Stock Analysis on Net

Walt Disney Co. (NYSE:DIS)

Analysis of Revenues 

Microsoft Excel

Revenues as Reported

Walt Disney Co., income statement, revenues

US$ in millions

Microsoft Excel
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.