Name: Walt Disney Co. (NYSE:DIS) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

Walt Disney Co., income statement, revenues

US$ in millions

12 months ended:	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
Subscription fees	20,446)	17,937)	15,291)	12,020)	7,645)	2,244)
Affiliate fees	16,107)	16,875)	17,525)	17,760)	17,929)	15,920)
Advertising	11,894)	11,518)	13,048)	12,429)	10,855)	10,505)
Theme park admissions	11,171)	10,423)	8,602)	3,848)	4,038)	7,540)
Retail and wholesale sales of merchandise, food and beverage	9,204)	8,921)	7,838)	4,957)	4,952)	7,716)
Resort and vacations	8,375)	7,949)	6,410)	2,701)	3,402)	6,266)
Merchandise licensing	3,784)	3,128)	3,969)	3,598)	3,242)	3,380)
TV/VOD distribution licensing	2,603)	2,992)	3,429)	5,266)	6,443)	5,665)
Theatrical distribution licensing	2,266)	3,174)	1,875)	920)	2,134)	4,726)
Home entertainment	753)	931)	820)	1,014)	1,612)	1,831)
Other	4,758)	5,050)	3,915)	2,905)	3,136)	3,777)
Revenues	91,361)	88,898)	82,722)	67,418)	65,388)	69,570)

Based on: 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), 10-K (reporting date: 2019-09-28).

Overall Revenue Trend: The total revenues show a recovery and growth trend after an initial decline. Revenues decreased from $69,570 million in 2019 to $65,388 million in 2020, likely reflecting external challenges during that period. From 2020 onwards, revenues steadily increased each year, reaching $91,361 million by 2024.
Subscription Fees: Subscription fees displayed significant and consistent growth, increasing more than ninefold from $2,244 million in 2019 to $20,446 million in 2024. This indicates a strong and expanding customer base or higher revenue per user in streaming and subscription services.
Affiliate Fees: Affiliate fees peaked in 2020 at $17,929 million and then showed a gradual decline over subsequent years, dropping to $16,107 million by 2024. This suggests potential challenges or shifts in partnerships or distribution agreements impacting this revenue stream.
Advertising: Advertising revenues increased moderately from $10,505 million in 2019 to a high of $13,048 million in 2022, followed by a decline to $11,894 million in 2024. This pattern may reflect fluctuating advertising budgets or changing market conditions impacting advertising spend.
Theme Park Admissions: The revenue from theme park admissions declined sharply from $7,540 million in 2019 to $3,848 million in 2021, likely due to operational restrictions or reduced attendance. A significant recovery occurred in 2022, reaching $11,171 million in 2024, surpassing prepandemic levels, signaling a strong rebound in visitor numbers.
Retail and Wholesale Sales of Merchandise, Food, and Beverage: This segment experienced a drop during 2020 and 2021, dipping to approximately $4,950 million, followed by a robust recovery beginning 2022, increasing to $9,204 million by 2024. The growth post-2021 indicates a resurgence in consumer spending in retail and food services.
Resort and Vacations: Similar to theme parks, resort and vacation revenues fell substantially in 2020 and 2021, hitting a low of $2,701 million in 2021. Recovery from 2022 onward has been consistent, with revenue reaching $8,375 million in 2024, reflecting renewed travel and vacation activities.
Merchandise Licensing: Merchandise licensing revenues remained relatively stable over the period with minor fluctuations, ranging between $3,128 million and $3,969 million. No clear upward or downward trend is evident, indicating steady but limited growth.
TV and VOD Distribution Licensing: Revenues in this category declined steadily from a peak of $6,443 million in 2020 to $2,603 million in 2024. This suggests diminishing returns from traditional media distribution or shifting strategies in content delivery.
Theatrical Distribution Licensing: This category showed high volatility, with a notable decline from $4,726 million in 2019 to $920 million in 2021. Some recovery occurred in 2022 and 2023, but revenue decreased again in 2024 to $2,266 million. This volatility reflects changing dynamics in theatrical releases and licensing activities.
Home Entertainment: Home entertainment revenues consistently declined from $1,831 million in 2019 to $753 million in 2024, indicating a general industry trend away from physical or traditional home entertainment formats.
Other Revenues: Other revenues decreased from $3,777 million in 2019 to a low of $2,905 million in 2021, followed by a rise to $5,050 million in 2023 and a slight decline in 2024 to $4,758 million. This pattern indicates some volatility but an overall recovery in miscellaneous income sources.

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