Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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 balance sheet: liabilities and stockholders’ equity (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 composition of liabilities and stockholders’ equity exhibited notable shifts over the observed period, spanning from December 2019 to September 2025. Overall, a gradual increase in the proportion of equity relative to liabilities is apparent, particularly in the later periods. Current liabilities initially remained relatively stable before increasing significantly in the latter half of the period, while long-term liabilities demonstrated more moderate fluctuations.
- Current Liabilities
- Current liabilities, as a percentage of total liabilities and equity, generally decreased from 17.32% in December 2019 to a low of 13.21% in October 2020. However, a consistent upward trend commenced in April 2022, peaking at 18.01% in June 2024 before decreasing slightly to 17.63% in September 2025. This increase was primarily driven by changes in the current portion of borrowings and deferred revenue.
- Borrowings
- The proportion of borrowings, excluding the current portion, decreased from 18.94% in December 2019 to 17.73% in September 2025. While fluctuations occurred, the overall trend suggests a reduction in reliance on long-term debt financing. The current portion of borrowings showed more volatility, increasing from 4.99% in December 2019 to 6.14% in March 2020, then decreasing to a low of 1.51% in October 2022, before rising again to 5.35% in September 2025.
- Deferred Revenue and Other
- Deferred revenue and other current liabilities demonstrated a moderate increase over the period, rising from 2.50% in December 2019 to 3.41% in September 2025. This suggests a growing trend in advance payments or unearned revenue. The increase was not linear, with some quarterly declines, but the overall direction is upward.
- Stockholders’ Equity
- Total stockholders’ equity exhibited a clear upward trend as a percentage of total liabilities and equity, increasing from 44.67% in December 2019 to 53.68% in September 2025. This growth was primarily fueled by increases in common stock and retained earnings. Retained earnings increased from 21.50% to 25.34% over the same period, indicating profitability and reinvestment of earnings. Treasury stock, however, consistently represented a negative percentage, increasing in magnitude over time, suggesting ongoing share repurchase activity.
- Long-Term Liabilities
- Long-term liabilities initially increased from 31.03% in December 2019 to 38.41% in June 2020, then generally decreased to 24.68% in September 2025. Deferred income taxes showed a slight decrease over the period, while other long-term liabilities also experienced a gradual decline. The decrease in long-term liabilities contributed to the overall increase in the proportion of equity.
- Total Liabilities
- Total liabilities decreased from 48.34% in December 2019 to 46.32% in September 2025. This decrease, coupled with the increase in equity, resulted in a stronger overall financial position. The most significant decrease occurred between October 2022 and September 2025.
In summary, the observed trends indicate a shift towards a more equity-financed capital structure. While current liabilities experienced a recent increase, the overall trend in long-term liabilities was downward, and equity consistently grew as a proportion of total liabilities and equity. This suggests improved financial stability and a potentially reduced reliance on debt financing.