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: 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), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
- Gross Profit Margin
- The gross profit margin exhibits a declining trend from 39.6% in December 2019 to a low point of 29.85% in January 2021. From this trough, the margin gradually improved, reaching 37.61% by June 2025. This pattern suggests an initial erosion in profitability at the gross level, potentially due to increased cost of goods sold or pricing pressures, followed by a recovery phase indicating improved cost management or revenue enhancements over subsequent periods.
- Operating Profit Margin
- The operating profit margin follows a similar but more pronounced trajectory. Beginning at 15.33% in December 2019, it declined sharply, turning negative from October 2020 through April 2021, with the lowest margin of -7.99% in January 2021. Subsequently, a sustained recovery is observed, climbing back to 12.69% in June 2025. The steep decline into negative territory reflects considerable operational challenges during this period, while the recovery phase indicates effective operational adjustments and improving business conditions.
- Net Profit Margin
- The net profit margin mirrors the general pattern of operating margin with an initial decrease from 15.89% in December 2019 to a negative level of -8.15% in January 2021. Following this low point, gradual improvement is evident, with the margin reaching 12.22% by June 2025. This suggests that bottom-line profitability was severely impacted during the early 2020 period, possibly linked to wider market disruptions, but improved steadily as operational performance and financial management recovered.
- Return on Equity (ROE)
- ROE decreased from 12.44% in December 2019 to a negative value of -5.89% in January 2021, indicating a period of negative returns to shareholders. Thereafter, a recovery is observed, with ROE rising to 10.58% by June 2025. The pattern reflects a temporary erosion of shareholder value followed by restoration and growth in equity profitability through improved earnings and capital efficiency.
- Return on Assets (ROA)
- The return on assets declined from 5.7% in December 2019 to negative values around -2.45% by January 2021, signaling unprofitable utilization of assets during that period. Recovery ensued, with ROA increasing to 5.88% by June 2025. This development indicates that asset efficiency and the ability to generate profits from asset investments were adversely affected but have since shown considerable improvement.
Return on Sales
Return on Investment
Gross Profit Margin
Walt Disney Co., gross profit margin calculation (quarterly data)
| 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 | Oct 3, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Gross profit | 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) | 3,694) | 3,883) | 6,088) | 7,843) | 7,278) | 7,426) | 6,546) | 6,302) | ||||||||
| Revenues | 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) | 14,707) | 11,779) | 18,025) | 20,877) | 19,100) | 20,245) | 14,922) | 15,303) | ||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||||||||
| Gross profit margin1 | 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% | 32.89% | 35.96% | 36.60% | 38.72% | 39.60% | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||||||||||||
| Alphabet Inc. | — | 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% | 56.94% | 56.51% | 55.72% | 54.32% | 53.58% | — | — | — | — | — | — | — | ||||||||
| Comcast Corp. | — | 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% | 66.96% | 66.59% | 66.81% | 67.61% | 68.02% | — | — | — | — | — | — | — | ||||||||
| Meta Platforms Inc. | — | 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% | 80.79% | 80.85% | 80.98% | 80.55% | 80.58% | — | — | — | — | — | — | — | ||||||||
| Netflix Inc. | — | 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% | 41.64% | 43.22% | 42.29% | 41.10% | 38.89% | — | — | — | — | — | — | — | ||||||||
Based on: 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), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
1 Q3 2025 Calculation
Gross profit margin = 100
× (Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025
+ Gross profitQ4 2024)
÷ (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
= 100 × (9,118 + 8,811 + 9,284 + 8,344)
÷ (23,650 + 23,621 + 24,690 + 22,574)
= 37.61%
2 Click competitor name to see calculations.
- Gross Profit Trends
- The gross profit exhibits a fluctuating pattern across the periods, with notable declines in the quarters ending March 2020 through October 2020. The lowest gross profit occurred in October 2020 at 3,694 million USD, reflecting a significant drop compared to prior quarters. Following this low, gross profit generally recovered, reaching 9,118 million USD in June 2025. Despite some volatility, the trend from early 2021 onwards shows a gradual upward trajectory in gross profit amounts.
- Revenue Patterns
- Revenue figures similarly demonstrate substantial variability. Initial revenues peaked in the June 2019 quarter at 20,245 million USD, followed by a decline starting December 2019 and reaching a trough in June 2020 at 11,779 million USD. Recovery is evident thereafter, with revenues progressively increasing and achieving a high of 24,690 million USD in December 2024. The data suggests a period of interruption, likely due to external factors, followed by a steady rebound in revenue streams.
- Gross Profit Margin Analysis
- The gross profit margin percentages commence from approximately 39.6% in the period ending June 2019, followed by a decline to a nadir near 29.85% in January 2021. Subsequently, margins display a consistent improvement, rising to 37.61% by the June 2025 quarter. The overall margin trend indicates a contraction during the mid periods analyzed, with gradual recovery and enhancement in profitability ratios in the later periods.
- Comparative Insights
- There is a clear correlation between revenue and gross profit movements, both showing declines in early 2020 coincident with unstated impactful events, and both demonstrating recovery through 2021 to 2025. The gross profit margin reduction during the lowest revenue phases suggests increased cost pressures or pricing challenges. The subsequent margin recovery implies improved operational efficiency or advantageous changes in revenue mix.
- Summary
- Overall, the financial data reflects a significant disruption in the middle of the timeline, impacting revenues, gross profit, and profit margins. Recovery phases indicate resilience and effective management responses, leading to stronger gross profits and improved margins in recent quarters. The upward margin trend ending in mid-2025 suggests enhanced profitability conditions despite prior setbacks.
Operating Profit Margin
Walt Disney Co., operating profit margin calculation (quarterly data)
| 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 | Oct 3, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Operating income (loss) | 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) | (846) | (4,996) | 1,216) | 2,685) | 1,968) | 2,553) | 2,729) | 3,418) | ||||||||
| Revenues | 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) | 14,707) | 11,779) | 18,025) | 20,877) | 19,100) | 20,245) | 14,922) | 15,303) | ||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||||||||
| Operating profit margin1 | 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% | -2.97% | 1.25% | 10.76% | 13.22% | 15.33% | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||||||||||||
| Alphabet Inc. | — | 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% | 30.55% | 30.30% | 28.45% | 25.26% | 22.59% | — | — | — | — | — | — | — | ||||||||
| Comcast Corp. | — | 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% | 17.89% | 17.51% | 17.01% | 16.97% | 16.89% | — | — | — | — | — | — | — | ||||||||
| Meta Platforms Inc. | — | 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% | 39.65% | 41.79% | 42.52% | 40.42% | 38.01% | — | — | — | — | — | — | — | ||||||||
| Netflix Inc. | — | 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% | 20.86% | 22.76% | 22.03% | 21.17% | 18.34% | — | — | — | — | — | — | — | ||||||||
Based on: 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), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
1 Q3 2025 Calculation
Operating profit margin = 100
× (Operating income (loss)Q3 2025
+ Operating income (loss)Q2 2025
+ Operating income (loss)Q1 2025
+ Operating income (loss)Q4 2024)
÷ (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
= 100 × (3,460 + 3,397 + 3,935 + 1,202)
÷ (23,650 + 23,621 + 24,690 + 22,574)
= 12.69%
2 Click competitor name to see calculations.
The operating income and revenues exhibit considerable fluctuations over the observed periods. Initially, operating income shows a positive trend, despite some decline from the high of 3,418 million US dollars in late 2018 to 1,968 million US dollars in the third quarter of 2019. This is followed by a sharp decrease, culminating in a significant operating loss of -4,996 million US dollars in mid-2020. This negative performance persists with smaller losses through late 2020, before recovering to positive operating income levels from early 2021 onward. From 2021 to mid-2025, operating income generally improves, reaching levels above 3,000 million US dollars in several quarters, although inconsistencies remain, including occasional dips below 1,000 million US dollars and near zero levels.
Revenues demonstrate a mostly upward trajectory with some volatility. After an initial increase from approximately 15,303 million US dollars in late 2018 to a peak of 20,877 million US dollars by the end of 2019, revenues decline sharply during the first half of 2020, reaching a low of 11,779 million US dollars. However, revenues rebound steadily from late 2020 forward, climbing as high as 24,690 million US dollars by the end of 2024. The overall growth in revenues across the period indicates a recovery and expansion following the downturn experienced in early 2020.
The operating profit margin, available from late 2019, shows a declining trend coinciding with the onset of operating losses, reaching negative values in 2020 with a low near -8%. This margin then recovers and becomes positive in early 2021. Thereafter, the margin generally improves, ranging between 5% and 12%, with the highest margins recorded in late 2024 and early 2025. This improvement in operating profitability margin aligns with the recovery in operating income and revenues, suggesting enhanced operational efficiency or pricing power after the period of distress.
In summary, the data reflects a significant impact likely due to external factors causing disrupted operations in 2020, as evidenced by pronounced revenue declines and operating losses. Recovery is observed from 2021 onward, with revenues and operating income increasing and stabilizing at higher levels. Operating profit margins strengthen correspondingly, demonstrating improved profitability relative to revenue. However, the variability in operating income across quarters indicates some ongoing operational challenges or investment fluctuations despite the general positive trend after the downturn.
Net Profit Margin
Walt Disney Co., net profit margin calculation (quarterly data)
| 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 | Oct 3, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to The Walt Disney Company (Disney) | 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) | (710) | (4,721) | 460) | 2,107) | 1,054) | 1,760) | 5,452) | 2,788) | ||||||||
| Revenues | 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) | 14,707) | 11,779) | 18,025) | 20,877) | 19,100) | 20,245) | 14,922) | 15,303) | ||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||||||||
| Net profit margin1 | 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% | -4.38% | -1.58% | 6.88% | 13.80% | 15.89% | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||||||||||||
| Alphabet Inc. | — | 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% | 29.51% | 29.52% | 28.57% | 26.11% | 22.06% | — | — | — | — | — | — | — | ||||||||
| Comcast Corp. | — | 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% | 12.17% | 12.73% | 11.44% | 11.25% | 10.17% | — | — | — | — | — | — | — | ||||||||
| Meta Platforms Inc. | — | 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% | 33.38% | 35.88% | 37.18% | 35.74% | 33.90% | — | — | — | — | — | — | — | ||||||||
| Netflix Inc. | — | 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% | 17.23% | 17.64% | 15.92% | 14.24% | 11.05% | — | — | — | — | — | — | — | ||||||||
Based on: 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), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
1 Q3 2025 Calculation
Net profit margin = 100
× (Net income (loss) attributable to The Walt Disney Company (Disney)Q3 2025
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q2 2025
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q1 2025
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q4 2024)
÷ (RevenuesQ3 2025
+ RevenuesQ2 2025
+ RevenuesQ1 2025
+ RevenuesQ4 2024)
= 100 × (5,262 + 3,275 + 2,554 + 460)
÷ (23,650 + 23,621 + 24,690 + 22,574)
= 12.22%
2 Click competitor name to see calculations.
- Net Income (Loss) Attributable to The Walt Disney Company
- The net income exhibits significant fluctuations over the analyzed quarters. Starting from a positive figure of 2,788 million USD at the end of 2018, it peaked at 5,452 million USD by the first quarter of 2019. Subsequently, it showed a declining trend with some quarter-to-quarter volatility, including a notable loss of 4,721 million USD in the quarter ending June 2020. Thereafter, income remained mostly positive but relatively low until late 2021, after which it showed a pattern of recovery and growth, reaching 5,262 million USD by the quarter ending June 2025. This recovery phase is marked by a mix of moderate earnings and a few declines, indicative of an uneven but improving profitability profile.
- Revenues
- Revenue levels demonstrate a broad fluctuation with a declining trough around mid-2020. Initial revenues were about 15,303 million USD towards the end of 2018 and showed an upward movement reaching 20,877 million USD in late 2019. However, revenues sharply declined to approximately 11,779 million USD by mid-2020, aligning with the observed net income losses during the same period. Following this, there was a steady recovery and growth trajectory, moving from 14,707 million USD in late 2020 to 24,690 million USD by early 2025. This pattern highlights resilience in revenue generation despite mid-period disruptions.
- Net Profit Margin
- Profit margin data is partially missing in the earlier periods but is available from late 2019 onwards. Initially, margins decreased from nearly 16% to negative figures during 2020, coinciding with the dips in net income and revenues. Starting in late 2020, margins gradually returned to modest positive values, fluctuating between about 2% and 5% for the next two years. The margin shows a consistent improvement beginning in early 2024, culminating in a peak of over 12% by mid-2025. This upward trend in profit margins suggests enhanced operational efficiency or improved cost management, contributing positively to overall profitability.
Overall, the financial data reflects a period of disruption around mid-2020, likely due to external or market conditions impacting both revenues and profitability severely. Post this disruption, both revenues and net income show recovery and sustained growth, supported by progressively improving net profit margins. The company's financial performance trends from volatility and losses towards stabilization and strengthened profitability over the analyzed timeframe.
Return on Equity (ROE)
Walt Disney Co., ROE calculation (quarterly data)
| 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 | Oct 3, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to The Walt Disney Company (Disney) | 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) | (710) | (4,721) | 460) | 2,107) | 1,054) | 1,760) | 5,452) | 2,788) | ||||||||
| Total Disney Shareholders’ equity | 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) | 83,583) | 85,866) | 90,407) | 89,757) | 88,877) | 90,472) | 89,938) | 50,316) | ||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||||||||
| ROE1 | 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% | -3.43% | -1.28% | 5.95% | 11.56% | 12.44% | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||||||||||||
| Alphabet Inc. | — | 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% | 30.22% | 28.87% | 26.49% | 22.33% | 18.09% | — | — | — | — | — | — | — | ||||||||
| Comcast Corp. | — | 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% | 14.73% | 15.12% | 13.13% | 12.66% | 11.66% | — | — | — | — | — | — | — | ||||||||
| Meta Platforms Inc. | — | 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% | 31.53% | 30.22% | 28.18% | 25.24% | 22.72% | — | — | — | — | — | — | — | ||||||||
| Netflix Inc. | — | 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% | 32.28% | 32.98% | 31.68% | 29.18% | 24.96% | — | — | — | — | — | — | — | ||||||||
Based on: 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), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
1 Q3 2025 Calculation
ROE = 100
× (Net income (loss) attributable to The Walt Disney Company (Disney)Q3 2025
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q2 2025
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q1 2025
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q4 2024)
÷ Total Disney Shareholders’ equity
= 100 × (5,262 + 3,275 + 2,554 + 460)
÷ 109,145 = 10.58%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and fluctuations over the observed periods.
- Net Income (Loss) Attributable to The Walt Disney Company
- The net income figures display considerable variability across quarters. Initial values in late 2018 and early 2019 show positive income ranging from approximately 2.8 billion to 5.5 billion US dollars, followed by a decline mid-2019. From early 2020, the data illustrates a pronounced volatility with a sharp decline into negative territory, particularly notable around the mid-2020 quarters, reflecting losses exceeding 4.7 billion US dollars. This negative trend reverses in subsequent quarters with a return to modest positive income, though fluctuations persist through 2023. The most recent quarters, spanning 2024 into early 2025, demonstrate a strong recovery with net income rebounding to several billion US dollars, culminating in a notable peak above 5 billion US dollars in the last quarter reported. Overall, the pattern shows a recovery trajectory following the mid-2020 downturn, with growing profitability toward the latest periods.
- Total Disney Shareholders’ Equity
- Shareholders' equity exhibits a general upward trend over the entire timeframe. Starting near 50 billion US dollars at the end of 2018, the equity significantly rises to exceed 90 billion by the end of 2019. Minor fluctuations and some declines are evident around mid-2020, paralleling the period of net income losses, yet the equity base remains robust. Following this dip, there is a consistent increase, with shareholders' equity surpassing 100 billion US dollars from mid-2023 onward. The progression indicates solid growth and strengthening of the equity position despite interim stresses.
- Return on Equity (ROE)
- ROE data, although incomplete for early periods, suggests that the company experienced positive and relatively stable returns on equity through 2019. However, 2020 saw a decline, with ROE values becoming negative, in line with reported losses during the same period. From late 2020, ROE began a recovery process, returning to positive but modest levels in the subsequent quarters. From 2022 onwards, ROE trends upward steadily, ultimately reaching double-digit percentages in late 2024 and early 2025. This trajectory indicates an improving ability to generate profits from shareholders’ equity after a period of negative returns.
In summary, the financial indicators collectively portray a period of significant challenge around the year 2020, likely reflecting external or operational disruptions. Subsequently, there is a recovery phase characterized by gradual improvement in profitability and efficiency, culminating in robust earnings and equity growth by 2024 and early 2025. This recovery is further supported by a strengthening in return on equity, signaling a restoration of effective capital utilization.
Return on Assets (ROA)
Walt Disney Co., ROA calculation (quarterly data)
| 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 | Oct 3, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to The Walt Disney Company (Disney) | 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) | (710) | (4,721) | 460) | 2,107) | 1,054) | 1,760) | 5,452) | 2,788) | ||||||||
| Total assets | 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) | 201,549) | 207,649) | 206,294) | 200,948) | 193,984) | 209,475) | 214,342) | 99,941) | ||||||||
| Profitability Ratio | |||||||||||||||||||||||||||||||||||
| ROA1 | 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% | -1.42% | -0.53% | 2.61% | 5.16% | 5.70% | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||||||||||||
| Alphabet Inc. | — | 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% | 21.16% | 20.33% | 18.76% | 15.70% | 12.60% | — | — | — | — | — | — | — | ||||||||
| Comcast Corp. | — | 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% | 5.13% | 5.23% | 4.50% | 4.21% | 3.85% | — | — | — | — | — | — | — | ||||||||
| Meta Platforms Inc. | — | 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% | 23.72% | 23.77% | 22.83% | 20.63% | 18.29% | — | — | — | — | — | — | — | ||||||||
| Netflix Inc. | — | 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% | 11.48% | 11.82% | 10.72% | 9.37% | 7.03% | — | — | — | — | — | — | — | ||||||||
Based on: 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), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
1 Q3 2025 Calculation
ROA = 100
× (Net income (loss) attributable to The Walt Disney Company (Disney)Q3 2025
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q2 2025
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q1 2025
+ Net income (loss) attributable to The Walt Disney Company (Disney)Q4 2024)
÷ Total assets
= 100 × (5,262 + 3,275 + 2,554 + 460)
÷ 196,612 = 5.88%
2 Click competitor name to see calculations.
- Net Income (Loss) Trend
- The net income attributable to the company exhibits significant volatility through the observed periods. Starting with a strong positive net income of 2,788 million USD in late 2018, the figure peaks in early 2019 at 5,452 million USD before declining sharply. The data shows considerable losses beginning in mid-2020, notably a deep loss of -4,721 million USD, coinciding with the onset of challenging conditions that likely impacted profitability. Subsequent quarters see a mixture of losses and gains, with a general recovery trend evident from 2021 onwards. In more recent quarters, net income demonstrates notable improvement, reaching values above 3,000 million USD by the end of the dataset, suggesting a positive turnaround in profitability.
- Total Assets Stability and Movement
- Total assets remain relatively stable throughout the period, mostly fluctuating within a narrow range around 200,000 million USD. Despite minor variations, the assets do not show any significant upward or downward trend, indicating a steady asset base. There is no evidence of large-scale asset growth or substantial asset divestiture during the observed quarters. The consistency suggests stable investment and retention of asset value over time.
- Return on Assets (ROA) Analysis
- Return on Assets is not reported for all periods, but available data from late 2019 to mid-2025 reveals important insights. ROA peaked at 5.7% in late 2019 before experiencing a sharp decline, turning negative during mid-2020 coinciding with net income losses. A gradual improvement follows, with ROA returning to positive territory and displaying a steady ascent from around 1.31% in early 2021 to a high of 5.88% by mid-2025. This recovery in ROA aligns with the improvement in net income, highlighting enhanced efficiency in asset utilization for generating profits over time.
- Summary of Financial Performance
- The financial performance over the observed periods reflects a company facing substantial operational challenges during 2020, leading to significant losses and negative profitability metrics. However, the data points to a gradual recovery post-2020, supported by stable asset levels and improving profitability ratios. The positive trajectory in net income and ROA in the more recent periods indicates a successful adaptation and operational resilience, suggesting a rebound in financial health moving toward sustained profitability.