Stock Analysis on Net
Stock Analysis on Net

Walt Disney Co. (NYSE:DIS)

$24.99

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

Microsoft Excel
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
Products
Revenues
Cost of services, exclusive of depreciation and amortization
Cost of products, exclusive of depreciation and amortization
Cost of revenues, exclusive of depreciation and amortization
Gross profit
Selling, general, administrative and other
Depreciation and amortization
Restructuring and impairment charges
Operating income (loss)
Other income (expense), net
Interest expense, net
Equity in the income of investees
Income (loss) from continuing operations before income taxes
Income taxes on continuing operations
Net income (loss) from continuing operations
Loss from discontinued operations, net of income tax
Net income (loss)
Net income attributable to noncontrolling interests
Net income (loss) attributable to The Walt Disney Company (Disney)

Based on: 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 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).

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.