# Walt Disney Co./ (DIS)

> Disney makes films and television, runs streaming services and sports channels, and operates theme parks, resorts, cruises, and branded merchandise businesses.

- Exchange: NYSE · Sector: Communication Services · Industry: Entertainment
- Headquarters: Burbank, California
- Founded: 1923
- Employees: 231,000 (fiscal year ended September 27, 2025)
- SEC CIK: 0001744489 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001744489))
- Full page: https://inspectstocks.com/stocks/dis
- Data as of: price 2026-09-25; newest filing used 2026-08-05; latest fiscal period ended 2026-06-27

## Grade

**B** on the growth-and-cash rubric, 4 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $98.9B | $87.8B |
| Revenue growing recently | passed | $98.9B | $94.4B |
| Free cash flow positive | passed | $8.3B |  |
| Free cash flow growing overall | passed | $8.3B | $2.8B |
| Free cash flow growing recently | failed | $8.3B | $10.1B |

Business quality (the + / − mark): 4 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 8.7% |  |
| Healthy profit margin | failed | 8.7% |  |
| Strong operating margin | passed | 18.4% |  |
| Good return on equity | failed | 7.8% |  |
| Debt under control | passed | 0.41 |  |
| Turns sales into cash | passed | 8.4% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $98.9B |
| Net income, trailing twelve months | $8.6B |
| Free cash flow, trailing twelve months | $8.3B |
| Net margin | 8.7% |
| Operating margin | 18.4% |
| Return on equity | 7.8% |
| Debt to equity | 0.41 |
| Diluted EPS, trailing twelve months | $4.85 |
| Share price | $106.15 |
| Market value | $183.3B |
| Price / earnings | 21.9x |
| Price / sales | 1.9x |

## What the business does

Disney creates and distributes films, television shows, news, and sports programming through cinemas, television channels, and streaming services such as Disney+, Hulu, and ESPN. It also earns money from theme park tickets, hotels, cruises, vacations, merchandise sales, and royalties when other companies use Disney characters and stories. In the quarter ended June 27, 2026, its reported global guests measure rose 4% (quarter ended June 27, 2026 versus the prior-year quarter, high), and attendance at its domestic parks rose 3% (quarter ended June 27, 2026 versus the prior-year quarter, high).

### How it makes money

- **Entertainment: streaming, television channels, and films and shows** (45.4% (nine months ended June 27, 2026)) — Money comes from Disney+ and Hulu subscriptions and advertising, fees paid by cable and other television distributors, advertising on channels, and sales or licenses of films and television programs.
- **Sports: ESPN channels and streaming** (18.3% (nine months ended June 27, 2026)) — Money comes from subscriptions and fees paid by television distributors, advertising, and fees for sports programming and ESPN brand rights.
- **Experiences: parks, resorts, cruises, and consumer products** (38.6% (nine months ended June 27, 2026)) — Money comes from park tickets, hotels and vacations, cruise trips, food and merchandise sales, and royalties from companies that license Disney brands. Segment shares are calculated against company revenue; segment totals do not add to company revenue because of intersegment eliminations.

### Products

- **Disney+ and Hulu** — Streaming services with films and television programs. Hulu also sells a live television package and subscriptions or add-ons for some other services.
- **ESPN** — Sports television channels and streaming plans carrying live games, sports news, and other sports programs.
- **ABC, Disney, FX, and National Geographic channels** — Television channels that show news, entertainment, documentaries, and family programming to viewers and through television distributors.
- **Films and television programs** — Stories made by Disney studios, including Pixar, Marvel, Lucasfilm, and Walt Disney Pictures, shown in cinemas, on Disney services, or licensed to other distributors.
- **Disney parks, resorts, cruises, and vacations** — Theme parks, hotels, cruise trips, vacation club stays, and guided tours, including Walt Disney World, Disneyland, and Disney Cruise Line.
- **Disney-branded consumer products** — Toys, clothing, games, books, and other goods sold by Disney or made and sold by companies that pay to use Disney characters and brands.

### Customers

- People and families who pay for Disney+ or Hulu subscriptions, individually or in bundles.
- Sports viewers who subscribe to ESPN plans or watch ESPN through a television distributor.
- Cable, satellite, and other television distributors that pay fees to carry Disney and ESPN channels.
- Advertisers that pay to reach viewers on Disney television channels and streaming services.
- Visitors who buy park tickets, hotel stays, cruise trips, vacation packages, food, and merchandise.
- Retailers, publishers, game makers, and manufacturers that buy Disney products or pay royalties to use its characters and brands.

### Competitors

- Netflix (NFLX) — Streaming films and television programs for viewers and their subscription spending.
- Comcast (NBCUniversal division) (CMCSA) — Television and film production and distribution, streaming, sports programming, and theme parks; NBCUniversal is a Comcast division.
- Sony Group (SONY) — Film and television production and distribution, including theatrical releases and programs licensed to viewing services.
- Six Flags Entertainment Corporation (FUN) — Theme parks and other paid leisure activities that compete for visitors’ time and spending.

### What it depends on

- The business depends on audiences wanting its films, shows, characters, and sports programming, and on Disney being able to protect and use the associated intellectual property.
- ESPN and other channels rely on sports and programming rights secured through contracts; those contracts can expire or become more costly.
- Television channels depend on cable, satellite, and other distributors carrying them under agreements that must be renewed.
- Parks, resorts, and cruises depend on visitor travel, available leisure spending, weather, and the safe operation of physical sites and ships.
- Many businesses depend on employees, including workers covered by union agreements and other collective bargaining arrangements.
- Disney’s streaming and advertising businesses use personal and viewing data and must comply with privacy, children’s data, broadcast, and content rules in the countries where they operate.

### What could go wrong

- If viewers’ tastes shift or Disney’s films and programs do not attract audiences, the company may earn less from cinema releases, streaming subscriptions, advertising, licensing, and related merchandise.
- Disney must renew or replace important sports-rights and television-distribution contracts; losing rights or facing higher contract costs can affect ESPN and other channels.
- Lower visitor demand or disruptions to travel and park operations can reduce ticket, hotel, cruise, food, and merchandise revenue; the company identifies economic conditions and uncontrollable events as factors that can affect these businesses.

## More on this company

- [Overview](https://inspectstocks.com/stocks/dis)
- [Financial statements](https://inspectstocks.com/stocks/dis/financials)
- [Competitors](https://inspectstocks.com/stocks/dis/peers)
- [Earnings](https://inspectstocks.com/stocks/dis/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.