Revenue growth remains inconsistent, fluctuating between -0.5% and 7.0% over the last ten quarters, while operating margins of 19.7% in 2026Q2 indicate that SG&A expenses continue to constrain profitability.
| 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 | 97.26B | 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 % | 3.43% | 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 | 61.12B | 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 | 36.14B | 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 % | 37.16% | 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 | 21.07B | 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 | 16.78B | 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 | 15.08B | 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 % | 15.5% | 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 | 20.52B | 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 % | 21.1% | 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 % | 9.25% | 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) | 5.45B | 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 | 15.29B | 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 | 119M | 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 | 1.54B | 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 | -2.76B | -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 | 12.32B | 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 % | 12.66% | 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 | 199M | -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 % | 1.62% | -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 | 11.22B | 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 % | 11.54% | 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 % | 25.97% | 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) | 12.12B | 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 | 6.6B | 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) | 6.33 | 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 % | 28.02% | 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 | 1.77B | 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 | 1.77B | 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% |
Linear television ecosystem erosion
According to the provided quarterly income statements, DIS revenue growth has fluctuated significantly, peaking at 7.0% in 2025Q2 before decelerating to 5.2% in 2026Q1 and rebounding to 6.5% in 2026Q2, suggesting an inconsistent top-line trajectory that remains sensitive to cyclical leisure demand and content release timing.
The volatility in year-over-year revenue growth highlights the difficulty in balancing the legacy media business with the evolving direct-to-consumer segment. Investors should monitor whether the recent 6.5% growth rate represents a sustainable recovery or merely a temporary benefit from seasonal park performance and theatrical release cycles.
As reported in the financial data, the company's gross margin has hovered within a tight range, reaching 36.8% in 2026Q2, which reflects the persistent capital intensity required to maintain both physical theme park infrastructure and the high-budget content production necessary for its streaming and theatrical operations.
The inability to consistently expand gross margins above the 38% level suggests that the company faces structural cost pressures that offset gains from pricing power. This margin profile warrants further investigation into whether the shift toward streaming profitability can eventually overcome the high amortization costs of premium content.
Based on the income statement figures, operating income reached $5.0B in 2026Q2, yet the operating margin of 19.7% indicates that SG&A expenses continue to consume a significant portion of gross profit, limiting the company's ability to demonstrate meaningful operating leverage during periods of revenue expansion.
The lack of consistent operating margin expansion suggests that the company is still heavily investing in its digital transition, which may be masking the underlying efficiency of its core segments. Analysts should watch for whether SG&A growth begins to decouple from revenue growth to confirm a shift toward sustainable profitability.
Data from the income statements reveals that net income has experienced extreme swings, such as the $5.3B reported in 2025Q3 compared to the $460M in 2024Q4, indicating that non-operating items and content amortization timing may be significantly distorting the company's reported earnings per share.
The high level of stock-based compensation, exceeding $400M in recent quarters, further complicates the assessment of true economic earnings. Investors should exercise caution when relying on headline EPS, as these figures appear to be heavily influenced by accounting adjustments rather than pure operational performance.
Quick answers to the most common questions about buying DIS stock.
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.
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%.
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.
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.