Name: Walt Disney Co. (NYSE:DIS) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

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.

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Walt Disney Co., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Jun 27, 2026	Mar 28, 2026	Dec 27, 2025	Sep 27, 2025	Jun 28, 2025	Mar 29, 2025	Dec 28, 2024	Sep 28, 2024	Jun 29, 2024	Mar 30, 2024	Dec 30, 2023	Sep 30, 2023	Jul 1, 2023	Apr 1, 2023	Dec 31, 2022	Oct 1, 2022	Jul 2, 2022	Apr 2, 2022	Jan 1, 2022	Oct 2, 2021	Jul 3, 2021	Apr 3, 2021	Jan 2, 2021	Oct 3, 2020	Jun 27, 2020	Mar 28, 2020	Dec 28, 2019
Services	22,675)	22,684)	23,206)	20,068)	21,214)	21,258)	22,048)	20,273)	20,836)	19,757)	20,975)	18,971)	20,008)	19,586)	20,997)	17,985)	19,461)	17,212)	19,542)	16,790)	15,585)	14,522)	14,871)	13,746)	11,235)	16,190)	18,094)
Products	2,573)	2,484)	2,775)	2,396)	2,436)	2,363)	2,642)	2,301)	2,319)	2,326)	2,574)	2,270)	2,322)	2,229)	2,515)	2,165)	2,043)	2,037)	2,277)	1,744)	1,437)	1,091)	1,378)	961)	544)	1,835)	2,783)
Revenues	25,248)	25,168)	25,981)	22,464)	23,650)	23,621)	24,690)	22,574)	23,155)	22,083)	23,549)	21,241)	22,330)	21,815)	23,512)	20,150)	21,504)	19,249)	21,819)	18,534)	17,022)	15,613)	16,249)	14,707)	11,779)	18,025)	20,877)
Cost of services, exclusive of depreciation and amortization	(13,674)	(14,417)	(15,003)	(12,476)	(13,034)	(13,378)	(13,789)	(12,688)	(13,236)	(12,663)	(13,922)	(12,224)	(12,974)	(13,160)	(14,781)	(12,067)	(12,404)	(11,330)	(13,161)	(11,208)	(10,251)	(8,932)	(10,738)	(10,119)	(7,209)	(10,683)	(11,395)
Cost of products, exclusive of depreciation and amortization	(1,432)	(1,484)	(1,666)	(1,542)	(1,498)	(1,432)	(1,617)	(1,542)	(1,473)	(1,509)	(1,665)	(1,504)	(1,497)	(1,456)	(1,605)	(1,491)	(1,278)	(1,264)	(1,406)	(1,133)	(982)	(850)	(1,037)	(894)	(687)	(1,254)	(1,639)
Cost of revenues, exclusive of depreciation and amortization	(15,106)	(15,901)	(16,669)	(14,018)	(14,532)	(14,810)	(15,406)	(14,230)	(14,709)	(14,172)	(15,587)	(13,728)	(14,471)	(14,616)	(16,386)	(13,558)	(13,682)	(12,594)	(14,567)	(12,341)	(11,233)	(9,782)	(11,775)	(11,013)	(7,896)	(11,937)	(13,034)
Gross profit	10,142)	9,267)	9,312)	8,446)	9,118)	8,811)	9,284)	8,344)	8,446)	7,911)	7,962)	7,513)	7,859)	7,199)	7,126)	6,592)	7,822)	6,655)	7,252)	6,193)	5,789)	5,831)	4,474)	3,694)	3,883)	6,088)	7,843)
Selling, general, administrative and other	(3,968)	(4,073)	(4,121)	(4,449)	(4,141)	(3,981)	(3,930)	(4,314)	(3,872)	(3,790)	(3,783)	(4,021)	(3,874)	(3,614)	(3,827)	(4,733)	(4,100)	(3,768)	(3,787)	(4,319)	(3,168)	(3,113)	(2,917)	(2,812)	(2,455)	(3,393)	(3,709)
Depreciation and amortization	(1,414)	(1,405)	(1,316)	(1,394)	(1,332)	(1,324)	(1,276)	(1,285)	(1,220)	(1,242)	(1,243)	(1,409)	(1,344)	(1,310)	(1,306)	(1,317)	(1,290)	(1,287)	(1,269)	(1,275)	(1,266)	(1,272)	(1,298)	(1,335)	(1,377)	(1,334)	(1,299)
Restructuring and impairment charges	(900)	(239)	—)	(382)	(185)	(109)	(143)	(1,543)	—)	(2,052)	—)	(1,021)	(2,650)	(152)	(69)	—)	(42)	(195)	—)	(92)	(35)	(414)	(113)	(393)	(5,047)	(145)	(150)
Operating income (loss)	3,860)	3,550)	3,875)	2,221)	3,460)	3,397)	3,935)	1,202)	3,354)	827)	2,936)	1,062)	(9)	2,123)	1,924)	542)	2,390)	1,405)	2,196)	507)	1,320)	1,032)	146)	(846)	(4,996)	1,216)	2,685)
Other income (expense), net	—)	—)	—)	—)	—)	—)	—)	—)	(65)	—)	—)	—)	(11)	149)	(42)	63)	(136)	(158)	(436)	(13)	(91)	305)	—)	656)	382)	—)	—)
Interest expense, net	(298)	(240)	(275)	(268)	(324)	(346)	(367)	(361)	(342)	(311)	(246)	(282)	(305)	(322)	(300)	(371)	(360)	(355)	(311)	(317)	(445)	(320)	(324)	(496)	(412)	(300)	(283)
Equity in the income of investees	83)	57)	93)	92)	75)	36)	92)	107)	146)	141)	181)	227)	191)	173)	191)	142)	225)	210)	239)	113)	211)	213)	224)	106)	186)	135)	224)
Income (loss) from continuing operations before income taxes	3,645)	3,367)	3,693)	2,045)	3,211)	3,087)	3,660)	948)	3,093)	657)	2,871)	1,007)	(134)	2,123)	1,773)	376)	2,119)	1,102)	1,688)	290)	995)	1,230)	46)	(580)	(4,840)	1,051)	2,626)
Income taxes on continuing operations	(801)	(902)	(1,209)	(602)	2,732)	314)	(1,016)	(384)	(251)	(441)	(720)	(313)	(19)	(635)	(412)	(122)	(617)	(505)	(488)	(34)	133)	(108)	(16)	(49)	331)	(523)	(458)
Net income (loss) from continuing operations	2,844)	2,465)	2,484)	1,443)	5,943)	3,401)	2,644)	564)	2,842)	216)	2,151)	694)	(153)	1,488)	1,361)	254)	1,502)	597)	1,200)	256)	1,128)	1,122)	30)	(629)	(4,509)	528)	2,168)
Loss from discontinued operations, net of income tax	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(48)	(1)	(5)	(11)	(12)	—)	(3)	(8)	(21)
Net income (loss)	2,844)	2,465)	2,484)	1,443)	5,943)	3,401)	2,644)	564)	2,842)	216)	2,151)	694)	(153)	1,488)	1,361)	254)	1,502)	597)	1,152)	255)	1,123)	1,111)	18)	(629)	(4,512)	520)	2,147)
Net income attributable to noncontrolling interests	(206)	(218)	(82)	(130)	(681)	(126)	(90)	(104)	(221)	(236)	(240)	(430)	(307)	(217)	(82)	(92)	(93)	(127)	(48)	(96)	(205)	(210)	(1)	(81)	(209)	(60)	(40)
Net income (loss) attributable to The Walt Disney Company (Disney)	2,638)	2,247)	2,402)	1,313)	5,262)	3,275)	2,554)	460)	2,621)	(20)	1,911)	264)	(460)	1,271)	1,279)	162)	1,409)	470)	1,104)	159)	918)	901)	17)	(710)	(4,721)	460)	2,107)

Revenue trajectories exhibit a significant V-shaped recovery pattern. A sharp contraction occurred in early 2020, with total revenues falling from 20.8 billion USD in December 2019 to a low of 11.7 billion USD by June 2020. Following this trough, a consistent upward trend is observed, with revenues expanding to peak at 25.9 billion USD by December 2025, before stabilizing around 25.2 billion USD in the first half of 2026.

Revenue Composition and Segment Performance: Services constitute the vast majority of total revenue, demonstrating strong resilience and growth. After dipping to 11.2 billion USD in June 2020, services revenue grew to a peak of 23.2 billion USD by December 2025. The Products segment experienced a more severe proportional decline during the same period, dropping from 2.7 billion USD to 544 million USD in June 2020, though it subsequently recovered to oscillate between 2.3 billion and 2.7 billion USD from 2023 through 2026.
Gross Profitability and Cost Management: Gross profit margins followed the revenue recovery curve, rising from a low of 3.6 billion USD in October 2020 to over 10 billion USD by June 2026. Cost of revenues, exclusive of depreciation and amortization, generally scaled with revenue growth, although a relative stabilization in costs is observed in the 2024-2026 period, suggesting improved operational efficiency.
Operating Income and Structural Adjustments: Operating income was characterized by extreme volatility between 2020 and 2023, largely driven by substantial restructuring and impairment charges. A notable impairment of 5.0 billion USD in June 2020 and another of 2.6 billion USD in July 2023 created significant quarterly losses. However, from 2024 onward, operating income entered a period of stability and growth, consistently maintaining a range between 3.3 billion and 3.9 billion USD per quarter.
Expense Analysis: Selling, general, and administrative expenses remained relatively contained, generally fluctuating between 3.6 billion and 4.7 billion USD, showing a lack of linear correlation with the aggressive revenue growth seen in later periods. Depreciation and amortization remained remarkably constant, hovering between 1.2 billion and 1.4 billion USD throughout the entire analyzed timeframe.
Net Income and Bottom-Line Trends: Net income attributable to the company reflects the transition from crisis management to growth. After severe losses in 2020, profitability returned and peaked in June 2025 at 5.2 billion USD, a result bolstered by a significant positive tax adjustment. By the end of the period in June 2026, net income settled at 2.8 billion USD, indicating a normalized and sustainable profitability level compared to the 2019 baseline.

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Walt Disney Co. (NYSE:DIS)

Income StatementQuarterly Data

Income Statement
Quarterly Data