Slug: disney · Queue id: 190 · Theme: demand (user request) · Ticker: NYSE: DIS · SEC CIK: 1744489
Researched: 2026-10-16 · Home market: United States (filing reports the Americas region)
Primary source: The Walt Disney Company Form 10-K for fiscal 2025 (52 weeks ended September 27, 2025), filed November 13, 2025 — https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm · Investor relations: https://thewaltdisneycompany.com/investor-relations/
Labels: FACT = stated in Disney's 10-K; SECONDARY = reputable press restating company figures (none needed); INFERENCE = calculated from stated figures.
Fiscal-year note: Disney's fiscal year ends on the Saturday closest to September 30. FY2026 is a 53-week year ending October 3, 2026; its 10-K had not been filed as of 2026-10-16 (latest filing: 10-Q for the quarter ended June 27, 2026). All full-year figures below are FY2025. Quarterly figures are not used or annualized.
| Metric | FY2025 | FY2024 | Label |
|---|---|---|---|
| Revenues | $94,425M (+3%) | $91,361M | FACT |
| Income before income taxes | $12,003M (+59%) | $7,569M | FACT |
| Net income attributable to Disney | $12,404M | $4,972M | FACT |
| Diluted EPS | $6.85 | $2.72 | FACT |
| Total segment operating income | $17,551M (+12.5%) | $15,601M | FACT ($), INFERENCE (%) |
| Cash provided by operations | $18,101M (+30%) | $13,971M | FACT |
| Investments in parks, resorts & other property (capex) | $8,024M | $5,412M | FACT |
| Free cash flow (OCF − capex) | ≈ $10.1B | — | INFERENCE |
| Dividends paid / share repurchases | $1,803M / $3,500M | $1,366M / $2,992M | FACT |
FY2025 net income includes non-cash tax items: Hulu Transaction tax benefit $3,277M; favorable resolution of a prior-year tax matter $1,016M (FACT). Restructuring & impairment charges $819M vs $3,595M (FACT).
| Segment | Revenue | YoY | Segment OI | YoY |
|---|---|---|---|---|
| Entertainment | 42,466 | +3% | 4,674 | +19% |
| — Linear Networks | 9,364 | −12% | 2,955 | −14% |
| — Direct-to-Consumer | 24,614 | +8% | 1,327 | vs 143 |
| — Content Sales/Licensing & Other | 8,488 | +10% | 392 | +20% |
| Sports (ESPN) | 17,672 | flat | 2,882 | +20% |
| Experiences | 36,156 | +6% | 9,995 | +8% |
| Eliminations | (1,869) | |||
| Total | 94,425 | +3% | 17,551 |
All FACT. Experiences ≈ 57% of segment OI (INFERENCE: 9,995 ÷ 17,551).
Experiences detail (FACT): theme park admissions $11,707M (+5%); resorts & vacations $9,210M (+10%, Disney Treasure launch); P&E merchandise, food & beverage $8,491M; merchandise licensing & retail $4,387M; parks licensing & other $2,361M. Domestic P&E revenue $25,191M, international $6,520M, Consumer Products $4,445M. Domestic attendance −1%, per-capita guest spending +5%; hotel occupancy 87% domestic and international.
Subscription & affiliate fees $37,779M (≈40.0%, INFERENCE) · Advertising $11,123M · Theme park admissions $11,707M · Retail & wholesale merchandise, F&B $9,642M · Resorts & vacations $9,210M · Merchandise licensing $3,879M · TV/VOD & home entertainment $3,774M · Theatrical distribution $2,592M · Other $4,719M. Sum = $94,425M.
Walt Disney World (~25,000 acres; 4 theme parks; 18 owned hotels/DVC properties, ~23,000 rooms), Disneyland Resort, Disneyland Paris, Hong Kong Disneyland Resort (48% owned, consolidated), Shanghai Disney Resort (43% owned, consolidated), Tokyo Disney Resort (licensed to Oriental Land Co.; royalties), Abu Dhabi resort agreed with Miral in May 2025 (licensed; Disney provides no capital).
Americas $76,430M (80.9%) · Europe $11,090M (11.7%) · Asia Pacific $6,905M (7.3%). Share outside the Americas ≈ 19.1%. The 10-K reports regions only (U.S. not broken out), so the atlas treats this as a region basis (shown, not ranked). Long-lived assets: Americas $61.9B of $85.9B.
~231,000 employees at FY2025 year end (~172,000 U.S., ~59,000 outside); 76% full-time, 16% part-time, 8% seasonal.
subscription — subscription & affiliate fees ($37.8B) are the largest revenue type (Disney+, Hulu, ESPN plans and pay-TV affiliate fees). Experiences (parks/cruises) is the largest profit pool, noted on the canvas.
# The Walt Disney Company — research brief **Slug:** `disney` · **Queue id:** 190 · **Theme:** demand (user request) · **Ticker:** NYSE: DIS · **SEC CIK:** 1744489 **Researched:** 2026-10-16 · **Home market:** United States (filing reports the Americas region) **Primary source:** The Walt Disney Company Form 10-K for fiscal 2025 (52 weeks ended September 27, 2025), filed November 13, 2025 — https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm · Investor relations: https://thewaltdisneycompany.com/investor-relations/ Labels: **FACT** = stated in Disney's 10-K; **SECONDARY** = reputable press restating company figures (none needed); **INFERENCE** = calculated from stated figures. Fiscal-year note: Disney's fiscal year ends on the Saturday closest to September 30. FY2026 is a 53-week year ending October 3, 2026; its 10-K had not been filed as of 2026-10-16 (latest filing: 10-Q for the quarter ended June 27, 2026). All full-year figures below are **FY2025**. Quarterly figures are not used or annualized. --- ## Full-year financials (FY2025) | Metric | FY2025 | FY2024 | Label | |---|---|---|---| | Revenues | **$94,425M** (+3%) | $91,361M | FACT | | Income before income taxes | $12,003M (+59%) | $7,569M | FACT | | Net income attributable to Disney | **$12,404M** | $4,972M | FACT | | Diluted EPS | $6.85 | $2.72 | FACT | | Total segment operating income | $17,551M (+12.5%) | $15,601M | FACT ($), INFERENCE (%) | | Cash provided by operations | $18,101M (+30%) | $13,971M | FACT | | Investments in parks, resorts & other property (capex) | $8,024M | $5,412M | FACT | | Free cash flow (OCF − capex) | ≈ $10.1B | — | INFERENCE | | Dividends paid / share repurchases | $1,803M / $3,500M | $1,366M / $2,992M | FACT | FY2025 net income includes non-cash tax items: Hulu Transaction tax benefit $3,277M; favorable resolution of a prior-year tax matter $1,016M (FACT). Restructuring & impairment charges $819M vs $3,595M (FACT). ## Segments (FY2025, $M) | Segment | Revenue | YoY | Segment OI | YoY | |---|---|---|---|---| | Entertainment | 42,466 | +3% | 4,674 | +19% | | — Linear Networks | 9,364 | −12% | 2,955 | −14% | | — Direct-to-Consumer | 24,614 | +8% | 1,327 | vs 143 | | — Content Sales/Licensing & Other | 8,488 | +10% | 392 | +20% | | Sports (ESPN) | 17,672 | flat | 2,882 | +20% | | Experiences | 36,156 | +6% | 9,995 | +8% | | Eliminations | (1,869) | | | | | **Total** | **94,425** | **+3%** | **17,551** | | All FACT. Experiences ≈ 57% of segment OI (INFERENCE: 9,995 ÷ 17,551). Experiences detail (FACT): theme park admissions $11,707M (+5%); resorts & vacations $9,210M (+10%, Disney Treasure launch); P&E merchandise, food & beverage $8,491M; merchandise licensing & retail $4,387M; parks licensing & other $2,361M. Domestic P&E revenue $25,191M, international $6,520M, Consumer Products $4,445M. Domestic attendance −1%, per-capita guest spending +5%; hotel occupancy 87% domestic and international. ## Revenue by type (FY2025, total company, FACT) Subscription & affiliate fees $37,779M (≈40.0%, INFERENCE) · Advertising $11,123M · Theme park admissions $11,707M · Retail & wholesale merchandise, F&B $9,642M · Resorts & vacations $9,210M · Merchandise licensing $3,879M · TV/VOD & home entertainment $3,774M · Theatrical distribution $2,592M · Other $4,719M. Sum = $94,425M. ## Streaming key metrics (FACT, at Sep 27, 2025) - Disney+ paid subscribers 131.6M (+5%): Domestic 59.3M, International 72.4M. - Hulu 64.1M (+23%): SVOD only 59.7M, Live TV + SVOD 4.4M. Bundles with both Disney+ and Hulu: 43.7M. - FY2025 avg monthly revenue per paid sub: Disney+ Domestic $8.06, International $7.59, total $7.81 (+11%); Hulu SVOD $12.36; Hulu Live TV + SVOD $99.85. - ESPN DTC plans ESPN Select and ESPN Unlimited launched August 2025. - Oct 29, 2025: Hulu Live TV assets combined with Fubo; Disney holds 70% (FACT, 10-K subsequent events). - Oct 2025: binding agreement for ESPN to acquire NFL Network and other NFL media assets for a 10% stake in ESPN, expected to close in calendar 2026 (FACT, 10-K). ## Content & capital (FACT) - Produced & licensed content spend FY2025 $22,709M (licensed programming & rights $12,887M; produced $9,822M); FY2026 expected ≈ $24B incl. sports rights. - Capex FY2025 $8.0B (Experiences $6.4B), FY2026 expected ≈ $9B. - Disney Cruise Line: six ships; Disney Destiny (Nov 2025) and Disney Adventure (Mar 2026) planned in FY2026; four more ships 2027–2031. ## Parks footprint (FACT) Walt Disney World (~25,000 acres; 4 theme parks; 18 owned hotels/DVC properties, ~23,000 rooms), Disneyland Resort, Disneyland Paris, Hong Kong Disneyland Resort (48% owned, consolidated), Shanghai Disney Resort (43% owned, consolidated), Tokyo Disney Resort (licensed to Oriental Land Co.; royalties), Abu Dhabi resort agreed with Miral in May 2025 (licensed; Disney provides no capital). ## Geography (FY2025, FACT totals; % INFERENCE) Americas $76,430M (80.9%) · Europe $11,090M (11.7%) · Asia Pacific $6,905M (7.3%). Share outside the Americas ≈ 19.1%. The 10-K reports regions only (U.S. not broken out), so the atlas treats this as a **region** basis (shown, not ranked). Long-lived assets: Americas $61.9B of $85.9B. ## People (FACT) ~231,000 employees at FY2025 year end (~172,000 U.S., ~59,000 outside); 76% full-time, 16% part-time, 8% seasonal. ## Main engine (reviewed) **subscription** — subscription & affiliate fees ($37.8B) are the largest revenue type (Disney+, Hulu, ESPN plans and pay-TV affiliate fees). Experiences (parks/cruises) is the largest profit pool, noted on the canvas.