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10-K annual report · filed Nov 13, 2025

Walt Disney Company (The) (DIS) FY2025 10-K Annual Report

DIS overviewOriginal on SEC EDGAR
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Walt Disney Company (The) (DIS) filed its fiscal 2025 10-K annual report with the SEC on Nov 13, 2025. It reported revenue of $94.4B (+3.4% year over year) and net income of $12.4B.

  • Top risk flagged: Legal risk from uncertain outcomes in ongoing litigations potentially materially affecting results; estimates developed with outside counsel (Note 14)

FY2025 key financial metrics · XBRL

Revenue
$94.4B
+3.4% YoY
Net income
$12.4B
+149.5% YoY
Operating margin
18.6%
+1.5 pp YoY
EPS (diluted)
$6.85
+151.8% YoY
ROE
11.3%
+6.4 pp YoY
Operating cash flow
$18.1B
+29.6% YoY

Source: XBRL data from the Walt Disney Company (The) (DIS) FY2025 10-K on SEC EDGAR. USD.

Walt Disney Company (The) FY2025 10-K analysis

AI summary of each section, grounded in the filing text

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

Generated from the filing text; verify against the original. How to read a 10-K

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