Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Walt Disney Co., consolidated income statement

US$ in millions

12 months ended:	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
Services	84,588)	81,841)	79,562)	74,200)	61,768)	59,265)
Products	9,837)	9,520)	9,336)	8,522)	5,650)	6,123)
Revenues	94,425)	91,361)	88,898)	82,722)	67,418)	65,388)
Cost of services, exclusive of depreciation and amortization	(52,677)	(52,509)	(53,139)	(48,962)	(41,129)	(39,406)
Cost of products, exclusive of depreciation and amortization	(6,089)	(6,189)	(6,062)	(5,439)	(4,002)	(4,474)
Cost of revenues, exclusive of depreciation and amortization	(58,766)	(58,698)	(59,201)	(54,401)	(45,131)	(43,880)
Gross profit	35,659)	32,663)	29,697)	28,321)	22,287)	21,508)
Selling, general, administrative and other	(16,501)	(15,759)	(15,336)	(16,388)	(13,517)	(12,369)
Depreciation and amortization	(5,326)	(4,990)	(5,369)	(5,163)	(5,111)	(5,345)
Restructuring and impairment charges	(819)	(3,595)	(3,892)	(237)	(654)	(5,735)
Operating income (loss)	13,013)	8,319)	5,100)	6,533)	3,005)	(1,941)
DraftKings gain (loss)	—)	—)	169)	(663)	(111)	973)
fuboTV gain	—)	—)	—)	—)	186)	—)
German FTA gain	—)	—)	—)	—)	126)	—)
Endemol Shine gain	—)	—)	—)	—)	—)	65)
Other, net	—)	(65)	(73)	(4)	—)	—)
Other income (expense), net	—)	(65)	96)	(667)	201)	1,038)
Interest expense	(1,812)	(2,070)	(1,973)	(1,549)	(1,546)	(1,647)
Interest and investment income	246)	406)	424)	90)	307)	156)
Net periodic pension and postretirement benefit costs, other than service costs	261)	404)	340)	62)	(167)	—)
Interest expense, net	(1,305)	(1,260)	(1,209)	(1,397)	(1,406)	(1,491)
Equity in the income of investees	295)	575)	782)	816)	761)	651)
Income (loss) from continuing operations before income taxes	12,003)	7,569)	4,769)	5,285)	2,561)	(1,743)
Income taxes on continuing operations	1,428)	(1,796)	(1,379)	(1,732)	(25)	(699)
Net income (loss) from continuing operations	13,431)	5,773)	3,390)	3,553)	2,536)	(2,442)
Loss from discontinued operations, net of income tax	—)	—)	—)	(48)	(29)	(32)
Net income (loss)	13,431)	5,773)	3,390)	3,505)	2,507)	(2,474)
Net income attributable to noncontrolling and redeemable noncontrolling interests	(1,027)	(801)	(1,036)	(360)	(512)	(390)
Net income (loss) attributable to The Walt Disney Company (Disney)	12,404)	4,972)	2,354)	3,145)	1,995)	(2,864)

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 analysis of the annual financial data reveals several notable trends and shifts over the examined periods.

Revenue Trends: Overall revenues have exhibited consistent growth, increasing from $65.4 billion in 2020 to $94.4 billion by 2025. This growth is driven primarily by services revenue, which rose steadily from approximately $59.3 billion to $84.6 billion, while products revenue demonstrated a more moderate increase from $6.1 billion to $9.8 billion.
Cost and Gross Profit Dynamics: Costs associated with both services and products also increased but at a slower pace compared to revenues, with total cost of revenues excluding depreciation and amortization growing from roughly $43.9 billion in 2020 to $58.8 billion in 2025. Consequently, gross profit improved significantly, rising from $21.5 billion to $35.7 billion, reflecting enhanced operational efficiency or potentially higher-margin revenue mix.
Operating Expenses and Income: Selling, general, administrative, and other operating expenses exhibited an upward trend, increasing from $12.4 billion in 2020 to $16.5 billion in 2025. Depreciation and amortization expenses remained relatively stable, fluctuating modestly around the $5 billion mark. Restructuring and impairment charges showed considerable volatility, peaking notably in 2023 and 2024 before declining sharply in 2025. Operating income improved dramatically from a loss of $1.9 billion in 2020 to a positive $13 billion in 2025, evidencing a strong turnaround and improved profitability at the operational level.
Non-operating Items and Interest: Other income and expenses, including gains from certain equity investments such as DraftKings and fuboTV, showed variability but generally had minimal aggregate impact. Interest expense increased slightly over time, reaching $1.8 billion in 2025, while interest and investment income fluctuated; net interest expense tended to decline moderately. Equity earnings from investees decreased from $651 million in 2020 to $295 million in 2025.
Income Tax and Net Income: Income taxes on continuing operations exhibited inconsistency, including some periods with tax benefits, with a notable tax income of $1.4 billion reported in 2025. Net income from continuing operations improved substantially from a loss of $2.4 billion in 2020 to a positive $13.4 billion in 2025. The net income attributable to the company’s shareholders followed a similar trajectory, recovering from a $2.9 billion loss in 2020 to a significant profit of $12.4 billion in 2025.
Discontinued Operations and Minority Interests: Losses from discontinued operations were minor and diminished to zero in the latter periods reported. Net income attributable to noncontrolling and redeemable noncontrolling interests fluctuated, increasing in magnitude in the most recent years, which slightly moderated the net income attributable to the parent company.

In summary, the data points to a sustained recovery and growth in revenues, especially driven by services, accompanied by improved gross and operating profitability. Expense management appears effective, despite rising SG&A costs, while significant improvements in operating income and net income suggest a successful execution of strategic initiatives and cost control measures over the period analyzed.

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Walt Disney Co. (NYSE:DIS)

Income Statement