Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Walt Disney Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (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).
- Accounts payable and other accrued liabilities
- This liability category shows a fluctuating trend with a gradual increase from 8.18% in mid-2020 to a peak of 10.98% by late 2024, followed by a slight decline toward the end of the observed period. The increase suggests growing short-term obligations relative to total liabilities and equity in recent periods.
- Current portion of borrowings
- This item experienced a decrease from over 6% in early 2020 to a low near 1.3% by mid-2021, indicating a reduction in short-term debt obligations. However, there was a noticeable resurgence above 4% toward late 2024, showing a partial reversal of the earlier decline in current borrowings.
- Deferred revenue and other
- This component remained relatively stable, generally around 2% to 3.7%, with a mild upward trend starting in early 2022. This may indicate an increase in revenue received but not yet earned or other similar liabilities.
- Current liabilities
- Current liabilities as a percentage of total liabilities and equity declined from 17.32% at the end of 2019 to approximately 13.15% in early 2021, then rose steadily to about 18% by late 2024. This pattern suggests an initial reduction in short-term obligations followed by a gradual rise in the most recent quarters.
- Borrowings, excluding current portion
- Long-term borrowings increased sharply from 18.94% at the end of 2019, peaked near 26.3% in mid-2020, and then declined steadily to around 17.9% by late 2025. This indicates an elevated long-term debt load around 2020, followed by progressive deleveraging over the subsequent years.
- Deferred income taxes
- The percentage for deferred income taxes decreased steadily from 4.16% in late 2019 to about 1.6% by early 2025, indicating a reduction in this liability relative to total funding sources over the analyzed period.
- Other long-term liabilities
- These liabilities showed a downward trend from nearly 8% at the end of 2019 to about 5% by late 2025, reflecting a consistent reduction in these obligations relative to the company’s total capital structure.
- Long-term liabilities
- Long-term liabilities peaked near 38.4% in late 2020 and then steadily declined to approximately 24.7% by late 2025, illustrating a significant reduction in long-term liabilities as a share of total liabilities and equity through the observed timeframe.
- Total liabilities
- Total liabilities reached a high above 52% in mid-2020, then declined continuously to just under 42% by late 2025. This reflects an overall deleveraging trend, with liabilities shrinking as a proportion of the company’s total capital base.
- Redeemable noncontrolling interests
- This item stayed relatively steady around 4.4% to 4.7% through early 2023 before disappearing from the data, suggesting either elimination or reclassification in later periods.
- Common stock, $0.01 par value
- Common stock as a percentage of total capital showed a gradual increase from 26.87% at the end of 2019 to approximately 30.3% by late 2025, indicating modest growth in shareholders' equity through stock issuance or retained capital.
- Retained earnings
- Retained earnings rose notably from 21.5% in late 2019 to over 30.5% by late 2025, representing a significant accumulation of earnings retained within the company and an improving equity base.
- Accumulated other comprehensive loss
- Comprehensive loss declined in magnitude from -3.25% at the end of 2019 to around -1.5% towards the end of the period, indicating a reduction in unrealized losses or other comprehensive expense impacts relative to total capital.
- Treasury stock, at cost
- Treasury stock increased in absolute value (more negative) from about -0.45% to nearly -3.8% of total liabilities and equity, suggesting a substantial increase in share repurchases across the period.
- Total Disney Shareholders’ equity
- Shareholders’ equity increased significantly from 44.67% at the end of 2019 to over 55.6% by late 2025, indicating strengthening financial position and growth in net assets held by shareholders relative to liabilities.
- Noncontrolling interests
- Noncontrolling interests fluctuated modestly but overall stayed near 2% throughout the period, showing relatively stable minority ownership stakes without large shifts in control or ownership structure.
- Total equity
- Total equity grew steadily from about 47.16% at the end of 2019 to above 58% by the end of the observation period, reflecting the combined effects of increased retained earnings, common stock value, and improved comprehensive income impacts.
- Overall observations
- The company demonstrated a clear trend of deleveraging with total liabilities declining as a percentage of total liabilities and equity from over 52% in 2020 to below 42% in 2025. Concurrently, there has been a strengthening of equity, supported notably by rising retained earnings and stable common stock levels. The increase in treasury stock indicates active share repurchase programs. Current liabilities showed some volatility but exhibited a general upward trend late in the series. The reduction in long-term borrowings and other long-term liabilities, along with declining deferred tax liabilities, support the overall improvement in the capital structure's quality.