Walt Disney (DIS) financial statements
Walt Disney reported revenue of $94.4B in fiscal 2025, up 6.1% a year over 9 years.
Net income was $12.4B and the operating margin 18.6%, against 28.3% in 2016.
Free cash flow was $10.1B, and the company returned $1.8B in dividends and $3.5B in net buybacks.
The diluted share count rose 10% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Walt Disney's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $55.6B | $55.1B | $59.4B | $69.6B | $65.4B | $67.4B | $82.7B | $88.9B | $91.4B | $94.4B |
| Selling, general and admin | $8.8B | $8.2B | $8.9B | $11.5B | $12.4B | $13.5B | $16.4B | $15.3B | $15.8B | $16.5B |
| Operating income | $15.7B | $14.8B | $15.7B | $14.8B | $8.1B | $7.8B | $12.1B | $12.9B | $15.6B | $17.6B |
| Interest expense | $354M | $507M | $682M | $1.2B | $1.6B | -$1.5B | -$1.5B | -$2.0B | -$2.1B | -$1.8B |
| Pre-tax income | $14.9B | $13.8B | $14.7B | $13.9B | -$1.7B | $2.6B | $5.3B | $4.8B | $7.6B | $12.0B |
| Income tax | $5.1B | $4.4B | $1.7B | $3.0B | $699M | $25M | $1.7B | $1.4B | $1.8B | -$1.4B |
| Net income | $9.4B | $9.0B | $12.6B | $11.1B | -$2.9B | $2.0B | $3.1B | $2.4B | $5.0B | $12.4B |
| EPS (diluted) | $5.73 | $5.69 | $8.36 | $6.64 | -$1.58 | $1.09 | $1.72 | $1.29 | $2.72 | $6.85 |
| Diluted shares | 1.64B | 1.58B | 1.51B | 1.67B | 1.81B | 1.83B | 1.83B | 1.83B | 1.83B | 1.81B |
| Operating margin | 28.3% | 26.8% | 26.4% | 21.3% | 12.4% | 11.5% | 14.7% | 14.5% | 17.1% | 18.6% |
| Net margin | 16.9% | 16.3% | 21.2% | 15.9% | -4.4% | 3.0% | 3.8% | 2.6% | 5.4% | 13.1% |
Balance sheet
Fiscal years, from Walt Disney's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.6B | $4.0B | $4.2B | $5.4B | $17.9B | $16.0B | $11.6B | $14.2B | $6.0B | $5.7B |
| Receivables | $9.1B | $8.6B | $9.3B | $15.5B | $12.7B | $13.4B | $12.7B | $12.3B | $12.7B | $13.2B |
| Inventory | $1.4B | $1.4B | $1.4B | $1.6B | $1.6B | $1.3B | $1.7B | $2.0B | $2.0B | $2.1B |
| Total current assets | $17.0B | $15.9B | $16.8B | $28.1B | $35.3B | $33.7B | $29.1B | $32.8B | $25.2B | $24.3B |
| Property, plant and equipment | $27.3B | $28.4B | $29.5B | $31.6B | $32.1B | $32.6B | $33.6B | $34.9B | $37.0B | $41.3B |
| Goodwill | $27.8B | $31.4B | $31.3B | $80.3B | $77.7B | $78.1B | $77.9B | $77.1B | $73.3B | $73.3B |
| Total assets | $92.0B | $95.8B | $98.6B | $194.0B | $201.5B | $203.6B | $203.6B | $205.6B | $196.2B | $197.5B |
| Total current liabilities | $16.8B | $19.6B | $17.9B | $31.3B | $26.6B | $31.1B | $29.1B | $31.1B | $34.6B | $34.2B |
| Long-term debt | $16.5B | $19.1B | $17.1B | $38.1B | $52.9B | $48.5B | $45.3B | $42.1B | $39.0B | $35.3B |
| Total liabilities | $44.7B | $50.8B | $45.8B | $100.1B | $113.3B | $110.6B | $104.8B | $101.6B | $90.7B | $82.9B |
| Shareholders' equity | $43.3B | $41.3B | $48.8B | $88.9B | $83.6B | $88.6B | $95.0B | $99.3B | $100.7B | $109.9B |
| Net debt | $15.6B | -$4.0B | $16.7B | $41.6B | $40.7B | $38.4B | $36.8B | $32.2B | $39.8B | $36.3B |
Cash flow
Fiscal years, from Walt Disney's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $13.1B | $12.3B | $14.3B | $6.0B | $7.6B | $5.6B | $6.0B | $9.9B | $14.0B | $18.1B |
| Capital spending | $4.8B | $3.6B | $4.5B | $4.9B | $4.0B | $3.6B | $4.9B | $5.0B | $5.4B | $8.0B |
| Free cash flow | $8.4B | $8.7B | $9.8B | $1.1B | $3.6B | $2.0B | $1.1B | $4.9B | $8.6B | $10.1B |
| Stock-based compensation | $393M | $364M | $393M | $711M | $525M | $600M | $977M | $1.1B | $1.4B | $1.4B |
| Dividends paid | $2.3B | $2.4B | $2.5B | $2.9B | $1.6B | $0 | $0 | $0 | $1.4B | $1.8B |
| Share buybacks (net) | -$7.5B | -$9.4B | -$3.6B | $0 | $0 | — | $0 | $0 | -$3.0B | -$3.5B |
| Net borrowing | $3.9B | $3.7B | -$2.6B | $3.7B | $14.6B | -$3.7B | -$4.0B | -$1.8B | -$1.4B | -$3.6B |
| Free cash flow margin | 15.0% | 15.8% | 16.5% | 1.6% | 5.5% | 2.9% | 1.3% | 5.5% | 9.4% | 10.7% |
| Dividends per share | $1.41 | $1.55 | $1.67 | $1.74 | $0.88 | — | — | — | $0.75 | $1.00 |
Questions
What was Walt Disney's revenue in 2025?
$94.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Walt Disney generate?
$10.1B in fiscal 2025 (operating cash flow minus capital spending).
From Walt Disney's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.