The Walt Disney Company (DIS) Income Statement

30Y historyFree accessUpdated daily

Revenue grew 6.8% YoY to $25.2B in Q3 2026, with gross margin expanding 340bps to 40.2% and operating margin reaching 22.0%, the highest in ten quarters, though EPS of $1.51 remains below the $2.92 peak inflated by a one-time gain in Q3 2025.

Annual statement

DIS Income Statement

The Walt Disney Company (DIS) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Sep'25	Sep'24	Sep'23	Oct'22	Oct'21	Oct'20	Sep'19	Sep'18	Sep'17	Sep'16	Sep'15	Sep'14	Sep'13	Sep'12	Sep'11	Sep'10	Sep'09	Sep'08	Sep'07	Sep'06	Sep'05	Sep'04	Sep'03	Sep'02	Sep'01	Sep'00	Sep'99	Sep'98	Sep'97	Sep'96

Sales/Revenue	98.86B	94.42B	91.36B	88.9B	82.72B	67.42B	65.39B	69.61B	59.43B	55.14B	55.63B	52.47B	48.81B	45.04B	42.28B	40.89B	38.06B	36.15B	37.84B	35.51B	33.75B	31.37B	30.75B	27.06B	25.33B	25.17B	25.42B	23.43B	22.98B	22.47B	18.74B
Revenue Growth %	4.58%	3.35%	2.77%	7.47%	22.7%	3.1%	-6.06%	17.12%	7.79%	-0.89%	6.04%	7.48%	8.37%	6.54%	3.39%	7.43%	5.29%	-4.48%	6.57%	5.22%	7.56%	2.02%	13.64%	6.84%	0.62%	-0.97%	8.46%	2%	2.24%	19.93%	54.22%
Cost of Goods Sold	61.69B	58.77B	58.7B	59.2B	54.4B	45.13B	43.88B	42.06B	32.73B	30.31B	29.99B	28.36B	26.42B	25.03B	23.47B	33.11B	31.34B	30.45B	30.4B	28.73B	28.39B	27.44B	26.7B	24.35B	22.92B	21.57B	21.66B	16.39B	15.14B	14.99B	11.67B
COGS % of Revenue	-	62.24%	64.25%	66.59%	65.76%	66.94%	67.11%	60.43%	55.06%	54.96%	53.91%	54.06%	54.12%	55.58%	55.51%	80.97%	82.33%	84.24%	80.33%	80.9%	84.13%	87.47%	86.84%	89.97%	90.5%	85.7%	85.22%	69.95%	65.91%	66.7%	62.28%
Gross Profit	37.17B	35.66B	32.66B	29.7B	28.32B	22.29B	21.51B	27.55B	26.71B	24.83B	25.64B	24.1B	22.39B	20.01B	18.81B	7.78B	6.73B	5.7B	7.44B	6.78B	5.36B	3.93B	4.05B	2.71B	2.4B	3.6B	3.76B	7.04B	7.83B	7.48B	7.07B
Gross Margin %	37.6%	37.76%	35.75%	33.41%	34.24%	33.06%	32.89%	39.57%	44.94%	45.04%	46.09%	45.94%	45.88%	44.42%	44.49%	19.03%	17.67%	15.76%	19.67%	19.1%	15.87%	12.53%	13.16%	10.03%	9.5%	14.3%	14.78%	30.05%	34.09%	33.3%	37.72%
Gross Profit Growth %	-	9.17%	9.99%	4.86%	27.07%	3.62%	-21.92%	3.14%	7.56%	-3.15%	6.38%	7.63%	11.93%	6.36%	141.74%	15.69%	18.06%	-23.46%	9.76%	26.63%	36.22%	-2.89%	49.21%	12.81%	-33.18%	-4.23%	-46.64%	-10.09%	4.66%	5.89%	63.65%
Operating Expenses	21.34B	21.83B	20.75B	20.7B	21.55B	18.63B	17.71B	15.72B	11.87B	10.96B	11.28B	10.88B	10.85B	10.56B	9.95B	0	0	0	0	0	0	0	0	0	21M	767M	1.23B	3.92B	3.92B	3.54B	4.04B
OpEx % of Revenue	-	23.12%	22.71%	23.29%	26.05%	27.63%	27.09%	22.58%	19.97%	19.87%	20.28%	20.73%	22.23%	23.44%	23.53%	-	-	-	-	-	-	-	-	-	0.08%	3.05%	4.85%	16.72%	17.05%	15.75%	21.58%
Selling, General & Admin	12.64B	16.5B	15.76B	15.34B	16.39B	13.52B	12.37B	11.55B	8.86B	8.18B	8.75B	8.52B	8.56B	8.37B	7.96B	0	0	0	0	0	0	0	0	0	0	0	105M	140M	164M	367M	309M
SG&A % of Revenue	-	17.48%	17.25%	17.25%	19.81%	20.05%	18.92%	16.59%	14.91%	14.83%	15.74%	16.25%	17.55%	18.57%	18.83%	-	-	-	-	-	-	-	-	-	-	-	0.41%	0.6%	0.71%	1.63%	1.65%
Research & Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	4M	5.33B	4.99B	5.37B	5.16B	5.11B	5.34B	4.17B	3.01B	2.78B	2.53B	2.35B	2.29B	2.19B	1.99B	0	0	0	0	0	0	0	0	0	21M	767M	1.13B	3.78B	3.75B	3.17B	3.73B
Operating Income	15.82B	13.83B	11.91B	8.99B	6.77B	3.66B	3.79B	11.83B	14.84B	13.87B	14.36B	13.22B	11.54B	9.45B	8.86B	7.78B	6.73B	5.7B	7.44B	6.78B	5.36B	3.93B	4.05B	2.71B	2.38B	2.83B	2.52B	3.12B	3.92B	3.94B	3.02B
Operating Margin %	16%	14.65%	13.04%	10.12%	8.18%	5.43%	5.8%	17%	24.96%	25.16%	25.81%	25.21%	23.64%	20.98%	20.96%	19.03%	17.67%	15.76%	19.67%	19.1%	15.87%	12.53%	13.16%	10.03%	9.41%	11.25%	9.93%	13.33%	17.04%	17.55%	16.14%
Operating Income Growth %	-	16.1%	32.5%	32.82%	85.02%	-3.56%	-67.93%	-20.27%	6.95%	-3.38%	8.58%	14.59%	22.12%	6.62%	13.91%	15.69%	18.06%	-23.46%	9.76%	26.63%	36.22%	-2.89%	49.21%	13.8%	-15.82%	12.16%	-19.17%	-20.2%	-0.76%	30.46%	35.79%
EBITDA	21.35B	19.16B	16.9B	14.36B	11.93B	8.77B	9.14B	16B	17.85B	16.66B	16.89B	15.58B	13.83B	11.64B	10.85B	9.62B	8.44B	7.33B	9.03B	8.27B	6.79B	5.27B	5.26B	3.79B	3.43B	4.59B	4.72B	6.9B	7.67B	7.12B	6.76B
EBITDA Margin %	21.6%	20.29%	18.5%	16.15%	14.43%	13.01%	13.98%	22.98%	30.03%	30.21%	30.35%	29.69%	28.33%	25.85%	25.66%	23.53%	22.17%	20.27%	23.85%	23.29%	20.13%	16.8%	17.1%	14.01%	13.53%	18.22%	18.57%	29.46%	33.38%	31.67%	36.07%
EBITDA Growth %	11.26%	13.33%	17.71%	20.35%	36.07%	-4.04%	-42.87%	-10.37%	7.16%	-1.36%	8.39%	12.66%	18.78%	7.3%	12.76%	14.02%	15.16%	-18.8%	9.1%	21.79%	28.83%	0.27%	38.73%	10.62%	-25.29%	-2.84%	-31.62%	-9.99%	7.76%	5.3%	65.66%
D&A (Non-Cash Add-back)	5.53B	5.33B	4.99B	5.37B	5.16B	5.11B	5.34B	4.17B	3.01B	2.78B	2.53B	2.35B	2.29B	2.19B	1.99B	1.84B	1.71B	1.63B	1.58B	1.49B	1.44B	1.34B	1.21B	1.08B	1.04B	1.75B	2.19B	3.78B	3.75B	3.17B	3.73B
EBIT	17.7B	13.81B	9.64B	6.74B	6.83B	3.97B	-252M	14.9B	15.3B	14.29B	15.22B	14.13B	12.54B	9.97B	9.73B	8.48B	7.08B	6.25B	7.93B	6.78B	5.36B	3.93B	4.05B	2.71B	2.38B	2.83B	2.52B	3.12B	3.92B	3.94B	3.02B
Net Interest Income	-1.42B	-1.57B	-1.04B	-1.03B	-1.4B	-1.41B	-1.49B	-978M	-574M	-385M	-260M	-117M	23M	-235M	-369M	-343M	-409M	-466M	-524M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	305M	246M	406M	424M	152M	140M	156M	268M	108M	122M	94M	148M	317M	114M	103M	92M	47M	122M	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest Expense	1.72B	1.81B	1.45B	1.46B	1.55B	1.55B	1.65B	1.25B	706M	507M	354M	265M	294M	349M	472M	435M	456M	588M	524M	0	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-3.07B	-1.83B	-4.34B	-4.22B	-1.49B	-1.1B	-5.54B	2.09B	-108M	-85M	510M	644M	706M	170M	397M	262M	-99M	-39M	-41M	944M	-31M	-120M	-309M	-459M	-194M	-1.55B	108M	-810M	-758M	-558M	-963M
Pretax Income	12.75B	12B	7.57B	4.77B	5.29B	2.56B	-1.74B	13.92B	14.73B	13.79B	14.87B	13.87B	12.25B	9.62B	9.26B	8.04B	6.63B	5.66B	7.4B	7.72B	5.32B	3.81B	3.74B	2.25B	2.19B	1.28B	2.63B	2.31B	3.16B	3.39B	2.06B
Pretax Margin %	12.9%	12.71%	8.28%	5.36%	6.39%	3.8%	-2.67%	20%	24.78%	25.01%	26.73%	26.43%	25.09%	21.36%	21.9%	19.67%	17.41%	15.65%	19.56%	21.75%	15.78%	12.15%	12.16%	8.33%	8.65%	5.1%	10.36%	9.87%	13.74%	15.07%	11%
Income Tax	3.51B	-1.43B	1.8B	1.38B	1.73B	25M	699M	3.03B	1.66B	4.42B	5.08B	5.02B	4.24B	2.98B	3.09B	2.79B	2.31B	2.05B	2.67B	2.87B	1.84B	1.17B	1.2B	789M	853M	1.06B	1.61B	1.01B	1.31B	1.42B	847M
Effective Tax Rate %	27.56%	-11.9%	23.73%	28.92%	32.77%	0.98%	-40.1%	21.73%	11.29%	32.07%	34.15%	36.17%	34.64%	31.02%	33.34%	34.63%	34.92%	36.21%	36.11%	37.2%	34.5%	30.81%	32.01%	35%	38.95%	82.54%	61%	43.82%	41.4%	41.95%	41.1%
Net Income	8.6B	12.4B	4.97B	2.35B	3.15B	2B	-2.86B	11.05B	12.6B	8.98B	9.39B	8.38B	7.5B	6.14B	5.68B	4.81B	3.96B	3.31B	4.43B	4.69B	3.37B	2.53B	2.35B	1.27B	1.24B	-158M	920M	1.3B	1.85B	1.97B	1.21B
Net Margin %	8.7%	13.14%	5.44%	2.65%	3.8%	2.96%	-4.38%	15.88%	21.2%	16.29%	16.88%	15.98%	15.37%	13.62%	13.44%	11.76%	10.41%	9.15%	11.7%	13.2%	10%	8.07%	7.63%	4.68%	4.88%	-0.63%	3.62%	5.55%	8.05%	8.75%	6.48%
Net Income Growth %	-25.55%	149.48%	111.22%	-25.15%	57.64%	169.66%	-125.91%	-12.26%	40.29%	-4.38%	12.04%	11.75%	22.25%	7.99%	18.2%	21.3%	19.84%	-25.3%	-5.55%	38.92%	33.2%	8.02%	85.08%	2.51%	882.28%	-117.17%	-29.23%	-29.73%	-5.9%	61.94%	-12.03%
Net Income (Continuing)	9.24B	13.43B	5.77B	3.39B	3.55B	2.54B	-2.44B	10.9B	13.07B	9.37B	9.79B	8.85B	8B	6.64B	6.17B	5.26B	4.31B	3.61B	4.73B	4.67B	3.3B	2.46B	2.35B	1.34B	1.24B	120M	920M	1.3B	1.85B	1.97B	1.21B
Discontinued Operations	0	0	0	0	-48M	-29M	-32M	687M	0	0	0	0	0	0	0	0	0	0	0	13M	70M	109M	0	0	0	0	0	0	0	0	0
Minority Interest	6.81B	4.74B	4.83B	13.73B	13.37B	13.67B	13.93B	13.97B	5.18B	4.84B	4.06B	4.13B	3.22B	2.72B	2.2B	2.07B	1.82B	1.69B	1.34B	1.29B	1.34B	1.25B	798M	428M	434M	382M	356M	0	0	0	0
EPS (Diluted)	4.93	6.85	2.72	1.29	1.72	1.09	-1.58	6.64	8.36	5.69	5.73	4.90	4.26	3.38	3.13	2.52	2.03	1.76	2.28	2.25	1.64	1.19	1.07	0.59	0.60	-0.02	0.57	0.62	0.89	0.32	0.22
EPS Growth %	-23.98%	151.84%	110.85%	-25%	57.8%	168.99%	-123.8%	-20.57%	46.92%	-0.7%	16.94%	15.02%	26.04%	7.99%	24.21%	24.14%	15.34%	-22.81%	1.33%	37.2%	37.82%	11.21%	81.36%	-1.67%	3100%	-103.51%	-8.06%	-30.34%	178.13%	45.45%	-24.14%
EPS (Basic)	-	6.88	2.72	1.29	1.73	1.10	-1.58	6.68	8.40	5.73	5.76	4.95	4.31	3.42	3.17	2.56	2.07	1.78	2.34	2.34	1.68	1.21	1.08	0.59	0.60	-0.02	0.58	0.63	0.91	0.32	0.22
Diluted Shares Outstanding	1.74B	1.81B	1.83B	1.83B	1.83B	1.83B	1.81B	1.67B	1.51B	1.58B	1.64B	1.71B	1.76B	1.81B	1.82B	1.91B	1.95B	1.88B	1.95B	2.09B	2.08B	2.13B	2.19B	2.15B	2.04B	2.1B	1.61B	2.1B	2.08B	2.02B	2.02B
Basic Shares Outstanding	1.74B	1.8B	1.82B	1.83B	1.82B	1.82B	1.81B	1.66B	1.5B	1.57B	1.63B	1.69B	1.74B	1.79B	1.79B	1.88B	1.92B	1.86B	1.89B	2B	2B	2.09B	2.17B	2.15B	2.04B	2.1B	1.59B	2.06B	2.03B	2.02B	2.02B
Dividend Payout Ratio	-	14.54%	27.47%	-	-	-	-	26.19%	19.96%	27.23%	24.63%	36.54%	20.1%	21.58%	18.94%	15.73%	16.48%	19.59%	15%	13.59%	15.38%	19.34%	18.34%	33.86%	34.63%	-	47.17%	-	22.27%	17.4%	22.32%

Key Metrics

Growth RegimeStable

ProfitabilityStable

Balance SheetAdequate

Cash FlowStable

Top Statement Risk

Linear TV decline and parks cyclicality

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Revenue Growth Stabilizing at Mid-Single Digits

Disney's revenue grew 6.8% year-over-year in Q3 2026, reaching $25.2B, according to the latest income statement, marking a steady acceleration from the 1.2% growth in Q2 2024.

The sequential improvement from 1.2% in Q2 2024 to 6.8% in Q3 2026 suggests a gradual recovery in demand across segments, likely driven by parks and streaming. However, growth remains modest compared to pre-pandemic levels, indicating a mature phase. The stability in growth rates over the last four quarters (5-7%) suggests a durable, albeit not explosive, expansion.

Gross Margin Expansion Reflects Mix Shift

Gross margin improved from 35.8% in Q2 2024 to 40.2% in Q3 2026, as reported in financial statements, indicating a favorable shift toward higher-margin revenue streams.

The 440 basis point expansion in gross margin over ten quarters suggests that Disney is increasingly relying on higher-margin businesses like streaming and parks, while the lower-margin linear networks decline. This trend may continue as the company scales its DTC operations and implements dynamic pricing at parks. However, the sustainability of this margin expansion depends on content costs and the competitive landscape in streaming.

Operating Leverage Emerging in Media Segment

Operating margin expanded from 13.0% in Q2 2024 to 22.0% in Q3 2026, per the income statement, indicating that operating income is scaling faster than revenue.

The 900 basis point improvement in operating margin over the period suggests that Disney is achieving operating leverage, likely due to cost discipline and the scaling of streaming profitability. SG&A expenses have remained relatively flat in absolute terms, while revenue has grown, indicating efficiency gains. This trend may be sustainable if the company continues to control overhead while growing higher-margin segments.

EPS Volatility Masks Underlying Stability

EPS swung from -$0.01 in Q2 2024 to $1.51 in Q3 2026, but the Q3 2025 EPS of $2.92 was inflated by a one-time gain, as per the income statement.

The reported EPS figures are highly volatile, with a 192% year-over-year growth in Q4 2025 and a -48.3% decline in Q3 2026, suggesting non-operating items distort the underlying earnings trend. Excluding the one-time gain in Q3 2025, EPS has shown steady improvement, indicating operational progress. Investors should focus on operating income and cash flow to gauge true earnings quality.

COGS Efficiency Drives Margin Gains

COGS as a percentage of revenue declined from 64.2% in Q2 2024 to 59.8% in Q3 2026, based on reported figures, indicating improved cost management.

The reduction in COGS ratio suggests that Disney is managing its content and park operating costs more efficiently, possibly through better content amortization strategies and operational improvements. SG&A has remained stable as a percentage of revenue, indicating disciplined overhead control. However, the rising cost of sports rights and content production remains a risk to future margin expansion.

Q3 2026 Marks a Profitability Inflection

In Q3 2026, Disney achieved its highest operating margin (22.0%) and gross margin (40.2%) in the ten-quarter period, as per the income statement, signaling a turning point.

The quarter's performance suggests that Disney's strategic pivot to prioritize DTC profitability is yielding results, with operating income reaching $5.6B, the highest in the period. This inflection may indicate that the company has passed the peak investment phase in streaming and is now reaping the benefits. The sustainability of this margin level will depend on continued execution and macro conditions.

Linear Decline and Parks Cyclicality Loom

Despite margin expansion, Disney's reliance on declining linear TV and cyclical parks revenue, as seen in the 0.5% revenue decline in Q4 2025, poses risks.

The accelerated decline in linear television could erode high-margin affiliate fees, while parks revenue is sensitive to consumer discretionary spending. The Q4 2025 revenue dip highlights this vulnerability. Additionally, the EPS beat in Q3 2026 may be partly driven by one-time items, and the reiterated guidance could be conservative. Short-sellers might argue that the margin improvements are not sustainable if linear declines accelerate or if a recession hits parks.

DIS — Frequently Asked Questions

Quick answers to the most common questions about buying DIS stock.

What was The Walt Disney Company's (DIS) revenue in 2025?

For fiscal year 2025, The Walt Disney Company (DIS) reported total revenue of $94.42B. This represents a 403.9% increase compared to $18.74B in 1996.

Is The Walt Disney Company (DIS) profitable?

The Walt Disney Company (DIS) is profitable, generating $12.40B in net income for the fiscal year ending 2025 with a net profit margin of 13.1%.

What is The Walt Disney Company's operating profit margin?

The Walt Disney Company (DIS) reported an operating income of $13.83B, resulting in an operating profit margin of 14.6%. This margin reflects the operational efficiency of the business before interest and taxes.

What is The Walt Disney Company's gross profit and gross margin?

The Walt Disney Company (DIS) generated $35.66B in gross profit for the year, representing a gross profit margin of 37.8%. This demonstrates the company's core pricing power and production efficiency.