000 -256,000,000 -351,000,000 -5,774,000,000 
          cash from operations
        		735,000,000 4,474,000,000 3,669,000,000 6,753,000,000 3,205,000,000 5,518,000,000 2,602,000,000 3,666,000,000 2,185,000,000 4,802,000,000 2,802,000,000 3,236,000,000 -974,000,000 2,524,000,000 1,922,000,000 1,765,000,000 -209,000,000 2,632,000,000 1,466,000,000 1,393,000,000 75,000,000 1,667,000,000 1,162,000,000 3,157,000,000 1,630,000,000 1,718,000,000 -1,748,000,000 
          capital expenditures
        		-3,013,000,000 -1,916,000,000 -1,780,000,000 -1,862,000,000 -2,466,000,000 -1,489,000,000 -1,365,000,000 -1,259,000,000 -1,299,000,000 -1,374,000,000 -1,165,000,000 -1,249,000,000 -1,181,000,000 -1,148,000,000 -1,735,000,000 -1,079,000,000 -981,000,000 -1,110,000,000 -938,000,000 -770,000,000 -760,000,000 -729,000,000 -708,000,000 -1,247,000,000 -1,338,000,000 -1,309,000,000 -1,177,000,000 
          free cash flows
        		-2,278,000,000 2,558,000,000 1,889,000,000 4,891,000,000 739,000,000 4,029,000,000 1,237,000,000 2,407,000,000 886,000,000 3,428,000,000 1,637,000,000 1,987,000,000 -2,155,000,000 1,376,000,000 187,000,000 686,000,000 -1,190,000,000 1,522,000,000 528,000,000 623,000,000 -685,000,000 938,000,000 454,000,000 1,910,000,000 292,000,000 409,000,000 -2,925,000,000 
          investing activities
        		                           
          investments in parks, resorts and other property
        		-3,013,000,000 -1,916,000,000 -1,780,000,000 -1,862,000,000 -2,466,000,000 -1,489,000,000 -1,365,000,000 -1,259,000,000 -1,299,000,000 -1,374,000,000 -1,165,000,000 -1,249,000,000 -1,181,000,000 -1,148,000,000 -1,735,000,000 -1,079,000,000 -981,000,000 -1,110,000,000 -938,000,000 -770,000,000 -760,000,000 -729,000,000 -708,000,000 -1,247,000,000 -1,338,000,000 -1,309,000,000 -1,177,000,000 
          cash from investing activities
        		-2,737,000,000 -1,850,000,000 -1,720,000,000 -1,898,000,000 -2,575,000,000 -1,978,000,000 -2,350,000,000 -1,307,000,000 -1,246,000,000 -1,382,000,000 -718,000,000 -1,249,000,000 -1,292,000,000 -1,136,000,000 -1,848,000,000 -1,037,000,000 -987,000,000 -1,086,000,000 -758,000,000 -595,000,000 -732,000,000 -530,000,000 -714,000,000 -1,256,000,000 -1,350,000,000 -1,311,000,000 -1,102,000,000 
          financing activities
        		                           
          commercial paper borrowings (payments)
        		4,007,000,000 555,000,000 -707,000,000        -674,000,000 -85,000,000 799,000,000     73,000,000 -12,000,000 92,000,000 -179,000,000       
          borrowings
        		1,062,000,000 0 0 0 1,057,000,000 0 -1,000,000   13,000,000 0 3,000,000 67,000,000 181,000,000 82,000,000 37,000,000 33,000,000 21,000,000 6,000,000 36,000,000 1,000,000 90,000,000 11,959,000,000 6,020,000,000 51,000,000 6,892,000,000 203,000,000 
          reduction of borrowings
        		-887,000,000 -766,000,000 -56,000,000 -1,962,000,000 -951,000,000 -2,335,000,000 -84,000,000 -336,000,000 -309,000,000 -356,000,000 -319,000,000 0 -1,000,000,000 -2,616,000,000 0   -1,418,000,000 -503,000,000 -1,677,000,000 -139,000,000 -1,236,000,000 -1,249,000,000 -1,002,000,000 -46,000,000 -19,842,000,000 -1,641,000,000 
          repurchases of common stock
        		-2,034,000,000 -1,004,000,000 -711,000,000 -991,000,000 -794,000,000 -469,000,000 -1,522,000,000                     
          cash from financing activities
        		1,984,000,000 -2,276,000,000 -2,537,000,000 -4,556,000,000 -997,000,000 -3,566,000,000 -898,000,000 -2,818,000,000 -8,006,000,000 -597,000,000 -1,001,000,000 -83,000,000 -1,043,000,000 -2,482,000,000 -150,000,000 -1,817,000,000 -280,000,000 -1,614,000,000 -530,000,000 -1,908,000,000 -333,000,000 -6,439,000,000 8,303,000,000 5,499,000,000 1,117,000,000   
          impact of exchange rates on cash, cash equivalents and restricted cash
        		5,000,000 -26,000,000 107,000,000 77,000,000 -153,000,000 79,000,000 -31,000,000 -62,000,000 79,000,000 -101,000,000 -23,000,000 33,000,000 164,000,000 -249,000,000 -238,000,000 -81,000,000 -35,000,000 -47,000,000 7,000,000 -69,000,000 139,000,000 87,000,000 27,000,000 -117,000,000 41,000,000 -145,000,000 -28,000,000 
          change in cash, cash equivalents and restricted cash
        		-13,000,000 322,000,000 -481,000,000 376,000,000 -520,000,000 53,000,000 -677,000,000 -521,000,000 -6,988,000,000 2,722,000,000 1,060,000,000 1,937,000,000 -3,145,000,000 -1,343,000,000 -314,000,000 -1,170,000,000 -1,515,000,000 -112,000,000 183,000,000 -1,180,000,000 -842,000,000 -5,200,000,000 8,776,000,000 7,504,000,000 1,419,000,000 -1,902,000,000 -2,865,000,000 
          cash, cash equivalents and restricted cash, beginning of period
        		5,799,000,000  0 0 6,102,000,000  0 0 14,235,000,000  0 0 11,661,000,000  0 0 16,003,000,000  0 0 17,954,000,000  0 0 5,455,000,000  0 
          cash, cash equivalents and restricted cash, end of period
        		5,786,000,000  -481,000,000 376,000,000 5,582,000,000  -677,000,000 -521,000,000 7,247,000,000  1,060,000,000 1,937,000,000 8,516,000,000  -314,000,000 -1,170,000,000 14,488,000,000  183,000,000 -1,180,000,000 17,112,000,000  8,776,000,000 7,504,000,000 6,874,000,000  -2,865,000,000 
          impairments of goodwill, produced and licensed content and other assets
        		 452,000,000 179,000,000                         
          changes in operating assets and liabilities
        		                           
          proceeds from sales of investments
        		                           
          purchase of investments
        		 0    -500,000,000                      
          dividends
        		 -898,000,000 0   -817,000,000 0               0 0   -1,585,000,000 0 
          contributions from noncontrolling interests
        		                           
          acquisition of redeemable noncontrolling interests
        		 0    0 0                     
          cash, cash equivalents and restricted cash, beginning of year
        		                           
          cash, cash equivalents and restricted cash, end of year
        		                           
          supplemental disclosure of cash flow information:
        		                           
          interest paid
        		                           
          income taxes paid
        		                           
          commercial paper borrowings
        		    -169,000,000  1,335,000,000 -1,004,000,000 1,046,000,000              -1,765,000,000    2,597,000,000 
          net loss on investments
        		             -65,000,000 147,000,000 196,000,000 436,000,000           
          pension and postretirement medical cost amortization
        		                           
          cash flows from discontinued operations
        		                           
          cash from operations - discontinued operations
        		             0 0 0 8,000,000 3,000,000 -6,000,000 -5,000,000 9,000,000 0 -2,000,000 23,000,000 -19,000,000 302,000,000 355,000,000 
          cash from financing activities - discontinued operations
        		             0 0 0 -12,000,000         -447,000,000  
          cash from discontinued operations
        		             0 0 0 -4,000,000 3,000,000 -2,000,000   15,000,000 -2,000,000   10,833,000,000  
          goodwill impairment and impairment of produced and licensed content
        		                           
          proceeds from sale of investments
        		                           
          goodwill impairment
        		                           
          contributions from / sale of noncontrolling interest
        		                           
          acquisition of redeemable noncontrolling interest
        		        -8,610,000,000  0 0 -900,000,000               
          impairments of produced and licensed content costs and goodwill
        		                           
          commercial paper payments
        		             -59,000,000 -145,000,000 -6,000,000 -124,000,000           
          proceeds from exercise of stock options
        		             27,000,000 12,000,000 55,000,000 33,000,000 30,000,000 11,000,000 185,000,000 209,000,000 67,000,000 31,000,000 81,000,000 126,000,000 40,000,000 195,000,000 
          contributions from / sales of noncontrolling interests
        		                         193,000,000  
          cash from investing activities - discontinued operations
        		                 0 4,000,000   15,000,000 0     
          impairment of produced and licensed content costs
        		                           
          net loss on investments and disposition of businesses
        		          -96,000,000 -156,000,000 68,000,000               
          pension and postretirement medical benefit cost amortization
        		          1,000,000 1,000,000 1,000,000  155,000,000 155,000,000 155,000,000           
          sale of noncontrolling interest
        		           0 178,000,000               
          goodwill and intangible asset impairments
        		                     0      
          net gain on investments, acquisitions and dispositions
        		                           
          equity in the loss of investees
        		                           
          net change in operating lease right of use assets / liabilities
        		                 -81,000,000 -19,000,000 110,000,000 36,000,000 15,000,000 112,000,000     
          pension and postretirement medical amortization
        		                           
          changes in operating assets and liabilities, net of business acquisitions:
        		                           
          acquisitions
        		                         0 0 
          acquisition of noncontrolling and redeemable noncontrolling interests
        		                         0  
          net gain on investments
        		                    -80,000,000       
          net (gain)/loss on investments
        		                           
          equity in the (income) loss of investees
        		                     -106,000,000      
          net gain on acquisition and investments
        		                           
          gain on acquisition
        		                          123,000,000 
          equity in the (income) / loss of investees
        		                         -131,000,000 -2,000,000 
          commercial paper borrowings/(payments)
        		                        1,172,000,000   
          gain on acquisitions and dispositions
        		                           
          net change in film and television costs and advances
        		                         -601,000,000 340,000,000 
          accounts payable and other accrued liabilities
        		                           
          cash from / (used in) financing activities - continuing operations
        		                          -163,000,000