Walt Disney Co. (NYSE:DIS)

Current Income Tax Expense

The current income tax expense exhibits a rising trend over the analyzed periods, increasing from 950 million USD in September 2019 to a peak of 2744 million USD in September 2023. There is a slight decline to 2603 million USD in September 2024, though the expense remains significantly elevated compared to the earlier years. This indicates a growing immediate tax liability over the span, with a marginal recent reduction.

Deferred Income Tax Expense

The deferred income tax expense demonstrates considerable volatility. It began at 2081 million USD in September 2019, sharply transitioned to negative values starting in October 2020, and continued negative in most subsequent years except for a small positive amount in October 2022. The largest negative value recorded is -1365 million USD in September 2023, followed by a less negative -807 million USD in September 2024. This fluctuation reflects significant changes in the timing of tax recognition and adjustments related to future tax liabilities or assets.

Total Income Tax Expense on Income from Continuing Operations

The total income tax expense, combining current and deferred components, shows marked variability. It experienced a steep decline from 3031 million USD in September 2019 to just 25 million USD in October 2021, reflecting the impact of negative deferred taxes and lower current tax expenses. Afterwards, the tax expense increased again reaching 1796 million USD by September 2024. This pattern suggests episodic shifts in taxable income or tax planning outcomes, with a notable recovery of tax expense levels in recent years after a trough.

Summary

Overall, the data reveals a complex tax expense profile characterized by rising current income taxes and fluctuating deferred tax expenses. The persistent negative deferred tax values in recent years suggest adjustments that reduce taxable income in the short term but may represent future tax liabilities. The total income tax expense aligns with these dynamics, showing significant decreases followed by increasing trends, highlighting variability in taxable earnings or tax strategy over the periods analyzed.

Federal income tax rate

Remained stable at 21% throughout the entire period from 2019 to 2024, indicating no changes in the statutory federal tax rate for the company during these years.

State taxes, net of federal benefit

Exhibited volatility with percentages fluctuating from a low of 1.9% in 2019 and 2021 to a peak of 5.8% in 2023 before declining to 2.2% in 2024. This variation suggests changes in the state's tax environment or adjustments in tax positions impacting state tax liabilities.

Non-tax deductible impairments

Data available only for 2023 and 2024 shows an increase from 3.5% to 8.8%, indicating a rising impact of impairments that are not deductible for tax purposes, which likely increased the effective tax burden in these years.

Foreign derived intangible income

This item showed consistent negative values across the available years, starting at -1.1% in 2019 and staying negative through 2024, fluctuating between -6.4% and -3.4%. This pattern points to a recurring tax benefit or deduction related to foreign intangible income.

Income tax audits and reserves

Displayed considerable fluctuation, with negative impacts in 2019, 2020, and 2021 (as low as -6.1%), a shift to positive effects in 2022 and 2023 (up to 2.7%), before declining again to -2.4% in 2024. These swings reflect variable outcomes from tax audits and changes in reserve estimates over time.

Tax rate differential on foreign income

Exhibited extreme variability, with a notable negative impact of -16.5% in 2020, then positive values such as 12% in 2021 and 4.3% in 2022, before returning close to zero by 2023 and negative again in 2024. This suggests changing tax treatment and profitability of foreign operations influencing the tax rate.

U.S. research and development credits

Introduced in the data from 2021 onwards, consistently showing small negative percentages (between -0.6% and -1.1%), indicating a modest tax benefit due to R&D tax credits starting in that period.

Tax impact of equity awards

Varied considerably, starting at a slight negative impact in 2019 (-0.3%), rising to a positive 3.7% in 2020, then turning negative again in 2021 (-5.3%) before fluctuating around small positive values in 2023 and 2024. This uneven pattern suggests volatility in the tax treatment of equity-based compensation.

Valuation allowance

Fluctuated significantly with a negative impact of -14.6% in 2020, positive contributions in 2021 and 2022, and again negative impacts in 2023 and 2024. This indicates changing recognition of deferred tax assets or liabilities impacting the tax rate.

Legislative changes

Experienced notable swings, with no data in some years but significant negative and positive impacts such as -12.2% in 2021 and 4.4% in 2020. This reflects the occasional effect of tax law changes on the effective tax rate.

Other

Demonstrated high volatility with a major negative impact in 2020 (-36.3%) and smaller fluctuations close to zero or low positive values in other years, indicating miscellaneous factors influencing the tax rate variably.

Effective income tax rate

Showed large variability ranging from a highly negative rate of -40.1% in 2020, suggesting tax benefits or losses outweighing taxes owed, to positive rates like 32.8% in 2022. After the extreme fluctuation, the rate stabilized somewhat in 2023 and 2024 at 28.9% and 23.7%, respectively. This trend reflects the combined impact of all factors, including impairments, foreign income adjustments, and legislative changes, resulting in a fluctuating but converging effective tax rate over time.

Net Operating Losses and Tax Credit Carryforwards

The net operating losses and tax credit carryforwards showed an overall upward trend from 2,181 million USD in 2019 to a peak of 3,944 million USD in 2021. Following this, there was a slight decline to 3,444 million USD by 2024, indicating some utilization or expiration of losses and credits.

Accrued Liabilities

Accrued liabilities increased from 2,575 million USD in 2019 to a high of 2,952 million USD in 2020, then declined steadily to 1,199 million USD by 2024. This suggests a reduction in short-term obligations over time, possibly reflecting improved cash management or the settlement of liabilities.

Lease Liabilities

Lease liabilities experienced volatility, starting at 23 million USD in 2019, spiking dramatically to 825 million USD in 2020, then slightly decreasing and rising again to 862 million USD in 2024. This indicates significant changes in lease commitments, potentially related to changes in leasing strategy or recognition standards.

Licensing Revenues

Licensing revenues (recorded positively) appeared only from 2021 onwards, with values of 202 million USD in 2021, followed by a decline to 115 million USD in 2023, and a slight recovery to 130 million USD in 2024. Conversely, licensing revenues reported as negative values were prominent in earlier years but disappeared after 2020, implying a possible reclassification or change in revenue recognition.

Other Items

Other reported values generally increased from 540 million USD in 2019 to a high of 819 million USD in 2022, before dropping to 623 million USD in 2023 and slightly rising to 655 million USD in 2024. The negative 'Other' values fluctuated without a clear trend, suggesting variable miscellaneous factors impacting the accounts.

Deferred Tax Assets Before Valuation Allowance

Deferred tax assets before valuation allowance rose from 5,319 million USD in 2019 to 8,179 million USD in 2021, then declined gradually to 6,290 million USD in 2024. This peak followed by decline indicates timing differences in taxable income recognition or asset base changes.

Valuation Allowance

The valuation allowance consistently increased in absolute terms from -1,975 million USD in 2019 to a peak of -3,187 million USD in 2023, before slightly decreasing to -2,991 million USD in 2024. This rising trend indicates growing skepticism about realizability of deferred tax assets, with some improvement in the latest year.

Deferred Tax Assets

Net deferred tax assets increased from 3,344 million USD in 2019 to 5,384 million USD in 2021, followed by a marked decrease to 3,299 million USD by 2024, mirroring the trends in the valuation allowance and deferred tax assets before allowance.

Depreciable, Amortizable and Other Property

The net value of depreciable, amortizable and other property was consistently negative, indicating accumulated depreciation or amortization. Starting at -7,647 million USD in 2019, it showed variability, with a low point of -8,575 million USD in 2022, then recovered slightly to -6,584 million USD in 2024, suggesting asset disposals or changes in depreciation policies.

Investment in U.S. Entities

Investments in U.S. entities were negative and fluctuated significantly, declining from -2,258 million USD in 2019 to a low of -2,775 million USD in 2021 but recovering steadily afterward to -1,102 million USD in 2024. This indicates a reduction in net investment losses or write-downs in U.S. affiliates.

Right-of-Use Lease Assets

Right-of-use lease assets appeared from 2020, starting at -740 million USD and generally decreasing in negative magnitude to -692 million USD in 2024. The relatively stable negative balance suggests ongoing lease asset amortization or impairments.

Investment in Foreign Entities

Investment in foreign entities showed consistently negative values, increasing in magnitude from -146 million USD in 2019 to a peak of -543 million USD in 2022, then recovering slightly to -465 million USD in 2024. This pattern may reflect increasing impairments or losses in foreign investments followed by partial recovery.

Deferred Tax Liabilities

Deferred tax liabilities were large and stable but decreasing over time, moving from -10,836 million USD in 2019 to -8,921 million USD in 2024. This decline indicates either a reduction in taxable temporary differences or utilization of deferred tax obligations.

Net Deferred Tax Asset (Liability)

The net deferred tax liability improved slightly from -7,492 million USD in 2019 to -6,560 million USD in 2021 but worsened again to -7,727 million USD in 2022 before improving to -5,622 million USD in 2024. These fluctuations suggest variable impacts from tax planning, asset valuation changes, and tax law effects.

Deferred Tax Assets

The deferred tax assets exhibit variability over the analyzed periods. Starting at 410 million USD in 2019, there was a decline to 329 million USD in 2020, followed by a significant increase to 686 million USD in 2021. In the subsequent years, the values slightly decreased to 636 million USD in 2022, then rose to 671 million USD in 2023, before marginally declining again to 655 million USD in 2024. Overall, the deferred tax assets demonstrate an upward trend from 2019 to 2024 with fluctuations indicating some volatility in tax-related asset recognition.

Deferred Tax Liabilities

The deferred tax liabilities follow a somewhat downward trajectory over the examined timeframe with noticeable fluctuations. Beginning at 7,902 million USD in 2019, there was a reduction to 7,288 million USD in 2020 and a further slight decrease to 7,246 million USD in 2021. However, in 2022 an increase occurred, reaching 8,363 million USD, representing the peak within the provided data. Following this peak, liabilities dropped significantly to 7,258 million USD in 2023 and further declined to 6,277 million USD in 2024. This pattern reflects a general move towards lower deferred tax liabilities in later years, interrupted by a pronounced temporary increase in 2022.

Comparative Insights

Comparing the two metrics, deferred tax assets remained relatively stable around mid-hundreds in millions with a final upward tendency, whereas deferred tax liabilities are substantially larger but show a decreasing trend overall. The peak in deferred tax liabilities in 2022 contrasts with relatively stable deferred tax assets, suggesting specific tax adjustments or timing differences influencing liabilities that year. The narrowing gap between deferred tax liabilities and assets over time could imply changes in the company's tax position or recognition policies impacting the balance of deferred tax amounts.

The data reveals several key financial trends over the six-year period examined. Notably, total assets—both reported and adjusted—experienced gradual growth from 2019 through 2023, peaking near 205 billion US dollars before declining in 2024 to levels below those seen at the start of the period.

Total Assets

The reported total assets increased consistently from approximately 194 billion in 2019 to about 206 billion in 2023, indicating asset expansion. However, in 2024, reported assets declined to around 196 billion, reversing the previous upward trend. The adjusted total assets exhibit a similar pattern, rising steadily until 2023 and then experiencing a drop in 2024 that aligns closely with the reported figures.

Total Liabilities

Both reported and adjusted total liabilities trended downward after peaking in 2020. Reported liabilities increased from around 91 billion in 2019 to approximately 104 billion in 2020, but thereafter, they steadily decreased each year, reaching roughly 91 billion again by 2024. Adjusted liabilities mirrored this pattern but consistently remained lower than reported liabilities, declining from about 83 billion in 2019 to near 84 billion in 2024 with a steady reduction through the years.

Shareholder’s Equity

The reported shareholder equity displayed fluctuating growth with a dip in 2020 followed by a recovery and increase through 2024, moving from about 89 billion in 2019 to over 100 billion in 2024. Adjusted shareholder equity remained consistently higher than reported values, showing a similar pattern of a 2020 decline with a stronger recovery trend, eventually reaching approximately 106 billion in 2024. This suggests that adjustment for deferred income tax impacts and other factors consistently increased the equity value compared to reported figures.

Net Income (Loss) Attributable to The Walt Disney Company

Reported net income exhibited considerable volatility during this period. A strong profit in 2019 (~11 billion US$) sharply transitioned into a significant loss in 2020 (-2.9 billion US$), likely reflecting extraordinary circumstances impacting earnings. Subsequently, net income recovered to positive values each year through 2024, reaching nearly 5 billion US$. Adjusted net income follows a somewhat similar trajectory but shows lower volatility post-2019, with the 2020 loss being more pronounced (-3.1 billion US$) and the net income in subsequent years generally lower than reported figures, except in 2024 where it approaches but still remains below the reported profit. This pattern suggests that adjustments, particularly those related to deferred income tax or other non-operating factors, reduced the net income in most years.

Overall, the financial data reflects a recovery from a challenging 2020 period with subsequent asset stabilization and strengthening of shareholder equity. The reductions in liabilities from the 2020 peak onward indicate an improving balance sheet position. The discrepancies between reported and adjusted figures highlight the significance of deferred income tax and other adjustments in influencing the company's financial position and profitability, generally resulting in more conservative equity and income metrics in the adjusted data.

Net Profit Margin

The reported net profit margin exhibited a significant decline from 15.89% in 2019 to a negative 4.38% in 2020, indicating a substantial reduction in profitability, likely due to adverse conditions impacting earnings. Subsequently, the margin showed a gradual recovery, reaching 5.44% in 2024, though it did not return to pre-2020 levels. The adjusted net profit margin follows a similar pattern, with a less pronounced negative dip in 2020 (-4.8%) and a slower recovery, peaking at 4.56% in 2024. Both metrics suggest the company faced considerable challenges in 2020 but has since been improving profitability.

Total Asset Turnover

Both reported and adjusted total asset turnover ratios were consistent throughout the periods, starting at 0.36 in 2019, dipping slightly to 0.32 in 2020, and then steadily increasing each subsequent year to 0.47 by 2024. This trend indicates improved efficiency in utilizing assets to generate sales, reflecting operational improvements or better asset management over time.

Financial Leverage

Reported financial leverage increased from 2.18 in 2019 to a peak of 2.41 in 2020, suggesting higher reliance on debt or liabilities relative to equity during that year. After 2020, leverage steadily decreased to 1.95 in 2024, indicating a gradual deleveraging or stronger equity base. Adjusted financial leverage shows a similar trend, with values slightly lower than reported figures but following the same pattern of increase in 2020 and steady decline thereafter.

Return on Equity (ROE)

The reported ROE declined sharply from a positive 12.44% in 2019 to a negative -3.43% in 2020, mirroring net profit margin challenges. A modest recovery followed, with ROE reaching 4.94% by 2024, still below pre-2020 levels. Adjusted ROE also dropped to negative territory in 2020 and improved modestly over time, albeit with lower values compared to reported figures, indicating that excluding certain items yields a more conservative estimate of equity returns.

Return on Assets (ROA)

The reported ROA fell from 5.7% in 2019 to -1.42% in 2020, indicating diminished asset profitability during that year. Recovery occurred gradually, with ROA reaching 2.53% in 2024. Adjusted ROA showed a similar decrease and recovery pattern but at slightly lower levels, reflecting that adjustments further moderate the return measure, suggesting some distortion in reported profitability due to non-recurring tax effects or similar adjustments.

Overall Trends and Insights

The data reveal a pronounced negative impact on profitability and returns in 2020, with all metrics reflecting a significant downturn likely tied to external economic or industry-specific disruptions. The company has demonstrated a recovery trajectory thereafter, with improvements in asset utilization and gradual reduction in financial leverage. Notably, adjusted figures consistently present a more conservative view of profitability and return metrics, highlighting the effect of excluding certain income tax-related or other adjustments. The trend towards lower financial leverage accompanied by improving asset turnover suggests a strategic focus on efficiency and balance sheet strength post-2020 challenges.

Reported Net Income (Loss) Attributable to The Walt Disney Company

Over the six-year period, there is notable volatility in reported net income. Starting from a strong positive value of 11,054 million USD in 2019, there is a sharp decline to a negative 2,864 million USD in 2020, indicating a significant loss during that year. Subsequently, the reported net income shows a recovery trend, rising to 1,995 million USD in 2021 and further increasing to 3,145 million USD in 2022. However, this is followed by a slight decline to 2,354 million USD in 2023, before a strong rebound to 4,972 million USD in 2024. Overall, the pattern reflects a period of instability with a substantial drop in 2020 likely linked to external disruptions, followed by gradual recovery and improvement through 2024.

Adjusted Net Income (Loss) Attributable to The Walt Disney Company

The adjusted net income, which accounts for reported and deferred income tax adjustments, mirrors the volatility seen in reported net income but with some differences in magnitude. Beginning at 13,135 million USD in 2019, it drops to a loss of 3,139 million USD in 2020, consistent with the reported figures. The adjusted net income then shows a more muted recovery with 743 million USD in 2021, before rising sharply to 3,313 million USD in 2022. A significant decline occurs in 2023 with only 989 million USD, followed by a return to a higher level of 4,165 million USD in 2024. This indicates that while adjustments impact the absolute figures, the overall trend and recovery trajectory align with the reported values.

Reported Net Profit Margin

The reported net profit margin follows the income trend, starting at a healthy 15.89% in 2019 before plunging into negative territory at -4.38% in 2020. This sharp contraction suggests substantial challenges affecting profitability. The margin then recovers gradually to 2.96% in 2021, improving further to 3.8% in 2022. A drop to 2.65% in 2023 is observed, before an increase to 5.44% in 2024, indicating a strengthening profitability relative to revenues in the latest year measured.

Adjusted Net Profit Margin

The adjusted net profit margin also starts from a strong position of 18.88% in 2019, experiences a deeper decline reaching -4.8% in 2020, which signals substantial pressure on adjusted profitability. Following that period, it demonstrates modest recovery with 1.1% in 2021 and a slight improvement to 4% in 2022. The adjusted margin falls again to 1.11% in 2023 before rising to 4.56% in 2024. This pattern highlights a fluctuating but overall recovering adjusted profitability that remains below the pre-2020 levels throughout the period under review.

Reported and Adjusted Total Assets

There is a general upward trend in both reported and adjusted total assets from 2019 through 2023, with reported total assets increasing from approximately $193.98 billion in 2019 to $205.58 billion in 2023. Adjusted total assets follow a similar pattern, rising from about $193.57 billion to $204.91 billion in the same period. However, in 2024, both reported and adjusted total assets decline notably, with reported assets decreasing to approximately $196.22 billion and adjusted assets to about $195.56 billion. This indicates a contraction in asset base in the most recent year after steady growth over previous years.

Reported and Adjusted Total Asset Turnover

Total asset turnover ratios, both reported and adjusted, demonstrate an overall improving trend over the years. Initially at 0.36 in 2019, the ratio dips to 0.32 in 2020, possibly reflecting operational challenges or increased asset base with slower revenue growth. Following this, there is a gradual increase each year from 2020 through 2024, reaching 0.47 in 2024. This steady improvement suggests enhanced efficiency in utilizing assets to generate revenues, with the company optimizing asset use more effectively each year after 2020.

Summary

The data reflects a company that expanded its asset base steadily up to 2023, but experienced a notable decrease in total assets in 2024. Despite this contraction in assets, the total asset turnover ratio shows consistent improvement, indicating better asset utilization and possibly stronger revenue generation relative to asset levels. This pattern may suggest strategic asset management or operational improvements enhancing profitability despite a reduced asset base in the latest year.

The financial data displays various trends in the company's assets, equity, and leverage ratios over a six-year span. A detailed analysis of these trends indicates changes in financial structure and leverage management.

Total Assets

Reported total assets exhibit a gradual increase from 193,984 million US$ in 2019 to a peak of 205,579 million US$ in 2023, followed by a notable decline to 196,219 million US$ in 2024. Adjusted total assets follow a similar pattern but consistently register slightly lower values than their reported counterparts. The adjusted assets also peak in 2023 at approximately 204,908 million US$ before declining in 2024 to 195,564 million US$.

Total Shareholder’s Equity

Reported shareholder’s equity shows a fluctuating but generally upward trend, beginning at 88,877 million US$ in 2019, then dipping to 83,583 million US$ in 2020, followed by increases to 100,696 million US$ in 2024. The adjusted shareholder’s equity consistently reports higher values than the reported equity, indicating adjustments that increase equity figures. It rises steadily from 96,369 million US$ in 2019 to 106,318 million US$ in 2024, signaling an improving equity base over the period.

Financial Leverage Ratios

The reported financial leverage ratio peaks at 2.41 in 2020, the highest point in the series, before declining steadily each year to 1.95 in 2024. This suggests a reduction in the relative amount of debt used to finance assets over time. The adjusted financial leverage ratio mirrors this trend, starting at 2.01 in 2019, increasing to 2.22 in 2020, and then falling to its lowest point of 1.84 in 2024. Both sets of leverage ratios indicate a consistent move toward lower leverage and potentially more conservative financial management post-2020.

Overall, the data reveals a peak in asset size and leverage around 2020–2023, followed by a contraction in total assets and a steady decline in financial leverage ratios through 2024. The adjusted figures consistently present a stronger equity position and lower leverage compared to reported figures, reflecting the impact of accounting adjustments related to income tax considerations. This pattern suggests enhanced financial stability and a cautious approach to debt utilization in the most recent period.

The financial data reveals notable fluctuations in both reported and adjusted net income attributable to the company over the six-year period. The reported net income shows a significant drop in the fiscal year ending October 3, 2020, turning negative with a loss of approximately $2.864 billion, followed by a gradual recovery in subsequent years, reaching $4.972 billion by the fiscal year ending September 28, 2024. The adjusted net income mirrors this trend but with more pronounced volatility, dropping below negative $3 billion in 2020 and then gradually recovering, though the recovery is less consistent, with a dip in 2023 before a rebound in 2024.

Total shareholder's equity, on both reported and adjusted bases, demonstrates an overall upward trajectory despite some fluctuations. Reported equity declined from about $88.877 billion in 2019 to $83.583 billion in 2020 but then steadily increased to $100.696 billion by 2024. Adjusted equity follows a similar pattern, starting higher at approximately $96.369 billion in 2019, dipping to $90.542 billion in 2020, and rising to $106.318 billion by 2024. The adjusted figures are consistently higher than the reported figures, indicating adjustments that increase the equity base over time.

Return on equity (ROE), both reported and adjusted, reflects the variations in profitability relative to shareholders’ equity. Reported ROE declined from 12.44% in 2019 to a negative 3.43% in 2020, showing the impact of the net loss in that year. It then recovered modestly over the next years, reaching 4.94% in 2024. Adjusted ROE follows a similar pattern but remains lower than reported ROE in most years, except for 2020 where it is slightly more negative, indicating the adjusted measures present a more conservative assessment of return. The ROE figures in 2023 drop to 0.93% on an adjusted basis, the lowest in the period aside from 2020, before improving again in 2024.

Net Income Trends

Significant dip into losses in 2020 followed by a gradual recovery, with both reported and adjusted figures showing the impact of one-off or deferred tax effects.

Equity Trends

Overall increase in shareholder equity over six years despite a noticeable dip in 2020. Adjusted equity consistently exceeds reported equity, suggesting the impact of tax-related adjustments.

Return on Equity

ROE reflects the net income fluctuations, with negative returns in 2020 and a gradual rebound, though adjusted ROE tends to be more conservative, highlighting the adjustments' effect on profitability metrics.

Net Income Trends

The reported net income attributable to the company experienced a sharp decline from a positive $11,054 million in 2019 to a negative $2,864 million in 2020, indicating a significant adverse event or disruption during that fiscal year. Subsequently, there was a recovery period where net income returned to positive values, reaching $1,995 million in 2021 and gradually increasing to $4,972 million by 2024, though fluctuations occurred, notably a decrease in 2023. The adjusted net income followed a similar pattern, with an initial loss in 2020 but showed a more modest recovery and higher volatility, including lower adjusted income in 2023 compared to reported figures, suggesting that adjustments may reflect additional factors impacting profitability.

Total Assets Evolution

The reported total assets showed a steady increase from $193,984 million in 2019 to $205,579 million in 2023, followed by a decline to $196,219 million in 2024. Adjusted total assets mirrored this trend closely with minor variances, indicating relatively stable asset base growth until the 2024 contraction. The overall asset base reflects moderate expansion over the earlier years, with a contraction in the most recent year possibly connected to asset sales, write-downs, or other balance sheet adjustments.

Return on Assets (ROA) Patterns

Reported ROA decreased sharply from 5.7% in 2019 to negative levels (-1.42%) in 2020, consistent with the net income loss during that year. It then improved progressively, hitting 2.53% in 2024, although the growth was not linear, with slight declines noted in some years such as 2023. Adjusted ROA exhibited a similar trajectory but remained generally lower than reported figures, especially in 2023, reflecting possibly conservative adjustments that diminish the apparent profitability ratio. The ROA trends correspond with income fluctuations and illustrate recovery albeit with periods of subdued profitability efficiency.

Overall Observations

The data outlines a recovery phase starting in 2021 following a significant setback in 2020, characterized by losses likely tied to an extraordinary event. Both reported and adjusted figures indicate improvement, yet differences between them highlight the impact of adjustments on financial outcomes. Asset growth was moderate but reversed in the latest period, possibly signaling strategic shifts or asset impairments. Profitability, as measured by ROA, remains positive in recent years but below pre-2020 levels, suggesting that while performance is rebounding, full recovery to prior profitability margins has not been achieved yet.