Analysis of Revenues
Revenues as Reported
Walt Disney Co., income statement, revenues
US$ in millions
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).
The annual revenue analysis reveals several distinct trends across different revenue streams over the examined periods.
- Subscription and Affiliate Fees
- This segment demonstrates consistent growth throughout the period, starting at approximately 25.6 billion US dollars and increasing steadily each year to reach about 37.8 billion US dollars by the final year. This indicates a robust and expanding subscriber base or increased affiliate revenues.
- Advertising
- Advertising revenues show fluctuations with a peak early in the period near 13 billion US dollars, followed by a decline prior to a slight recovery, yet the most recent years reflect a modest decrease, ending around 11.1 billion US dollars. This suggests a somewhat volatile or competitive advertising market.
- Theme Park Admissions
- Theme park admissions revenue exhibits significant volatility. After a slight dip in the second year, revenues substantially increased from 3.8 billion to over 11.7 billion US dollars in the last year. This sharp increase points towards a strong recovery and expansion in physical attendance or pricing strategies following an earlier suppressed performance.
- Retail and Wholesale Sales of Merchandise, Food and Beverage
- This category shows steady growth, especially from the third year onward, rising from just under 5 billion to approximately 9.6 billion US dollars. The consistent upward trend reflects increased consumer spending or enhanced retail operations.
- Resort and Vacations
- Revenues here were initially declining but then experienced a sharp rebound with growth roughly tripling from the lowest point to over 9.2 billion US dollars by the end. This suggests a recovering and expanding resort and vacation business segment.
- Merchandise Licensing
- The merchandise licensing stream increased gradually over the years, apart from a minor dip in the middle period, ending near 3.9 billion US dollars which indicates steady licensing activity with some fluctuations.
- TV/VOD and Home Entertainment Distribution
- There is a marked decline in this segment’s revenues, shrinking from over 8 billion US dollars to just under 3.8 billion, illustrating decreased demand or transition away from traditional distribution channels toward alternative consumption models.
- Theatrical Distribution Licensing
- This revenue line has a mixed pattern, with a significant drop in the second year followed by rebounds and fluctuations, ending slightly higher than the mid-period low, though still below the initial value. The variability may be tied to the cyclical nature of theatrical releases or licensing agreements.
- Other
- The "Other" category generally increased from about 3.1 billion to around 5 billion US dollars, with some slight decreases in the last years, indicating a broad-based revenue source with moderate growth.
- Total Revenues
- Overall revenues display strong growth from approximately 65.4 billion to 94.4 billion US dollars, driven largely by gains in subscription fees, theme parks, retail sales, and resorts. Despite some declines in advertising and home entertainment distribution, the overall upward revenue trend suggests successful diversification and recovery strategies.