Common-Size Income Statement
Quarterly Data
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Walt Disney Co., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
- Revenue Composition
- Services consistently represent the dominant share of revenues, fluctuating mainly between approximately 84% and 95%. The proportion of Products in revenues demonstrates an inverse relationship, ranging generally from about 4.6% to 16%. Notably, the Services share peaks around mid-2020, corresponding with a marked dip in Products' share.
- Cost Structure
- The combined cost of services and products, exclusive of depreciation and amortization, comprises a significant portion of revenues, generally exceeding 55%. There is a clear trend of increasing costs starting from late 2018, with the highest peaks in late 2020 where cost of services notably reached nearly 69%. Cost of services shows more volatility and higher magnitude in increase than cost of products.
- Gross Profit Trends
- Gross profit as a percentage of revenues exhibits considerable variation, dipping as low as around 25% in late 2020 and recovering to the mid-30% range subsequently. This trend mirrors the fluctuations in costs, especially the rising cost of services, which exert downward pressure on gross profitability during peak cost periods.
- Operating Expenses
- Selling, general, administrative, and other expenses remain moderately volatile, fluctuating mostly in the range of 14% to 23% of revenues. Depreciation and amortization gradually increase in early periods, peaking near 12% in mid-2020 and then stabilize around 5-7%, reflecting likely impairments or asset adjustments during this turbulent period.
- Restructuring and Impairment Charges
- These charges are generally negligible but spike dramatically in mid-2020, reaching nearly 43% of revenues. Other smaller spikes appear sporadically, indicating episodic restructuring or impairment events, largely coinciding with periods of operational stress.
- Operating Income
- Operating income shows a strong decline in early 2020, turning negative during the mid-year with the lowest point around -42%. However, subsequent quarters demonstrate recovery and oscillation between moderate losses and gains, with a return to positive territory and increasing profitability toward the most recent periods.
- Other Income (Expense), Net
- This category is sporadic and fluctuates without a consistent pattern, occasionally posting positive or negative impacts. The fluctuations suggest variability in non-operational items influencing periodic results marginally.
- Interest Expense
- Interest expense as a percentage of revenue is relatively stable, generally remaining between -0.4% and -3.5%, with the higher expense periods tracking with times of operational stresses or increased borrowings.
- Equity in Income of Investees
- The equity component from investees remains small but positive generally, with occasional minor negative deviations. The values suggest a modest but steady contribution to overall profit from associated entities.
- Income Before Income Taxes
- Income before taxes mirrors operating income trends, with a significant drop into negative territory mid-2020 followed by gradual recovery and volatility around positive values, highlighting the impact of costs and restructuring charges on pre-tax profitability.
- Income Taxes
- Income tax expense relative to revenues shows notable variability, fluctuating between positive and negative values. Some periods reflect tax benefits or adjustments, notably with positive values occurring even in negative income periods, indicating complex tax effects.
- Net Income from Continuing Operations
- Net income from continuing operations follows the operating income pattern closely, showing sharply reduced or negative results in mid-2020, followed by recovery and stabilization generally in the positive range but with some volatility persisting into 2024.
- Income from Discontinued Operations
- Minor contributions from discontinued operations occur sporadically early in the data but are mostly negligible or absent thereafter, suggesting limited ongoing impact from divested segments.
- Net Income Attributable to the Company
- The net income attributable to the company correlates closely with overall net income but excludes impacts from noncontrolling interests. It reflects the same pattern of sharp mid-2020 decline with subsequent recovery and increasing profitability toward the most recent periods, indicating resilience in financial performance post-disruption.
- Noncontrolling Interests
- The share of net income attributable to noncontrolling interests is generally negative, with some periods showing increased losses from minority interests, suggesting that these interests incurred losses or adjustments offsetting consolidated earnings from those parties.
- Overall Interpretation
- The data reflects significant operational and financial challenges beginning in early 2020, with sharp increases in restructuring charges, cost escalations, and declines in profitability metrics. The mid-2020 period marks the nadir across many categories, likely associated with extraordinary events or economic disruptions. However, subsequent quarters demonstrate a pattern of recovery, cost containment, and return to profitability. The predominant contribution of services to revenues remains stable throughout, underscoring the company’s reliance on this segment while managing cost pressures and restructuring initiatives. Profit margins have gradually improved since the downturn, supported by effective expense management and recovery in operating income.