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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- Statement of Comprehensive Income
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
- Aggregate Accruals
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Walt Disney Co., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 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).
The financial performance exhibited significant volatility over the analyzed period, spanning from December 2019 to September 2025. Revenues initially declined, experienced a substantial drop in the June 2020 quarter, and then demonstrated a recovery, peaking in late 2024 before a slight decrease in the most recent quarter. A similar pattern is observed in gross profit, mirroring the revenue fluctuations. Operating income experienced a particularly sharp decline in the first half of 2020, followed by a period of recovery and then relative stability, with a notable increase in late 2024 and early 2025.
- Revenue Trends
- Revenues began at $20.877 billion in December 2019, decreased to $11.779 billion by June 2020, and then gradually increased, reaching $24.690 billion by December 2022. A slight decline was observed in the subsequent quarters, followed by a resurgence to $25.981 billion in December 2023, before settling at $23.206 billion in September 2025. This suggests a recovery from initial pandemic-related impacts, followed by a period of growth and then a recent stabilization.
- Cost of Revenues Analysis
- The cost of revenues generally followed the trend of revenues, decreasing during periods of lower sales and increasing as revenues recovered. Notably, the cost of revenues experienced a significant increase in the latter part of the period, potentially indicating rising input costs or a shift in the product/service mix. The relationship between revenue and cost of revenues appears relatively consistent, suggesting stable cost management practices, despite the overall increases.
- Profitability Observations
- Gross profit margins fluctuated considerably. The sharp decline in revenues during the June 2020 quarter resulted in a substantial decrease in gross profit. While margins recovered with revenue growth, they did not consistently return to pre-pandemic levels. Operating income experienced a significant loss in the first half of 2020, followed by a recovery and periods of profitability. The substantial increase in operating income in late 2024 and early 2025 is a key observation, potentially driven by cost control measures or increased efficiency.
- Expense Management
- Selling, general, and administrative expenses remained relatively stable throughout the period, with some fluctuations. Depreciation and amortization expenses were consistent. Restructuring and impairment charges were significant in certain quarters, particularly in June 2020 and December 2023, impacting overall profitability. These charges suggest potential strategic adjustments or asset write-downs.
- Net Income Performance
- Net income mirrored the volatility observed in operating income. A substantial net loss was recorded in the first half of 2020. The company returned to profitability, with net income peaking in the March 2025 quarter at $5.943 billion. However, the most recent quarter (September 2025) shows a decrease in net income, potentially warranting further investigation. Net income attributable to The Walt Disney Company generally followed the same trend as overall net income.
Overall, the financial performance demonstrates a significant disruption in the early part of the period, followed by a recovery and a period of growth. Recent quarters suggest a stabilization, with some potential concerns regarding declining net income. The impact of restructuring and impairment charges, as well as fluctuations in gross profit margins, should be further examined to understand the underlying drivers of performance.