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 (quarterly data)
US$ in millions
3 months ended:
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
22,684)
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
2,484)
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
25,168)
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
(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
(1,484)
(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
(15,901)
(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
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
(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
(1,405)
(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
(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)
3,550)
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
(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
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
3,367)
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
(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
2,465)
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)
2,465)
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
(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)
The financial performance across the observed period is characterized by a severe contraction in 2020 followed by a consistent recovery and expansion phase through 2026. Revenue experienced a significant decline, reaching a trough in June 2020, before entering a multi-year growth trajectory that eventually surpassed pre-pandemic levels, peaking in late 2025.
Revenue Streams and Growth
Total revenues demonstrated a volatile but upward trend, moving from 20.9 billion US$ in December 2019 to a peak of 26.0 billion US$ in December 2025. The Services segment remains the primary driver of top-line growth, consistently representing the vast majority of total revenue. While Product revenues also saw a sharp decline during the 2020 contraction, they recovered to a stable range between 2.3 billion US$ and 2.8 billion US$ in the later years of the period.
Gross Profitability and Cost Management
Gross profit margins showed resilience during the recovery phase. After a sharp drop to 3.7 billion US$ in October 2020, gross profit steadily increased, reaching a plateau above 9 billion US$ by late 2024 and 2025. Cost of services and products tracked closely with revenue fluctuations, though the rate of gross profit growth suggests an improvement in operational efficiency and pricing power as volumes returned.
Operating Income and Non-Recurring Charges
Operating income exhibited extreme volatility due to significant restructuring and impairment charges. A substantial loss of 5.0 billion US$ was recorded in June 2020, primarily driven by a 5.0 billion US$ impairment charge. Subsequent periods show a recurring pattern of restructuring charges, notably in July 2023 and March 2024, which intermittently suppressed operating results. Despite these charges, the underlying operating trend turned strongly positive, with quarterly operating income frequently exceeding 3 billion US$ from 2024 onward.
Net Income and Bottom-Line Performance
Net income attributable to the company mirrored the volatility of operating income, with a deep deficit in 2020 followed by a recovery. A notable peak in net income occurred in June 2025, reaching 5.9 billion US$, the highest in the series. This surge was influenced by fluctuating income tax credits and expenses, including a significant tax benefit in June 2025. Interest expenses remained relatively stable, generally fluctuating between 240 million US$ and 490 million US$, indicating a consistent debt service burden.
Expense Structure
Selling, general, and administrative expenses remained comparatively stable relative to the swings in revenue, suggesting a degree of fixed-cost leverage. Depreciation and amortization charges showed minimal variance throughout the entire period, consistently ranging between 1.2 billion US$ and 1.4 billion US$ per quarter, reflecting a steady capital asset base.
