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
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
19,961)
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
8,887)
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
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
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
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
5,050)
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
10,161)
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
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
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
The balance sheet reflects a strategic transition from a period of high leverage and liquidity preservation to a phase of deleveraging and equity enhancement. Total liabilities peaked in mid-2020 at 108,024 million US dollars and entered a general downward trajectory, reaching a low of 82,856 million US dollars by June 2025, before experiencing a moderate increase toward the end of the observed period.
Debt Obligations and Liability Management
A significant spike in long-term borrowings occurred during the first half of 2020, peaking at 54,197 million US dollars in June 2020. This was followed by a consistent multi-year reduction, with borrowings excluding the current portion falling to 35,315 million US dollars by September 2025. This trend indicates a concerted effort to reduce long-term debt exposure. Current liabilities have remained more volatile, fluctuating between 26,000 million and 38,000 million US dollars, with a notable increase to 38,046 million US dollars by December 2025.
Equity Growth and Capital Distribution
Total equity exhibited a steady upward trend, growing from 94,773 million US dollars in December 2019 to 115,312 million US dollars by March 2026. This growth was primarily driven by a substantial increase in retained earnings, which rose from 43,202 million US dollars to 62,393 million US dollars over the period. Concurrently, there was a sharp acceleration in treasury stock acquisitions starting in 2024, with the cost of treasury stock increasing from 1,916 million US dollars in March 2024 to 12,990 million US dollars by March 2026, suggesting an aggressive share repurchase strategy.
Solvency and Capital Structure Shifts
The relationship between liabilities and equity shifted favorably over the analyzed timeframe. The leverage profile peaked in mid-2020, where total liabilities significantly exceeded total equity. By 2025 and 2026, the capital structure shifted toward a more equity-heavy composition, with total equity consistently surpassing total liabilities. This transition indicates an improved solvency position and a reduction in financial risk.
Other Long-Term Obligations
Deferred income taxes and other long-term liabilities showed a general decline. Other long-term liabilities decreased from 15,928 million US dollars in 2019 to approximately 10,161 million US dollars by March 2026. Deferred income taxes also trended downward, dropping from a high of 8,407 million US dollars in April 2022 to a low of 3,097 million US dollars in June 2025, before recovering slightly.
