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Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.

Economic Profit
Net Operating Profit after Taxes (NOPAT)
Cash Operating Taxes
Invested Capital
Cost of Capital
Economic Spread Ratio
Economic Profit Margin

Walt Disney Co., economic profit calculation

US$ in millions

12 months ended:	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
Net operating profit after taxes (NOPAT)¹	12,192)	6,260)	3,406)	6,699)	2,215)	(2,176)
Cost of capital²	19.98%	19.77%	19.48%	19.17%	19.60%	19.32%
Invested capital³	165,308)	166,066)	173,764)	173,977)	172,934)	174,594)

Economic profit⁴	(20,829)	(26,579)	(30,445)	(26,659)	(31,676)	(35,914)

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).

¹ NOPAT. See details »

² Cost of capital. See details »

³ Invested capital. See details »

⁴ 2025 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= 12,192 – 19.98% × 165,308 = -20,829

The financial performance between 2020 and 2025 is characterized by a gradual improvement in economic profit, although the company consistently failed to generate positive economic value throughout the analyzed period. While Net Operating Profit After Taxes (NOPAT) exhibited significant growth and recovery, the high cost of capital relative to the returns on invested capital resulted in sustained negative economic profit.

Net Operating Profit After Taxes (NOPAT): A strong recovery trend is observed in NOPAT, moving from a loss of 2,176 million US$ in 2020 to a peak of 12,192 million US$ in 2025. Despite a temporary contraction in 2023, where profit fell to 3,406 million US$, the overall trajectory indicates a substantial increase in operational profitability over the six-year period.
Cost of Capital: The cost of capital remained consistently high and relatively stable, fluctuating between 19.17% and 19.98%. A marginal but steady upward trend is evident in the final two years, reaching its highest point of 19.98% in 2025, which increases the threshold for achieving positive economic value.
Invested Capital: Invested capital remained largely stagnant between 2020 and 2023, hovering around 173 billion to 174 billion US$. However, a reduction phase began in 2024, with capital decreasing to 166,066 million US$ and further declining to 165,308 million US$ by 2025.
Economic Profit: Economic profit remained negative across the entire duration, confirming that the company did not earn enough to cover its cost of capital. Nevertheless, the deficit narrowed from 35,914 million US$ in 2020 to 20,829 million US$ in 2025. This improvement is primarily driven by the surge in NOPAT and the slight reduction in invested capital, despite the rising cost of capital.

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Walt Disney Co., NOPAT calculation

US$ in millions

12 months ended:	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
Net income (loss) attributable to The Walt Disney Company (Disney)	12,404)	4,972)	2,354)	3,145)	1,995)	(2,864)
Deferred income tax expense (benefit)¹	(2,617)	(807)	(1,365)	168)	(1,252)	(275)
Increase (decrease) in allowance for credit losses²	7)	(32)	(43)	(12)	(256)	83)
Increase (decrease) in deferred revenues³	29)	(100)	87)	1,810)	447)	(468)
Increase (decrease) in restructuring reserves⁴	—)	—)	—)	(50)	(307)	(319)
Increase (decrease) in equity equivalents⁵	(2,581)	(939)	(1,321)	1,916)	(1,368)	(979)
Interest expense	1,812)	2,070)	1,973)	1,549)	1,546)	1,647)
Interest expense, operating lease liability⁶	133)	140)	144)	98)	87)	85)
Adjusted interest expense	1,945)	2,210)	2,117)	1,647)	1,633)	1,732)
Tax benefit of interest expense⁷	(408)	(464)	(445)	(346)	(343)	(364)
Adjusted interest expense, after taxes⁸	1,536)	1,746)	1,672)	1,301)	1,290)	1,368)
Interest and investment income	(246)	(406)	(424)	(90)	(307)	(156)
Investment income, before taxes	(246)	(406)	(424)	(90)	(307)	(156)
Tax expense (benefit) of investment income⁹	52)	85)	89)	19)	64)	33)
Investment income, after taxes¹⁰	(194)	(321)	(335)	(71)	(243)	(123)
(Income) loss from discontinued operations, net of tax¹¹	—)	—)	—)	48)	29)	32)
Net income (loss) attributable to noncontrolling interest	1,027)	801)	1,036)	360)	512)	390)
Net operating profit after taxes (NOPAT)	12,192)	6,260)	3,406)	6,699)	2,215)	(2,176)

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).

¹ Elimination of deferred tax expense. See details »

² Addition of increase (decrease) in allowance for credit losses.

³ Addition of increase (decrease) in deferred revenues.

⁴ Addition of increase (decrease) in restructuring reserves.

⁵ Addition of increase (decrease) in equity equivalents to net income (loss) attributable to The Walt Disney Company (Disney).

⁶ 2025 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= 3,235 × 4.10% = 133

⁷ 2025 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= 1,945 × 21.00% = 408

⁸ Addition of after taxes interest expense to net income (loss) attributable to The Walt Disney Company (Disney).

⁹ 2025 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= 246 × 21.00% = 52

¹⁰ Elimination of after taxes investment income.

¹¹ Elimination of discontinued operations.

Net Income: The net income attributable has demonstrated robust positive growth in the analyzed periods. Initially, a significant loss of -2864 million USD was recorded, followed by a turnaround to a profit of 1995 million USD in the subsequent period. Thereafter, a consistent upward trajectory is observed, culminating in a substantial net income of 12404 million USD by the latest period. This suggests a strong recovery and improving profitability.
Net Operating Profit After Taxes (NOPAT): NOPAT follows a similar pattern to net income, with an initial negative value of -2176 million USD. A major improvement is noted in the following period, progressing to positive values and showing an overall upward trend. Despite some fluctuations, NOPAT generally increases with peaks reaching 12192 million USD in the last reported period, indicating enhanced operational efficiency and profitability after tax considerations.
Overall Trends and Insights: The data reveals a significant financial turnaround from losses to strong profits over the annual periods. Both net income and NOPAT have shown marked improvements, reflecting successful operational and financial strategies. The consistent increase, especially noticeable in the most recent years, highlights improved business performance and effective management in generating shareholder value.

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Walt Disney Co., cash operating taxes calculation

US$ in millions

12 months ended:	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
Income tax expense (benefit) on income from continuing operations	(1,428)	1,796)	1,379)	1,732)	25)	699)
Less: Deferred income tax expense (benefit)	(2,617)	(807)	(1,365)	168)	(1,252)	(275)
Add: Tax savings from interest expense	408)	464)	445)	346)	343)	364)
Less: Tax imposed on investment income	52)	85)	89)	19)	64)	33)
Cash operating taxes	1,546)	2,982)	3,100)	1,891)	1,555)	1,305)

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).

The financial data reveals notable fluctuations in both income tax expense related to continuing operations and cash operating taxes over the observed periods.

Income Tax Expense (Benefit) on Income from Continuing Operations: This metric displays significant variability. It started at 699 million US dollars in 2020, sharply declined to 25 million in 2021, and then surged to 1,732 million in 2022. In the subsequent years, the value remained elevated at 1,379 million in 2023 and increased further to 1,796 million in 2024, followed by a substantial reversal to a negative figure of -1,428 million in 2025. The pronounced negative value in the final year suggests a tax benefit or credit, marking a distinct departure from previous years’ expenses.
Cash Operating Taxes: Cash operating taxes have generally increased over the years with some volatility. The amount rose from 1,305 million US dollars in 2020 to a peak of 3,100 million in 2023. Although there was a slight decline to 2,982 million in 2024, the value decreased more sharply to 1,546 million in 2025. This trend indicates a build-up of tax payments until 2023, with a marked reduction thereafter.

In summary, both income tax expense and cash operating taxes have seen considerable fluctuations, with the income tax expense showing a notable reversal into a benefit in the last recorded year and cash operating taxes peaking in 2023 before declining significantly. These trends may reflect changes in tax regulations, profitability, or tax strategies implemented in the latest periods.

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Walt Disney Co., invested capital calculation (financing approach)

US$ in millions

	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
Short-term finance lease liabilities	21)	30)	37)	37)	41)	37)
Current portion of borrowings	6,711)	6,845)	4,330)	3,070)	5,866)	5,711)
Borrowings, excluding current portion	35,315)	38,970)	42,101)	45,299)	48,540)	52,917)
Long-term finance lease liabilities	141)	160)	206)	219)	246)	271)
Operating lease liability¹	3,235)	3,512)	3,998)	3,634)	3,620)	3,387)
Total reported debt & leases	45,423)	49,517)	50,672)	52,259)	58,313)	62,323)
Total Disney Shareholder’s equity	109,869)	100,696)	99,277)	95,008)	88,553)	83,583)
Net deferred tax (assets) liabilities²	2,795)	5,622)	6,587)	7,727)	6,560)	6,959)
Allowance for credit losses³	90)	83)	115)	158)	170)	426)
Deferred revenues⁴	6,474)	6,445)	6,545)	6,458)	4,648)	4,201)
Restructuring reserves⁵	—)	—)	—)	—)	50)	357)
Equity equivalents⁶	9,359)	12,150)	13,247)	14,343)	11,428)	11,943)
Accumulated other comprehensive (income) loss, net of tax⁷	2,914)	3,699)	3,292)	4,119)	6,440)	8,322)
Redeemable noncontrolling interests	—)	—)	9,055)	9,499)	9,213)	9,249)
Noncontrolling interests	4,743)	4,826)	4,680)	3,871)	4,458)	4,680)
Adjusted total Disney Shareholder’s equity	126,885)	121,371)	129,551)	126,840)	120,092)	117,777)
Projects in progress⁸	(6,911)	(4,728)	(6,285)	(4,814)	(4,521)	(4,449)
Investments recorded at fair value⁹	(89)	(94)	(174)	(308)	(950)	(1,057)
Invested capital	165,308)	166,066)	173,764)	173,977)	172,934)	174,594)

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).

¹ Addition of capitalized operating leases.

² Elimination of deferred taxes from assets and liabilities. See details »

³ Addition of allowance for doubtful accounts receivable.

⁴ Addition of deferred revenues.

⁵ Addition of restructuring reserves.

⁶ Addition of equity equivalents to total Disney Shareholder’s equity.

⁷ Removal of accumulated other comprehensive income.

⁸ Subtraction of projects in progress.

⁹ Subtraction of investments recorded at fair value.

Total reported debt & leases: The total reported debt and leases demonstrate a clear downward trend over the analyzed periods. Starting from approximately 62.3 billion USD, the figure consistently decreases each year, reaching around 45.4 billion USD by the latest period. This steady reduction in liabilities suggests a strategic effort towards deleveraging and improving the company’s financial stability by lowering its debt burden.
Total Disney Shareholder’s equity: Shareholders' equity shows a consistent upward trajectory throughout the timeline. Beginning at about 83.6 billion USD, it rises continuously to nearly 110 billion USD in the most recent period. This growth in equity indicates strengthening net asset values, which could result from retained earnings, profitable operations, or potentially favorable revaluation adjustments. The increasing equity base enhances the company’s capacity to finance operations through internal sources.
Invested capital: Invested capital remains relatively stable across the periods, fluctuating slightly between approximately 165.3 billion USD and 174.6 billion USD. However, a slight decline is observable in the latter part of the timeline, dropping from the peak near 174.6 billion to around 165.3 billion USD. This suggests a modest reduction in the total capital invested in the company's operations, possibly reflecting asset disposals, operational efficiencies, or capital allocation adjustments.

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Walt Disney Co., cost of capital calculations

Sep 27, 2025

	Capital (fair value)¹	Weights					Cost of capital
Equity²	192,115)	192,115)	÷	234,599)	=	0.82	0.82	×	23.62%	=	19.34%
Borrowings and finance lease liabilities³	39,249)	39,249)	÷	234,599)	=	0.17	0.17	×	4.45% × (1 – 21.00%)	=	0.59%
Operating lease liability⁴	3,235)	3,235)	÷	234,599)	=	0.01	0.01	×	4.10% × (1 – 21.00%)	=	0.04%
Total:	234,599)					1.00					19.98%

Based on: 10-K (reporting date: 2025-09-27).

¹ US$ in millions

² Equity. See details »

³ Borrowings and finance lease liabilities. See details »

⁴ Operating lease liability. See details »

Sep 28, 2024

	Capital (fair value)¹	Weights					Cost of capital
Equity²	197,610)	197,610)	÷	245,021)	=	0.81	0.81	×	23.62%	=	19.05%
Borrowings and finance lease liabilities³	43,899)	43,899)	÷	245,021)	=	0.18	0.18	×	4.80% × (1 – 21.00%)	=	0.68%
Operating lease liability⁴	3,512)	3,512)	÷	245,021)	=	0.01	0.01	×	4.00% × (1 – 21.00%)	=	0.05%
Total:	245,021)					1.00					19.77%

Based on: 10-K (reporting date: 2024-09-28).

¹ US$ in millions

² Equity. See details »

³ Borrowings and finance lease liabilities. See details »

⁴ Operating lease liability. See details »

Sep 30, 2023

	Capital (fair value)¹	Weights					Cost of capital
Equity²	172,873)	172,873)	÷	218,570)	=	0.79	0.79	×	23.62%	=	18.68%
Borrowings and finance lease liabilities³	41,699)	41,699)	÷	218,570)	=	0.19	0.19	×	4.96% × (1 – 21.00%)	=	0.75%
Operating lease liability⁴	3,998)	3,998)	÷	218,570)	=	0.02	0.02	×	3.60% × (1 – 21.00%)	=	0.05%
Total:	218,570)					1.00					19.48%

Based on: 10-K (reporting date: 2023-09-30).

¹ US$ in millions

² Equity. See details »

³ Borrowings and finance lease liabilities. See details »

⁴ Operating lease liability. See details »

Oct 1, 2022

	Capital (fair value)¹	Weights					Cost of capital
Equity²	172,676)	172,676)	÷	220,585)	=	0.78	0.78	×	23.62%	=	18.49%
Borrowings and finance lease liabilities³	44,275)	44,275)	÷	220,585)	=	0.20	0.20	×	4.09% × (1 – 21.00%)	=	0.65%
Operating lease liability⁴	3,634)	3,634)	÷	220,585)	=	0.02	0.02	×	2.70% × (1 – 21.00%)	=	0.04%
Total:	220,585)					1.00					19.17%

Based on: 10-K (reporting date: 2022-10-01).

¹ US$ in millions

² Equity. See details »

³ Borrowings and finance lease liabilities. See details »

⁴ Operating lease liability. See details »

Oct 2, 2021

	Capital (fair value)¹	Weights					Cost of capital
Equity²	275,084)	275,084)	÷	339,315)	=	0.81	0.81	×	23.62%	=	19.15%
Borrowings and finance lease liabilities³	60,611)	60,611)	÷	339,315)	=	0.18	0.18	×	3.04% × (1 – 21.00%)	=	0.43%
Operating lease liability⁴	3,620)	3,620)	÷	339,315)	=	0.01	0.01	×	2.40% × (1 – 21.00%)	=	0.02%
Total:	339,315)					1.00					19.60%

Based on: 10-K (reporting date: 2021-10-02).

¹ US$ in millions

² Equity. See details »

³ Borrowings and finance lease liabilities. See details »

⁴ Operating lease liability. See details »

Oct 3, 2020

	Capital (fair value)¹	Weights					Cost of capital
Equity²	269,925)	269,925)	÷	338,438)	=	0.80	0.80	×	23.62%	=	18.84%
Borrowings and finance lease liabilities³	65,126)	65,126)	÷	338,438)	=	0.19	0.19	×	3.06% × (1 – 21.00%)	=	0.47%
Operating lease liability⁴	3,387)	3,387)	÷	338,438)	=	0.01	0.01	×	2.50% × (1 – 21.00%)	=	0.02%
Total:	338,438)					1.00					19.32%

Based on: 10-K (reporting date: 2020-10-03).

¹ US$ in millions

² Equity. See details »

³ Borrowings and finance lease liabilities. See details »

⁴ Operating lease liability. See details »

Walt Disney Co., economic spread ratio calculation, comparison to benchmarks

	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
Selected Financial Data (US$ in millions)
Economic profit¹	(20,829)	(26,579)	(30,445)	(26,659)	(31,676)	(35,914)
Invested capital²	165,308)	166,066)	173,764)	173,977)	172,934)	174,594)
Performance Ratio
Economic spread ratio³	-12.60%	-16.00%	-17.52%	-15.32%	-18.32%	-20.57%
Benchmarks
Economic Spread Ratio, Competitors⁴
Alphabet Inc.	26.55%	22.43%	15.79%	7.40%	26.69%	—
Comcast Corp.	1.94%	-1.26%	-3.13%	-7.60%	-2.60%	—
Meta Platforms Inc.	16.62%	13.76%	6.68%	0.43%	22.71%	—
Netflix Inc.	0.65%	-4.05%	-10.30%	-10.82%	-6.22%	—
Trade Desk Inc.	9.11%	-7.94%	-14.60%	-17.26%	-10.45%	—

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).

¹ Economic profit. See details »

² Invested capital. See details »

³ 2025 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × -20,829 ÷ 165,308 = -12.60%

⁴ Click competitor name to see calculations.

The analyzed period is characterized by a persistent failure to generate positive economic value, as indicated by consistently negative economic profit and economic spread ratios. However, a general trend of recovery is observable, with the magnitude of economic loss narrowing over the six-year trajectory.

Economic Profit Trends: Economic profit remained negative throughout the entire period, starting at a deficit of 35,914 million USD in 2020. A steady improvement was noted through 2022, reaching 26,659 million USD. A temporary reversal occurred in 2023, where losses widened to 30,445 million USD, before resuming a downward trajectory in losses to 20,829 million USD by September 2025. This overall reduction in economic loss suggests an improvement in the company's ability to cover its cost of capital.
Invested Capital Dynamics: Invested capital exhibited relative stability between 2020 and 2023, fluctuating within a narrow range between 172,934 million USD and 174,594 million USD. A notable shift occurred starting in 2024, with capital decreasing to 166,066 million USD and further declining to 165,308 million USD in 2025. This reduction in the capital base indicates a contraction in the total assets employed to generate returns.
Economic Spread Ratio Analysis: The economic spread ratio, which measures the difference between the return on invested capital and the weighted average cost of capital, remained negative across all periods. The ratio improved from -20.57% in 2020 to -12.60% in 2025. Similar to the economic profit, a brief deterioration was observed in 2023 (-17.52%) compared to 2022 (-15.32%). The overall upward trend in the ratio confirms that the gap between the actual return and the required return on invested capital is narrowing, although the company has yet to achieve a positive spread.

The correlation between the reduction in invested capital and the improvement in the economic spread ratio suggests that the company is optimizing its asset base while simultaneously reducing its economic losses. While the company continues to destroy shareholder value in absolute terms, the rate of value destruction has decelerated significantly since 2020.

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Walt Disney Co., economic profit margin calculation, comparison to benchmarks

	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020
Selected Financial Data (US$ in millions)
Economic profit¹	(20,829)	(26,579)	(30,445)	(26,659)	(31,676)	(35,914)

Revenues	94,425)	91,361)	88,898)	82,722)	67,418)	65,388)
Add: Increase (decrease) in deferred revenues	29)	(100)	87)	1,810)	447)	(468)
Adjusted revenues	94,454)	91,261)	88,985)	84,532)	67,865)	64,920)
Performance Ratio
Economic profit margin²	-22.05%	-29.12%	-34.21%	-31.54%	-46.68%	-55.32%
Benchmarks
Economic Profit Margin, Competitors³
Alphabet Inc.	20.35%	14.57%	9.73%	5.28%	17.70%	—
Comcast Corp.	3.64%	-2.18%	-5.41%	-13.42%	-5.12%	—
Meta Platforms Inc.	17.84%	13.88%	6.99%	0.37%	17.84%	—
Netflix Inc.	0.62%	-4.22%	-11.52%	-12.91%	-7.26%	—
Trade Desk Inc.	6.65%	-7.97%	-13.23%	-20.41%	-13.44%	—

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).

¹ Economic profit. See details »

² 2025 Calculation
Economic profit margin = 100 × Economic profit ÷ Adjusted revenues
= 100 × -20,829 ÷ 94,454 = -22.05%

³ Click competitor name to see calculations.

The financial trajectory from October 2020 to September 2025 indicates a consistent effort to reduce economic losses while simultaneously expanding the revenue base. Although economic profit has remained negative throughout the period, there is a clear trend toward narrowing the deficit, suggesting an improvement in the company's ability to cover its cost of capital.

Adjusted Revenue Growth: A sustained upward trend is observed in adjusted revenues, which grew from 64,920 million US dollars in 2020 to 94,454 million US dollars by 2025. This represents a steady expansion of the top line, providing a larger base to offset the costs of capital.
Economic Profit Performance: Economic profit began at a deficit of 35,914 million US dollars in 2020 and showed progressive improvement through 2022. A temporary reversal occurred in 2023, where the loss widened to 30,445 million US dollars, before resuming a recovery path to reach its lowest deficit of 20,829 million US dollars by 2025.
Economic Profit Margin Analysis: The economic profit margin demonstrates a significant recovery, moving from -55.32% in 2020 to -22.05% in 2025. The margin experienced a slight deterioration in 2023, dropping to -34.21% from -31.54% the previous year, but subsequently improved for two consecutive years. The overall contraction of the negative margin indicates that the company is becoming more efficient in generating value relative to its invested capital.

The convergence of increasing revenues and a decreasing economic deficit suggests a positive shift in financial health. The reduction in the economic profit margin by more than 33 percentage points over the five-year period highlights a consistent movement toward achieving positive economic value added.

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Walt Disney Co. (NYSE:DIS)

Economic Value Added (EVA)

Economic Profit

Net Operating Profit after Taxes (NOPAT)

Cash Operating Taxes

Invested Capital

Cost of Capital

Economic Spread Ratio

Economic Profit Margin