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SportsNarrow moat

Walt Disney (DIS) — moat facet

ESPN's revenue grew about 2.6% a year from fiscal 2021 to 2025 while its operating income stayed near $2.4-2.9 billion; the leagues take the growth.

1. ReportedIn fiscal 2025 the segment had revenue of $17,672 million and operating income of $2,882 million, a 16.3% margin.
   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 ↗
2. Moat Explorer calcIn fiscal 2025 the segment had revenue of $17,672 million and operating income of $2,882 million, a 16.3% margin.
   Moat Explorer calculation from Walt Disney reported figures ($ 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.
3. ReportedAffiliate and subscription fees were $11,944 million, advertising $4,444 million and other revenue $1,284 million, so 67.6% of the revenue came from fees.
   The Walt Disney Company Form 10-K for fiscal 2025 (year ended 27 September 2025) - Item 1 business and MD&A for Entertainment: Linear Networks, Direct-to-Consumer, Content Sales/Licensing, subscribers and revenue by type. — FY2025 · publ. 13 November 2025 · source ↗
4. Moat Explorer calcAffiliate and subscription fees were $11,944 million, advertising $4,444 million and other revenue $1,284 million, so 67.6% of the revenue came from fees.
   Moat Explorer calculation from Walt Disney reported figures ($ 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.
5. ReportedThe segment has existed separately since fiscal 2023, with fiscal 2021 and 2022 restated.
   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 ↗
6. ReportedESPN itself is "generally owned 80%" by Disney before the NFL deal, with Hearst holding the rest; since 31 January 2026 Disney holds 72%, Hearst 18% and the NFL 10%.
   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 ↗
7. ReportedESPN itself is "generally owned 80%" by Disney before the NFL deal, with Hearst holding the rest; since 31 January 2026 Disney holds 72%, Hearst 18% and the NFL 10%.
   The Walt Disney Company third-quarter fiscal 2026 earnings release, Form 8-K exhibit 99.1 - Sports results, ESPN viewership, the NFL Transaction and programming costs. — Q3 FY2026 · publ. 5 August 2026 · source ↗
8. ReportedIt had revenue of $16,085 million in fiscal 2025, ESPN International $1,548 million and Star India $39 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 ↗
9. ReportedESPN Domestic's operating income was $2,801 million, International $5 million and Star India $9 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 ↗
10. ReportedStar India had lost $636 million the year before, before Disney merged it into the Reliance joint venture.
    The Walt Disney Company Form 10-K for fiscal 2024 - Linear Networks, Direct-to-Consumer and Content Sales/Licensing results for 2023-2024, Star India results, restructuring and impairment charges of $3,595 million (Star India $1,545 million, goodwill $1,287 million) and employees at 28 September 2024. — FY2024 · publ. November 2024 · source ↗
11. ReportedESPN is paid by distributors per subscriber, by advertisers per viewer and, increasingly, by fans directly through ESPN Unlimited and ESPN Select, launched in August 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 ↗
12. ReportedIn fiscal 2025 domestic affiliate fees saw a 7% gain from rates and a 7% loss from subscribers, while domestic advertising rose 14% to $4,273 million.
    The Walt Disney Company Form 10-K for fiscal 2025 (year ended 27 September 2025) - Item 1 business and MD&A for Entertainment: Linear Networks, Direct-to-Consumer, Content Sales/Licensing, subscribers and revenue by type. — FY2025 · publ. 13 November 2025 · source ↗
13. ReportedIn fiscal 2025 domestic affiliate fees saw a 7% gain from rates and a 7% loss from subscribers, while domestic advertising rose 14% to $4,273 million.
    The Walt Disney Company Form 10-K for fiscal 2025 (year ended 27 September 2025) - Item 1 business and MD&A for Entertainment: Linear Networks, Direct-to-Consumer, Content Sales/Licensing, subscribers and revenue by type. — FY2025 · publ. 13 November 2025 · source ↗
14. ReportedRevenue rose from $15,960 million in fiscal 2021 to $17,672 million in fiscal 2025, about 2.6% a year.
    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. ReportedRevenue rose from $15,960 million in fiscal 2021 to $17,672 million in fiscal 2025, about 2.6% a year.
    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 ↗
16. Moat Explorer calcRevenue rose from $15,960 million in fiscal 2021 to $17,672 million in fiscal 2025, about 2.6% a year.
    Moat Explorer calculation from Walt Disney reported figures ($ 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.
17. ReportedOperating income was $2,690 million in fiscal 2021, $2,710 million in 2022, $2,465 million in 2023, $2,406 million in 2024 and $2,882 million in 2025: roughly flat for five years.
    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 ↗
18. ReportedOperating income was $2,690 million in fiscal 2021, $2,710 million in 2022, $2,465 million in 2023, $2,406 million in 2024 and $2,882 million in 2025: roughly flat for five years.
    The Walt Disney Company Form 10-K for fiscal 2025 (year ended 27 September 2025) - Item 1 business and the segment note: the three segments, revenue and segment operating income, and employees. — FY2025 · publ. 13 November 2025 · source ↗
19. ReportedIn the first nine months of fiscal 2026 revenue rose 2.4% and operating income fell 13.7%, with rights costs up on contract and a new NBA deal.
    The Walt Disney Company third-quarter fiscal 2026 earnings release, Form 8-K exhibit 99.1 - Sports results, ESPN viewership, the NFL Transaction and programming costs. — Q3 FY2026 · publ. 5 August 2026 · source ↗
20. Moat Explorer calcIn the first nine months of fiscal 2026 revenue rose 2.4% and operating income fell 13.7%, with rights costs up on contract and a new NBA deal.
    Moat Explorer calculation from Walt Disney reported figures ($ 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.
21. ReportedThe NFL deal added NFL Network and about 4 points of fee growth in the third quarter, and Disney guides to mid-single-digit growth in Sports operating income for fiscal 2026 excluding the 53rd week.
    The Walt Disney Company third-quarter fiscal 2026 earnings release, Form 8-K exhibit 99.1 - Sports results, ESPN viewership, the NFL Transaction and programming costs. — Q3 FY2026 · publ. 5 August 2026 · source ↗
22. ReportedThe NFL deal added NFL Network and about 4 points of fee growth in the third quarter, and Disney guides to mid-single-digit growth in Sports operating income for fiscal 2026 excluding the 53rd week.
    The Walt Disney Company third-quarter fiscal 2026 earnings release, Form 8-K exhibit 99.1 - Sports results, ESPN viewership, the NFL Transaction and programming costs. — Q3 FY2026 · publ. 5 August 2026 · source ↗
23. ReportedAgainst that, sports programming commitments due in fiscal 2026 were $9,894 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 ↗
24. ReportedThe third quarter of fiscal 2026 was "the most-watched fiscal Q3 for ESPN, ESPN2, and ESPN on ABC since 2016", so ESPN's problem is not viewers but what it pays for the games they watch.
    The Walt Disney Company third-quarter fiscal 2026 earnings release, Form 8-K exhibit 99.1 - Sports results, ESPN viewership, the NFL Transaction and programming costs. — Q3 FY2026 · publ. 5 August 2026 · source ↗
25. ReportedHearst is ESPN's other owner, with an 18% interest after the NFL deal, and Hearst is also buying Disney's half of A+E. ESPN's ownership is now shared three ways, which makes it harder to sell or restructure without partners.
    The Walt Disney Company third-quarter fiscal 2026 earnings release, Form 8-K exhibit 99.1 - Sports results, ESPN viewership, the NFL Transaction and programming costs. — Q3 FY2026 · publ. 5 August 2026 · source ↗
26. ReportedHearst is ESPN's other owner, with an 18% interest after the NFL deal, and Hearst is also buying Disney's half of A+E. ESPN's ownership is now shared three ways, which makes it harder to sell or restructure without partners.
    The Walt Disney Company third-quarter fiscal 2026 earnings release, Form 8-K exhibit 99.1 - Sports results, ESPN viewership, the NFL Transaction and programming costs. — Q3 FY2026 · publ. 5 August 2026 · source ↗

• Walt Disney Form 10-K, FY2025