Cash Flow Statement
Quarterly Data
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.
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- Statement of Comprehensive Income
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
- Aggregate Accruals
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Walt Disney Co., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
The financial information reveals significant fluctuations in cash flow patterns over the observed period. Overall cash flow from operations demonstrates considerable variability, with periods of strong positive cash generation interspersed with substantial losses. A notable trend is the increasing investment in parks, resorts, and other property, consistently representing a significant cash outflow throughout the period, with a marked increase in later quarters.
- Cash Flow from Operations
- Cash provided by operations began strongly in December 2019 and March 2020, but experienced a substantial decline, resulting in a loss in June 2020. It recovered through early 2021, then fluctuated considerably. A strong recovery is observed in the latter half of 2023 and into 2024, peaking in June 2024, before declining again in subsequent quarters. The impact of net income on operational cash flow is evident, with negative net income correlating with reduced cash from operations.
- Investing Activities
- Cash used in investing activities consistently represents a significant outflow. Investments in property, resorts, and other property are the primary driver of this outflow, with amounts generally increasing over time. There are occasional positive cash flows from the sale of investments, but these are comparatively small. A particularly large outflow related to the acquisition of redeemable noncontrolling interests is observed in September 2023.
- Financing Activities
- Financing activities demonstrate substantial volatility. Significant inflows are observed from commercial paper borrowings and borrowings, particularly in early periods. However, these are often offset by reductions in borrowings, dividend payments, and substantial repurchases of common stock. The period from late 2023 through early 2025 shows a pattern of net cash outflows from financing, despite continued borrowing activity, largely driven by stock repurchases and debt reduction. A large cash inflow from borrowings is observed in September 2024.
- Net Income and Related Adjustments
- Net income from continuing operations exhibits significant swings, including a substantial loss in June 2020 and a smaller loss in July 2023. Depreciation and amortization consistently contribute positive cash flow, while impairments of goodwill and content costs represent significant, though infrequent, non-cash charges. Deferred income taxes show considerable fluctuation, impacting overall cash flow. Equity-based compensation provides a consistent, though relatively small, positive cash flow contribution.
- Working Capital
- Changes in operating assets and liabilities demonstrate considerable variability. Significant changes in receivables, inventories, and other assets are observed throughout the period. Accounts payable and other liabilities also fluctuate substantially, often offsetting changes in other working capital components. The net change in produced and licensed content costs and advances is a significant factor, with large outflows in several periods.
The impact of exchange rates on cash is relatively small but consistently present, contributing to both positive and negative adjustments. Overall, the company’s cash flow profile is characterized by substantial fluctuations driven by a combination of operational performance, investment decisions, and financing activities. The increasing investment in property and the significant stock repurchase program are key features of the observed cash flow patterns.