Walt Disney CoDIS

Walt Disney Co Financial Overview 2021–2025

Updated Jul 10, 2026

Disney’s direct-to-consumer segment engineered a massive financial reversal, swinging from a staggering $4.0 billion operating loss in FY2022 to a $1.3 billion operating profit by the end of FY2025. This streaming turnaround, combined with relentless theme park demand, proves the entertainment giant has successfully transitioned from an era of cash-burning audience acquisition into a sustainably profitable digital model.

The company steadily expanded its footprint as total revenue grew from $67.4 billion in FY2021 to $94.4 billion in FY2025. While revenue growth moderated to 3% in the final year of that stretch, bottom-line profitability exploded. Net income more than doubled to $12.4 billion in FY2025, aided by sweeping cost efficiencies and strategic tax benefits, which pushed diluted earnings per share to $6.85. Operational discipline also generated massive liquidity, with operating cash flow surging 30% year-over-year to reach $18.1 billion in FY2025. Despite this fundamental inflection and a management commitment to repurchasing $7 billion in shares, the market maintained a relatively cautious multiple, pricing the stock at $113.47 and 16.6x earnings at the close of FY2025.

Recent Developments (Q1 and Q2 2026)

Disney began 2026 with a leadership transition as Josh D’Amaro became CEO in March 2026. Top-line growth persisted through Q2 2026, with total revenue rising 7% to $25.2 billion, driven by a 10% jump in Entertainment revenue and a 7% gain in Experiences. However, bottom-line metrics faced headwinds. Q2 2026 net income sank 31% to $2.2 billion, pushing diluted EPS down 30% to $1.27 due to restructuring charges and a missing prior-year tax benefit. To support liquidity, Disney executed a $4.5 billion debt offering and secured $9.25 billion in new credit facilities.

Bulls can point to consistent theme park revenue and aggressive capital returns, including $3.5 billion in stock repurchases during Q2 2026. Bears will focus on the 35% drop in Entertainment operating income during Q1 2026 and a 2% Sports revenue decline in Q2 2026. Trading at 15.8x earnings as of May 6, 2026, shares offer a potential discount if the new executive team stabilizes profitability.

What to watch: margin execution under CEO Josh D'Amaro; integration impacts from the Reliance joint venture.

Rev

$94.42B

+3.4% YoY

FY2025

NI

$12.40B

+149.5% YoY

FY2025

EPS

$6.88

+152.9% YoY

FY2025

OCF

$18.10B

+29.6% YoY

FY2025

Revenue Trend
Beta

Year-over-year comparison from 10-K annual reports

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Data from SEC Company Facts

All DIS Financial Metrics(57)

Recent SEC Filings

Walt Disney Co 8-K Report, Financial Results (May 6, 2026)

Walt Disney Co. (DIS) filed an 8-K on May 6, 2026, to report its financial results for the quarter ended March 28, 2026. The primary purpose of this filing is to furnish the accompanying earnings release, which contains the detailed financial performance for the period. Investors should refer to the earnings release (Exhibit 99.1) for comprehensive information on the company's operational and financial condition during this fiscal quarter. Disney also reiterates its commitment to using its Investor Relations website (www.disney.com/investors) for the disclosure of material non-public information, underscoring its importance for staying updated on company news and regulatory compliance under Regulation FD.

Walt Disney Co 8-K Report, Executive Changes (Mar 20, 2026)

This 8-K filing from The Walt Disney Company reports on key events from its annual shareholder meeting held on March 18, 2026. Most notably, Josh D'Amaro, currently the Chief Executive Officer of the Company, has been appointed to the Board of Directors and its Executive Committee, effective immediately. This move integrates operational leadership more directly into the company's governance structure. The filing also provides the final voting results from the annual meeting on various shareholder proposals and director elections, all of which overwhelmingly passed with substantial support.

Walt Disney Co 8-K Report, Corporate Update (Mar 3, 2026)

The Walt Disney Company (DIS) announced on March 3, 2026, through an 8-K filing, the establishment of new credit facilities. The company entered into a $5.25 billion 364-Day Credit Agreement and a $4 billion Five-Year Credit Agreement, replacing previous facilities of similar amounts. These new agreements are unsecured and guaranteed by TWDC Enterprises 18 Corp., providing essential liquidity for commercial paper borrowings and general corporate purposes. The new facilities offer flexibility in borrowing terms, including options for various interest rate benchmarks (SOFR, EURIBOR, TIBO, SONIA, or Base Rate) plus a spread based on DIS's public debt rating. Both agreements include customary covenants, such as financial reporting and limitations on mergers, and require a minimum Consolidated EBITDA to Consolidated Interest Expense ratio of 3.00:1.00. The 364-day facility can be extended by a year, while the five-year facility matures in 2031, providing significant financial flexibility.

Walt Disney Co 8-K Report, Executive Changes (Feb 24, 2026)

This 8-K filing from The Walt Disney Company announces the departure of Kristina K. Schake, Senior Executive Vice President and Chief Communications Officer, effective March 19, 2026. The termination is without cause, and Ms. Schake will receive separation benefits as per her existing employment agreement. This change in a key executive position, particularly in communications, may signal a shift in the company's strategic messaging or public relations approach heading into a new fiscal period. Investors should monitor any subsequent announcements regarding the appointment of a successor and the broader implications for Disney's corporate communications strategy. While the separation is reportedly without cause, understanding the rationale behind this executive change and the continuity of communication efforts will be crucial for assessing its impact on the company's public image and stakeholder relations.

Walt Disney Co 8-K Report, Corporate Update (Feb 12, 2026)

The Walt Disney Company (DIS) has announced the issuance and sale of a significant debt offering totaling $4.5 billion. This offering consists of four tranches of notes: $500 million in Floating Rate Notes due 2029, $1 billion in 3.750% Notes due 2029, $1.5 billion in 4.000% Notes due 2031, and $1 billion in 4.625% Notes due 2036. This move indicates Disney's strategy to raise capital through debt markets, likely for general corporate purposes, strategic investments, or to refinance existing debt. Investors should note the diversification in maturity dates and interest rate structures, including a floating rate note, which offers a degree of flexibility in managing interest rate risk. The notes are issued under an existing indenture and have been registered under the Securities Act of 1933. The filing includes various agreements and legal opinions related to this debt issuance, underscoring the formal process undertaken by the company.

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