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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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Walt Disney Co., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-28), 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 cash flow profile exhibits a transition from pandemic-driven liquidity preservation to a phase of aggressive capital reinvestment and shareholder returns. Operating cash flows demonstrate a significant recovery and growth trajectory following the volatility experienced between 2020 and 2022.
- Operating Cash Flow Trends
- Cash provided by operations shows a general upward trend, moving from a low of negative 209 million in early 2022 to a peak of 6.9 billion in March 2026. This growth is supported by a recovery in net income from continuing operations, which shifted from severe losses in 2020 to consistent multi-billion dollar quarterly gains by 2024 and 2025. Depreciation and amortization remained remarkably stable, averaging between 1.2 billion and 1.4 billion per quarter throughout the period, providing a consistent non-cash add-back. Periodic impairments of goodwill and other assets created significant spikes in operating cash flow in June 2020, July 2023, and March 2024, though these are non-cash charges.
- Investing Activities and Capital Expenditure
- Investing activities are characterized by a consistent and increasing commitment to capital expenditures, specifically in parks, resorts, and other property. Expenditures in this category rose from approximately 1.3 billion per quarter in 2019 to a peak of 3.0 billion in December 2025. The steady increase in these outflows indicates a long-term strategic investment in physical assets. Other investing activities, such as the purchase of investments and sale of assets, remained secondary to the primary driver of park and resort development.
- Financing Activities and Capital Allocation
- The financing strategy evolved from high-volume borrowing to debt reduction and shareholder distributions. During 2020, massive inflows from commercial paper and borrowings were utilized to maintain liquidity. This trend reversed by 2024, marked by a significant increase in the reduction of borrowings and the resumption of dividends and common stock repurchases. A notable event occurred in March 2024, where 8.6 billion was used for the acquisition of redeemable noncontrolling interests. By 2025 and 2026, stock repurchases became a primary use of cash, peaking at 3.4 billion in March 2026.
- Working Capital and Liquidity Dynamics
- Changes in operating assets and liabilities introduced significant quarterly volatility. Receivables and accounts payable showed erratic swings, typical of a business with seasonal revenue streams. The impact of exchange rates on cash fluctuated throughout the period, though it remained a relatively minor component of the overall change in cash position compared to operating and financing flows.
Overall, the financial data indicates a company that has successfully leveraged its operational recovery to fund both an expansion of its physical footprint and a renewed commitment to returning capital to shareholders.