Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
- Aggregate Accruals
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Walt Disney Co., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-12-27), 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).
The common-size income statement reveals significant fluctuations in the company’s financial performance over the analyzed period, spanning from December 2019 to June 2025. Revenue composition, cost structure, and profitability metrics all exhibit notable shifts, particularly influenced by events in fiscal years 2020 and 2021, and again in 2023 and 2024. A general trend towards increased profitability is observed in the latter half of the period, though with continued volatility.
- Revenue Composition
- Services consistently represent the dominant portion of revenue, generally ranging between 86% and 96%. Products contribute the remaining portion, fluctuating between approximately 4% and 13%. A noticeable shift occurred in the early quarters of the analyzed period, with services increasing and products decreasing as a percentage of revenue. From September 2024 onwards, the proportion of product revenue appears to stabilize around 10%.
- Cost of Revenues
- The cost of revenues, excluding depreciation and amortization, demonstrates a generally high percentage of total revenues, typically between 55% and 75%. A substantial increase in this percentage is evident in October 2020, reaching nearly 75%, suggesting increased operational costs or a shift in revenue mix. The cost of services consistently comprises the larger portion of the cost of revenues. The cost of products fluctuates, but generally remains lower than the cost of services.
- Gross Profit
- Gross profit as a percentage of revenue exhibits significant volatility. It decreased substantially in fiscal year 2020, reaching a low of approximately 25% in October 2020, before recovering to levels between 33% and 38% in subsequent periods. A further decline is observed in late 2022 and early 2023, followed by a recovery and stabilization around 36-38% in the most recent quarters.
- Operating Expenses
- Selling, general, and administrative expenses consistently represent a significant portion of revenue, generally between 16% and 24%. Depreciation and amortization typically range between 5% and 12%. Restructuring and impairment charges introduce considerable volatility, particularly in June 2020 and July 2023, significantly impacting operating income. These charges appear to be non-recurring and substantial when they occur.
- Operating Income
- Operating income demonstrates the most dramatic fluctuations. A significant loss is recorded in June 2020, largely attributable to the increased cost of revenues and restructuring charges. Operating income recovers in subsequent periods, peaking in late 2021 and early 2022, before experiencing another decline in 2022 and 2023. A strong recovery is observed in the final quarters, reaching levels comparable to those seen in 2021. The operating income percentage of revenue fluctuates widely, from negative values to over 15%.
- Net Income
- Net income mirrors the trends observed in operating income, with a substantial loss in fiscal year 2020, followed by recovery and subsequent volatility. Net income attributable to the company follows a similar pattern. The impact of noncontrolling interests and discontinued operations, while present, is relatively small compared to the overall fluctuations in operating performance. A significant increase in net income is observed in the most recent quarters, driven by improved operating performance and potentially favorable tax adjustments.
Overall, the financial performance of the company is characterized by significant volatility, particularly in the years 2020-2023. While the company experienced substantial challenges during this period, recent quarters indicate a strong recovery and a return to more stable profitability. The consistent dominance of services revenue and the substantial impact of operating expenses are key features of the company’s financial structure.