Common-Size Income Statement
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Walt Disney Co., common-size consolidated income statement
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).
- Revenue Composition
- Services consistently represent the majority of revenues, ranging from approximately 87% in 2019 to about 90% in the subsequent years, showing a slight increase and then stabilization around 89.5% to 89.6% from 2022 to 2024. Products’ share of revenue decreased from around 13% in 2019 to slightly above 10% in recent years, indicating a shift towards services-based revenue streams.
- Cost Structure
- The cost of services, excluding depreciation and amortization, has generally trended upward from roughly 52% of revenues in 2019 to a peak above 61% in 2021, but declined back below 58% in 2024. The cost of products similarly dropped from 8% to under 7% of revenues, reflecting improved cost control or changes in product mix. Overall, total cost of revenues, excluding depreciation and amortization, followed a pattern of increasing to about 67% in 2020-2021 and then decreasing to 64.25% by 2024, indicating some recovery in gross margins.
- Profitability
- Gross profit margins declined sharply from nearly 40% in 2019 to about 33% in 2020 and 2021, but then gradually improved, reaching 35.75% in 2024. Operating income experienced a significant negative impact in 2020, moving from a healthy 15.33% pre-pandemic to a -2.97% loss, but has since rebounded steadily to reach above 9% in 2024. This recovery points to operational improvements and cost management following the pandemic's initial disruption.
- Operating Expenses
- Selling, general, administrative, and other expenses increased from roughly 16.6% of revenues in 2019 to over 20% in 2021, before declining moderately to 17.25% by 2023 and 2024. Depreciation and amortization costs rose sharply in 2020 to over 8%, then decreased steadily to approximately 5.46% in 2024. Restructuring and impairment charges fluctuated, spiking at 8.77% in 2020 before falling to below 4% in recent years, suggesting episodic restructuring activities especially around the pandemic period.
- Non-Operating Results
- Other income and gains showed notable fluctuations. Significant gains were recorded in 2019, primarily from a 6.89% gain associated with Hulu, though these gains disappeared in later years. Income from investments such as DraftKings and fuboTV appeared sporadically, with a minor positive impact in some years and losses in others. Interest expense increased slightly in 2020 but has generally remained under 2.5% of revenues. Equity income from investees peaked in 2021 at around 1.13% and declined thereafter.
- Net Income Trends
- Net income was strong at nearly 17% of revenues in 2019 but turned negative in 2020 amid the pandemic’s impact. It began recovery in 2021 and improved continuously through 2024, reaching above 6% of revenues. Net income attributable to the company followed the same trend, experiencing a significant decline in 2020, with gradual improvement but remaining below pre-pandemic levels by 2024.
- Taxation and Other Observations
- Income taxes on continuing operations decreased sharply in 2020 and remained relatively low compared to 2019, consistent with lower profitability in that year. The company’s tax rate showed slight variability but no clear trend post-2020. The proportion attributable to noncontrolling interests remained minor but showed some fluctuation, increasing somewhat in 2023 and 2024.