AI-generated analysis, not investment advice. The articles are written by AI, edited, and checked against company filings — but the judgements are opinions and the figures go stale. How this is made · Terms

Walt DisneyWide moat

DIS — overall economic moat

Investment snapshot
Wide moat→ Holding steadyConfidenceMediumValuationFair
Strongest advantageTheme parks and characters no rival can copy: Experiences earned $10.0 billion in fiscal 2025 at a 27.6% margin, 56.9% of segment operating income, rising to 60.6% in the first nine months of fiscal 2026
Greatest threatThe capital and cable bills arriving together: parks capital spending rose 76% in fiscal 2025 toward a $60 billion decade, ESPN's profit fell 13.7% in nine months on rising rights costs, and buybacks exceed free cash flow
Key metricExperiences operating income growth (+10.2% in 9M FY2026) against capital spending (about $9 billion guided for FY2026)
Verdict: Disney owns one of the widest moats in this collection: characters families love and the only places where they can live with them for a week. The parks earn most of the profit, streaming has turned a $3.4 billion loss into a double-digit margin, and the cable networks are wearing away on a predictable schedule. What keeps the stock near its cost of capital is the Fox purchase, which doubled the capital base, and a capital programme that is spending ahead of the profit it promises. If parks profit keeps pace with the $60 billion, the moat is worth more than the price; if not, Disney is a great franchise earning an ordinary return.
📈 DIS valuation, revenue & earnings — P/E, P/S, revenue, EPS →

The Walt Disney Company makes stories and then sells them in every form a family will pay for: as films, as television, as a streaming subscription, as toys and, most profitably, as a holiday. It describes itself as "a diversified worldwide entertainment company with operations in three segments: Entertainment, Sports and Experiences"1. It employed about 231,000 people at the end of fiscal 20252.

Disney revenue by fiscal year ($bn)52.5201555.6201655.1201759.4201869.6201965.4202067.4202182.7202288.9202391.4202494.42025SEC XBRL (CIK 1001039 to FY2018, CIK 1744489 from FY2019); fiscal years to late September
Revenue up 80% in ten years, with Fox in 2019 and the pandemic in 2020.

Revenue was $94,425 million in fiscal 2025, the year to 27 September3. Before eliminations, Entertainment brought in $42,466 million, Sports $17,672 million and Experiences $36,156 million4. Total segment operating income, Disney's own headline measure, was $17,551 million5, and Experiences supplied $9,995 million of it, 56.9%6.

Each segment makes money differently. Experiences sells park tickets, hotel rooms, cruises and merchandise, and licenses the characters to toy makers. Entertainment collects subscription fees for Disney+ and Hulu, affiliate fees and advertising for its television networks, and box office and licensing for its films. Sports is ESPN, paid mainly by pay-TV distributors per subscriber: $11,944 million of affiliate and subscription fees in fiscal 20257.

Reported earnings are noisy. Net income attributable to Disney was $12,404 million in fiscal 2025, with diluted EPS of $6.85, but that included a $3,277 million non-cash tax benefit from a change in Hulu's tax classification8; adjusted EPS was $5.939. Free cash flow was $10,077 million10. In the trailing twelve months to June 2026 revenue was about $98.9 billion and net income about $8.6 billion11.

Disney has now chosen a successor to Robert Iger twice in six years12. Josh D'Amaro, who ran the parks, became chief executive on 18 March 202613, succeeding Robert Iger, who had returned in November 202214. The largest holders are Vanguard with 8.5% and BlackRock with 6.9%15, and there is one class of stock. A 2024 proxy fight by Trian was defeated, with 819,457,227 votes cast against Nelson Peltz16.

At $102.19 on 2 October 2026 Disney was worth $176.45 billion1718, 1.78 times sales and 21.13 times trailing earnings19, below its value at the end of 2020, $328.02 billion20.

The long record shows how much of today's company was bought. Revenue was $52,465 million in fiscal 201521 and $94,425 million in fiscal 202522, but net income attributable to Disney was $8,382 million in the first year23 and $12,404 million in the last24, having been a loss of $2,864 million in fiscal 202025. Revenue nearly doubled in ten years; ordinary earnings, stripped of the 2025 tax benefit, did not.

The 2026 guidance is for growth. Disney expects adjusted EPS to rise about 12% in fiscal 2026 excluding the 53rd week and about 16% including it, and double-digit growth again in fiscal 202726. It guides cash from operations of at least $19 billion and capital spending of about $9 billion27.

The verdict is a wide moat with a weak spot. The parks and the characters are as hard to copy as anything in this collection and earn most of the profit; streaming has turned profitable; ESPN and the cable networks are wearing away, and the Fox purchase left the company earning roughly its cost of capital on what it paid. What would falsify the parks moat is Experiences profit falling while Disney spends about $9 billion a year on capital28; it rose 10.2% in the first nine months of fiscal 202629.

The number that tests this moat
Reported
Revenue, and where it comes from
$94.43bn in FY2025: Entertainment $42.47bn, Sports $17.67bn, Experiences $36.16bn before $1.87bn of eliminations; Experiences 56.9% of segment operating income; latest quarter $25.25bn, +7%

One segment earns most of the profit. Watch Experiences operating income growth (+10.2% in 9M FY2026) against capital spending (about $9 billion guided for FY2026).

Source: Walt Disney Form 10-K, FY2025 ↗
Moat scorecardHow ratings work →
Switching costs5/10
Network effects4/10
Pricing power8/10
Hard to replicate9/10
Disruption resistance6/10
Overall durability8/10

Replication is the strongest score: a century of characters and resorts built around them cannot be bought or copied, and the parks earn a 27.6% margin. Pricing power is high at the parks, where per-capita spending keeps rising, and weaker in streaming advertising and cable fees. Switching costs are modest, since a streaming subscriber can cancel monthly and a family can skip a holiday, though bundles and annual passes help. Network effects are limited to the way each form of a character promotes the others. Disruption resistance is middling because the cable networks are being disrupted now, while the parks are not.

Dig deeper
DIG DEEPER 01
The Revenue Lines
Disney's three segments earn very differently: Experiences is 38% of revenue and 57% of segment profit, Entertainment is the largest by revenue, and…
DIG DEEPER 02
The Moat
Disney's parks and characters form a wide moat that earns about 57-61% of segment profit, but the Fox purchase left the company earning roughly its…
DIG DEEPER 03
Competitors
Disney's four main competitive relationships are all different: Netflix buys its titles, YouTube carries and competes with its channels, the NFL owns…
DIG DEEPER 04
Major Clients
Disney has no customer concentration in revenue or backlog; its concentration is in the $91.8 billion it owes for programming.
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
The Future Bets
Disney's future bets all lean on the parks: $60 billion of capital, a capital-free resort, a membership linking streaming to parks, and a parks chief…
⚠ Threats to the moat
⚠ THREAT 01
Fox: $69.5 Billion and the Charges Since
Disney paid $69.5 billion for Fox, doubling its capital; restructuring and impairment charges have totalled about $16.1 billion since fiscal 2020, and…
⚠ THREAT 02
Returning More Cash Than It Makes
Disney is returning about 150% of its free cash flow in fiscal 2026 and borrowing the difference, while capital spending nearly doubles.
◆ What the market may be missing
◆ THE VARIANT VIEW
What the Market Isn't Pricing In
Investors price Disney's streaming recovery, but the parks earn three-fifths of the profit and their capital spending rose 75.7% in fiscal 2025 while…
◆ THE VARIANT VIEW
Inside the Latest Quarter (Q3 FY2026)
Disney's Q3 FY2026 had parks profit up 20%, streaming profit more than doubled and ESPN profit down 17%, with an $812 million A+E write-down below the…
References
  1. ReportedIt describes itself as "a diversified worldwide entertainment company with operations in three segments: Entertainment, Sports and Experiences".
    The Walt Disney Company Form 10-K for fiscal 2025 (year ended 27 September 2025) - Item 1 business and MD&A for Sports: ESPN, its channels and rights, and Star India. — FY2025 · publ. 13 November 2025 · source ↗
  2. ReportedIt employed about 231,000 people at the end of fiscal 2025.
    The Walt Disney Company Form 10-K for fiscal 2025 (year ended 27 September 2025) - Item 1 business and the segment note: the three segments, revenue and segment operating income, and employees. — FY2025 · publ. 13 November 2025 · source ↗
  3. ReportedRevenue was $94,425 million in fiscal 2025, the year to 27 September.
    The Walt Disney Company Form 10-K for fiscal 2025 (year ended 27 September 2025) - Item 1 business and the segment note: the three segments, revenue and segment operating income, and employees. — FY2025 · publ. 13 November 2025 · source ↗
  4. ReportedBefore eliminations, Entertainment brought in $42,466 million, Sports $17,672 million and Experiences $36,156 million.
    The Walt Disney Company Form 10-K for fiscal 2025 (year ended 27 September 2025) - Item 1 business and MD&A for Sports: ESPN, its channels and rights, and Star India. — FY2025 · publ. 13 November 2025 · source ↗
  5. ReportedTotal segment operating income, Disney's own headline measure, was $17,551 million, and Experiences supplied $9,995 million of it, 56.9%.
    The Walt Disney Company Form 10-K for fiscal 2025 (year ended 27 September 2025) - Item 1 business and MD&A for Experiences: parks, resorts, cruise ships, ownership of the foreign resorts and Consumer Products. — FY2025 · publ. 13 November 2025 · source ↗
  6. Moat Explorer calcTotal segment operating income, Disney's own headline measure, was $17,551 million, and Experiences supplied $9,995 million of it, 56.9%.
    Moat Explorer calculation from Walt Disney reported figures ($ millions unless stated; fiscal years end late September). Experiences: share of total segment operating income 8,954 / 12,863 = 69.6% (FY2023), 9,272 / 15,601 = 59.4% (FY2024), 9,995 / 17,551 = 56.9% (FY2025); nine months FY2026 8,941 / 14,758 = 60.6%; about three-fifths. Experiences share of revenue 36,156 / 94,425 = 38.3%. Entertainment share of segment operating income 4,674 / 17,551 = 26.6%; Sports 2,882 / 17,551 = 16.4%. Segment operating margins FY2025: Experiences 9,995 / 36,156 = 27.6%, Entertainment 4,674 / 42,466 = 11.0%, Sports 2,882 / 17,672 = 16.3%; FY2024: 9,272 / 34,151 = 27.2%, 3,923 / 41,186 = 9.5%, 2,406 / 17,619 = 13.7%; FY2023: 8,954 / 32,549 = 27.5%, 1,444 / 40,635 = 3.6%, 2,465 / 17,111 = 14.4%; FY2022 Entertainment 2,126 / 39,569 = 5.4%; FY2021 Entertainment 5,196 / 36,489 = 14.2%. Domestic Parks & Experiences share of total segment operating income 6,375 / 17,551 = 36.3%; domestic margin 5,876 / 22,677 = 25.9% (FY2023), 5,878 / 23,596 = 24.9% (FY2024), 6,375 / 25,191 = 25.3% (FY2025); Q3 FY2026 2,088 / 7,116 = 29.3%; domestic operating income growth FY2024 5,878 / 5,876 - 1 = 0.0%, FY2025 6,375 / 5,878 - 1 = +8.5%. International margin 1,104 / 5,475 = 20.2%, 1,354 / 6,183 = 21.9%, 1,442 / 6,520 = 22.1%; Q2 FY2026 227 / 1,596 = 14.2%; Q3 FY2026 369 / 1,787 = 20.6%; nine months FY2026 international operating income 428 + 227 + 369 = 1,024. Consumer Products margin 1,974 / 4,397 = 44.9%, 2,040 / 4,372 = 46.7%, 2,178 / 4,445 = 49.0%; Q3 FY2026 560 / 1,065 = 52.6%; share of Experiences revenue 4,445 / 36,156 = 12.3% (about an eighth), of Experiences operating income 2,178 / 9,995 = 21.8% (about a fifth). Experiences capital expenditure 6,429 / 3,659 - 1 = +75.7%; as a share of Experiences operating income 3,659 / 9,272 = 39.5% (FY2024), 6,429 / 9,995 = 64.3% (FY2025). Experiences operating income growth FY2025 9,995 / 9,272 - 1 = +7.8%; revenue growth 34,151 / 32,549 - 1 = +4.9% (FY2024), 36,156 / 34,151 - 1 = +5.9% (FY2025); nine months FY2026 operating income 8,941 / 8,117 - 1 = +10.2%, revenue 29,461 / 27,390 - 1 = +7.6%; company capital expenditure nine months 6,780 / 6,108 - 1 = +11.0%, about 11%. Experiences revenue FY2025 over FY2021 36,156 / 15,961 = 2.27 times. Cruise fleet 6 ships + Destiny + Adventure = 8; + 4 under contract = 12. $60 billion over about 10 years = about $6 billion a year. Media: Linear Networks revenue 9,364 / 12,828 - 1 = -27.0% (FY2022 to FY2025); operating income 2,955 / 5,198 - 1 = -43.2%; FY2025 operating income 2,955 / 3,452 - 1 = -14.4%; margin 5,198 / 12,828 = 40.5% (FY2022), 2,955 / 9,364 = 31.6% (FY2025); linear advertising 2,856 / 4,877 - 1 = -41.4%; linear affiliate fees 6,348 / 7,739 - 1 = -18.0%; FY2025 advertising 2,856 / 3,676 - 1 = -22.3%, affiliate fees 6,348 / 6,872 - 1 = -7.6%. Direct-to-Consumer operating income swing 1,327 - (-3,424) = 4,751 (FY2022 to FY2025); FY2025 margin 1,327 / 24,614 = 5.4%; DTC advertising 3,684 / 3,614 - 1 = +1.9%; advertising share of DTC revenue 3,684 / 24,614 = 15.0%; DTC share of Entertainment revenue 24,614 / 42,466 = 58.0%. Entertainment SVOD margin Q3 FY2026 712 / 5,532 = 12.9%. Entertainment margin Q3 FY2026 1,680 / 11,345 = 14.8%; Entertainment revenue growth FY2021-FY2025 (42,466 / 36,489)^(1/4) - 1 = 3.9% a year; nine months FY2026 revenue 34,669 / 32,258 - 1 = +7.5%, operating income 4,116 / 3,983 - 1 = +3.3%. Content Sales/Licensing and Other margin 392 / 8,488 = 4.6%; theatrical distribution share of revenue 2,592 / 94,425 = 2.7%. Subscribers taking both Disney+ and Hulu 43.7 / 27.1 - 1 = +61.3%. Sports: ESPN Domestic margin 2,814 / 14,636 = 19.2% (FY2022), 2,881 / 14,945 = 19.3% (FY2023), 3,056 / 15,339 = 19.9% (FY2024), 2,801 / 16,085 = 17.4% (FY2025); FY2025 revenue 16,085 / 15,339 - 1 = +4.9%, operating income 2,801 / 3,056 - 1 = -8.3%. Sports affiliate and subscription share of revenue 11,944 / 17,672 = 67.6%. Sports programming commitments FY2026-FY2029 9,894 + 9,797 + 9,540 + 9,101 = 38,332, about $38.3 billion; FY2026 commitments over FY2025 Sports revenue 9,894 / 17,672 = 56.0%. Sports nine months FY2026 operating income 1,701 / 1,971 - 1 = -13.7%, revenue 14,018 / 13,692 - 1 = +2.4%. Sports revenue growth FY2021-FY2025 (17,672 / 15,960)^(1/4) - 1 = 2.6% a year. Star India operating losses 237 + 432 + 636 = 1,305 (FY2022-FY2024). ESPN implied value: 10% for $3 billion = about $30 billion. Affiliate fees FY2025: linear 6,348 + Sports affiliate and subscription 11,944 = 18,292, about $18.3 billion. Advertising FY2025: linear 2,856 + DTC 3,684 + Sports 4,444 = 10,984, about $11.0 billion. Cash, capital and valuation: dividend per share 1.50 (FY2026) / 1.00 (FY2025) - 1 = +50%. Experiences headcount 185,000 / 231,000 total = 80.1%, about four in five. SVOD Q3 FY2026 subscription fee increase 4,715 - 4,116 = 599, advertising increase 851 - 830 = 21; SVOD programming and production costs over SVOD revenue 2,577 / 5,532 = 46.6%, nearly half. Old-basis parks segment operating income 7,905 / 471 = 16.8 times (FY2021 to FY2022). trailing twelve months to June 2026 revenue 94,425 - 71,961 + 76,397 = 98,861, about $98.9 billion; net income 12,404 - 11,091 + 7,287 = 8,600. Restructuring and impairment charges 5,735 (FY2020) + 654 + 237 + 3,892 + 3,595 + 819 (FY2025) + 1,139 (nine months FY2026) = 16,071, about $16.1 billion. Fox goodwill 49,085 / 69,500 = 70.6% of consideration. Goodwill over total assets 73,294 / 197,514 = 37.1% (FY2025); 74,682 / 204,740 = 36.5% (27 June 2026). Buybacks nine months FY2026 7,245 / 68 million shares = $106.5 a share. Fiscal 2026 capital returns at least 9.0bn buybacks + about 2.6bn dividends = about $11.6 billion; free cash flow guided at least 19bn cash from operations - about 9bn capital expenditure = about $10 billion. Nine months FY2026 returned 7,245 + 1,337 = 8,582, / free cash flow 5,735 = 149.6%, about 150%. Net debt 27 June 2026 (8,627 + 37,414 = 46,041) - 5,185 = 40,856; at FY2025 year end 42,026 - 5,695 = 36,331; change 40,856 - 36,331 = 4,525. Unsatisfied performance obligations 16bn / FY2025 revenue 94.425bn = 16.9%. Analyst target 126.61 / 102.19 - 1 = +23.9%, about 24%. Disney market value over Netflix 176.45 / 279.23 = 63.2%, about 63%. Segment bands FY2025 42,466 + 17,672 + 36,156 = 96,294 against reported revenue 94,425 (eliminations 1,869). Nine months FY2026 segment revenues 34,669 + 14,018 + 29,461 = 78,148; Experiences share 29,461 / 78,148 = 37.7%. Year-end market value (31 December after each fiscal year, companiesmarketcap) over net income and revenue: 2015 173.71bn / 8,382 = 20.72, / 52,465 = 3.311; 2016 165.86 / 9,391 = 17.66, / 55,632 = 2.981; 2017 162.04 / 8,980 = 18.04, / 55,137 = 2.939; 2018 164.47 / 12,598 = 13.06, / 59,434 = 2.767; 2019 257.58 / 11,054 = 23.30, / 69,607 = 3.700; 2020 328.02 / 65,388 = 5.017 (loss year); 2021 281.53 / 1,995 = 141.1, / 67,418 = 4.176; 2022 158.43 / 3,145 = 50.38, / 82,722 = 1.915; 2023 165.25 / 2,354 = 70.20, / 88,898 = 1.859; 2024 202.01 / 4,972 = 40.63, / 91,361 = 2.211; 2025 204.17 / 12,404 = 16.46, / 94,425 = 2.162; October 2026 176.45bn / 8,600 = 20.52, / 98,861 = 1.785 - Experiences: shares, margins, capital spending and growth. — FY2015-Q3 FY2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Walt Disney Forms 10-K, 10-Q and earnings releases, SEC XBRL, and stockanalysis.com and companiesmarketcap.com market values; each operand is stated in the source line.
  7. ReportedSports is ESPN, paid mainly by pay-TV distributors per subscriber: $11,944 million of affiliate and subscription fees in fiscal 2025.
    The Walt Disney Company Form 10-K for fiscal 2025 (year ended 27 September 2025) - Item 1 business and MD&A for Sports: ESPN, its channels and rights, and Star India. — FY2025 · publ. 13 November 2025 · source ↗
  8. ReportedNet income attributable to Disney was $12,404 million in fiscal 2025, with diluted EPS of $6.85, but that included a $3,277 million non-cash tax benefit from a change in Hulu's tax classification; adjusted EPS was $5.93.
    The Walt Disney Company third-quarter fiscal 2026 earnings release, Form 8-K exhibit 99.1 - income statement, adjusted EPS, cash flow and balance sheet. — Q3 FY2026 · publ. 5 August 2026 · source ↗
  9. ReportedNet income attributable to Disney was $12,404 million in fiscal 2025, with diluted EPS of $6.85, but that included a $3,277 million non-cash tax benefit from a change in Hulu's tax classification; adjusted EPS was $5.93.
    The Walt Disney Company fourth-quarter and fiscal 2025 earnings release, Form 8-K exhibit 99.1 - income statement, adjusted EPS of $5.93, free cash flow of $10,077 million, capital expenditure by segment and the fiscal 2026 outlook including about $24 billion of content investment. — FY2025 · publ. 13 November 2025 · source ↗
  10. ReportedFree cash flow was $10,077 million.
    The Walt Disney Company fourth-quarter and fiscal 2025 earnings release, Form 8-K exhibit 99.1 - income statement, adjusted EPS of $5.93, free cash flow of $10,077 million, capital expenditure by segment and the fiscal 2026 outlook including about $24 billion of content investment. — FY2025 · publ. 13 November 2025 · source ↗
  11. Moat Explorer calcIn the trailing twelve months to June 2026 revenue was about $98.9 billion and net income about $8.6 billion.
    Moat Explorer calculation from Walt Disney reported figures ($ millions unless stated; fiscal years end late September). Experiences: share of total segment operating income 8,954 / 12,863 = 69.6% (FY2023), 9,272 / 15,601 = 59.4% (FY2024), 9,995 / 17,551 = 56.9% (FY2025); nine months FY2026 8,941 / 14,758 = 60.6%; about three-fifths. Experiences share of revenue 36,156 / 94,425 = 38.3%. Entertainment share of segment operating income 4,674 / 17,551 = 26.6%; Sports 2,882 / 17,551 = 16.4%. Segment operating margins FY2025: Experiences 9,995 / 36,156 = 27.6%, Entertainment 4,674 / 42,466 = 11.0%, Sports 2,882 / 17,672 = 16.3%; FY2024: 9,272 / 34,151 = 27.2%, 3,923 / 41,186 = 9.5%, 2,406 / 17,619 = 13.7%; FY2023: 8,954 / 32,549 = 27.5%, 1,444 / 40,635 = 3.6%, 2,465 / 17,111 = 14.4%; FY2022 Entertainment 2,126 / 39,569 = 5.4%; FY2021 Entertainment 5,196 / 36,489 = 14.2%. Domestic Parks & Experiences share of total segment operating income 6,375 / 17,551 = 36.3%; domestic margin 5,876 / 22,677 = 25.9% (FY2023), 5,878 / 23,596 = 24.9% (FY2024), 6,375 / 25,191 = 25.3% (FY2025); Q3 FY2026 2,088 / 7,116 = 29.3%; domestic operating income growth FY2024 5,878 / 5,876 - 1 = 0.0%, FY2025 6,375 / 5,878 - 1 = +8.5%. International margin 1,104 / 5,475 = 20.2%, 1,354 / 6,183 = 21.9%, 1,442 / 6,520 = 22.1%; Q2 FY2026 227 / 1,596 = 14.2%; Q3 FY2026 369 / 1,787 = 20.6%; nine months FY2026 international operating income 428 + 227 + 369 = 1,024. Consumer Products margin 1,974 / 4,397 = 44.9%, 2,040 / 4,372 = 46.7%, 2,178 / 4,445 = 49.0%; Q3 FY2026 560 / 1,065 = 52.6%; share of Experiences revenue 4,445 / 36,156 = 12.3% (about an eighth), of Experiences operating income 2,178 / 9,995 = 21.8% (about a fifth). Experiences capital expenditure 6,429 / 3,659 - 1 = +75.7%; as a share of Experiences operating income 3,659 / 9,272 = 39.5% (FY2024), 6,429 / 9,995 = 64.3% (FY2025). Experiences operating income growth FY2025 9,995 / 9,272 - 1 = +7.8%; revenue growth 34,151 / 32,549 - 1 = +4.9% (FY2024), 36,156 / 34,151 - 1 = +5.9% (FY2025); nine months FY2026 operating income 8,941 / 8,117 - 1 = +10.2%, revenue 29,461 / 27,390 - 1 = +7.6%; company capital expenditure nine months 6,780 / 6,108 - 1 = +11.0%, about 11%. Experiences revenue FY2025 over FY2021 36,156 / 15,961 = 2.27 times. Cruise fleet 6 ships + Destiny + Adventure = 8; + 4 under contract = 12. $60 billion over about 10 years = about $6 billion a year. Media: Linear Networks revenue 9,364 / 12,828 - 1 = -27.0% (FY2022 to FY2025); operating income 2,955 / 5,198 - 1 = -43.2%; FY2025 operating income 2,955 / 3,452 - 1 = -14.4%; margin 5,198 / 12,828 = 40.5% (FY2022), 2,955 / 9,364 = 31.6% (FY2025); linear advertising 2,856 / 4,877 - 1 = -41.4%; linear affiliate fees 6,348 / 7,739 - 1 = -18.0%; FY2025 advertising 2,856 / 3,676 - 1 = -22.3%, affiliate fees 6,348 / 6,872 - 1 = -7.6%. Direct-to-Consumer operating income swing 1,327 - (-3,424) = 4,751 (FY2022 to FY2025); FY2025 margin 1,327 / 24,614 = 5.4%; DTC advertising 3,684 / 3,614 - 1 = +1.9%; advertising share of DTC revenue 3,684 / 24,614 = 15.0%; DTC share of Entertainment revenue 24,614 / 42,466 = 58.0%. Entertainment SVOD margin Q3 FY2026 712 / 5,532 = 12.9%. Entertainment margin Q3 FY2026 1,680 / 11,345 = 14.8%; Entertainment revenue growth FY2021-FY2025 (42,466 / 36,489)^(1/4) - 1 = 3.9% a year; nine months FY2026 revenue 34,669 / 32,258 - 1 = +7.5%, operating income 4,116 / 3,983 - 1 = +3.3%. Content Sales/Licensing and Other margin 392 / 8,488 = 4.6%; theatrical distribution share of revenue 2,592 / 94,425 = 2.7%. Subscribers taking both Disney+ and Hulu 43.7 / 27.1 - 1 = +61.3%. Sports: ESPN Domestic margin 2,814 / 14,636 = 19.2% (FY2022), 2,881 / 14,945 = 19.3% (FY2023), 3,056 / 15,339 = 19.9% (FY2024), 2,801 / 16,085 = 17.4% (FY2025); FY2025 revenue 16,085 / 15,339 - 1 = +4.9%, operating income 2,801 / 3,056 - 1 = -8.3%. Sports affiliate and subscription share of revenue 11,944 / 17,672 = 67.6%. Sports programming commitments FY2026-FY2029 9,894 + 9,797 + 9,540 + 9,101 = 38,332, about $38.3 billion; FY2026 commitments over FY2025 Sports revenue 9,894 / 17,672 = 56.0%. Sports nine months FY2026 operating income 1,701 / 1,971 - 1 = -13.7%, revenue 14,018 / 13,692 - 1 = +2.4%. Sports revenue growth FY2021-FY2025 (17,672 / 15,960)^(1/4) - 1 = 2.6% a year. Star India operating losses 237 + 432 + 636 = 1,305 (FY2022-FY2024). ESPN implied value: 10% for $3 billion = about $30 billion. Affiliate fees FY2025: linear 6,348 + Sports affiliate and subscription 11,944 = 18,292, about $18.3 billion. Advertising FY2025: linear 2,856 + DTC 3,684 + Sports 4,444 = 10,984, about $11.0 billion. Cash, capital and valuation: dividend per share 1.50 (FY2026) / 1.00 (FY2025) - 1 = +50%. Experiences headcount 185,000 / 231,000 total = 80.1%, about four in five. SVOD Q3 FY2026 subscription fee increase 4,715 - 4,116 = 599, advertising increase 851 - 830 = 21; SVOD programming and production costs over SVOD revenue 2,577 / 5,532 = 46.6%, nearly half. Old-basis parks segment operating income 7,905 / 471 = 16.8 times (FY2021 to FY2022). trailing twelve months to June 2026 revenue 94,425 - 71,961 + 76,397 = 98,861, about $98.9 billion; net income 12,404 - 11,091 + 7,287 = 8,600. Restructuring and impairment charges 5,735 (FY2020) + 654 + 237 + 3,892 + 3,595 + 819 (FY2025) + 1,139 (nine months FY2026) = 16,071, about $16.1 billion. Fox goodwill 49,085 / 69,500 = 70.6% of consideration. Goodwill over total assets 73,294 / 197,514 = 37.1% (FY2025); 74,682 / 204,740 = 36.5% (27 June 2026). Buybacks nine months FY2026 7,245 / 68 million shares = $106.5 a share. Fiscal 2026 capital returns at least 9.0bn buybacks + about 2.6bn dividends = about $11.6 billion; free cash flow guided at least 19bn cash from operations - about 9bn capital expenditure = about $10 billion. Nine months FY2026 returned 7,245 + 1,337 = 8,582, / free cash flow 5,735 = 149.6%, about 150%. Net debt 27 June 2026 (8,627 + 37,414 = 46,041) - 5,185 = 40,856; at FY2025 year end 42,026 - 5,695 = 36,331; change 40,856 - 36,331 = 4,525. Unsatisfied performance obligations 16bn / FY2025 revenue 94.425bn = 16.9%. Analyst target 126.61 / 102.19 - 1 = +23.9%, about 24%. Disney market value over Netflix 176.45 / 279.23 = 63.2%, about 63%. Segment bands FY2025 42,466 + 17,672 + 36,156 = 96,294 against reported revenue 94,425 (eliminations 1,869). Nine months FY2026 segment revenues 34,669 + 14,018 + 29,461 = 78,148; Experiences share 29,461 / 78,148 = 37.7%. Year-end market value (31 December after each fiscal year, companiesmarketcap) over net income and revenue: 2015 173.71bn / 8,382 = 20.72, / 52,465 = 3.311; 2016 165.86 / 9,391 = 17.66, / 55,632 = 2.981; 2017 162.04 / 8,980 = 18.04, / 55,137 = 2.939; 2018 164.47 / 12,598 = 13.06, / 59,434 = 2.767; 2019 257.58 / 11,054 = 23.30, / 69,607 = 3.700; 2020 328.02 / 65,388 = 5.017 (loss year); 2021 281.53 / 1,995 = 141.1, / 67,418 = 4.176; 2022 158.43 / 3,145 = 50.38, / 82,722 = 1.915; 2023 165.25 / 2,354 = 70.20, / 88,898 = 1.859; 2024 202.01 / 4,972 = 40.63, / 91,361 = 2.211; 2025 204.17 / 12,404 = 16.46, / 94,425 = 2.162; October 2026 176.45bn / 8,600 = 20.52, / 98,861 = 1.785 - segment totals, trailing twelve months and other derived figures. — FY2015-Q3 FY2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Walt Disney Forms 10-K, 10-Q and earnings releases, SEC XBRL, and stockanalysis.com and companiesmarketcap.com market values; each operand is stated in the source line.
  12. ReportedDisney has now chosen a successor to Robert Iger twice in six years.
    CNBC, 3 February 2026 - Disney names Josh D'Amaro chief executive, the second time in six years it has chosen a successor to Bob Iger. — February 2026 · publ. 3 February 2026 · source ↗
  13. ReportedJosh D'Amaro, who ran the parks, became chief executive on 18 March 2026, succeeding Robert Iger, who had returned in November 2022.
    The Walt Disney Company Form 8-K of 2 February 2026, Item 5.02 - appointment of Josh D'Amaro, Chairman of Disney Experiences, as chief executive from 18 March 2026, and Robert Iger as Senior Advisor and director through 31 December 2026. — February 2026 · publ. 2 February 2026 · source ↗
  14. ReportedJosh D'Amaro, who ran the parks, became chief executive on 18 March 2026, succeeding Robert Iger, who had returned in November 2022.
    The Walt Disney Company Form 10-K for fiscal 2023 - the new Entertainment, Sports and Experiences segments with fiscal 2021 and 2022 restated, Linear Networks and Direct-to-Consumer results for 2022-2023, $3,892 million of restructuring and impairment charges including $2,577 million of content impairments, and Mr. Iger's return as chief executive on 20 November 2022. — FY2023 · publ. November 2023 · source ↗
  15. ReportedThe largest holders are Vanguard with 8.5% and BlackRock with 6.9%, and there is one class of stock.
    The Walt Disney Company proxy statement (DEF 14A) for 2026 - holders above 5%: Vanguard 151,434,588 shares (8.5%) and BlackRock 122,883,021 shares (6.9%). — 2026 · publ. 22 January 2026 · source ↗
  16. ReportedA 2024 proxy fight by Trian was defeated, with 819,457,227 votes cast against Nelson Peltz.
    The Walt Disney Company Form 8-K, results of the 2024 annual meeting - the Trian nominees Nelson Peltz (369,785,247 for, 819,457,227 against) and James A. Rasulo defeated. — April 2024 · publ. April 2024 · source ↗
  17. Third-party estimateAt $102.19 on 2 October 2026 Disney was worth $176.45 billion, 1.78 times sales and 21.13 times trailing earnings, below its value at the end of 2020, $328.02 billion.
    stockanalysis.com, Walt Disney quote page, close of 2 October 2026: $102.19, dividend $1.50 (1.47%), 52-week range $92.19-$117.09, 33 analysts with an average rating of Strong Buy and a target of $126.61. — October 2026 · publ. 2 October 2026 · source ↗
  18. Third-party estimateAt $102.19 on 2 October 2026 Disney was worth $176.45 billion, 1.78 times sales and 21.13 times trailing earnings, below its value at the end of 2020, $328.02 billion.
    companiesmarketcap.com, Walt Disney market capitalisation: $176.45 billion (October 2026); calendar year-end values $173.71B (2015), $165.86B, $162.04B, $164.47B, $257.58B, $328.02B, $281.53B, $158.43B, $165.25B, $202.01B, $204.17B (2025); Netflix $279.23B. — 2015-2026 · publ. 2 October 2026 · source ↗
  19. Third-party estimateAt $102.19 on 2 October 2026 Disney was worth $176.45 billion, 1.78 times sales and 21.13 times trailing earnings, below its value at the end of 2020, $328.02 billion.
    stockanalysis.com, Walt Disney statistics, 2 October 2026: market value $176.45bn, enterprise value $217.31bn, 1.73 billion shares, trailing P/E 21.13, forward P/E 13.55, P/S 1.78, P/B 1.61, price down 9.53% in 52 weeks, institutions 77.70%. — October 2026 · publ. 2 October 2026 · source ↗
  20. Third-party estimateAt $102.19 on 2 October 2026 Disney was worth $176.45 billion, 1.78 times sales and 21.13 times trailing earnings, below its value at the end of 2020, $328.02 billion.
    companiesmarketcap.com, Walt Disney market capitalisation: $176.45 billion (October 2026); calendar year-end values $173.71B (2015), $165.86B, $162.04B, $164.47B, $257.58B, $328.02B, $281.53B, $158.43B, $165.25B, $202.01B, $204.17B (2025); Netflix $279.23B. — 2015-2026 · publ. 2 October 2026 · source ↗
  21. ReportedRevenue was $52,465 million in fiscal 2015 and $94,425 million in fiscal 2025, but net income attributable to Disney was $8,382 million in the first year and $12,404 million in the last, having been a loss of $2,864 million in fiscal 2020.
    SEC EDGAR XBRL, Legacy Disney (CIK 1001039) SalesRevenueNet: revenue 52,465 (fiscal 2015), 55,632, 55,137, 59,434 (fiscal 2018), $ millions. — FY2015-FY2018 · publ. 2018 · source ↗
  22. ReportedRevenue was $52,465 million in fiscal 2015 and $94,425 million in fiscal 2025, but net income attributable to Disney was $8,382 million in the first year and $12,404 million in the last, having been a loss of $2,864 million in fiscal 2020.
    SEC EDGAR XBRL, The Walt Disney Company (CIK 1744489) Revenues: 69,607 (fiscal 2019), 65,388, 67,418, 82,722, 88,898, 91,361, 94,425 (fiscal 2025), $ millions. — FY2019-FY2025 · publ. 2025 · source ↗
  23. ReportedRevenue was $52,465 million in fiscal 2015 and $94,425 million in fiscal 2025, but net income attributable to Disney was $8,382 million in the first year and $12,404 million in the last, having been a loss of $2,864 million in fiscal 2020.
    SEC EDGAR XBRL, Legacy Disney (CIK 1001039) NetIncomeLoss: net income attributable to Disney 8,382 (fiscal 2015), 9,391, 8,980, 12,598 (fiscal 2018), $ millions. — FY2015-FY2018 · publ. 2018 · source ↗
  24. ReportedRevenue was $52,465 million in fiscal 2015 and $94,425 million in fiscal 2025, but net income attributable to Disney was $8,382 million in the first year and $12,404 million in the last, having been a loss of $2,864 million in fiscal 2020.
    SEC EDGAR XBRL, The Walt Disney Company (CIK 1744489) NetIncomeLoss: net income attributable to Disney 11,054 (fiscal 2019), -2,864 (fiscal 2020), 1,995, 3,145, 2,354, 4,972, 12,404 (fiscal 2025), $ millions. — FY2019-FY2025 · publ. 2025 · source ↗
  25. ReportedRevenue was $52,465 million in fiscal 2015 and $94,425 million in fiscal 2025, but net income attributable to Disney was $8,382 million in the first year and $12,404 million in the last, having been a loss of $2,864 million in fiscal 2020.
    SEC EDGAR XBRL, The Walt Disney Company (CIK 1744489) NetIncomeLoss: net income attributable to Disney 11,054 (fiscal 2019), -2,864 (fiscal 2020), 1,995, 3,145, 2,354, 4,972, 12,404 (fiscal 2025), $ millions. — FY2019-FY2025 · publ. 2025 · source ↗
  26. ReportedDisney expects adjusted EPS to rise about 12% in fiscal 2026 excluding the 53rd week and about 16% including it, and double-digit growth again in fiscal 2027.
    The Walt Disney Company third-quarter fiscal 2026 earnings release, Form 8-K exhibit 99.1 - capital allocation, the A+E sale, cost actions, the Consumer Products move and the fiscal 2026 outlook. — Q3 FY2026 · publ. 5 August 2026 · source ↗
  27. ReportedIt guides cash from operations of at least $19 billion and capital spending of about $9 billion.
    The Walt Disney Company third-quarter fiscal 2026 earnings release, Form 8-K exhibit 99.1 - capital allocation, the A+E sale, cost actions, the Consumer Products move and the fiscal 2026 outlook. — Q3 FY2026 · publ. 5 August 2026 · source ↗
  28. ReportedWhat would falsify the parks moat is Experiences profit falling while Disney spends about $9 billion a year on capital; it rose 10.2% in the first nine months of fiscal 2026.
    The Walt Disney Company third-quarter fiscal 2026 earnings release, Form 8-K exhibit 99.1 - Experiences results, global guests, domestic attendance and per-capita spending, the parks outside the United States. — Q3 FY2026 · publ. 5 August 2026 · source ↗
  29. Moat Explorer calcWhat would falsify the parks moat is Experiences profit falling while Disney spends about $9 billion a year on capital; it rose 10.2% in the first nine months of fiscal 2026.
    Moat Explorer calculation from Walt Disney reported figures ($ millions unless stated; fiscal years end late September). Experiences: share of total segment operating income 8,954 / 12,863 = 69.6% (FY2023), 9,272 / 15,601 = 59.4% (FY2024), 9,995 / 17,551 = 56.9% (FY2025); nine months FY2026 8,941 / 14,758 = 60.6%; about three-fifths. Experiences share of revenue 36,156 / 94,425 = 38.3%. Entertainment share of segment operating income 4,674 / 17,551 = 26.6%; Sports 2,882 / 17,551 = 16.4%. Segment operating margins FY2025: Experiences 9,995 / 36,156 = 27.6%, Entertainment 4,674 / 42,466 = 11.0%, Sports 2,882 / 17,672 = 16.3%; FY2024: 9,272 / 34,151 = 27.2%, 3,923 / 41,186 = 9.5%, 2,406 / 17,619 = 13.7%; FY2023: 8,954 / 32,549 = 27.5%, 1,444 / 40,635 = 3.6%, 2,465 / 17,111 = 14.4%; FY2022 Entertainment 2,126 / 39,569 = 5.4%; FY2021 Entertainment 5,196 / 36,489 = 14.2%. Domestic Parks & Experiences share of total segment operating income 6,375 / 17,551 = 36.3%; domestic margin 5,876 / 22,677 = 25.9% (FY2023), 5,878 / 23,596 = 24.9% (FY2024), 6,375 / 25,191 = 25.3% (FY2025); Q3 FY2026 2,088 / 7,116 = 29.3%; domestic operating income growth FY2024 5,878 / 5,876 - 1 = 0.0%, FY2025 6,375 / 5,878 - 1 = +8.5%. International margin 1,104 / 5,475 = 20.2%, 1,354 / 6,183 = 21.9%, 1,442 / 6,520 = 22.1%; Q2 FY2026 227 / 1,596 = 14.2%; Q3 FY2026 369 / 1,787 = 20.6%; nine months FY2026 international operating income 428 + 227 + 369 = 1,024. Consumer Products margin 1,974 / 4,397 = 44.9%, 2,040 / 4,372 = 46.7%, 2,178 / 4,445 = 49.0%; Q3 FY2026 560 / 1,065 = 52.6%; share of Experiences revenue 4,445 / 36,156 = 12.3% (about an eighth), of Experiences operating income 2,178 / 9,995 = 21.8% (about a fifth). Experiences capital expenditure 6,429 / 3,659 - 1 = +75.7%; as a share of Experiences operating income 3,659 / 9,272 = 39.5% (FY2024), 6,429 / 9,995 = 64.3% (FY2025). Experiences operating income growth FY2025 9,995 / 9,272 - 1 = +7.8%; revenue growth 34,151 / 32,549 - 1 = +4.9% (FY2024), 36,156 / 34,151 - 1 = +5.9% (FY2025); nine months FY2026 operating income 8,941 / 8,117 - 1 = +10.2%, revenue 29,461 / 27,390 - 1 = +7.6%; company capital expenditure nine months 6,780 / 6,108 - 1 = +11.0%, about 11%. Experiences revenue FY2025 over FY2021 36,156 / 15,961 = 2.27 times. Cruise fleet 6 ships + Destiny + Adventure = 8; + 4 under contract = 12. $60 billion over about 10 years = about $6 billion a year. Media: Linear Networks revenue 9,364 / 12,828 - 1 = -27.0% (FY2022 to FY2025); operating income 2,955 / 5,198 - 1 = -43.2%; FY2025 operating income 2,955 / 3,452 - 1 = -14.4%; margin 5,198 / 12,828 = 40.5% (FY2022), 2,955 / 9,364 = 31.6% (FY2025); linear advertising 2,856 / 4,877 - 1 = -41.4%; linear affiliate fees 6,348 / 7,739 - 1 = -18.0%; FY2025 advertising 2,856 / 3,676 - 1 = -22.3%, affiliate fees 6,348 / 6,872 - 1 = -7.6%. Direct-to-Consumer operating income swing 1,327 - (-3,424) = 4,751 (FY2022 to FY2025); FY2025 margin 1,327 / 24,614 = 5.4%; DTC advertising 3,684 / 3,614 - 1 = +1.9%; advertising share of DTC revenue 3,684 / 24,614 = 15.0%; DTC share of Entertainment revenue 24,614 / 42,466 = 58.0%. Entertainment SVOD margin Q3 FY2026 712 / 5,532 = 12.9%. Entertainment margin Q3 FY2026 1,680 / 11,345 = 14.8%; Entertainment revenue growth FY2021-FY2025 (42,466 / 36,489)^(1/4) - 1 = 3.9% a year; nine months FY2026 revenue 34,669 / 32,258 - 1 = +7.5%, operating income 4,116 / 3,983 - 1 = +3.3%. Content Sales/Licensing and Other margin 392 / 8,488 = 4.6%; theatrical distribution share of revenue 2,592 / 94,425 = 2.7%. Subscribers taking both Disney+ and Hulu 43.7 / 27.1 - 1 = +61.3%. Sports: ESPN Domestic margin 2,814 / 14,636 = 19.2% (FY2022), 2,881 / 14,945 = 19.3% (FY2023), 3,056 / 15,339 = 19.9% (FY2024), 2,801 / 16,085 = 17.4% (FY2025); FY2025 revenue 16,085 / 15,339 - 1 = +4.9%, operating income 2,801 / 3,056 - 1 = -8.3%. Sports affiliate and subscription share of revenue 11,944 / 17,672 = 67.6%. Sports programming commitments FY2026-FY2029 9,894 + 9,797 + 9,540 + 9,101 = 38,332, about $38.3 billion; FY2026 commitments over FY2025 Sports revenue 9,894 / 17,672 = 56.0%. Sports nine months FY2026 operating income 1,701 / 1,971 - 1 = -13.7%, revenue 14,018 / 13,692 - 1 = +2.4%. Sports revenue growth FY2021-FY2025 (17,672 / 15,960)^(1/4) - 1 = 2.6% a year. Star India operating losses 237 + 432 + 636 = 1,305 (FY2022-FY2024). ESPN implied value: 10% for $3 billion = about $30 billion. Affiliate fees FY2025: linear 6,348 + Sports affiliate and subscription 11,944 = 18,292, about $18.3 billion. Advertising FY2025: linear 2,856 + DTC 3,684 + Sports 4,444 = 10,984, about $11.0 billion. Cash, capital and valuation: dividend per share 1.50 (FY2026) / 1.00 (FY2025) - 1 = +50%. Experiences headcount 185,000 / 231,000 total = 80.1%, about four in five. SVOD Q3 FY2026 subscription fee increase 4,715 - 4,116 = 599, advertising increase 851 - 830 = 21; SVOD programming and production costs over SVOD revenue 2,577 / 5,532 = 46.6%, nearly half. Old-basis parks segment operating income 7,905 / 471 = 16.8 times (FY2021 to FY2022). trailing twelve months to June 2026 revenue 94,425 - 71,961 + 76,397 = 98,861, about $98.9 billion; net income 12,404 - 11,091 + 7,287 = 8,600. Restructuring and impairment charges 5,735 (FY2020) + 654 + 237 + 3,892 + 3,595 + 819 (FY2025) + 1,139 (nine months FY2026) = 16,071, about $16.1 billion. Fox goodwill 49,085 / 69,500 = 70.6% of consideration. Goodwill over total assets 73,294 / 197,514 = 37.1% (FY2025); 74,682 / 204,740 = 36.5% (27 June 2026). Buybacks nine months FY2026 7,245 / 68 million shares = $106.5 a share. Fiscal 2026 capital returns at least 9.0bn buybacks + about 2.6bn dividends = about $11.6 billion; free cash flow guided at least 19bn cash from operations - about 9bn capital expenditure = about $10 billion. Nine months FY2026 returned 7,245 + 1,337 = 8,582, / free cash flow 5,735 = 149.6%, about 150%. Net debt 27 June 2026 (8,627 + 37,414 = 46,041) - 5,185 = 40,856; at FY2025 year end 42,026 - 5,695 = 36,331; change 40,856 - 36,331 = 4,525. Unsatisfied performance obligations 16bn / FY2025 revenue 94.425bn = 16.9%. Analyst target 126.61 / 102.19 - 1 = +23.9%, about 24%. Disney market value over Netflix 176.45 / 279.23 = 63.2%, about 63%. Segment bands FY2025 42,466 + 17,672 + 36,156 = 96,294 against reported revenue 94,425 (eliminations 1,869). Nine months FY2026 segment revenues 34,669 + 14,018 + 29,461 = 78,148; Experiences share 29,461 / 78,148 = 37.7%. Year-end market value (31 December after each fiscal year, companiesmarketcap) over net income and revenue: 2015 173.71bn / 8,382 = 20.72, / 52,465 = 3.311; 2016 165.86 / 9,391 = 17.66, / 55,632 = 2.981; 2017 162.04 / 8,980 = 18.04, / 55,137 = 2.939; 2018 164.47 / 12,598 = 13.06, / 59,434 = 2.767; 2019 257.58 / 11,054 = 23.30, / 69,607 = 3.700; 2020 328.02 / 65,388 = 5.017 (loss year); 2021 281.53 / 1,995 = 141.1, / 67,418 = 4.176; 2022 158.43 / 3,145 = 50.38, / 82,722 = 1.915; 2023 165.25 / 2,354 = 70.20, / 88,898 = 1.859; 2024 202.01 / 4,972 = 40.63, / 91,361 = 2.211; 2025 204.17 / 12,404 = 16.46, / 94,425 = 2.162; October 2026 176.45bn / 8,600 = 20.52, / 98,861 = 1.785 - Experiences: shares, margins, capital spending and growth. — FY2015-Q3 FY2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Walt Disney Forms 10-K, 10-Q and earnings releases, SEC XBRL, and stockanalysis.com and companiesmarketcap.com market values; each operand is stated in the source line.
Sources
Generated October 5, 2026