UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 30, 2024

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________.

Commission File Number 001-38842

Delaware	83-0940635
State or Other Jurisdiction of	I.R.S. Employer Identification
Incorporation or Organization

500 South Buena Vista Street

Burbank, California 91521

Address of Principal Executive Offices and Zip Code

(818) 560-1000

Registrant’s Telephone Number, Including Area Code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	DIS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  ☒

There were 1,823,043,026 shares of common stock outstanding as of May 1, 2024.

Cautionary Note on Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance and may include statements concerning, among other things, financial results; business plans (including statements regarding new services and products and future expenditures, costs and investments); future liabilities and other obligations; impairments and amortization; estimates of financial impact of certain items, accounting treatment, events or circumstances; competition and seasonality on our businesses and results of operations; and capital allocation, including share repurchases and dividends. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “would,” “should,” “expects,” “plans,” “could,” “intends,” “target,” “projects,” “forecasts,” “believes,” “estimates,” “anticipates,” “potential,” “continue,” “assumption” or “judgment” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These statements reflect our current views with respect to future events and are based on assumptions as of the date of this report. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements.

Such differences may result from actions taken by the Company, including restructuring or strategic initiatives (including capital investments, asset acquisitions or dispositions, new or expanded business lines or cessation of certain operations), our execution of our business plans (including the content we create and intellectual properties (IP) we invest in, our pricing decisions, our cost structure and our management and other personnel decisions), our ability to quickly execute on cost rationalization while preserving revenue, the discovery of additional information or other business decisions, as well as from developments beyond the Company’s control, including:

•the occurrence of subsequent events;

•deterioration in domestic and global economic conditions or failure of conditions to improve as anticipated;

•deterioration in or pressures from competitive conditions, including competition to create or acquire content, competition for talent and competition for advertising revenue;

•consumer preferences and acceptance of our content, offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising sales on our direct-to-consumer services and linear networks;

•health concerns and their impact on our businesses and productions;

•international, political or military developments;

•regulatory and legal developments;

•technological developments;

•labor markets and activities, including work stoppages;

•adverse weather conditions or natural disasters; and

•availability of content.

Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect (or further affect, as applicable):

•our operations, business plans or profitability, including direct-to-consumer profitability;

•demand for our products and services;

•the performance of the Company’s content;

•our ability to create or obtain desirable content at or under the value we assign the content;

•the advertising market for programming;

•income tax expense; and

•performance of some or all Company businesses either directly or through their impact on those who distribute our products.

Additional factors include those described in our 2023 Annual Report on Form 10-K, including under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” in our subsequent quarterly reports on Form 10-Q, including under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and in our subsequent filings with the Securities and Exchange Commission.

A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances. You should not place undue reliance on the forward-looking statements. Unless required by federal securities laws, we assume no obligation to update any of these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated, to reflect circumstances or events that occur after the statements are made.

2

PART I. FINANCIAL INFORMATION

Item 1: Financial Statements

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited; in millions, except per share data)

	Quarter Ended				Six Months Ended
	March 30, 2024		April 1, 2023		March 30, 2024		April 1, 2023
Revenues:
Services	$	19,757	$	19,586	$	40,732	$	40,583
Products	2,326		2,229		4,900		4,744
Total revenues	22,083		21,815		45,632		45,327
Costs and expenses:
Cost of services (exclusive of depreciation and amortization)	(12,663)		(13,160)		(26,585)		(27,941)
Cost of products (exclusive of depreciation and amortization)	(1,509)		(1,456)		(3,174)		(3,061)
Selling, general, administrative and other	(3,790)		(3,614)		(7,573)		(7,441)
Depreciation and amortization	(1,242)		(1,310)		(2,485)		(2,616)
Total costs and expenses	(19,204)		(19,540)		(39,817)		(41,059)
Restructuring and impairment charges	(2,052)		(152)		(2,052)		(221)
Other income, net	—		149		—		107
Interest expense, net	(311)		(322)		(557)		(622)
Equity in the income of investees	141		173		322		364
Income before income taxes	657		2,123		3,528		3,896
Income taxes	(441)		(635)		(1,161)		(1,047)
Net income	216		1,488		2,367		2,849
Net income attributable to noncontrolling interests	(236)		(217)		(476)		(299)
Net income (loss) attributable to The Walt Disney Company (Disney)	$	(20)	$	1,271	$	1,891	$	2,550
Earnings (loss) per share attributable to Disney:
Diluted	$	(0.01)	$	0.69	$	1.03	$	1.39
Basic	$	(0.01)	$	0.70	$	1.03	$	1.40
Weighted average number of common and common equivalent shares outstanding:
Diluted	1,834		1,831		1,838		1,829
Basic	1,834		1,828		1,833		1,827

See Notes to Condensed Consolidated Financial Statements

3

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited; in millions)

	Quarter Ended				Six Months Ended
	March 30, 2024		April 1, 2023		March 30, 2024		April 1, 2023
Net income	$	216	$	1,488	$	2,367	$	2,849
Other comprehensive income (loss), net of tax:
Market value adjustments for hedges	115		(82)		(204)		(624)
Pension and postretirement medical plan adjustments	(24)		56		(45)		57
Foreign currency translation and other	(119)		115		55		342
Other comprehensive income (loss)	(28)		89		(194)		(225)
Comprehensive income	188		1,577		2,173		2,624
Net income attributable to noncontrolling interests	(236)		(217)		(476)		(299)
Other comprehensive income (loss) attributable to noncontrolling interests	21		—		(23)		(45)
Comprehensive income (loss) attributable to Disney	$	(27)	$	1,360	$	1,674	$	2,280

See Notes to Condensed Consolidated Financial Statements

4

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited; in millions, except per share data)

	March 30, 2024		September 30, 2023
ASSETS
Current assets
Cash and cash equivalents	$	6,635	$	14,182
Receivables, net	12,026		12,330
Inventories	1,948		1,963
Content advances	1,921		3,002
Other current assets	2,106		1,286
Total current assets	24,636		32,763
Produced and licensed content costs	32,590		33,591
Investments	3,007		3,080
Parks, resorts and other property
Attractions, buildings and equipment	72,173		70,090
Accumulated depreciation	(44,065)		(42,610)
	28,108		27,480
Projects in progress	6,243		6,285
Land	1,174		1,176
	35,525		34,941
Intangible assets, net	11,474		13,061
Goodwill	73,914		77,067
Other assets	13,964		11,076
Total assets	$	195,110	$	205,579
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities	$	18,798	$	20,671
Current portion of borrowings	6,789		4,330
Deferred revenue and other	7,287		6,138
Total current liabilities	32,874		31,139
Borrowings	39,510		42,101
Deferred income taxes	6,860		7,258
Other long-term liabilities	12,103		12,069
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	—		9,055
Equity
Preferred stock	—		—
Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.9 billion shares at March 30, 2024 and 1.8 billion shares at September 30, 2023	58,028		57,383
Retained earnings	46,649		46,093
Accumulated other comprehensive loss	(3,509)		(3,292)
Treasury stock, at cost, 27 million shares at March 30, 2024 and 19 million shares at September 30, 2023	(1,916)		(907)
Total Disney Shareholders’ equity	99,252		99,277
Noncontrolling interests	4,511		4,680
Total equity	103,763		103,957
Total liabilities and equity	$	195,110	$	205,579

See Notes to Condensed Consolidated Financial Statements

5

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited; in millions)

	Six Months Ended
	March 30, 2024		April 1, 2023
OPERATING ACTIVITIES
Net income	$	2,367	$	2,849
Depreciation and amortization	2,485		2,616
Goodwill impairment	2,038		—
Deferred income taxes	(211)		(46)
Equity in the income of investees	(322)		(364)
Cash distributions received from equity investees	300		363
Net change in produced and licensed content costs and advances	1,699		(824)
Equity-based compensation	675		570
Other, net	(6)		(320)
Changes in operating assets and liabilities:
Receivables	(156)		(413)
Inventories	26		(107)
Other assets	(185)		(345)
Accounts payable and other liabilities	(1,075)		(2,133)
Income taxes	(1,784)		416
Cash provided by operations	5,851		2,262
INVESTING ACTIVITIES
Investments in parks, resorts and other property	(2,558)		(2,430)
Other, net	5		(111)
Cash used in investing activities	(2,553)		(2,541)
FINANCING ACTIVITIES
Commercial paper borrowings, net	42		714
Borrowings	133		70
Reduction of borrowings	(645)		(1,000)
Dividends	(549)		—
Repurchases of common stock	(1,001)		—
Contributions from noncontrolling interests	—		178
Acquisition of redeemable noncontrolling interests	(8,610)		(900)
Other, net	(194)		(188)
Cash used in financing activities	(10,824)		(1,126)
Impact of exchange rates on cash, cash equivalents and restricted cash	17		197
Change in cash, cash equivalents and restricted cash	(7,509)		(1,208)
Cash, cash equivalents and restricted cash, beginning of period	14,235			11,661
Cash, cash equivalents and restricted cash, end of period	$	6,726	$	10,453

See Notes to Condensed Consolidated Financial Statements

6

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(unaudited; in millions)

	Quarter Ended
	Equity Attributable to Disney
	Shares(1)	Common Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)			Treasury Stock		Total Disney Equity		Non-controlling  Interests(2)		Total Equity
Balance at December 30, 2023	1,834	$	57,640	$	47,490		$	(3,502)	$	(907)	$	100,721	$	4,780	$	105,501
Comprehensive income (loss)	—	—		(20)			(7)		—		(27)		181		154
Equity compensation activity	1	383		—			—		—		383		—		383
Dividends	—	4		(826)			—		—		(822)		—		(822)
Contributions	—	—		—			—		—		—		1		1
Common stock repurchases	(9)	—		—			—		(1,001)		(1,001)		—		(1,001)
Distributions and other	—	1		5			—		(8)		(2)		(451)		(453)
Balance at March 30, 2024	1,826	$	58,028	$	46,649		$	(3,509)	$	(1,916)	$	99,252	$	4,511	$	103,763
Balance at December 31, 2022	1,826	$	56,579	$	44,955		$	(4,478)	$	(907)	$	96,149	$	3,986	$	100,135
Comprehensive income	—	—		1,271			89		—		1,360		147		1,507
Equity compensation activity	1	345		—			—		—		345		—		345
Contributions	—	—		—			—		—		—		9		9
Distributions and other	—	(5)		10			—		—		5		(445)		(440)
Balance at April 1, 2023	1,827	$	56,919	$	46,236		$	(4,389)	$	(907)	$	97,859	$	3,697	$	101,556

(1)Shares are net of treasury shares.

(2)Excludes redeemable noncontrolling interests.

See Notes to Condensed Consolidated Financial Statements

7

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(unaudited; in millions)

 

	Six Months Ended
	Equity Attributable to Disney
	Shares(1)	Common Stock		Retained Earnings		Accumulated Other Comprehensive Income (Loss)			Treasury Stock		Total Disney Equity		Non-controlling Interests(2)		Total Equity
Balance at September 30, 2023	1,830	$	57,383	$	46,093		$	(3,292)	$	(907)	$	99,277	$	4,680	$	103,957
Comprehensive income (loss)	—	—		1,891			(217)		—		1,674		310		1,984
Equity compensation activity	5	633		—			—		—		633		—		633
Dividends	—	4		(1,375)			—		—		(1,371)		—		(1,371)
Contributions	—	—		—			—		—		—		1		1
Common stock repurchases	(9)	—		—			—		(1,001)		(1,001)		—		(1,001)
Distributions and other	—	8		40			—		(8)		40		(480)		(440)
Balance at March 30, 2024	1,826	$	58,028	$	46,649		$	(3,509)	$	(1,916)	$	99,252	$	4,511	$	103,763
Balance at October 1, 2022	1,824	$	56,398	$	43,636		$	(4,119)	$	(907)	$	95,008	$	3,871	$	98,879
Comprehensive income (loss)	—	—		2,550			(270)		—		2,280		131		2,411
Equity compensation activity	3	525		—			—		—		525		—		525
Contributions	—	—		—			—		—		—		187		187
Distributions and other	—	(4)		50			—		—		46		(492)		(446)
Balance at April 1, 2023	1,827	$	56,919	$	46,236		$	(4,389)	$	(907)	$	97,859	$	3,697	$	101,556

(1)Shares are net of treasury shares.

(2)Excludes redeemable noncontrolling interests.

See Notes to Condensed Consolidated Financial Statements

8

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited; tabular dollars in millions, except for per share data)

1.Principles of Consolidation

These Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We believe that we have included all normal recurring adjustments necessary for a fair statement of the results for the interim period. Operating results for the six months ended March 30, 2024 are not necessarily indicative of the results that may be expected for the year ending September 28, 2024.

The terms “Company,” “Disney,” “we,” “us,” and “our” are used in this report to refer collectively to the parent company, The Walt Disney Company, as well as the subsidiaries through which its various businesses are actually conducted.

These financial statements should be read in conjunction with the Company’s 2023 Annual Report on Form 10-K.

Variable Interest Entities

The Company enters into relationships with or makes investments in other entities that may be variable interest entities (VIE). A VIE is consolidated in our financial statements if the Company has the power to direct activities that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant (as defined by ASC 810-10-25-38) to the VIE. Hong Kong Disneyland Resort and Shanghai Disney Resort (together the Asia Theme Parks, see Note 7) are VIEs in which the Company has less than 50% equity ownership. Company subsidiaries (the Management Companies) have management agreements with the Asia Theme Parks, which provide the Management Companies, subject to certain protective rights of joint venture partners, with the ability to direct the day-to-day operating activities and the development of business strategies that we believe most significantly impact the economic performance of the Asia Theme Parks. In addition, the Management Companies receive management fees under these arrangements that we believe could be significant to the Asia Theme Parks. Therefore, the Company has consolidated the Asia Theme Parks in its financial statements.

Redeemable Noncontrolling Interest

Hulu LLC

In November 2023, NBC Universal (NBCU) exercised its right to require the Company to purchase NBCU’s 33% interest in Hulu LLC (Hulu), a direct-to-consumer (DTC) streaming service provider, at a redemption value based on NBCU’s equity ownership percentage of the greater of Hulu’s equity fair value or a guaranteed floor value of $27.5 billion. In connection with the redemption, the Company will pay NBCU 50% of the future tax benefits from the amortization of the purchase of NBCU’s interest in Hulu that will generally arise over a 15-year period. In December 2023, the Company paid NBCU $8.6 billion, which reflected the guaranteed floor value less NBCU’s unpaid capital call contributions. If Hulu’s equity fair value is determined to be higher than the guaranteed floor value, the Company is required to pay NBCU its share of the difference between the equity fair value and the guaranteed floor value. Any incremental amount would be recorded as “Net income attributable to noncontrolling interests” and thus reduce “Net income attributable to Disney” in the Condensed Consolidated Statements of Operations. Estimating the redemption value prior to its final determination requires management to make significant judgments related to assessing the fair value of Hulu.

BAMTech LLC

In November 2022, the Company purchased Major League Baseball’s (MLB) 15% redeemable noncontrolling interest in BAMTech LLC (BAMTech), which holds the Company’s domestic DTC sports business, for $900 million (MLB buy-out). MLB’s interest was recorded in the Company’s financial statements at $828 million prior to the MLB buy-out. The $72 million difference was recorded as an increase in “Net income attributable to noncontrolling interests” in the Condensed Consolidated Statements of Operations. In addition, Hearst Corporation contributed $178 million to the domestic DTC sports business to fund its 20% share of the MLB buy-out.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ from those estimates.

9

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited; tabular dollars in millions, except for per share data)

Reclassifications

Certain reclassifications have been made in the fiscal 2023 financial statements and notes to conform to the fiscal 2024 presentation.

2.Segment Information

The Company’s operations are reported in three segments: Entertainment, Sports and Experiences, for which separate financial information is evaluated regularly by the Chief Executive Officer to allocate resources and assess performance.

Segment operating results reflect earnings before corporate and unallocated shared expenses, restructuring and impairment charges, net other income/expense, net interest expense, income taxes and noncontrolling interests. Segment operating income includes equity in the income of investees and excludes amortization of intangible assets and the fair value step-up for film and television costs recognized in connection with the acquisition of TFCF Corporation (TFCF) and Hulu in fiscal 2019 (TFCF and Hulu acquisition amortization). Corporate and unallocated shared expenses principally consist of corporate functions, executive management and certain unallocated administrative support functions.

Segment operating results include allocations of certain costs, including information technology, pension, legal and other shared services costs, which are allocated based on metrics designed to correlate with consumption.

10

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited; tabular dollars in millions, except for per share data)

Segment revenues and segment operating income are as follows:

	Quarter Ended				Six Months Ended
	March 30, 2024		April 1, 2023		March 30, 2024		April 1, 2023
Revenues:
Entertainment
Third parties	$	9,691	$	10,212	$	19,572	$	20,796
Intersegment	105		97		205		188
	9,796		10,309		19,777		20,984
Sports
Third parties	3,999		3,957		8,535		8,340
Intersegment	313		269		612		526
	4,312		4,226		9,147		8,866
Experiences	8,393		7,646		17,525		16,191
Eliminations	(418)		(366)		(817)		(714)
Total segment revenues	$	22,083	$	21,815	$	45,632	$	45,327
Segment operating income:
Entertainment	$	781	$	455	$	1,655	$	800
Sports	778		794		675		630
Experiences	2,286		2,036		5,391		4,898
Total segment operating income(1)	$	3,845	$	3,285	$	7,721	$	6,328

(1) Equity in the income of investees is included in segment operating income as follows:

	Quarter Ended				Six Months Ended
	March 30, 2024		April 1, 2023		March 30, 2024		April 1, 2023
Entertainment	$	138	$	160	$	309	$	353
Sports	6		16		19		19
Experiences	—		—		—		(2)
Equity in the income of investees included in segment operating income	144		176		328		370
Amortization of TFCF intangible assets related to equity investees	(3)		(3)		(6)		(6)
Equity in the income of investees, net	$	141	$	173	$	322	$	364

11

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited; tabular dollars in millions, except for per share data)

A reconciliation of segment operating income to income before income taxes is as follows:

	Quarter Ended				Six Months Ended
	March 30, 2024		April 1, 2023		March 30, 2024		April 1, 2023
Segment operating income	$	3,845	$	3,285	$	7,721	$	6,328
Corporate and unallocated shared expenses	(391)		(279)		(699)		(559)
Restructuring and impairment charges(1)	(2,052)		(152)		(2,052)		(221)
Other income, net(2)	—		149		—		107
Interest expense, net	(311)		(322)		(557)		(622)
TFCF and Hulu acquisition amortization(3)	(434)		(558)		(885)		(1,137)
Income before income taxes	$	657	$	2,123	$	3,528	$	3,896

(1)See Note 17 for a discussion of amounts in restructuring and impairment charges.

(2)See Note 5 for a discussion of amounts in other income, net.

(3)TFCF and Hulu acquisition amortization is as follows:

	Quarter Ended				Six Months Ended
	March 30, 2024		April 1, 2023		March 30, 2024		April 1, 2023
Amortization of intangible assets	$	362	$	408	$	742	$	825
Step-up of film and television costs	69		147		137		306
Intangibles related to TFCF equity investees	3		3		6		6
	$	434	$	558	$	885	$	1,137

3.Revenues

The following table presents revenues by segment and major source:

	Quarter Ended March 30, 2024
	Entertainment		Sports		Experiences		Eliminations		Total
Subscription fees	$	4,805	$	417	$	—	$	—	$	5,222
Affiliate fees	1,759		2,678		—		(299)		4,138
Advertising	1,771		950		—		—		2,721
Theme park admissions	—		—		2,806		—		2,806
Resort and vacations	—		—		2,101		—		2,101
Retail and wholesale sales of merchandise, food and beverage	—		—		2,266		—		2,266
Merchandise licensing	136		—		652		—		788
TV/VOD distribution licensing	480		70		—		—		550
Theatrical distribution licensing	123		—		—		—		123
Home entertainment	189		—		—		—		189
Other	533		197		568		(119)		1,179
	$	9,796	$	4,312	$	8,393	$	(418)	$	22,083

12

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited; tabular dollars in millions, except for per share data)

	Quarter Ended April 1, 2023
	Entertainment		Sports		Experiences		Eliminations		Total
Subscription fees	$	4,225	$	380	$	—	$	—	$	4,605
Affiliate fees	1,925		2,766		—		(277)		4,414
Advertising	1,782		781		1		—		2,564
Theme park admissions	—		—		2,428		—		2,428
Resort and vacations	—		—		1,949		—		1,949
Retail and wholesale sales of merchandise, food and beverage	—		—		2,142		—		2,142
Merchandise licensing	130		—		642		—		772
TV/VOD distribution licensing	803		102		—		—		905
Theatrical distribution licensing	767		—		—		—		767
Home entertainment	202		—		—		—		202
Other	475		197		484		(89)		1,067
	$	10,309	$	4,226	$	7,646	$	(366)	$	21,815

	Six Months Ended March 30, 2024
	Entertainment		Sports		Experiences		Eliminations		Total
Subscription fees	$	9,312	$	832	$	—	$	—	$	10,144
Affiliate fees	3,525		5,347		—		(592)		8,280
Advertising	3,768		2,301		—		—		6,069
Theme park admissions	—		—		5,788		—		5,788
Resort and vacations	—		—		4,219		—		4,219
Retail and wholesale sales of merchandise, food and beverage	—		—		4,743		—		4,743
Merchandise licensing	328		—		1,619		—		1,947
TV/VOD distribution licensing	1,016		127		—		—		1,143
Theatrical distribution licensing	374		—		—		—		374
Home entertainment	398		—		—		—		398
Other	1,056		540		1,156		(225)		2,527
	$	19,777	$	9,147	$	17,525	$	(817)	$	45,632

	Six Months Ended April 1, 2023
	Entertainment		Sports		Experiences		Eliminations		Total
Subscription fees	$	8,086	$	759	$	—	$	—	$	8,845
Affiliate fees	3,798		5,419		—		(543)		8,674
Advertising	3,962		2,043		2		—		6,007
Theme park admissions	—		—		5,069		—		5,069
Resort and vacations	—		—		3,929		—		3,929
Retail and wholesale sales of merchandise, food and beverage	—		—		4,524		—		4,524
Merchandise licensing	321		—		1,594		—		1,915
TV/VOD distribution licensing	1,527		178		—		—		1,705
Theatrical distribution licensing	1,907		—		—		—		1,907
Home entertainment	387		—		—		—		387
Other	996		467		1,073		(171)		2,365
	$	20,984	$	8,866	$	16,191	$	(714)	$	45,327

13

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited; tabular dollars in millions, except for per share data)

The following table presents revenues by segment and primary geographical markets:

	Quarter Ended March 30, 2024
	Entertainment		Sports	Experiences	Eliminations	Total
Americas	$	7,640