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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- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
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Walt Disney Co., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02), 10-K (reporting date: 2020-10-03), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
- Revenue Trends
- Revenue exhibited an overall upward trajectory from late 2018 through 2025, starting at approximately $15.3 billion and peaking close to $24.7 billion by late 2024. The services segment contributed the largest share, showing notable fluctuations but generally rising, while the products segment remained relatively stable with modest growth. A significant dip occurred in early 2020, aligning with the pandemic onset, particularly impacting service revenues.
- Cost Analysis
- The cost of services and cost of products both followed revenue trends, rising overall but with marked volatility around 2020. The cost of services increased sharply in the December 2022 period, reaching over $16 billion, reflecting perhaps intensified operational investments or cost pressures. Cost of products displayed less volatility but increased slightly over the time frame. Gross profit margins fluctuated but demonstrated an overall improvement, as gross profit trended upward from about $6.3 billion to over $9 billion by 2025.
- Operating Expenses and Profitability
- Selling, general, administrative and other expenses rose consistently, peaking towards 2021-2022, indicating expanding operational overheads. Depreciation and amortization remained relatively stable across periods, suggesting consistent capital investment levels. Restructuring and impairment charges showed substantial spikes in mid-2020 and again in 2023-2024, indicating periods of strategic restructuring or asset impairments. Operating income suffered severely in mid-2020 with a loss surpassing $4.9 billion, reflecting pandemic-related operational disruptions. However, it recovered progressively afterwards, returning to profitability and reaching over $3 billion by 2024. This recovery highlights improved operational efficiency and market conditions.
- Other Income and Expenses
- Other income and expense items exhibited irregular values, with notable income spikes in early 2019 that helped buoy pre-tax income. Interest expense remained relatively stable and moderate throughout, averaging around $300 million per quarter, indicating manageable debt servicing costs. Equity income from investees was generally positive and supported overall income stability.
- Income and Taxes
- Income before taxes mirrored operating income trends, with substantial volatility including extreme losses during mid-2020. Income taxes fluctuated but often represented a significant deduction during profitable quarters. Net income from continuing operations was adversely impacted by the 2020 downturn but rebounded steadily thereafter. Discontinued operations contributed sporadically with minor losses or gains, not materially affecting net income. Net income attributable to the company reflected this pattern, with losses during the pandemic period and a strong rebound reaching multi-billion dollar profits by 2024 and 2025. Noncontrolling interests fluctuated but generally reduced net attributable income.
- Summary Insights
- The financial data reveals a pattern heavily influenced by external shocks, primarily the 2020 pandemic, causing sharp declines in revenues, operating income, and net income. Post-2020 periods indicate strategic recovery accompanied by increased revenues and cost management. Significant restructuring charges imply active portfolio adjustments and cost realignment. Overall profitability improved steadily in the last recorded years, supported by stable gross profit growth and controlled interest expenses, despite rising operational costs.