Walt Disney Co. (NYSE:DIS)

The financial data reveals various trends in the composition of liabilities and equity over the analyzed periods. Observing current liabilities as a percentage of total liabilities and equity, there is an initial increase from 17.63% at the end of 2018 to 21.29% by mid-2019, followed by a general decline reaching around 13.15% to 13.3% in early 2021. This is succeeded by a gradual rise, peaking near 18.01% towards late 2023, and slightly tapering off thereafter.

Within current liabilities, accounts payable and other accrued liabilities demonstrate a decrease from about 10.7% at the end of 2018 to below 8.2% by mid-2020, then steadily climb back to approximately 11% by early 2025. The current portion of borrowings exhibits more volatility, initially rising sharply to above 10% in mid-2019, dropping significantly to below 2% by late 2022, and recovering moderately to around 3.3% near early 2025.

Deferred revenue and other current liabilities maintain a relatively stable range between approximately 2% and 3.7%, with a mild upward trend observed during recent years, suggesting some growth in advance payments or unearned income components.

Regarding long-term liabilities, excluding the current portion of borrowings, there is a notable increase from roughly 17.19% at the end of 2018 to a peak of approximately 26.26% in late 2020. Following this, a gradual reduction trend is evident, descending to around 18.61% by mid-2024. Other long-term liabilities fluctuate modestly but show a decreasing tendency from about 7.93% in late 2019 to near 5.26% by early 2025.

Overall total liabilities follow a similar pattern to long-term borrowings, increasing from about 44.45% at the end of 2018 to a peak near 52% in mid-to-late 2020, then declining steadily to approximately 44.46% by early 2025. This suggests a strategic deleveraging or repayment of liabilities during the latter periods.

Shareholders’ equity portrays a contrasting trend, starting near 50.35% at the end of 2018 but dropping to around 41.35% in mid-2020. Subsequently, it exhibits a sustained increase, reaching above 53% by early 2025. This increase indicates strengthening equity base and possibly retained earnings accumulation.

Supporting this, retained earnings as a percentage of total liabilities and equity show a considerable jump from 19.23% in early 2019 to 27.44% by early 2025, reflecting ongoing profit retention and reinvestment. Concurrently, treasury stock, though small in proportion, shows increasing negative values from near zero in 2019 to nearly -2.92% by early 2025, which may imply share repurchase activities reducing overall equity levels.

Accumulated other comprehensive loss fluctuates within a narrow range, generally declining in its negative impact from about -3.78% in late 2018 to approximately -1.47% by early 2025, indicating some recovery or reduction in other comprehensive losses over time.

Noncontrolling interests remain relatively stable, generally around 2% to 4%, with minor fluctuations indicating consistent minority shareholder presence without major shifts.

In summary, the data illustrates a shift towards a stronger equity position over the analyzed period, supported by increasing retained earnings and moderated by share repurchases. Total liabilities peaked around 2020 and have since declined, suggesting reduced financial leverage. Current liabilities exhibit variability but show signs of a moderate increase in recent periods. The overall financial structure indicates a gradual strengthening of balance sheet equity amidst controlled liability levels.