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
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Analysis of Debt
- Aggregate Accruals
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Walt Disney Co., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-06-28), 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), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
- Net Income (Loss) from Continuing Operations
- The net income from continuing operations shows significant volatility over the analyzed quarters. There is a peak early in 2019 (Mar 30, 2019) at 5590 million US$, followed by a substantial loss in mid-2020 (Jun 27, 2020) with -4509 million US$. After this loss, income gradually recovers and reaches new highs towards the end of 2024 and early 2025. This suggests periods of strong profitability interrupted by unexpected significant losses, likely influenced by external or operational challenges.
- Depreciation and Amortization
- Depreciation and amortization expenses remain relatively stable throughout the periods, fluctuating within a narrow range around 1200 to 1400 million US$. This consistency indicates ongoing capital investments and asset utilization without major fluctuations.
- Impairments of Goodwill, Produced and Licensed Content, and Other Assets
- Impairments appear sporadically in the data, with a large charge in mid-2020 (Jun 27, 2020) of 4953 million US$, which coincides with the period of net losses. Subsequent impairments are smaller but continue intermittently through 2023 and 2024, implying occasional asset write-downs impacting earnings.
- Net Gain (Loss) on Investments and Disposition of Businesses
- This item shows a significant gain in early 2019 (Mar 30, 2019) of -4917 million US$ (negative implies gain in the context), followed by periods of smaller gains and losses. The volatility suggests active portfolio management with occasional notable transactions.
- Deferred Income Taxes
- The deferred income taxes line fluctuates considerably, with both large positive and negative values throughout the periods. Early negative spikes (e.g., Sep 28, 2019) and continuing fluctuations suggest varying tax obligations potentially influenced by earnings volatility, tax planning, and timing differences.
- Equity in the (Income) Loss of Investees
- The equity income/loss from investees mainly shows losses, with values consistently negative after early positive amounts. The magnitude remains relatively steady, implying stable but negative contributions from equity investments.
- Cash Distributions Received from Equity Investees
- Cash distributions remain fairly stable over time, fluctuating between approximately 150 and 220 million US$, indicating steady cash inflows from equity investments.
- Net Change in Produced and Licensed Content Costs and Advances
- This item is highly volatile, with alternating large positive and negative values. For example, there are significant decreases in content costs in the first half of 2021 and sharp increases towards the end of 2024 and mid-2025. This suggests fluctuating investments and recoveries in content production.
- Equity-Based Compensation
- Equity-based compensation expenses trend upward from 2018 through 2025, increasing from 92 million US$ to peaks above 350 million US$, indicating growth in stock-based incentives.
- Pension and Postretirement Medical Benefit Cost Amortization
- Data is sparse but shows consistent values in 2020 and some reductions thereafter, possibly reflecting changes in benefit cost recognition.
- Other, Net
- The “Other, net” line is variable, with both positive and negative swings. It exhibits a lack of clear trend, suggesting miscellaneous one-time or irregular items.
- Receivables
- Receivables fluctuate widely between positive and negative, indicating variable collections and credit terms. No persistent trend is identifiable.
- Inventories
- Inventories remain relatively low and fluctuating around small values, indicating minimal changes in inventory levels relative to other accounts.
- Other Assets
- Other assets exhibit irregular and volatile changes with no clear upward or downward trend, indicating fluctuating asset valuations or reclassifications.
- Accounts Payable and Other Liabilities
- This item shows large swings between positive and negative changes. Certain quarters feature substantial liabilities build-up or reduction, reflecting variable operating cycle activities.
- Income Taxes
- Income tax payments and refunds fluctuate considerably, with periods of negative and positive values suggesting variable taxable income and tax management strategies in response to earnings.
- Changes in Operating Assets and Liabilities
- This measure shows irregular results with both large inflows and outflows, reflecting changes in working capital components that vary quarter to quarter.
- Cash Provided by (Used in) Operations
- Operating cash flow reveals a pattern of recovery after mid-2020 declines. Early 2019 peaks and post-2020 gradual improvement indicate resilient cash generation capability.
- Investments in Parks, Resorts and Other Property
- Capital expenditures are relatively stable until 2022, after which an increase occurs, with peak investments during late 2024 and early 2025. This may indicate a strategic focus on enhancing physical assets.
- Proceeds from Sale of Investments and Purchase of Investments
- Sales and purchases of investments appear sporadic, with occasional spikes, indicating periodic portfolio adjustments.
- Acquisitions
- A large acquisition occurred early in 2019 (Mar 30, 2019) for 9901 million US$, with no subsequent major acquisitions shown, suggesting a one-time significant investment.
- Cash Used in Investing Activities
- Investing cash flows predominantly represent outflows, reflecting ongoing capital expenditures and acquisitions, with occasional spikes due to large asset purchases or sales.
- Cash Provided by (Used in) Financing Activities
- Financing cash flows show periods of significant inflows and outflows. Large borrowings and repayments fluctuate, with notable debt reduction periods and debt issuances, alongside dividend payments and stock repurchases increasing toward the end of the period.
- Dividends and Repurchases of Common Stock
- Dividends demonstrate a generally consistent payout, while stock repurchases increase notably in the later quarters, suggesting active shareholder return policies.
- Contributions from Noncontrolling Interests and Acquisition of Redeemable Noncontrolling Interests
- Sporadic contributions and acquisitions of noncontrolling interests occur, with a notable acquisition in 2022 and 2023, indicating adjustments in ownership structures.
- Impact of Exchange Rates on Cash
- Exchange rate effects on cash vary in sign and magnitude, reflecting foreign currency exposure adjustments in cash balances.
- Change in Cash, Cash Equivalents, and Restricted Cash
- Overall cash changes are highly volatile with periods of strong increases (e.g., Mar 28, 2020), followed by declines and recoveries, demonstrating fluctuating liquidity positions over time.