Debt to Equity
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Calculation
Walt Disney Co., debt to equity, long-term trends, calculation
| Debt to equity | = | Total borrowings1 | ÷ | Total Disney Shareholder’s equity1 | |
|---|---|---|---|---|---|
| Sep 27, 2025 | = | ÷ | |||
| Sep 28, 2024 | = | ÷ | |||
| Sep 30, 2023 | = | ÷ | |||
| Oct 1, 2022 | = | ÷ | |||
| Oct 2, 2021 | = | ÷ | |||
| Oct 3, 2020 | = | ÷ | |||
| Sep 28, 2019 | = | ÷ | |||
| Sep 29, 2018 | = | ÷ | |||
| Sep 30, 2017 | = | ÷ | |||
| Oct 1, 2016 | = | ÷ | |||
| Oct 3, 2015 | = | ÷ | |||
| Sep 27, 2014 | = | ÷ | |||
| Sep 28, 2013 | = | ÷ | |||
| Sep 29, 2012 | = | ÷ | |||
| Oct 1, 2011 | = | ÷ | |||
| Oct 2, 2010 | = | ÷ | |||
| Oct 3, 2009 | = | ÷ | |||
| Sep 27, 2008 | = | ÷ | |||
| Sep 29, 2007 | = | ÷ | |||
| Sep 30, 2006 | = | ÷ | |||
| Oct 1, 2005 | = | ÷ |
Based on: 10-K (reporting date: 2025-09-27), 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), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-10-01), 10-K (reporting date: 2015-10-03), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-10-01), 10-K (reporting date: 2010-10-02), 10-K (reporting date: 2009-10-03), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-10-01).
1 US$ in millions
- Total Borrowings
-
Total borrowings generally exhibited an upward trend from 2005 through 2017, increasing from approximately $12.5 billion to a peak of around $25.3 billion. This was followed by a marked surge in 2019 and 2020, reaching nearly $47 billion and then sharply increasing to about $58.6 billion in 2021. After this peak, total borrowings steadily decreased over the subsequent years, dropping to approximately $42.0 billion by 2025.
- Total Disney Shareholder’s Equity
-
Shareholder’s equity showed growth over the entire period, starting at $26.2 billion in 2005 and generally increasing to around $48.8 billion in 2018. A substantial jump occurred in 2019 and 2020, with equity nearly doubling to approximately $88.9 billion in 2019, stabilizing above $83 billion in 2021. From 2022 onward, shareholder’s equity continued its upward trajectory, reaching about $110 billion by 2025.
- Debt to Equity Ratio
-
The debt to equity ratio fluctuated somewhat but remained within a moderate range throughout the period. From 2005 to 2013, the ratio mostly declined, moving from 0.48 to around 0.31, indicating a reduction in leverage relative to equity. A notable increase occurred in 2014 and 2015, peaking at 0.61 and 0.7 in 2020, corresponding with increased borrowings. Subsequently, the ratio declined steadily to 0.38 by 2025, reflecting deleveraging in the later years.
- Overall Insights
-
The financial data indicate periods of significant borrowing, especially around 2019–2021, likely linked to strategic investments or other capital-intensive initiatives. The simultaneous increase in shareholder equity during this timeframe suggests capital injections or retained earnings growth. The peak in debt to equity ratio in 2020 reflects heightened leverage, which was progressively managed downward in the following years through debt reduction and equity growth. This deleveraging trend contributes to a stronger equity base and improved financial stability toward the end of the period analyzed.
Comparison to Competitors
Walt Disney Co., debt to equity, long-term trends, comparison to competitors
| Walt Disney Co. | Alphabet Inc. | Comcast Corp. | Meta Platforms Inc. | Netflix Inc. | Trade Desk Inc. | |
|---|---|---|---|---|---|---|
| Sep 27, 2025 | ||||||
| Sep 28, 2024 | ||||||
| Sep 30, 2023 | ||||||
| Oct 1, 2022 | ||||||
| Oct 2, 2021 | ||||||
| Oct 3, 2020 | ||||||
| Sep 28, 2019 | ||||||
| Sep 29, 2018 | ||||||
| Sep 30, 2017 | ||||||
| Oct 1, 2016 | ||||||
| Oct 3, 2015 | ||||||
| Sep 27, 2014 | ||||||
| Sep 28, 2013 | ||||||
| Sep 29, 2012 | ||||||
| Oct 1, 2011 | ||||||
| Oct 2, 2010 | ||||||
| Oct 3, 2009 | ||||||
| Sep 27, 2008 | ||||||
| Sep 29, 2007 | ||||||
| Sep 30, 2006 | ||||||
| Oct 1, 2005 |
Based on: 10-K (reporting date: 2025-09-27), 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), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-10-01), 10-K (reporting date: 2015-10-03), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-10-01), 10-K (reporting date: 2010-10-02), 10-K (reporting date: 2009-10-03), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-10-01).
Comparison to Sector (Media & Entertainment)
Walt Disney Co., debt to equity, long-term trends, comparison to sector (media & entertainment)
| Walt Disney Co. | Media & Entertainment | |
|---|---|---|
| Sep 27, 2025 | ||
| Sep 28, 2024 | ||
| Sep 30, 2023 | ||
| Oct 1, 2022 | ||
| Oct 2, 2021 | ||
| Oct 3, 2020 | ||
| Sep 28, 2019 | ||
| Sep 29, 2018 | ||
| Sep 30, 2017 | ||
| Oct 1, 2016 | ||
| Oct 3, 2015 | ||
| Sep 27, 2014 | ||
| Sep 28, 2013 | ||
| Sep 29, 2012 | ||
| Oct 1, 2011 | ||
| Oct 2, 2010 | ||
| Oct 3, 2009 | ||
| Sep 27, 2008 | ||
| Sep 29, 2007 | ||
| Sep 30, 2006 | ||
| Oct 1, 2005 |
Based on: 10-K (reporting date: 2025-09-27), 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), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-10-01), 10-K (reporting date: 2015-10-03), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-10-01), 10-K (reporting date: 2010-10-02), 10-K (reporting date: 2009-10-03), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-10-01).
Comparison to Industry (Communication Services)
Walt Disney Co., debt to equity, long-term trends, comparison to industry (communication services)
| Walt Disney Co. | Communication Services | |
|---|---|---|
| Sep 27, 2025 | ||
| Sep 28, 2024 | ||
| Sep 30, 2023 | ||
| Oct 1, 2022 | ||
| Oct 2, 2021 | ||
| Oct 3, 2020 | ||
| Sep 28, 2019 | ||
| Sep 29, 2018 | ||
| Sep 30, 2017 | ||
| Oct 1, 2016 | ||
| Oct 3, 2015 | ||
| Sep 27, 2014 | ||
| Sep 28, 2013 | ||
| Sep 29, 2012 | ||
| Oct 1, 2011 | ||
| Oct 2, 2010 | ||
| Oct 3, 2009 | ||
| Sep 27, 2008 | ||
| Sep 29, 2007 | ||
| Sep 30, 2006 | ||
| Oct 1, 2005 |
Based on: 10-K (reporting date: 2025-09-27), 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), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-10-01), 10-K (reporting date: 2015-10-03), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-10-01), 10-K (reporting date: 2010-10-02), 10-K (reporting date: 2009-10-03), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-10-01).