Walt Disney Company (The) (DIS) FY2025 10-K Annual Report
Walt Disney Company (The) (DIS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Nov 13, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Walt Disney Company (The) FY2025 10-K Analysis
Business Overview
- • Core business model: Global entertainment and media content creation with extensive owned and leased real estate assets
- • Emphasis on diversified property uses supporting Corporate, Entertainment, Experiences, and Sports segments across multiple international locations
- • Continued geographic expansion with substantial facilities in USA, Canada, Europe, Asia, Australia, and Latin America
- • Owned real estate footprint includes 182 acres and over 4.7 million sq ft in Burbank area alone
- • Significant leasing of properties to third-party tenants, including 240,000 sq ft in Burbank and 676,000 sq ft in New York
Management Discussion & Analysis
- • Revenue $94.4B, up 3% ($3.1B); net income $12.4B vs $5.0B, EPS $6.85 vs $2.72 driven by tax rate and operating income improvements
- • Operating margin approx. 20.7% ($19.6B operating income on $94.4B revenue) vs prior year margin approx. 12.8% ($11.7B op income on $91.3B)
- • Best segment: Experiences revenue $36.2B (+6%), operating income $10.0B (+8%)
- • Worst segment: Entertainment Linear Networks revenue $9.4B (-12%), op income $2.96B (-14%) due to Star India impact and lower ad/affiliate fees
- • Operating cash impacted by $819M impairments; capital allocation includes $1.6B amortization, no explicit buyback/dividend figures disclosed
- • Management highlights Hulu transaction tax benefit, restructuring charges reduced 77%, key risk from Star India Transaction earnings impact and FX effects
Risk Factors
- • Legal risk from uncertain outcomes in ongoing litigations potentially materially affecting results; estimates developed with outside counsel (Note 14)
- • Macroeconomic impact via discount rate increase to 5.45% (from 5.06%) raises pension obligations by $2.1B at fiscal 2025 year-end
- • Content amortization and impairment risks sensitive to theatrical performance and TV ratings with variable revenue estimates impacting expense timing
- • Market disruption from bundled DTC offerings with average revenue per subscriber diluted via wholesale arrangements in 150+ countries
- • Financial risk from $36.3B noncurrent liabilities at fiscal 2025 with net loss of $2.7B attributable to TWDC shareholders reflecting structural pressure
Walt Disney Company (The) FY2025 Key Financial MetricsXBRL
Revenue
$94.4B
▲ +3.4% YoY
Net Income
$12.4B
▲ +149.5% YoY
Operating Margin
18.6%
▲ +151bp YoY
Net Margin
13.1%
▲ +769bp YoY
ROE
11.3%
▲ +635bp YoY
Total Assets
$197.5B
▲ +0.7% YoY
EPS (Diluted)
$6.85
▲ +151.8% YoY
Operating Cash Flow
$18.1B
▲ +29.6% YoY
Source: XBRL data from Walt Disney Company (The) FY2025 10-K filing on SEC EDGAR. All figures in USD.
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