Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Walt Disney Co., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
Accounts and accrued payables	15,055)	14,796)	15,125)	16,205)	16,357)	13,183)
Payroll and employee benefits	3,587)	3,672)	3,061)	3,447)	3,482)	2,925)
Income taxes payable	2,301)	2,473)	2,276)	378)	—)	—)
Short-term finance lease liabilities	21)	30)	37)	37)	41)	37)
Other	239)	99)	172)	146)	1,014)	656)
Accounts payable and other accrued liabilities	21,203)	21,070)	20,671)	20,213)	20,894)	16,801)
Current portion of borrowings	6,711)	6,845)	4,330)	3,070)	5,866)	5,711)
Deferred revenue and other	6,248)	6,684)	6,138)	5,790)	4,317)	4,116)
Current liabilities	34,162)	34,599)	31,139)	29,073)	31,077)	26,628)
Borrowings, excluding current portion	35,315)	38,970)	42,101)	45,299)	48,540)	52,917)
Deferred income taxes	3,524)	6,277)	7,258)	8,363)	7,246)	7,288)
Long-term finance lease liabilities	141)	160)	206)	219)	246)	271)
Other long-term liabilities	9,760)	10,691)	11,863)	12,299)	14,276)	16,933)
Long-term liabilities	48,740)	56,098)	61,428)	66,180)	70,308)	77,409)
Total liabilities	82,902)	90,697)	92,567)	95,253)	101,385)	104,037)
Redeemable noncontrolling interests	—)	—)	9,055)	9,499)	9,213)	9,249)
Preferred stock	—)	—)	—)	—)	—)	—)
Common stock, $0.01 par value	59,814)	58,592)	57,383)	56,398)	55,471)	54,497)
Retained earnings	60,410)	49,722)	46,093)	43,636)	40,429)	38,315)
Accumulated other comprehensive loss	(2,914)	(3,699)	(3,292)	(4,119)	(6,440)	(8,322)
Treasury stock, at cost	(7,441)	(3,919)	(907)	(907)	(907)	(907)
Total Disney Shareholder’s equity	109,869)	100,696)	99,277)	95,008)	88,553)	83,583)
Noncontrolling interests	4,743)	4,826)	4,680)	3,871)	4,458)	4,680)
Total equity	114,612)	105,522)	103,957)	98,879)	93,011)	88,263)
Total liabilities and equity	197,514)	196,219)	205,579)	203,631)	203,609)	201,549)

Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03).

The analysis of the annual financial data over the six-year period reveals several noteworthy trends in the company's financial structure, liabilities, and equity components.

Current Liabilities: Current liabilities showed an overall increasing trend, rising from approximately $26.6 billion to a peak of nearly $34.6 billion before slightly decreasing to about $34.2 billion. Key components such as accounts and accrued payables increased from around $13.2 billion to a high of about $16.3 billion before moderating to roughly $15.1 billion. Payroll and employee benefits exhibited growth with fluctuations, peaking near $3.7 billion and ending slightly lower but still above $3.5 billion. Income taxes payable, initially unreported, appeared from 2021 onwards and saw considerable volatility, reaching amounts above $2.4 billion before declining slightly.
Short-term Financial Obligations: The short-term finance lease liabilities demonstrated a steady decline, reducing from $37 million to $21 million. The current portion of borrowings experienced considerable fluctuation, generally rising from $5.7 billion to a peak around $6.8 billion, then slightly decreasing near $6.7 billion. Deferred revenue and other current liabilities consistently increased, indicating growing unearned revenue or obligations, moving from $4.1 billion to approximately $6.7 billion before a minor decrease.
Long-term Liabilities: Long-term liabilities witnessed a consistent downward trend, decreasing from about $77.4 billion to approximately $48.7 billion. Borrowings, excluding the current portion, declined steadily by over $17 billion during the period. Deferred income taxes showed some fluctuations with a notable decrease from $7.3 billion to approximately $3.5 billion in the latest year, suggesting changes in tax obligations. Long-term finance lease liabilities also reduced from $271 million to $141 million. Other long-term liabilities decreased significantly from over $16.9 billion to around $9.8 billion, suggesting debt repayment or reclassification of liabilities.
Total Liabilities: Total liabilities declined gradually from approximately $104 billion to $83 billion, reflecting the overall reduction in long-term debt despite increases in current liabilities. This trend signifies potential deleveraging or restructuring of the company's debt profile over time.
Shareholder Equity: Shareholder equity increased steadily, rising from approximately $83.6 billion to nearly $110 billion. Common stock rose consistently, reflecting possible equity issuance or valuation increases. Retained earnings showed robust growth from $38.3 billion to over $60.4 billion, indicating sustained profitability and earnings retention. Accumulated other comprehensive loss decreased in absolute value, improving from a loss of $8.3 billion to approximately $2.9 billion, which partially offsets equity declines. Conversely, treasury stock increased substantially in cost, indicating significant share buyback activities, rising from $907 million to $7.4 billion. Noncontrolling interests fluctuated but remained relatively stable around $4.7 billion.
Total Equity and Total Liabilities and Equity: Total equity followed a positive growth trajectory from $88.3 billion to $114.6 billion, supporting an overall stronger equity base. The sum of total liabilities and equity remained relatively stable near $200 billion, with minor fluctuations, suggesting steady total capitalization and asset base over the years.

In summary, the company appears to be managing a reduction in its long-term liabilities while maintaining or slightly increasing current liabilities. The decrease in total liabilities combined with consistent growth in shareholder equity points to improved financial stability and potential strengthening of the balance sheet. Notably, the rise in retained earnings and common stock suggests positive operational performance and capitalization changes. Increased treasury stock costs indicate active share repurchase strategies, possibly aimed at enhancing shareholder value. The patterns observed imply a cautious approach to debt management alongside consistent equity growth.

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Walt Disney Co. (NYSE:DIS)

Balance Sheet: Liabilities and Stockholders’ Equity