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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- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) 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-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).
- Net Income from Continuing Operations
- The net income exhibits substantial volatility over the periods analyzed. Following a peak in late 2019, a sharp loss occurred in mid-2020, coinciding with broader economic disruptions. Subsequently, net income generally recovered with fluctuations, reaching new highs in late 2024 and early 2025, suggesting resilience and a favorable financial trajectory.
- Depreciation and Amortization
- This expense remains relatively stable across the quarters, reflecting consistent investment in long-term assets and amortizable content. Minor fluctuations occur but no significant trend upwards or downwards is evident.
- Impairments of Goodwill and Other Assets
- Significant impairment charges appeared notably in mid-2020, reflecting asset valuation adjustments possibly related to the economic environment. A resurgence of impairments is observed towards late 2022 and beyond, though at lower magnitudes. These sporadic charges suggest periodic reassessment of asset values in response to market conditions or strategic shifts.
- Deferred Income Taxes
- Deferred tax figures fluctuate between positive and negative values without a clear linear trend, indicating varying impacts from timing differences in tax recognition and possible changes in tax positions or regulations over time.
- Equity in the Income of Investees
- Income from equity investees consistently shows negative values, albeit with some moderation in losses in recent periods. This pattern indicates ongoing challenges or underperformance in affiliated entities.
- Cash Distributions from Equity Investees
- Cash inflows from equity investees generally decline over the timeframe, with notable reductions in later periods. This trend may reflect reduced profitability or changes in distribution policies of investees.
- Net Change in Produced and Licensed Content Costs and Advances
- There is substantial volatility in this item, with large positive and negative swings across quarters. This volatility indicates fluctuations in content investment and accounting recognition, possibly linked to production cycles, content releases, and licensing agreements.
- Equity-Based Compensation
- Equity-based compensation expenses show a gradual increasing trend, reflecting rising employee incentives or adjustments in stock-based remuneration programs over the analyzed periods.
- Other Operating Items (Receivables, Inventories, Other Assets, Accounts Payable and Other Liabilities)
- These operating asset and liability accounts show high volatility and frequent reversals in sign, indicating dynamic working capital management and possible responses to changes in sales, procurement, or operational strategies. Receivables and accounts payable in particular exhibit large swings, suggesting variability in cash flow timing and credit terms.
- Cash Provided by (Used in) Operations
- Operating cash flow generally trends positively with periods of strong cash generation, especially post-2020. Despite some quarters of reduced or negative cash flow, the overall pattern indicates improving operational liquidity and cash conversion.
- Investments in Parks, Resorts, and Other Property
- Capital expenditures remain consistently significant throughout the periods, with an apparent intensification of investment into facilities and property in recent quarters, possibly reflecting expansion or refurbishment initiatives.
- Cash Used in Investing Activities
- Investing cash flow consistently shows cash outflows, coinciding with ongoing capital investments. Peaks in outflows correspond with increased property investments; occasional proceeds from sales provide minor offsets.
- Borrowings and Debt Management
- Borrowings experience sharp fluctuations, with periods of significant net repayment and other intervals of increased borrowing. Commercial paper borrowings display marked variability, including large repayments and drawdowns, reflecting active short-term debt management. Long-term borrowings and reductions also show inconsistent patterns without a clear directional trend, indicating responsive financing activities aligned with operational needs.
- Dividends and Stock Repurchases
- Dividend payments are intermittently resumed after earlier hiatuses, with noticeable increases toward later periods. Stock repurchases commence in later periods with substantial amounts, signifying a focus on shareholder returns through capital return programs after stabilization.
- Cash Provided by (Used in) Financing Activities
- Financing cash flows demonstrate volatility, with marked inflows in early 2020, followed by substantial outflows linked to debt repayments, dividends, and stock repurchases in subsequent periods. The fluctuations in financing activities reflect the company's active engagement in capital structure optimization and shareholder distribution.
- Discontinued Operations and Exchange Rate Effects
- Cash flows related to discontinued operations are minor and irregular. Currency exchange impacts on cash fluctuate and contribute to occasional increases or decreases in cash balances, reflecting exposure to foreign exchange risk.
- Overall Cash Position
- The net change in cash and equivalents is highly variable, with periods of strong increases often followed by sharp decreases. This volatility reflects the combined effects of operational performance, investing commitments, financing activity, and external factors such as currency movements.