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No Customer Large Enough to NameWide moat
Walt Disney (DIS) — moat facet
Disney discloses no customer concentration at all; its receivables are spread across a wide variety of customers and markets.
Disney has no customer concentration to report. Its 10-K says its trade receivables "do not represent a significant concentration of credit risk" because of "the wide variety of customers and markets in which the Company's products are sold, the dispersion of our customers across geographic areas"1. There is no customer above 10% of revenue in any table.
That is what a business selling to households looks like. Park guests, streaming subscribers, cruise passengers and toy buyers each pay Disney a little; the largest business customers are distributors and advertisers, none of them large enough to name.
Receivables give a sense of scale. Disney had $10,544 million of current accounts receivable from contracts with customers at the end of fiscal 2025, plus $985 million non-current2, against revenue of $94,425 million3. At 27 June 2026 net receivables were $14,553 million4, up from $13,217 million in September, partly because of the season.
Diversified by name is not the same as diversified by exposure. Most of Disney's customers are American households: they buy the park tickets, pay for Disney+ in the United States and watch ESPN through a pay-TV bundle. A slowdown in American consumer spending would reach all of them at once, as the pandemic did in fiscal 2020 and 2021.
The concentration Disney does have is on the other side of its contracts, with the leagues and studios it pays, which the page on commitments sets out. A distributor above 10% of revenue, should Disney ever disclose one, would suggest its bargaining position with the pay-TV industry had weakened, because one buyer could hurt it.
No customer above 10%; receivables $14.6bn at June 2026.
A rough gauge of what customers owe; a rise far faster than revenue would mean slower-paying distributors or licensees.
Source: Walt Disney Q3 FY2026 earnings release ↗- ReportedIts 10-K says its trade receivables "do not represent a significant concentration of credit risk" because of "the wide variety of customers and markets in which the Company's products are sold, the dispersion of our customers across geographic areas".The Walt Disney Company Form 10-K for fiscal 2025 (year ended 27 September 2025) - Item 1A risk factors. — FY2025 · publ. 13 November 2025 · source ↗
- ReportedDisney had $10,544 million of current accounts receivable from contracts with customers at the end of fiscal 2025, plus $985 million non-current, against revenue of $94,425 million.The Walt Disney Company Form 10-K for fiscal 2025 (year ended 27 September 2025) - revenue note and commitments: deferred revenue, receivables, unsatisfied performance obligations and contractual programming commitments. — FY2025 · publ. 13 November 2025 · source ↗
- ReportedDisney had $10,544 million of current accounts receivable from contracts with customers at the end of fiscal 2025, plus $985 million non-current, against revenue of $94,425 million.The Walt Disney Company Form 10-K for fiscal 2025 (year ended 27 September 2025) - revenue note and commitments: deferred revenue, receivables, unsatisfied performance obligations and contractual programming commitments. — FY2025 · publ. 13 November 2025 · source ↗
- ReportedAt 27 June 2026 net receivables were $14,553 million, up from $13,217 million in September, partly because of the season.The Walt Disney Company third-quarter fiscal 2026 earnings release, Form 8-K exhibit 99.1 - Entertainment results by revenue type, the shareholder letter and segment totals. — Q3 FY2026 · publ. 5 August 2026 · source ↗