Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Walt Disney Co., consolidated balance sheet: assets

US$ in millions

	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
Cash and cash equivalents	5,695)	6,002)	14,182)	11,615)	15,959)	17,914)
Receivables, net	13,217)	12,729)	12,330)	12,652)	13,367)	12,708)
Inventories	2,134)	2,022)	1,963)	1,742)	1,331)	1,583)
Content advances	2,063)	2,097)	3,002)	1,890)	2,183)	2,171)
Other current assets	1,158)	2,391)	1,286)	1,199)	817)	875)
Current assets	24,267)	25,241)	32,763)	29,098)	33,657)	35,251)
Produced and licensed content costs	31,327)	32,312)	33,591)	35,777)	29,549)	25,022)
Investments, equity basis	6,319)	2,680)	2,688)	2,678)	2,638)	2,632)
Investments, other	1,778)	1,779)	392)	540)	1,297)	1,271)
Investments	8,097)	4,459)	3,080)	3,218)	3,935)	3,903)
Parks, resorts and other property, net	41,255)	37,041)	34,941)	33,596)	32,624)	32,078)
Finance lease right-of-use assets	221)	246)	291)	303)	336)	361)
Parks, resorts and other property, net, including finance lease right-of-use assets	41,476)	37,287)	35,232)	33,899)	32,960)	32,439)
Intangible assets, net	9,272)	10,739)	13,061)	14,837)	17,115)	19,173)
Goodwill	73,294)	73,326)	77,067)	77,897)	78,071)	77,689)
Other assets	9,781)	12,855)	10,785)	8,905)	8,322)	8,072)
Long-term assets	173,247)	170,978)	172,816)	174,533)	169,952)	166,298)
Total assets	197,514)	196,219)	205,579)	203,631)	203,609)	201,549)

Based on: 10-K (reporting date: 2025-09-27), 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).

The financial data reveals several notable trends in the company's asset structure over the six-year period analyzed.

Liquidity and Current Assets: Cash and cash equivalents demonstrate a declining trend from $17,914 million in 2020 to $5,695 million in 2025, indicating a significant reduction in liquid assets. Receivables, net remain relatively stable, fluctuating slightly but generally steady around $12,500 to $13,200 million. Inventories show a gradual increase, growing from $1,583 million in 2020 to $2,134 million in 2025, suggesting either accumulation of stock or increased production activity. Content advances display volatility, peaking in 2023 at $3,002 million but decreasing again in subsequent years. Other current assets exhibit fluctuations, with a notable peak in 2024 at $2,391 million before declining sharply in 2025.
Overall Current Assets: Current assets trend downward over the period, falling from $35,251 million in 2020 to $24,267 million in 2025. This decline is driven primarily by the reductions in cash reserves and varying performance in other current asset components.
Production and Investments: Produced and licensed content costs increased substantially from $25,022 million in 2020 to a peak of $35,777 million in 2022, then gradually decreased, settling at $31,327 million in 2025. Investments show a mixed picture: while equity basis investments remain mostly stable around $2,600 to $2,700 million until a surge to $6,319 million in 2025, other investments demonstrate considerable volatility, dropping significantly in 2022 and 2023 but recovering thereafter. The aggregate investments follow this pattern, finishing at a much higher level ($8,097 million) in 2025 compared to earlier years.
Property and Long-term Assets: Investments in parks, resorts, and other property show steady growth, increasing from $32,078 million in 2020 to $41,255 million in 2025. When including finance lease right-of-use assets, the total similarly trends upward, indicating ongoing capital expenditure or asset acquisition in this segment. Finance lease right-of-use assets themselves exhibit a consistent decline, suggesting the settlement or expiration of certain lease obligations.
Intangible and Goodwill Assets: Intangible assets, net, decrease progressively over the period, falling from $19,173 million in 2020 to $9,272 million in 2025. Goodwill remains relatively stable with minor fluctuations, slightly declining from $77,689 million in 2020 to $73,294 million in 2025, which might indicate limited impairment or acquisition activity affecting this asset category.
Other and Long-term Assets: Other assets increase until 2024, reaching $12,855 million, before falling back to $9,781 million in 2025. Long-term assets overall maintain stability, fluctuating slightly but largely consistent around $170 billion to $174 billion.
Total Assets: Total assets remain relatively stable, hovering near $200 billion throughout the period. However, a slight decrease is observable in the later years, falling from $201,549 million in 2020 to $197,514 million in 2025.

In summary, the company exhibits a significant decline in liquid assets offset by increased investments in parks and property. There is a clear reduction in intangible asset values, while goodwill remains largely unchanged. The growth in produced content costs up to 2022 followed by a moderate decline suggests changing commitments or shifting production strategy. The stable total asset base, despite internal compositional changes, indicates a balanced management of asset resources over time.

Walt Disney Co. (NYSE:DIS)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items