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The Walt Disney Company (DIS) stock

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NYSE: DIS NYSE Movies & Entertainment Next results ~November 17, 2026

B Fundamentals grade

The Walt Disney Company is a diversified entertainment group organised into three segments: Entertainment, Sports and Experiences. It produces and distributes films, television and streaming content under brands including Disney, Pixar, Marvel, Star Wars, ABC, FX and National Geographic, runs the ESPN sports networks, and operates theme parks, resorts and a cruise line, alongside consumer products licensing and retail.

Revenue comes from several sources: subscription fees for streaming services such as Disney+ and Hulu; advertising; affiliate fees paid by cable and satellite distributors for carrying its channels; theatrical, television and home-entertainment licensing; theme park admissions, hotel stays and merchandise sales; and royalties from licensing its characters and intellectual property to manufacturers and retailers.

The Entertainment segment covers linear television, direct-to-consumer streaming and content licensing; Sports centres on ESPN's domestic and international channels and streaming plans; Experiences includes parks in Florida, California, Paris, Hong Kong and Shanghai, plus cruises and merchandise. Operations extend across numerous countries, with international channels broadcast in dozens of languages, and the company holds a content library built up over roughly a century of production.

Based on The Walt Disney Company's 10-K filed November 13, 2025.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$63

Cash-flow model

Base case. Range ~$41–$93 across our lower- and higher-growth cases (-0.7%–9.3% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 44% below it.

Price used: $113.11, November 2, 2026

The Walt Disney Company valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter The Walt Disney files

Where Walt Disney stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $98.9bn, up 4.6% on a year earlier, faster than 3.4% a quarter earlier. Free-cash-flow margin fell to 8.4% from 12.2% a year earlier. The diluted share count is down 2.0% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $71.10 a share, against a share price of $111. At that price, our model says the market is pricing in about 10.9% a year of cash-flow growth for five years, faster than the 8.0% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 17, 2026 (estimated)

The Walt Disney Company's trailing-twelve-month revenue grew 4.6% year on year, with a free-cash-flow margin of 8.4%. Where it stands out: change in share count of -2.0% ranks 2 of 19 movies & entertainment companies we cover.

Our discounted-cash-flow model values the business at ~$63 per share in the base case (~$41–$93 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 11% in the quarter to 2026-06-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 2.0% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $113.11 is 44% above our value per share of $63.
  • Below peers: revenue growth. Revenue growth of 4.6% ranks 19 of 25 movies & entertainment companies we cover (median 8.5%).

Latest results: FY2026 Q3

Filed August 5, 2026
Earnings per share
$2.06 against an average estimate of $1.85: beat by 11.1%
Revenue
$25.25bn, up 6.8% on a year earlier
Share reaction
+6.6% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
adjusted EPS growth growth 12% (fiscal 2026); adjusted EPS growth growth 16% (fiscal 2026)
Next report
November 17, 2026; average EPS estimate $1.69

The Walt Disney's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.0%
  • 1 week+2.5%
  • 1 month+10.7%
  • This year+0.2%
  • 1 year+1.9%
  • 5 years-31.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$98.9B
Operating margin
18.4%
Net margin
8.7%
EPS (TTM, diluted)
$4.83

Growth

Revenue growth
+4.6%
Change in growth rate
+1.1 pts
Share count change
−2.0%

Cash

Free cash flow (TTM)
$8.3B
FCF margin
8.4%
Stock pay % of revenue
1.5%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Announcement
  3. Results
  4. Guidance
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

The Walt Disney Company valuation models and calculator

What the price is pricing in

The share price implies about 12.1% a year of cash-flow growth for five years.That is close to the 8.0% a year revenue growth The Walt Disney has delivered.

  • Priced in12.1%
  • Last 12 months4.6%
  • 3 years a year4.0%
  • 5 years a year8.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($111.98, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$63
Price used
$111.98close November 3, 2026
Implied change
▼ 43%
Uncertainty
High

How we got here: a discounted-cash-flow model of The Walt Disney Company's free cash flow after stock-based pay with after-tax interest added back ($8.2B, FY2026 Q3 TTM), growing 5.6% and 4.3% in the next two years (forecasts, guidance and its record), then back to 4.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$41–~$93 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of The Walt Disney Company's free cash flow after stock-based pay ( $8.2B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value The Walt Disney Company as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.93 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$63 ~$41–$93 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$170 ~$120–$280 Left out: far from the other models (more than 3x away from their median)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$39 ~$25–$61 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$30 ~$26–$36 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$49 ~$30–$63 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare The Walt Disney Company with Movies & Entertainment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −36%
  • Revenue growth 5 points higher ▲ +47%
  • Free-cash-flow margin 1 point lower ▼ −17%
  • Last year's free-cash-flow margin change, if it persists ▼ −39%
  • Discount rate 1 point higher ▼ −21%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $41$65$98$140$196$268
8.5% $25$43$66$96$136$187
10% $15$29$47$70$100$139

Valuation multiples over time Market data may be delayed

At fiscal year end 201720182019202020212022202320242025Now
Share price$92.20$111.15$125.25$118.82$170.65$91.46$78.58$93.82$111.85$113.11
Market value$145.5bn$167.5bn$208.7bn$214.8bn$312.0bn$167.1bn$143.8bn$171.8bn$202.6bn$201.2bn
+ Net debt (− = net cash)−$4.0bn$16.7bn$41.6bn$40.7bn$38.4bn$36.8bn$32.2bn$39.8bn$36.3bn$40.9bn
Enterprise value$141.5bn$184.2bn$250.2bn$255.5bn$350.4bn$203.8bn$176.1bn$211.6bn$238.9bn$242.1bn
Multiples
Price / sales 2.6x2.8x3.0x3.3x4.6x2.0x1.6x1.9x2.1x2.0x
Price / earnings 16.2x13.3x18.9x—156.4x53.1x61.1x34.6x16.3x23.4x
Price / free cash flow 16.7x17.0x188.3x59.8x156.9x157.8x29.4x20.1x20.1x24.3x
EV / EBITDA 8.1x9.9x13.2x19.0x27.2x11.8x9.7x10.3x10.4x10.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

50 /100

Moderate moat

How hard The Walt Disney's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 2.0% of total assets over 8 years.

  • Durability 14 / 20

    Operating margin has been a median 16.1%; its worst year was 10.7%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 8 of 8 years, at a median 4.8% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 2.2% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (55 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 17, 2026, before the open. Analysts expect revenue of $25.2bn and EPS of $1.69 (range $1.56 to $1.93) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.93 +17% $101.6bn +8%
Next $7.50 +8% $106.0bn +4%

Next year's EPS estimate has moved +0.4% in 90 days, across 25 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.8% on 90 days ago. In the last 30 days, 2 analysts raised The Walt Disney Company's forecast and 4 cut it.

Consensus EPS forecast The Walt Disney Company, last 90 days
$6.80 $7.00 $7.20 $7.40 $7.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.81 Current fiscal year, 60 days ago: $6.89 Current fiscal year, 30 days ago: $6.92 Current fiscal year, 7 days ago: $6.93 Current fiscal year, Now: $6.93 $6.93 Next fiscal year, 90 days ago: $7.46 Next fiscal year, 60 days ago: $7.45 Next fiscal year, 30 days ago: $7.48 Next fiscal year, 7 days ago: $7.49 Next fiscal year, Now: $7.50 $7.50

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.81$7.46
60 days ago $6.89$7.45
30 days ago $6.92$7.48
7 days ago $6.93$7.49
Now $6.93$7.50

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.85 $2.06 +11.1%
Mar 2026 $1.50 $1.57 +5.0%
Dec 2025 $1.58 $1.63 +3.4%
Sept 2025 $1.02 $1.11 +8.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • adjusted EPS growth fiscal 2026 about 12% growth Non-GAAP Maintained
    “We continue to expect fiscal 2026 adjusted EPS growth of approximately 12%, excluding the impact of the 53 rd week.” source
  • adjusted EPS growth fiscal 2026 about 16% growth Non-GAAP Maintained
    “We continue to expect fiscal 2026 adjusted EPS growth of approximately 16%, including the impact of the 53 rd week.” source
  • cash provided by operations fiscal 2026 about $19bn GAAP Maintained
    “We reiterate our prior full-year guidance for cash provided by operations and capital expenditures of at least $19 billion and approximately $9 billion, respectively, for fiscal 2026.” source
  • capital expenditures fiscal 2026 about $9bn Maintained
    “We reiterate our prior full-year guidance for cash provided by operations and capital expenditures of at least $19 billion and approximately $9 billion, respectively, for fiscal 2026.” source
  • total segment operating income Q4 about $4.9bn Non-GAAP
    “We expect Q4 total segment operating income of approximately $4.9 billion, including the impact of the 53 rd week.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows The Walt Disney Company's revenue by +5.6% next year and +4.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.2%, weight 70%) and the company's own record (+4.3%, weight 30%) . How the weights are set.

Analyst recommendations

33 analysts, Oct 2026
Buy2988%
Hold39%
Sell13%

Monthly trend

  1. Oct 2026623333
  2. Sep 2026623333
  3. Aug 202662433
  4. Jul 202662231

Counts of recommendations published by analysts covering The Walt Disney Company, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.2%
of tradable shares
Days to cover
2.24
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
79%
of shares
Held by insiders
0.1%
of shares
Employees
175,560
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +1.9%

$111.01 on October 31, 2025 to $113.11

ThenNowEffect
Revenue (last 12 months) $94.5bn $98.9bn +4.6%
Net margin 12.2% 8.7% −28.8%
P/E multiple 17.5x 23.4x +34.1%
Share count 1816m 1779m +2.1%

Biggest factor: net margin.

Last 3 years +37.1%

$82.48 on November 3, 2023 to $113.11

ThenNowEffect
Revenue (last 12 months) $87.8bn $98.9bn +12.6%
Net margin 2.6% 8.7% +239.2%
P/E multiple 67.0x 23.4x −65.1%
Share count 1829m 1779m +2.8%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DIS−15%−44%+4%+24%+3%+0%
Industry peers (median)−3%−42%+7%+24%+6%+24%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DIS42%33%50%50%42%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DIS−30%−47%−30%−30%−28%−20%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 61% from March 8, 2021 to October 4, 2023. Getting back needed a 155% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$91.72 – $115.00
From 52-week high
−1.6%
vs 50-day average
+5.3%
vs 200-day average
+9.8%
Volatility (1 year)
27%
Beta vs S&P 500
0.61

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±8.0%
After a week
6 up, 6 down
typical move ±8.6%
After a month
5 up, 7 down
typical move ±8.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +6.6% −0.4% +5.1% +9.1%
May 6, 2026 +8.1% +1.1% +4.4% −0.8%
February 2, 2026 −7.6% −0.4% −5.0% −8.7%
November 13, 2025 −9.3% −1.7% −12.0% −4.6%
August 6, 2025 −4.6% +0.7% −1.4% −0.3%
May 7, 2025 +14.1% +1.1% +22.5% +23.6%
February 5, 2025 −1.1% +0.8% −3.6% −6.9%
November 14, 2024 +12.0% −1.9% +11.7% +9.6%
August 7, 2024 −4.5% +1.6% −4.1% −2.3%
May 7, 2024 −9.5% +0.1% −9.5% −13.1%
February 7, 2024 +11.3% +0.9% +12.4% +11.1%
November 8, 2023 +6.8% −0.7% +11.0% +10.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How The Walt Disney Company’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.67× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

DIS The Walt Disney Company Grade B $113.27

Own 100 shares, sell the $116 call expiring December 4, 2026 (32 days) for $3.30 a share — $330 per contract.

Previous session · Bid $3.30, ask $3.90, quoted Mon 2 Nov, 17:21 New York time with DIS at $113.27. Option prices move with the shares: check the live chain at your broker before trading.

  • If DIS ends below $116: you keep your shares and the $330 — 2.9% extra on the position, 33.2% a year at that pace.
  • If it ends above $116: your shares are sold at $116, a total return of 5.3% including the premium — at or above our value of ~$63.
$603 $0 −$2.2k Break-even $109.97 Price $113.27 ← Our value ~$63
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$330
Annualised
33.2%
Break-even
$109.97
Max gain
$603.5
Chance of selling
~45%

Results are expected around November 4, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $105 put and sell the $125 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.99 a share ($99.00 per contract of 100 shares).
  • Worst case at expiry: -8.2%, if the shares fall below $105 (-7.3% from today).
  • Best case at expiry: +9.5%, if the shares rise above $125 (+10.4%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $63.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

The Walt Disney Company in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) The Walt Disney Company
$85B $90B $95B $100B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $88.9B Revenue (TTM), FY24 Q1: $88.9B Revenue (TTM), FY24 Q2: $89.2B Revenue (TTM), FY24 Q3: $90B Revenue (TTM), FY24 Q4: $91.4B Revenue (TTM), FY25 Q1: $92.5B Revenue (TTM), FY25 Q2: $94B Revenue (TTM), FY25 Q3: $94.5B Revenue (TTM), FY25 Q4: $94.4B Revenue (TTM), FY26 Q1: $95.7B Revenue (TTM), FY26 Q2: $97.3B Revenue (TTM), FY26 Q3: $98.9B $98.9B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $88.9B
FY24 Q1 $88.9B
FY24 Q2 $89.2B
FY24 Q3 $90B
FY24 Q4 $91.4B
FY25 Q1 $92.5B
FY25 Q2 $94B
FY25 Q3 $94.5B
FY25 Q4 $94.4B
FY26 Q1 $95.7B
FY26 Q2 $97.3B
FY26 Q3 $98.9B
Revenue growth, TTM YoY The Walt Disney Company
0% 2% 4% 6% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 7.5% Revenue growth, TTM YoY, FY24 Q1: 5.4% Revenue growth, TTM YoY, FY24 Q2: 2.6% Revenue growth, TTM YoY, FY24 Q3: 2.5% Revenue growth, TTM YoY, FY24 Q4: 2.8% Revenue growth, TTM YoY, FY25 Q1: 4.0% Revenue growth, TTM YoY, FY25 Q2: 5.4% Revenue growth, TTM YoY, FY25 Q3: 5.0% Revenue growth, TTM YoY, FY25 Q4: 3.4% Revenue growth, TTM YoY, FY26 Q1: 3.5% Revenue growth, TTM YoY, FY26 Q2: 3.4% Revenue growth, TTM YoY, FY26 Q3: 4.6% 4.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 7.5%
FY24 Q1 5.4%
FY24 Q2 2.6%
FY24 Q3 2.5%
FY24 Q4 2.8%
FY25 Q1 4.0%
FY25 Q2 5.4%
FY25 Q3 5.0%
FY25 Q4 3.4%
FY26 Q1 3.5%
FY26 Q2 3.4%
FY26 Q3 4.6%
Operating margin (TTM) The Walt Disney Company
14% 16% 18% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 14.5% Operating margin (TTM), FY24 Q1: 15.4% Operating margin (TTM), FY24 Q2: 16.0% Operating margin (TTM), FY24 Q3: 16.6% Operating margin (TTM), FY24 Q4: 17.1% Operating margin (TTM), FY25 Q1: 18.1% Operating margin (TTM), FY25 Q2: 18.5% Operating margin (TTM), FY25 Q3: 18.8% Operating margin (TTM), FY25 Q4: 18.6% Operating margin (TTM), FY26 Q1: 17.9% Operating margin (TTM), FY26 Q2: 17.7% Operating margin (TTM), FY26 Q3: 18.4% 18.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 14.5%
FY24 Q1 15.4%
FY24 Q2 16.0%
FY24 Q3 16.6%
FY24 Q4 17.1%
FY25 Q1 18.1%
FY25 Q2 18.5%
FY25 Q3 18.8%
FY25 Q4 18.6%
FY26 Q1 17.9%
FY26 Q2 17.7%
FY26 Q3 18.4%
FCF margin (TTM) The Walt Disney Company
4% 6% 8% 10% 12% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.5% FCF margin (TTM), FY24 Q1: 8.9% FCF margin (TTM), FY24 Q2: 9.4% FCF margin (TTM), FY24 Q3: 8.8% FCF margin (TTM), FY24 Q4: 9.4% FCF margin (TTM), FY25 Q1: 9.1% FCF margin (TTM), FY25 Q2: 11.6% FCF margin (TTM), FY25 Q3: 12.2% FCF margin (TTM), FY25 Q4: 10.7% FCF margin (TTM), FY26 Q1: 7.4% FCF margin (TTM), FY26 Q2: 7.3% FCF margin (TTM), FY26 Q3: 8.4% 8.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.5%
FY24 Q1 8.9%
FY24 Q2 9.4%
FY24 Q3 8.8%
FY24 Q4 9.4%
FY25 Q1 9.1%
FY25 Q2 11.6%
FY25 Q3 12.2%
FY25 Q4 10.7%
FY26 Q1 7.4%
FY26 Q2 7.3%
FY26 Q3 8.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar The Walt Disney took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $94.4B
  2. Selling, general and admin $16.5B · 17.5%
  3. Other operating costs $60.4B · 63.9%
  4. Operating income $17.6B · 18.6%
  5. Interest and other $5.1B · 5.5%
  6. Net income $12.4B · 13.1%

Shares of revenue. Source: The Walt Disney's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Oct 2020 2021 Oct 2021 2022 Oct 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 55.1 59.4 69.6 65.4 67.4 82.7 88.9 91.4 94.4 98.9
EBITDA 17.6 18.7 19.0 13.5 12.9 17.3 18.2 20.6 22.9 23.8
Operating income 14.8 15.7 14.8 8.1 7.8 12.1 12.9 15.6 17.6 18.2
Net income 9.0 12.6 11.1 −2.9 2.0 3.1 2.4 5.0 12.4 8.6
Diluted EPS $5.69 $8.36 $6.64 −$1.58 $1.09 $1.72 $1.29 $2.72 $6.85 $4.83
Growth (year on year)
Revenue — +7.8% +17.1% −6.1% +3.1% +22.7% +7.5% +2.8% +3.4% +4.6%
EBITDA — +6.5% +1.7% −29.2% −4.3% +34.2% +5.5% +12.9% +11.1% +3.6%
Operating income — +6.2% −5.4% −45.4% −4.2% +56.1% +6.1% +21.3% +12.5% +2.9%
Net income — +40.3% −12.3% −125.9% — +57.6% −25.2% +111.2% +149.5% −25.5%
Diluted EPS — +46.9% −20.6% −123.8% — +57.8% −25.0% +110.9% +151.8% −24.0%
Margins
EBITDA margin 31.8% 31.5% 27.3% 20.6% 19.1% 20.9% 20.5% 22.5% 24.2% 24.0%
Operating margin 26.8% 26.4% 21.3% 12.4% 11.5% 14.7% 14.5% 17.1% 18.6% 18.4%
Net margin 16.3% 21.2% 15.9% −4.4% 3.0% 3.8% 2.6% 5.4% 13.1% 8.7%
Free-cash-flow margin 15.8% 16.5% 1.6% 5.5% 2.9% 1.3% 5.5% 9.4% 10.7% 8.4%
Cash flow
Cash from operations 12.3 14.3 6.0 7.6 5.6 6.0 9.9 14.0 18.1 17.0
Capital spending 3.6 4.5 4.9 4.0 3.6 4.9 5.0 5.4 8.0 8.7
Free cash flow 8.7 9.8 1.1 3.6 2.0 1.1 4.9 8.6 10.1 8.3
Stock-based pay 0.4 0.4 0.7 0.5 0.6 1.0 1.1 1.4 1.4 1.5
Free cash flow after stock pay 8.4 9.4 0.4 3.1 1.4 0.1 3.8 7.2 8.7 6.8
Balance sheet
Cash 4.0 4.2 5.4 17.9 16.0 11.6 14.2 6.0 5.7 5.2
Total debt 0.0 20.9 47.0 58.6 54.4 48.4 46.4 45.8 42.0 46.0
Net debt (negative = net cash) −4.0 16.7 41.6 40.7 38.4 36.8 32.2 39.8 36.3 40.9
Diluted shares 1,578m 1,507m 1,666m 1,808m 1,828m 1,827m 1,830m 1,831m 1,811m 1,779m
Returned to shareholders
Dividends 2.4 2.5 2.9 1.6 0.0 0.0 0.0 1.4 1.8 —
Buybacks 9.4 3.6 0.0 0.0 — 0.0 0.0 3.0 3.5 8.2
Total returned 11.8 6.1 2.9 1.6 0.0 0.0 0.0 4.4 5.3 8.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · June 27, 2026
What it owns · $204.7bn
Short-term assets $24.9bnLonger-term assets $179.8bn
What it owes, and who funded it · $145.1bn
Short-term liabilities $35.1bnShareholders' equity $110.0bn
  • Short-term assets cover short-term liabilities $24.9bn of assets due within a year against $35.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $5.2bn of cash against $46.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 42% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 53% to 42% over five years.
  • A year's operating cash flow covers at least 20% of debt $17.0bn of operating cash flow against $46.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $18.2bn against −$1.8bn of interest.

From The Walt Disney Company's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$8.2B
Returned to shareholders
99%
of free cash flow
Buybacks, last 3 fiscal years
$6.5B
Diluted share count
−2.0%
year over year
Total shareholder yield
4.2%
dividends 0.0% + buybacks 4.2% of market value
Sales & admin spending
16.8%
of revenue

Competitors: side by side with peers

Closest by revenue in movies & entertainment
Last 12 months unless stated DIS NFLX LYV WMG ROKU TKO Median
Revenue, last 12 months $98.9bn $49.7bn $26.3bn $7.3bn $5.5bn $5.3bn $1.1bn
Revenue growth, last 12 months 4.6% 14.7% 10.8% 12.9% 21.1% 5.1% 8.5%
Revenue growth, 3-year average 4.0% 15.0% 11.0% 7.1% 17.8% 63.0% 7.1%
Revenue growth, latest quarter 6.8% 11.8% 9.4% 10.4% 24.1% 18.2% 11.3%
Gross margin — 50.7% — 45.8% 45.3% — 33.2%
Operating margin 18.4% 31.3% 3.0% 13.7% 7.8% 18.8% 2.5%
Operating margin, 3-year average 17.9% 28.7% 3.8% 12.8% −0.6% 11.0% −0.6%
Net margin 8.7% 29.7% 0.5% 9.2% 9.3% 4.3% 0.5%
Cash from operations / revenue 17.2% 24.7% 9.9% 12.9% 14.7% 33.9% 9.9%
Free-cash-flow margin 8.4% 22.9% 5.3% 11.4% 14.6% 23.9% 5.3%
Free-cash-flow margin, 3-year average 9.8% 20.8% 4.1% 10.4% 9.4% 10.5% 6.1%
Stock pay / revenue 1.5% 1.1% 0.6% 1.2% 5.8% 2.5% 1.5%
Change in share count −2.0% −0.2% 0.2% — 3.2% — 1.6%

Median of all 25 companies we cover in movies & entertainment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 movies & entertainment companies
Measure Company Peer median Rank
Revenue growth Growth 4.6% 8.5% 19 of 25
Change in growth rate Growth +1.1pp +0.7pp 12 of 25
Operating margin Profitability 18.4% 3.0% 4 of 24
Net margin Profitability 8.7% 0.5% 6 of 25
Free-cash-flow margin Cash generation 8.4% 7.1% 11 of 24
Stock pay as % of revenue Cash generation 1.5% 1.5% 14 of 25
Long-term debt as % of assets Balance sheet 18.3% 21.6% 9 of 19
Change in share count Balance sheet -2.0% 1.6% 2 of 19

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 27, 2025
Segments
Line of business Revenue Share YoY
Entertainment $42.5B 45.9% ▲ 3.1%
Experiences $36.2B 39.1% ▲ 5.9%
Sports $17.7B 19.1% ▲ 0.3%
Segment Eliminations -$1.9B -2.0% —
Eliminations and Other -$1.9B -2.0% —
Products and services
Line of business Revenue YoY
Total $94.4B ▲ 3.4%
Services $84.6B ▲ 3.4%
Subscription and Affiliate Fees $37.8B ▲ 3.4%
Admission $11.7B ▲ 4.8%
Advertising $11.1B ▼ 6.5%
Products $9.8B ▲ 3.3%
Retailandwholesalesalesofmerchandisefoodandbeverage $9.6B ▲ 4.8%
Resortandvacations $9.2B ▲ 10.0%
Other Revenue $4.7B ▼ 0.8%
Licenses $3.9B ▲ 2.5%
TVVOD and Home Entertainment Distribution $3.8B ▲ 12.5%
Theatricaldistributionlicensing $2.6B ▲ 14.4%

These categories overlap or exclude eliminations, so shares aren't shown.

From The Walt Disney Company's 10-K filed November 13, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$128B
Institutions reporting
2,928
Shares held vs prior quarter
▲ 2.3%
Positions opened / closed
116 / 184

Top buyers and sellers, Q2 2026: 1,153 institutions bought and 1,553 sold ; the biggest buyer was Sanders Capital, LLC (+13.8M shares) and the biggest seller Viking Global Investors LP (−6.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $13.2B 136.9M 10.3% ▲ 1.1%
Vanguard Capital Management LLC $10.9B 113.4M 8.5% ▼ 1.5%
State Street Corp $8.1B 83.5M 6.3% ▼ 0.2%
Jpmorgan Chase & Co $7.5B 75.8M 5.8% ▼ 1.4%
Geode Capital Management, LLC $4B 41.3M 3.1% ▼ 0.6%
Vanguard Portfolio Management LLC $3.5B 36.8M 2.8% ▲ 3.9%
Morgan Stanley $3.3B 34.5M 2.6% ▲ 2.1%
Wellington Management Group LLP $3.1B 32.0M 2.4% ▲ 14.7%
FMR LLC $2.4B 25.4M 1.9% ▲ 15.7%
Norges Bank $1.9B 20.2M 1.5% —
Northern Trust Corp $1.9B 19.5M 1.5% ▼ 2.0%
Price T Rowe Associates Inc $1.7B 17.2M 1.3% ▲ 0.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not The Walt Disney Company's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $2.1M 2 trades by 2 insiders, last 12 months Insider sales History → $2.8M 7 trades by 3 insiders · 86% under pre-set plans
Net ▼ $678,449 net selling
Insider Date Trade Shares Price Value
Woodford Brent EVP, Control, Fin Plan & Tax October 16, 2026 Sell pre-set plan 2,856 $111.68 $318,958
Woodford Brent EVP, Control, Fin Plan & Tax October 8, 2026 Sell pre-set plan 3,618 $105.31 $381,012
Woodford Brent EVP, Control, Fin Plan & Tax September 1, 2026 Sell pre-set plan 3,618 $107.13 $387,596
Roeder Paul M Sr EVP and Chief Comm Officer August 19, 2026 Sell 3,596 $106.32 $382,327
Woodford Brent EVP, Control, Fin Plan & Tax August 14, 2026 Sell pre-set plan 7,238 $105.31 $762,234
Chang Amy Director February 12, 2026 Buy 916 $107.85 $98,791
Coleman Sonia L Sr. EVP & Chief People Officer January 22, 2026 Sell pre-set plan 2,473 $114.00 $281,922
Coleman Sonia L Sr. EVP & Chief People Officer December 24, 2025 Sell pre-set plan 2,431 $114.00 $277,134
Gorman James P Director December 12, 2025 Buy 18,000 $111.89 $2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 228 trades and filings

In the last 12 months, 5 members of Congress disclosed 2 purchases and 4 sales of The Walt Disney Company shares.

  • Pete Sessions(R-TX 17):Sale (full), $1,001 - $15,000, traded October 28, 2026 (as filed, after the report date), filed October 27, 2026
  • Kevin Hern(R-OK 1):Sale (full), $15,001 - $50,000, traded August 10, 2026, filed September 1, 2026
  • Mike Kelly(R-PA 16):Sale (full), $1,001 - $15,000, traded July 17, 2026, filed August 12, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 2, 2026
  • November 13, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on The Walt Disney Company was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

The Walt Disney Company in brief

What does The Walt Disney Company do?
The Walt Disney Company is a US-listed company in the movies & entertainment industry. Its financial year ends in September.
What is The Walt Disney Company's stock ticker?
The Walt Disney Company trades under the ticker DIS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is The Walt Disney Company's revenue, and how fast is it growing?
Over its most recent trailing twelve months, The Walt Disney Company reported revenue of $98.9B, 4.6% higher than a year earlier, according to its SEC filings.
What is The Walt Disney Company's free cash flow?
The Walt Disney Company's free-cash-flow margin is 8.4% of revenue over the trailing twelve months, ranking 11 of the 24 movies & entertainment companies we cover.
What is The Walt Disney Company's fair value (intrinsic value) per share?
Our discounted-cash-flow model of The Walt Disney Company's free cash flow after stock-based pay gives ~$63 per share in the base case, and ~$41–$93 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are The Walt Disney Company's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is The Walt Disney Company buying back stock, and does it pay a dividend?
The Walt Disney Company spent $8.2B on share repurchases over the trailing twelve months, and its diluted share count fell 2.0% over the year.
What is The Walt Disney Company's market cap?
On November 2, 2026, The Walt Disney Company's market capitalisation was about $201B, with a price-to-earnings ratio of 23.4 and net debt of $40.9B. Market figures come from third-party market data and may be delayed.
How much debt does The Walt Disney Company have?
The Walt Disney Company's debt-to-equity ratio is 41.8%, from its latest balance sheet (52.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are The Walt Disney Company's competitors?
In our Movies & Entertainment peer group, the companies closest to The Walt Disney Company are Netflix, Live Nation Entertainment, Warner Music Group Corp., Roku, Inc and TKO Group Holdings. The side-by-side comparison below sets their revenue, margins and growth against The Walt Disney Company's.
Are insiders buying or selling The Walt Disney Company stock?
Over the last 12 months, The Walt Disney Company's directors and officers reported 2 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is The Walt Disney Company's next earnings date?
Around November 17, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — The Walt Disney Company announces its own schedule.