Analysis of Reportable Segments
Walt Disney Co. operates in 3 segments: Entertainment; Sports; and Experiences.
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Segment Profit Margin
Walt Disney Co., profit margin by reportable segment
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | |
|---|---|---|---|---|---|---|
| Entertainment | ||||||
| Sports | ||||||
| Experiences |
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 annual reportable segment profit margin data reveals distinctive trends across three segments within the evaluated time frame.
- Entertainment Segment
- The profit margin for this segment showed fluctuations over the observed periods. Initially, a notable margin of 14.24% was recorded, followed by a significant decline to 5.37% and further to 3.55%. After this downward trend, the margin improved to 9.53% and then slightly increased to 11.01%. The segment experienced a trough around 2022 and showed recovery in subsequent years, indicating possible operational challenges during the mid-period and enhanced efficiency or market conditions in the later periods.
- Sports Segment
- The Sports segment demonstrated relatively stable profit margins with minor fluctuations. Starting at 16.85%, it declined gradually to 15.69% and 14.41%, then further to 13.66%. However, in the final period, the margin rose again to 16.31%. This pattern suggests a consistent performance with some cyclical volatility, yet ending near its highest point within the period, implying resilience or successful strategic adjustments.
- Experiences Segment
- This segment displayed the most dramatic change among the three. It began with a negative margin of -0.75%, indicating an initial loss. Subsequently, there was a strong and sustained improvement, with margins climbing sharply to 25.94%, continuing to increase to approximately 27% in the following years. The stability of margins above 27% in the latest periods reflects a significant turnaround and sustained profitability, underscoring potentially successful restructuring, growth, or market demand in this segment.
Overall, the data highlights a period of difficulty followed by recovery in the Entertainment segment, consistent but slightly volatile profitability in Sports, and a strong positive transformation in Experiences. These differing trajectories may reflect segment-specific challenges and opportunities, as well as the impact of strategic initiatives over time.
Segment Profit Margin: Entertainment
Walt Disney Co.; Entertainment; segment profit margin calculation
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | ||||||
| Revenues | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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 2025 Calculation
Segment profit margin = 100 × Segment operating income ÷ Revenues
= 100 × ÷ =
The financial performance of the entertainment segment over the reported periods exhibits notable fluctuations and a recovery trend in recent years.
- Segment Operating Income
- The operating income shows a significant decrease from 5,196 million US dollars in the period ending October 2, 2021, to 1,444 million in the period ending September 30, 2023. Following this decline, there is a strong recovery with operating income rising to 3,923 million in the period ending September 28, 2024, and further increasing to 4,674 million by September 27, 2025.
- Revenues
- Revenue figures indicate a steady upward trend throughout the periods. Revenues increased consistently from 36,489 million US dollars in the period ending October 2, 2021, reaching 42,466 million by the period ending September 27, 2025. This growth suggests expanding business activities or higher sales within the entertainment segment.
- Segment Profit Margin
- The profit margin reflects notable volatility. After starting at 14.24% in the period ending October 2, 2021, it declines sharply to 5.37% and further down to 3.55% in subsequent periods. However, the margin improves again to 9.53% and then to 11.01% by the latest period, indicating a recovery in operational efficiency or profitability relative to revenue.
Overall, the segment experienced a period of profit pressure, with both operating income and profit margins falling significantly despite steadily increasing revenues. The more recent periods demonstrate a clear rebound in profitability, suggesting successful adjustments in cost management, pricing strategy, or other operational factors that improved financial outcomes.
Segment Profit Margin: Sports
Walt Disney Co.; Sports; segment profit margin calculation
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | ||||||
| Revenues | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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 2025 Calculation
Segment profit margin = 100 × Segment operating income ÷ Revenues
= 100 × ÷ =
The segment operating income in the Sports reportable segment exhibits fluctuations over the analyzed periods. Starting from a value of 2,690 million USD in the period ending October 2, 2021, it shows a slight increase to 2,710 million USD by October 1, 2022. The subsequent periods display a decline, reaching 2,406 million USD by September 28, 2024, before rising again to 2,882 million USD in the most recent period ending September 27, 2025.
Revenues in this segment have demonstrated a general upward trend. From 15,960 million USD in the period ending October 2, 2021, revenues increased to 17,270 million USD by October 1, 2022. Although there was a small dip to 17,111 million USD in the next period, revenues recovered and continued to grow to reach 17,672 million USD by September 27, 2025.
The segment profit margin presents a declining trend followed by recovery. At 16.85% in the period ending October 2, 2021, the margin decreased steadily through to 13.66% by September 28, 2024. The latest period shows a significant improvement, with the margin increasing to 16.31% by September 27, 2025.
- Summary of Trends
- The Sports segment demonstrates variability in operating income with an overall decline followed by a rebound at the end of the period analyzed.
- Revenue trends are generally positive, showing consistent growth with minor fluctuations.
- Profit margins decreased over several periods, indicating pressure on profitability, but the latest period reflects a notable recovery, possibly due to improved cost efficiency or revenue quality.
Segment Profit Margin: Experiences
Walt Disney Co.; Experiences; segment profit margin calculation
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | ||||||
| Revenues | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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 2025 Calculation
Segment profit margin = 100 × Segment operating income ÷ Revenues
= 100 × ÷ =
- Revenues
- Revenues for the segment demonstrated a substantial upward trend over the analyzed periods. From 15,961 million US dollars in the second reported year, revenues increased consistently each year, reaching 36,156 million US dollars by the most recent period. This represents more than a twofold increase, indicating strong growth and possibly expanded operations or enhanced demand in this segment.
- Segment Operating Income
- The segment operating income showed a remarkable recovery and improvement throughout the timeline. Initially, a negative operating income of 120 million US dollars was reported in the second year, indicating a loss. However, this figure turned sharply positive in the subsequent years, rising to 7,285 million US dollars and then continuing an upward trajectory to reach 9,995 million US dollars in the latest period. This suggests enhanced operational efficiency, cost management, or increased profitability aligned with the rising revenues.
- Segment Profit Margin
- The segment profit margin followed a parallel trend with operating income. It shifted from a negative margin of -0.75% to a substantial positive margin of around 25.94% in the following year. Following this improvement, the margin stabilized and slightly fluctuated within a narrow range between approximately 27.15% and 27.64%. This stability at a high margin level reflects consistent profitability and effective cost controls within the segment after the initial recovery phase.
- Overall Insights
- The data reflects a segment that experienced initial challenges but has since robustly turned around. The continuous revenue growth combined with the transition from losses to strong positive operating income and stable high profit margins underscores significant improvement in segment performance. These trends likely point to successful strategic initiatives, strong market positioning, and operational excellence contributing to sustained profitability enhancements.
Segment Capital Expenditures to Depreciation
Walt Disney Co., capital expenditures to depreciation by reportable segment
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | |
|---|---|---|---|---|---|---|
| Entertainment | ||||||
| Sports | ||||||
| Experiences |
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 analysis of the segment capital expenditures to depreciation ratios reveals varying trends across the three business segments over the observed periods.
- Entertainment Segment
- The ratio started at 1.63 in the period ending October 2, 2021, indicating capital expenditures substantially exceeded depreciation. It experienced a slight decline to 1.43 in October 1, 2022, followed by a moderate recovery to 1.54 in September 30, 2023. Subsequent periods show a reduction back to 1.43 and a modest increase to 1.49 by September 27, 2025. Overall, the Entertainment segment demonstrates a relatively stable ratio, consistently above 1.4, indicating continuous investments in capital assets that surpass depreciation expenses over time.
- Sports Segment
- This segment shows a notably lower capital expenditures to depreciation ratio across all periods, beginning at 0.24 in October 2, 2021. The ratio decreased further to 0.09 in October 1, 2022, then rose to 0.21 and 0.26 in subsequent years but dropped again sharply to 0.06 by September 27, 2025. These low ratios suggest that capital expenditures are generally much lower than depreciation, possibly indicating limited reinvestment in sports-related assets or a period of asset depreciation exceeding net additions.
- Experiences Segment
- The Experiences segment displays more volatility and higher ratios compared to the other segments. Starting at 1.00 in October 2, 2021, the ratio increased to 1.47 in October 1, 2022, then dipped to 1.13 in September 30, 2023, followed by an increase to 1.48 and a substantial surge to 2.37 by September 27, 2025. This upward trend, particularly the significant rise in the latest period, indicates accelerating capital investments relative to depreciation, suggesting a strategy focused on expansion or enhancement of experiences-related assets.
In summary, the data indicate consistent and moderate capital investment in the Entertainment segment, minimal and fluctuating investment in Sports, and a pronounced upward trend in capital expenditures relative to depreciation in the Experiences segment, reflecting potential growth priorities in that area.
Segment Capital Expenditures to Depreciation: Entertainment
Walt Disney Co.; Entertainment; segment capital expenditures to depreciation calculation
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation expense | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
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 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= ÷ =
The analysis of the annual data for the Entertainment segment reveals several notable trends in capital expenditures and depreciation expenses over the evaluated periods.
- Capital Expenditures
- Capital expenditures show a generally upward trajectory from the fiscal year ending October 2, 2021, through the fiscal year ending September 27, 2025. Beginning at $838 million in 2021, capital expenditures experienced a slight decline to $802 million in 2022, followed by a significant increase to $1,032 million in 2023. Although there was a moderate decrease to $977 million in 2024, the level rose again markedly to $1,155 million in 2025. This pattern suggests periodic fluctuations but a prevailing trend towards increasing investment in capital assets overall.
- Depreciation Expense
- Depreciation expenses have consistently increased across the observed years. Starting at $513 million in 2021, this expense rose annually to $560 million in 2022, $669 million in 2023, $681 million in 2024, and reached $773 million by 2025. The steady rise reflects ongoing capital asset additions and the corresponding allocation of these costs over their useful lives.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation indicates the level of reinvestment relative to asset consumption. It decreased from 1.63 in 2021 to 1.43 in 2022, suggesting a reduction in reinvestment intensity relative to depreciation during that year. Subsequently, the ratio increased to 1.54 in 2023, indicating a resurgence in investment relative to asset wear and tear. The ratio again decreased to 1.43 in 2024 and then increased slightly to 1.49 in 2025. These fluctuations suggest that the segment adjusts its capital investment levels in response to asset depreciation but generally maintains a ratio above one, implying sustained reinvestment and potential growth or maintenance of asset base.
Overall, the Entertainment segment exhibits a pattern of consistent and increasing capital expenditures alongside rising depreciation expenses. The capital expenditures to depreciation ratio remains above one throughout the period, reflecting ongoing reinvestment in the segment's asset base. This pattern signifies a strategic focus on maintaining and potentially expanding operational capabilities through capital investments that outpace asset depreciation.
Segment Capital Expenditures to Depreciation: Sports
Walt Disney Co.; Sports; segment capital expenditures to depreciation calculation
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation expense | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
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 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= ÷ =
The analysis of the Sports reportable segment reveals several notable trends over the examined periods in terms of capital expenditures, depreciation expenses, and the ratio of capital expenditures to depreciation.
- Capital Expenditures
- Capital expenditures demonstrate notable volatility across the years. Starting with a value of 24 million US dollars in 2021, expenditures sharply declined to 8 million in 2022, increased again to 15 million in 2023, then decreased progressively to 10 million and finally to 3 million US dollars in 2025. This pattern suggests an irregular investment strategy with no steady growth or decline trend, possibly reflecting shifts in strategic priorities or project completions.
- Depreciation Expense
- Depreciation expense shows a consistent downward trend over the period. Beginning with 100 million US dollars in 2021, the expense reduced each year to reach a low of 39 million US dollars by 2024. There was a slight uptick to 48 million in 2025. The continuous decline until 2024 suggests amortization of existing assets with limited addition of new depreciable assets, followed by a modest renewal or acquisition of assets in the last year.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio fluctuated significantly without a clear directional trend. Initially, this ratio was 0.24 in 2021, dropped notably to 0.09 in 2022, rose again to 0.21 in 2023, peaked at 0.26 in 2024, and then dropped sharply to 0.06 in 2025. These fluctuations reflect the inconsistent capital expenditure relative to the depreciation expense and underscore the irregular investment activity compared to asset wear and usage across the observed timeframe.
In summary, the Sports segment’s financials indicate decreasing asset depreciation with sporadic capital expenditure investments. This behavior suggests a period of diminishing asset base utilization and cautious or selective reinvestment in capital assets. The variable ratio of capital expenditures to depreciation confirms the inconsistent approach toward maintaining or expanding the asset base within the segment.
Segment Capital Expenditures to Depreciation: Experiences
Walt Disney Co.; Experiences; segment capital expenditures to depreciation calculation
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | ||||||
| Depreciation expense | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
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 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= ÷ =
- Capital Expenditures
- Capital expenditures demonstrate a general upward trend over the analyzed periods. Starting from 2,272 million US dollars in the second period, capital expenditures increased to 3,447 million in the following year, followed by a slight decline to 3,025 million. Subsequently, there was a rebound to 3,659 million and a significant surge to 6,429 million in the final period. This pattern suggests increased investment activity, especially noticeable in the most recent period.
- Depreciation Expense
- Depreciation expense exhibited moderate fluctuations but remained relatively stable compared to capital expenditures. Beginning at 2,269 million US dollars, it increased moderately to 2,342 million, then rose further to 2,680 million. A slight decrease to 2,470 million was observed afterward, followed by a modest increase to 2,715 million. These movements reflect consistent asset usage and amortization levels over time.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation illustrates the capital investment in relation to asset wear and tear. Initially at parity (ratio of 1) when data becomes available, the ratio increased noticeably to 1.47, then declined to 1.13, indicating a modest slowdown in capital spending relative to depreciation. In the subsequent periods, the ratio again increased to 1.48 and then sharply to 2.37, highlighting a substantial escalation in capital expenditures relative to depreciation. This signals accelerated investment or asset expansion compared to asset consumption.
- Overall Analysis
- The segment appears to be in a phase of growing capital investment, particularly evident in the last reported period, where capital expenditures more than doubled relative to depreciation. This may reflect strategic initiatives focused on expansion, renewal, or upgrading of assets. Depreciation expense trends reflect a steady consumption of assets, without dramatic changes, supporting the inference that the rise in capital expenditures is adding to the asset base. The increasing capital expenditures to depreciation ratio further reinforces the view of a capital-intensive growth phase within the segment.
Revenues
Walt Disney Co., revenues by reportable segment
US$ in millions
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | |
|---|---|---|---|---|---|---|
| Entertainment | ||||||
| Sports | ||||||
| Experiences | ||||||
| Eliminations | ||||||
| Total |
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).
- Entertainment Segment Revenues
- The entertainment segment shows a steady upward trend over the reported periods. Revenues increased consistently from $36,489 million in 2021 to $42,466 million in 2025, reflecting gradual growth each year, which indicates stable performance and potential expansion in this division.
- Sports Segment Revenues
- The sports segment exhibits moderate variability over the years. From $15,960 million in 2021, revenues grew to $17,270 million in 2022, then slightly declined to $17,111 million in 2023, before recovering marginally to $17,672 million in 2025. This suggests some fluctuations possibly due to market conditions or changes in broadcasting rights and viewership.
- Experiences Segment Revenues
- The experiences segment demonstrates significant and consistent growth, with revenues rising sharply from $15,961 million in 2021 to $36,156 million in 2025. This rapid increase highlights strong expansion, which may stem from increased consumer engagement, successful product launches, or enhancements in this area.
- Eliminations
- The eliminations line item, representing intersegment revenue adjustments, shows a growing negative value, moving from -$992 million in 2021 to -$1,869 million in 2025. This trend indicates an increasing amount of internal transactions being removed from consolidated totals, which may be associated with the expanding scale of operations.
- Total Revenue
- Total reported revenue reflects an overall strong growth trajectory, climbing from $67,418 million in 2021 to $94,425 million in 2025. This upward movement is driven predominantly by the substantial growth in the experiences segment and steady increases in the entertainment segment, despite relative stagnation in sports.
Segment operating income
Walt Disney Co., segment operating income by reportable segment
US$ in millions
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | |
|---|---|---|---|---|---|---|
| Entertainment | ||||||
| Sports | ||||||
| Experiences | ||||||
| Total |
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).
- Entertainment Segment Operating Income
- The entertainment segment shows considerable volatility over the analyzed periods. Starting from a positive position in 2021 with an operating income of 5,196 million USD, there is a sharp decline in 2022 and 2023 to 2,126 million and 1,444 million USD respectively. However, a recovery is evident from 2024 onwards, with operating income rising to 3,923 million USD and further to 4,674 million USD in 2025. This indicates a rebound in the entertainment segment following a period of reduced profitability.
- Sports Segment Operating Income
- The sports segment reveals a relatively stable operating income with minor fluctuations. From 2021 to 2025, operating income hovers between approximately 2,400 million and 2,900 million USD. The segment peaked at 2,710 million USD in 2022 before experiencing a slight decline in the subsequent two years. Nevertheless, there is a modest increase again in 2025 to 2,882 million USD. Overall, this segment maintains a consistent and relatively steady contribution to the company’s operating income.
- Experiences Segment Operating Income
- This segment exhibits a dramatic transformation over the periods reviewed. Initially, in 2021, the operating income was negative at -120 million USD, indicating a loss-making status. However, from 2022 onwards, the segment shows significant growth, surging to 7,285 million USD and continuing this upward trend through 2025, reaching 9,995 million USD. This growth underscores a strong and expanding performance in the experiences segment, becoming the largest contributor to operating income among the three segments by the end of the period.
- Total Operating Income
- The total operating income reflects the combined effects of the trends across the three segments. It reveals substantial growth, moving from 7,766 million USD in 2021 to 17,551 million USD in 2025. This increase is driven primarily by the significant rise in the experiences segment and the recovery observed in the entertainment segment. Despite some volatility in the entertainment and sports segments, the overall operating income steadily increases, indicating an improving financial performance for the company over the analyzed periods.
Capital expenditures
Walt Disney Co., capital expenditures by reportable segment
US$ in millions
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | |
|---|---|---|---|---|---|---|
| Entertainment | ||||||
| Sports | ||||||
| Experiences | ||||||
| Corporate | ||||||
| Total |
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).
- Entertainment Segment Capital Expenditures
- The capital expenditures in the entertainment segment exhibit a generally increasing trend over the analyzed periods. Beginning at 838 million USD, expenditures slightly decreased to 802 million USD but then showed a notable rise to 1032 million USD. Although there was a modest dip to 977 million USD, the most recent figure increased significantly to 1155 million USD, suggesting renewed investment activity within this segment.
- Sports Segment Capital Expenditures
- Capital expenditures for the sports segment have demonstrated a clear downward trend. Starting from 24 million USD, expenditures dropped sharply to 8 million USD and fluctuated at lower levels in subsequent periods, reaching 3 million USD in the latest reported period. This decline indicates a possible deprioritization or reduced capital allocation in the sports area.
- Experiences Segment Capital Expenditures
- The experiences segment shows substantial and generally upward capital expenditure momentum. From an initial 2272 million USD, there was a sharp increase to 3447 million USD. Despite a slight reduction to 3025 million USD, expenditures rebounded to 3659 million USD and then surged markedly to 6429 million USD. This pattern reflects significant and growing investment emphasis on experiences.
- Corporate Segment Capital Expenditures
- Corporate capital expenditures reveal a fluctuating pattern with an overall decrease in the latest period. Initial expenditures increased from 444 million USD to 686 million USD and then to 897 million USD, followed by a decline to 766 million USD. The most recent figure dropped sharply to 437 million USD, indicating a scaling back of investments classified under the corporate segment.
- Total Capital Expenditures
- Total capital expenditures follow an increasing trajectory over time, with amounts rising from 3578 million USD to 8024 million USD. The growth is consistent except for a slight plateau between the third and fourth periods. The substantial increase in total expenditures largely reflects the large investments in the experiences segment, partially offset by reductions in sports and corporate segments.
- Overall Insights
- The data depicts a strategic shift in capital allocation toward experiences and entertainment sectors, suggesting these areas are priorities for growth and development. In contrast, the sports and corporate segments have seen declines, indicating a potential realignment of company resources. The total increase in capital expenditures underscores an overall expansion in investment activity during the observed periods.
Depreciation expense
Walt Disney Co., depreciation expense by reportable segment
US$ in millions
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | |
|---|---|---|---|---|---|---|
| Entertainment | ||||||
| Sports | ||||||
| Experiences | ||||||
| Corporate | ||||||
| Total |
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 analysis of the annual reportable segment depreciation expenses reveals distinct trends across the various segments over the observed periods.
- Entertainment Segment
- The depreciation expense in this segment exhibits a consistent upward trajectory from 2021 through 2025. Starting at 513 million US dollars in 2021, there is a steady increase each year culminating in 773 million US dollars by 2025. This suggests ongoing investments in entertainment-related assets or increased capital expenditures leading to higher depreciation charges.
- Sports Segment
- The depreciation expense for the sports segment shows a generally declining pattern over the periods. Beginning at 100 million US dollars in 2021, it decreases to a low of 39 million in 2024 before a slight uptick to 48 million in 2025. The decline could indicate asset disposals, reduced capital investments, or a shift in the asset composition within the sports operations.
- Experiences Segment
- This segment reports the highest depreciation expenses consistently, with values increasing from 2,269 million US dollars in 2021 to 2,715 million in 2025. Although there is a minor decline in 2024 (2,470 million) compared to 2023 (2,680 million), the overall trend is upward. The pattern reflects substantial asset bases subject to depreciation, likely linked to experiential products or theme park facilities.
- Corporate Segment
- Depreciation expense in the corporate segment shows a marked increase over time. From 186 million US dollars in 2021, the expense rises progressively each year, reaching 323 million in 2025. This significant growth rate may be attributable to corporate investments in technology, facilities, or other capital assets that are systematically depreciated.
- Total Depreciation Expense
- The aggregate depreciation expenses follow an overall rising trend, increasing from 3,068 million US dollars in 2021 to 3,859 million in 2025. Despite slight fluctuations, the total reflects increased asset depreciation responsibilities across all segments combined, underpinned mainly by the rising expenses in the entertainment, experiences, and corporate segments.