At a glance
Walt Disney Company is worth $195.31B, about 17 times its fiscal 2025 earnings. Revenue grew 3.4% to $94.42B in fiscal 2025, with 13.1% kept as profit; over 5 years it has grown 7.6% a year. It pays a 1.33% dividend yield, and returned $9.66B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +1.9% over the past year with dividends reinvested and −7.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.3% in the 2020 crash (S&P 500: 33.7%) and 41.8% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Walt Disney Co. is a worldwide entertainment company with three business segments: Entertainment, Sports and Experiences. In the fiscal year ended September 27, 2025, revenue was about $94.4 billion. Entertainment brought in $42.5 billion (about 45%), Experiences $36.2 billion (about 38%) and Sports $17.7 billion (about 19%). About 81% of revenue came from the Americas, 12% from Europe and 7% from Asia Pacific.
Entertainment includes the ABC network and eight Disney-owned TV stations. It also includes cable channels such as Disney Channel, FX and National Geographic (73% owned), the film studios, and the Disney+ and Hulu streaming services. As of September 27, 2025, Disney+ had about 132 million paid subscribers and Hulu about 64 million. Sports is built around ESPN, with its TV networks and streaming plans. Experiences covers theme parks, resorts and vacations, and consumer products.
The biggest source of money is subscription and affiliate fees, at 40% of revenue. This line combines streaming subscriptions with affiliate fees, which cable, satellite and online TV providers pay for each subscriber to carry Disney's channels. Theme park admissions added 12.4%, advertising 11.8%, merchandise, food and beverage sales 10.2%, and resorts and vacations 9.8%. Licensing films to theaters brought in only 2.7%.
Price history
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DIS +1.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Subscription and affiliate fees | $37.78B | 40% |
| Theme park admissions | $11.71B | 12.4% |
| Advertising | $11.12B | 11.8% |
| Retail and wholesale sales of merchandise, food and beverage | $9.64B | 10.2% |
| Resort and vacations | $9.21B | 9.8% |
| Other | $4.72B | 5% |
| Merchandise licensing | $3.88B | 4.1% |
| TV/VOD and home entertainment distribution | $3.77B | 4% |
| Theatrical distribution licensing | $2.59B | 2.7% |
By business segment
| Entertainment Segment | $42.47B | 45% |
| Experiences Segment | $36.16B | 38.3% |
| Sports Segment | $17.67B | 18.7% |
By geography
| Americas | $76.43B | 80.9% |
| Europe | $11.09B | 11.7% |
| Asia Pacific | $6.91B | 7.3% |
Latest results
- In Q3 FY2026 (ended Jun 27, 2026), revenue was $25.25B, up 6.8% from a year earlier, and net income was $2.64B (-49.9%).
- For fiscal 2025, revenue was $94.42B (+3.4% year over year; +7.6% a year from FY2020 to FY2025) with a 13.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.6% good |
|---|---|
| Operating margin | 18.6% good |
| Free cash flow margin | 10.7% good |
| Return on equity (FY2025) | 11.3% watch |
| Return on assets (FY2025) | 6.3% watch |
| Net cash (cash minus debt) | $-33.23B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $65.39B | $-2.86B | $3.59B |
| FY2021 | $67.42B | $2.00B | $1.99B |
| FY2022 | $82.72B | $3.15B | $1.06B |
| FY2023 | $88.90B | $2.35B | $4.90B |
| FY2024 | $91.36B | $4.97B | $8.56B |
| FY2025 | $94.42B | $12.40B | $10.08B |
Valuation snapshot
| Market value | $195.31B |
|---|---|
| P/E ratio | 16.5 |
| Dividend yield | 1.33% |
Rank among 1514 US companies
Market value at each year end
Walt Disney’s market value went from $260.68B at the end of 2019 to $195.31B on Nov 2, 2026, down 25%; since the end of 2025 it is down 4%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $195.31B | -3.8% |
| 2025 | $203.11B | +0.7% |
| 2024 | $201.65B | +22.0% |
| 2023 | $165.26B | +4.3% |
| 2022 | $158.43B | -43.7% |
| 2021 | $281.54B | -14.2% |
| 2020 | $328.02B | +25.8% |
| 2019 | $260.68B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DIS price data to Nov 2, 2026 | +0.2% | +1.9% | +11.9% | -7.2% | +2.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.2% |
| 2025 | +3.3% |
| 2024 | +24.4% |
| 2023 | +4.3% |
| 2022 | -43.9% |
| 2021 | -14.5% |
| 2020 | +25.3% |
| 2019 | +33.5% |
| 2018 | +3.6% |
| 2017 | +4.8% |
| 2016 | +0.7% |
| 2015 | +12.9% |
| 2014 | +24.8% |
| 2013 | +55.3% |
| 2012 | +34.8% |
| 2011 | +1.7% |
| 2010 | +17.6% |
| 2009 | +43.7% |
| 2008 | -28.6% |
| 2007 | -4.8% |
| 2006 | +44.2% |
| 2005 | -12.9% |
| 2004 | +20.2% |
| 2003 | +44.4% |
| 2002 | -20.3% |
| 2001 | -27.7% |
| 2000 | -0.4% |
| 1999 | -1.5% |
| 1998 | -8.7% |
| 1997 | +42.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 54.9% over that stretch · deepest drop along the way 54.9%, back to its old high 12.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.3% over that stretch · deepest drop along the way 39.3%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 40.4% over that stretch · deepest drop along the way 41.8%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 5 sales ($2.2M), 4 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 14, 2026 | Brent Woodford EVP, Control, Fin Plan & Tax | sell (plan) | $762K |
| Sep 1, 2026 | Brent Woodford EVP, Control, Fin Plan & Tax | sell (plan) | $388K |
| Aug 19, 2026 | Paul M Roeder Sr EVP and Chief Comm Officer | sell | $382K |
| Oct 8, 2026 | Brent Woodford EVP, Control, Fin Plan & Tax | sell (plan) | $381K |
| Oct 16, 2026 | Brent Woodford EVP, Control, Fin Plan & Tax | sell (plan) | $319K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
ETFs with the most weight in DIS
| VOX Vanguard Communication Services ETF | 4.68% |
| RSPC Invesco S&P 500 Equal Weight Communication Services ETF | 4.27% |
| XLC Communication Services Select Sector SPDR Fund | 4.26% |
| FCOM Fidelity MSCI Communication Services Index ETF | 4.11% |
| IXP iShares Global Comm Services ETF | 3.86% |
| BNGE First Trust S-Network Streaming and Gaming ETF | 3.72% |
| PNQI Invesco NASDAQ Internet ETF | 3.58% |
| VNSE Natixis Vaughan Nelson Select ETF | 3.34% |
What could go wrong
- Cable TV audiences keep shrinking. Disney still earns affiliate fees and ad money from ABC, ESPN and cable channels. Ratings and cable subscriber numbers have been falling across the industry, and Disney's own streaming push may speed that decline.
- Streaming success is not assured. Disney+ and Hulu had about 132 million and 64 million paid subscribers as of September 27, 2025. Results depend on price increases, ad-supported plans and new shows keeping subscribers despite many rival services.
- Parks depend on consumer spending and travel. Economic slowdowns typically lower park attendance and spending, and inflation raises labor costs. A strong dollar also deters international visitors to its U.S. parks. Experiences made up about 38% of fiscal 2025 revenue.
- Hits are never guaranteed. Disney spends heavily on films and shows, including large marketing costs before release. If they miss public tastes, revenue from theaters, streaming and related merchandise can fall short.
- Key TV contracts come up for renewal. Disney sells its channels to cable, satellite and online TV providers under multi-year contracts, and its rights to programming also expire. If it renews on worse terms or fails to renew, revenue could fall or costs could rise.
- A large debt load. As of June 27, 2026, Disney had about $46.0 billion of debt against $12.8 billion of cash and investments. Higher interest rates or a lower credit rating could raise borrowing costs.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change; Shareholder vote results
- Other company announcement
- Executive or board change
- Other company announcement
- Executive or board change; Other company announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
For income and retirement investors
Disney's dividend record has a gap. It paid $0.88 per share in fiscal 2020, then nothing from fiscal 2021 through 2023. Payments resumed at $0.75 in fiscal 2024 and rose to about $1.00 in fiscal 2025, a one-year streak of increases. That used 14.5% of earnings and 17.9% of free cash flow (cash left after running and investing in the business). The yield was a modest 1.36% as of October 27, 2026. Disney also spent $3.0 billion in fiscal 2024 and $3.5 billion in fiscal 2025 repurchasing shares.
The shares have fallen hard in downturns. They dropped about 55% in the 2008 financial crisis and took 12.5 months after the low to regain their old peak. They fell about 39% in the 2020 COVID crash, recovering in 7.6 months. In the 2022 bear market they fell about 42% and had not regained that peak as of October 27, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Disney make money?
Mostly from subscription fees, theme parks and advertising. In the fiscal year ended September 27, 2025, Disney's revenue was about $94.4 billion. Subscription and affiliate fees made up 40%. These come from streaming customers and from cable providers that carry Disney's channels. Theme park admissions added 12.4%, advertising 11.8%, merchandise, food and beverage sales 10.2%, and resorts and vacations 9.8%. By segment, Entertainment brought in about 45% of revenue, Experiences about 38% and Sports about 19%.
Does Disney pay a dividend?
Yes, but it stopped for several years. Disney paid no dividend from fiscal 2021 through 2023. Payments resumed at $0.75 per share in fiscal 2024 and rose to about $1.00 in fiscal 2025. The yield was 1.36% as of October 27, 2026. The fiscal 2025 dividend used 14.5% of earnings and 17.9% of free cash flow. Disney also returned cash through share repurchases, spending $3.5 billion on them in fiscal 2025.
How many subscribers does Disney+ have?
About 132 million paid subscribers as of September 27, 2025, based on Disney's internal reports. Hulu, which is offered only in the U.S., had about 64 million. Both can be bundled with ESPN streaming plans. On October 29, 2025, Disney combined parts of Hulu Live TV, its online cable-style service, with Fubo, another publicly traded online TV service. Disney holds 70% of the combined business.
How much debt does Disney have?
About $46.0 billion as of June 27, 2026. Against that, Disney held about $12.8 billion of cash and investments. That left net debt (debt minus cash) of about $33.2 billion. Shareholders' equity was about $110.0 billion, and free cash flow was about $10.1 billion in fiscal 2025. Disney's annual report warns that higher interest rates or credit rating actions could raise its borrowing costs and reduce its flexibility.
How has Disney stock performed over the long term?
It is down over five years and up over three and ten years. As of October 27, 2026, the share price was down about 33% over five years. It was up about 43% over three years and 27% over ten years. These figures are based on share price. Its worst calendar year in the record was 2022, with a loss of about 44%. The price-to-earnings ratio compares the share price with a year's profit per share. As of October 27, 2026, it was 16.1, based on fiscal 2025 earnings.