Walt Disney Co., adjusted current assets

US$ in millions

	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
As Reported
Current assets	25,241)	32,763)	29,098)	33,657)	35,251)	28,124)
Adjustments
Add: Allowance for credit losses	83)	115)	158)	170)	426)	295)
After Adjustment
Adjusted current assets	25,324)	32,878)	29,256)	33,827)	35,677)	28,419)

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

Current Assets: The current assets show a notable increase from 28,124 million US$ in 2019 to a peak of 35,251 million US$ in 2020. After this peak, there is a gradual decline to 33,657 million US$ in 2021 and further down to 29,098 million US$ in 2022. The figure slightly recovers in 2023 to 32,763 million US$ but then decreases significantly again to 25,241 million US$ in 2024. This indicates fluctuations with an overall downward trend after the 2020 peak.
Adjusted Current Assets: The adjusted current assets follow a similar pattern to the current assets, starting at 28,419 million US$ in 2019 and rising to 35,677 million US$ in 2020. This value then declines steadily to 33,827 million US$ in 2021 and 29,256 million US$ in 2022. A slight improvement is observed in 2023 with 32,878 million US$, followed by a significant drop to 25,324 million US$ in 2024. This reflects similar volatility and an overall decline after the peak year of 2020.

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Walt Disney Co., adjusted total assets

US$ in millions

	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
As Reported
Total assets	196,219)	205,579)	203,631)	203,609)	201,549)	193,984)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	3,704)
Add: Allowance for credit losses	83)	115)	158)	170)	426)	295)
Less: Deferred tax assets²	655)	671)	636)	686)	329)	410)
After Adjustment
Adjusted total assets	195,647)	205,023)	203,153)	203,093)	201,646)	197,573)

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets. See details »

Total assets: The total assets exhibited a gradual increase from 193,984 million USD in the fiscal year ending September 28, 2019, reaching a peak of 205,579 million USD by the fiscal year ending September 30, 2023. However, in the most recent period ending September 28, 2024, a notable decline to 196,219 million USD was observed, indicating a potential asset reduction or revaluation after several years of growth.
Adjusted total assets: The adjusted total assets followed a similar trend to the total assets, increasing from 197,573 million USD in 2019 to a high of 205,023 million USD in 2023. Consistent with the total assets, the adjusted figure also declined in 2024 to 195,647 million USD. This parallel movement suggests that adjustments made to asset valuations maintained proportionality with the reported total assets over the periods analyzed.

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Walt Disney Co., adjusted current liabilities

US$ in millions

	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
As Reported
Current liabilities	34,599)	31,139)	29,073)	31,077)	26,628)	31,341)
Adjustments
Less: Current deferred revenues	5,587)	5,568)	5,531)	4,067)	3,688)	4,050)
After Adjustment
Adjusted current liabilities	29,012)	25,571)	23,542)	27,010)	22,940)	27,291)

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

Current Liabilities: The current liabilities demonstrate fluctuating values over the observed periods. Beginning at 31,341 million USD in September 2019, there is a decrease to 26,628 million USD in October 2020, followed by a rise to 31,077 million USD in October 2021. A subsequent decline to 29,073 million USD is noted in October 2022, with figures increasing again to 31,139 million USD in September 2023, and finally reaching the highest point of 34,599 million USD by September 2024. This pattern reflects variability with an overall upward trend in recent years, especially evident in the latest period where current liabilities are at their peak.
Adjusted Current Liabilities: Adjusted current liabilities show a pattern somewhat aligned with the unadjusted values but on a lower scale throughout all periods. Starting at 27,291 million USD in September 2019, these liabilities drop to 22,940 million USD in October 2020. Following this, an increase to 27,010 million USD in October 2021 occurs, succeeded by a decrease to 23,542 million USD in October 2022. The upward trajectory resumes with figures reaching 25,571 million USD in September 2023 and continuing to rise to 29,012 million USD by September 2024. The general trend indicates a decline during the 2020 period, partial recovery afterward, and a consistent rise towards the most recent reporting date.
Overall Insights: The data suggest a period of volatility in liabilities, with a notable dip around the 2020 reporting period which may be attributed to exceptional circumstances affecting the financial environment. Subsequent periods reflect a recovery with incremental increases in liabilities. The continued rise in both current and adjusted current liabilities in the latest year indicates expanding short-term obligations, which could be a result of increased operational activity or financing requirements.

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Walt Disney Co., adjusted total liabilities

US$ in millions

	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
As Reported
Total liabilities	90,697)	92,567)	95,253)	101,385)	104,037)	91,132)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	3,704)
Less: Deferred tax liabilities²	6,277)	7,258)	8,363)	7,246)	7,288)	7,902)
Less: Deferred revenues	6,445)	6,545)	6,458)	4,648)	4,201)	4,669)
Less: Restructuring reserves	—)	—)	—)	50)	357)	676)
After Adjustment
Adjusted total liabilities	77,975)	78,764)	80,432)	89,441)	92,191)	81,589)

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

Total liabilities: The total liabilities exhibit a peak in the fiscal year ending October 3, 2020, reaching 104,037 million US dollars, an increase from 91,132 million in the previous year. Following this peak, there is a consistent downward trend observed over the subsequent years, with total liabilities decreasing to 90,697 million by September 28, 2024. This reflects a gradual reduction in the company's overall debt obligations over the analyzed period.
Adjusted total liabilities: The adjusted total liabilities follow a similar pattern to total liabilities, rising to a high of 92,191 million US dollars in the year ending October 3, 2020, from 81,589 million in 2019. Subsequently, a steady decline is evident, with adjusted liabilities decreasing to 77,975 million by the fiscal year ending September 28, 2024. This consistent decrease suggests an improvement in the company's adjusted debt levels across the recent years.
Overall insights: Both total and adjusted liabilities peaked in the 2020 fiscal year before declining steadily through 2024. The reduction in liabilities may indicate effective debt management and potential strengthening of the financial position over time. The parallel movements in total and adjusted liabilities suggest that the adjustments made to the liabilities do not significantly alter the overall trend, confirming the reliability of the downward trend in the company's obligations.

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Walt Disney Co., adjusted total Disney Shareholder’s equity

US$ in millions

	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
As Reported
Total Disney Shareholder’s equity	100,696)	99,277)	95,008)	88,553)	83,583)	88,877)
Adjustments
Less: Net deferred tax asset (liability)¹	(5,622)	(6,587)	(7,727)	(6,560)	(6,959)	(7,492)
Add: Allowance for credit losses	83)	115)	158)	170)	426)	295)
Add: Deferred revenues	6,445)	6,545)	6,458)	4,648)	4,201)	4,669)
Add: Restructuring reserves	—)	—)	—)	50)	357)	676)
Add: Redeemable noncontrolling interests	—)	9,055)	9,499)	9,213)	9,249)	8,963)
Add: Noncontrolling interests	4,826)	4,680)	3,871)	4,458)	4,680)	5,012)
After Adjustment
Adjusted total equity	117,672)	126,259)	122,721)	113,652)	109,455)	115,984)

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

¹ Net deferred tax asset (liability). See details »

Total Disney Shareholder’s equity: Over the six-year period, the total shareholder’s equity exhibited a fluctuating yet generally upward trend. Starting at 88,877 million US dollars in 2019, it decreased to 83,583 million in 2020, likely reflecting challenging conditions or specific financial events. Subsequently, equity rebounded to 88,553 million in 2021 and continued to increase steadily to reach 100,696 million by 2024. This recovery and growth suggest effective management of shareholder value and resilience.
Adjusted total equity: The adjusted total equity demonstrated a broadly increasing trend over the same timeframe, beginning at 115,984 million US dollars in 2019. Despite a decline to 109,455 million in 2020, the figure recovered to 113,652 million in 2021 and then showed consistent growth through 2022 and 2023, peaking at 126,259 million. However, a decline to 117,672 million in 2024 marks a notable decrease, suggesting the occurrence of adjustments or financial conditions impacting this metric more significantly than the unadjusted total equity. Overall, the adjusted equity remains higher than the total shareholder’s equity, reflecting accounting adjustments or revaluations that affect this measure.
Comparative observations: The gap between total shareholder’s equity and adjusted total equity is persistent and considerable throughout the period, indicating significant adjustments that are consistently applied. Both metrics exhibit similar directional trends with dips in 2020 followed by recoveries, hinting at external events affecting financial positions that year. The decline in adjusted total equity in the final year, contrasting with the increase in total equity, may warrant further investigation to understand its underlying causes.

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Walt Disney Co., adjusted capitalization table

US$ in millions

	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
As Reported
Short-term finance lease liabilities	30)	37)	37)	41)	37)	5)
Current portion of borrowings	6,845)	4,330)	3,070)	5,866)	5,711)	8,857)
Borrowings, excluding current portion	38,970)	42,101)	45,299)	48,540)	52,917)	38,129)
Long-term finance lease liabilities	160)	206)	219)	246)	271)	146)
Total reported debt	46,005)	46,674)	48,625)	54,693)	58,936)	47,137)
Total Disney Shareholder’s equity	100,696)	99,277)	95,008)	88,553)	83,583)	88,877)
Total reported capital	146,701)	145,951)	143,633)	143,246)	142,519)	136,014)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	3,704)
Add: Short-term lease liabilities, operating leases (included in Accounts payable and other accrued liabilities)²	744)	740)	614)	637)	747)	—)
Add: Long-term lease liabilities, operating leases (included in Other long-term liabilities)³	2,768)	3,258)	3,020)	2,983)	2,640)	—)
Adjusted total debt	49,517)	50,672)	52,259)	58,313)	62,323)	50,841)
Adjustments to Equity
Less: Net deferred tax asset (liability)⁴	(5,622)	(6,587)	(7,727)	(6,560)	(6,959)	(7,492)
Add: Allowance for credit losses	83)	115)	158)	170)	426)	295)
Add: Deferred revenues	6,445)	6,545)	6,458)	4,648)	4,201)	4,669)
Add: Restructuring reserves	—)	—)	—)	50)	357)	676)
Add: Redeemable noncontrolling interests	—)	9,055)	9,499)	9,213)	9,249)	8,963)
Add: Noncontrolling interests	4,826)	4,680)	3,871)	4,458)	4,680)	5,012)
Adjusted total equity	117,672)	126,259)	122,721)	113,652)	109,455)	115,984)
After Adjustment
Adjusted total capital	167,189)	176,931)	174,980)	171,965)	171,778)	166,825)

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Short-term lease liabilities, operating leases (included in Accounts payable and other accrued liabilities). See details »

³ Long-term lease liabilities, operating leases (included in Other long-term liabilities). See details »

⁴ Net deferred tax asset (liability). See details »

Debt Trends: The total reported debt exhibited an initial increase from 47,137 million USD in 2019 to a peak of 58,936 million USD in 2020. This was followed by a gradual decline over subsequent years, reaching 46,005 million USD in 2024. The adjusted total debt mirrored this trend, rising from 50,841 million USD in 2019 to 62,323 million USD in 2020, then declining to 49,517 million USD in 2024. These trends suggest a period of increased borrowing or debt accumulation in 2020, with subsequent efforts towards debt reduction.
Equity Trends: Reported shareholder’s equity showed a decrease from 88,877 million USD in 2019 to 83,583 million USD in 2020, indicating a negative equity impact during this period. It then recovered and progressively increased each year, reaching 100,696 million USD by 2024. Adjusted total equity followed a similar pattern, declining to 109,455 million USD in 2020 from 115,984 million USD in 2019, then generally rising to 117,672 million USD in 2024 after peaking at 126,259 million USD in 2023. This pattern reflects a rebound and strengthening of equity after a dip in 2020.
Capital Structure: Total reported capital, the sum of debt and equity, rose steadily from 136,014 million USD in 2019 to 146,701 million USD in 2024, with a noticeable slowdown in growth after 2022. Adjusted total capital showed a similar upward trajectory from 166,825 million USD in 2019 to a peak of 176,931 million USD in 2023, followed by a decline to 167,189 million USD in 2024. This may indicate strategic capital management efforts influencing the overall capital base.
Overall Financial Position: The data reveals that the company experienced a period of increased leverage in 2020 with both reported and adjusted debt levels rising significantly. Subsequently, the company worked on reducing its debt levels while equity strengthened over the years. The capital base increased moderately, reflecting an expansion in both debt and equity components but with a trend toward balance and possibly more conservative leverage in later years.

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Walt Disney Co., adjusted revenues

US$ in millions

12 months ended:	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
As Reported
Revenues	91,361)	88,898)	82,722)	67,418)	65,388)	69,570)
Adjustment
Add: Increase (decrease) in deferred revenues	(100)	87)	1,810)	447)	(468)	1,134)
After Adjustment
Adjusted revenues	91,261)	88,985)	84,532)	67,865)	64,920)	70,704)

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

The annual financial data demonstrates a progression of revenues and adjusted revenues over a six-year period. Both revenue figures are presented in millions of US dollars and reflect consistent trends with slight variations year over year.

Revenues: Revenues experienced a decline from 69,570 million in the fiscal year ending September 28, 2019, to 65,388 million in the following year. This drop is followed by a gradual recovery, increasing to 67,418 million in 2021. Starting in 2022, there is a more pronounced upward trend, with revenues rising substantially to 82,722 million. This positive trajectory continues into 2023 and 2024, where revenues reached 88,898 million and 91,361 million, respectively, indicating a robust growth phase during these latter years.
Adjusted Revenues: Adjusted revenues show a similar pattern, beginning at 70,704 million in 2019. A notable decline to 64,920 million occurs in 2020, aligning with the overall revenue trend. From 2021 onward, adjusted revenues rise progressively, reaching 67,865 million, then increasing further to 84,532 million in 2022. The upward momentum strengthens with figures of 88,985 million in 2023 and 91,261 million in 2024. The close alignment of adjusted revenues with reported revenues throughout the years suggests consistent accounting adjustments that maintain comparability.

In summary, the data indicates a temporary downturn around 2020, potentially reflective of broader macroeconomic or sector-specific challenges during that period. Subsequent years show a marked recovery and sustained growth in both revenue metrics, with the most substantial gains occurring from 2022 to 2024. This trend points to improving operational performance and/or market conditions enhancing revenue generation capacity.

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Walt Disney Co., adjusted net income (loss) attributable to The Walt Disney Company (Disney)

US$ in millions

12 months ended:	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
As Reported
Net income (loss) attributable to The Walt Disney Company (Disney)	4,972)	2,354)	3,145)	1,995)	(2,864)	11,054)
Adjustments
Add: Deferred income tax expense (benefit)¹	(807)	(1,365)	168)	(1,252)	(275)	2,081)
Add: Increase (decrease) in allowance for credit losses	(32)	(43)	(12)	(256)	83)	103)
Add: Increase (decrease) in deferred revenues	(100)	87)	1,810)	447)	(468)	1,134)
Add: Increase (decrease) in restructuring reserves	—)	—)	(50)	(307)	(319)	676)
Less: Income (loss) from discontinued operations, net of income tax	—)	—)	(48)	(29)	(32)	671)
Add: Other comprehensive income (loss), net of tax	(323)	794)	2,178)	1,968)	(1,612)	(2,879)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	885)	1,003)	217)	598)	483)	465)
After Adjustment
Adjusted net income (loss)	4,595)	2,830)	7,504)	3,222)	(4,940)	11,963)

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

¹ Deferred income tax expense (benefit). See details »

Net income (loss) attributable to The Walt Disney Company: The net income showed a significant decline from a positive $11,054 million in 2019 to a loss of $2,864 million in 2020. Following this downturn, a recovery trend is observed over the next four years, with net income returning to positive territory at $1,995 million in 2021 and increasing steadily to $4,972 million by 2024. This demonstrates a notable rebound and improvement in profitability after the sharp loss in 2020.
Adjusted net income (loss): Adjusted net income followed a similar pattern to net income but showed more volatility. It dropped from $11,963 million in 2019 to a larger loss of $4,940 million in 2020, indicating the impact of special or one-time items. From 2021 onwards, it exhibited a considerable recovery peaking at $7,504 million in 2022, before declining to $2,830 million in 2023. In 2024, adjusted net income increased again to $4,595 million, reflecting fluctuations in operating performance and adjustment items yet an overall positive trajectory after 2020.

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Walt Disney Co. (NYSE:DIS)

Adjustments to Financial Statements

Adjustments to Current Assets

Adjustments to Total Assets

Adjustments to Current Liabilities

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Revenues

Adjustments to Reported Income