Common-Size Income Statement
Quarterly Data
Walt Disney Co., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02), 10-K (reporting date: 2020-10-03), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28).
- Revenue Composition
- The company's revenues are predominantly derived from services, consistently representing approximately 86.7% to 95.4% of total revenues throughout the periods analyzed. The proportion of product revenues correspondingly remains lower, ranging from about 4.6% to 13.3%. Over time, the share of services shows a slight decreasing trend post mid-2020, stabilizing around 89% to 90%, while products exhibit a modest increase towards 10% to 11% in recent quarters.
- Cost Structure and Gross Profit
- Costs associated with services show significant variability, initially increasing sharply from approximately 54.6% to nearly 69% of revenues in late 2020, then declining and stabilizing in the range of 55% to 60% in subsequent years. Product costs maintain a more stable pattern, fluctuating between 5.4% and 7.8% of revenues. Overall, cost of revenues largely reflects these movements, peaking near 75% around late 2020 and subsequently improving to approximately 61% to 63%. Gross profit margin correspondingly declines steeply in mid-2020 to about 25%, then recovers progressively to stabilize around 35% to 38% in the most recent quarters, indicating improved efficiency or favorable pricing dynamics after the initial downturn.
- Operating Expenses
- Selling, general, administrative, and other expenses generally range between 15.9% and 23.5% of revenues, with spikes observed in late 2021 and late 2022. Depreciation and amortization expenses display a downward trend from a peak of nearly 11.7% during mid-2020 to stabilizing around 5% to 6% thereafter, signaling either asset base changes or shifts in amortization policies. Restructuring and impairment charges are notably volatile, with a particularly large negative impact around mid-2020 (approximately -42.85%) and renewed increases in several quarters afterward, indicating episodic restructuring activities adversely affecting profits.
- Profitability Metrics
- Operating income exhibits considerable fluctuation, severely impacted mid-2020 with a loss exceeding 42% of revenues but recovering subsequently to maintain positive margins mostly between 3% and 16%. Income before tax follows a similar pattern, illustrating variability in operational results and tax impacts. Income taxes show inconsistent effects, ranging from negative to positive percentages, which may reflect fluctuations in deferred tax assets/liabilities or tax planning strategies. Net income, both attributable to the company and overall, mirrors operational volatility, revealing significant losses around mid-2020 but demonstrating recovery and growing profitability afterward, frequently returning to margins near or above 10% of revenues in the latter quarters.
- Other Income and Interest Expense
- Other income (expense) is intermittent, occasionally contributing small positive or negative amounts to overall revenues without a clear trend. Interest expense remains relatively stable, fluctuating modestly between approximately 1.0% and 3.5% of revenues, reflecting consistent financing costs over the periods assessed.
- Equity Income and Noncontrolling Interests
- Equity in the income of investees is consistently positive but modest, generally in the range of 0.1% to 1.6%, contributing moderately to overall profitability. Net income attributable to noncontrolling interests is negative throughout, representing a small but persistent deduction from total net income attributable to the company.
- Summary Insights
- The data reveal a significant operational disruption during mid-2020, marked by substantial decreases in revenue components and profitability ratios, likely attributable to external adverse events impacting business volumes and cost structures. Following this period, a strong recovery trajectory is evident, with stabilization and gradual improvement across profitability, cost control, and revenue composition metrics. The cost of services remains the largest variable factor affecting margins, while operating expenses and restructuring charges introduce episodic volatility. Overall, the company's financial performance indicates resilience and adaptability, recovering from a sharp downturn to regain stable profitability levels aligned with historical trends.