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 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
Net income (loss) from continuing operations	5,773)	3,390)	3,553)	2,536)	(2,442)	10,913)
Depreciation and amortization	4,990)	5,369)	5,163)	5,111)	5,345)	4,160)
Impairments of goodwill, produced and licensed content and other assets	3,511)	3,128)	212)	—)	4,953)	—)
Net (gain) loss on investments	5)	(166)	714)	(332)	(920)	(4,794)
Deferred income taxes	(821)	(1,346)	200)	(1,241)	(392)	117)
Equity in the (income) loss of investees	(575)	(782)	(816)	(761)	(651)	103)
Cash distributions received from equity investees	437)	720)	779)	754)	774)	754)
Net change in produced and licensed content costs and advances	1,046)	(1,908)	(6,271)	(4,301)	397)	(542)
Equity-based compensation	1,366)	1,143)	977)	600)	525)	711)
Pension and postretirement medical cost amortization	(96)	4)	620)	816)	547)	278)
Other, net	(52)	137)	383)	190)	125)	(72)
Receivables	(565)	358)	605)	(357)	1,943)	55)
Inventories	(42)	(183)	(420)	252)	14)	(223)
Other assets	265)	(201)	(707)	171)	(157)	932)
Accounts payable and other liabilities	156)	(1,142)	964)	2,410)	(2,293)	191)
Income taxes	(1,427)	1,345)	46)	(282)	(152)	(6,599)
Changes in operating assets and liabilities	(1,613)	177)	488)	2,194)	(645)	(5,644)
Cash provided by operations	13,971)	9,866)	6,002)	5,566)	7,616)	5,984)
Investments in parks, resorts and other property	(5,412)	(4,969)	(4,943)	(3,578)	(4,022)	(4,876)
Proceeds from sales of investments	105)	458)	52)	337)	—)	—)
Purchase of investments	(1,506)	—)	—)	—)	—)	—)
Acquisitions	—)	—)	—)	—)	—)	(9,901)
Other, net	(68)	(130)	(117)	70)	172)	(319)
Cash used in investing activities	(6,881)	(4,641)	(5,008)	(3,171)	(3,850)	(15,096)
Commercial paper borrowings (payments), net	1,532)	(191)	(334)	(26)	(3,354)	4,318)
Borrowings	132)	83)	333)	64)	18,120)	38,240)
Reduction of borrowings	(3,064)	(1,675)	(4,016)	(3,737)	(3,533)	(38,881)
Dividends	(1,366)	—)	—)	—)	(1,587)	(2,895)
Repurchases of common stock	(2,992)	—)	—)	—)	—)	—)
Contributions from/sales of noncontrolling interests	9)	735)	74)	91)	—)	—)
Acquisition of redeemable noncontrolling interests	(8,610)	(900)	—)	(350)	—)	(1,430)
Other, net	(929)	(776)	(786)	(427)	(1,166)	184)
Cash provided by (used in) financing activities	(15,288)	(2,724)	(4,729)	(4,385)	8,480)	(464)
Cash provided by operations, discontinued operations	—)	—)	8)	1)	2)	622)
Cash provided by investing activities, discontinued operations	—)	—)	—)	8)	213)	10,978)
Cash used in financing activities, discontinued operations	—)	—)	(12)	—)	—)	(626)
Cash provided by (used in) discontinued operations	—)	—)	(4)	9)	215)	10,974)
Impact of exchange rates on cash, cash equivalents and restricted cash	65)	73)	(603)	30)	38)	(98)
Change in cash, cash equivalents and restricted cash	(8,133)	2,574)	(4,342)	(1,951)	12,499)	1,300)
Cash, cash equivalents and restricted cash, beginning of year	14,235)	11,661)	16,003)	17,954)	5,455)	4,155)
Cash, cash equivalents and restricted cash, end of year	6,102)	14,235)	11,661)	16,003)	17,954)	5,455)

Based on: 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), 10-K (reporting date: 2019-09-28).

Net Income and Profitability: The net income from continuing operations shows significant volatility over the analyzed periods. The figure peaked at $10,913 million in 2019, plunged into a loss of $2,442 million in 2020, and then gradually recovered, reaching $5,773 million by 2024. This indicates a recovery phase following a sharp downturn, likely influenced by external or operational factors impacting the company’s profitability.
Depreciation, Amortization, and Impairments: Depreciation and amortization expenses increased from $4,160 million in 2019 to a high of $5,369 million in 2023, slightly declining to $4,990 million in 2024. Notably, impairments of goodwill and other assets were absent in 2019 and 2021 but appeared significantly in other years, especially in 2023 and 2024 with $3,128 million and $3,511 million respectively. This pattern suggests asset write-downs were a recurring concern in recent years.
Investment Gains and Taxes: The net gain/loss on investments fluctuated, with a notable gain of -$4,794 million in 2019 (interpreted as a net gain) moving towards smaller fluctuations and eventually a minimal loss of $5 million in 2024. Deferred income taxes also showed volatility with negative balances in several years, indicating variable tax obligations or benefits. Income taxes paid shifted from a large refund-like figure (-$6,599 million in 2019) to positive taxes in 2023 before decreasing again, reflecting tax rate changes, timing differences, or adjustments.
Investee Income and Equity-Based Compensation: Equity in the income or loss of investees shifted from positive income in 2019 to consistent losses in subsequent years, reaching -$575 million in 2024. Contrarily, cash distributions from equity investees stayed relatively stable, although there was a decline in 2024. Equity-based compensation continuously increased, indicating rising non-cash employee expense impacts, peaking at $1,366 million in 2024.
Operating Assets and Liabilities: Changes in operating assets and liabilities varied widely, with negative values in some years suggesting cash outflows, but a strong positive change in 2021 of $2,194 million. Receivables and inventories showed inconsistent and sometimes negative trends, reflecting potential fluctuations in sales, collections, or inventory management inefficiencies.
Cash Flow from Operations: Cash provided by operations demonstrated a strong recovery trend, rising from $5,984 million in 2019 to $13,971 million in 2024, despite some fluctuation. This improvement points to enhanced operational cash generation capabilities over the period.
Investing Activities: Consistent high investments in parks, resorts, and other properties ranged between approximately -$3,500 million to -$5,400 million annually, indicating sustained capital expenditure efforts. Cash used in investing activities remained negative throughout, with a peak outflow of -$15,096 million in 2019, declining to -$6,881 million in 2024, suggesting a reduction in net investing outflows over time. Sales of investments were minor relative to purchases, with a large one-time purchase of $1,506 million in 2024.
Financing Activities: Financing activities showed large variability, with net cash outflows in most years. Notably, significant borrowings and borrowings reductions occurred, with an overall trend towards reducing debt levels, especially from 2019 to 2024. Dividends were paid consistently except for gaps in some years. Common stock repurchases appeared only in 2024 with $2,992 million spent. The considerable negative cash flow of -$15,288 million in financing activities in 2024 contrasts sharply with a positive inflow in 2020.
Cash and Cash Equivalents: Cash balances at year-end increased significantly in 2020, reaching $17,954 million from $5,455 million in 2019, then fluctuated downward to $6,102 million in 2024. The cash change fluctuated correspondingly, with strong inflows in 2020 and declines in subsequent years. Exchange rate impacts on cash were generally small but negative in 2022. Overall, the company managed significant cash flow volatility with notable peaks and troughs across the reporting periods.
Summary of Financial Trends: The data reveals a company experiencing considerable fluctuations in profitability and operating performance, with recovery phases post-2020 downturn. Heavy capital investments continued, balanced by large impairments and variable investment income. Efficient operational cash flow generation improved notably by the end of the period. Financing activities indicated debt management and shareholder returns through dividends and stock repurchases, albeit with large swings. Liquidity levels were volatile, reflecting internal and external economic conditions impacting cash management strategies.

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Walt Disney Co. (NYSE:DIS)

Cash Flow Statement