Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data
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 (quarterly data)
US$ in millions
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
Accounts payable and other accrued liabilities
19,548)
19,961)
20,541)
21,203)
20,500)
20,729)
21,635)
21,070)
20,216)
18,798)
18,676)
20,671)
19,115)
18,591)
18,149)
20,213)
20,858)
19,669)
18,709)
20,894)
18,317)
17,062)
16,846)
16,801)
16,986)
17,906)
19,755)
Current portion of borrowings
8,627)
8,887)
10,819)
6,711)
5,732)
6,446)
6,620)
6,845)
8,060)
6,789)
6,087)
4,330)
2,645)
3,452)
3,249)
3,070)
5,580)
5,399)
6,783)
5,866)
4,728)
5,243)
5,397)
5,711)
10,224)
12,676)
10,018)
Deferred revenue and other
6,930)
7,375)
6,686)
6,248)
6,740)
6,854)
6,591)
6,684)
7,336)
7,287)
6,270)
6,138)
6,474)
6,013)
5,672)
5,790)
4,266)
4,533)
4,545)
4,317)
4,368)
4,337)
4,303)
4,116)
3,707)
4,891)
5,024)
Current liabilities
35,105)
36,223)
38,046)
34,162)
32,972)
34,029)
34,846)
34,599)
35,612)
32,874)
31,033)
31,139)
28,234)
28,056)
27,070)
29,073)
30,704)
29,601)
30,037)
31,077)
27,413)
26,642)
26,546)
26,628)
30,917)
35,473)
34,797)
Borrowings, excluding current portion
37,414)
38,471)
35,821)
35,315)
36,531)
36,443)
38,688)
38,970)
39,524)
39,510)
41,603)
42,101)
44,544)
45,066)
45,128)
45,299)
46,022)
46,624)
47,349)
48,540)
51,110)
50,903)
52,878)
52,917)
54,197)
42,770)
38,057)
Deferred income taxes
5,219)
5,050)
4,126)
3,524)
3,097)
6,298)
6,336)
6,277)
6,628)
6,860)
7,041)
7,258)
7,304)
8,134)
8,236)
8,363)
8,034)
8,407)
8,124)
7,246)
6,835)
6,894)
7,201)
7,288)
7,055)
7,965)
8,364)
Other long-term liabilities
10,160)
10,161)
10,088)
9,901)
10,256)
10,297)
10,437)
10,851)
10,705)
12,103)
12,596)
12,069)
12,759)
13,232)
12,812)
12,518)
13,456)
13,808)
14,208)
14,522)
16,249)
16,615)
17,205)
17,204)
15,855)
16,113)
15,928)
Long-term liabilities
52,793)
53,682)
50,035)
48,740)
49,884)
53,038)
55,461)
56,098)
56,857)
58,473)
61,240)
61,428)
64,607)
66,432)
66,176)
66,180)
67,512)
68,839)
69,681)
70,308)
74,194)
74,412)
77,284)
77,409)
77,107)
66,848)
62,349)
Total liabilities
87,898)
89,905)
88,081)
82,902)
82,856)
87,067)
90,307)
90,697)
92,469)
91,347)
92,273)
92,567)
92,841)
94,488)
93,246)
95,253)
98,216)
98,440)
99,718)
101,385)
101,607)
101,054)
103,830)
104,037)
108,024)
102,321)
97,146)
Redeemable noncontrolling interests
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
9,055)
8,886)
8,814)
8,743)
9,499)
9,425)
9,354)
9,283)
9,213)
9,492)
9,410)
9,330)
9,249)
9,162)
9,096)
9,029)
Preferred stock
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
Common stock and additional paid-in capital, $0.01 par value
An analysis of the balance sheet reveals a strategic shift in capital structure characterized by a systematic reduction in long-term debt and a simultaneous strengthening of shareholders' equity. While total liabilities and equity remained relatively stable, fluctuating between 195 billion and 208 billion US dollars, the composition of these figures shifted toward a more equity-heavy base over the observed period.
Liability Trends and Debt Management
Total liabilities peaked at 108 billion US dollars in June 2020, largely driven by a surge in borrowings excluding the current portion, which rose to 54.2 billion US dollars. Following this peak, a consistent deleveraging trend is observed, with total liabilities decreasing to 87.9 billion US dollars by June 2026. Long-term liabilities specifically declined from a high of 77.1 billion US dollars in June 2020 to 52.8 billion US dollars by the end of the period, indicating a focused effort to reduce long-term debt obligations.
Current liabilities exhibited more volatility, fluctuating between 26 billion and 38 billion US dollars. A notable spike in current liabilities occurred in December 2024, reaching 38 billion US dollars, primarily influenced by an increase in the current portion of borrowings and accounts payable.
Equity Growth and Capital Retention
Total shareholders' equity demonstrated a long-term upward trajectory, growing from 89.8 billion US dollars in December 2019 to 110 billion US dollars by June 2026. This growth is underpinned by a significant increase in retained earnings, which rose from 43.2 billion US dollars to 65.1 billion US dollars, suggesting strong internal capital generation and profit retention.
A distinct change in capital allocation is evident in the treasury stock account. After remaining stagnant at 907 million US dollars for several years, treasury stock expenditures increased sharply starting in March 2024, reaching 14.8 billion US dollars by June 2026. This indicates an aggressive pivot toward share repurchases to return value to shareholders.
Overall Financial Stability
The balance sheet reflects an improving solvency profile. The reduction in the debt-to-equity ratio is evident as total liabilities decreased by approximately 18.5% from their 2020 peak, while total equity increased from 94.8 billion US dollars in 2019 to 116.8 billion US dollars in 2026.
Deferred revenue and other current liabilities showed a steady increase from 5 billion US dollars in 2019 to approximately 6.9 billion US dollars in 2026, indicating a growth in prepaid obligations and future revenue streams.
