Analysis of Reportable Segments
Walt Disney Co. operates in 3 segments: Entertainment; Sports; and Experiences.
Segment Profit Margin
Walt Disney Co., profit margin by reportable segment
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Entertainment | 9.53% | 3.55% | 5.37% | 14.24% | — | — |
| Sports | 13.66% | 14.41% | 15.69% | 16.85% | — | — |
| Experiences | 27.15% | 27.51% | 25.94% | -0.75% | — | — |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).
- Entertainment Segment Profit Margin
- The profit margin in this segment was first reported in the year ending October 2, 2021, at 14.24%. Subsequent years saw a decline, reaching 5.37% in October 1, 2022, and further dropping to 3.55% by September 30, 2023. However, there was a notable recovery in the most recent period ending September 28, 2024, where the margin increased to 9.53%. This pattern suggests initial profitability that faced significant pressure over two years before experiencing a moderate rebound.
- Sports Segment Profit Margin
- The Sports segment demonstrated a relatively stable and high profit margin across the years with data available. Starting at 16.85% for the period ending October 3, 2020, there was a gradual but consistent decline in margin over the subsequent years: 15.69% in October 2, 2021, 14.41% in October 1, 2022, and 13.66% in the latest period ending September 28, 2024. Despite the downward trend, the segment maintained a relatively strong margin above 13% throughout.
- Experiences Segment Profit Margin
- The Experiences segment showed significant volatility in profit margins. The earliest available figure for October 2, 2021 indicated a slight negative margin of -0.75%, signaling a period of losses. However, a dramatic turnaround followed, with margins improving sharply to 25.94% by October 1, 2022, and remaining strong at 27.51% and 27.15% in the next two reporting periods. This reflects a substantial and sustained profitability increase in this segment after the initial loss.
Segment Profit Margin: Entertainment
Walt Disney Co.; Entertainment; segment profit margin calculation
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | 3,923) | 1,444) | 2,126) | 5,196) | —) | —) |
| Revenues | 41,186) | 40,635) | 39,569) | 36,489) | —) | —) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 9.53% | 3.55% | 5.37% | 14.24% | — | — |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).
1 2024 Calculation
Segment profit margin = 100 × Segment operating income ÷ Revenues
= 100 × 3,923 ÷ 41,186 = 9.53%
- Revenue Trends
- The revenues of the Entertainment segment exhibited a steady upward trend over the observed periods. Starting at 36,489 million US dollars in the fiscal year ending October 2, 2021, revenues consistently increased each year, reaching 41,186 million US dollars by the fiscal year ending September 28, 2024. This represents a cumulative growth of approximately 12.7% over the four-year span.
- Segment Operating Income Trends
- Segment operating income demonstrated significant fluctuations during the same period. It recorded a high of 5,196 million US dollars in the fiscal year ending October 2, 2021, followed by a sharp decline to 2,126 million and then further to 1,444 million in the subsequent fiscal years ending October 1, 2022, and September 30, 2023, respectively. However, a notable recovery occurred in the latest fiscal year ending September 28, 2024, with operating income rising to 3,923 million US dollars, which indicates partial but not full restoration relative to the peak observed in 2021.
- Segment Profit Margin Trends
- The segment profit margin mirrored the operating income pattern closely. It started at a robust 14.24% in fiscal 2021, then experienced a significant decrease to 5.37% and 3.55% in the following two years. In the most recent period, the profit margin improved to 9.53%, indicating a recovery in profitability, although it remained below the levels seen in 2021.
- Overall Insights
- The data reflects a period of volatility in operating income and profitability for the Entertainment segment, despite consistent revenue growth. The initial sharp decline in profitability and operating income after 2021 could suggest increased operating costs or other challenges impacting earnings. The partial rebound observed in the last fiscal year suggests efforts towards improving operating efficiency or adjusting cost structures, though profit margins have not yet returned to previous peak levels. Sustained revenue gains alongside fluctuating profitability highlight the need for continued focus on cost management and operational effectiveness within the segment.
Segment Profit Margin: Sports
Walt Disney Co.; Sports; segment profit margin calculation
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | 2,406) | 2,465) | 2,710) | 2,690) | —) | —) |
| Revenues | 17,619) | 17,111) | 17,270) | 15,960) | —) | —) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 13.66% | 14.41% | 15.69% | 16.85% | — | — |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).
1 2024 Calculation
Segment profit margin = 100 × Segment operating income ÷ Revenues
= 100 × 2,406 ÷ 17,619 = 13.66%
- Revenue Trends
- The segment's revenues demonstrated consistent growth over the analyzed periods. Starting from 15,960 million US dollars, revenues increased to 17,270 million in the subsequent year, experienced a slight decline to 17,111 million, and then rose again to 17,619 million in the latest period. Overall, the segment's revenues showed resilience with a general upward trajectory despite minor fluctuations.
- Operating Income Analysis
- Operating income showed a mild downward trend over the reported periods. It increased marginally from 2,690 million to 2,710 million but then declined steadily to 2,465 million and further to 2,406 million in the most recent period. This indicates some pressures on profitability despite revenue growth.
- Profit Margin Dynamics
- The segment profit margin exhibited a clear declining pattern, falling from 16.85% to 15.69%, then to 14.41%, and finally to 13.66%. This decrease in profit margin reflects either rising costs, pricing pressure, or a combination of factors adversely impacting the segment's operational efficiency and profitability.
- Overall Insights
- While revenues have generally increased, the segment operating income and profit margins have declined, signaling challenges in maintaining profitability. The reduction in profit margins despite higher revenues suggests that costs have grown faster than sales or that the segment is facing competitive market pressures. Continuous monitoring of cost management and pricing strategies may be warranted to stabilize profitability levels.
Segment Profit Margin: Experiences
Walt Disney Co.; Experiences; segment profit margin calculation
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | 9,272) | 8,954) | 7,285) | (120) | —) | —) |
| Revenues | 34,151) | 32,549) | 28,085) | 15,961) | —) | —) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 27.15% | 27.51% | 25.94% | -0.75% | — | — |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).
1 2024 Calculation
Segment profit margin = 100 × Segment operating income ÷ Revenues
= 100 × 9,272 ÷ 34,151 = 27.15%
- Segment Operating Income
- The operating income for the segment was negative in the 2021 fiscal year, recording a loss of 120 million US dollars. However, starting from 2022, there has been a significant turnaround with operating income increasing sharply to 7,285 million US dollars. This upward trend continued in the subsequent years, rising to 8,954 million US dollars in 2023 and further to 9,272 million US dollars in 2024, indicating a strong recovery and growth in profitability within the segment.
- Revenues
- Revenue figures became available from 2021 onwards, showing a substantial increase year-over-year. Revenue grew from 15,961 million US dollars in 2021 to 28,085 million US dollars in 2022, nearly doubling in that period. This growth trend persisted, with revenues reaching 32,549 million US dollars in 2023 and 34,151 million US dollars in 2024, reflecting robust expansion and increasing demand or sales within the segment.
- Segment Profit Margin
- The segment profit margin was negative at -0.75% in 2021, in line with the operating loss reported that year. Starting from 2022, the profit margin improved markedly to 25.94%, showing strong operational efficiency and profitability. This positive momentum continued with margins of 27.51% in 2023 and a slight dip to 27.15% in 2024, indicating stable and healthy profit margins over the recent years.
Segment Capital Expenditures to Depreciation
Walt Disney Co., capital expenditures to depreciation by reportable segment
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Entertainment | 1.43 | 1.54 | 1.43 | 1.63 | — | — |
| Sports | 0.26 | 0.21 | 0.09 | 0.24 | — | — |
| Experiences | 1.48 | 1.13 | 1.47 | 1.00 | — | — |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).
- Entertainment Segment
- The capital expenditures to depreciation ratio for this segment is available from 2021 onwards. It peaked in 2021 at 1.63, indicating that capital expenditures significantly exceeded depreciation expenses during that period. The ratio declined to 1.43 in 2022, suggesting a reduction in capital spending relative to depreciation. A slight increase to 1.54 occurred in 2023, followed by a return to 1.43 in 2024, indicating modest fluctuations but generally consistent investment levels marginally above depreciation.
- Sports Segment
- This segment has the lowest capital expenditures to depreciation ratios among the reported segments. Starting in 2021, the ratio was 0.24, falling sharply to 0.09 in 2022. This decline denotes that capital expenditures were substantially lower than depreciation expenses during 2022, potentially indicating a period of reduced investment. However, the ratio rebounded to 0.21 in 2023 and further increased to 0.26 in 2024, reflecting a recovery in capital investment closer to, but still below, depreciation levels.
- Experiences Segment
- The Experiences segment shows a variable but generally elevated ratio over the years. The ratio was 1.00 in 2021, indicating capital expenditures and depreciation were equal. It rose sharply to 1.47 in 2022, signaling increased capital investment relative to depreciation. In 2023, it decreased to 1.13 but then increased again to 1.48 in 2024. These fluctuations suggest a cyclical investment pattern, with capital expenditures consistently exceeding depreciation, pointing to ongoing expansion or significant asset additions in this segment.
Segment Capital Expenditures to Depreciation: Entertainment
Walt Disney Co.; Entertainment; segment capital expenditures to depreciation calculation
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | 977) | 1,032) | 802) | 838) | —) | —) |
| Depreciation expense | 681) | 669) | 560) | 513) | —) | —) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 1.43 | 1.54 | 1.43 | 1.63 | — | — |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= 977 ÷ 681 = 1.43
The financial data for the “Entertainment” segment reveals several notable trends over the observed periods from 2022 to 2024.
- Capital Expenditures
- Capital expenditures exhibited a fluctuating pattern. In 2022, the capital expenditures totaled US$838 million, decreasing slightly to US$802 million in 2023. However, there was a notable increase in 2024 to US$977 million, indicating a renewed investment focus or expansion activities within that year.
- Depreciation Expense
- The depreciation expense demonstrated a consistent upward trend throughout the periods. Starting at US$513 million in 2022, it increased sequentially to US$560 million in 2023, US$669 million in 2024, and finally reaching US$681 million the same year. This steady rise suggests an accumulation of depreciable assets or an adjustment in asset valuation methods.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation, which indicates the reinvestment level relative to asset consumption, showed some variability. In 2022, this ratio was at 1.63, indicating capital expenditures significantly exceeded depreciation. However, in 2023, it declined to 1.43, signaling a reduction in investment relative to asset write-offs. It then rose slightly to 1.54 in 2024 before falling again to 1.43, suggesting fluctuating but generally moderate reinvestment efforts compared to depreciation.
Overall, the segment exhibited a pattern of stable depreciation expense growth coupled with capital expenditures that decreased before rebounding. The capital expenditure to depreciation ratio indicates that reinvestment levels are sustained but not consistently above depreciation, reflecting a balanced approach to asset management.
Segment Capital Expenditures to Depreciation: Sports
Walt Disney Co.; Sports; segment capital expenditures to depreciation calculation
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | 10) | 15) | 8) | 24) | —) | —) |
| Depreciation expense | 39) | 73) | 90) | 100) | —) | —) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 0.26 | 0.21 | 0.09 | 0.24 | — | — |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= 10 ÷ 39 = 0.26
- Capital Expenditures
- Capital expenditures showed an initial increase from 8 million US dollars in 2021 to 15 million US dollars in 2022, followed by a decline to 10 million US dollars in 2024. The data prior to 2021 is not available. This indicates a moderate level of investment activity with some fluctuation over the most recent three years.
- Depreciation Expense
- Depreciation expense demonstrated a consistent declining trend over the observed period. It decreased from 100 million US dollars in 2021 to 39 million US dollars by 2024. This steady reduction in depreciation expense may reflect lower levels of depreciable assets or changes in asset life estimates.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation exhibited volatility across the period. Starting at 0.24 in 2021, it decreased sharply to 0.09 in 2022, then rebounded to 0.26 in 2024. The low point in 2022 suggests relatively low reinvestment compared to asset consumption during that year, whereas the increase in 2024 points to a recovery in capital spending relative to asset depreciation.
Segment Capital Expenditures to Depreciation: Experiences
Walt Disney Co.; Experiences; segment capital expenditures to depreciation calculation
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | 3,659) | 3,025) | 3,447) | 2,272) | —) | —) |
| Depreciation expense | 2,470) | 2,680) | 2,342) | 2,269) | —) | —) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 1.48 | 1.13 | 1.47 | 1.00 | — | — |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= 3,659 ÷ 2,470 = 1.48
Analysis of the annual data for the “Experiences” reportable segment reveals several notable trends over the fiscal years from 2020 to 2024.
- Capital Expenditures
- Capital expenditures exhibit an overall increasing trend during the period examined, starting at US$ 2,272 million in fiscal 2020, ascending to US$ 3,447 million in 2021, then slightly decreasing to US$ 3,025 million in 2022, before rising again to US$ 3,659 million in 2024. This fluctuation suggests a generally strong investment focus with occasional variation in spending intensity.
- Depreciation Expense
- Depreciation expense also trends upwards from 2019 to 2024, beginning approximately at US$ 2,269 million in fiscal 2020 and increasing steadily to US$ 2,342 million in 2021, then further to US$ 2,680 million in 2022, followed by a slight decline to US$ 2,470 million in 2024. The rise corresponds broadly with capital expenditure trends, reflecting capitalization of assets and their systematic write-off.
- Segment Capital Expenditures to Depreciation Ratio
- This ratio, indicative of the segment's investment relative to asset consumption, shows an overall increasing pattern. Beginning near parity (ratio of 1) in 2020, it rises substantially to 1.47 in 2021, dips to 1.13 in 2022, and then climbs again to 1.48 in 2024. Ratios exceeding 1 imply that capital expenditures outpace depreciation, signaling asset base growth. The fluctuations in the ratio reflect the variations in capital spending relative to depreciation expense.
Collectively, these patterns illustrate that the segment has maintained a deliberate strategy of ongoing investment exceeding asset depreciation in most years, highlighting a focus on expanding or refreshing the asset base. The minor decreases observed in capital expenditures and depreciation in some years point to short-term adjustments but do not interrupt the longer-term upward trend in capital deployment.
Revenues
Walt Disney Co., revenues by reportable segment
US$ in millions
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Entertainment | 41,186) | 40,635) | 39,569) | 36,489) | —) | —) |
| Sports | 17,619) | 17,111) | 17,270) | 15,960) | —) | —) |
| Experiences | 34,151) | 32,549) | 28,085) | 15,961) | —) | —) |
| Eliminations | (1,595) | (1,397) | (1,179) | (992) | —) | —) |
| Total | 91,361) | 88,898) | 83,745) | 67,418) | —) | —) |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).
- Entertainment Segment Revenues
- The Entertainment segment shows a steady increase in revenues from 2021 to 2024. Starting at 36,489 million USD in 2021, revenues rose to 39,569 million USD in 2022, followed by continued growth to 40,635 million USD in 2023, and reaching 41,186 million USD in 2024. This indicates consistent positive momentum in this segment over the four-year period.
- Sports Segment Revenues
- The Sports segment experienced growth from 2021 through 2024, although with some fluctuations. Revenues increased from 15,960 million USD in 2021 to 17,270 million USD in 2022. In 2023, there was a slight decline to 17,111 million USD, followed by a rebound to 17,619 million USD in 2024. Overall, the segment remains relatively stable with modest growth and minor variation.
- Experiences Segment Revenues
- The Experiences segment demonstrated the most significant upward trend in revenues among all segments. Revenues nearly doubled from 15,961 million USD in 2021 to 28,085 million USD in 2022. This strong growth continued with further increases to 32,549 million USD in 2023 and 34,151 million USD in 2024. This robust expansion reflects a rapidly increasing contribution from this segment.
- Eliminations
- The Eliminations category, representing inter-segment eliminations, shows a gradual increase in negative values, from -992 million USD in 2021 to -1,179 million USD in 2022, -1,397 million USD in 2023, and -1,595 million USD in 2024. This trend indicates a growing amount of internal transactions being offset in the consolidation process.
- Total Segment Revenues
- Total segment revenues have shown consistent and significant growth throughout the period from 67,418 million USD in 2021 to 83,745 million USD in 2022, 88,898 million USD in 2023, and 91,361 million USD in 2024. This reflects an overall positive growth trajectory supported primarily by the expansion in the Experiences and Entertainment segments, with stable contributions from Sports despite minor fluctuations.
Segment operating income
Walt Disney Co., segment operating income by reportable segment
US$ in millions
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Entertainment | 3,923) | 1,444) | 2,126) | 5,196) | —) | —) |
| Sports | 2,406) | 2,465) | 2,710) | 2,690) | —) | —) |
| Experiences | 9,272) | 8,954) | 7,285) | (120) | —) | —) |
| Total | 15,601) | 12,863) | 12,121) | 7,766) | —) | —) |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).
- Entertainment Segment Operating Income
- The entertainment segment displays a fluctuating trend in operating income from 2021 through 2024. It begins at 5,196 million US dollars in 2021, then declines sharply to 2,126 million in 2022 and further to 1,444 million in 2023. However, there is a notable recovery in 2024, where operating income increases significantly to 3,923 million US dollars. Despite the recovery, the 2024 value remains below the 2021 peak.
- Sports Segment Operating Income
- The sports segment demonstrates relative stability in operating income over the periods with available data. Starting at 2,690 million US dollars in 2021, it rises slightly to 2,710 million in 2022. Afterward, a gradual decline occurs, reaching 2,465 million in 2023 and further to 2,406 million in 2024, indicating a slight but consistent downturn in the latter years.
- Experiences Segment Operating Income
- This segment shows the most significant upward trend over the observed years. Initially absent from the earlier years, it registers a negative operating income of 120 million US dollars in 2021. Thereafter, it experiences a robust increase, reaching 7,285 million in 2022, followed by continued growth to 8,954 million in 2023 and 9,272 million in 2024. This trajectory reflects a strong and sustained improvement in this segment’s profitability.
- Total Operating Income
- The total operating income aligns with the trends observed in the individual segments, presenting a clear upward trajectory. From 7,766 million US dollars in 2021, total operating income grows substantially to 12,121 million in 2022, continuing its rise to 12,863 million in 2023 and reaching 15,601 million in 2024. The increase is primarily driven by the rapid expansion of the experiences segment, despite fluctuations in the entertainment segment and a slight downturn in the sports segment.
Capital expenditures
Walt Disney Co., capital expenditures by reportable segment
US$ in millions
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Entertainment | 977) | 1,032) | 802) | 838) | —) | —) |
| Sports | 10) | 15) | 8) | 24) | —) | —) |
| Experiences | 3,659) | 3,025) | 3,447) | 2,272) | —) | —) |
| Corporate | 766) | 897) | 686) | 444) | —) | —) |
| Total | 5,412) | 4,969) | 4,943) | 3,578) | —) | —) |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).
- Entertainment Segment Capital Expenditures
- Capital expenditures in the Entertainment segment showed a generally increasing trend over the observed periods. The costs rose from 838 million in 2020 to a peak of 1,032 million in 2023, followed by a slight decline to 977 million in 2024. This indicates a substantial investment focus in the Entertainment sector, with some moderation in the most recent year.
- Sports Segment Capital Expenditures
- The Sports segment experienced lower levels of capital expenditures compared to other segments, with figures fluctuating across the years. Starting at 24 million in 2021, expenditures declined to 8 million in 2022, then showed a mild increase to 15 million in 2023 before settling at 10 million in 2024. This pattern suggests relatively minimal and unstable capital investment in the Sports segment.
- Experiences Segment Capital Expenditures
- Capital expenditures in the Experiences segment demonstrated a marked increase, rising from 2,272 million in 2021 to 3,447 million in 2022. Although there was a slight decline to 3,025 million in 2023, the expenditure rebounded strongly to 3,659 million in 2024, highlighting sustained and growing investment in this segment.
- Corporate Segment Capital Expenditures
- Investments in the Corporate segment steadily increased from 444 million in 2021 to 686 million in 2022 and then further to 897 million in 2023, before decreasing to 766 million in 2024. This suggests an overall upward capital spending trend in corporate functions, with a minor reduction in the latest reported year.
- Total Capital Expenditures
- Total capital expenditures reflected the combined effects of the segment trends, rising from 3,578 million in 2021 to 4,943 million in 2022, followed by a marginal increase to 4,969 million in 2023 and further growth to 5,412 million in 2024. The overall pattern points to increasing total capital investment over the period, driven primarily by growth in the Experiences and Entertainment segments.
Depreciation expense
Walt Disney Co., depreciation expense by reportable segment
US$ in millions
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Entertainment | 681) | 669) | 560) | 513) | —) | —) |
| Sports | 39) | 73) | 90) | 100) | —) | —) |
| Experiences | 2,470) | 2,680) | 2,342) | 2,269) | —) | —) |
| Corporate | 244) | 204) | 191) | 186) | —) | —) |
| Total | 3,434) | 3,626) | 3,183) | 3,068) | —) | —) |
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).
- Entertainment Segment Depreciation Expense
- The depreciation expense for the entertainment segment shows a consistent upward trend over the observed years. Beginning at $513 million in 2021, the expense increased to $560 million in 2022, followed by further rises to $669 million in 2023 and $681 million in 2024. This suggests continued investment or expansion in the entertainment assets over this period.
- Sports Segment Depreciation Expense
- The sports segment displays a declining depreciation expense over the examined years. From $100 million in 2021, the expense decreased to $90 million in 2022, further dropping to $73 million in 2023, and reaching $39 million in 2024. This consistent reduction could indicate asset disposals, decreased capital expenditure, or more efficient utilization of sports-related assets.
- Experiences Segment Depreciation Expense
- The experiences segment reports the highest depreciation expenses among all segments, with a generally increasing trend. Values rose from $2,269 million in 2021 to $2,342 million in 2022, then increased more significantly to $2,680 million in 2023, before a slight decline to $2,470 million in 2024. The overall pattern reflects substantial investment in experiences assets, though the 2024 decrease may indicate asset retirements or reassessments.
- Corporate Depreciation Expense
- Depreciation within the corporate segment exhibited steady growth. Starting at $186 million in 2021, the expense incrementally increased to $191 million in 2022, $204 million in 2023, and then $244 million in 2024. This steady rise indicates ongoing capital allocations or asset base growth in corporate functions.
- Total Depreciation Expense
- Total depreciation expenses across all segments increased from $3,068 million in 2021 to $3,183 million in 2022 and further to a peak of $3,626 million in 2023, followed by a slight decrease to $3,434 million in 2024. The overall upward trend reflects investment growth across multiple segments, with the slight 2024 reduction potentially linked to changes primarily in the sports and experiences segments.