Walt Disney (DIS) FY2025 results: revenue $94.4 billion, up 3.4% on the year
Walt Disney Co. (DIS) reported revenue of $94.4 billion for fiscal 2025, the year ended 27 September 2025, up 3.4% on the year before. Net income was $12.4 billion, up 149.5%, and diluted earnings per share $6.85. The figures are the company's own, from the 10-K it filed with the SEC on 13 November 2025.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 12 new.
- Full-year revenue rose 3%: Full-year revenues were $94.4 billion, up 3% from $91.4 billion. Fourth-quarter revenues were $22.5 billion, comparable with the prior-year quarter.
- Full-year diluted and adjusted EPS: Full-year diluted EPS was $6.85 against $2.72. Adjusted EPS rose 19% to $5.93. Fourth-quarter adjusted EPS was $1.11, down 3% from $1.14.
- Entertainment profit fell in Q4: Q4 Entertainment segment operating income was $691 million, down $376 million, driven by theatrical slate comparisons. Full-year segment operating income rose 19% to $4.7 billion.
- Linear Networks profit declined on Star India: Linear Networks operating income fell $107 million, mainly from the Star India transaction. Domestic linear profit also fell on lower viewership-driven advertising and a $40 million political advertising impact.
- Record full-year Experiences profit: Full-year segment operating income reached a record $10.0 billion, up $723 million. Q4 was also a record at $1.9 billion, up $219 million.
From this 10-K
The company describes itself as a diversified worldwide entertainment company, operating in three segments: Entertainment, Sports and Experiences. Entertainment covers the film and episodic content it makes and distributes outside sports. Sports covers the sports television and streaming business, built around ESPN, which the company generally owns 80% of. Experiences covers the theme parks, resorts, cruise line and vacation businesses together with consumer products licensing and merchandise.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 94,425 | 91,361 | 88,898 | +3.4% | |
| Selling, general and administrative | 16,501 | 15,759 | 15,336 | +4.7% | |
| Operating income | 17,551 | 15,601 | 12,863 | +12.5% | |
| Operating margin | 18.6% | 17.1% | 14.5% | ||
| Interest expense | -1,812 | -2,070 | -1,973 | ||
| Pre-tax income | 12,003 | 7,569 | 4,769 | +58.6% | |
| Income tax | -1,428 | 1,796 | 1,379 | ||
| Effective tax rate | -11.9% | 23.7% | 28.9% | ||
| Net income | 12,404 | 4,972 | 2,354 | +149.5% | |
| Net margin | 13.1% | 5.4% | 2.6% | ||
| Diluted EPS | $6.85 | $2.72 | $1.29 | +151.8% |
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 18,101 | 13,971 | 9,866 | +29.6% | |
| Capital expenditure | 8,024 | 5,412 | 4,969 | +48.3% | |
| Free cash flow | 10,077 | 8,559 | 4,897 | +17.7% | |
| Free cash flow margin | 10.7% | 9.4% | 5.5% | ||
| Cash from investing | -8,043 | -6,881 | -4,641 | ||
| Cash from financing | -10,366 | -15,288 | -2,724 | ||
| Depreciation and amortisation | 5,326 | 4,990 | 5,369 | +6.7% | |
| Share-based compensation | 1,363 | 1,366 | 1,143 | -0.2% | |
| Buybacks | 3,500 | 2,992 | 0.0 | +17.0% | |
| Dividends paid | 1,803 | 1,366 | 0.0 | +32.0% | |
| Diluted shares, weighted | 1,811m | 1,831m | 1,830m | -1.1% | |
| Shares outstanding at period end | 1,900m | 1,900m | 1,800m | 0.0% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 109,869 | 100,696 | 99,277 | +9.1% | |
| Non-controlling interest | 4,743 | 4,826 | 4,680 | -1.7% | |
| Redeemable equity | n/a | 0.0 | 9,055 | ||
| Debt | 42,026 | 45,815 | 46,431 | -8.3% | |
| Operating lease liabilities | 2,710 | 2,768 | 3,258 | -2.1% | |
| Finance lease liabilities | 141 | 160 | 206 | -11.9% | |
| Other liabilities | 38,025 | 41,954 | 42,672 | -9.4% | |
| Total liabilities and equity | 197,514 | 196,219 | 205,579 | +0.7% | |
| Fixed assets | 41,255 | 37,041 | 34,941 | +11.4% | |
| Goodwill | 73,294 | 73,326 | 77,067 | -0.0% | |
| Intangible assets | 9,272 | 10,739 | 13,061 | -13.7% | |
| Investments | 8,097 | 4,459 | 3,080 | +81.6% | |
| Cash and equivalents | 5,695 | 6,002 | 14,182 | -5.1% | |
| Receivables | 13,217 | 12,729 | 12,330 | +3.8% | |
| Inventory | 2,134 | 2,022 | 1,963 | +5.5% | |
| Other assets | 44,550 | 49,901 | 48,955 | -10.7% | |
| Total assets | 197,514 | 196,219 | 205,579 | +0.7% |
10-K for the year ended 27 September 2025, filed 13 November 2025: the filing.