Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Walt Disney Co., consolidated cash flow statement

US$ in millions

12 months ended:	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
Net income (loss) from continuing operations	13,431)	5,773)	3,390)	3,553)	2,536)	(2,442)
Depreciation and amortization	5,326)	4,990)	5,369)	5,163)	5,111)	5,345)
Impairments of goodwill, produced and licensed content and other assets	871)	3,511)	3,128)	212)	—)	4,953)
Deferred income taxes	(2,739)	(821)	(1,346)	200)	(1,241)	(392)
Equity in the income of investees	(295)	(575)	(782)	(816)	(761)	(651)
Cash distributions received from equity investees	145)	437)	720)	779)	754)	774)
Net change in produced and licensed content costs and advances	577)	1,046)	(1,908)	(6,271)	(4,301)	397)
Equity-based compensation	1,363)	1,366)	1,143)	977)	600)	525)
Other, net	(148)	(143)	(25)	1,717)	674)	(248)
Receivables	(283)	(565)	358)	605)	(357)	1,943)
Inventories	(114)	(42)	(183)	(420)	252)	14)
Other assets	(42)	265)	(201)	(707)	171)	(157)
Accounts payable and other liabilities	237)	156)	(1,142)	964)	2,410)	(2,293)
Income taxes	(228)	(1,427)	1,345)	46)	(282)	(152)
Changes in operating assets and liabilities	(430)	(1,613)	177)	488)	2,194)	(645)
Cash provided by operations	18,101)	13,971)	9,866)	6,002)	5,566)	7,616)
Investments in parks, resorts and other property	(8,024)	(5,412)	(4,969)	(4,943)	(3,578)	(4,022)
Proceeds from sales of investments	4)	105)	458)	52)	337)	—)
Purchase of investments	(98)	(1,506)	—)	—)	—)	—)
Other, net	75)	(68)	(130)	(117)	70)	172)
Cash used in investing activities	(8,043)	(6,881)	(4,641)	(5,008)	(3,171)	(3,850)
Commercial paper borrowings (payments), net	(943)	1,532)	(191)	(334)	(26)	(3,354)
Borrowings	1,057)	132)	83)	333)	64)	18,120)
Reduction of borrowings	(3,735)	(3,064)	(1,675)	(4,016)	(3,737)	(3,533)
Dividends	(1,803)	(1,366)	—)	—)	—)	(1,587)
Repurchases of common stock	(3,500)	(2,992)	—)	—)	—)	—)
Contributions from/sales of noncontrolling interests	12)	9)	735)	74)	91)	—)
Acquisition of redeemable noncontrolling interests	(439)	(8,610)	(900)	—)	(350)	—)
Other, net	(1,015)	(929)	(776)	(786)	(427)	(1,166)
Cash provided by (used in) financing activities	(10,366)	(15,288)	(2,724)	(4,729)	(4,385)	8,480)
Cash provided by operations, discontinued operations	—)	—)	—)	8)	1)	2)
Cash provided by investing activities, discontinued operations	—)	—)	—)	—)	8)	213)
Cash used in financing activities, discontinued operations	—)	—)	—)	(12)	—)	—)
Cash provided by (used in) discontinued operations	—)	—)	—)	(4)	9)	215)
Impact of exchange rates on cash, cash equivalents and restricted cash	5)	65)	73)	(603)	30)	38)
Change in cash, cash equivalents and restricted cash	(303)	(8,133)	2,574)	(4,342)	(1,951)	12,499)
Cash, cash equivalents and restricted cash, beginning of year	6,102)	14,235)	11,661)	16,003)	17,954)	5,455)
Cash, cash equivalents and restricted cash, end of year	5,799)	6,102)	14,235)	11,661)	16,003)	17,954)

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).

Net Income and Profitability: Net income from continuing operations demonstrated a strong positive trend overall, recovering from a significant loss in 2020 and increasing continuously to reach a peak in 2025. This reflects improving profitability and operational performance over the observed periods.
Depreciation and Amortization: Depreciation and amortization expenses remained relatively stable throughout the years, with minor fluctuations. This consistency suggests controlled fixed asset utilization and amortization policies.
Impairments of Goodwill and Other Assets: There was notable volatility in impairments. After a large impairment in 2020, the figures dropped sharply in 2021 and 2022 but surged again in 2023 and 2024 before decreasing in 2025. This indicates episodic write-downs impacting asset values, reflecting fluctuating asset impairments during the period.
Deferred Income Taxes: The deferred income tax figures varied greatly, showing negative balances initially and then an inconsistent pattern in subsequent years. This irregularity points to fluctuations in tax timing differences or valuation allowances.
Equity in Income and Cash Distributions from Investees: Equity in the income of investees was consistently negative but improved progressively towards 2025. In contrast, cash distributions from these investees decreased steadily, suggesting a reduction in cash inflows from equity holdings despite improving equity income recognition.
Produced and Licensed Content Costs: The net change in produced and licensed content costs and advances showed a sharp decline in 2021 and 2022 before partially recovering and turning positive in 2024 and 2025. This may reflect changes in content production investment strategies or recognition timing.
Equity-Based Compensation: Equity-based compensation increased consistently across the period, indicating a growing emphasis on stock-based remuneration for employees which could affect operating expenses and cash flows.
Working Capital Components: Receivables, inventories, and other assets showed fluctuations indicating variability in asset management and operational cycles. Accounts payable and other liabilities shifted between positive and negative values, reflecting changes in payment and liability management practices.
Income Taxes Paid: Income tax payments were irregular, with both negative and positive values and large fluctuations, possibly due to changing tax liabilities or timing of tax payments.
Operating Cash Flow: Cash provided by operations showed an overall upward trajectory, increasing significantly in 2024 and 2025. This suggests stronger cash generation from core business activities over time.
Investing Activities: Investments in parks, resorts, and other property increased steadily, peaking in 2025, which indicates continued capital expenditure growth. Cash used in investing activities also rose, reflecting increased investments. Proceeds from sales of investments were minor and irregular, suggesting limited divestiture activity.
Financing Activities: Financing cash flows were notably negative in most years except 2020, driven by borrowings reduction and dividend payments. Significant stock repurchases appeared in the later years, with considerable negative cash impact. Borrowings showed fluctuations but generally moderate compared to reductions. The company engaged in acquisition of redeemable noncontrolling interests in several years, resulting in substantial cash outflows.
Discontinued Operations: Cash flows from discontinued operations were minimal and decreased to negligible levels, indicating a decreasing impact on overall financials from such activities.
Cash and Cash Equivalents: The cash position peaked in 2020, followed by a general declining trend through 2025, with a brief rebound in 2023. The company experienced multiple periods of negative change in cash balances, notably from 2021 onwards, reflecting the combined effect of investing and financing outflows exceeding operational inflows in some years.
Exchange Rate Impact: Currency exchange rate effects on cash were relatively minor but fluctuated positive and negative, suggesting some exposure to foreign currency movements.

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Walt Disney Co. (NYSE:DIS)

Cash Flow Statement