Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Balance Sheet: Assets
- Cash Flow Statement
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Analysis of Debt
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Walt Disney Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-03-28), 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 capital structure demonstrates a strategic shift from a liability-heavy position toward increased equity financing over the observed period. Total liabilities peaked at 52.02% in June 2020 before entering a long-term downward trend, ultimately declining to 43.81% by March 2026. Conversely, total equity, which hit a low of 43.57% in June 2020, expanded steadily to reach 56.19% by the end of the period.
- Liability Composition and Debt Management
- Long-term liabilities exhibited a significant contraction, falling from a peak of 38.41% in October 2020 to 26.16% in March 2026. This reduction is primarily driven by a decline in borrowings, excluding the current portion, which dropped from 26.26% in late 2020 to 18.75% by early 2026. Current liabilities remained relatively volatile, fluctuating between 13% and 18%, with a recent trend toward the higher end of that range, reaching 17.65% in March 2026.
- Equity Growth and Component Analysis
- Total Disney Shareholders’ equity increased from 44.67% in December 2019 to 52.97% in March 2026. A primary driver of this growth was the consistent rise in retained earnings, which climbed from 21.50% to 30.40%. Common stock and additional paid-in capital also showed a gradual increase, moving from 26.87% to 30.34%.
- Treasury Stock and Shareholder Returns
- A notable expansion in treasury stock is observed, moving from -0.45% in 2019 to -6.33% by March 2026. This accelerating negative value indicates a significant increase in the proportion of capital utilized for share repurchases over time.
- Other Financial Indicators
- Accumulated other comprehensive loss showed a general trend of improvement, narrowing from a peak loss of -4.13% in October 2020 to -1.44% by March 2026. Deferred income taxes also experienced a decline in their relative weight, dropping from 4.16% in December 2019 to 2.46% in March 2026.
Overall, the data reflects a deleveraging process where the company reduced its reliance on long-term borrowings while simultaneously strengthening its equity base through retained earnings, despite the counterbalancing effect of aggressive treasury stock acquisitions.