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The MoatWide moat

Walt Disney (DIS) — moat facet

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 cost of capital on what it paid.

Disney's moat is a set of characters that people love, and the places where they pay to be near them. The characters are the source; the parks are where they earn the most. In fiscal 2025 Experiences produced $9,995 million of the company's $17,551 million of total segment operating income1, 56.9%2, on 38.3% of revenue3.

Disney return on invested capital (%)14.1201515.0201614.1201718.720189.920194.120204.920215.120225.720237.5202411.22025Moat Explorer calculation from SEC EDGAR filings (repo method); fiscal years; 8% hurdle
Fox halved the return; it has only partly come back.

Four facets carry the argument. The Parks are the wide core: land, attractions and a holiday no rival can offer with Disney's characters in it. The Library and the Franchises is the source: films that become streaming hits, toys and park rides. Streaming is the new direct route to viewers, now profitable after years of losses. ESPN and the Cable Networks is the old route, still large and steadily wearing away.

The return on capital shows the moat and its cost together. Measured the repo way, return on invested capital was 14.1% to 18.7% from fiscal 2015 to 2018, fell to 4.1% to 7.5% from fiscal 2020 to 2024, and was 11.2% in fiscal 20254. Two things explain the fall. The Fox purchase doubled invested capital, from $76.6 billion in fiscal 2018 to $157.2 billion in fiscal 20195, much of it goodwill. And the pandemic closed the parks.

The 2025 figure flatters. Disney's operating income tag is total segment operating income, before corporate costs and impairments, and the tax rate that year was effectively zero because of a tax benefit; at a 21% tax rate the return is about 8.9%6, close to an 8% hurdle. Excluding goodwill, it is about 16%7. The businesses earn well on what they use; the company earns little more than its cost of capital on what was paid for them.

The moat is rated wide for the whole, because the parks and characters cannot be copied and carry most of the profit. The trajectory is stable: the parks and streaming widen it while cable narrows it.

The workforce shows where the moat sits. Disney employed about 231,000 people at the end of fiscal 2025, about 172,000 of them in the United States8, and Experiences alone had 185,000 cast members and employees9. Roughly four in five of Disney's people10 work in the business that earns three-fifths of its profit; the studios and networks run on far fewer people and far more content spending.

The falsifier is the return in a normal tax year. Should return on invested capital at a 21% tax rate stay below 8% for fiscal 2026 and 2027, the moat will be real but the company will not be earning its cost of capital on it.

Moat trajectory: Holding steady

Parks and streaming widening, cable narrowing; ROIC 11.2% in FY2025, about 8.9% at a 21% tax rate.

The number that tests this moat
Moat Explorer calc
Return on invested capital vs an 8% hurdle
11.2% (FY2025; about 8.9% at a 21% tax rate), after 7.5% in FY2024 and 18.7% in FY2018 before Fox

The whole moat in one figure; below 8% at a normal tax rate for two years would mean the company is not earning its cost of capital.

How it's calculated: NOPAT (total segment operating income, Disney's OperatingIncomeLoss tag, times one minus the effective tax rate) over average invested capital (total assets less current liabilities less cash), SEC EDGAR XBRL; flattered because segment operating income excludes corporate costs and impairments.
Source: Moat Explorer ROIC calculation from EDGAR ↗
Aspects of the moat
DIG DEEPER 01
The Parks: Where the Moat Pays
The parks earn 27.6% on revenue and about three-fifths of Disney's segment profit; the characters make the trip, and the trip is the most profitable…
DIG DEEPER 02
The Library and the Franchises
Disney's library earns an 11.0% margin as a studio and much more once its characters reach toys and parks; the value is real but booked in other…
DIG DEEPER 03
Streaming: From Losses to Profit
Disney's streaming turned from a $3.4 billion loss to a 12.9% margin, giving the library a direct route to viewers, but it lacks the scale edge the…
DIG DEEPER 04
ESPN and the Cable Networks
ESPN and Disney's channels still earn billions in fees, but cable homes fall 7-9% a year and the leagues charge more at every renewal.
References
  1. ReportedIn fiscal 2025 Experiences produced $9,995 million of the company's $17,551 million of total segment operating income, 56.9%, on 38.3% of revenue.
    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 ↗
  2. Moat Explorer calcIn fiscal 2025 Experiences produced $9,995 million of the company's $17,551 million of total segment operating income, 56.9%, on 38.3% of revenue.
    Moat Explorer calculation from Walt Disney reported figures ($ 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.
  3. Moat Explorer calcIn fiscal 2025 Experiences produced $9,995 million of the company's $17,551 million of total segment operating income, 56.9%, on 38.3% of revenue.
    Moat Explorer calculation from Walt Disney reported figures ($ 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.
  4. Moat Explorer calcMeasured the repo way, return on invested capital was 14.1% to 18.7% from fiscal 2015 to 2018, fell to 4.1% to 7.5% from fiscal 2020 to 2024, and was 11.2% in fiscal 2025.
    Moat Explorer calculation, repo method (tools_roic_edgar.py logic run on CIK 1744489, and CIK 1001039 for fiscal 2015-2018): return on invested capital 14.1% (fiscal 2015), 15.0%, 14.1%, 18.7%, 9.9% (2019), 4.1%, 4.9%, 5.1%, 5.7%, 7.5%, 11.2% (fiscal 2025). Disney tags total segment operating income as OperatingIncomeLoss: 14,681 (2015), 15,721, 14,775, 15,706, 14,847, 8,108, 7,766, 12,121, 12,863, 15,601, 17,551 (2025). Invested capital (total assets less current liabilities less cash): 67,579 (2015), 70,581, 72,177, 76,588 (2018), 157,225 (2019), 157,007, 156,573, 162,943, 160,258, 155,618 (2024), 157,657 (2025: 197,514 - 34,162 - 5,695). Effective tax rates: 35% cap (2015), 34.2%, 32.1%, 11.3% (2018), 21.7%, 21% assumed (2020 loss), 1.0% (2021), 32.8%, 28.9%, 23.7%, 0% (2025, a tax benefit). 2025: 17,551 x (1 - 0) / ((155,618 + 157,657) / 2 = 156,638) = 11.2%; at a 21% tax rate 17,551 x 0.79 = 13,865 / 156,638 = 8.9%. Invested capital doubled from 76,588 to 157,225 when TFCF was acquired in fiscal 2019. Excluding fiscal 2025 goodwill of 73,294, invested capital would be 84,363, and the 21%-tax NOPAT of 13,865 on that year-end figure is about 16.4%. — FY2015-FY2025 · publ. October 2026 · source ↗
    Method: NOPAT (operating income times one minus the effective tax rate, capped at 35%) divided by average operating invested capital (total assets less current liabilities less cash and equivalents); SEC EDGAR XBRL. Disney's OperatingIncomeLoss tag is total segment operating income, which is before corporate and unallocated shared expenses, restructuring and impairment charges and acquisition amortization, so the ratio flatters the company; the fiscal 2025 figure is also flattered by a zero tax rate.
  5. Moat Explorer calcThe Fox purchase doubled invested capital, from $76.6 billion in fiscal 2018 to $157.2 billion in fiscal 2019, much of it goodwill.
    Moat Explorer calculation, repo method (tools_roic_edgar.py logic run on CIK 1744489, and CIK 1001039 for fiscal 2015-2018): return on invested capital 14.1% (fiscal 2015), 15.0%, 14.1%, 18.7%, 9.9% (2019), 4.1%, 4.9%, 5.1%, 5.7%, 7.5%, 11.2% (fiscal 2025). Disney tags total segment operating income as OperatingIncomeLoss: 14,681 (2015), 15,721, 14,775, 15,706, 14,847, 8,108, 7,766, 12,121, 12,863, 15,601, 17,551 (2025). Invested capital (total assets less current liabilities less cash): 67,579 (2015), 70,581, 72,177, 76,588 (2018), 157,225 (2019), 157,007, 156,573, 162,943, 160,258, 155,618 (2024), 157,657 (2025: 197,514 - 34,162 - 5,695). Effective tax rates: 35% cap (2015), 34.2%, 32.1%, 11.3% (2018), 21.7%, 21% assumed (2020 loss), 1.0% (2021), 32.8%, 28.9%, 23.7%, 0% (2025, a tax benefit). 2025: 17,551 x (1 - 0) / ((155,618 + 157,657) / 2 = 156,638) = 11.2%; at a 21% tax rate 17,551 x 0.79 = 13,865 / 156,638 = 8.9%. Invested capital doubled from 76,588 to 157,225 when TFCF was acquired in fiscal 2019. Excluding fiscal 2025 goodwill of 73,294, invested capital would be 84,363, and the 21%-tax NOPAT of 13,865 on that year-end figure is about 16.4%. — FY2015-FY2025 · publ. October 2026 · source ↗
    Method: NOPAT (operating income times one minus the effective tax rate, capped at 35%) divided by average operating invested capital (total assets less current liabilities less cash and equivalents); SEC EDGAR XBRL. Disney's OperatingIncomeLoss tag is total segment operating income, which is before corporate and unallocated shared expenses, restructuring and impairment charges and acquisition amortization, so the ratio flatters the company; the fiscal 2025 figure is also flattered by a zero tax rate.
  6. Moat Explorer calcDisney's operating income tag is total segment operating income, before corporate costs and impairments, and the tax rate that year was effectively zero because of a tax benefit; at a 21% tax rate the return is about 8.9%, close to an 8% hurdle.
    Moat Explorer calculation, repo method (tools_roic_edgar.py logic run on CIK 1744489, and CIK 1001039 for fiscal 2015-2018): return on invested capital 14.1% (fiscal 2015), 15.0%, 14.1%, 18.7%, 9.9% (2019), 4.1%, 4.9%, 5.1%, 5.7%, 7.5%, 11.2% (fiscal 2025). Disney tags total segment operating income as OperatingIncomeLoss: 14,681 (2015), 15,721, 14,775, 15,706, 14,847, 8,108, 7,766, 12,121, 12,863, 15,601, 17,551 (2025). Invested capital (total assets less current liabilities less cash): 67,579 (2015), 70,581, 72,177, 76,588 (2018), 157,225 (2019), 157,007, 156,573, 162,943, 160,258, 155,618 (2024), 157,657 (2025: 197,514 - 34,162 - 5,695). Effective tax rates: 35% cap (2015), 34.2%, 32.1%, 11.3% (2018), 21.7%, 21% assumed (2020 loss), 1.0% (2021), 32.8%, 28.9%, 23.7%, 0% (2025, a tax benefit). 2025: 17,551 x (1 - 0) / ((155,618 + 157,657) / 2 = 156,638) = 11.2%; at a 21% tax rate 17,551 x 0.79 = 13,865 / 156,638 = 8.9%. Invested capital doubled from 76,588 to 157,225 when TFCF was acquired in fiscal 2019. Excluding fiscal 2025 goodwill of 73,294, invested capital would be 84,363, and the 21%-tax NOPAT of 13,865 on that year-end figure is about 16.4%. — FY2015-FY2025 · publ. October 2026 · source ↗
    Method: NOPAT (operating income times one minus the effective tax rate, capped at 35%) divided by average operating invested capital (total assets less current liabilities less cash and equivalents); SEC EDGAR XBRL. Disney's OperatingIncomeLoss tag is total segment operating income, which is before corporate and unallocated shared expenses, restructuring and impairment charges and acquisition amortization, so the ratio flatters the company; the fiscal 2025 figure is also flattered by a zero tax rate.
  7. Moat Explorer calcExcluding goodwill, it is about 16%.
    Moat Explorer calculation, repo method (tools_roic_edgar.py logic run on CIK 1744489, and CIK 1001039 for fiscal 2015-2018): return on invested capital 14.1% (fiscal 2015), 15.0%, 14.1%, 18.7%, 9.9% (2019), 4.1%, 4.9%, 5.1%, 5.7%, 7.5%, 11.2% (fiscal 2025). Disney tags total segment operating income as OperatingIncomeLoss: 14,681 (2015), 15,721, 14,775, 15,706, 14,847, 8,108, 7,766, 12,121, 12,863, 15,601, 17,551 (2025). Invested capital (total assets less current liabilities less cash): 67,579 (2015), 70,581, 72,177, 76,588 (2018), 157,225 (2019), 157,007, 156,573, 162,943, 160,258, 155,618 (2024), 157,657 (2025: 197,514 - 34,162 - 5,695). Effective tax rates: 35% cap (2015), 34.2%, 32.1%, 11.3% (2018), 21.7%, 21% assumed (2020 loss), 1.0% (2021), 32.8%, 28.9%, 23.7%, 0% (2025, a tax benefit). 2025: 17,551 x (1 - 0) / ((155,618 + 157,657) / 2 = 156,638) = 11.2%; at a 21% tax rate 17,551 x 0.79 = 13,865 / 156,638 = 8.9%. Invested capital doubled from 76,588 to 157,225 when TFCF was acquired in fiscal 2019. Excluding fiscal 2025 goodwill of 73,294, invested capital would be 84,363, and the 21%-tax NOPAT of 13,865 on that year-end figure is about 16.4%. — FY2015-FY2025 · publ. October 2026 · source ↗
    Method: NOPAT (operating income times one minus the effective tax rate, capped at 35%) divided by average operating invested capital (total assets less current liabilities less cash and equivalents); SEC EDGAR XBRL. Disney's OperatingIncomeLoss tag is total segment operating income, which is before corporate and unallocated shared expenses, restructuring and impairment charges and acquisition amortization, so the ratio flatters the company; the fiscal 2025 figure is also flattered by a zero tax rate.
  8. ReportedDisney employed about 231,000 people at the end of fiscal 2025, about 172,000 of them in the United States, and Experiences alone had 185,000 cast members and employees.
    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 ↗
  9. ReportedDisney employed about 231,000 people at the end of fiscal 2025, about 172,000 of them in the United States, and Experiences alone had 185,000 cast members and employees.
    The Walt Disney Company release of 3 February 2026, Form 8-K exhibit 99.1 - Josh D'Amaro named chief executive; Dana Walden named President and Chief Creative Officer; Disney Experiences had $36 billion of revenue in fiscal 2025 and 185,000 cast members and employees. — February 2026 · publ. 3 February 2026 · source ↗
  10. Moat Explorer calcRoughly four in five of Disney's people work in the business that earns three-fifths of its profit; the studios and networks run on far fewer people and far more content spending.
    Moat Explorer calculation from Walt Disney reported figures ($ 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 - Entertainment and Sports: linear, streaming, ESPN and rights. — 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