# The Walt Disney Company (DIS) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/DIS/thesis · /stocks/DIS/memo

## Financial Snapshot

---
ticker: DIS
step: 04
generated: 2026-05-13
source: quick-research
---

### The Walt Disney Company (DIS) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $82.7B | $88.9B | $91.4B | +2.8% |
| Operating Income | ~$4.8B | $4.8B | $7.6B | +58.3% |
| Net Income | ~$3.1B | ~$2.4B | ~$4.9B | +104% |
| Adj. EPS (non-GAAP) | $3.53 | $3.76 | $4.97 | +32.2% |

*FY2025: Management guiding for double-digit EPS growth vs. FY2024. FCF reached $10.1B (+18% vs FY2024 $8.6B).*
*Q1 FY2026: SVOD operating income +72% to $450M; Experiences record $10B revenue / $3.3B operating income.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$12.5B |
| Free Cash Flow | $8.6B |
| Capital Expenditures | ~$5.0B |
| Cash & Equivalents | ~$6.0B |
| Total Debt | ~$45B |

*FY2025 FCF: $10.1B (+18%). $60B 10-year Experiences capex plan (2024–2034) will increase capex.*

#### Key Ratios (approximate)
- P/E: ~21x (adj. FY2025) | EV/EBITDA: ~14x | FCF Yield: ~5%
- Revenue Growth (FY2024): +2.8% | Adj. EPS Growth (FY2024): +32%

#### Growth Profile
Disney's adj. EPS rebounded sharply from the streaming investment trough: +32% in FY2024 after a flat FY2023 as streaming turned profitable. FCF recovery was dramatic — FY2025 FCF of $10.1B vs. ~$5B in FY2023. The Entertainment SVOD segment achieved its first 10%+ operating margin in Q1 FY2026 (10.6%), validating the streaming profitability thesis. Parks/Experiences continue to set records on per-capita spending and operating income.

#### Forward Estimates
- FY2025/FY2026: Double-digit adj. EPS growth guided; 84% of analysts bullish
- SVOD operating margin target: 10% for full FY2026
- FCF: $10.1B in FY2025; trending higher with streaming maturation
- ESPN DTC: Launched 2025; Barclays estimates 5–6M subscriber potential
- Experiences: Record revenue trajectory; $60B 10-year capex plan; Abu Dhabi park announced
- Analyst consensus: Strong Buy; average 12-month PT in the $115–130 range

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/DIS/fundamental

## Navigation

- Overview: /stocks/DIS
- Financials (this page): /stocks/DIS/financials
- Thesis: /stocks/DIS/thesis
- Investment Memo: /stocks/DIS/memo
- Coverage universe: /stocks