Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Walt Disney Co., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-27), 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).
The financial performance exhibits a distinct recovery trajectory, transitioning from negative profitability in early 2021 to sustained positive margins and returns through mid-2026. A consistent expansion in gross profitability served as the primary foundation for the subsequent improvement in operational and bottom-line results.
- Gross Profit Margin
- A steady and consistent upward trend is observed, with the margin increasing from 29.85% in January 2021 to a peak of 37.76% in June 2025. This continuous growth indicates a sustained improvement in the cost of goods sold relative to revenue or an increase in pricing power over the analyzed period.
- Operating Profit Margin
- The operating margin transitioned from a deficit of -7.37% in early 2021 to positive territory by July 2021. Following a period of fluctuation between 2022 and 2023, a significant acceleration in operational efficiency is evident from March 2024, where the margin rose from 5.40% to a high of 13.78% in June 2025, eventually stabilizing at 13.66% by June 2026.
- Net Profit Margin
- Net margins mirrored the operational recovery, moving from -8.15% in January 2021 to a positive 1.77% by July 2021. Profitability reached a peak of 13.14% in September 2025 before experiencing a contraction to 8.70% by June 2026, suggesting a late-period increase in non-operating expenses or tax impacts.
- Return on Equity (ROE) and Return on Assets (ROA)
- Both ROE and ROA shifted from negative values in early 2021 to positive returns by the third quarter of 2021. ROE peaked at 11.29% in the second half of 2025, while ROA reached its maximum of 6.28% in September 2025. Both metrics displayed a synchronized decline in the first half of 2026, with ROE falling to 7.82% and ROA dropping to 4.20%, indicating a reduction in the efficiency of asset and equity utilization toward the end of the period.
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Return on Sales
Return on Investment
Gross Profit Margin
Walt Disney Co., gross profit margin calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Jan 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Gross profit | 10,142) | 9,267) | 9,312) | 8,446) | 9,118) | 8,811) | 9,284) | 8,344) | 8,446) | 7,911) | 7,962) | 7,513) | 7,859) | 7,199) | 7,126) | 6,592) | 7,822) | 6,655) | 7,252) | 6,193) | 5,789) | 5,831) | 4,474) | |||||||
| Revenues | 25,248) | 25,168) | 25,981) | 22,464) | 23,650) | 23,621) | 24,690) | 22,574) | 23,155) | 22,083) | 23,549) | 21,241) | 22,330) | 21,815) | 23,512) | 20,150) | 21,504) | 19,249) | 21,819) | 18,534) | 17,022) | 15,613) | 16,249) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Gross profit margin1 | 37.60% | 37.16% | 37.28% | 37.76% | 37.61% | 37.10% | 36.74% | 35.75% | 35.36% | 35.03% | 34.33% | 33.41% | 32.77% | 33.04% | 33.40% | 34.24% | 34.43% | 33.79% | 34.34% | 33.06% | 31.12% | 30.65% | 29.85% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Alphabet Inc. | — | 60.90% | 60.37% | 59.65% | 59.17% | 58.94% | 58.59% | 58.20% | 57.84% | 57.35% | 57.12% | 56.63% | 55.88% | 55.44% | 55.30% | 55.38% | 56.10% | 56.74% | 56.93% | — | — | — | — | |||||||
| Comcast Corp. | — | 69.39% | 70.13% | 71.75% | 71.88% | 70.82% | 70.36% | 70.08% | 69.73% | 70.53% | 70.00% | 69.76% | 69.96% | 69.65% | 69.49% | 68.53% | 68.41% | 67.34% | 66.64% | — | — | — | — | |||||||
| Meta Platforms Inc. | — | 81.75% | 81.94% | 82.00% | 82.00% | 81.95% | 81.75% | 81.67% | 81.43% | 81.40% | 81.44% | 80.76% | 79.05% | 78.34% | 78.40% | 78.35% | 80.31% | 80.47% | 80.34% | — | — | — | — | |||||||
| Netflix Inc. | — | 49.12% | 49.03% | 48.49% | 48.09% | 48.49% | 46.92% | 46.06% | 45.25% | 43.84% | 43.06% | 41.54% | 39.49% | 38.77% | 38.30% | 39.37% | 39.62% | 40.63% | 41.62% | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-06-27), 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).
1 Q3 2026 Calculation
Gross profit margin = 100
× (Gross profitQ3 2026
+ Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025)
÷ (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
= 100 × (10,142 + 9,267 + 9,312 + 8,446)
÷ (25,248 + 25,168 + 25,981 + 22,464)
= 37.60%
2 Click competitor name to see calculations.
The company exhibits a consistent upward trajectory in its gross profitability from January 2021 through June 2026. This period is characterized by a sustained expansion of the gross profit margin, indicating improved efficiency in managing direct costs relative to revenue growth.
- Gross Profit Margin Trends
- The gross profit margin increased from 29.85% in January 2021 to 37.60% by June 2026. This growth occurred in two distinct phases: an initial climb from approximately 30% to 34% during 2021, followed by a period of relative stability between 33% and 34% throughout 2022 and early 2023. A secondary acceleration began in late 2023, with margins steadily rising to a peak of 37.76% in September 2025 before stabilizing in the 37% range.
- Revenue and Gross Profit Correlation
- Revenues grew from 16,249 million US dollars in January 2021 to 25,248 million US dollars by June 2026. During the same interval, gross profit expanded more aggressively, rising from 4,474 million US dollars to 10,142 million US dollars. The fact that gross profit more than doubled while revenues grew by approximately 55% accounts for the significant improvement in the margin percentage.
- Operational Stability
- Despite quarterly fluctuations in total revenue—such as the decline observed in April 2021 and April 2023—the gross profit margin showed increasing resilience. From December 2023 onward, the margin consistently remained above 34%, suggesting a structural improvement in cost management or a shift toward higher-margin revenue streams.
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Operating Profit Margin
Walt Disney Co., operating profit margin calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Jan 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Operating income (loss) | 3,860) | 3,550) | 3,875) | 2,221) | 3,460) | 3,397) | 3,935) | 1,202) | 3,354) | 827) | 2,936) | 1,062) | (9) | 2,123) | 1,924) | 542) | 2,390) | 1,405) | 2,196) | 507) | 1,320) | 1,032) | 146) | |||||||
| Revenues | 25,248) | 25,168) | 25,981) | 22,464) | 23,650) | 23,621) | 24,690) | 22,574) | 23,155) | 22,083) | 23,549) | 21,241) | 22,330) | 21,815) | 23,512) | 20,150) | 21,504) | 19,249) | 21,819) | 18,534) | 17,022) | 15,613) | 16,249) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Operating profit margin1 | 13.66% | 13.47% | 13.53% | 13.78% | 12.69% | 12.64% | 10.07% | 9.11% | 9.08% | 5.40% | 6.87% | 5.74% | 5.22% | 8.02% | 7.42% | 7.90% | 8.01% | 7.08% | 6.93% | 4.46% | 2.60% | -7.99% | -7.37% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Alphabet Inc. | — | 33.11% | 32.69% | 32.03% | 32.19% | 32.68% | 32.67% | 32.11% | 30.93% | 29.83% | 29.03% | 27.42% | 26.51% | 25.75% | 25.35% | 26.46% | 27.85% | 29.65% | 30.47% | — | — | — | — | |||||||
| Comcast Corp. | — | 14.66% | 15.29% | 16.71% | 17.98% | 18.12% | 18.73% | 18.83% | 18.52% | 19.32% | 19.25% | 19.18% | 19.33% | 11.99% | 11.75% | 11.56% | 11.82% | 18.25% | 17.76% | — | — | — | — | |||||||
| Meta Platforms Inc. | — | 38.08% | 41.21% | 41.44% | 43.23% | 44.02% | 42.92% | 42.18% | 39.94% | 39.25% | 37.38% | 34.66% | 28.96% | 23.80% | 23.56% | 24.82% | 29.74% | 33.41% | 36.68% | — | — | — | — | |||||||
| Netflix Inc. | — | 29.68% | 29.72% | 29.49% | 29.14% | 29.51% | 27.71% | 26.71% | 25.65% | 23.82% | 22.54% | 20.62% | 18.35% | 17.51% | 16.85% | 17.82% | 18.16% | 19.13% | 20.41% | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-06-27), 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).
1 Q3 2026 Calculation
Operating profit margin = 100
× (Operating income (loss)Q3 2026
+ Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025)
÷ (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
= 100 × (3,860 + 3,550 + 3,875 + 2,221)
÷ (25,248 + 25,168 + 25,981 + 22,464)
= 13.66%
2 Click competitor name to see calculations.
The operating profit margin exhibits a long-term upward trajectory, transitioning from significant negative values in early 2021 to a sustained high plateau by mid-2026. This progression indicates a substantial improvement in operational efficiency and cost management relative to revenue growth.
- Initial Recovery and Stabilization (2021-2022)
- A period of initial volatility is observed where operating margins were negative, reaching a low of -7.99% in April 2021. A reversal occurred by July 2021, with margins turning positive and climbing steadily to peak at 8.01% by July 2022. This phase represents a successful transition back to operational profitability.
- Mid-Term Contraction (2023)
- A temporary decline in profitability occurred during the first half of 2023. The operating profit margin dropped to 5.22% in July 2023, which coincided with a nominal operating loss of 9 million US dollars. This dip was followed by a recovery to 6.87% by September 2023, signaling a brief period of operational instability before a renewed growth phase.
- Expansion and Efficiency Gains (2024-2026)
- Beginning in early 2024, a period of accelerated margin expansion is evident. The operating profit margin surpassed the 10% threshold in December 2024 and continued to climb, reaching a peak of 13.78% in September 2025. The trend concludes with a stabilization between 13.47% and 13.66% through June 2026, suggesting the establishment of a more efficient operating baseline.
- Revenue and Operating Income Correlation
- Revenues grew steadily from 16,249 million US dollars in early 2021 to 25,248 million US dollars by mid-2026. During the same period, operating income increased from 146 million US dollars to 3,860 million US dollars. The fact that operating income grew at a significantly faster rate than revenue confirms that the margin expansion was driven by optimized operational leverage and cost control.
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Net Profit Margin
Walt Disney Co., net profit margin calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Jan 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net income (loss) attributable to The Walt Disney Company (Disney) | 2,638) | 2,247) | 2,402) | 1,313) | 5,262) | 3,275) | 2,554) | 460) | 2,621) | (20) | 1,911) | 264) | (460) | 1,271) | 1,279) | 162) | 1,409) | 470) | 1,104) | 159) | 918) | 901) | 17) | |||||||
| Revenues | 25,248) | 25,168) | 25,981) | 22,464) | 23,650) | 23,621) | 24,690) | 22,574) | 23,155) | 22,083) | 23,549) | 21,241) | 22,330) | 21,815) | 23,512) | 20,150) | 21,504) | 19,249) | 21,819) | 18,534) | 17,022) | 15,613) | 16,249) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| Net profit margin1 | 8.70% | 11.54% | 12.80% | 13.14% | 12.22% | 9.47% | 6.07% | 5.44% | 5.31% | 1.90% | 3.36% | 2.65% | 2.56% | 4.74% | 3.93% | 3.80% | 3.87% | 3.46% | 4.22% | 2.96% | 1.77% | -7.73% | -8.15% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||
| Alphabet Inc. | — | 54.77% | 37.92% | 32.81% | 32.23% | 31.12% | 30.86% | 28.60% | 27.74% | 26.70% | 25.90% | 24.01% | 22.46% | 21.05% | 20.58% | 21.20% | 23.75% | 25.89% | 27.57% | — | — | — | — | |||||||
| Comcast Corp. | — | 8.97% | 15.00% | 16.17% | 18.33% | 18.44% | 12.71% | 13.09% | 11.92% | 12.46% | 12.64% | 12.66% | 12.53% | 5.40% | 4.71% | 4.42% | 4.46% | 11.54% | 11.96% | — | — | — | — | |||||||
| Meta Platforms Inc. | — | 29.84% | 32.84% | 30.08% | 30.89% | 39.99% | 39.11% | 37.91% | 35.55% | 34.34% | 32.06% | 28.98% | 23.42% | 18.71% | 18.27% | 19.90% | 24.41% | 28.16% | 31.20% | — | — | — | — | |||||||
| Netflix Inc. | — | 28.22% | 28.52% | 24.30% | 24.05% | 24.58% | 23.07% | 22.34% | 20.70% | 19.54% | 18.42% | 16.04% | 13.82% | 13.22% | 13.16% | 14.21% | 16.03% | 16.42% | 16.47% | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-06-27), 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).
1 Q3 2026 Calculation
Net profit margin = 100
× (Net income (loss) attributable to The Walt Disney Company (Disney)Q3 2026
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q2 2026
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q1 2026
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q4 2025)
÷ (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
= 100 × (2,638 + 2,247 + 2,402 + 1,313)
÷ (25,248 + 25,168 + 25,981 + 22,464)
= 8.70%
2 Click competitor name to see calculations.
The analysis of profitability over the observed period reveals a transition from significant net losses to a period of substantial margin expansion, followed by a recent moderation in profitability levels.
- Initial Recovery and Volatility Phase
- Between January 2021 and March 2024, net profit margins exhibited significant instability. The period began with negative margins, reaching a low of -8.15% in January 2021. While the company transitioned to positive profitability by July 2021, margins remained suppressed and volatile, generally fluctuating between 1.77% and 5.31%. Notably, margins dipped again toward the end of this period, falling to 1.90% by March 2024, indicating a struggle to maintain consistent profitability despite steady revenue growth.
- Accelerated Margin Expansion
- A distinct shift in profitability occurred starting in June 2024. Net profit margins entered a sharp upward trajectory, climbing from 5.31% in June 2024 to a peak of 13.14% in September 2025. This expansion was driven by net income growth that significantly outpaced revenue growth; for instance, in June 2025, net income reached 5,262 million USD against revenues of 23,650 million USD, representing the highest efficiency gain in the dataset.
- Recent Profitability Moderation
- Following the peak in late 2025, a downward trend in the net profit margin is observed through the first half of 2026. The margin decreased from 13.14% in September 2025 to 8.70% by June 2026. This contraction occurred even as revenues remained relatively stable, suggesting an increase in operating costs or a reduction in non-operating income during the final quarters of the period.
- Revenue and Income Correlation
- Revenue showed a consistent long-term upward trend, growing from 16,249 million USD in early 2021 to 25,248 million USD by June 2026. However, the net profit margin did not track linearly with revenue. The most significant margin improvements occurred during 2024 and 2025, suggesting that the company achieved greater operational leverage or successful cost-restructuring measures during those years rather than relying solely on top-line growth.
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Return on Equity (ROE)
Walt Disney Co., ROE calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Jan 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net income (loss) attributable to The Walt Disney Company (Disney) | 2,638) | 2,247) | 2,402) | 1,313) | 5,262) | 3,275) | 2,554) | 460) | 2,621) | (20) | 1,911) | 264) | (460) | 1,271) | 1,279) | 162) | 1,409) | 470) | 1,104) | 159) | 918) | 901) | 17) | |||||||
| Total Disney Shareholders’ equity | 110,032) | 108,708) | 108,476) | 109,869) | 109,145) | 104,339) | 101,933) | 100,696) | 100,622) | 99,252) | 100,721) | 99,277) | 97,610) | 97,859) | 96,149) | 95,008) | 92,500) | 90,636) | 89,864) | 88,553) | 86,741) | 85,540) | 84,071) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROE1 | 7.82% | 10.32% | 11.29% | 11.29% | 10.58% | 8.54% | 5.51% | 4.94% | 4.75% | 1.71% | 2.96% | 2.37% | 2.31% | 4.21% | 3.45% | 3.31% | 3.40% | 2.92% | 3.43% | 2.25% | 1.30% | -5.28% | -5.89% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||||
| Alphabet Inc. | — | 38.13% | 33.46% | 31.83% | 32.12% | 31.85% | 32.15% | 30.80% | 30.01% | 29.15% | 28.14% | 26.04% | 24.43% | 22.82% | 22.46% | 23.41% | 26.41% | 28.20% | 29.35% | — | — | — | — | |||||||
| Comcast Corp. | — | 12.48% | 21.29% | 20.64% | 23.29% | 23.65% | 18.13% | 18.92% | 17.11% | 18.14% | 18.67% | 18.61% | 18.34% | 7.74% | 6.86% | 6.63% | 6.73% | 15.35% | 15.18% | — | — | — | — | |||||||
| Meta Platforms Inc. | — | 26.07% | 28.97% | 27.83% | 30.16% | 36.66% | 36.01% | 34.14% | 33.76% | 32.81% | 30.60% | 25.53% | 20.81% | 16.82% | 17.18% | 18.45% | 23.23% | 26.74% | 30.30% | — | — | — | — | |||||||
| Netflix Inc. | — | 45.27% | 42.97% | 41.26% | 40.19% | 41.07% | 38.58% | 35.21% | 34.25% | 32.08% | 30.12% | 26.27% | 20.47% | 18.60% | 19.24% | 21.62% | 24.57% | 26.71% | 28.54% | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-06-27), 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).
1 Q3 2026 Calculation
ROE = 100
× (Net income (loss) attributable to The Walt Disney Company (Disney)Q3 2026
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q2 2026
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q1 2026
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q4 2025)
÷ Total Disney Shareholders’ equity
= 100 × (2,638 + 2,247 + 2,402 + 1,313)
÷ 110,032 = 7.82%
2 Click competitor name to see calculations.
The Return on Equity (ROE) exhibits a distinct trajectory of recovery and expansion over the observed period, transitioning from initial negative returns to a period of significant growth before showing signs of recent normalization. The overall trend indicates a substantial improvement in the company's ability to generate profit from shareholders' equity.
- Initial Recovery and Stabilization Phase
- Between January 2021 and December 2022, ROE moved from negative territory, starting at -5.89%, toward a stabilized positive range. By the end of 2022, returns fluctuated between 1.30% and 4.21%. This period was characterized by a steady increase in total shareholders' equity, which grew from 84.07 billion to 96.15 billion.
- Volatility and Transitional Period
- During 2023 and early 2024, the ROE experienced moderate instability, reflecting fluctuations in net income. Despite occasional net losses in July 2023 and March 2024, the ROE remained positive, suggesting the influence of trailing performance or annualized calculations. Equity continued its upward trend, surpassing the 100 billion threshold by late 2023.
- Accelerated Growth Peak
- A significant surge in profitability is observed starting in June 2024. ROE climbed rapidly from 4.75% to a peak of 11.29% in the second and third quarters of 2025. This acceleration was driven by a sharp increase in net income, which reached a high of 5.26 billion in June 2025, far outpacing the growth rate of the equity base.
- Recent Deceleration
- Following the 2025 peak, a downward trend in ROE is observed, declining to 7.82% by June 2026. This contraction occurred while total shareholders' equity reached its maximum value of 110.03 billion, indicating that net income growth did not keep pace with the expanding equity base during the final quarters of the period.
The correlation between net income and equity suggests that while the capital base has expanded consistently and linearly, the ROE has been primarily driven by the volatility and eventual scaling of net earnings. The shift from negative returns in 2021 to a peak above 11% in 2025 represents a significant strengthening of profitability efficiency.
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Return on Assets (ROA)
Walt Disney Co., ROA calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | Jan 1, 2022 | Oct 2, 2021 | Jul 3, 2021 | Apr 3, 2021 | Jan 2, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net income (loss) attributable to The Walt Disney Company (Disney) | 2,638) | 2,247) | 2,402) | 1,313) | 5,262) | 3,275) | 2,554) | 460) | 2,621) | (20) | 1,911) | 264) | (460) | 1,271) | 1,279) | 162) | 1,409) | 470) | 1,104) | 159) | 918) | 901) | 17) | |||||||
| Total assets | 204,740) | 205,217) | 202,089) | 197,514) | 196,612) | 195,833) | 197,046) | 196,219) | 197,772) | 195,110) | 197,774) | 205,579) | 203,783) | 204,858) | 202,124) | 203,631) | 204,074) | 202,453) | 203,311) | 203,609) | 202,221) | 200,250) | 201,888) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||
| ROA1 | 4.20% | 5.47% | 6.06% | 6.28% | 5.88% | 4.55% | 2.85% | 2.53% | 2.41% | 0.87% | 1.51% | 1.15% | 1.11% | 2.01% | 1.64% | 1.54% | 1.54% | 1.31% | 1.52% | 0.98% | 0.56% | -2.25% | -2.45% | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||||
| Alphabet Inc. | — | 26.49% | 22.76% | 22.20% | 23.16% | 23.02% | 23.35% | 22.24% | 21.91% | 21.13% | 20.23% | 18.34% | 16.82% | 15.91% | 15.86% | 16.42% | 18.70% | 20.28% | 20.87% | — | — | — | — | |||||||
| Comcast Corp. | — | 4.35% | 7.23% | 7.34% | 8.28% | 8.36% | 5.87% | 6.08% | 5.44% | 5.75% | 5.85% | 5.81% | 5.80% | 2.48% | 2.18% | 2.09% | 2.12% | 5.26% | 5.25% | — | — | — | — | |||||||
| Meta Platforms Inc. | — | 15.13% | 17.86% | 16.52% | 19.26% | 24.26% | 23.78% | 22.59% | 21.66% | 22.34% | 20.53% | 17.03% | 13.75% | 10.91% | 11.62% | 12.49% | 16.12% | 19.81% | 22.74% | — | — | — | — | |||||||
| Netflix Inc. | — | 23.35% | 21.92% | 19.75% | 18.99% | 19.30% | 17.80% | 16.24% | 14.88% | 14.45% | 13.18% | 11.10% | 9.14% | 8.36% | 8.49% | 9.24% | 10.61% | 10.99% | 11.05% | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-06-27), 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).
1 Q3 2026 Calculation
ROA = 100
× (Net income (loss) attributable to The Walt Disney Company (Disney)Q3 2026
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q2 2026
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q1 2026
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q4 2025)
÷ Total assets
= 100 × (2,638 + 2,247 + 2,402 + 1,313)
÷ 204,740 = 4.20%
2 Click competitor name to see calculations.
The analysis of profitability ratios indicates a distinct recovery and expansion cycle, characterized by an initial period of instability followed by a significant increase in asset utilization efficiency.
- Return on Assets (ROA) Trajectory
- A transition from negative territory in early 2021, where ROA reached -2.45%, to a period of modest stability between 1.3% and 2.0% throughout 2022 and early 2023 is observed. Following a period of volatility in 2023, a sharp upward trend began in mid-2024, with ROA accelerating from 0.87% in March 2024 to a peak of 6.28% by September 2025. A subsequent gradual decline is noted through June 2026, ending at 4.20%.
- Net Income Performance
- Profitability exhibited high variance, particularly during 2023, where a loss of 460 million in July was offset by a recovery to 1,911 million by December. The most substantial growth occurred between March 2024 and June 2025, with net income reaching a peak of 5,262 million. This surge in bottom-line earnings served as the primary catalyst for the marked improvement in the ROA ratio.
- Asset Base Stability
- Total assets remained relatively consistent across the analyzed timeframe, fluctuating within a narrow range between approximately 195 billion and 205 billion. Because the asset base did not expand significantly, the increase in ROA is attributable to improved operational efficiency and higher earnings generation per unit of asset rather than changes in the scale of the balance sheet.
- Correlation Analysis
- The data reveals a strong positive correlation between the surge in net income and the ROA peak in late 2025. The period from March 2024 to September 2025 represents the most efficient phase of asset utilization, where net income growth far outpaced the minimal fluctuations in total assets, resulting in a peak ROA of 6.28%.
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