An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Adjustments to Financial Statements for Operating Leases
Adjusted Financial Ratios for Operating Leases (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Return on Assets (ROA)

Walt Disney Co., adjustments to financial statements

US$ in millions

	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
Adjustment to Total Assets
Total assets (as reported)	197,514)	196,219)	205,579)	203,631)	203,609)	201,549)
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	—)
Total assets (adjusted)	197,514)	196,219)	205,579)	203,631)	203,609)	201,549)
Adjustment to Total Debt
Total debt (as reported)	42,188)	46,005)	46,674)	48,625)	54,693)	58,936)
Add: Operating lease liability (before adoption of FASB Topic 842)²	—)	—)	—)	—)	—)	—)
Add: Short-term lease liabilities, operating leases (included in Accounts payable and other accrued liabilities)	525)	744)	740)	614)	637)	747)
Add: Long-term lease liabilities, operating leases (included in Other long-term liabilities)	2,710)	2,768)	3,258)	3,020)	2,983)	2,640)
Total debt (adjusted)	45,423)	49,517)	50,672)	52,259)	58,313)	62,323)

Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03).

^{1, 2} Equal to total present value of future operating lease payments.

Walt Disney Co., Financial Data: Reported vs. Adjusted

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Walt Disney Co., adjusted financial ratios

	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
Total Asset Turnover¹
Reported total asset turnover	0.48	0.47	0.43	0.41	0.33	0.32
Adjusted total asset turnover	0.48	0.47	0.43	0.41	0.33	0.32
Debt to Equity²
Reported debt to equity	0.38	0.46	0.47	0.51	0.62	0.71
Adjusted debt to equity	0.41	0.49	0.51	0.55	0.66	0.75
Return on Assets³ (ROA)
Reported ROA	6.28%	2.53%	1.15%	1.54%	0.98%	-1.42%
Adjusted ROA	6.28%	2.53%	1.15%	1.54%	0.98%	-1.42%

Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03).

¹ See details »

² See details »

³ See details »

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Walt Disney Co. adjusted total asset turnover ratio improved from 2023 to 2024 and from 2024 to 2025.
Adjusted debt to equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Walt Disney Co. adjusted debt to equity ratio improved from 2023 to 2024 and from 2024 to 2025.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Walt Disney Co. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025.

Walt Disney Co., Financial Ratios: Reported vs. Adjusted

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	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
As Reported
Selected Financial Data (US$ in millions)
Revenues	94,425)	91,361)	88,898)	82,722)	67,418)	65,388)
Total assets	197,514)	196,219)	205,579)	203,631)	203,609)	201,549)
Activity Ratio
Total asset turnover¹	0.48	0.47	0.43	0.41	0.33	0.32
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Revenues	94,425)	91,361)	88,898)	82,722)	67,418)	65,388)
Adjusted total assets	197,514)	196,219)	205,579)	203,631)	203,609)	201,549)
Activity Ratio
Adjusted total asset turnover²	0.48	0.47	0.43	0.41	0.33	0.32

Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03).

2025 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= 94,425 ÷ 197,514 = 0.48

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 94,425 ÷ 197,514 = 0.48

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Walt Disney Co. adjusted total asset turnover ratio improved from 2023 to 2024 and from 2024 to 2025.

	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
As Reported
Selected Financial Data (US$ in millions)
Total debt	42,188)	46,005)	46,674)	48,625)	54,693)	58,936)
Total Disney Shareholder’s equity	109,869)	100,696)	99,277)	95,008)	88,553)	83,583)
Solvency Ratio
Debt to equity¹	0.38	0.46	0.47	0.51	0.62	0.71
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Adjusted total debt	45,423)	49,517)	50,672)	52,259)	58,313)	62,323)
Total Disney Shareholder’s equity	109,869)	100,696)	99,277)	95,008)	88,553)	83,583)
Solvency Ratio
Adjusted debt to equity²	0.41	0.49	0.51	0.55	0.66	0.75

Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03).

2025 Calculations

¹ Debt to equity = Total debt ÷ Total Disney Shareholder’s equity
= 42,188 ÷ 109,869 = 0.38

² Adjusted debt to equity = Adjusted total debt ÷ Total Disney Shareholder’s equity
= 45,423 ÷ 109,869 = 0.41

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Solvency ratio	Description	The company
Adjusted debt-to-equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Walt Disney Co. adjusted debt-to-equity ratio improved from 2023 to 2024 and from 2024 to 2025.

	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney)	12,404)	4,972)	2,354)	3,145)	1,995)	(2,864)
Total assets	197,514)	196,219)	205,579)	203,631)	203,609)	201,549)
Profitability Ratio
ROA¹	6.28%	2.53%	1.15%	1.54%	0.98%	-1.42%
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney)	12,404)	4,972)	2,354)	3,145)	1,995)	(2,864)
Adjusted total assets	197,514)	196,219)	205,579)	203,631)	203,609)	201,549)
Profitability Ratio
Adjusted ROA²	6.28%	2.53%	1.15%	1.54%	0.98%	-1.42%

Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03).

2025 Calculations

¹ ROA = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Total assets
= 100 × 12,404 ÷ 197,514 = 6.28%

² Adjusted ROA = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Adjusted total assets
= 100 × 12,404 ÷ 197,514 = 6.28%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Walt Disney Co. adjusted ROA improved from 2023 to 2024 and from 2024 to 2025.

Walt Disney Co. (NYSE:DIS)

Analysis of Operating Leases

Adjustments to Financial Statements for Operating Leases

Walt Disney Co., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios for Operating Leases (Summary)

Walt Disney Co., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Return on Assets (ROA)