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 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
Services	81,841)	79,562)	74,200)	61,768)	59,265)	60,542)
Products	9,520)	9,336)	8,522)	5,650)	6,123)	9,028)
Revenues	91,361)	88,898)	82,722)	67,418)	65,388)	69,570)
Cost of services, exclusive of depreciation and amortization	(52,509)	(53,139)	(48,962)	(41,129)	(39,406)	(36,450)
Cost of products, exclusive of depreciation and amortization	(6,189)	(6,062)	(5,439)	(4,002)	(4,474)	(5,568)
Cost of revenues, exclusive of depreciation and amortization	(58,698)	(59,201)	(54,401)	(45,131)	(43,880)	(42,018)
Gross profit	32,663)	29,697)	28,321)	22,287)	21,508)	27,552)
Selling, general, administrative and other	(15,759)	(15,336)	(16,388)	(13,517)	(12,369)	(11,541)
Depreciation and amortization	(4,990)	(5,369)	(5,163)	(5,111)	(5,345)	(4,160)
Restructuring and impairment charges	(3,595)	(3,892)	(237)	(654)	(5,735)	(1,183)
Operating income (loss)	8,319)	5,100)	6,533)	3,005)	(1,941)	10,668)
DraftKings gain (loss)	—)	169)	(663)	(111)	973)	—)
fuboTV gain	—)	—)	—)	186)	—)	—)
German FTA gain	—)	—)	—)	126)	—)	—)
Endemol Shine gain	—)	—)	—)	—)	65)	—)
Hulu gain	—)	—)	—)	—)	—)	4,794)
Insurance recoveries (settlements) related to legal matters	—)	—)	—)	—)	—)	46)
Charge for the extinguishment of a portion of the debt originally assumed in the TFCF acquisition	—)	—)	—)	—)	—)	(511)
Gain on sale of real estate, property rights and other	—)	—)	—)	—)	—)	28)
Other, net	(65)	(73)	(4)	—)	—)	—)
Other income (expense), net	(65)	96)	(667)	201)	1,038)	4,357)
Interest expense	(2,070)	(1,973)	(1,549)	(1,546)	(1,647)	(1,246)
Interest and investment income	406)	424)	90)	307)	156)	268)
Net periodic pension and postretirement benefit costs, other than service costs	404)	340)	62)	(167)	—)	—)
Interest expense, net	(1,260)	(1,209)	(1,397)	(1,406)	(1,491)	(978)
Equity in the income (loss) of investees	575)	782)	816)	761)	651)	(103)
Income (loss) from continuing operations before income taxes	7,569)	4,769)	5,285)	2,561)	(1,743)	13,944)
Income taxes on continuing operations	(1,796)	(1,379)	(1,732)	(25)	(699)	(3,031)
Net income (loss) from continuing operations	5,773)	3,390)	3,553)	2,536)	(2,442)	10,913)
Income (loss) from discontinued operations, net of income tax	—)	—)	(48)	(29)	(32)	671)
Net income (loss)	5,773)	3,390)	3,505)	2,507)	(2,474)	11,584)
Net income attributable to noncontrolling and redeemable noncontrolling interests	(801)	(1,036)	(360)	(512)	(390)	(530)
Net income (loss) attributable to The Walt Disney Company (Disney)	4,972)	2,354)	3,145)	1,995)	(2,864)	11,054)

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).

Revenue Trends: Revenues showed an overall upward trend from 2019 to 2024, increasing from $69,570 million to $91,361 million. Service revenues consistently dominated the revenue mix, growing steadily from $60,542 million in 2019 to $81,841 million in 2024 despite a slight dip in 2020. Product revenues experienced fluctuations, dipping significantly in 2020 and 2021 before rebounding in the subsequent years.
Cost of Revenues and Gross Profit: The cost of revenues, excluding depreciation and amortization, increased from $42,018 million in 2019 to a peak of $59,201 million in 2023, followed by a minor decrease to $58,698 million in 2024. This was driven primarily by rising costs of services and products. Gross profit displayed variability, sharply declining from $27,552 million in 2019 to $21,508 million in 2020, then gradually improving and reaching $32,663 million in 2024, indicating an overall recovery and margin expansion after the 2020 downturn.
Operating Expenses and Charges: Selling, general, administrative, and other expenses rose from $11,541 million in 2019 to peak at $16,388 million in 2022, with a slight decrease afterward. Depreciation and amortization fluctuated within a range, peaking in 2020 and 2023 but declining by 2024. Restructuring and impairment charges were notably volatile, spiking in 2020 and again in 2023 and 2024, indicating episodic restructuring activities and potential impairments impacting profits.
Operating Income and Other Gains/Losses: Operating income turned negative in 2020 at -$1,941 million, reflecting pandemic-related impacts, but subsequently recovered, reaching $8,319 million by 2024. The presence of various gains and losses related to investments and divestitures (e.g., DraftKings, fuboTV, German FTA, Endemol Shine, Hulu) added volatility, with significant positive impacts in earlier years (Hulu gain in 2019) and mixed results in other periods. Other net income showed a decreasing trend over time.
Interest and Investment Activity: Interest expense increased moderately from $1,246 million in 2019 to $2,070 million in 2024, while interest and investment income fluctuated without clear trend, peaking in 2023. Net interest expense decreased over the years, suggesting some offset from investment income or other factors.
Income Before Taxes and Net Income: Income from continuing operations before taxes showed a sharp decline in 2020, turning negative at -$1,743 million, but rebounded steadily afterward, reaching $7,569 million in 2024. Income taxes fluctuated considerably but generally increased over time. Net income attributable to the company exhibited a similar pattern: a loss in 2020 followed by progressive recovery, culminating in $4,972 million in 2024. Noncontrolling interests' impact fluctuated but was generally negative throughout.
Summary: The financial data reveals a significant impact in 2020, likely due to external disruptions, causing declines in revenues, profitability, and net income. Post-2020, there was a clear recovery and growth across most financial metrics, including revenues, gross profit, operating income, and net income. Operating expenses and restructuring charges rose, indicating ongoing strategic adjustments. Interest expenses increased, partially offset by investment income. Overall, the pattern suggests resilience and recovery with continued investment and restructuring activities aimed at future growth.

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Walt Disney Co. (NYSE:DIS)

Income Statement