Common-Size Income Statement
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Walt Disney Co., common-size consolidated income statement
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).
- Revenue Composition Trends
- The share of services in total revenues has remained relatively stable over the analyzed periods, fluctuating slightly around the 89.5% to 91.6% range. Meanwhile, products accounted for roughly 8.4% to 10.5%, showing a modest increase after a dip in 2021. This indicates a consistent revenue mix dominated by services with products representing a minor, yet somewhat growing segment.
- Cost Structure Evolution
- The cost associated with services, excluding depreciation and amortization, displayed a declining trend from approximately 61% of revenues in 2021 to about 55.8% in the most recent period, indicating improved cost efficiency in services. Product costs fluctuated mildly but showed a slight decrease in the final period, reaching 6.45%. Overall, the combined cost of revenues reduced from nearly 67% to 62.2%, supporting an improvement in gross profitability.
- Profitability Trends
- Gross profit margins expanded progressively, ascending from near 33% to approximately 37.8%. This improvement aligns with the reduction in cost of revenues as a percentage of sales. Operating income also exhibited a positive trend, evolving from a loss of around 3% to a substantial gain of nearly 13.8%. This marks a significant turnaround in operational profitability.
- Expense and Charge Analysis
- The selling, general, administrative, and other expenses fluctuated but trended downward in later periods, stabilizing around 17.3% of revenues. Depreciation and amortization expenses steadily decreased from over 8% to approximately 5.6%, contributing to better operating margins. Restructuring and impairment charges were notably high at nearly 9% initially but dramatically declined and remained low later, suggesting reduced one-time charges and more stable operations.
- Other Income and Expenses
- Various gains and losses related to equity interests in other companies showed small and inconsistent impacts on revenues, with their contribution diminishing over time. Interest expense decreased from roughly 2.5% to under 2%, reflecting possibly improved debt management or lower borrowing costs. Net interest expense also dropped, enhancing net income.
- Income Tax and Net Earnings
- Income taxes demonstrated variability, including occasional negative impacts, but turned positive in the latest period. Net income from continuing operations rose markedly from negative positions to over 14% of revenues. Overall net income followed a similar trajectory, underscoring substantial profitability gains. Net income attributable to the company’s shareholders mirrored this positive trend, advancing from a loss near 4.4% to a gain exceeding 13%.
- Summary of Financial Position
- The data reveal a company that has enhanced its profitability through improved cost control, higher gross margins, and reduced exceptional charges. The steady service revenue dominance, alongside controlled product costs, supports sustainable income growth. Declining depreciation and interest expenses have further bolstered earnings. The reported trend suggests a strengthening financial performance with rising returns to shareholders over the observed timeframe.