10-Q

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 December 28, 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 1,807,788,865 shares of common stock outstanding as of January 29, 2025.

THE WALT DISNEY COMPANY

Form 10-Q

For the Fiscal Quarter Ended December 28, 2024

TABLE OF CONTENTS

 

		Page
PART I
ITEM 1.	Financial Statements	3
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	53
ITEM 4.	Controls and Procedures	53
PART II
ITEM 1.	Legal Proceedings	54
ITEM 1A.	Risk Factors	54
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55
ITEM 5.	Other Items	56
ITEM 6.	Exhibits	57
SIGNATURE		58

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 the 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;

•taxation; 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 2024 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 INCOME

(unaudited; in millions, except per share data)

	Quarter Ended
	December 28, 2024		December 30, 2023
Revenues:
Services	$	22,048	$	20,975
Products	2,642		2,574
Total revenues	24,690		23,549
Costs and expenses:
Cost of services (exclusive of depreciation and amortization)	(13,789)		(13,922)
Cost of products (exclusive of depreciation and amortization)	(1,617)		(1,665)
Selling, general, administrative and other	(3,930)		(3,783)
Depreciation and amortization	(1,276)		(1,243)
Total costs and expenses	(20,612)		(20,613)
Restructuring and impairment charges	(143)		—
Interest expense, net	(367)		(246)
Equity in the income of investees	92		181
Income before income taxes	3,660		2,871
Income taxes	(1,016)		(720)
Net income	2,644		2,151
Net income attributable to noncontrolling interests	(90)		(240)
Net income attributable to The Walt Disney Company (Disney)	$	2,554	$	1,911
Earnings per share attributable to Disney:
Diluted	$	1.40	$	1.04
Basic	$	1.41	$	1.04
Weighted average number of common and common equivalent shares outstanding:
Diluted	1,818		1,835
Basic	1,812		1,832

See Notes to Condensed Consolidated Financial Statements

3

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited; in millions)

	Quarter Ended
	December 28, 2024		December 30, 2023
Net income	$	2,644	$	2,151
Other comprehensive income (loss), net of tax:
Market value adjustments for hedges	362		(319)
Pension and postretirement medical plan adjustments	25		(21)
Foreign currency translation and other	552		174
Other comprehensive income (loss)	939		(166)
Comprehensive income	3,583		1,985
Net income attributable to noncontrolling interests	(90)		(240)
Other comprehensive income (loss) attributable to noncontrolling interests	72		(44)
Comprehensive income attributable to Disney	$	3,565	$	1,701

See Notes to Condensed Consolidated Financial Statements

4

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited; in millions, except per share data)

	December 28, 2024		September 28, 2024
ASSETS
Current assets
Cash and cash equivalents	$	5,486	$	6,002
Receivables, net	13,767		12,729
Inventories	2,018		2,022
Content advances	1,157		2,097
Other current assets	1,239		2,391
Total current assets	23,667		25,241
Produced and licensed content costs	32,505		32,312
Investments	8,902		4,459
Parks, resorts and other property
Attractions, buildings and equipment	78,328		76,674
Accumulated depreciation	(45,898)		(45,506)
	32,430		31,168
Projects in progress	4,581		4,728
Land	1,129		1,145
	38,140		37,041
Intangible assets, net	10,372		10,739
Goodwill	73,312		73,326
Other assets	10,148		13,101
Total assets	$	197,046	$	196,219
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and other accrued liabilities	$	21,635	$	21,070
Current portion of borrowings	6,620		6,845
Deferred revenue and other	6,591		6,684
Total current liabilities	34,846		34,599
Borrowings	38,688		38,970
Deferred income taxes	6,336		6,277
Other long-term liabilities	10,437		10,851
Commitments and contingencies (Note 13)
Equity
Preferred stock	—		—
Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.9 billion shares	58,868		58,592
Retained earnings	50,468		49,722
Accumulated other comprehensive loss	(2,688)		(3,699)
Treasury stock, at cost, 54 million shares at December 28, 2024 and 47 million shares at September 28, 2024	(4,715)		(3,919)
Total Disney Shareholders’ equity	101,933		100,696
Noncontrolling interests	4,806		4,826
Total equity	106,739		105,522
Total liabilities and equity	$	197,046	$	196,219

See Notes to Condensed Consolidated Financial Statements

5

THE WALT DISNEY COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited; in millions)

	Quarter Ended
	December 28, 2024		December 30, 2023
OPERATING ACTIVITIES
Net income	$	2,644	$	2,151
Depreciation and amortization	1,276		1,243
Deferred income taxes	25		(51)
Equity in the income of investees	(92)		(181)
Cash distributions received from equity investees	33		153
Net change in produced and licensed content costs and advances	1,141		2,642
Equity-based compensation	317		308
Other, net	206		(64)
Changes in operating assets and liabilities:
Receivables	(1,277)		(1,554)
Inventories	4		8
Other assets	(116)		30
Accounts payable and other liabilities	(1,533)		(1,396)
Income taxes	577		(1,104)
Cash provided by operations	3,205		2,185
INVESTING ACTIVITIES
Investments in parks, resorts and other property	(2,466)		(1,299)
Other, net	(109)		53
Cash used in investing activities	(2,575)		(1,246)
FINANCING ACTIVITIES
Commercial paper borrowings, net	(169)		1,046
Borrowings	1,057		—
Reduction of borrowings	(951)		(309)
Repurchases of common stock	(794)		—
Acquisition of redeemable noncontrolling interests	—		(8,610)
Other, net	(140)		(133)
Cash used in financing activities	(997)		(8,006)
Impact of exchange rates on cash, cash equivalents and restricted cash	(153)		79
Change in cash, cash equivalents and restricted cash	(520)		(6,988)
Cash, cash equivalents and restricted cash, beginning of period	6,102			14,235
Cash, cash equivalents and restricted cash, end of period	$	5,582	$	7,247

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 September 28, 2024	1,812	$	58,592	$	49,722		$	(3,699)	$	(3,919)	$	100,696	$	4,826	$	105,522
Comprehensive income	—	—		2,554			1,011		—		3,565		18		3,583
Equity compensation activity	5	276		—			—		—		276		—		276
Dividends	—	—		(1,807)			—		—		(1,807)		—		(1,807)
Common stock repurchases	(7)	—		—			—		(794)		(794)		—		(794)
Distributions and other	—	—		(1)			—		(2)		(3)		(38)		(41)
Balance at December 28, 2024	1,810	$	58,868	$	50,468		$	(2,688)	$	(4,715)	$	101,933	$	4,806	$	106,739
Balance at September 30, 2023	1,830	$	57,383	$	46,093		$	(3,292)	$	(907)	$	99,277	$	4,680	$	103,957
Comprehensive income (loss)	—	—		1,911			(210)		—		1,701		129		1,830
Equity compensation activity	4	250		—			—		—		250		—		250
Dividends	—	—		(549)			—		—		(549)		—		(549)
Distributions and other	—	7		35			—		—		42		(29)		13
Balance at December 30, 2023	1,834	$	57,640	$	47,490		$	(3,502)	$	(907)	$	100,721	$	4,780	$	105,501

(1)Shares are net of treasury shares.

(2)Excludes redeemable noncontrolling interests.

See Notes to Condensed Consolidated Financial Statements

7

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 quarter ended December 28, 2024 are not necessarily indicative of the results that may be expected for the year ending September 27, 2025.

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 2024 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 6) 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

The Company has a 67% ownership interest in Hulu LLC (Hulu), a direct-to-consumer (DTC) streaming service provider. In November 2023, NBC Universal (NBCU) exercised its right to require the Company to purchase NBCU’s 33% interest in Hulu 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 as the Company’s cash tax benefits are realized, generally 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 pursuant to a contractual appraisal process 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.

In May 2024, the Company and NBCU entered into a confidential arbitration to resolve a dispute regarding the contractual appraisal process, in which the parties seek declaratory relief, equitable relief and unspecified damages. The Company expects a decision in that arbitration in fiscal 2025. The outcome of the arbitration is uncertain, and we cannot reasonably estimate the impact of the arbitration on the appraisal process, and thus any impact on the determination of Hulu’s equity fair value and any additional amount we may be required to pay to acquire NBCU’s interest in Hulu.

As part of the arbitration the Company disputes the validity of aspects of NBCU’s appraisal and the corresponding process. Consequently, completion of the appraisal process, including the manner of determining any such additional amount payable by the Company, awaits the resolution of the confidential arbitration.

During the initial phase of the appraisal process, the Company’s appraiser arrived at a valuation that falls below the guaranteed floor value, while NBCU’s appraiser arrived at a valuation substantially in excess of the guaranteed floor value. Once the arbitration is completed, determination of the final equity fair value will take into account the valuation of a third appraiser pursuant to the appraisal process as resolved by the arbitration. If the third appraiser’s equity fair value determination were equal to or below the guaranteed floor value, the Company would not be required to pay NBCU any additional amount. Conversely, if NBCU’s appraiser’s valuation were deemed to be valid and the third appraiser’s equity fair value determination

8

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

were consistent with the NBCU’s appraiser’s valuation, the Company would be required to pay NBCU an additional amount of approximately $5 billion as its share of the difference between the equity fair value and the guaranteed floor value. If the third appraiser’s equity fair value determination were between the valuations of the Company’s and NBCU’s appraisers, the incremental amount would likewise be between zero and approximately $5 billion.

Any incremental amount determined to be payable to NBCU to acquire NBCU’s interest in Hulu would be recorded as “Net income attributable to noncontrolling interests” and thus reduce “Net income attributable to Disney” in the Condensed Consolidated Statements of Income in the period recorded.

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.

Reclassifications

Certain reclassifications have been made in the fiscal 2024 financial statements and notes to conform to the fiscal 2025 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 generally 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.

Segment revenues and segment operating income are as follows:

	Quarter Ended
	December 28, 2024		December 30, 2023
Revenues:
Entertainment
Third parties	$	10,761	$	9,881
Intersegment	111		100
	10,872		9,981
Sports
Third parties	4,514		4,536
Intersegment	336		299
	4,850		4,835
Experiences	9,415		9,132
Eliminations	(447)		(399)
Total segment revenues	$	24,690	$	23,549
Segment operating income (loss):
Entertainment	$	1,703	$	874
Sports	247		(103)
Experiences	3,110		3,105
Total segment operating income	$	5,060	$	3,876

9

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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

	Quarter Ended
	December 28, 2024		December 30, 2023
Entertainment	$	118	$	171
Sports	10		13
Equity in the income of investees included in segment operating income	128		184
Equity in the loss of India joint venture	(33)		—
Amortization of TFCF intangible assets related to an equity investee	(3)		(3)
Equity in the income of investees, net	$	92	$	181

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

	Quarter Ended
	December 28, 2024		December 30, 2023
Segment operating income	$	5,060	$	3,876
Corporate and unallocated shared expenses	(460)		(308)
Equity in the loss of India joint venture	(33)		—
Restructuring and impairment charges(1)	(143)		—
Interest expense, net	(367)		(246)
TFCF and Hulu Acquisition Amortization(2)	(397)		(451)
Income (loss) before income taxes	$	3,660	$	2,871

(1)See Note 4 for a discussion of amounts in restructuring and impairment charges.

(2)TFCF and Hulu Acquisition Amortization is as follows:

	Quarter Ended
	December 28, 2024		December 30, 2023
Amortization of intangible assets	$	327	$	380
Step-up of film and television costs	67		68
Intangibles related to a TFCF equity investee	3		3
	$	397	$	451

Goodwill

The changes in the carrying amount of goodwill are as follows:

	Entertainment		Sports		Experiences		Total
Balance at September 28, 2024	$	51,290	$	16,486	$	5,550	$	73,326
Currency translation adjustments and other, net	(14)		—		—		(14)
Balance at December 28, 2024	$	51,276	$	16,486	$	5,550	$	73,312

10

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

3.Revenues

The following table presents revenues by segment and major source:

	Quarter Ended December 28, 2024
	Entertainment		Sports		Experiences		Eliminations		Total
Subscription fees	$	5,065	$	427	$	—	$	—	$	5,492
Affiliate fees	1,655		2,630		—		(321)		3,964
Advertising	1,898		1,342		—		—		3,240
Theme park admissions	—		—		3,087		—		3,087
Resorts and vacations	—		—		2,221		—		2,221
Retail and wholesale sales of merchandise, food and beverage	—		—		2,572		—		2,572
Merchandise licensing	165		—		927		—		1,092
TV/VOD and home entertainment distribution	943		78		—		—		1,021
Theatrical distribution licensing	642		—		—		—		642
Other	504		373		608		(126)		1,359
	$	10,872	$	4,850	$	9,415	$	(447)	$	24,690

	Quarter Ended December 30, 2023
	Entertainment		Sports		Experiences		Eliminations		Total
Subscription fees	$	4,507	$	415	$	—	$	—	$	4,922
Affiliate fees	1,766		2,669		—		(293)		4,142
Advertising	1,997		1,351		—		—		3,348
Theme park admissions	—		—		2,982		—		2,982
Resorts and vacations	—		—		2,118		—		2,118
Retail and wholesale sales of merchandise, food and beverage	—		—		2,477		—		2,477
Merchandise licensing	192		—		967		—		1,159
TV/VOD and home entertainment distribution	745		57		—		—		802
Theatrical distribution licensing	251		—		—		—		251
Other	523		343		588		(106)		1,348
	$	9,981	$	4,835	$	9,132	$	(399)	$	23,549

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

	Quarter Ended December 28, 2024
	Entertainment		Sports		Experiences		Eliminations		Total
Americas	$	8,492	$	4,716	$	7,121	$	(447)	$	19,882
Europe	1,651		77		1,127		—		2,855
Asia Pacific	729		57		1,167		—		1,953
Total revenues	$	10,872	$	4,850	$	9,415	$	(447)	$	24,690
	Quarter Ended December 30, 2023
	Entertainment		Sports		Experiences		Eliminations		Total
Americas	$	7,588	$	4,358	$	7,037	$	(399)	$	18,584
Europe	1,409		179		1,022		—		2,610
Asia Pacific	984		298		1,073		—		2,355
Total revenues	$	9,981	$	4,835	$	9,132	$	(399)	$	23,549

Revenues recognized in the current and prior-year periods from performance obligations satisfied (or partially satisfied) in previous reporting periods primarily relate to revenues earned on TV/VOD licenses for titles made available to the licensee in previous reporting periods. For the quarter ended December 28, 2024, $0.3 billion was recognized related to performance obligations satisfied as of September 28, 2024. For the quarter ended December 30, 2023, $0.3 billion was recognized related to performance obligations satisfied as of September 30, 2023.

As of December 28, 2024, revenue for unsatisfied performance obligations expected to be recognized in the future is $15 billion, primarily for IP to be made available in the future under existing agreements with merchandise and co-branding licensees and sponsors, television station affiliates, DTC wholesalers and sports sublicensees. Of this amount, we expect to

11

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

recognize approximately $5 billion in the remainder of fiscal 2025, $4 billion in fiscal 2026, $3 billion in fiscal 2027 and $3 billion thereafter. These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (i) contracts with an original expected term of one year or less or (ii) licenses of IP that are solely based on the sales of the licensee.

When the timing of the Company’s revenue recognition is different from the timing of customer payments, the Company recognizes either a contract asset (customer payment is subsequent to revenue recognition and subject to the Company satisfying additional performance obligations) or deferred revenue (customer payment precedes the Company satisfying the performance obligations). Consideration due under contracts with payment in arrears is recognized as accounts receivable. Deferred revenues are recognized as (or when) the Company performs under the contract. The Company’s contract assets and activity for the current and prior-year periods were not material.

Accounts receivable and deferred revenues from contracts with customers are as follows:

	December 28, 2024		September 28, 2024
Accounts receivable
Current	$	11,783	$	10,463
Non-current	1,040		1,040
Allowance for credit losses	(114)		(118)
Deferred revenues
Current	6,050		5,587
Non-current	884		858

For the quarter ended December 28, 2024, the Company recognized revenue of $3.6 billion that was included in the September 28, 2024 deferred revenue balance. For the quarter ended December 30, 2023, the Company recognized revenue of $3.4 billion that was included in the September 30, 2023 deferred revenue balance. Amounts deferred generally relate to theme park admissions and vacation packages, DTC subscriptions and advances related to merchandise and TV/VOD licenses.

We evaluate our allowance for credit losses and estimate collectability of current and non-current accounts receivable based on historical bad debt experience, our assessment of the financial condition of individual companies with which we do business, current market conditions and reasonable and supportable forecasts of future economic conditions. In times of economic turmoil, our estimates and judgments with respect to the collectability of our receivables are subject to greater uncertainty than in more stable periods.

The Company has accounts receivable with original maturities greater than one year related to the sale of vacation club properties and film and television program rights (TV/VOD licensing). The balance of vacation club receivables recorded in other non-current assets was $0.7 billion at both December 28, 2024 and September 28, 2024. The balance of TV/VOD licensing receivables recorded in other non-current assets was $0.3 billion at both December 28, 2024 and September 28, 2024. The allowance for credit losses for vacation club and TV/VOD licensing receivables and related activity for the periods ended December 28, 2024 and September 28, 2024 were not material.

4.Acquisitions and Dispositions

fuboTV Inc.

On January 6, 2025, the Company and fuboTV Inc. (Fubo), a publicly traded virtual multichannel video distributor (vMVPD), entered into a definitive agreement to combine certain of Hulu Live TV’s assets, including its carriage agreements, subscription agreements and related data, advertising and sponsorship agreements and intellectual property exclusively related to the “Live TV” brand, with Fubo (the Fubo Transaction). As a result, the Company will have a 70% interest in Fubo and the right to appoint a majority of Fubo’s Board of Directors, with the remaining 30% interest retained by Fubo shareholders.

The Fubo Transaction is expected to close in the first half of calendar year 2026, subject to customary closing conditions, including regulatory approvals and approval by Fubo shareholders. If closing has not occurred by April 2026 (extended to October 2026 if all other closing conditions, except those relating to regulatory approvals, have been satisfied), the Company or Fubo may terminate the transaction. A $130 million termination fee will be payable by the Company to Fubo if the transaction is terminated under certain circumstances, including due to the Company’s breach of the definitive agreement or the failure to obtain certain regulatory approvals. A $50 million termination fee will be payable by Fubo to the Company if the transaction is terminated under certain other circumstances, including if Fubo shareholders do not approve the transaction under certain conditions.

12

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Upon completion of the Fubo Transaction, the Company will be the exclusive distributor of the Hulu Live TV service under a five year distribution agreement and will pay a wholesale fee to Fubo based on Fubo’s cost to program Hulu Live TV. In addition, the Company will sell advertising for the Hulu Live TV service and Fubo platform and pay Fubo a share of the advertising revenue.

In addition, the Company, Fox Corporation (Fox) and Warner Bros. Discovery, Inc. (WBD) reached a settlement with Fubo related to Fubo’s antitrust claims (See Note 13 for additional detail) and collectively paid $220 million to Fubo in January 2025. Fox and WBD have also agreed to reimburse a portion of the $130 million termination fee to the Company if it becomes payable.

Further, the Company agreed to provide Fubo a senior unsecured term loan of up to $145 million (expected to be funded in January 2026) (the Fubo Term Loan). If the Company funds the Fubo Term Loan and the Fubo Transaction is not consummated, Fox and WBD will participate in a portion of the Fubo Term Loan by providing loans to the Company with substantially the same economic terms as the Fubo Term Loan.

Star India

On November 14, 2024, the Company and Reliance Industries Limited (RIL) completed their transaction to form a joint venture (India joint venture) that combines the Company’s Star-branded and other general entertainment and sports television channels and direct-to-consumer Disney+ Hotstar service in India (Star India) and certain media and entertainment businesses controlled by RIL (the Star India Transaction). RIL has an effective 56% controlling interest in the joint venture with 37% held by the Company and 7% by Bodhi Tree Systems, a third party investment company.

Star India’s assets and liabilities were deconsolidated on November 14, 2024, and the Company recognized the fair value of its interest in the India joint venture as an equity method investment. We recorded non-cash impairment charges of $0.1 billion and $1.5 billion in “Restructuring and impairment charges” in the first quarter of fiscal 2025 and in fiscal 2024, respectively, to reflect Star India’s assets and liabilities at fair value less costs to sell. The measurement of these impairment charges included non-cash cumulative foreign currency translation losses of $0.8 billion net of tax. In addition, we recognized a non-cash tax charge of $0.2 billion in the first quarter of fiscal 2025 in connection with the close of the transaction.

5.Cash, Cash Equivalents, Restricted Cash and Borrowings

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts reported in the Condensed Consolidated Statements of Cash Flows.

	December 28, 2024		September 28, 2024
Cash and cash equivalents	$	5,486	$	6,002
Restricted cash included in other assets	96		100
Total cash, cash equivalents and restricted cash in the statement of cash flows	$	5,582	$	6,102

Borrowings

During the quarter ended December 28, 2024, the Company’s borrowing activity was as follows: 

	September 28, 2024		Borrowings		Payments		Other Activity		December 28, 2024
Commercial paper with original maturities less than three months(1)	$	727	$	1,283	$	—	$	4	$	2,014
Commercial paper with original maturities greater than three months	2,313		49		(1,501)		(19)		842
U.S. dollar denominated borrowings	40,496		1,057		—		(70)		41,483
Asia Theme Parks borrowings	1,292		—		(26)		(107)		1,159
Foreign currency denominated borrowings and other(2)	987		—		(925)		(252)		(190)
	$	45,815	$	2,389	$	(2,452)	$	(444)	$	45,308

(1)Borrowings and reductions of borrowings are reported net.

(2)The other activity is attributable to market value adjustments for debt with qualifying hedges.

13

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

At December 28, 2024, the Company’s bank facilities, which are with a syndicate of lenders and support our commercial paper borrowings, were as follows:

	Committed Capacity		Capacity Used		Unused Capacity
Facility expiring February 2025	$	5,250	$	—	$	5,250
Facility expiring March 2027	4,000		—		4,000
Facility expiring March 2029	3,000		—		3,000
Total	$	12,250	$	—	$	12,250

These facilities allow for borrowings at rates based on the Secured Overnight Financing Rate (SOFR) and at other variable rates for non-U.S. dollar denominated borrowings, plus a fixed spread that varies with the Company’s debt ratings assigned by Moody’s Ratings and S&P Global Ratings ranging from 0.655% to 1.225%. The bank facilities contain only one financial covenant relating to interest coverage of three times earnings before interest, taxes, depreciation and amortization, including both intangible amortization and amortization of our film and television production and programming costs. On December 28, 2024, the Company met this covenant by a significant margin. The bank facilities specifically exclude certain entities, including the Asia Theme Parks, from any representations, covenants or events of default. The Company also has the ability to issue up to $500 million of letters of credit under the facility expiring in March 2027, which if utilized, reduces available borrowings under this facility. As of December 28, 2024, the Company has $0.4 billion of outstanding letters of credit, of which none were issued under this facility. Outstanding letters of credit at Star India totaling $1.3 billion at December 28, 2024 that were entered into prior to the Star India Transaction are guaranteed by the Company through calendar 2025.

Cruise Ship Credit Facilities

In November 2024, in connection with the delivery of the Disney Treasure, the Company borrowed $1.1 billion with a fixed interest rate of 3.80%. Payments are due semi-annually over a 12-year term.

The Company has a credit facility for $1.1 billion that may be utilized to finance a significant portion of the contract price of the Disney Destiny, which is currently scheduled to be delivered in 2026. If utilized, the loan will have a fixed interest rate of 3.74%, payable semi-annually over a 12-year term.

Interest expense, net

Interest expense (net of amounts capitalized), interest and investment income, and net periodic pension and postretirement benefit costs (other than service costs) (see Note 9) are reported net in the Condensed Consolidated Statements of Income and consist of the following:

	Quarter Ended
	December 28, 2024		December 30, 2023
Interest expense	$	(487)	$	(528)
Interest and investment income	54		182
Net periodic pension and postretirement benefit costs (other than service costs)	66		100
Interest expense, net	$	(367)	$	(246)

Interest and investment income includes gains and losses on certain publicly traded and non-public investments, investment impairments and interest earned on cash and cash equivalents and certain receivables.

6.International Theme Parks

The Company has a 48% ownership interest in the operations of Hong Kong Disneyland Resort and a 43% ownership interest in the operations of Shanghai Disney Resort. The Asia Theme Parks together with Disneyland Paris are collectively referred to as the International Theme Parks.

14

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

The following table summarizes the carrying amounts of the Asia Theme Parks’ assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets:

	December 28, 2024		September 28, 2024
Cash and cash equivalents	$	438	$	510
Other current assets	199		178
Total current assets	637		688
Parks, resorts and other property	5,943		6,141
Other assets	265		217
Total assets	$	6,845	$	7,046
Current liabilities	$	700	$	695
Long-term borrowings	1,159		1,292
Other long-term liabilities	453		409
Total liabilities	$	2,312	$	2,396

The following table summarizes the International Theme Parks’ revenues and costs and expenses included in the Company’s Condensed Consolidated Statements of Income for the quarter ended December 28, 2024:

Revenues	$	1,531
Costs and expenses	(1,199)

Asia Theme Parks’ royalty and management fees of $69 million for the quarter ended December 28, 2024 are eliminated in consolidation, but are considered in calculating earnings attributable to noncontrolling interests.

International Theme Parks’ cash flows included in the Company’s Condensed Consolidated Statements of Cash Flows for the quarter ended December 28, 2024 were $511 million provided by operating activities, $288 million used in investing activities and $24 million used in financing activities.

Hong Kong Disneyland Resort

The Government of the Hong Kong Special Administrative Region (HKSAR) and the Company have a 52% and a 48% equity interest in Hong Kong Disneyland Resort, respectively.

The Company and HKSAR have provided loans to Hong Kong Disneyland Resort with outstanding balances of $64 million and $43 million, respectively. The interest rate on both loans is three month HIBOR (Hong Kong Interbank Offered Rate) plus 2%, and the scheduled maturity date is September 2025. The Company’s loan is eliminated in consolidation.

The Company has provided Hong Kong Disneyland Resort with a revolving credit facility of HK $2.7 billion ($348 million), which bears interest at a rate of three month HIBOR plus 1.25% and matures in 2028. The line of credit does not have a balance outstanding.

Shanghai Disney Resort

Shanghai Shendi (Group) Co., Ltd (Shendi) and the Company have 57% and 43% equity interests in Shanghai Disney Resort, respectively. A management company, in which the Company has a 70% interest and Shendi a 30% interest, operates Shanghai Disney Resort.

The Company has provided Shanghai Disney Resort with loans totaling $929 million bearing interest at 8% and are scheduled to mature in 2036 with earlier payments required based on available cash flows. In addition, early repayment is permitted. The loan is eliminated in consolidation. The Company has also provided Shanghai Disney Resort with a 1.9 billion yuan (approximately $0.3 billion) line of credit bearing interest at 8% and matures in 2033. The line of credit does not have a balance outstanding.

Shendi has provided Shanghai Disney Resort with loans totaling 8.2 billion yuan (approximately $1.1 billion), bearing interest at 8% and are scheduled to mature in 2036 with earlier payments required based on available cash flows. In addition, early repayment is permitted. Shendi has also provided Shanghai Disney Resort with a 2.6 billion yuan (approximately $0.4 billion) line of credit bearing interest at 8% and matures in 2033. The line of credit does not have a balance outstanding.

15

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

7.Produced and Acquired/Licensed Content Costs and Advances

The Company classifies its capitalized produced and acquired/licensed content costs as long-term assets and classifies advances for live programming rights made prior to the live event as short-term assets. For purposes of amortization and impairment, the capitalized content costs are classified based on their predominant monetization strategy as follows:

•Individual - lifetime value is predominantly derived from third-party revenues that are directly attributable to the specific film or television title (e.g. theatrical revenues or sales to third-party television programmers)

•Group - lifetime value is predominantly derived from third-party revenues that are attributable only to a bundle of titles (e.g. subscription revenue for a DTC service or affiliate fees for a cable television network)

Total capitalized produced and licensed content by predominant monetization strategy is as follows:

	As of December 28, 2024						As of September 28, 2024
	Predominantly Monetized Individually		Predominantly Monetized as a Group		Total		Predominantly Monetized Individually		Predominantly Monetized as a Group		Total
Produced content
Released, less amortization	$	4,845	$	13,950	$	18,795	$	4,568	$	13,621	$	18,189
Completed, not released	89		2,117		2,206		16		2,265		2,281
In-process	4,384		3,653		8,037		4,352		4,067		8,419
In development or pre-production	282		92		374		196		73		269
	$	9,600	$	19,812	29,412		$	9,132	$	20,026	29,158
Licensed content - Television programming rights and advances					4,250						5,251
Total produced and licensed content					$	33,662					$	34,409
Current portion					$	1,157					$	2,097
Non-current portion					$	32,505					$	32,312

Amortization of produced and licensed content is as follows:

	Quarter Ended
	December 28, 2024		December 30, 2023
Produced content
Predominantly monetized individually	$	696	$	768
Predominantly monetized as a group	1,813		1,794
	2,509		2,562
Licensed programming rights and advances	4,097		4,590
Total produced and licensed content costs(1)	$	6,606	$	7,152

(1)Primarily included in “Costs of services” in the Condensed Consolidated Statements of Income

16

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

8.Income Taxes

Deferred Tax Assets and Liabilities

The Company records deferred income tax assets and liabilities with respect to temporary differences in accounting treatment of items for financial reporting purposes and income tax purposes. The Company’s deferred tax assets and liabilities by major category as of December 28, 2024 and September 28, 2024 were as follows:

	December 28, 2024		September 28, 2024
Deferred tax assets
Net operating losses and tax credit carryforwards(1)	$	(3,176)	$	(3,444)
Accrued liabilities	(1,173)		(1,199)
Lease liabilities	(845)		(862)
Licensing revenues	(119)		(130)
Other	(489)		(655)
Total deferred tax assets	(5,802)		(6,290)
Deferred tax liabilities
Depreciable, amortizable and other property	6,128		6,584
Investment in U.S. entities(2)	1,068		1,102
Right-of-use lease assets	677		692
Investment in foreign entities	727		465
Other	66		78
Total deferred tax liabilities	8,666		8,921
Net deferred tax liability before valuation allowance	2,864		2,631
Valuation allowance	2,898		2,991
Net deferred tax liability	$	5,762	$	5,622

(1)Further details on our net operating losses and tax credit carryforwards are as follows:

	December 28, 2024
International Theme Park net operating losses	$	(1,424)
U.S. foreign tax credits	(810)
State net operating losses and tax credit carryforwards	(563)
Other	(379)
Total net operating losses and tax credit carryforwards(a)	$	(3,176)

(a)    Approximately $2.0 billion of these carryforwards do not expire. Approximately $1.1 billion expire between fiscal 2026 and fiscal 2035, primarily consisting of U.S. foreign tax credits.

(2)Amounts are, in part, due to the tax status of these entities and if the tax status of certain legal entities changes, a significant portion of this balance may reverse.

Valuation Allowance

The Company records deferred income tax assets and liabilities with respect to temporary differences in the accounting treatment of items for financial reporting purposes and for income tax purposes. Where, based on the weight of available evidence, it is more likely than not that some amount of recorded deferred tax assets will not be realized, a valuation allowance is established for the amount that, in management’s judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized.

Unrecognized Tax Benefits

The Company’s gross unrecognized tax benefits (before interest and penalties) decreased $0.2 billion, from $2.0 billion at September 28, 2024 to $1.8 billion at December 28, 2024. In the next twelve months, it is reasonably possible that our unrecognized tax benefits could change due to resolutions of open tax matters, which would reduce our unrecognized tax benefits by $0.8 billion.

17

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

9.Pension and Other Benefit Programs

The components of net periodic benefit cost (income) are as follows:

	Pension Plans				Postretirement Medical Plans
	Quarter Ended				Quarter Ended
	December 28, 2024		December 30, 2023		December 28, 2024		December 30, 2023
Service costs	$	65	$	62	$	—	$	—
Other costs (benefits):
Interest costs	195		208		11		14
Expected return on plan assets	(290)		(284)		(15)		(14)
Amortization of previously deferred service costs (credits)	—		2		(22)		(22)
Recognized net actuarial loss (gain)	62		5		(7)		(9)
Total other costs (benefits)	(33)		(69)		(33)		(31)
Net periodic benefit cost (income)	$	32	$	(7)	$	(33)	$	(31)

During the quarter ended December 28, 2024, the Company did not make any material contributions to its pension and postretirement medical plans and does not currently expect to make any material contributions for the remainder of fiscal 2025. Final minimum funding requirements for fiscal 2025 will be determined based on a January 1, 2025 funding actuarial valuation, which is expected to be received in the fourth quarter of fiscal 2025.

10.Earnings Per Share

Diluted earnings per share amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period and are calculated using the treasury stock method for equity-based compensation awards (Awards). A reconciliation of the weighted average number of common and common equivalent shares outstanding and the number of Awards excluded from the diluted earnings per share calculation, as they were anti-dilutive, are as follows:

	Quarter Ended
	December 28, 2024	December 30, 2023
Shares (in millions):
Weighted average number of common and common equivalent shares outstanding (basic)	1,812	1,832
Weighted average dilutive impact of Awards	6	3
Weighted average number of common and common equivalent shares outstanding (diluted)	1,818	1,835
Awards excluded from diluted earnings per share	16	39

11.Equity

The Company declared the following dividends in fiscal 2025 and 2024:

Per Share	Amount	Payment Date
$0.50	$0.9 billion	July 23, 2025(1)
$0.50	$0.9 billion	January 16, 2025
$0.45	$0.8 billion	July 25, 2024
$0.30	$0.5 billion	January 10, 2024

(1)Amount represents our estimate of the dividend that will be paid on July 23, 2025. The actual amount will be determined based on shareholders of record at June 24, 2025.

18

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Share Repurchase Program

Effective February 7, 2024, the Board of Directors authorized the Company to repurchase a total of 400 million shares of its common stock. During the quarter ended December 28, 2024, the Company repurchased 7 million shares of its common stock for $0.8 billion (amount excludes the one percent excise tax on stock repurchases imposed by the Inflation Reduction Act of 2022). As of December 28, 2024, the Company had remaining authorization in place to repurchase approximately 365 million additional shares. The repurchase program does not have an expiration date.

The following tables summarize the changes in each component of accumulated other comprehensive income (loss) (AOCI) including our proportional share of equity method investee amounts:

	Market Value Adjustments for Hedges		Unrecognized Pension and  Postretirement Medical  Expense		Foreign Currency Translation and Other		AOCI
AOCI, before tax
First quarter of fiscal 2025
Balance at September 28, 2024	$	(319)	$	(2,243)	$	(1,855)	$	(4,417)
Quarter Ended December 28, 2024:
Unrealized gains (losses) arising during the period	559		—		(246)		313
Reclassifications of realized net (gains) losses to net income	(88)		33		—		(55)
Star India Transaction	—		—		904		904
Balance at December 28, 2024	$	152	$	(2,210)	$	(1,197)	$	(3,255)
First quarter of fiscal 2024
Balance at September 30, 2023	$	259	$	(2,172)	$	(1,974)	$	(3,887)
Quarter Ended December 30, 2023:
Unrealized gains (losses) arising during the period	(277)		(3)		137		(143)
Reclassifications of realized net (gains) losses to net income	(140)		(24)		—		(164)
Balance at December 30, 2023	$	(158)	$	(2,199)	$	(1,837)	$	(4,194)

	Market Value Adjustments for Hedges		Unrecognized Pension and  Postretirement Medical  Expense		Foreign Currency Translation and Other		AOCI
Tax on AOCI
First quarter of fiscal 2025
Balance at September 28, 2024	$	71	$	531	$	116	$	718
Quarter Ended December 28, 2024:
Unrealized gains (losses) arising during the period	(130)		—		24		(106)
Reclassifications of realized net (gains) losses to net income	21		(8)		—		13
Star India Transaction	—		—		(58)		(58)
Balance at December 28, 2024	$	(38)	$	523	$	82	$	567
First quarter of fiscal 2024
Balance at September 30, 2023	$	(64)	$	517	$	142	$	595
Quarter Ended December 30, 2023:
Unrealized gains (losses) arising during the period	66		—		(7)		59
Reclassifications of realized net (gains) losses to net income	32		6		—		38
Balance at December 30, 2023	$	34	$	523	$	135	$	692

19

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

	Market Value Adjustments for Hedges		Unrecognized Pension and  Postretirement Medical  Expense		Foreign Currency Translation and Other		AOCI
AOCI, after tax
First quarter of fiscal 2025
Balance at September 28, 2024	$	(248)	$	(1,712)	$	(1,739)	$	(3,699)
Quarter Ended December 28, 2024:
Unrealized gains (losses) arising during the period	429		—		(222)		207
Reclassifications of realized net (gains) losses to net income	(67)		25		—		(42)
Star India Transaction	—		—		846		846
Balance at December 28, 2024	$	114	$	(1,687)	$	(1,115)	$	(2,688)
First quarter of fiscal 2024
Balance at September 30, 2023	$	195	$	(1,655)	$	(1,832)	$	(3,292)
Quarter Ended December 30, 2023:
Unrealized gains (losses) arising during the period	(211)		(3)		130		(84)
Reclassifications of realized net (gains) losses to net income	(108)		(18)		—		(126)
Balance at December 30, 2023	$	(124)	$	(1,676)	$	(1,702)	$	(3,502)

Details about AOCI components reclassified to net income are as follows:

Gain (loss) in net income:	Affected line item in the Condensed Consolidated Statements of Operations:	Quarter Ended
		December 28, 2024		December 30, 2023
Market value adjustments, primarily cash flow hedges	Primarily revenue	$	88	$	140
Estimated tax	Income taxes	(21)		(32)
		67		108
Pension and postretirement medical expense	Interest expense, net	(33)		24
Estimated tax	Income taxes	8		(6)
		(25)		18
Total reclassifications for the period		$	42	$	126

12.Equity-Based Compensation

Compensation expense related to stock options and restricted stock units (RSUs) is as follows:

	Quarter Ended
	December 28, 2024		December 30, 2023
Stock options	$	16	$	17
RSUs	301		291
Total equity-based compensation expense(1)	$	317	$	308
Equity-based compensation expense capitalized during the period	$	44	$	44

(1)Equity-based compensation expense is net of capitalized equity-based compensation and estimated forfeitures and excludes amortization of previously capitalized equity-based compensation costs.

20

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Unrecognized compensation cost related to unvested stock options and RSUs was $66 million and $1.5 billion, respectively, as of December 28, 2024.

Each fiscal year, generally in December or January, the Company awards stock options and restricted stock units to a broad-based group of management, technology and creative personnel (Annual Grant). Substantially all of the Annual Grant was issued in January 2025. The Annual Grant consisted of 2.4 million stock options and 14.2 million RSUs with weighted average grant date fair values of $37.98 and $109.20, respectively. During the quarter ended December 30, 2023, the weighted average grant date fair values for stock options and RSUs were $32.06 and $93.87, respectively.

13.Commitments and Contingencies

Legal Matters

On May 12, 2023, a private securities class action lawsuit was filed in the U.S. District Court for the Central District of California against the Company, its former Chief Executive Officer, Robert Chapek, its former Chief Financial Officer, Christine M. McCarthy, and the former Chairman of the Disney Media and Entertainment Distribution segment, Kareem Daniel on behalf of certain purchasers of securities of the Company (the “Securities Class Action”). On November 6, 2023, a consolidated complaint was filed in the same action, adding Robert Iger, the Company’s Chief Executive Officer, as a defendant. Claims in the Securities Class Action include (i) violations of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder against all defendants, (ii) violations of Section 20A of the Exchange Act against Iger and McCarthy, and (iii) violations of Section 20(a) of the Exchange Act against all defendants. Plaintiffs in the Securities Class Action allege purported misstatements and omissions concerning, and a scheme to conceal, accurate costs and subscriber growth of the Disney+ platform. Plaintiffs seek unspecified damages, plus interest and costs and fees. The Company intends to defend against the lawsuit vigorously and filed a motion to dismiss the complaint for failure to state a claim on December 21, 2023. A hearing on the motion to dismiss was held on September 27, 2024. The lawsuit is in the early stages and at this time we cannot reasonably estimate the amount of any possible loss.

Three shareholder derivative complaints have been filed. The first, in which Hugues Gervat is the plaintiff, was filed on August 4, 2023, in the U.S. District Court for the Central District of California. The second, in which Stourbridge Investments LLC is the plaintiff, was filed on August 23, 2023 in the U.S. District Court for the District of Delaware. And the third, in which Audrey McAdams is the Plaintiff, was filed on December 15, 2023, in the U.S. District Court for the Central District of California. Each named The Walt Disney Company as a nominal defendant and alleged claims on its behalf against the Company’s Chief Executive Officer, Robert Iger; its former Chief Executive Officer, Robert Chapek; its former Chief Financial Officer, Christine M. McCarthy; the former Chairman of the Disney Media and Entertainment Distribution segment, Kareem Daniel, and ten current and former members of the Disney Board (Susan E. Arnold; Mary T. Barra; Safra A. Catz; Amy L. Chang; Francis A. deSouza; Michael B.G. Froman; Maria Elena Lagomasino; Calvin R. McDonald; Mark G. Parker; and Derica W. Rice). Along with alleged violations of Sections 10(b), 14(a), 20(a), and Rule 10b-5 of the Securities Exchange Act, premised on similar allegations as the Securities Class Action, plaintiffs seek to recover under various theories including breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement and waste. On October 24, 2023, the Stourbridge action was voluntarily dismissed and, on November 16, 2023, was refiled in Delaware state court alleging analogous theories of liability based on state law. On October 30, 2023, the Gervat action was stayed pending a ruling on the motion to dismiss filed in the Securities Class Action. The Stourbridge action was likewise stayed under an order entered December 12, 2023 and the McAdams action was stayed under an order entered February 20, 2024. The actions seek declarative and injunctive relief, an award of unspecified damages to The Walt Disney Company and other costs and fees. The Company intends to defend against these lawsuits vigorously. The lawsuits are in the early stages, and at this time we cannot reasonably estimate the amount of any possible loss.

On November 18, 2022, a private antitrust putative class action lawsuit was filed in the U.S. District Court for the Northern District of California against the Company on behalf of a putative class of certain subscribers to YouTube TV (the “Biddle Action”). The plaintiffs in the Biddle Action asserted a claim under Section 1 of the Sherman Act based on allegations that Disney uses certain pricing and packaging provisions in its carriage agreements with vMVPDs to increase prices for and reduce output of certain services offered by vMVPDs. On November 30, 2022, a second private antitrust putative class action lawsuit was filed in the U.S. District Court for the Northern District of California against the Company on behalf of a putative class of certain subscribers to DirecTV Stream (the “Fendelander Action”), making similar allegations. The Company filed motions to dismiss for failure to state a claim in both the Biddle Action and Fendelander Action on January 31, 2023. On September 30, 2023, the court issued an order granting in part and denying in part the Company’s motions to dismiss both cases and, on October 13, 2023, the court issued an order consolidating both cases. On October 16, 2023, plaintiffs filed a consolidated amended putative class action complaint (the “Consolidated Complaint”). The Consolidated Complaint asserts claims under Section 1 of the Sherman Act and certain Arizona, California, Florida, Illinois, Iowa, Massachusetts, Michigan,

21

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Nevada, New York, North Carolina, and Tennessee antitrust laws based on substantially similar allegations as the Biddle Action and the Fendelander Action. The Consolidated Complaint seeks injunctive relief, unspecified money damages and costs and fees. The Company intends to defend against the lawsuits vigorously and filed a motion to dismiss the Consolidated Complaint for failure to state a claim on December 1, 2023. The Company’s motion to dismiss the Consolidated Complaint was granted in part and denied in part on June 25, 2024. On September 12, 2024, the Court entered a case management order setting, among other dates, Plaintiffs’ deadline to file their class certification motion on March 27, 2026. On January 14, 2025, a private antitrust putative class action lawsuit was filed in the U.S. District Court for the Southern District of New York against the Company on behalf of a putative class of certain subscribers to fuboTV (the “Unger Action”), making similar allegations to those in the now-consolidated Biddle and Fendelander Actions. The consolidated lawsuit and the Unger Action are in the early stages, and at this time we cannot reasonably estimate the amount of any possible loss.

On February 20, 2024, a private antitrust lawsuit was filed in the U.S. District Court for the Southern District of New York against the Company (including affiliates ESPN, Inc., ESPN Enterprises, Inc., and Hulu, LLC), Fox, and WBD (collectively, “Defendants”), by fuboTV Inc. and fuboTV Media Inc. (together, “Fubo”). Fubo asserted claims under Section 1 of the Sherman Act, Section 7 of the Clayton Act, and New York antitrust law based on the theories that (a) a then planned joint venture between ESPN, Inc., Fox, and WBD, which would have distributed certain of Defendants’ linear networks to consumers (the “Sports Streaming JV”), would have harmed competition in alleged markets for the licensing of networks that offer live sports content and for streaming live pay television, (b) certain alleged practices by which the Company and Fox license their networks to vMVPDs as a bundle increase prices and reduce output for services offered by vMVPDs, and (c) certain alleged pricing provisions in Defendants’ carriage agreements with YouTube TV and Hulu + Live TV, as well as in Hulu + Live TV’s carriage agreements with non-Defendant programmers, increase prices for services offered by vMVPDs. On April 8, 2024, Fubo filed a motion for a preliminary injunction against Defendants to prevent the formation of the Sports Streaming JV. On April 29, 2024, Fubo filed an amended complaint to add allegations of a purported market for “skinny sports bundles”, which Fubo claimed the Sports Streaming JV would have monopolized after its launch. After a hearing on Fubo’s motion for preliminary injunction, the district court granted Fubo’s motion on August 16, 2024, and enjoined the launch of the Sports Streaming JV. On August 19, 2024, Defendants filed a notice of appeal to the United States Court of Appeals for the Second Circuit from the order for a preliminary injunction. The United States Court of Appeals for the Second Circuit granted Defendants’ motion to expedite the appeal. Defendants filed their initial appeal brief on September 20, 2024, Fubo filed its brief in opposition on November 4, 2024, and Defendants filed their reply brief on December 9, 2024. Oral argument was scheduled for January 6, 2025. Fubo further sought injunctive relief, unspecified money damages and costs and fees. On September 26, 2024, the Company filed a motion to dismiss Fubo’s claims brought under Section 1 of the Sherman Act and New York antitrust law, unrelated to the joint venture. The district court denied Defendants’ motions to dismiss on December 13, 2024. The Defendants reached a settlement with Fubo to resolve this litigation, and on January 6, 2025, filed with the district court a joint stipulation voluntarily dismissing the action with prejudice and extinguishing the preliminary injunction issued on August 16, 2024. The parties also filed on January 6, 2025 a joint stipulation dismissing the appeal, which the United States Court of Appeals for the Second Circuit so ordered on January 8, 2025.

In May 2024, the Company and NBCU entered into a confidential arbitration to resolve a dispute regarding the contractual appraisal process related to the determination of Hulu’s equity fair value, in which the parties seek declaratory relief, equitable relief and unspecified damages. See Note 1 for a more detailed discussion of the arbitration and the determination of Hulu’s equity fair value.

The Company, together with, in some instances, certain of its directors and officers, is a defendant in various other legal actions involving copyright, breach of contract and various other claims incident to the conduct of its businesses. Management does not believe that the Company has incurred a probable material loss by reason of any of those actions.

14.Fair Value Measurements

Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants and is generally classified in one of the following categories:

Level 1 - Quoted prices for identical instruments in active markets

Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations, in which all significant inputs and significant value drivers are observable in active markets

Level 3 - Valuations derived from valuation techniques, in which one or more significant inputs or significant value drivers are unobservable

22

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

The Company’s assets and liabilities measured at fair value are summarized in the following tables by fair value measurement Level:

	Fair Value Measurement at December 28, 2024
	Level 1		Level 2		Level 3		Total
Assets
Investments	$	—	$	100	$	—	$	100
Derivatives - Foreign exchange	—		1,127		—		1,127
Liabilities
Derivatives
Interest rate	—		(1,239)		—		(1,239)
Foreign exchange	—		(527)		—		(527)
Other	—		(17)		—		(17)
Other	—		(634)		—		(634)
Total recorded at fair value	$	—	$	(1,190)	$	—	$	(1,190)
Fair value of borrowings	$	—	$	39,433	$	2,201	$	41,634

	Fair Value Measurement at September 28, 2024
	Level 1		Level 2		Level 3		Total
Assets
Investments	$	—	$	94	$	—	$	94
Derivatives
Foreign exchange	—		569		—		569
Other	—		18		—		18
Liabilities
Derivatives
Interest rate	—		(983)		—		(983)
Foreign exchange	—		(588)		—		(588)
Other	—		(8)		—		(8)
Other	—		(591)		—		(591)
Total recorded at fair value	$	—	$	(1,489)	$	—	$	(1,489)
Fair value of borrowings	$	—	$	42,392	$	1,317	$	43,709

The fair values of Level 2 investments are primarily determined based on an internal valuation model that uses observable inputs such as stock trading price, volatility and risk free rate.

The fair values of Level 2 derivatives are primarily determined by internal discounted cash flow models that use observable inputs such as interest rates, yield curves and foreign currency exchange rates. Counterparty credit risk, which is mitigated by master netting agreements and collateral posting arrangements with certain counterparties, had an impact on derivative fair value estimates that was not material. The Company’s derivative financial instruments are discussed in Note 15.

Level 2 other liabilities are primarily arrangements that are valued based on the fair value of underlying investments, which are generally measured using Level 1 and Level 2 fair value techniques.

Level 2 borrowings, which include commercial paper, U.S. dollar denominated notes and certain foreign currency denominated borrowings, are valued based on quoted prices for similar instruments in active markets or identical instruments in markets that are not active.

Level 3 borrowings include the Asia Theme Park and cruise ship borrowings, which are valued based on the current estimated borrowing costs, prevailing market interest rates and applicable credit risk.

The Company’s financial instruments also include cash, cash equivalents, receivables and accounts payable. The carrying values of these financial instruments approximate the fair values.

23

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

15.Derivative Instruments

The Company manages its exposure to various risks relating to its ongoing business operations according to a risk management policy. The primary risks managed with derivative instruments are interest rate risk and foreign exchange risk.

The Company’s derivative positions measured at fair value (see Note 14) are summarized in the following tables:

	As of December 28, 2024
	Current Assets		Investments/ Other Assets		Other Current Liabilities		Other Long- Term Liabilities
Derivatives designated as hedges
Foreign exchange	$	586	$	323	$	(176)	$	(139)
Interest rate	—		—		(1,239)		—
Other	—		—		(5)		—
Derivatives not designated as hedges
Foreign exchange	216		2		(210)		(2)
Other	—		100		(12)		—
Gross fair value of derivatives	802		425		(1,642)		(141)
Counterparty netting	(618)		(239)		722		135
Cash collateral (received) paid	(74)		—		675		—
Net derivative positions	$	110	$	186	$	(245)	$	(6)

	As of September 28, 2024
	Current Assets		Investments/ Other Assets		Other Current Liabilities		Other Long- Term Liabilities
Derivatives designated as hedges
Foreign exchange	$	273	$	184	$	(164)	$	(149)
Interest rate	—		—		(983)		—
Other	—		—		(7)		(1)
Derivatives not designated as hedges
Foreign exchange	110		2		(273)		(2)
Other	18		94		—		—
Gross fair value of derivatives	401		280		(1,427)		(152)
Counterparty netting	(330)		(182)		396		116
Cash collateral (received) paid	(27)		—		679		—
Net derivative positions	$	44	$	98	$	(352)	$	(36)

Interest Rate Risk Management

The Company is exposed to the impact of interest rate changes primarily through its borrowing activities. The Company’s objective is to mitigate the impact of interest rate changes on earnings and cash flows and on the market value of its borrowings. In accordance with its policy, the Company targets its fixed-rate debt as a percentage of its net debt between a minimum and maximum percentage. The Company primarily uses pay-floating and pay-fixed interest rate swaps to facilitate its interest rate risk management activities.

The Company designates pay-floating interest rate swaps as fair value hedges of fixed-rate borrowings effectively converting fixed-rate borrowings to variable-rate borrowings. The total notional amount of the Company’s pay-floating interest rate swaps at both December 28, 2024 and September 28, 2024 was $11.0 billion and $12.0 billion, respectively.

24

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

The following table summarizes fair value hedge adjustments to hedged borrowings:

	Carrying Amount of Hedged Borrowings				Fair Value Adjustments Included in Hedged Borrowings
	December 28, 2024		September 28, 2024		December 28, 2024		September 28, 2024
Borrowings:
Current	$	495	$	1,414	$	(5)	$	(10)
Long-term	9,874		10,128		(1,109)		(913)
	$	10,369	$	11,542	$	(1,114)	$	(923)

The following amounts are included in “Interest expense, net” in the Condensed Consolidated Statements of Income:

	Quarter Ended
	December 28, 2024		December 30, 2023
Gain (loss) on:
Pay-floating swaps	$	(195)	$	432
Borrowings hedged with pay-floating swaps	195		(432)
Expense associated with interest accruals on pay-floating swaps	(111)		(154)

The Company may designate pay-fixed interest rate swaps as cash flow hedges of interest payments on floating-rate borrowings. Pay-fixed interest rate swaps effectively convert floating-rate borrowings to fixed-rate borrowings. The unrealized gains or losses from these cash flow hedges are deferred in AOCI and recognized in interest expense as the interest payments occur. The Company did not have pay-fixed interest rate swaps that were designated as cash flow hedges of interest payments at December 28, 2024 or at September 28, 2024, and gains and losses related to pay-fixed interest rate swaps recognized in earnings were not material for the quarters ended December 28, 2024 and December 30, 2023.

Foreign Exchange Risk Management

The Company transacts business globally and is subject to risks associated with foreign currency exchange rates. The Company’s objective is to reduce earnings and cash flow fluctuations associated with changes in foreign currency exchange rates, enabling management to focus on core business operations.

The Company enters into option and forward contracts to protect the value of its existing foreign currency assets, liabilities, firm commitments and forecasted but not firmly committed foreign currency transactions. In accordance with policy, the Company hedges its forecasted foreign currency transactions for periods generally not to exceed four years within an established minimum and maximum range of annual exposure. The gains and losses on these contracts offset changes in the U.S. dollar equivalent value of the related forecasted transaction, asset, liability or firm commitment. The principal currencies hedged are the euro, Canadian dollar, Japanese yen, British pound and Chinese yuan. Cross-currency swaps are used to effectively convert foreign currency denominated borrowings into U.S. dollar denominated borrowings.

The Company designates foreign exchange forward and option contracts as cash flow hedges of firmly committed and forecasted foreign currency transactions. As of December 28, 2024 and September 28, 2024, the notional amounts of the Company’s net foreign exchange cash flow hedges were $8.4 billion and $9.9 billion, respectively. Mark-to-market gains and losses on these contracts are deferred in AOCI and are recognized in earnings when the hedged transactions occur, offsetting changes in the value of the foreign currency transactions. Net deferred gains recorded in AOCI for contracts that will mature in the next twelve months total $501 million. The following table summarizes the effect of foreign exchange cash flow hedges on AOCI:

	Quarter Ended
	December 28, 2024		December 30, 2023
Gain (loss) recognized in Other Comprehensive Income	$	562	$	(264)
Gain reclassified from AOCI into the Statements of Operations(1)	89		141

(1)Primarily recorded in revenue.

The Company may designate cross currency swaps as fair value hedges of foreign currency denominated borrowings. The impact from the change in foreign currency on both the cross currency swap and borrowing is recorded to “Interest expense,

25

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

net.” The impact from interest rate changes is recorded in AOCI and is amortized over the life of the cross currency swap. As of December 28, 2024 and September 28, 2024, the total notional amount of the Company’s designated cross currency swaps was Canadian $1.3 billion ($0.9 billion) and Canadian $1.3 billion ($1.0 billion), respectively. The related gains or losses recognized in earnings for the quarters ended December 28, 2024 and December 30, 2023 were not material.

Foreign exchange risk management contracts with respect to foreign currency denominated assets and liabilities are not designated as hedges and do not qualify for hedge accounting. The net notional amount of these foreign exchange contracts at December 28, 2024 and September 28, 2024 were $2.9 billion and $3.4 billion, respectively. The Company recognized net foreign exchange gains of $0.2 billion on the foreign exchange contracts in costs and expenses for the quarter ended December 28, 2024 that mitigated our exposure with respect to foreign currency denominated assets and liabilities. The related gains or losses for the quarter ended December 30, 2023 were not material.

Commodity Price Risk Management

The Company is subject to the volatility of commodities prices and the Company designates certain commodity forward contracts as cash flow hedges of forecasted commodity purchases. Mark-to-market gains and losses on these contracts are deferred in AOCI and are recognized in earnings when the hedged transactions occur, offsetting changes in the value of commodity purchases. The notional amount of these commodities contracts at December 28, 2024 and September 28, 2024 and related gains or losses recognized in earnings for the quarters ended December 28, 2024 and December 30, 2023 were not material.

Risk Management – Other Derivatives Not Designated as Hedges

The Company enters into certain other risk management contracts that are not designated as hedges and do not qualify for hedge accounting. These contracts, which include certain total return swap contracts, are intended to offset economic exposures of the Company and are carried at market value with any changes in value recorded in earnings. The notional amounts of these contracts at December 28, 2024 and September 28, 2024 were $0.6 billion and $0.5 billion, respectively. The related gains or losses recognized in earnings for the quarters ended December 28, 2024 and December 30, 2023 were not material.

Contingent Features and Cash Collateral

The Company has master netting arrangements by counterparty with respect to certain derivative financial instrument contracts. The Company may be required to post collateral in the event that a net liability position with a counterparty exceeds limits defined by contract and that vary with the Company’s credit rating. In addition, these contracts may require a counterparty to post collateral to the Company in the event that a net receivable position with a counterparty exceeds limits defined by contract and that vary with the counterparty’s credit rating. If the Company’s or the counterparty’s credit ratings were to fall below investment grade, such counterparties or the Company would also have the right to terminate our derivative contracts, which could lead to a net payment to or from the Company for the aggregate net value by counterparty of our derivative contracts. The aggregate fair values of derivative instruments with credit-risk-related contingent features in a net liability position by counterparty were $0.9 billion and $1.1 billion at December 28, 2024 and September 28, 2024.

16.New Accounting Pronouncements and Other Disclosure Rules

Improvements to Reportable Segments Disclosures

In November 2023, the FASB issued guidance to enhance reportable segment disclosures by requiring the disclosure of significant expenses that are regularly provided to the chief operating decision maker (CODM) and included in the segment’s measure of profit or loss. It also requires an explanation of how the CODM uses the segment’s measure of profit or loss to assess segment performance and allocate resources. The guidance is effective for the Company for annual periods beginning in fiscal year 2025 and for interim periods beginning in fiscal year 2026 and requires retrospective adoption (with early adoption permitted). While the guidance will not have an effect on the Company’s Consolidated Statements of Operations or Consolidated Balance Sheets upon adoption, it will affect certain segment reporting disclosures in the Company’s fiscal 2025 annual report.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued guidance to enhance income tax disclosures. The new guidance requires an expanded effective tax rate reconciliation, the disclosure of cash taxes paid segregated between U.S. federal, U.S. state and foreign, with further disaggregation by jurisdiction if certain thresholds are met and eliminates certain disclosures related to uncertain tax benefits. The Company will adopt the new guidance, including the expanded disclosures, beginning with the Company’s 2026 fiscal year.

26

THE WALT DISNEY COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

Disaggregation of Income Statement Expense

In November 2024, the FASB issued guidance that requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The guidance also requires disclosure of the total amount of selling expenses and the Company’s definition of selling expenses. The guidance is effective for the Company for annual periods beginning in fiscal year 2028 and for interim periods beginning in fiscal year 2029. The Company is currently assessing the impacts of the new guidance on its financial statement disclosures.

Enhancement and Standardization of Climate-Related Disclosures

In March 2024, the Securities and Exchange Commission adopted new rules that will require disclosure of:

•Certain climate-related information including climate-related risks, targets and goals that are reasonably likely to have a material impact, as applicable, on a company’s strategy, business, results of operations or financial condition;

•Certain greenhouse gas emissions, if material; and

•Certain financial information regarding the effects of severe weather events and other natural conditions, within the notes to the financial statements

The new rules are applicable to annual reporting periods and will be phased in beginning with the Company’s 2026 fiscal year. In April 2024, given pending legal challenges, the Securities and Exchange Commission issued an order to voluntarily stay the new rules. The Company is evaluating the impacts of the new rules on its financial statement disclosures.

27

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

ORGANIZATION OF INFORMATION

Management’s Discussion and Analysis provides a narrative of the Company’s financial performance and condition that should be read in conjunction with the accompanying financial statements. It includes the following sections:

•Consolidated Results

•Current Quarter Results Compared to Prior-Year Quarter

•Seasonality

•Business Segment Results

•Corporate and Unallocated Shared Expenses

•Financial Condition

•Market Risk

•Commitments and Contingencies

•Other Matters

•DTC Product Descriptions, Key Definitions and Supplemental Information

•Supplemental Guarantor Financial Information

CONSOLIDATED RESULTS

	Quarter Ended				% Change Better (Worse)
(in millions, except per share data)	December 28, 2024		December 30, 2023
Revenues:
Services	$	22,048	$	20,975	5  %
Products	2,642		2,574		3  %
Total revenues	24,690		23,549		5  %
Costs and expenses:
Cost of services (exclusive of depreciation and amortization)	(13,789)		(13,922)		1  %
Cost of products (exclusive of depreciation and amortization)	(1,617)		(1,665)		3  %
Selling, general, administrative and other	(3,930)		(3,783)		(4) %
Depreciation and amortization	(1,276)		(1,243)		(3) %
Total costs and expenses	(20,612)		(20,613)		— %
Restructuring and impairment charges	(143)		—		nm
Interest expense, net	(367)		(246)		(49) %
Equity in the income of investees	92		181		(49) %
Income before income taxes	3,660		2,871		27  %
Income taxes	(1,016)		(720)		(41) %
Net income	2,644		2,151		23  %
Net income attributable to noncontrolling interests	(90)		(240)		63  %
Net income attributable to Disney	$	2,554	$	1,911	34  %
Diluted earnings per share attributable to Disney	$	1.40	$	1.04	35  %

CURRENT QUARTER RESULTS COMPARED TO PRIOR-YEAR QUARTER

Revenues for the quarter increased 5%, or $1.1 billion, to $24.7 billion; net income attributable to Disney increased to $2.6 billion compared to $1.9 billion; and diluted earnings per share (EPS) attributable to Disney increased to $1.40 compared to $1.04 in the prior-year quarter. The EPS increase was due to higher operating income at Entertainment.

On November 14, 2024, the Company and RIL completed the Star India Transaction (see Note 4 to the Condensed Consolidated Financial Statements). After November 14, 2024, the Company began recognizing its 37% share of the India joint venture’s results in “Equity in the income of investees.” Star India results in the current quarter through November 14, 2024 and results in the prior-year quarter are consolidated in the Company’s financial results for those periods and reported in the Entertainment and Sports segments.

28

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Revenues

Service revenues for the quarter increased 5%, or $1.1 billion, to $22.0 billion, due to higher subscription and theatrical distribution revenue and, to a lesser extent, growth in theme park admissions and resorts and vacations revenues. Service revenues reflected an approximate 3 percentage point decrease due to Star India and an approximate 1 percentage point decrease due to an unfavorable movement of the U.S. dollar against major currencies including the impact of our hedging program (Foreign Exchange Impact).

Costs and expenses

Cost of services for the quarter decreased 1% to $13.8 billion due to lower sports programming and production costs, partially offset by the impact of inflation and increased volumes at our parks and experiences businesses as well as higher non-sports programming and production costs. Cost of services reflected an approximate 6 percentage point decrease due to Star India and an approximate 1 percentage point decrease due to a favorable Foreign Exchange Impact.

Selling, general, administrative and other costs increased 4% to $3.9 billion driven by a legal settlement and higher marketing costs. Selling, general and administrative and other costs reflected an approximate 1 percentage point decrease due to Star India and an approximate 3 percentage point decrease due to a favorable Foreign Exchange Impact.

Depreciation and amortization increased 3% to $1.3 billion due to higher depreciation at Experiences, partially offset by lower TFCF and Hulu Acquisition Amortization.

Restructuring and impairment charges

In the current quarter, the Company recorded a $143 million loss in connection with the Star India Transaction.

Interest expense, net

Interest expense, net is as follows:

	Quarter Ended
(in millions)	December 28, 2024		December 30, 2023		% Change Better (Worse)
Interest expense	$	(487)	$	(528)	8  %
Interest income, investment income and other	120		282		(57) %
Interest expense, net	$	(367)	$	(246)	(49) %

The decrease in interest expense was primarily due to lower average rates and debt balances, partially offset by a decrease in capitalized interest.

The decrease in interest income, investment income and other reflected the impact of lower cash and cash equivalent balances, an unfavorable comparison related to pension and postretirement benefit costs, other than service cost, and investment losses in the current quarter compared to investment gains in the prior-year quarter.

Equity in the Income of Investees

Income from equity investees decreased $89 million, to $92 million from $181 million, due to lower income from A+E Television Networks (A+E) and losses from the India joint venture in the current quarter.

Income Taxes

	Quarter Ended
	December 28, 2024			December 30, 2023
Income before income taxes	$	3,660		$	2,871
Income tax expense	1,016			720
Effective income tax rate	27.8		%	25.1		%

The increase in the effective income tax rate in the current quarter compared to the prior-year quarter was due to a non-cash tax charge in connection with the Star India Transaction. This increase was partially offset by the comparison to an unfavorable effect of employee share-based awards in the prior-year quarter, the impact of adjustments related to prior years and a lower foreign effective tax rate. Adjustments related to prior years were favorable in the current quarter and unfavorable in the prior-year quarter.

29

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Noncontrolling Interests

	Quarter Ended
(in millions)	December 28, 2024		December 30, 2023		% Change Better (Worse)
Net income attributable to noncontrolling interests	$	(90)	$	(240)	63  %

The decrease in net income attributable to noncontrolling interests was due to the comparison to accretion of NBC Universal’s interest in Hulu in the prior-year quarter.

Net income attributable to noncontrolling interests is determined on income after royalties and management fees, financing costs and income taxes, as applicable.

Certain Items Impacting Results in the Quarter

Results for the quarter ended December 28, 2024 were impacted by the following:

•An impairment charge of $143 million and a non-cash tax charge of $213 million, which were both recorded in connection with the Star India Transaction (see Note 4 to the Condensed Consolidated Financial Statements)

•TFCF and Hulu Acquisition Amortization of $397 million

Results for the quarter ended December 30, 2023 were impacted by the following:

•TFCF and Hulu Acquisition Amortization of $451 million

A summary of the impact of these items on EPS is as follows:

(in millions, except per share data)	Pre-Tax Income (Loss)		Tax Benefit (Expense)(1)		After-Tax Income (Loss)		EPS Favorable (Adverse)(2)
Quarter Ended December 28, 2024:
Star India Transaction	$	(143)	$	(213)	$	(356)	$	(0.20)
TFCF and Hulu Acquisition Amortization	(397)		93		(304)		(0.16)
Total	$	(540)	$	(120)	$	(660)	$	(0.36)
Quarter Ended December 30, 2023:
TFCF and Hulu Acquisition Amortization	$	(451)	$	106	$	(345)	$	(0.18)

(1)Tax benefit (expense) amounts are determined using the tax rate applicable to the individual item.

(2)EPS is net of noncontrolling interest share, where applicable. Total may not equal the sum of the column due to rounding.

SEASONALITY

The Company’s businesses are subject to the effects of seasonality. Consequently, the operating results for the quarter ended December 28, 2024 for each business segment, and for the Company as a whole, are not necessarily indicative of results to be expected for the full year.

Entertainment revenues are subject to seasonal advertising patterns, changes in viewership and subscriber levels, timing and performance of film releases in the theatrical and home entertainment markets, and the timing of and demand for film and television programs. In general, domestic advertising revenues are typically somewhat higher during the fall and somewhat lower during the summer months. Affiliate revenues vary with the subscriber trends of multi-channel video programming distributors (i.e. cable, satellite telecommunications and digital over-the-top service providers). Theatrical release dates are determined by several factors, including competition and the timing of vacation and holiday periods.

Sports revenues are subject to seasonal advertising patterns, changes in viewership and subscriber levels, and the availability of and demand for sports programming. In addition, advertising revenues generated from sports programming are impacted by the timing of sports seasons and events, which varies throughout the year or may take place periodically (e.g. biannually, quadrennially).

Experiences revenues fluctuate with changes in theme park attendance and resort occupancy resulting from the seasonal nature of vacation travel and leisure activities, which generally results in higher revenues during the Company’s first and fourth fiscal quarters, the opening of new guest offerings and pricing and promotional offers. Peak attendance and resort occupancy generally occur during the summer months when school vacations occur and during early winter and spring holiday periods. In addition, theme park and resort revenues may be higher during significant celebrations such as theme park or character

30

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

anniversaries and lower in the periods following such celebrations. Consumer products revenue fluctuates with consumer purchasing behavior, which generally results in higher revenues during the Company’s first fiscal quarter due to the winter holiday season. In addition, licensing revenues fluctuate with the timing and performance of our film and television content.

BUSINESS SEGMENT RESULTS

The Company evaluates the performance of its operating businesses based on segment revenue and segment operating income.

The following table presents revenues from our operating segments:

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Entertainment	$	10,872	$	9,981	9  %
Sports	4,850		4,835		—  %
Experiences	9,415		9,132		3  %
Eliminations (1)	(447)		(399)		(12) %
Revenues	$	24,690	$	23,549	5  %

(1)Reflects fees paid by Direct-to-Consumer to Sports and other Entertainment businesses for the right to air their linear networks on Hulu Live and fees paid by Entertainment to Sports to program sports on the ABC Network and Disney+.

The following table presents income from our operating segments and other components of income before income taxes:

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Entertainment operating income	$	1,703	$	874	95  %
Sports operating income (loss)	247		(103)		nm
Experiences operating income	3,110		3,105		—  %
Corporate and unallocated shared expenses	(460)		(308)		(49) %
Equity in the loss of India joint venture	(33)		—		nm
Restructuring and impairment charges	(143)		—		nm
Interest expense, net	(367)		(246)		(49) %
TFCF and Hulu Acquisition Amortization	(397)		(451)		12  %
Income before income taxes	$	3,660	$	2,871	27  %

Depreciation expense is as follows:

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Entertainment	$	165	$	163	(1) %
Sports	10		11		9  %
Experiences
Domestic	461		424		(9) %
International	191		171		(12) %
Total Experiences	652		595		(10) %
Corporate	82		54		(52) %
Total depreciation expense	$	909	$	823	(10) %

31

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Amortization of intangible assets is as follows:

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Entertainment	$	13	$	13	—  %
Experiences	27		27		—  %
TFCF and Hulu intangible assets	327		380		14  %
Total amortization of intangible assets	$	367	$	420	13  %

BUSINESS SEGMENT RESULTS - Current Quarter Results Compared to Prior-Year Quarter

Entertainment

Revenue and operating results for the Entertainment segment are as follows:

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Revenues:
Linear Networks	$	2,617	$	2,803	(7) %
Direct-to-Consumer	6,072		5,546		9  %
Content Sales/Licensing and Other	2,183		1,632		34  %
	$	10,872	$	9,981	9  %
Segment operating income (loss):
Linear Networks	$	1,098	$	1,236	(11) %
Direct-to-Consumer	293		(138)		nm
Content Sales/Licensing and Other	312		(224)		nm
	$	1,703	$	874	95  %

Revenues

The increase in Entertainment revenues was due to subscription revenue growth and higher theatrical distribution revenues.

Operating income

The increase in Entertainment operating income in the current quarter compared to the prior-year quarter was due to improved results at Content Sales/Licensing and Other and Direct-to-Consumer, partially offset by a decrease at Linear Networks.

32

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Linear Networks

Operating results for Linear Networks are as follows:

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Revenues
Affiliate fees	$	1,655	$	1,766	(6) %
Advertising	915		994		(8) %
Other	47		43		9  %
Total revenues	2,617		2,803		(7) %
Operating expenses	(1,108)		(1,171)		5  %
Selling, general, administrative and other	(520)		(557)		7  %
Depreciation and amortization	(14)		(12)		(17) %
Equity in the income of investees	123		173		(29) %
Operating Income	$	1,098	$	1,236	(11) %

Revenues - Affiliate fees

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Domestic	$	1,454	$	1,480	(2) %
International	201		286		(30) %
	$	1,655	$	1,766	(6) %

The decrease in domestic affiliate revenue was due to a decline of 8% from fewer subscribers, partially offset by an increase of 7% from higher effective rates.

Lower international affiliate revenue was due to declines of 14% from Star India, 8% from lower effective rates, 5% from fewer subscribers and 2% from an unfavorable Foreign Exchange Impact.

Revenues - Advertising

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Domestic	$	723	$	706	2  %
International	192		288		(33) %
	$	915	$	994	(8) %

The increase in domestic advertising revenue included an increase of 12% from higher rates, due to more political advertising at the owned television stations, partially offset by an 11% decrease from fewer impressions attributable to lower average viewership at our networks.

Lower international advertising revenue was due to decreases of 29% from Star India and 3% from an unfavorable Foreign Exchange Impact.

33

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Operating expenses

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Programming and production costs
Domestic	$	(787)	$	(760)	(4) %
International	(138)		(183)		25  %
Total programming and production costs	(925)		(943)		2  %
Other operating expenses	(183)		(228)		20  %
	$	(1,108)	$	(1,171)	5  %

The increase in domestic programming and production costs was primarily due to a higher average cost mix of programming at the ABC Network reflecting the impact of the 2023 guild strikes on the prior-year quarter.

International programming and production costs decreased primarily due to Star India.

The decrease in other operating expenses was primarily attributable to lower technology costs.

Selling, general, administrative and other

Selling, general, administrative and other costs decreased $37 million, to $520 million from $557 million, driven by Star India.

Equity in the Income of Investees

Income from equity investees decreased $50 million, to $123 million from $173 million, due to lower income from A+E attributable to decreases in advertising and affiliate revenue and the comparison to a gain on the sale of an investment in the prior-year quarter.

Operating Income from Linear Networks

Operating income from Linear Networks decreased $138 million, to $1,098 million from $1,236 million, due to a decrease at our international business as a result of Star India, and lower income from equity investees.

Supplemental revenue and operating income

The following table provides supplemental revenue and operating income detail for Linear Networks:

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Supplemental revenue detail
Domestic	$	2,206	$	2,210	—  %
International	411		593		(31) %
	$	2,617	$	2,803	(7) %
Supplemental operating income detail
Domestic	$	837	$	838	—  %
International	138		225		(39) %
Equity in the income of investees	123		173		(29) %
	$	1,098	$	1,236	(11) %

34

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Direct-to-Consumer

Operating results for Direct-to-Consumer are as follows:

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Revenues
Subscription fees	$	5,065	$	4,507	12  %
Advertising	952		974		(2) %
Other	55		65		(15) %
Total revenues	6,072		5,546		9  %
Operating expenses	(4,609)		(4,493)		(3) %
Selling, general, administrative and other	(1,095)		(1,121)		2  %
Depreciation and amortization	(75)		(70)		(7) %
Operating Income (Loss)	$	293	$	(138)	nm

Revenues - Subscription fees

Growth in subscription fees reflected increases of 9% from higher rates attributable to increases in pricing and 6% from more subscribers, partially offset by a decrease of 2% from an unfavorable Foreign Exchange Impact.

Revenues - Advertising

Lower advertising revenue was attributable to decreases of 16% from Star India, which included International Cricket Council (ICC) Cricket World Cup programming on Disney+ Hotstar in the prior-year quarter, and 11% from lower rates at Hulu and Disney+ Core. There were no significant cricket events in the current quarter prior to the Star India Transaction. These decreases were partially offset by an increase of 24% from higher impressions at Disney+ Core and Hulu.

Key metrics

In addition to revenue, costs and operating income, management uses the following key metrics(1) to analyze trends and evaluate the overall performance of Disney+ and Hulu, and we believe these metrics are useful to investors in analyzing the business:

Paid subscribers at:				% Change Better (Worse)
(in millions)	December 28, 2024	September 28, 2024	December 30, 2023	Dec. 28, 2024 vs. Sept. 28, 2024	Dec. 28, 2024 vs. Dec. 30, 2023
Disney+
Domestic (U.S. and Canada)	56.8	56.0	46.1	1  %	23  %
International(2)	67.8	69.3	68.8	(2) %	(1) %
Disney+(2)(3)	124.6	125.3	114.8	(1) %	9  %
Hulu
SVOD Only	49.0	47.4	45.1	3  %	9  %
Live TV + SVOD	4.6	4.6	4.6	—  %	—  %
Total Hulu(3)	53.6	52.0	49.7	3  %	8  %

35

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Average Monthly Revenue Per Paid Subscriber:

	Quarter Ended						% Change Better (Worse)
	December 28, 2024		September 28, 2024		December 30, 2023		Dec. 28, 2024 vs. Sept. 28, 2024	Dec. 28, 2024 vs. Dec. 30, 2023
Disney+
Domestic (U.S. and Canada)	$	7.99	$	7.70	$	8.15	4  %	(2) %
International(2)	7.19		6.78		5.68		6  %	27  %
Disney+(2)	7.55		7.20		6.67		5  %	13  %
Hulu
SVOD Only	12.52		12.54		12.29		—  %	2  %
Live TV + SVOD	99.22		95.82		93.61		4  %	6  %

(1)See discussion on pages 50 — DTC Product Descriptions, Key Definitions and Supplemental Information.

(2)The sequential prior quarter and prior-year quarter Paid Subscribers and Average Monthly Revenue per Paid Subscriber have been adjusted to include Disney+ subscribers in Southeast Asia. These subscribers were previously reported with Disney+ Hotstar, which is no longer presented as this business was included in the Star India Transaction.

(3)Total may not equal the sum of the column due to rounding.

Average Monthly Revenue Per Paid Subscriber - First Quarter of Fiscal 2025 Comparison to Fourth Quarter of Fiscal 2024

Domestic Disney+ average monthly revenue per paid subscriber increased from $7.70 to $7.99 due to increases in pricing, partially offset by a higher mix of subscribers to promotional offerings.

International Disney+ average monthly revenue per paid subscriber increased from $6.78 to $7.19 due to increases in pricing and higher advertising revenue, partially offset by a higher mix of subscribers to promotional offerings.

Hulu SVOD Only average monthly revenue per paid subscriber was comparable to the prior sequential quarter as lower advertising revenue was offset by increases in pricing and a higher mix of subscribers to higher priced multi-product offerings.

Hulu Live TV + SVOD average monthly revenue per paid subscriber increased from $95.82 to $99.22 primarily due to increases in pricing.

Average Monthly Revenue Per Paid Subscriber - First Quarter of Fiscal 2025 Comparison to First Quarter of Fiscal 2024

Domestic Disney+ average monthly revenue per paid subscriber decreased from $8.15 to $7.99 driven by a higher mix of subscribers to wholesale offerings, largely offset by increases in pricing.

International Disney+ average monthly revenue per paid subscriber increased from $5.68 to $7.19 due to increases in pricing, partially offset by a higher mix of subscribers to ad-supported offerings.

Hulu SVOD Only average monthly revenue per paid subscriber increased from $12.29 to $12.52 due to increases in pricing, partially offset by lower per-subscriber advertising revenue and a higher mix of subscribers to multi-product offerings.

Hulu Live TV + SVOD average monthly revenue per paid subscriber increased from $93.61 to $99.22 due to increases in pricing.

Operating expenses

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Programming and production costs
Hulu	$	(2,263)	$	(2,126)	(6) %
Disney+	(1,345)		(1,459)		8  %
Total programming and production costs	(3,608)		(3,585)		(1) %
Other operating expense	(1,001)		(908)		(10) %
	$	(4,609)	$	(4,493)	(3) %

36

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Higher programming and production costs at Hulu were driven by higher subscriber-based fees for programming the Hulu Live TV service due to rate increases.

The decrease in programming and production costs at Disney+ was due to Star India reflecting ICC Cricket World Cup programming in the prior-year quarter.

The increase in other operating expense was due to higher technology and distribution costs.

Operating Income (Loss) from Direct-to-Consumer

Operating results from Direct-to-Consumer improved $431 million, to income of $293 million from a loss of $138 million, due to improved results at Disney+ and, to a lesser extent, Hulu.

Content Sales/Licensing and Other

Operating results for Content Sales/Licensing and Other are as follows:

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Revenues
TV/VOD and home entertainment distribution	$	932	$	731	27  %
Theatrical distribution	642		251		>100  %
Other	609		650		(6) %
Total revenues	2,183		1,632		34  %
Operating expenses	(1,098)		(1,175)		7  %
Selling, general, administrative and other	(679)		(585)		(16) %
Depreciation and amortization	(89)		(94)		5  %
Equity in the loss of investees	(5)		(2)		>(100) %
Operating Income (Loss)	$	312	$	(224)	nm

Revenues - TV/VOD and home entertainment distribution

The increase in TV/VOD and home entertainment distribution revenue was due to higher TV/VOD sales of episodic content and an increase in home entertainment distribution revenue. The increase in home entertainment distribution revenue was due to higher electronic distribution revenue, partially offset by a decrease at our physical distribution business due to the business shifting to a third party licensing model.

Revenues - Theatrical distribution

The increase in theatrical distribution revenue was due to the performance of Moana 2 and Mufasa: The Lion King in the current quarter compared to The Marvels and Wish in the prior-year quarter.

Operating expenses

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Programming and production costs	$	(942)	$	(990)	5  %
Other operating expenses	(156)		(185)		16  %
	$	(1,098)	$	(1,175)	7  %

The decrease in programming and production costs was due to lower film cost impairments, partially offset by higher production cost amortization attributable to the increase in TV/VOD distribution revenue.

The decrease in other operating expenses reflected lower cost of goods sold and distribution costs due to the shift of our physical home entertainment distribution business to a licensing model.

37

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Selling, general, administrative and other

Selling, general, administrative and other costs increased $94 million, to $679 million from $585 million, primarily due to higher theatrical marketing costs.

Operating Income (Loss) from Content Sales/Licensing and Other

Operating results from Content Sales/Licensing and Other increased $536 million, to income of $312 million from a loss of $224 million due to higher theatrical distribution results.

Items Excluded from Segment Operating Income Related to Entertainment

The following table presents supplemental information for items related to the Entertainment segment that are excluded from segment operating income:

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
TFCF and Hulu Acquisition Amortization(1)	$	(321)	$	(353)	9  %

(1)In the current quarter, amortization of intangible assets was $251 million and amortization of step-up on film and television costs was $67 million. In the prior-year quarter, amortization of intangible assets was $282 million and amortization of step-up on film and television costs was $68 million.

Sports

Operating results for Sports are as follows:

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Revenues
Affiliate fees	$	2,630	$	2,669	(1) %
Advertising	1,342		1,351		(1) %
Subscription fees	427		415		3  %
Other	451		400		13  %
Total revenues	4,850		4,835		—  %
Operating expenses	(4,293)		(4,599)		7  %
Selling, general, administrative and other	(310)		(341)		9  %
Depreciation and amortization	(10)		(11)		9  %
Equity in the income of investees	10		13		(23) %
Operating Income (Loss)	$	247	$	(103)	nm

Revenues - Affiliate fees

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
ESPN
Domestic	$	2,345	$	2,339	—  %
International	254		265		(4) %
	2,599		2,604		—  %
Star India	31		65		(52) %
	$	2,630	$	2,669	(1) %

Domestic ESPN affiliate revenue was comparable to the prior-year quarter, as an increase of 7% from higher effective rates was offset by a decrease of 7% from fewer subscribers.

38

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

The decrease in international ESPN affiliate revenue was attributable to an unfavorable Foreign Exchange Impact and, to a lesser extent, fewer subscribers, largely offset by higher effective rates.

The decrease in Star India affiliate revenue was due to the Star India Transaction.

Revenues - Advertising

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
ESPN
Domestic	$	1,291	$	1,118	15  %
International	47		49		(4) %
	1,338		1,167		15  %
Star India	4		184		(98) %
	$	1,342	$	1,351	(1) %

The increase in domestic ESPN advertising revenue was primarily due to an increase of 12% from higher rates.

The decrease in Star India advertising revenue was due to the comparison to ICC Cricket World Cup programming in the prior-year quarter. There were no significant cricket events in the current quarter prior to the Star India Transaction.

Revenues - Subscription fees

Subscription fees increased $12 million, to $427 million from $415 million, due to higher rates.

Revenues - Other

Other revenue increased $51 million, to $451 million from $400 million, reflecting higher fees received from the Entertainment segment to program sports content on Disney+, partially offset by lower sub-licensing fees. The decrease in sub-licensing fees was attributable to the comparison to Star India sub-licensing of the ICC Cricket World Cup in the prior-year quarter, partially offset by fees from sub-licensing the College Football Playoff (CFP) programming rights for two games in the current quarter.

Key metrics

In addition to revenue, costs and operating income, management uses the following key metrics(1) to analyze trends and evaluate the overall performance of ESPN+, and we believe these metrics are useful to investors in analyzing the business:

							% Change Better (Worse)
	December 28, 2024		September 28, 2024		December 30, 2023		Dec. 28, 2024 vs. Sept. 28, 2024	Dec. 28, 2024 vs. Dec. 30, 2023
Paid subscribers(1) at (in millions)	24.9		25.6		25.2		(3) %	(1) %
Average Monthly Revenue per Paid Subscriber(1) for the quarter ended	$	6.36	$	5.94	$	6.09	7  %	4  %

(1)See discussion on page 50—DTC Product Descriptions, Key Definitions and Supplemental Information

Average Monthly Revenue Per Paid Subscriber - First Quarter of Fiscal 2025 Comparison to Fourth Quarter of Fiscal 2024

ESPN+ average monthly revenue per paid subscriber increased from $5.94 to $6.36 due to increases in pricing and higher advertising revenue.

Average Monthly Revenue Per Paid Subscriber - First Quarter of Fiscal 2025 Comparison to First Quarter of Fiscal 2024

ESPN+ average monthly revenue per paid subscriber increased from $6.09 to $6.36 due to increases in pricing, partially offset by a higher mix of subscribers to wholesale offerings.

39

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Operating expenses

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Programming and production costs
ESPN
Domestic	$	(3,709)	$	(3,389)	(9) %
International	(317)		(306)		(4) %
	(4,026)		(3,695)		(9) %
Star India	(17)		(684)		98  %
	(4,043)		(4,379)		8  %
Other operating expenses	(250)		(220)		(14) %
	$	(4,293)	$	(4,599)	7  %

Domestic ESPN programming and production costs increased in the current quarter compared to the prior-year quarter primarily due to expanded college football programming rights including one additional CFP game. The CFP format was revised starting with the 2024-2025 season, which added four first round games in the current quarter, two of which aired on our networks and two of which were sub-licensed. In the prior-year quarter, we aired three host games, which under the new format are now quarterfinal and semifinal games that aired in the second quarter of the current fiscal year.

Higher programming and production costs at international ESPN were attributable to higher soccer rights costs reflecting contractual rate increases, partially offset by a favorable Foreign Exchange Impact.

Star India programming and production costs decreased due to the comparison to ICC Cricket World Cup programming in the prior-year quarter.

The increase in other operating expense was attributable to higher technology costs.

Operating Income (Loss) from Sports

Operating results increased $350 million, to operating income of $247 million from an operating loss of $103 million, due to the comparison to the ICC Cricket World Cup programming in the prior-year quarter at Star India and, to a lesser extent, improved results at international ESPN, partially offset by a decrease at domestic ESPN.

40

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Supplemental revenue and operating income

The following table provides supplemental revenue and operating income (loss) detail for the Sports segment:

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Supplemental revenue detail
ESPN
Domestic	$	4,422	$	4,073	9  %
International	389		363		7  %
	4,811		4,436		8  %
Star India	39		399		(90) %
	$	4,850	$	4,835	—  %
Supplemental operating income (loss) detail
ESPN
Domestic	$	231	$	255	(9) %
International	(3)		(56)		95  %
	228		199		15  %
Star India	9		(315)		nm
Equity in the income of investees	10		13		(23) %
	$	247	$	(103)	nm

Items Excluded from Segment Operating Income Related to Sports

The following table presents supplemental information for items related to the Sports segment that are excluded from segment operating income:

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
TFCF Acquisition Amortization(1)	$	(74)	$	(96)	23  %

(1)Represents amortization of intangible assets.

Experiences

Operating results for the Experiences segment are as follows:

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Revenues
Theme park admissions	$	3,087	$	2,982	4  %
Resorts and vacations	2,221		2,118		5  %
Parks & Experiences merchandise, food and beverage	2,181		2,103		4  %
Merchandise licensing and retail	1,318		1,341		(2) %
Parks licensing and other	608		588		3  %
Total revenues	9,415		9,132		3  %
Operating expenses	(4,678)			(4,480)	(4) %
Selling, general, administrative and other	(948)		(925)		(2) %
Depreciation and amortization	(679)		(622)		(9) %
Operating Income	$	3,110	$	3,105	—  %

41

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Revenues - Theme park admissions

Theme park admissions revenue growth was due to an increase of 4% from higher average per capita ticket revenue, partially offset by a decrease of 1% from lower attendance. The decrease in attendance reflected a decline at our domestic parks, including the impact of hurricanes at Walt Disney World Resort, partially offset by attendance growth at our international parks.

Revenues - Resorts and vacations

Higher resorts and vacations revenue was due to increases of 2% from higher average daily hotel room rates, 1% from increased Disney Vacation Club sales and 1% from higher occupied room nights.

Revenues - Park & Experiences merchandise, food and beverage

Parks & Experiences merchandise, food and beverage revenue growth resulted from an increase of 4% from higher average guest spending.

Revenues - Merchandise licensing and retail

Lower merchandise licensing and retail revenue was due to decreases of 1% from merchandise licensing and 1% from an unfavorable Foreign Exchange Impact, partially offset by a 1% increase from retail.

Revenues - Parks Licensing and Other

The increase in parks licensing and other revenue was due to higher real estate sales.

Key metrics

In addition to revenue, costs and operating income, management uses the following key metrics to analyze trends and evaluate the overall performance of our theme parks and resorts, and we believe these metrics are useful to investors in analyzing the business:

	Domestic		International(1)
	Quarter Ended		Quarter Ended
	Dec. 28, 2024	Dec. 30, 2023	Dec. 28, 2024	Dec. 30, 2023
Parks
Increase (decrease)
Attendance(2)	(2) %	—  %	4  %	30  %
Per Capita Guest Spending(3)	4  %	4  %	3  %	12  %
Hotels
Occupancy(4)	85  %	85  %	86  %	80  %
Available Hotel Room Nights (in thousands)(5)	2,540	2,547	798	799
Change in Per Room Guest Spending(6)	5  %	1  %	17  %	3  %

(1)Per capita guest spending growth rate and per room guest spending growth rate exclude the impact of changes in foreign exchange rates.

(2)Attendance is used to analyze volume trends at our theme parks and is based on the number of unique daily entries, i.e. a person visiting multiple theme parks in a single day is counted only once. Our attendance count includes complimentary entries but excludes entries by children under the age of three.

(3)Per capita guest spending is used to analyze guest spending trends and is defined as total revenue from ticket sales and sales of food, beverage and merchandise in our theme parks, divided by total theme park attendance.

(4)Occupancy is used to analyze the usage of available capacity at hotels and is defined as the number of room nights occupied by guests as a percentage of available hotel room nights.

(5)Available hotel room nights is defined as the total number of room nights that are available at our hotels and at Disney Vacation Club (DVC) properties located at our theme parks and resorts that are not utilized by DVC members. Available hotel room nights include rooms temporarily taken out of service.

(6)Per room guest spending is used to analyze guest spending at our hotels and is defined as total revenue from room rentals and sales of food, beverage and merchandise at our hotels, divided by total occupied hotel room nights.

42

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Operating expenses

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Operating labor	$	(2,164)	$	(2,000)	(8) %
Infrastructure costs	(801)		(797)		(1) %
Cost of goods sold and distribution costs	(929)		(904)		(3) %
Other operating expense	(784)		(779)		(1) %
	$	(4,678)	$	(4,480)	(4) %

Higher operating labor was due to inflation and, to a lesser extent, new guest offerings. Cost of goods sold and distribution costs increased due to higher volumes.

Selling, general, administrative and other

Selling, general, administrative and other costs increased $23 million, to $948 million from $925 million, primarily due to higher marketing costs, partially offset by cost saving initiatives.

Depreciation and amortization

Depreciation and amortization increased $57 million, to $679 million from $622 million, due to higher depreciation at our domestic and international parks and experiences.

Operating Income from Experiences

Segment operating income was comparable to the prior-year quarter as an increase at international parks and experiences was offset by a decrease at domestic parks and experiences.

Supplemental revenue and operating income

The following table presents supplemental revenue and operating income detail for the Experiences segment:

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Supplemental revenue detail
Parks & Experiences
Domestic	$	6,432	$	6,297	2  %
International	1,646		1,476		12  %
Consumer Products	1,337		1,359		(2) %
	$	9,415	$	9,132	3  %
Supplemental operating income detail
Parks & Experiences
Domestic	$	1,982	$	2,077	(5) %
International	420		328		28  %
Consumer Products	708		700		1  %
	$	3,110	$	3,105	—  %

CORPORATE AND UNALLOCATED SHARED EXPENSES

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Corporate and unallocated shared expenses	$	(460)	$	(308)	(49) %

Corporate and unallocated shared expenses increased $152 million for the quarter, from $308 million to $460 million, primarily due to a legal settlement.

43

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

FINANCIAL CONDITION

The change in cash and cash equivalents is as follows:

	Quarter Ended				% Change Better (Worse)
(in millions)	December 28, 2024		December 30, 2023
Cash provided by operations	$	3,205	$	2,185	47  %
Cash used in investing activities	(2,575)		(1,246)		>(100) %
Cash used in financing activities	(997)		(8,006)		88  %
Impact of exchange rates on cash, cash equivalents and restricted cash	(153)		79		nm
Change in cash, cash equivalents and restricted cash	$	(520)	$	(6,988)	93  %

Operating Activities

Cash provided by operations increased $1.0 billion from $2.2 billion in the prior-year period to $3.2 billion for the current period. The increase was primarily due to lower tax payments in the current quarter compared to the prior-year quarter, partially offset by lower operating cash flows at Entertainment. Tax payments in the prior-year quarter reflected payment of fiscal 2023 U.S. federal and California state income taxes that had been deferred pursuant to relief provided by the Internal Revenue Service and California Board of Equalization as a result of the 2023 winter storms in California. The decrease in operating cash flows at Entertainment was primarily due to higher film and television production spending and an increase in operating cash disbursements resulting from higher operating expenses, partially offset by an increase in cash receipts attributable to higher revenue.

Produced and licensed programming costs

The Entertainment and Sports segments incur costs to produce and license film, episodic, sports and other content. Production costs include spend on content internally produced at our studios such as live-action and animated films, episodic series, specials, shorts and theatrical stage plays. Production costs also include original content commissioned from third-party studios. Programming costs include content rights licensed from third parties for use on the Company’s sports and general entertainment networks and DTC streaming services. Programming assets are generally recorded when the programming becomes available to us with a corresponding increase in programming liabilities.

44

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

The Company’s film and television production and programming activity for the quarter ended December 28, 2024 and December 30, 2023 are as follows:

	Quarter Ended
(in millions)	December 28, 2024		December 30, 2023
Beginning balances:
Produced and licensed programming assets	$	34,409	$	36,593
Programming liabilities	(3,692)		(3,792)
	30,717		32,801
Spending:
Programming licenses and rights	2,931		2,710
Produced film and television content	2,534		1,800
	5,465		4,510
Amortization:
Programming licenses and rights	(4,097)		(4,590)
Produced film and television content	(2,509)		(2,562)
	(6,606)		(7,152)
Change in produced and licensed content costs	(1,141)		(2,642)
Other non-cash activity	266		(7)
Ending balances:
Produced and licensed programming assets	33,662		34,134
Programming liabilities	(3,820)		(3,982)
	$	29,842	$	30,152

The Company currently expects its fiscal 2025 spend on produced and licensed content, including sports rights, to be comparable to fiscal 2024 spend of $23 billion.

Investing Activities

Investing activities consist principally of investments in parks, resorts and other property and acquisition and divestiture activity. The Company’s investing activities for the quarter ended December 28, 2024 and December 30, 2023 are as follows:

	Quarter Ended
(provided by (used in) in millions)	December 28, 2024		December 30, 2023
Investments in parks, resorts and other property:
Entertainment	$	(268)	$	(309)
Sports	(1)		—
Experiences
Domestic	(1,786)		(571)
International	(293)		(244)
Total Experiences	(2,079)		(815)
Corporate	(118)		(175)
Total investments in parks, resorts and other property	(2,466)		(1,299)
Other investing activities, net	(109)		53
Cash used in investing activities	$	(2,575)	$	(1,246)

Capital expenditures at the Entertainment segment primarily reflect investments in technology and in facilities and equipment for expanding and upgrading broadcast centers, production facilities and television station facilities. The decrease in the current quarter compared to the prior-year quarter was due to lower spend on equipment and production facilities.

45

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Capital expenditures at the Experiences segment are principally for theme park and resort expansion, new attractions, cruise ships, capital improvements and technology. The increase in the current quarter compared to the prior-year quarter was due to higher spend on cruise ship fleet expansion.

Capital expenditures at Corporate primarily reflect investments in corporate facilities, technology and equipment. The decrease in the current quarter compared to the prior-year quarter was due to lower spend on facilities.

The Company currently expects its fiscal 2025 capital expenditures to be approximately $8 billion compared to fiscal 2024 capital expenditures of $5 billion. The projected increase in capital expenditures is primarily due to higher spending at Experiences, attributable to continued investment in cruise ship fleet expansion and new guest offerings at our theme parks.

Financing Activities

Financing activities for the quarter ended December 28, 2024 and December 30, 2023 are as follows:

	Quarter Ended
(provided by (used in) in millions)	December 28, 2024		December 30, 2023
Change in borrowings	$	(63)	$	737
Repurchases of common stock	(794)		—
Acquisition of redeemable noncontrolling interest (see Note 1)	—		(8,610)
Other financing activities, net(1)	(140)		(133)
Cash used in financing activities	$	(997)	$	(8,006)

(1)Primarily equity award activity.

See Note 5 to the Condensed Consolidated Financial Statements for a summary of the Company’s borrowing activities during the quarter ended December 28, 2024 and information regarding the Company’s bank facilities. The Company may use cash balances, operating cash flows, commercial paper borrowings up to the amount of its unused $12.25 billion bank facilities and incremental term debt issuances to retire or refinance other borrowings before or as they come due.

See Note 11 to the Condensed Consolidated Financial Statements for a summary of dividends and share repurchases. The Company is targeting a total of $3 billion in share repurchases in fiscal 2025.

The Company may be required to pay an incremental amount for Hulu depending on a final determination of Hulu’s fair value (see Note 1 to the Condensed Consolidated Financial Statements).

The Company’s operating cash flow and access to the capital markets can be impacted by factors outside of its control. We believe that the Company’s financial condition is strong and that its cash balances, other liquid assets, operating cash flows, access to debt and equity capital markets and borrowing capacity under current bank facilities, taken together, provide adequate resources to fund ongoing operating requirements, contractual obligations, upcoming debt maturities as well as future capital expenditures related to the expansion of existing businesses and development of new projects. In addition, the Company could undertake other measures to ensure sufficient liquidity, such as raising additional financing, reducing or not declaring future dividends; reducing or stopping share repurchases; reducing capital spending; reducing film and episodic content investments; or implementing further cost-saving initiatives.

The Company’s borrowing costs can also be impacted by short- and long-term debt ratings assigned by nationally recognized rating agencies, which are based, in significant part, on the Company’s performance as measured by certain credit metrics such as leverage and interest coverage ratios. As of December 28, 2024, Moody’s Ratings’ long- and short-term debt ratings for the Company were A2 and P-1 (Stable), respectively, S&P Global Ratings’ long- and short-term debt ratings for the Company were A and A-1 (Stable), respectively, and Fitch Rating’s long- and short-term debt ratings for the Company were A- and F2 (Stable), respectively. The Company’s bank facilities contain only one financial covenant, relating to interest coverage of three times earnings before interest, taxes, depreciation and amortization, including both intangible amortization and amortization of our film and television production and programming costs. On December 28, 2024, the Company met this covenant by a significant margin. The Company’s bank facilities also specifically exclude certain entities, including the Asia Theme Parks, from any representations, covenants or events of default.

MARKET RISK

The Company is exposed to the impact of interest rate changes, foreign currency fluctuations, commodity fluctuations and changes in the market values of its investments.

46

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Policies and Procedures

In the normal course of business, we employ established policies and procedures to manage the Company’s exposure to changes in interest rates, foreign currencies and commodities using a variety of financial instruments.

Our objectives in managing exposure to interest rate changes are to limit the impact of interest rate volatility on earnings and cash flows and to lower overall borrowing costs. To achieve these objectives, we primarily use interest rate swaps to manage net exposure to interest rate changes related to the Company’s portfolio of borrowings. By policy, the Company targets fixed-rate debt as a percentage of its net debt between minimum and maximum percentages.

Our objective in managing exposure to foreign currency fluctuations is to reduce volatility of earnings and cash flows in order to allow management to focus on core business issues and challenges. Accordingly, the Company enters into various contracts that change in value as foreign exchange rates change to protect the U.S. dollar equivalent value of its existing foreign currency assets, liabilities, commitments and forecasted foreign currency revenues and expenses. The Company utilizes option strategies and forward contracts that provide for the purchase or sale of foreign currencies to hedge probable, but not firmly committed, transactions. The Company also uses forward and option contracts to hedge foreign currency assets and liabilities. The principal foreign currencies hedged are the euro, Japanese yen, British pound, Chinese yuan and Canadian dollar. Cross-currency swaps are used to effectively convert foreign currency denominated borrowings to U.S. dollar denominated borrowings. By policy, the Company maintains hedge coverage between minimum and maximum percentages of its forecasted foreign exchange exposures generally for periods not to exceed four years. The gains and losses on these contracts are intended to offset changes in the U.S. dollar equivalent value of the related exposures. The economic or political conditions in a country have reduced and in the future could reduce our ability to hedge exposure to currency fluctuations in the country or our ability to repatriate revenue from the country.

Our objectives in managing exposure to commodity fluctuations are to use commodity derivatives to reduce volatility of earnings and cash flows arising from commodity price changes. The amounts hedged using commodity swap contracts are based on forecasted levels of consumption of certain commodities, such as fuel oil and gasoline.

Our objectives in managing exposures to market-based fluctuations in certain retirement liabilities are to use total return swap contracts to reduce the volatility of earnings arising from changes in these retirement liabilities. The amounts hedged using total return swap contracts are based on estimated liability balances.

It is the Company’s policy to enter into foreign currency and interest rate derivative transactions and other financial instruments only to the extent considered necessary to meet its objectives as stated above. The Company does not enter into these transactions or any other hedging transactions for speculative purposes.

COMMITMENTS AND CONTINGENCIES

Legal Matters

As disclosed in Note 13 to the Condensed Consolidated Financial Statements, the Company has exposure for certain legal matters.

Guarantees

See Note 5 to the Condensed Consolidated Financial Statements and Note 14 to the Consolidated Financial Statements in the 2024 Annual Report on Form 10-K.

Tax Matters

As disclosed in Note 9 to the Consolidated Financial Statements in the 2024 Annual Report on Form 10-K, the Company has exposure for certain tax matters.

Contractual Commitments

See Note 14 to the Consolidated Financial Statements in the 2024 Annual Report on Form 10-K.

OTHER MATTERS

Accounting Policies and Estimates

We believe that the application of the following accounting policies, which are important to our financial position and results of operations, require significant judgments and estimates on the part of management. For a summary of our significant accounting policies, including the accounting policies discussed below, see Note 2 to the Consolidated Financial Statements in the 2024 Annual Report on Form 10-K.

47

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Produced and Acquired/Licensed Content Costs

We amortize and test for impairment of capitalized film and television production costs based on whether the content is predominantly monetized individually or as a group. See Note 7 to the Condensed Consolidated Financial Statements for further discussion.

Production costs that are classified as individual are amortized based upon the ratio of the current period’s revenues to the estimated remaining total revenues (Ultimate Revenues).

With respect to produced films intended for theatrical release, the most sensitive factor affecting our estimate of Ultimate Revenues is theatrical performance. Revenues derived from other markets subsequent to the theatrical release are generally highly correlated with theatrical performance. Theatrical performance varies primarily based upon the public interest and demand for a particular film, the popularity of competing films at the time of release and the level of marketing effort. Upon a film’s release and determination of the theatrical performance, the Company’s estimates of revenues from succeeding windows and markets, which may include imputed license fees for content that is used on our DTC streaming services, are revised based on historical relationships and an analysis of current market trends.

With respect to capitalized television production costs that are classified as individual, the most sensitive factor affecting estimates of Ultimate Revenues is program ratings of the content on our licensees’ platforms. Program ratings, which are an indication of market acceptance, directly affect the program’s ability to generate advertising and subscriber revenues and are correlated with the license fees we can charge for the content in subsequent windows and for subsequent seasons.

Ultimate Revenues are reassessed each reporting period and the impact of any changes on amortization of production cost is accounted for as if the change occurred at the beginning of the current fiscal year. If our estimate of Ultimate Revenues decreases, amortization of costs may be accelerated or result in an impairment. Conversely, if our estimate of Ultimate Revenues increases, cost amortization may be slowed.

Production costs classified as individual are tested for impairment at the individual title level by comparing that title’s unamortized costs to the present value of discounted cash flows directly attributable to the title. To the extent the title’s unamortized costs exceed the present value of discounted cash flows, an impairment charge is recorded for the excess.

Produced content costs that are part of a group and acquired/licensed content costs are amortized based on projected usage, typically resulting in an accelerated or straight-line amortization pattern. The determination of projected usage requires judgment and is reviewed on a regular basis for changes. Adjustments to projected usage are applied prospectively in the period of the change. Historical viewing patterns are the most significant input into determining the projected usage, and significant judgment is required in using historical viewing patterns to derive projected usage. If projected usage changes we may need to accelerate or slow the recognition of amortization expense.

Cost of content that is predominantly monetized as a group is tested for impairment by comparing the present value of the discounted cash flows of the group to the aggregate unamortized costs of the group. The group is established by identifying the lowest level for which cash flows are independent of the cash flows of other produced and licensed content. If the unamortized costs exceed the present value of discounted cash flows, an impairment charge is recorded for the excess and allocated to individual titles based on the relative carrying value of each title in the group. If there are no plans to continue to use an individual film or television program that is part of a group, the unamortized cost of the individual title is written down to its estimated fair value. Licensed content is included as part of the group within which it is monetized for purposes of impairment testing.

The amortization of multi-year sports rights is based on projections of revenues for each season relative to projections of total revenues over the contract period (estimated relative value). Projected revenues include advertising revenue and an allocation of affiliate revenue. If the annual contractual payments related to each season approximate each season’s estimated relative value, we expense the related contractual payments during the applicable season. If estimated relative values by year were to change significantly, amortization of our sports rights costs may be accelerated or slowed.

Revenue Recognition

The Company has revenue recognition policies for its various operating segments that are appropriate to the circumstances of each business. Refer to Note 2 to the Consolidated Financial Statements in the 2024 Annual Report on Form 10-K for our revenue recognition policies.

Pension and Postretirement Medical Plan Actuarial Assumptions

The Company’s pension and postretirement medical benefit obligations and related costs are calculated using a number of actuarial assumptions. Two critical assumptions, the discount rate and the expected return on plan assets, are important elements of expense and/or liability measurement, which we evaluate annually. See Note 10 to the Consolidated Financial Statements in the 2024 Annual Report on Form 10-K for estimated impacts of changes in these assumptions. Other assumptions

48

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

include the healthcare cost trend rate and employee demographic factors such as retirement patterns, mortality, turnover and rate of compensation increase.

The discount rate enables us to state expected future cash payments for benefits as a present value on the measurement date. A lower discount rate increases the present value of benefit obligations and increases pension and postretirement medical expense. The guideline for setting this rate is a high-quality long-term corporate bond rate. The Company’s discount rate was determined by considering yield curves constructed of a large population of high-quality corporate bonds and reflects the matching of the plans’ liability cash flows to the yield curves.

To determine the expected long-term rate of return on the plan assets, we consider the current and expected asset allocation, as well as historical and expected returns on each plan asset class. A lower expected rate of return on plan assets will increase pension and postretirement medical expense.

Goodwill, Other Intangible Assets, Long-Lived Assets and Investments

The Company is required to test goodwill and other indefinite-lived intangible assets for impairment on an annual basis and if current events or circumstances require, on an interim basis. The Company performs its annual test of goodwill and indefinite-lived intangible assets for impairment in its fiscal fourth quarter.

Goodwill is allocated to various reporting units, which are an operating segment or one level below the operating segment. To test goodwill for impairment, the Company first performs a qualitative assessment to determine if it is more likely than not that the carrying amount of a reporting unit exceeds its fair value. If it is, a quantitative assessment is required. Alternatively, the Company may bypass the qualitative assessment and perform a quantitative impairment test.

The qualitative assessment requires the consideration of factors such as recent market transactions, macroeconomic conditions and changes in projected future cash flows of the reporting unit.

The quantitative assessment compares the fair value of each reporting unit to its carrying amount, and to the extent the carrying amount exceeds the fair value, an impairment of goodwill is recognized for the excess up to the amount of goodwill allocated to the reporting unit.

The impairment test for goodwill requires judgment related to the identification of reporting units, the determination of whether reporting units should be aggregated, the assignment of assets and liabilities including goodwill to reporting units, and the determination of fair value of the reporting units.

To determine the fair value of our reporting units, we generally use a present value technique (discounted cash flows) corroborated by market multiples when available and as appropriate. The discounted cash flow analyses are sensitive to our estimated projected future cash flows as well as the discount rates used to calculate their present value. Our future cash flows are based on internal forecasts for each reporting unit, which consider projected inflation and other economic indicators, as well as industry growth projections. Discount rates are determined based on the inherent risks of the underlying operations. Significant judgments and assumptions in the discounted cash flow model used to determine fair value include future revenues and certain operating expenses, operating margins, terminal growth rates and discount rates. We believe our estimates are consistent with how a marketplace participant would value our businesses.

As of the fourth quarter of fiscal 2024, the fair value of the entertainment reporting unit exceeded its carrying amount by less than 10%. The carrying amount of the entertainment reporting unit goodwill is approximately $51 billion. Based on our annual assessment performed in the fourth quarter of fiscal 2024, an approximate 40 basis point increase in the discount rate or an approximate 6% reduction in projected annual cash flows used to determine the fair value of the entertainment reporting unit would effectively eliminate the excess fair value over carrying amount.

To test other indefinite-lived intangible assets for impairment, the Company first performs a qualitative assessment to determine if it is more likely than not that the carrying amount of each of its indefinite-lived intangible assets exceeds its fair value. If it is, a quantitative assessment is required. Alternatively, the Company may bypass the qualitative assessment and perform a quantitative impairment test.

The qualitative assessment requires the consideration of factors such as recent market transactions, macroeconomic conditions and changes in projected future cash flows.

The quantitative assessment compares the fair value of an indefinite-lived intangible asset to its carrying amount. If the carrying amount of an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized for the excess. Fair values of indefinite-lived intangible assets are determined based on discounted cash flows or appraised values, as appropriate.

The Company tests long-lived assets, including amortizable intangible assets, for impairment whenever events or changes in circumstances (triggering events) indicate that the carrying amount may not be recoverable. Once a triggering event has occurred, the impairment test employed is based on whether the Company’s intent is to hold the asset for continued use or to

49

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

hold the asset for sale. The impairment test for assets held for use requires a comparison of the estimated undiscounted future cash flows expected to be generated over the useful life of the significant assets of an asset group to the carrying amount of the asset group. An asset group is generally established by identifying the lowest level of cash flows generated by a group of assets that are largely independent of the cash flows of other assets and could include assets used across multiple businesses. If the carrying amount of an asset group exceeds the estimated undiscounted future cash flows, an impairment would be measured as the difference between the fair value of the asset group and the carrying amount of the asset group. For assets held for sale, to the extent the carrying amount is greater than the asset’s fair value less costs to sell, an impairment loss is recognized for the difference. Determining whether a long-lived asset is impaired requires various estimates and assumptions, including whether a triggering event has occurred, the identification of asset groups, estimates of future cash flows and the discount rate used to determine fair values.

The Company has investments in equity securities, including equity method investments. For equity securities that do not have a readily determinable fair value, we consider forecasted financial performance of the investee companies, as well as volatility inherent in the external markets for these investments. If these forecasts are not met, impairment charges may be recorded.

Allowance for Credit Losses

We evaluate our allowance for credit losses and estimate collectability of accounts receivable based on historical bad debt experience, our assessment of the financial condition of individual companies with which we do business, current market conditions and reasonable and supportable forecasts of future economic conditions. In times of economic turmoil, such as during the COVID-19 pandemic, our estimates and judgments with respect to the collectability of our receivables are subject to greater uncertainty than in more stable periods. If our estimate of uncollectible accounts is too low, costs and expenses may increase in future periods, and if it is too high, costs and expenses may decrease in future periods. See Note 3 to the Condensed Consolidated Financial Statements for additional discussion.

Contingencies and Litigation

We are currently involved in certain legal proceedings and, as required, have accrued estimates of the probable and estimable losses for the resolution of these proceedings. These estimates are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies and have been developed in consultation with outside counsel as appropriate. From time to time, we are also involved in other contingent matters for which we accrue estimates for a probable and estimable loss. It is possible, however, that future results of operations for any particular quarterly or annual period could be materially affected by changes in our assumptions or the effectiveness of our strategies related to legal proceedings or our assumptions regarding other contingent matters. See Note 13 to the Condensed Consolidated Financial Statements for more detailed information on litigation exposure.

Income Tax

As a matter of course, the Company is regularly audited by federal, state and foreign tax authorities. From time to time, these audits result in proposed assessments. Our determinations regarding the recognition of income tax benefits are made in consultation with outside tax and legal counsel, where appropriate, and are based upon the technical merits of our tax positions in consideration of applicable tax statutes and related interpretations and precedents and upon the expected outcome of proceedings (or negotiations) with taxing and legal authorities. The tax benefits ultimately realized by the Company may differ from those recognized in our future financial statements based on a number of factors, including the Company’s decision to settle rather than litigate a matter, relevant legal precedent related to similar matters and the Company’s success in supporting its filing positions with taxing authorities.

New Accounting Pronouncements

See Note 16 to the Condensed Consolidated Financial Statements for information regarding new accounting pronouncements.

DTC PRODUCT DESCRIPTIONS, KEY DEFINITIONS AND SUPPLEMENTAL INFORMATION

Product Offerings

In the U.S., Disney+, ESPN+ and Hulu SVOD Only are each offered as a standalone service or as part of various multi-product offerings. Hulu Live TV + SVOD includes Disney+ and ESPN+. Disney+ is available in more than 150 countries and territories outside the U.S. and Canada. Depending on the market, our services can be purchased on our websites or through third-party platforms/apps or are available via wholesale arrangements.

Paid Subscribers

Paid subscribers reflect subscribers for which we recognized subscription revenue. Certain product offerings provide the option for an extra member to be added to an account (extra member add-on). These extra members are not counted as paid

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

subscribers. Subscribers cease to be a paid subscriber as of their effective cancellation date or as a result of a failed payment method. Subscribers to multi-product offerings in the U.S. are counted as a paid subscriber for each of the Company's services included in the multi-product offering and subscribers to Hulu Live TV + SVOD are counted as one paid subscriber for each of the Hulu Live TV + SVOD, Disney+ and ESPN+ services. Subscribers include those who receive an entitlement to a service through wholesale arrangements, including those for which the service is available to each subscriber of an existing content distribution tier. When we aggregate the total number of paid subscribers across our DTC streaming services, we refer to them as paid subscriptions.

International Disney+

International Disney+ includes the Disney+ service outside the U.S. and Canada.

Average Monthly Revenue Per Paid Subscriber

Hulu and ESPN+ average monthly revenue per paid subscriber is calculated based on the average of the monthly average paid subscribers for each month in the period. The monthly average paid subscribers is calculated as the sum of the beginning of the month and end of the month paid subscriber count, divided by two. Disney+ average monthly revenue per paid subscriber is calculated using a daily average of paid subscribers for the period. Revenue includes subscription fees, advertising (excluding revenue earned from selling advertising spots to other Company businesses), premium and feature add-on revenue and extra member add-on revenue but excludes Pay-Per-View revenue. Advertising revenue generated by content on one DTC streaming service that is accessed through another DTC streaming service by subscribers to both streaming services is allocated between both streaming services. The average revenue per paid subscriber is net of discounts on offerings that carry more than one service. Revenue is allocated to each service based on the relative retail or wholesale price of each service on a standalone basis. Hulu Live TV + SVOD revenue is allocated to the SVOD services based on the wholesale price of the Hulu SVOD Only, Disney+ and ESPN+ multi-product offering. In general, wholesale arrangements have a lower average monthly revenue per paid subscriber than subscribers that we acquire directly or through third-party platforms.

Supplemental information about Paid subscribers:

(in millions)	December 28, 2024	September 28, 2024	December 30, 2023
Domestic (U.S. and Canada) standalone	57.0	59.6	53.8
Domestic (U.S. and Canada) multi-product(1)	29.6	27.1	23.7
Domestic (U.S. and Canada)(3)	86.6	86.7	77.5
International(2)	67.8	69.3	68.8
Total(3)	154.4	156.0	146.3

(1)At December 28, 2024, there were 10.5 million and 19.1 million subscribers to two-service and three-service multi-product offerings, respectively. At September 28, 2024, there were 7.4 million and 19.7 million subscribers to two-service and three-service multi-product offerings, respectively. At December 30, 2023, there were 3.9 million and 19.8 million subscribers to two-service and three-service multi-product offerings, respectively.

(2)The sequential prior quarter and prior-year quarter Paid Subscribers have been adjusted to include Disney+ subscribers in Southeast Asia, which were previously reported with Disney+ Hotstar. Disney+ Hotstar was included in the Star India Transaction.

(3)Total may not equal the sum of the column due to rounding.

SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION

On March 20, 2019 as part of the acquisition of TFCF, The Walt Disney Company (“TWDC”) became the ultimate parent of TWDC Enterprises 18 Corp. (formerly known as The Walt Disney Company) (“Legacy Disney”). Legacy Disney and TWDC are collectively referred to as “Obligor Group”, and individually, as a “Guarantor”. Concurrent with the close of the TFCF acquisition, $16.8 billion of TFCF’s assumed public debt (which then constituted 96% of such debt) was exchanged for senior notes of TWDC (the “exchange notes”) issued pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to an Indenture, dated as of March 20, 2019, between TWDC, Legacy Disney, as guarantor, and Citibank, N.A., as trustee (the “TWDC Indenture”) and guaranteed by Legacy Disney. On November 26, 2019, $14.0 billion of the outstanding exchange notes were exchanged for new senior notes of TWDC registered under the Securities Act, issued pursuant to the TWDC Indenture and guaranteed by Legacy Disney. In addition, contemporaneously with the closing of the March 20, 2019 exchange offer, TWDC entered into a guarantee of the registered debt securities issued by Legacy Disney under the Indenture dated as of September 24, 2001 between Legacy Disney and Wells Fargo Bank, National

51

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS — (continued)

Association, as trustee (the “2001 Trustee”) (as amended by the first supplemental indenture among Legacy Disney, as issuer, TWDC, as guarantor, and the 2001 Trustee, as trustee).

Other subsidiaries of the Company do not guarantee the registered debt securities of either TWDC or Legacy Disney (such subsidiaries are referred to as the “non-Guarantors”). The par value and carrying value of total outstanding and guaranteed registered debt securities of the Obligor Group at December 28, 2024 was as follows:

	TWDC				Legacy Disney
(in millions)	Par Value		Carrying Value		Par Value		Carrying Value
Registered debt with unconditional guarantee	$	32,299	$	32,881	$	7,200	$	7,086

The guarantees by TWDC and Legacy Disney are full and unconditional and cover all payment obligations arising under the guaranteed registered debt securities. The guarantees may be released and discharged upon (i) as a general matter, the indebtedness for borrowed money of the consolidated subsidiaries of TWDC in aggregate constituting no more than 10% of all consolidated indebtedness for borrowed money of TWDC and its subsidiaries (subject to certain exclusions), (ii) upon the sale, transfer or disposition of all or substantially all of the equity interests or all or substantially all, or substantially as an entirety, the assets of Legacy Disney to a third party, and (iii) other customary events constituting a discharge of a guarantor’s obligations. In addition, in the case of Legacy Disney’s guarantee of registered debt securities issued by TWDC, Legacy Disney may be released and discharged from its guarantee at any time Legacy Disney is not a borrower, issuer or guarantor under certain material bank facilities or any debt securities.

Operations are conducted almost entirely through the Company’s subsidiaries. Accordingly, the Obligor Group’s cash flow and ability to service its debt, including the public debt, are dependent upon the earnings of the Company’s subsidiaries and the distribution of those earnings to the Obligor Group, whether by dividends, loans or otherwise. Holders of the guaranteed registered debt securities have a direct claim only against the Obligor Group.

Set forth below is summarized financial information for the Obligor Group on a combined basis after elimination of (i) intercompany transactions and balances between TWDC and Legacy Disney and (ii) equity in the earnings from and investments in any subsidiary that is a non-Guarantor. This summarized financial information has been prepared and presented pursuant to the Securities and Exchange Commission Regulation S-X Rule 13-01, “Financial Disclosures about Guarantors and Issuers of Guaranteed Securities” and is not intended to present the financial position or results of operations of the Obligor Group in accordance with GAAP.

Results of operations (in millions)	Quarter Ended December 28, 2024
Revenues	$	—
Costs and expenses	—
Net income (loss)	(581)
Net income (loss) attributable to TWDC shareholders	(581)

Balance Sheet (in millions)	December 28, 2024		September 28, 2024
Current assets	$	1,967	$	2,767
Noncurrent assets	3,453		3,336
Current liabilities	9,034		7,640
Noncurrent liabilities (excluding intercompany to non-Guarantors)	39,501		40,608
Intercompany payables to non-Guarantors	159,399		157,925

52

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

See Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Note 15 to the Condensed Consolidated Financial Statements.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures – We have established disclosure controls and procedures to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and made known to the officers who certify the Company’s financial reports and to other members of senior management and the Board of Directors as appropriate to allow timely decisions regarding required disclosure.

Based on their evaluation as of December 28, 2024, the principal executive officer and principal financial officer of the Company have concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) are effective.

Changes in Internal Controls – There have been no changes in our internal control over financial reporting during the first quarter of fiscal 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. Legal Proceedings

As disclosed in Note 13 to the Condensed Consolidated Financial Statements, the Company is engaged in certain legal matters, and the disclosure set forth in Note 13 to the Condensed Consolidated Financial Statements relating to certain legal matters is incorporated herein by reference.

ITEM 1A. Risk Factors

For an enterprise as large and complex as the Company, a wide range of factors could materially affect future developments and performance. In addition to the factors affecting specific business operations identified in connection with the description of these operations and the financial results of these operations elsewhere in our filings with the SEC, the most significant factors affecting our business include the factors discussed in our 2024 Annual Report on Form 10-K under Item 1A, “Risk Factors”.

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ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

(c)The following table provides information about Company purchases of equity securities that are registered by the Company pursuant to Section 12 of the Exchange Act during the quarter ended December 28, 2024:

Period	Total Number of Shares Purchased	Average Price Paid per Share(1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(2)
September 29, 2024 - October 31, 2024	875,000	$	95.03	875,000	371 million
November 1, 2024 - November 30, 2024	2,396,500	113.21		2,396,500	368 million
December 1, 2024 - December 28, 2024	3,926,500	114.13		3,926,500	364 million
Total	7,198,000	111.50		7,198,000	364 million

(1)Amounts exclude the one percent excise tax on stock repurchases imposed by the Inflation Reduction Act of 2022.

(2)Under a share repurchase program implemented effective February 7, 2024, the Company is authorized to repurchase a total of 400 million shares of its common stock. The repurchase program does not have an expiration date.

On October 9, 2024, 271,037 shares of common stock were issued in a privately negotiated sale to a service provider, at a price of $92.2382 per share, which was determined by applying a volume weighted average price over a period of 30 business days, in satisfaction of contractual obligations of the Company undertaken in a commercial agreement entered into in the ordinary course of business. The shares were offered and issued in accordance with Section 4(a)(2) of the Securities Act of 1933, as amended. The shares issued are subject to restrictions which, among other things, are designed to assure that any resales will occur in reliance on an applicable exemption under the Securities Act.

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ITEM 5. Other Items

Rule 10b5-1 Trading Arrangements

On December 13, 2024, Brent A. Woodford, the Company’s Executive Vice President, Controllership, Financial Planning and Tax, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. Mr. Woodford’s trading plan provides for the potential exercise of vested stock options granted to Mr. Woodford on December 17, 2015, December 21, 2016 and December 19, 2017, which will expire on December 17, 2025, December 21, 2026 and December 19, 2027, respectively, and the associated sale of up to 61,245 shares of the Company’s common stock, excluding any shares used to effect a cashless exercise or withheld to satisfy tax withholding obligations in connection with the exercise or net settlement of the option awards. Mr. Woodford’s trading plan is scheduled to terminate on December 21, 2026, subject to early termination.

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ITEM 6. Exhibits

INDEX OF EXHIBITS

Number and Description of Exhibit (Numbers Coincide with Item 601 of Regulation S-K)		Document Incorporated by Reference from a Previous Filing or Filed Herewith, as Indicated below
10.1	Form of Non-Qualified Stock Option Award Agreement †	Filed herewith
10.2	Form of Restricted Stock Unit Award Agreement (Time-Based Vesting) †	Filed herewith
10.3	Form of Performance-Based Restricted Stock Unit Award Agreement (Three-Year Vesting subject to ROIC/TSR/EPS Tests) †	Filed herewith
22	List of Guarantor Subsidiaries	Filed herewith
31(a)	Rule 13a-14(a) Certification of Chief Executive Officer of the Company in accordance with Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
31(b)	Rule 13a-14(a) Certification of Chief Financial Officer of the Company in accordance with Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
32(a)	Section 1350 Certification of Chief Executive Officer of the Company in accordance with Section 906 of the Sarbanes-Oxley Act of 2002*	Furnished
32(b)	Section 1350 Certification of Chief Financial Officer of the Company in accordance with Section 906 of the Sarbanes-Oxley Act of 2002*	Furnished
101	The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended December 28, 2024 formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Equity and (vi) related notes	Filed herewith
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)	Filed herewith

*	This certification is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended or the Exchange Act.
†	Management Contract or compensatory plan or arrangement.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

	THE WALT DISNEY COMPANY
	(Registrant)
By:	/s/ HUGH F. JOHNSTON
	Hugh F. Johnston,
	Senior Executive Vice President and Chief Financial Officer

February 5, 2025

Burbank, California

58

EX-10.1

Exhibit 10.1

THE WALT DISNEY COMPANY

Non-Qualified Stock Option Award Agreement

This AWARD AGREEMENT (the “Agreement”) is between you, Participant Name, and The Walt Disney Company (“Disney”), in connection with the Non-Qualified Stock Option Award (the “Option”) granted to you on Grant Date, by the Compensation Committee of the Board of Directors of Disney pursuant to the terms of the 2011 Stock Incentive Plan, as amended (the “Plan”), the applicable terms and conditions of which are incorporated herein by reference and made a part of this Agreement.

This Option gives you the opportunity to purchase #### shares of Common Stock of The Walt Disney Company at an exercise price of $Option Price per share. The exercise price is the average of the highest and the lowest market prices for the Common Stock on the above grant date as determined pursuant to the Plan.

This Option may not be exercised before First Vest Date. On or after that date, subject to your continued employment by Disney or an affiliated company (as described further below) and to the other provisions of the Plan, you may exercise the Option with respect to the number of shares set forth opposite the first date below. As the subsequent dates set forth below occur, you may exercise as to the number of shares set forth opposite those dates:

Vest Date 1; Exercise Qty 1 Shares

Vest Date 2; Exercise Qty 2 Shares

Vest Date 3; Exercise Qty 3 Shares1

Provided your employment continues, the term of this Option is ten years from the grant date and, therefore, expires on [insert tenth anniversary of grant date]. If your employment should cease

1 With respect to Robert Iger, notwithstanding the foregoing vesting schedule, in the event that Mr. Iger is actively employed with Disney or an Affiliate thereof on December 31, 2026, the total number of shares set forth opposite the third vesting date shall become fully vested and exercisable on and after December 31, 2026.

prior to the date on which your grant expires, your right to vest and exercise under the Option will be subject to early termination as provided in Sections 6.5, 12 and 13.2 of the Plan. Except under certain circumstances specified in such Sections, you will generally have the right of continued vesting and exercisability for three months following the date of termination of your employment (such period as it may hereinafter be extended in certain circumstances as provided below being the “Extended Vesting and Exercisability Period”), and any shares that vest during the Extended Vesting and Exercisability Period will be exercisable during such period (or, under certain circumstances, for such longer period as may be provided by the Plan).

You may exercise this Option as to all or part of the number of shares covered by the Option which are then vested by paying the aggregate exercise price and applicable withholding taxes on the gross gain. You will be provided with additional information at the time of exercise about the methods available for exercising your Option and paying your withholding taxes, in accordance with the methods of exercising options permitted under Section 6.6 of the Plan. You are urged to seek advice from your tax accountant or attorney when making decisions regarding the exercise of this Option. This Option may not be transferred or assigned.

Notwithstanding any other term or provision hereof, you agree by acceptance of this Option that, except for certain shares (the “Tax-Available Shares”) that may be sold to pay taxes up to the Maximum Tax Liability (as defined below) upon an exercise of a portion of, or all of, this Option, you will hold, for not less than twelve months from the date of exercise of this Option, shares representing no less than [seventy-five percent (75%)]/[one hundred percent (100%)] of the shares acquired by you (other than Tax-Available Shares) upon such exercise; provided, however, that the foregoing obligation to hold such shares (and any similar obligation in any non-qualified stock option award previously granted to you) shall not be applicable at any time when you are already holding shares of Common Stock of Disney (including any outstanding restricted stock units (with or without performance-based vesting conditions) awarded to you by with a value equal to at least [three]/[five] times your base salary as in effect at such time (the “Disney Stock Ownership Requirement”). For purposes hereof the term “Maximum Tax Liability” shall mean the amount calculated by multiplying total income recognized, as reported by Disney for Federal income tax purposes, upon an exercise of this Option, by a percentage determined as follows:

2

FR + SR (100-FR) + MR

where:

FR = the highest Federal income tax rate in effect at time of exercise of the Option;

SR = the highest state income tax rate, if any, in effect at the time of exercise of the Option in the state where your principle Disney office is located; and

MR = the Medicare tax rate in effect at time of exercise of the Option.

The number of whole shares acquired upon any exercise of the Options that may be sold to discharge the Maximum Tax Liability shall be determined by dividing the Maximum Tax Liability by the fair market value (as defined in Section 2 of the Plan) of one share of Disney common stock on the date of exercise of the Option and disregarding any fractional amount resulting from such calculation.

For the purposes hereof, your commitment to hold the percentage of shares referred to above for not less than twelve months unless you are already in compliance with the Disney Stock Ownership Requirement shall constitute an undertaking by you not to sell, transfer, pledge, encumber, assign or otherwise dispose of, except for certain transfers to “family members” and certain others permitted with the prior approval of the Committee pursuant to Section 6.7 of the Plan, any of such shares during such period.

If you are employed pursuant to an employment agreement with Disney, any provisions thereof relating to the effect of a termination of your employment upon your rights with respect to this Option, including, without limitation, any provision regarding acceleration of this Option, shall be fully applicable and shall supersede the provisions hereof relating to the same subject matter, but in no event shall the restriction on sale of shares acquired upon the exercise of this Option referred herein apply after any termination of your employment with Disney.

3

In the eventthat your employment with Disney or an Affiliate thereof terminates for any reason other than death, disability, or “cause” (as further provided in the Plan) at a time when (i) you have attained the age of sixty and have completed at least ten consecutive Service Years (as hereinafter defined) and (ii) at least one year has passed since the Grant Date of this Option, then notwithstanding any other term or provision hereof, the Extended Vesting and Exercisability Period shall continue until the earlier of five years from the date of termination of your employment or the expiration date of this Option as provided above; provided, however, that in the event of your death during such period, all remaining unvested Tranches of this Option shall vest immediately upon such event and thereafter all remaining unexercised Tranches (or portions thereof) of this Option shall be exercisable until the earlier of the expiration of 18 months from date of death or the expiration date of this Option.

In the event that your employment with Disney or an Affiliate thereof terminates for any reason other than death, Disability, “cause” (as provided in Section 12 of the Plan) or a sixty and ten Termination, at a time when (i) you have attained the age of fifty-five and have completed at least three consecutive Service Years, and notwithstanding any other term or provision hereof, you may continue to exercise any portion of your stock options that shall have become vested (including during the three month period after your date of termination included in Extended Vesting and Exercisability Period) until the earlier of 18 months from the date of termination of your active employment or the expiration date of this Stock Option Award (the “Additional Exercisability Period”).

For purposes of the foregoing, “Service Year” shall mean any calendar year during which you have been continuously employed by Disney or an Affiliate thereof for the entire calendar year. In determining the total number of consecutive Service Years that you have been so employed, the Company shall apply such rules regarding the bridging of service as the Committee may adopt from time to time.

4

Notwithstanding any other term or provision hereof, if you are employed pursuant to an employment agreement with Disney or an Affiliate which provides under certain circumstances for the continued vesting and/or exercisability of this Option in the event of the termination of such employment agreement prior to its scheduled expiration date (a “Contractual Extension Provision”), then, except as otherwise expressly provided in such employment agreement, (i) this Option shall be interpreted and applied in all respects to have the same effect as if you had remained continuously employed by Disney or an Affiliate thereof from the Grant Date of this Option through the scheduled expiration date of such employment agreement and (ii) the date of termination of your employment for all purposes hereunder shall be deemed to be the scheduled expiration date of such employment agreement.

Solely for purposes of (i) determining whether, and to what extent, the Participant shall have become eligible to exercise all or any portion of this Option and (ii) determining the period during which any vested portion of this Option remains exercisable following termination of the Participant’s employment, the Participant shall be deemed to have continued in employment (without duplication of any service credit afforded with respect to a Contractual Extension Provision, as defined below) with Disney or an Affiliate during any period for which the Company provides Participant pay in lieu of notice in connection with The Worker Adjustment and Retraining Notification Act, as currently in effect and as the same may be amended from time to time, or any successor statute thereto or any comparable provision of state, local or foreign law applicable to the Participant.

[In the event that your employment with Disney or an Affiliate thereof terminates upon the Scheduled Expiration Date, or an earlier Termination for Good Reason (provided that you execute and do not revoke the Release and execute the Consulting Agreement, in each case as required by your employment agreement with Disney or an Affiliate thereof), then notwithstanding any other term or provision hereof, the Extended Vesting and Exercisability Period shall continue until the earlier of five years from the date of termination of your employment or the expiration date of this Option as provided above; provided, however, that in the event of your death during such period, all remaining unvested Tranches of this Option shall vest immediately upon such event and thereafter all remaining unexercised Tranches (or portions thereof) of this Option shall be exercisable until the earlier of the expiration of 18 months from date of death or the expiration date of this Option. For

5

purposes of the foregoing, each of “Scheduled Expiration Date,” “Termination for Good Reason”, “Release” and “Consulting Agreement” shall have the meaning of such term as set forth in your employment agreement with Disney or an Affiliate thereof, as may be amended from time to time, and as in effect on the date of the Participant’s termination of employment.]2

You expressly authorize and consent to the collection, possession, use, retention and transfer of your personal data, whether in electronic or other form, by and among Disney, its Affiliates, third-party administrator(s) and other possible recipients, in each case for the exclusive purpose of implementing, administering, facilitating and/or managing your Awards under, and participation in, the Plan. Such personal data may include, without limitation, your name, home address and telephone number, date of birth, Social Security Number, social insurance number or other identification number, salary, nationality, job title and other job-related information, tax information, the number of Disney shares held or sold by you, and the details of all Awards (including any information contained in this Award and all Award-related materials) granted to you, whether exercised, unexercised, vested, unvested, cancelled or outstanding (“Data”). You acknowledge, understand and agree that Data will be transferred to Merrill, which is assisting Disney with the implementation, administration and management of the Plan, and/or to such other third-party plan administrator(s) and/or recipients as may be selected by Disney in the future. You understand that one or more of the administrators or recipients of Data may be located in countries other than the country of your current residence, and that such other countries may have data privacy laws and protections different from, and less protective than, the laws and protections of the country of your current residence, the Member States of the European Union or any other country to which you may be at any time relocated.

***********************

Note: Non-Qualified Stock Options are granted and vested in the United States. You are responsible for any applicable taxes whether you are in the United States or any other country. At the time of exercise, Disney will withhold any minimum statutory local or U.S. taxes, as applicable.

2 Included in award agreements for Hugh Johnston and Horacio Gutierrez

6

EX-10.2

Exhibit 10.2

THE WALT DISNEY COMPANY

Schedule of Provisions for Certain

Time-Vested Restricted Stock Unit Awards

Pursuant to the 2011 Stock Incentive Plan

AWARD AGREEMENT, dated as of Date between The Walt Disney Company, a Delaware corporation (“Disney”), and Participant Name (the “Participant”). This Award is granted on Grant Date (the “Date of Grant”) by the Compensation Committee of the Disney Board of Directors (the “Committee”).

Section 1. Restricted Stock Unit Award. Disney hereby grants to the Participant, on the terms and conditions set forth herein, an Award of #### Restricted Stock Units. This schedule relates to an Award of “Restricted Stock Units” (the “Award Agreement”) pursuant to the 2011 Stock Incentive Plan, as amended (the “Plan”) by The Walt Disney Company (“Disney”). All capitalized terms not defined herein shall have the meanings set forth in the Plan. The Award referred to herein constitutes a “Stock Unit Award” under the Plan. The Restricted Stock Units are notional units of measurement denominated in shares of Common Stock of Disney (“Shares”) (i.e., one Restricted Stock Unit is equivalent in value to one Share, subject to the terms hereof). The Restricted Stock Units represent an unfunded, unsecured obligation of Disney. This Award is subdivided into three “tranches,” each of which constitute one third of the Award.

Section 2. Vesting Requirements. Subject to accelerated vesting in certain circumstances as provided in Section 3 below and to the terms of Section 6 below regarding extended vesting, your right to receive payment of this Award shall become vested only if you remain continuously employed by Disney or an Affiliate from the date hereof (i) in the case of the first tranche, until the first anniversary of the Date of Grant, (ii) in the case of the second tranche, until the second anniversary of the Date of Grant and (iii) in the case of the third tranche, until the third anniversary of the Date of Grant. Except as otherwise provided in Sections 3 or 6 below, if the service vesting requirements of this Section 2 are not satisfied for a tranche, the applicable number of Restricted Stock Units shall be immediately forfeited and your rights with respect thereto shall cease. For the avoidance of doubt, subject to the terms of Section 6 below, employment for only a period during a vesting period does not entitle you to pro-rated vesting of the respective tranche.All Restricted Stock Units for which the requirements of this Section 2 have been satisfied shall become vested and shall thereafter be payable in accordance with Section 5 hereof.

Section 3. Accelerated Vesting. Notwithstanding the terms and conditions of Section 2 hereof, upon your death or Disability (to the extent permitted under applicable local law), or upon the occurrence of a Triggering Event within the 12-month period following a Change in Control (in accordance with Section 11 of the Plan as in effect on the date hereof), this Award shall become fully vested and shall be payable in accordance with Section 5 hereof to the extent that it has not previously been forfeited.

Section 4. Dividend Equivalents. Any dividends paid in cash or Shares will be credited to you as additional Restricted Stock Units as if the Restricted Stock Units you previously held were outstanding Shares, as follows: such credit shall be made in whole Restricted Stock Units only (rounded downward to the nearest whole unit) and shall be based on the Fair Market Value of the Shares on the date of payment of such dividend. All such additional Restricted Stock Units shall be subject to the same vesting requirements applicable to the Restricted Stock Units in respect of which they were credited and shall be payable in accordance with Section 5 hereof.

Section 5. Payment of Award. Payment of vested Restricted Stock Units shall be made within 30 days of the applicable vesting date under Section 2 hereof as of which the vesting requirements under Section 2 hereof shall have been satisfied with respect to any tranche (or within 30 days of the acceleration of vesting under Section 3 hereof). The Restricted Stock Units shall be paid in cash or in Shares (or some combination thereof), as determined by the Committee in its discretion at the time of payment, and in either case shall be paid to you after satisfaction of any withholding obligation for all income tax, social insurance contributions, National Insurance contributions,

1

payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in the Plan and legally applicable to you (“Tax-Related Items”) in the amount determined by the Committee.

Section 6. Extended Vesting.

(a) In the event that your employment with Disney or an Affiliate thereof terminates for any reason other than death, Disability or “cause” (as provided in Section 12 of the Plan) at a time when (i) you have attained the age of 60 and have completed at least 10 consecutive Service Years (as hereinafter defined) and (ii) at least one year has passed since the Date of Grant, then unless otherwise stated in the Appendix (as defined in Section 18), the remaining then unvested tranche(s) of this Award shall vest in accordance with the terms and provisions hereof in the same manner as if your employment had continued through the scheduled vesting date(s) of such tranche(s); provided, however, that in the event of your death prior to any such scheduled vesting date(s), all remaining then unvested tranche(s) of this Award shall vest and be payable immediately upon such event.For purposes of the foregoing, “Service Year” shall mean any 12-month period during which you were continuously employed by Disney or an Affiliate thereof.In determining the total number of consecutive Service Years that you have been so employed, Disney shall apply such rules regarding the bridging of service as the Committee may adopt from time to time.

(b) Notwithstanding any other term or provision hereof, if at the time of termination of employment (other than upon the scheduled expiration date of an employment agreement), you are employed pursuant to an employment agreement with Disney or an Affiliate which provides under certain circumstances for the continued vesting of any Restricted Stock Units subject to this Award in the event of the termination of such employment agreement prior to its scheduled expiration date (a “Contractual Extension Provision”), then, except as otherwise provided in such employment agreement, (i) this Section 6 shall be interpreted and applied in all respects as if you had remained continuously employed by Disney or an Affiliate thereof from the Date of Grant through the scheduled expiration date of such employment agreement and (ii) the date of termination of your employment for all purposes under this Section 6 shall be deemed to be the scheduled expiration date of such employment agreement.

[(c) In the event that your employment with Disney or an Affiliate thereof terminates upon the Scheduled Expiration Date, or an earlier Termination for Good Reason (provided that you execute and do not revoke the Release and execute the Consulting Agreement, in each case as required by your employment agreement with Disney or an Affiliate thereof), then notwithstanding any other term or provision hereof, the remaining unvested tranche(s) of this Award shall vest in accordance with the terms and provisions hereof in the same manner in the same manner as if your employment had continued through the scheduled vesting date(s) of such tranche(s); provided, however, that in the event of your death prior to any such scheduled vesting date(s), all remaining then unvested tranche(s) of this Award shall vest and be payable immediately upon such event. For purposes of the foregoing, each of “Scheduled Expiration Date,” “Termination for Good Reason”, “Release” and “Consulting Agreement” shall have the meaning of such term as set forth in your employment agreement with Disney or an Affiliate thereof, as may be amended from time to time, and as in effect on the date of the Participant’s termination of employment.]1

[(c)] [(d)] Solely for purposes of determining whether, and to what extent, you have satisfied the service vesting requirement in Section 2, you will be deemed to have continued in employment (without duplication of any service credit afforded with respect to a Contractual Extension Provision) with Disney or an Affiliate during any period for which Disney or an Affiliate provides you with pay in lieu of notice in connection with The Worker Adjustment and Retraining Notification Act, as currently in effect and as the same may be amended from time to time, or any successor statute thereto or any comparable provision of state, local or foreign law applicable in your jurisdiction.

[(d)] [(e)] If at the time of your termination of employment, (a) you are not employed pursuant to an employment agreement or other personal services contract with Disney or an Affiliate and (b) Disney determines

1 Included in award agreements for Hugh Johnston and Horacio Gutierrez.

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that your termination of employment meets the conditions of a “Layoff” as defined in the Disney Severance Pay Plan (as amended and as in effect on the date of your termination of employment), then this Award shall continue to vest for three (3) monthsfollowing your termination of employment (without duplication of any service credit afforded under any other provisions of this Section 6, or any arrangement with Disney or an Affiliate or any provision of applicable law).

Section 7. Responsibility for Taxes. Restricted Stock Units are granted and vested in the United States. At the time of vesting, if you are a U.S. taxpayer, Disney will withhold all U.S. federal, state and local taxes as required by applicable law at the then-current rate for supplemental wage income.If you are resident outside the U.S., you shall be responsible for the payment of all Tax-Related Items, and Disney or, if different, the Affiliate by whom you are employed (the “Employer”) will either withhold the Tax-Related Items as required by applicable law, or, alternatively, you will be required to pay the Tax-Related Items directly or, where permitted by applicable law with respect to fringe benefits or employer social taxes, to reimburse Disney or the Employer, as applicable for the Tax-Related Items paid by Disney or the Employer.

Regardless of any action Disney or the Employer takes with respect to any Tax-Related Items, you acknowledge that the ultimate reportable amount and the liability for all Tax-Related Items is and remains your responsibility and may exceed the amount actually withheld and reported by Disney or the Employer, if any, whether you are in the United States or any other country.You further acknowledge that Disney and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, the issuance of Shares upon settlement of the Restricted Stock Units, the subsequent sale of Shares acquired pursuant to such issuance and the receipt of any dividends and/or dividend equivalents; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate your liability for Tax-Related Items or achieve any particular tax result.Further, if you are subject to tax in more than one jurisdiction, you acknowledge that Disney and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. Additionally, you acknowledge that if you have relocated from one jurisdiction to another during the life of the award, it is your responsibility to consult with your tax advisor to ensure the appropriate amount is reported to each jurisdiction and taxed accordingly. You also acknowledge that it is your responsibility to ensure that all information related to your prior and current work and residency locations are correct in Disney and/or the Employer’s internal system of record.

Prior to any relevant taxable or tax withholding event, as applicable, you agree to pay or make adequate arrangements satisfactory to Disney and/or the Employer to satisfy all Tax-Related Items.In this regard, you authorize Disney and/or the Employer, or their respective agents, at their discretion, to satisfy any applicable withholding obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from your wages or other cash compensation payable to you by Disney, the Employer or any other Affiliate; (ii) withholding from proceeds of the sale of Shares acquired upon vesting/settlement of the Restricted Stock Units either through a voluntary sale or through a mandatory sale arranged by Disney (on your behalf pursuant to this authorization without further consent); or (iii) withholding in Shares to be issued upon settlement of the Restricted Stock Units.

Disney may withhold or account for Tax-Related Items by considering statutory withholding rates or other withholding rates, including maximum rates applicable in your jurisdiction(s).In the event of over-withholding, you may receive a refund of any over-withheld amount in cash (with no entitlement to the equivalent in Shares), or if not refunded, you may seek a refund from the applicable tax authorities.In the event of under-withholding, you may be required to pay additional Tax-Related Items directly to the applicable tax authorities or to Disney and/or the Employer.If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, you are deemed to have been issued the full number of Shares subject to the vested Restricted Stock Units, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

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Finally, you shall pay to Disney or the Employer any amount of Tax-Related Items that Disney or the Employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described.Disney may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if you fail to comply with your Tax-Related Items obligations.

Section 8. Restrictions on Transfer. Neither this Award nor any Restricted Stock Units covered hereby may be sold, assigned, transferred, encumbered, hypothecated or pledged by you, other than to Disney as a result of forfeiture of the Restricted Stock Units as provided herein.

Section 9. No Voting Rights. The Restricted Stock Units granted pursuant to this Award, whether or not vested, will not confer any voting rights upon you, unless and until the Award is paid in Shares.

Section 10. Award Subject to Plan. This Restricted Stock Unit Award is subject to the terms of the Plan, the terms and provisions of which are hereby incorporated by reference. In the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Plan, the Plan will govern and prevail.

Section 11. Changes in Capitalization. The Restricted Stock Units under this Award shall be subject to the provisions of the Plan relating to adjustments for changes in corporate capitalization.

Section 12. Nature of Grant. In accepting the Restricted Stock Unit Award, you acknowledge, understand and agree that:

(a)the Plan is established voluntarily by Disney, it is discretionary in nature, and may be amended, suspended or terminated by Disney at any time, to the extent permitted by the Plan;

(b)the Plan is operated and the Restricted Stock Units are granted solely by Disney, and only Disney is a party to this Award Agreement; accordingly, any rights you may have under this Award Agreement, including related to the Restricted Stock Units, may be raised only against Disney but not any Affiliate (including, but not limited to, the Employer);

(c)the grant of the Restricted Stock Units is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of restricted stock units, or benefits in lieu of restricted stock units, even if restricted stock units have been granted in the past;

(d)all decisions with respect to future Restricted Stock Unit or other grants, if any, will be at the sole discretion of Disney;

(e)your participation in the Plan shall not confer upon you any right to employment or service with the Employer, Disney or any other Affiliate, and shall not interfere with the ability of the Employer to terminate your employment or service relationship (if any) at any time or to change the terms and conditions of such employment or service relationship (if any);

(f)you are voluntarily participating in the Plan;

(g)the Restricted Stock Units and the Shares subject to the Restricted Stock Units, and the income from and value of same, are not intended to replace any pension rights or compensation;

(h)the Restricted Stock Unit Award and your participation in the Plan will not be interpreted to form an employment or service agreement or relationship with Disney or any Affiliate;

(i)the future value of the Shares subject to the Restricted Stock Units is unknown, indeterminable and cannot be predicted with certainty;

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(j)unless otherwise agreed with Disney, the Restricted Stock Units and the Shares subject to the Restricted Stock Units, and the income from and value of same, are not granted as consideration for, or in connection with, any service you may provide as a director of any Affiliate;

(k)no claim or entitlement to compensation or damages shall arise from any forfeiture of the Restricted Stock Units resulting from termination of your employment or service relationship (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or providing services or the terms of your employment or service agreement, if any);

(l)for purposes of the Restricted Stock Units, your employment or service relationship will be considered terminated as of the date you are no longer actively providing services to Disney, the Employer or any other Affiliate (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or providing services or the terms of your employment or service agreement, if any) and except in the case of death or Disability in accordance with Section 3 hereof and unless otherwise expressly provided in this Award Agreement or determined by Disney, your right to vest in the Restricted Stock Units under the Plan, if any, will terminate effective as of such date and will not be extended by any notice period (e.g., the period of your employment service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you are employed or providing services or the terms of your employment or service agreement, if any); the Committee shall have the exclusive discretion to determine when you are no longer actively providing services for purposes of your Restricted Stock Unit Award (including whether you may still be considered to be providing services while on a leave of absence);

(m)the Restricted Stock Units and the Shares subject to the Restricted Stock Units, and the income from and value of same, are not part of normal or expected compensation or salary for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

(n)unless otherwise provided in the Plan or by Disney in its discretion, the Restricted Stock Units and the benefits evidenced by this Award Agreement do not create any entitlement to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares; and

(o)if you are providing services outside the United States:

(i)the Restricted Stock Units and the Shares subject to the Restricted Stock Units, and the income from and value of same, are not part of normal or expected compensation or salary for any purpose; and

(ii)neither Disney, the Employer nor any other Affiliate shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to you pursuant to the settlement of the Restricted Stock Units or the subsequent sale of any Shares acquired upon settlement.

Section 13. No Advice Regarding Grant. Disney is not providing any tax, legal or financial advice, nor is Disney making any recommendations regarding your participation in the Plan, or your acquisition or sale of the Shares subject to the Restricted Stock Units.You understand and agree that you should consult with your own personal tax, legal and financial advisors regarding participation in the Plan before taking any action related to the Plan.

Section 14. Governing Law and Venue. This Award Agreement shall be construed and enforced in accordance with the internal substantive laws of the State of Delaware, U.S.A., without giving effect to the choice of law principles thereof.For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by the Restricted Stock Units and this Award Agreement, the parties hereby submit to and

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consent to the sole and exclusive jurisdiction of the State of California, U.S.A. and agree that such litigation shall be conducted only in the courts of Los Angeles County, California, U.S.A., or the federal courts for the United States for the Central District of California, and no other courts, where this grant is made and/or to be performed.

Section 15. Electronic Delivery and Participation.Disney may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by Disney or a third party designated by Disney.

Section 16. Language.You acknowledge that you are sufficiently proficient in English to understand the terms and conditions of this Award Agreement and the Plan or have had the ability to consult with an advisor who is sufficiently proficient in the English language.Furthermore, if you have received this Award Agreement, or any other document related to the Restricted Stock Units and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law.

Section 17. Severability. The provisions of this Award Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

Section 18. Imposition of Other Requirements. Disney reserves the right to impose other requirements on the Restricted Stock Units and the Shares acquired upon vesting/settlement of the Restricted Stock Units, to the extent Disney determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

Section 19. Data Privacy.

(a)Purposes of Processing.Disney processes Data (as defined below) for purposes that include administering and managing your participation in the Plan and facilitating compliance with applicable tax, exchange control, securities and labor law.

(b)Data Collection and Usage.Disney and the Employer process information about you that includes the following for purposes of this Award Agreement: your name, home address, telephone number, email address, date of birth, social security number (or similar national identifier), salary, nationality, job title, any shares or directorships held in Disney, details of all Awards granted under the Plan or any other entitlement to shares awarded, canceled, exercised, vested, unvested or outstanding in your favor (“Data”).

(c)Stock Plan Administration Service Providers.Disney transfers Data to Merrill Lynch, Pierce, Fenner & Smith Incorporated and certain of its affiliates (“Merrill”), which is assisting Disney with the implementation, administration and management of the Plan.Disney may select a different service provider or additional service providers and share Data with such other provider(s) serving in a similar manner.You may be asked to agree on separate terms and data processing practices with Merrill or such other provider(s), with such agreement being a condition to the ability to participate in the Plan.

(d)International Data Transfers.You understand and acknowledge that any processing by Disney and/or Merrill under this Award Agreement may involve a transfer of Data from your home jurisdiction to the U.S.

(e)Data Subject Rights.You may have a number of rights under the data privacy laws in your jurisdiction.Depending on where you are based, such rights may include the right to (i) request access to or copies of Data Disney processes, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict the processing of Data, (v) restrict the portability of Data, (vi) lodge complaints with competent authorities in your jurisdiction, and/or (vii) receive a list with the names and addresses of any potential recipients of Data.To receive information regarding these rights or to exercise these rights, you can contact your local human resources representative.

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(f)Contractual Requirement.Where necessary, your provision of Data and its processing as described above is a contractual requirement for you to participate in the Plan. Your participation in the Plan and your acceptance of the Restricted Stock Unit Award is purely voluntary.You can refuse to provide Data, as a result of which you will not be able to participate in the Plan, but your career and salary will not be affected in any way.

Section 20. Waiver.You acknowledge that a waiver by Disney of breach of any provision of this Award Agreement shall not operate or be construed as a waiver of any other provision of this Award Agreement, or of any subsequent breach by you or any other Participant.

Section 21. Insider Trading/Market Abuse Laws.You acknowledge that, depending on your or your broker’s country of residence or where the Shares are listed, you may be subject to insider trading restrictions and/or market abuse laws, which may affect your ability to acquire or sell or attempt to sell Shares or rights to Shares (e.g., Restricted Stock Units), either directly or indirectly, or rights linked to the value of Shares under the Plan during such times as you are considered to have “inside information” regarding Disney (as defined by or determined under the laws in the applicable jurisdiction or the laws in your country).Local insider trading laws and regulations may prohibit the cancellation or amendment of orders you placed before you possessed inside information.Furthermore, you could be prohibited from (i) disclosing the inside information to any third party (other than on a “need to know” basis) and (ii) “tipping” third parties or causing them to otherwise to buy or sell securities.Keep in mind third parties include fellow employees.Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under Disney's insider trading policy.You acknowledge that it is your responsibility to comply with any applicable restrictions, including those imposed under Disney's insider trading policy, and you should consult with your own personal legal and financial advisors on this matter before taking any action related to the Plan.

Section 22. Foreign Asset/Account Reporting Requirements.You acknowledge that there may be certain foreign asset and/or account reporting requirements which may affect your ability to acquire or hold Shares acquired under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of Shares) in a brokerage or bank account outside your country.You understand that you may be required to report such accounts, assets or transactions to the tax or other authorities in your country.You also may be required to repatriate sale proceeds or other funds received as a result of your participation in the Plan to your country through a designated bank or broker and/or within a certain time after receipt.You acknowledge that it is your responsibility to comply with all such requirements, and that you should consult your personal legal and tax advisors, as applicable, to ensure your compliance.

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Note: Restricted Stock Units are granted and vested in the United States.You are responsible for any applicable taxes whether you are in the United States or any other country.At the time of vesting, Disney will withhold any minimum statutory local or U.S. taxes, as applicable

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EX-10.3

Exhibit 10.3

THE WALT DISNEY COMPANY

Schedule of Provisions for

Performance-Based Restricted Stock Unit Award

Pursuant to the 2011 Stock Incentive Plan

(Three-year Vesting subject to ROIC/TSR/EPS Tests)

AWARD AGREEMENT, dated as of Date between The Walt Disney Company, a Delaware corporation (“Disney”), and Participant Name (the “Participant”). This Award is granted on Grant Date (the “Date of Grant”) by the Compensation Committee of the Disney Board of Directors (the “Committee”) pursuant to the terms of the 2011 Stock Incentive Plan, as amended (the “Plan”).

Section 1. Restricted Stock Unit Award. Disney hereby grants to the Participant, on the terms and conditions set forth herein, an Award for a target number of Stock Units of #### (such target number of Stock Units, together with such number of additional whole or fractional Stock Unit(s), if any, as may from time to time be credited with respect thereto (as dividend equivalents) pursuant to Section 4 hereof, being referred to herein as the “Target Award Amount”). The number of Stock Units which may be awarded hereunder is dependent upon the satisfaction of the conditions set forth herein and may range from no Stock Units to 200% of the Target Award Amount. The Stock Units are notional units of measurement denominated in Shares of Disney (i.e., one Stock Unit is equivalent in value to one Share, subject to the terms hereof). The Stock Units represent an unfunded, unsecured obligation of Disney.

Section 2. Vesting Requirements. The vesting of this Award (other than pursuant to accelerated vesting in certain circumstances as provided in Section 3 below or vesting pursuant to Section 6 below) shall be subject to the satisfaction of the conditions set forth in each of subsections A, B and C as applicable, and, in each case, subsection D of this Section 2:

A.ROIC Test. The vesting of 25 percent of the Stock Units subject to this Award (the “ROIC Target Award Amount”) shall be conditioned upon the satisfaction of a performance vesting requirement (the “ROIC Performance Requirement”) based upon Average ROIC with respect to the three-fiscal year performance period commencing with the fiscal year in which the Award is made (the “ROIC Performance Period”). To satisfy the ROIC Performance Requirement, the Committee must determine that the Average ROIC with respect to the ROIC Performance Period equals or exceeds the ROIC Threshold. If this requirement is met, the number of Stock Units as to which the ROIC Performance Requirement shall be satisfied shall be determined as follows:

i.If Average ROIC equals the ROIC Threshold, then the number of Stock Units which shall satisfy the ROIC Performance Requirement shall be 50% of the ROIC Target Award Amount.

ii.If Average ROIC equals the ROIC Target, the number of Stock Units which shall satisfy the ROIC Performance Requirement shall be 100% of the ROIC Target Award Amount.

iii.If Average ROIC equals or exceeds the ROIC Maximum, the number of Stock Units which shall satisfy the ROIC Performance Requirement shall be 200% of the ROIC Target Award Amount.

iv.If Average ROIC is above one but below the next performance level specified above, the number of Stock Units which shall satisfy the ROIC Performance Requirement shall be determined by mathematical interpolation between such two performance levels.

For the purposes hereof, the terms set forth below shall have the following meanings:

“Annual After-Tax Operating Performance” with respect to any fiscal year means the sum of (i) and (ii), minus (iii), where (i), (ii) and (iii) are:

(i)segment operating income for such fiscal year, as reported in Disney’s audited financial statements for such fiscal year,

(ii)corporate and unallocated shared expenses for such fiscal year, as reported in Disney’s audited financial statements for such fiscal year, and

(iii)the amount determined by multiplying the sum of (i) and (ii) by the effective Federal Corporate Tax Rate at the beginning of the Fiscal Year for the year of the grant.

Notwithstanding the foregoing, segment operating income and corporate and unallocated shared expenses as referenced in (i) and (ii) above shall be subject to such adjustments thereto as the Committee deems appropriate in its sole discretion (x) to exclude the effect of extraordinary, unusual and/or nonrecurring items and (y) to reflect such other factors as the Committee deems appropriate to fairly reflect operating performance for the applicable fiscal year.

“Average ROIC” shall mean the percentage equal to the average of the ROIC determined separately for each of the three fiscal years in the ROIC Performance Period.

“Invested Capital” as of the end of any fiscal year means the remainder of (i) minus (ii), where (i) and (ii) are:

(i)Disney’s total assets as of the last day of such fiscal year, and

(ii)the sum of

(1)Disney’s cash, cash equivalents and restricted cash as such last day of such fiscal years,

(2)Disney’s deferred tax assets, and

(3)Disney’s Non-Interest Bearing Liabilities.

in the case of each item in clause (i) or (ii)(1), (2) and (3) above, as reported in Disney’s audited financial statements for such fiscal year, but subject to adjustment by the Committee, by no later than the Scheduled Vesting Date, to take into account any factors or occurrences (such as an acquisition of assets in exchange for stock or a disposition of assets in a spin-off or similar transaction) which the Committee determines inequitably and substantially enlarge or diminish the rights of the Participant and other Plan participants with respect to the Award and similar awards granted under the Plan.

“ROIC” with respect to any fiscal year means the percentage determined by dividing (i) the Annual After-Tax Operating Performance for such fiscal year by (ii) the average of Invested Capital at the end of such fiscal year and at the end of the immediately prior fiscal year.

“ROIC Maximum” means the level of Average ROIC specified by the Committee at which the maximum amount payable with respect to the ROIC Target Award Amount shall be earned.

“ROIC Target” means the level of Average ROIC specified by the Committee at which the ROIC Target Award Amount shall be earned, set no later than the end of the first quarter of the fiscal year in which the award is made.

“ROIC Threshold” means the level of Average ROIC specified by the Committee below which no portion of the ROIC Target Award Amount shall be earned.

“Non-Interest Bearing Liabilities” means the amount of money that a company owes (a liability on the balance sheet, current or non-current), without any interest or penalties accruing to the amount owed. For the avoidance of any doubt, Non-Interest Bearing Liabilities exclude liabilities related to deferred taxes, pension, retirement and leases.

B.Total Shareholder Return Test. The vesting of 25 percent of the Stock Units subject to this Award (the “TSR Target Award Amount”) shall be conditioned upon the satisfaction of a performance vesting requirement (the “TSR Performance Requirement”) based on the Total Shareholder Return of Disney as compared to the Total Shareholder Returns of the companies in the S&P500 Media & Entertainment Index, in each case, with respect to the three fiscal year period ending on the Determination Date (as such term is defined below). To satisfy the TSR Performance Requirement, the TSR Percentile (as hereinafter defined) of Disney must equal or exceed the TSR Percentile of 25.00% of the S&P500 Media &

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Entertainment Companies (the “S&P M&E 25th TSR Percentile”). If this requirement is met, the number of Stock Units as to which the TSR Performance Requirement shall be satisfied shall be determined as follows:

i.If the TSR Percentile of Disney is equal to the “S&P 25th M&E TSR Percentile,” then the number of Stock Units which shall satisfy the TSR Performance Requirement shall be 50% of the TSR Target Award Amount.

ii.If the TSR Percentile of Disney is equal to the TSR Percentile of 55.00% of the S&P500 Media & Entertainment Companies (the “S&P 55th M&E TSR Percentile”), then the number of Stock Units which shall satisfy the TSR Performance Requirement shall be 100% of the TSR Target Award Amount.

iii.If the TSR Percentile of Disney equals or exceeds the TSR Percentile of 75.00% of the S&P500 Media & Entertainment Companies (the “S&P 75th M&E TSR Percentile”), then the number of Stock Units which shall satisfy the TSR Performance Requirement shall be 200% of the TSR Target Awards Amount.

iv.If the TSR Percentile of Disney is above one but below the next performance level specified above, the number of Stock Units which shall satisfy the TSR Performance Requirement shall be determined by mathematical interpolation between such two performance levels.

For the purposes hereof, the terms set forth below shall have the following meanings:

“Determination Date” shall mean the last trading day of the fiscal year end immediately preceding the Scheduled Vesting Date (as hereinafter defined). For example, for an award vesting on January 15th, 2028, the determination date would be October 1st, 2027 (i.e. the final trading day of the immediately preceding fiscal year).

“Total Shareholder Return” shall mean an amount equal to the average of the total return figures for the three-year period ending on the twenty (20) trading days referred to below, assuming dividends are reinvested on the ex-dividend date, as currently reported under “Comparative Returns” by Bloomberg L.P. (“Bloomberg”) (or any other reporting service that the Committee may designate from time to time):

(i)for Disney (as such total return figures for Disney may be adjusted by the Committee, by no later than the Scheduled Vesting Date, to take into account any factors which the Committee has determined are not properly reflected in such reported figures) or

(ii)for any other S&P 500 Media & Entertainment Company

in each case for the twenty (20) latest trading days up to and (if the Determination Date is a trading day) including the Determination Date. In determining Total Shareholder Return, the average of the total return figures for each of Disney and each other S&P 500 Media & Entertainment Company for such respective three-year periods shall be compared to the relative average values reported for each such company for the twenty (20) trading days commencing with the day that is twenty (20) trading days prior to the first day of Disney’s fiscal year in which the grant takes place.

“TSR Percentile” shall mean the percentile ranking (which shall be carried out to two decimal points) as determined by Disney on the basis of the Total Shareholder Return figures reported by Bloomberg (or any other reporting service that the Committee may designate from time to time) for each of the S&P 500 Media & Entertainment Companies, including Disney (provided that in the case of Disney adjustments may be made by the Committee with respect to Total Shareholder Return as provided above).

“S&P 500 Media & Entertainment Companies” shall mean all of the companies listed on the Standard & Poor’s 500 Media & Entertainment Composite Index, including Disney, on the date which is the first day of the fiscal year in which the grant takes place that remain continuously listed on the Standard & Poor’s 500 Media & Entertainment Composite Index through and including the Determination Date; provided however, that for the purposes hereof the Standard & Poor’s 500 Media & Entertainment Composite Index shall be deemed to include companies that were removed therefrom during the

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measurement period but that continued during the entire measurement period to have their shares listed on at least one of the NYSE, NASDAQ, American Stock Exchange, Boston Stock Exchange, Chicago Stock Exchange, National Stock Exchanged (formerly Cincinnati Stock Exchange), NYSE Arca (formerly known as the Pacific Stock Exchange), Philadelphia Stock Exchange or any other exchange(s) that the Committee may designate from time to time. In addition, in the event a company has two classes of its stock listed in the Standard & Poor’s 500 Media & Entertainment Composite Index, only that company’s primary listing will be considered to be in the Standard & Poor’s 500 Media & Entertainment Companies for purposes of calculating the TSR Percentile.

C.EPS Growth Test. The vesting of the remaining 50 percent of the Stock Units subject to this Award (the “EPS Target Award Amount”) shall be conditioned upon the satisfaction of a performance vesting requirement (the “EPS Growth Performance Requirement”) based upon the Average Disney Adjusted EPS Growth Rate with respect to the three-fiscal year performance period commencing with the fiscal year in which the Award is made (the “EPS Performance Period”). To satisfy the EPS Performance Requirement, the Committee must determine that the Average Disney Adjusted EPS Growth Rate with respect to the EPS Performance Period equals or exceeds the EPS Threshold. If this requirement is met, the number of Stock Units as to which the EPS Performance Requirement shall be satisfied shall be determined as follows:

i.If the Average Disney Adjusted EPS Growth Rate equals the EPS Threshold, then the number of Stock Units which shall satisfy the EPS Performance Requirement shall be 50% of the EPS Target Award Amount.

ii.If the Average Disney Adjusted EPS Growth Rate equals the EPS Target, the number of Stock Units which shall satisfy the EPS Performance Requirement shall be 100% of the EPS Target Award Amount.

iii.If the Average Disney Adjusted EPS Growth Rate equals or exceeds the EPS Maximum, the number of Stock Units which shall satisfy the EPS Performance Requirement shall be 200% of the EPS Target Award Amount.

iv.If the Average Disney Adjusted EPS Growth Rate is above one but below the next performance level specified above, the number of Stock Units which shall satisfy the EPS Performance Requirement shall be determined by mathematical interpolation between such two performance levels.

For the purposes hereof, the terms set forth below shall have the following meanings:

“AverageDisney Adjusted EPS Growth Rate” shall mean the average annual growth rate of the Disney Adjusted EPS (as defined below) for the three fiscal years of Disney ended on the Determination Date for which financial results have been filed with the Securities and Exchange Commission on a Form 10-Q or Form 10-K (the “Disney EPS Growth Performance Period”). For the avoidance of doubt, the Disney Adjusted EPS Growth Rate shall be calculated using the average of each fiscal year’s Disney Adjusted EPS in the performance period, using the four fiscal quarters prior to the Disney EPS Growth Performance period as the starting Disney Adjusted EPS.

“DisneyAdjusted EPS” for the relevant period shall mean the EPS of Disney, after such adjustments thereto as the Committee deems appropriate in its sole discretion (i) to exclude the effect of extraordinary, unusual and/or nonrecurring items and (ii) to reflect such other factors as the Committee deems appropriate to fairly reflect earnings per share growth.

“EPS Maximum” means the level of the Average Disney Adjusted EPS Growth Rate specified by the Committee at which the maximum amount payable with respect to the EPS Target Award Amount shall be earned.

4

“EPS Target” means the level of the Average Disney Adjusted EPS Growth Rate specified by the Committee at which the EPS Target Award Amount shall be earned.

“EPS Threshold” means the level of the Average Disney Adjusted EPS Growth Rate specified by the Committee below which no portion of the EPS Target Award Amount shall be earned.

D.Service Vesting Requirement. In addition to whichever of the performance vesting requirements of subsection A, B or C of this Section 2 is applicable to a stated portion of the Stock Units subject to this Award, the right of the Participant to receive payment of this Award shall become vested only if he or she remains continuously employed by Disney or an Affiliate from the date hereof until the Scheduled Vesting Date.

If the service vesting requirements of this Section 2.D are not satisfied, all of the Stock Units subject to this Award shall be immediately forfeited and the Participant’s rights with respect thereto shall cease.

All Stock Units for which all of the requirements of this Section 2 have been satisfied shall become vested and shall thereafter be payable in accordance with Section 5 hereof. Subject to the terms, conditions and performance-based vesting requirements set forth herein, the Stock Units subject to this Award will vest on the third anniversary date of the Date of Grant (the “Scheduled VestingDate”).

Section 3. Accelerated Vesting. Notwithstanding the terms and conditions of Section 2 hereof, upon the Participant's death or disability (within the meaning of Section 409A of the Internal Revenue Code), or upon the occurrence of a Triggering Event within the 12-month period following a Change in Control (in accordance with Section 11 of the Plan as in effect as of the date of the Triggering Event), in any case, prior to the Scheduled Vesting Date, the provisions of this Section 3 shall apply to determine the extent to which the Participant’s Restricted Stock Units that have not previously been forfeited shall become vested. If such death, disability or Triggering Event occurs while the Participant is employed by Disney (or an affiliate) and

A. prior to the Determination Date, this Award shall become fully vested (provided that, for this purpose, the performance conditions applicable under subsection A, B or C of Section 2 shall in each case be deemed to have been satisfied at the 50th percentile of comparative performance), or

B. after the Determination Date but before the Scheduled Vesting Date, then the number of Restricted Stock Units which shall become vested shall be determined on the same basis as if the Participant had been continuously employed by Disney (or an Affiliate) until the Scheduled Vesting Date.

Any Restricted Stock Units that become vested pursuant to this Section 3 shall be payable in accordance with Section 5 hereof.

Section 4. Dividend Equivalents. Any dividends paid in cash on Shares of Disney will be credited to the Participant as additional Restricted Stock Units as if the Restricted Stock Units previously held by the Participant were outstanding Shares, as follows: such credit shall be made in whole Restricted Stock Units only (rounded downward to the nearest whole unit) and shall be based on the fair market value (as defined in the Plan) of the Shares on the date of payment of such dividend. All such additional Restricted Stock Units shall be subject to the same vesting requirements applicable to the Restricted Stock Units in respect of which they were credited and shall be payable in accordance with Section 5 hereof.

Section 5. Payment of Award. Payment of vested Restricted Stock Units shall be made within 30 days following the applicable date under Section 2 hereof as of which the vesting requirements under Section 2 hereof

5

shall have been satisfied with respect to any tranche, as applicable (or within 30 days following acceleration of vesting under Section 3 hereof, if applicable). The Restricted Stock Units shall be paid in cash or in Shares (or some combination thereof), as determined by the Committee in its discretion at the time of payment, and in either case shall be paid to the Participant after deduction of applicable withholding taxes in the amount determined by the Committee. If the Participant is a U.S. taxpayer, Disney will withhold all U.S. federal and state taxes as required by law at the then-current rate for supplemental wage income as applicable. If the Participant is resident in a foreign country, the Participant shall be responsible for the payment of any applicable local country taxes, including, without limitation, income taxes, social security taxes, and fringe benefit taxes, and Disney will either withhold such taxes as required by local law, or, alternatively, Participant will be required to pay such taxes directly or, where permitted by local law with respect to fringe benefit taxes, to reimburse Disney or the affiliated entity by whom you are employed for such taxes paid by Disney or such affiliated entity.

Section 6. Extended Vesting.

(a) In the event that Participant’s employment with Disney or an Affiliate thereof terminates for any reason other than death, disability or “cause” (as further provided in the Plan) at a time when (i) the Participant has attained the age of sixty and has completed at least ten consecutive Service Years (as hereinafter defined) and (ii) at least one year has passed since the Date of Grant of this Award, then the remaining then unvested tranche(s) of this Award shall vest in accordance with the terms and provisions hereof in the same manner as if Participant’s employment had continued through the scheduled vesting date(s) of such tranche(s). For purposes of the foregoing, “Service Year” shall mean any full 12-month period during which the Participant was continuously employed by Disney or an affiliate thereof. In determining the total number of consecutive Service Years that the Participant has been so employed, Disney shall apply such rules regarding the bridging of service as the Committee may adopt from time to time.

(b) Notwithstanding any other term or provision hereof, if at the time of termination of employment (other than upon the scheduled expiration date of an employment agreement) Participant is employed pursuant to an employment agreement with Disney or an Affiliate which provides under certain circumstances for the continued vesting of any Stock Units subject to this Award in the event of the termination of such employment agreement prior to its scheduled expiration date (a “Contractual Extension Provision”), then, except as otherwise provided in such employment agreement, (i) this Section 6 shall be interpreted and applied in all respects as if Participant had remained continuously employed by Disney or an Affiliate thereof from the Date of Grant of this Award through the scheduled expiration date of such employment agreement and (ii) the date of termination of Participant’s employment for all purposes under this Section 6 shall be deemed to be the scheduled expiration date of such employment agreement.

[(c) In the event that Participant’s employment with Disney or an Affiliate thereof terminates upon the Scheduled Expiration Date, or an earlier Termination for Good Reason (provided that the Participant executes and does not revoke the Release and executes the Consulting Agreement, in each case as required by Participant’s employment agreement with Disney or an Affiliate thereof), then notwithstanding any other term or provision hereof, the remaining unvested tranche(s) of this Award shall vest in accordance with the terms and provisions hereof in the same manner as if Participant’s employment had continued through the scheduled vesting date(s) of such tranche(s); provided, however, that in the event of your death prior to any such scheduled vesting date(s), all remaining then unvested tranche(s) of this Award shall be treated as set forth in Section 3 hereof as if you were employed by Disney (or an affiliate) upon such event. For purposes of the foregoing, each of “Scheduled Expiration Date,” “Termination for Good Reason”, “Release” and “Consulting Agreement” shall have the meaning of such term as set forth in the Participant’s employment agreement with Disney, as may be amended from time to time, and as in effect on the date of the Participant’s termination of employment.]1

1 Included in award agreements for Hugh Johnston and Horacio Gutierrez

6

[(c)] [(d)] Solely for purposes of determining whether, and to what extent, the Participant shall have satisfied the service vesting requirement in Section 2.D, the Participant shall be deemed to have continued in employment (without duplication of any service credit afforded with respect to a Contractual Extension Provision) with Disney or an Affiliate during any period for which such entity provides Participant pay in lieu of notice in connection with The Worker Adjustment and Retraining Notification Act, as currently in effect and as the same may be amended from time to time, or any successor statute thereto or any comparable provision of state, local or foreign law applicable to the Participant.

Section 7. Restrictions on Transfer. Neither this Award nor any Restricted Stock Units covered hereby may be sold, assigned, transferred, encumbered, hypothecated or pledged by the Participant, other than to Disney as a result of forfeiture of the Restricted Stock Units as provided herein.

Section 8. No Voting Rights. The Restricted Stock Units granted pursuant to this Award, whether or not vested, will not confer any voting rights upon the Participant, unless and until the Award is paid in Shares.

Section 9. Award Subject to Plan. This Restricted Stock Unit Award is subject to the terms of the Plan, the terms and provisions of which are hereby incorporated by reference. In the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Plan, the Plan will govern and prevail.

Section 10. Changes in Capitalization. The Restricted Stock Units under this Award shall be subject to the provisions of the Plan relating to adjustments for changes in corporate capitalization.

Section 11. No Right of Employment. Nothing in this Award Agreement shall confer upon the Participant any right to continue as an employee of Disney or an Affiliate nor interfere in any way with the right of Disney or an Affiliate to terminate the Participant's employment at any time or to change the terms and conditions of such employment.

Section 12.Effect of Employment Agreement. If the Participant is employed pursuant to an employment agreement with Disney, any provisions thereof relating to the effect of a termination of the Participant’s employment upon his or her rights with respect to this Award, including, without limitation, any provisions regarding acceleration of vesting and/or payment of this Award in the event of termination of employment, shall be fully applicable and supersede any provisions hereof with respect to the same subject matter.

Section 13.Data Privacy. The Participant expressly authorizes and consents to the collection, possession, use, retention and transfer of personal data of the Participant, whether in electronic or other form, by and among Disney, its Affiliates, third-party administrator(s) and other possible recipients, in each case for the exclusive purpose of implementing, administering, facilitating and/or managing the Participant’s Awards under, and participation in, the Plan. Such personal data may include, without limitation, the Participant’s name, home address and telephone number, date of birth, Social Security Number, social insurance number or other identification number, salary, nationality, job title and other job-related information, tax information, the number of Disney shares held or sold by the Participant, and the details of all Awards (including any information contained in this Award and all Award-related materials) granted to the Participant, whether exercised, unexercised, vested, unvested, cancelled or outstanding (“Data”). The Participant acknowledges, understands and agrees that Data will be transferred to Merrill, which is assisting Disney with the implementation, administration and management of the Plan, and/or to such other third-party plan administrator(s) and/or recipients as may be selected by Disney in the future. The Participant understands that one or more of the administrators or recipients of Data may be located in countries other than the country of Participant’s current residence, and that such other countries may have data privacy laws and protections different from, and less protective than, the laws and protections of the country of Participant’s current residence, the Member States of the European Union or any other country to which the Participant may be at any time relocated.

7

Section 14. Governing Law. This Award Agreement shall be construed and enforced in accordance with the laws of the State of Delaware, without giving effect to the choice of law principles thereof.

***********************

Note: Restricted Stock Units are granted and vested in the United States. You are responsible for any applicable taxes whether you are in the United States or any other country. At the time of vesting, Disney will withhold any minimum statutory local or U.S. taxes, as applicable.

8

EX-22

Exhibit 22

List of Guarantor Subsidiaries

TWDC Enterprises 18 Corp (Legacy Disney) is a subsidiary of The Walt Disney Company (TWDC) and, as of December 28, 2024, a guarantor of TWDC’s registered debt securities. Legacy Disney is also an issuer of registered debt securities, which are guaranteed by TWDC. At December 28, 2024, the registered debt securities were as follows:

CUSIPs for TWDC Registered Debt Securities Guaranteed by Legacy Disney

254687FL5 / 254687FM3 / 254687FN1 / 254687FP6 / 254687FQ4 / 254687FR2 / 254687FS0 / 254687DB9 / 254687DD5 / 254687DF0 / 254687DH6 / 254687DK9 / 254687DM5 / 254687DP8 / 254687DR4 / 254687DT0 / 254687DV5 / 254687DX1 / 254687DZ6 / 254687EB8 / 254687ED4 / 254687EF9 / 254687EH5 / 254687EK8 / 254687EM4 / 254687EP7 / 254687ER3 / 254687ET9 / 254687EV4 / 254687EX0 / 254687EZ5 / 254687FB7 / 254687FD3 / 254687FF8 / 254687FU5 / 254687FV3 / 254687FW1 / 254687FX9 / 254687FY7 / 254687FZ4 / 254687GA8

CUSIPs for Legacy Disney Registered Debt Securities Guaranteed by TWDC

25468PDF0 / 25468PDK9 / 25468PDM5 / 25468PDV5 / 25468PBW5 / 25468PCP9 / 25468PCR5 / 25468PCX2 / 25468PDB9 / 25468PDN3 /

EX-31.A

Exhibit 31(a)

RULE 13a-14(a) CERTIFICATION IN

ACCORDANCE WITH SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Robert A. Iger, Chief Executive Officer of The Walt Disney Company (the “Company”), certify that:

1.I have reviewed this quarterly report on Form 10-Q of the Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 5, 2025	By:	/s/ ROBERT A. IGER
			Robert A. Iger
			Chief Executive Officer

EX-31.B

Exhibit 31(b)

RULE 13a-14(a) CERTIFICATION IN

ACCORDANCE WITH SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Hugh F. Johnston, Senior Executive Vice President and Chief Financial Officer of The Walt Disney Company (the “Company”), certify that:

1.I have reviewed this quarterly report on Form 10-Q of the Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 5, 2025	By:	/s/ HUGH F. JOHNSTON
			Hugh F. Johnston
			Senior Executive Vice President and Chief Financial Officer

EX-32.A

Exhibit 32(a)

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of The Walt Disney Company (the “Company”) on Form 10-Q for the fiscal quarter ended December 28, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert A. Iger, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ ROBERT A. IGER
	Robert A. Iger
	Chief Executive Officer
	February 5, 2025

EX-32.B

Exhibit 32(b)

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of The Walt Disney Company (the “Company”) on Form 10-Q for the fiscal quarter ended December 28, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Hugh F. Johnston, Senior Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ HUGH F. JOHNSTON
	Hugh F. Johnston
	Senior Executive Vice President and Chief Financial Officer
	February 5, 2025

XML

Document and Entity Information - shares	3 Months Ended
	Dec. 28, 2024	Jan. 29, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 28, 2024
Document Transition Report	false
Entity File Number	001-38842
Entity Registrant Name	WALT DISNEY CO/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-0940635
Entity Address, Address Line One	500 South Buena Vista Street
Entity Address, City or Town	Burbank
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91521
City Area Code	818
Local Phone Number	560-1000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	DIS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,807,788,865
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001744489
Current Fiscal Year End Date	--09-27
Amendment Flag	false

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Dec. 28, 2024	Dec. 30, 2023
Revenues		$ 24,690	$ 23,549
Selling, general, administrative and other		(3,930)	(3,783)
Depreciation and amortization		(1,276)	(1,243)
Total costs and expenses		(20,612)	(20,613)
Restructuring and impairment charges	[1]	(143)	0
Interest expense, net		(367)	(246)
Equity in the income of investees		92	181
Income before income taxes		3,660	2,871
Income taxes		(1,016)	(720)
Net income		2,644	2,151
Net income attributable to noncontrolling interests		(90)	(240)
Net income attributable to The Walt Disney Company (Disney)		$ 2,554	$ 1,911
Earnings (Loss) Per Share [Abstract]
Diluted		$ 1.40	$ 1.04
Basic		$ 1.41	$ 1.04
Weighted average number of common and common equivalent shares outstanding:
Diluted (shares)		1,818	1,835
Basic (shares)		1,812	1,832
Service
Revenues		$ 22,048	$ 20,975
Cost of Goods and Services Sold		(13,789)	(13,922)
Product
Revenues		2,642	2,574
Cost of Goods and Services Sold		$ (1,617)	$ (1,665)

[1] See Note 4 for a discussion of amounts in restructuring and impairment charges.

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Net income	$ 2,644	$ 2,151
Other Comprehensive Income/(Loss), Net of Tax:
Market value adjustments for hedges	362	(319)
Pension and postretirement medical plan adjustments	25	(21)
Foreign currency translation and other	552	174
Other comprehensive income (loss)	939	(166)
Comprehensive income	3,583	1,985
Net income attributable to noncontrolling interests	(90)	(240)
Other comprehensive income (loss) attributable to noncontrolling interests	72	(44)
Comprehensive income attributable to Disney	$ 3,565	$ 1,701

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 28, 2024	Sep. 28, 2024
Current assets
Cash and Cash Equivalents	$ 5,486	$ 6,002
Receivables, net	13,767	12,729
Inventories	2,018	2,022
Content advances	1,157	2,097
Other current assets	1,239	2,391
Total current assets	23,667	25,241
Produced and licensed content costs	32,505	32,312
Investments	8,902	4,459
Parks Resorts And Other Property, Gross Excluding Projects And Land	78,328	76,674
Accumulated depreciation	(45,898)	(45,506)
Parks, resorts and other property before projects in progress and land, Total	32,430	31,168
Projects in progress	4,581	4,728
Land	1,129	1,145
Parks, resorts and other property	38,140	37,041
Intangible assets, net	10,372	10,739
Goodwill	73,312	73,326
Other assets	10,148	13,101
Total assets	197,046	196,219
Current liabilities
Accounts payable and other accrued liabilities	21,635	21,070
Current portion of borrowings	6,620	6,845
Deferred revenue and other	6,591	6,684
Total current liabilities	34,846	34,599
Borrowings	38,688	38,970
Deferred income taxes	6,336	6,277
Other long-term liabilities	10,437	10,851
Commitments and contingencies
Equity
Preferred stock	0	0
Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.9 billion shares	58,868	58,592
Retained earnings	50,468	49,722
Accumulated other comprehensive loss	(2,688)	(3,699)
Treasury stock, at cost, 54 million shares at December 28, 2024 and 47 million shares at September 28, 2024	(4,715)	(3,919)
Total Disney Shareholders' equity	101,933	100,696
Noncontrolling interests	4,806	4,826
Total equity	106,739	105,522
Total liabilities and equity	$ 197,046	$ 196,219

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Dec. 28, 2024	Sep. 28, 2024
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	4,600	4,600
Common stock, issued	1,900	1,900
Common Stock, Outstanding	1,900	1,900
Treasury Stock, Common, Shares	54	47

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Net Income	$ 2,644	$ 2,151
OPERATING ACTIVITIES
Depreciation and amortization	1,276	1,243
Deferred income taxes	25	(51)
Equity in the income of investees	(92)	(181)
Cash distributions received from equity investees	33	153
Net change in produced and licensed content costs and advances	1,141	2,642
Equity-based compensation	317	308
Other, net	206	(64)
Changes in operating assets and liabilities:
Receivables	(1,277)	(1,554)
Inventories	4	8
Other assets	(116)	30
Accounts payable and other liabilities	(1,533)	(1,396)
Income taxes	577	(1,104)
Net Cash Provided by Operating Activities	3,205	2,185
INVESTING ACTIVITIES
Investments in parks, resorts and other property	(2,466)	(1,299)
Other, net	(109)	53
Cash used in investing activities	(2,575)	(1,246)
FINANCING ACTIVITIES
Commercial paper borrowings, net	(169)	1,046
Borrowings	1,057	0
Reduction of borrowings	(951)	(309)
Repurchases of Common Stock	(794)	0
Acquisition of redeemable noncontrolling interests	0	(8,610)
Other, net	(140)	(133)
Cash used in financing activities	(997)	(8,006)
Impact of Exchange Rate on Cash, Cash Equivalents and Restricted Cash	(153)	79
Change in Cash, Cash Equivalents and Restricted Cash	(520)	(6,988)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	6,102	14,235
Cash, Cash Equivalents and Restricted Cash, End of Period	$ 5,582	$ 7,247

XML

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Millions		Total	Common Stock		Retained Earnings	AOCI Attributable to Parent	Treasury Stock	Disney Shareholders	Non-controlling Interests	[2]	Total excluding redeemable noncontrolling interest
BEGINNING BALANCE (in shares) at Sep. 30, 2023	[1]		1,830,000
Beginning Balance at Sep. 30, 2023			$ 57,383		$ 46,093	$ (3,292)	$ (907)	$ 99,277	$ 4,680		$ 103,957
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)		$ 1,985			1,911	(210)		1,701	129		1,830
Equity compensation activity (in shares)			4,000
Equity compensation activity			$ 250					250			250
Dividends					(549)			(549)			(549)
Distributions and other			$ 7		35			42	(29)		13
ENDING BALANCE (in shares) at Dec. 30, 2023	[1]		1,834,000
Ending Balance at Dec. 30, 2023			$ 57,640		47,490	(3,502)	(907)	100,721	4,780		105,501
BEGINNING BALANCE (in shares) at Sep. 28, 2024		1,900,000	1,812,000	[1]
Beginning Balance at Sep. 28, 2024		$ 105,522	$ 58,592		49,722	(3,699)	(3,919)	100,696	4,826		105,522
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)		$ 3,583			2,554	1,011		3,565	18		3,583
Equity compensation activity (in shares)			5,000
Equity compensation activity			$ 276					276			276
Dividends					(1,807)			(1,807)			(1,807)
Common stock repurchases, Shares, Acquired		(7,000)	(7,000)
Common stock repurchases		$ (800)					(794)	(794)			(794)
Distributions and other					(1)		(2)	(3)	(38)		(41)
ENDING BALANCE (in shares) at Dec. 28, 2024		1,900,000	1,810,000	[1]
Ending Balance at Dec. 28, 2024		$ 106,739	$ 58,868		$ 50,468	$ (2,688)	$ (4,715)	$ 101,933	$ 4,806		$ 106,739

[1] Shares are net of treasury shares.

[2] Excludes redeemable noncontrolling interests.

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Principles of Consolidation

3 Months Ended

Dec. 28, 2024

Principles of Consolidation

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 quarter ended December 28, 2024 are not necessarily indicative of the results that may be expected for the year ending September 27, 2025.

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 2024 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 6) 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

The Company has a 67% ownership interest in Hulu LLC (Hulu), a direct-to-consumer (DTC) streaming service provider. In November 2023, NBC Universal (NBCU) exercised its right to require the Company to purchase NBCU’s 33% interest in Hulu 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 as the Company’s cash tax benefits are realized, generally 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 pursuant to a contractual appraisal process 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.

In May 2024, the Company and NBCU entered into a confidential arbitration to resolve a dispute regarding the contractual appraisal process, in which the parties seek declaratory relief, equitable relief and unspecified damages. The Company expects a decision in that arbitration in fiscal 2025. The outcome of the arbitration is uncertain, and we cannot reasonably estimate the impact of the arbitration on the appraisal process, and thus any impact on the determination of Hulu’s equity fair value and any additional amount we may be required to pay to acquire NBCU’s interest in Hulu.

As part of the arbitration the Company disputes the validity of aspects of NBCU’s appraisal and the corresponding process. Consequently, completion of the appraisal process, including the manner of determining any such additional amount payable by the Company, awaits the resolution of the confidential arbitration.

During the initial phase of the appraisal process, the Company’s appraiser arrived at a valuation that falls below the guaranteed floor value, while NBCU’s appraiser arrived at a valuation substantially in excess of the guaranteed floor value. Once the arbitration is completed, determination of the final equity fair value will take into account the valuation of a third appraiser pursuant to the appraisal process as resolved by the arbitration. If the third appraiser’s equity fair value determination were equal to or below the guaranteed floor value, the Company would not be required to pay NBCU any additional amount. Conversely, if NBCU’s appraiser’s valuation were deemed to be valid and the third appraiser’s equity fair value determination

were consistent with the NBCU’s appraiser’s valuation, the Company would be required to pay NBCU an additional amount of approximately $5 billion as its share of the difference between the equity fair value and the guaranteed floor value. If the third appraiser’s equity fair value determination were between the valuations of the Company’s and NBCU’s appraisers, the incremental amount would likewise be between zero and approximately $5 billion.

Any incremental amount determined to be payable to NBCU to acquire NBCU’s interest in Hulu would be recorded as “Net income attributable to noncontrolling interests” and thus reduce “Net income attributable to Disney” in the Condensed Consolidated Statements of Income in the period recorded.

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.

Reclassifications

Certain reclassifications have been made in the fiscal 2024 financial statements and notes to conform to the fiscal 2025 presentation.

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Segment Information

3 Months Ended

Dec. 28, 2024

Segment Information

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 generally 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.

Segment revenues and segment operating income are as follows:

	Quarter Ended
	December 28, 2024		December 30, 2023
Revenues:
Entertainment
Third parties	$	10,761	$	9,881
Intersegment	111		100
	10,872		9,981
Sports
Third parties	4,514		4,536
Intersegment	336		299
	4,850		4,835
Experiences	9,415		9,132
Eliminations	(447)		(399)
Total segment revenues	$	24,690	$	23,549
Segment operating income (loss):
Entertainment	$	1,703	$	874
Sports	247		(103)
Experiences	3,110		3,105
Total segment operating income	$	5,060	$	3,876

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

	Quarter Ended
	December 28, 2024		December 30, 2023
Entertainment	$	118	$	171
Sports	10		13
Equity in the income of investees included in segment operating income	128		184
Equity in the loss of India joint venture	(33)		—
Amortization of TFCF intangible assets related to an equity investee	(3)		(3)
Equity in the income of investees, net	$	92	$	181

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

	Quarter Ended
	December 28, 2024		December 30, 2023
Segment operating income	$	5,060	$	3,876
Corporate and unallocated shared expenses	(460)		(308)
Equity in the loss of India joint venture	(33)		—
Restructuring and impairment charges(1)	(143)		—
Interest expense, net	(367)		(246)
TFCF and Hulu Acquisition Amortization(2)	(397)		(451)
Income (loss) before income taxes	$	3,660	$	2,871

(1)See Note 4 for a discussion of amounts in restructuring and impairment charges.

(2)TFCF and Hulu Acquisition Amortization is as follows:

	Quarter Ended
	December 28, 2024		December 30, 2023
Amortization of intangible assets	$	327	$	380
Step-up of film and television costs	67		68
Intangibles related to a TFCF equity investee	3		3
	$	397	$	451

Goodwill

The changes in the carrying amount of goodwill are as follows:

	Entertainment		Sports		Experiences		Total
Balance at September 28, 2024	$	51,290	$	16,486	$	5,550	$	73,326
Currency translation adjustments and other, net	(14)		—		—		(14)
Balance at December 28, 2024	$	51,276	$	16,486	$	5,550	$	73,312

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Revenues

3 Months Ended

Dec. 28, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer

Revenues

The following table presents revenues by segment and major source:

	Quarter Ended December 28, 2024
	Entertainment		Sports		Experiences		Eliminations		Total
Subscription fees	$	5,065	$	427	$	—	$	—	$	5,492
Affiliate fees	1,655		2,630		—		(321)		3,964
Advertising	1,898		1,342		—		—		3,240
Theme park admissions	—		—		3,087		—		3,087
Resorts and vacations	—		—		2,221		—		2,221
Retail and wholesale sales of merchandise, food and beverage	—		—		2,572		—		2,572
Merchandise licensing	165		—		927		—		1,092
TV/VOD and home entertainment distribution	943		78		—		—		1,021
Theatrical distribution licensing	642		—		—		—		642
Other	504		373		608		(126)		1,359
	$	10,872	$	4,850	$	9,415	$	(447)	$	24,690

	Quarter Ended December 30, 2023
	Entertainment		Sports		Experiences		Eliminations		Total
Subscription fees	$	4,507	$	415	$	—	$	—	$	4,922
Affiliate fees	1,766		2,669		—		(293)		4,142
Advertising	1,997		1,351		—		—		3,348
Theme park admissions	—		—		2,982		—		2,982
Resorts and vacations	—		—		2,118		—		2,118
Retail and wholesale sales of merchandise, food and beverage	—		—		2,477		—		2,477
Merchandise licensing	192		—		967		—		1,159
TV/VOD and home entertainment distribution	745		57		—		—		802
Theatrical distribution licensing	251		—		—		—		251
Other	523		343		588		(106)		1,348
	$	9,981	$	4,835	$	9,132	$	(399)	$	23,549

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

	Quarter Ended December 28, 2024
	Entertainment		Sports		Experiences		Eliminations		Total
Americas	$	8,492	$	4,716	$	7,121	$	(447)	$	19,882
Europe	1,651		77		1,127		—		2,855
Asia Pacific	729		57		1,167		—		1,953
Total revenues	$	10,872	$	4,850	$	9,415	$	(447)	$	24,690
	Quarter Ended December 30, 2023
	Entertainment		Sports		Experiences		Eliminations		Total
Americas	$	7,588	$	4,358	$	7,037	$	(399)	$	18,584
Europe	1,409		179		1,022		—		2,610
Asia Pacific	984		298		1,073		—		2,355
Total revenues	$	9,981	$	4,835	$	9,132	$	(399)	$	23,549

Revenues recognized in the current and prior-year periods from performance obligations satisfied (or partially satisfied) in previous reporting periods primarily relate to revenues earned on TV/VOD licenses for titles made available to the licensee in previous reporting periods. For the quarter ended December 28, 2024, $0.3 billion was recognized related to performance obligations satisfied as of September 28, 2024. For the quarter ended December 30, 2023, $0.3 billion was recognized related to performance obligations satisfied as of September 30, 2023.

As of December 28, 2024, revenue for unsatisfied performance obligations expected to be recognized in the future is $15 billion, primarily for IP to be made available in the future under existing agreements with merchandise and co-branding licensees and sponsors, television station affiliates, DTC wholesalers and sports sublicensees. Of this amount, we expect to

recognize approximately $5 billion in the remainder of fiscal 2025, $4 billion in fiscal 2026, $3 billion in fiscal 2027 and $3 billion thereafter. These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (i) contracts with an original expected term of one year or less or (ii) licenses of IP that are solely based on the sales of the licensee.

When the timing of the Company’s revenue recognition is different from the timing of customer payments, the Company recognizes either a contract asset (customer payment is subsequent to revenue recognition and subject to the Company satisfying additional performance obligations) or deferred revenue (customer payment precedes the Company satisfying the performance obligations). Consideration due under contracts with payment in arrears is recognized as accounts receivable. Deferred revenues are recognized as (or when) the Company performs under the contract. The Company’s contract assets and activity for the current and prior-year periods were not material.

Accounts receivable and deferred revenues from contracts with customers are as follows:

	December 28, 2024		September 28, 2024
Accounts receivable
Current	$	11,783	$	10,463
Non-current	1,040		1,040
Allowance for credit losses	(114)		(118)
Deferred revenues
Current	6,050		5,587
Non-current	884		858

For the quarter ended December 28, 2024, the Company recognized revenue of $3.6 billion that was included in the September 28, 2024 deferred revenue balance. For the quarter ended December 30, 2023, the Company recognized revenue of $3.4 billion that was included in the September 30, 2023 deferred revenue balance. Amounts deferred generally relate to theme park admissions and vacation packages, DTC subscriptions and advances related to merchandise and TV/VOD licenses.

We evaluate our allowance for credit losses and estimate collectability of current and non-current accounts receivable based on historical bad debt experience, our assessment of the financial condition of individual companies with which we do business, current market conditions and reasonable and supportable forecasts of future economic conditions. In times of economic turmoil, our estimates and judgments with respect to the collectability of our receivables are subject to greater uncertainty than in more stable periods.

The Company has accounts receivable with original maturities greater than one year related to the sale of vacation club properties and film and television program rights (TV/VOD licensing). The balance of vacation club receivables recorded in other non-current assets was $0.7 billion at both December 28, 2024 and September 28, 2024. The balance of TV/VOD licensing receivables recorded in other non-current assets was $0.3 billion at both December 28, 2024 and September 28, 2024. The allowance for credit losses for vacation club and TV/VOD licensing receivables and related activity for the periods ended December 28, 2024 and September 28, 2024 were not material.

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Acquisitions and Dispositions

3 Months Ended

Dec. 28, 2024

Business Combinations [Abstract]

Business Combinations and Dispositions

Acquisitions and Dispositions

fuboTV Inc.

On January 6, 2025, the Company and fuboTV Inc. (Fubo), a publicly traded virtual multichannel video distributor (vMVPD), entered into a definitive agreement to combine certain of Hulu Live TV’s assets, including its carriage agreements, subscription agreements and related data, advertising and sponsorship agreements and intellectual property exclusively related to the “Live TV” brand, with Fubo (the Fubo Transaction). As a result, the Company will have a 70% interest in Fubo and the right to appoint a majority of Fubo’s Board of Directors, with the remaining 30% interest retained by Fubo shareholders.

The Fubo Transaction is expected to close in the first half of calendar year 2026, subject to customary closing conditions, including regulatory approvals and approval by Fubo shareholders. If closing has not occurred by April 2026 (extended to October 2026 if all other closing conditions, except those relating to regulatory approvals, have been satisfied), the Company or Fubo may terminate the transaction. A $130 million termination fee will be payable by the Company to Fubo if the transaction is terminated under certain circumstances, including due to the Company’s breach of the definitive agreement or the failure to obtain certain regulatory approvals. A $50 million termination fee will be payable by Fubo to the Company if the transaction is terminated under certain other circumstances, including if Fubo shareholders do not approve the transaction under certain conditions.

Upon completion of the Fubo Transaction, the Company will be the exclusive distributor of the Hulu Live TV service under a five year distribution agreement and will pay a wholesale fee to Fubo based on Fubo’s cost to program Hulu Live TV. In addition, the Company will sell advertising for the Hulu Live TV service and Fubo platform and pay Fubo a share of the advertising revenue.

In addition, the Company, Fox Corporation (Fox) and Warner Bros. Discovery, Inc. (WBD) reached a settlement with Fubo related to Fubo’s antitrust claims (See Note 13 for additional detail) and collectively paid $220 million to Fubo in January 2025. Fox and WBD have also agreed to reimburse a portion of the $130 million termination fee to the Company if it becomes payable.

Further, the Company agreed to provide Fubo a senior unsecured term loan of up to $145 million (expected to be funded in January 2026) (the Fubo Term Loan). If the Company funds the Fubo Term Loan and the Fubo Transaction is not consummated, Fox and WBD will participate in a portion of the Fubo Term Loan by providing loans to the Company with substantially the same economic terms as the Fubo Term Loan.

Star India

On November 14, 2024, the Company and Reliance Industries Limited (RIL) completed their transaction to form a joint venture (India joint venture) that combines the Company’s Star-branded and other general entertainment and sports television channels and direct-to-consumer Disney+ Hotstar service in India (Star India) and certain media and entertainment businesses controlled by RIL (the Star India Transaction). RIL has an effective 56% controlling interest in the joint venture with 37% held by the Company and 7% by Bodhi Tree Systems, a third party investment company.

Star India’s assets and liabilities were deconsolidated on November 14, 2024, and the Company recognized the fair value of its interest in the India joint venture as an equity method investment. We recorded non-cash impairment charges of $0.1 billion and $1.5 billion in “Restructuring and impairment charges” in the first quarter of fiscal 2025 and in fiscal 2024, respectively, to reflect Star India’s assets and liabilities at fair value less costs to sell. The measurement of these impairment charges included non-cash cumulative foreign currency translation losses of $0.8 billion net of tax. In addition, we recognized a non-cash tax charge of $0.2 billion in the first quarter of fiscal 2025 in connection with the close of the transaction.

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Cash, Cash Equivalents, Restricted Cash and Borrowings

3 Months Ended

Dec. 28, 2024

Disclosure of Cash, Cash Equivalents, Restricted Cash and Borrowings

Cash, Cash Equivalents, Restricted Cash and Borrowings

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts reported in the Condensed Consolidated Statements of Cash Flows.

	December 28, 2024		September 28, 2024
Cash and cash equivalents	$	5,486	$	6,002
Restricted cash included in other assets	96		100
Total cash, cash equivalents and restricted cash in the statement of cash flows	$	5,582	$	6,102

Borrowings

During the quarter ended December 28, 2024, the Company’s borrowing activity was as follows: 

	September 28, 2024		Borrowings		Payments		Other Activity		December 28, 2024
Commercial paper with original maturities less than three months(1)	$	727	$	1,283	$	—	$	4	$	2,014
Commercial paper with original maturities greater than three months	2,313		49		(1,501)		(19)		842
U.S. dollar denominated borrowings	40,496		1,057		—		(70)		41,483
Asia Theme Parks borrowings	1,292		—		(26)		(107)		1,159
Foreign currency denominated borrowings and other(2)	987		—		(925)		(252)		(190)
	$	45,815	$	2,389	$	(2,452)	$	(444)	$	45,308

(1)Borrowings and reductions of borrowings are reported net.

(2)The other activity is attributable to market value adjustments for debt with qualifying hedges.

At December 28, 2024, the Company’s bank facilities, which are with a syndicate of lenders and support our commercial paper borrowings, were as follows:

	Committed Capacity		Capacity Used		Unused Capacity
Facility expiring February 2025	$	5,250	$	—	$	5,250
Facility expiring March 2027	4,000		—		4,000
Facility expiring March 2029	3,000		—		3,000
Total	$	12,250	$	—	$	12,250

These facilities allow for borrowings at rates based on the Secured Overnight Financing Rate (SOFR) and at other variable rates for non-U.S. dollar denominated borrowings, plus a fixed spread that varies with the Company’s debt ratings assigned by Moody’s Ratings and S&P Global Ratings ranging from 0.655% to 1.225%. The bank facilities contain only one financial covenant relating to interest coverage of three times earnings before interest, taxes, depreciation and amortization, including both intangible amortization and amortization of our film and television production and programming costs. On December 28, 2024, the Company met this covenant by a significant margin. The bank facilities specifically exclude certain entities, including the Asia Theme Parks, from any representations, covenants or events of default. The Company also has the ability to issue up to $500 million of letters of credit under the facility expiring in March 2027, which if utilized, reduces available borrowings under this facility. As of December 28, 2024, the Company has $0.4 billion of outstanding letters of credit, of which none were issued under this facility. Outstanding letters of credit at Star India totaling $1.3 billion at December 28, 2024 that were entered into prior to the Star India Transaction are guaranteed by the Company through calendar 2025.

Cruise Ship Credit Facilities

In November 2024, in connection with the delivery of the Disney Treasure, the Company borrowed $1.1 billion with a fixed interest rate of 3.80%. Payments are due semi-annually over a 12-year term.

The Company has a credit facility for $1.1 billion that may be utilized to finance a significant portion of the contract price of the Disney Destiny, which is currently scheduled to be delivered in 2026. If utilized, the loan will have a fixed interest rate of 3.74%, payable semi-annually over a 12-year term.

Interest expense, net

Interest expense (net of amounts capitalized), interest and investment income, and net periodic pension and postretirement benefit costs (other than service costs) (see Note 9) are reported net in the Condensed Consolidated Statements of Income and consist of the following:

	Quarter Ended
	December 28, 2024		December 30, 2023
Interest expense	$	(487)	$	(528)
Interest and investment income	54		182
Net periodic pension and postretirement benefit costs (other than service costs)	66		100
Interest expense, net	$	(367)	$	(246)

Interest and investment income includes gains and losses on certain publicly traded and non-public investments, investment impairments and interest earned on cash and cash equivalents and certain receivables.

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International Theme Parks

3 Months Ended

Dec. 28, 2024

Equity Method Investments and Joint Ventures [Abstract]

International Theme Parks

International Theme Parks

The Company has a 48% ownership interest in the operations of Hong Kong Disneyland Resort and a 43% ownership interest in the operations of Shanghai Disney Resort. The Asia Theme Parks together with Disneyland Paris are collectively referred to as the International Theme Parks.

The following table summarizes the carrying amounts of the Asia Theme Parks’ assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets:

	December 28, 2024		September 28, 2024
Cash and cash equivalents	$	438	$	510
Other current assets	199		178
Total current assets	637		688
Parks, resorts and other property	5,943		6,141
Other assets	265		217
Total assets	$	6,845	$	7,046
Current liabilities	$	700	$	695
Long-term borrowings	1,159		1,292
Other long-term liabilities	453		409
Total liabilities	$	2,312	$	2,396

The following table summarizes the International Theme Parks’ revenues and costs and expenses included in the Company’s Condensed Consolidated Statements of Income for the quarter ended December 28, 2024:

Revenues	$	1,531
Costs and expenses	(1,199)

Asia Theme Parks’ royalty and management fees of $69 million for the quarter ended December 28, 2024 are eliminated in consolidation, but are considered in calculating earnings attributable to noncontrolling interests.

International Theme Parks’ cash flows included in the Company’s Condensed Consolidated Statements of Cash Flows for the quarter ended December 28, 2024 were $511 million provided by operating activities, $288 million used in investing activities and $24 million used in financing activities.

Hong Kong Disneyland Resort

The Government of the Hong Kong Special Administrative Region (HKSAR) and the Company have a 52% and a 48% equity interest in Hong Kong Disneyland Resort, respectively.

The Company and HKSAR have provided loans to Hong Kong Disneyland Resort with outstanding balances of $64 million and $43 million, respectively. The interest rate on both loans is three month HIBOR (Hong Kong Interbank Offered Rate) plus 2%, and the scheduled maturity date is September 2025. The Company’s loan is eliminated in consolidation.

The Company has provided Hong Kong Disneyland Resort with a revolving credit facility of HK $2.7 billion ($348 million), which bears interest at a rate of three month HIBOR plus 1.25% and matures in 2028. The line of credit does not have a balance outstanding.

Shanghai Disney Resort

Shanghai Shendi (Group) Co., Ltd (Shendi) and the Company have 57% and 43% equity interests in Shanghai Disney Resort, respectively. A management company, in which the Company has a 70% interest and Shendi a 30% interest, operates Shanghai Disney Resort.

The Company has provided Shanghai Disney Resort with loans totaling $929 million bearing interest at 8% and are scheduled to mature in 2036 with earlier payments required based on available cash flows. In addition, early repayment is permitted. The loan is eliminated in consolidation. The Company has also provided Shanghai Disney Resort with a 1.9 billion yuan (approximately $0.3 billion) line of credit bearing interest at 8% and matures in 2033. The line of credit does not have a balance outstanding.

Shendi has provided Shanghai Disney Resort with loans totaling 8.2 billion yuan (approximately $1.1 billion), bearing interest at 8% and are scheduled to mature in 2036 with earlier payments required based on available cash flows. In addition, early repayment is permitted. Shendi has also provided Shanghai Disney Resort with a 2.6 billion yuan (approximately $0.4 billion) line of credit bearing interest at 8% and matures in 2033. The line of credit does not have a balance outstanding.

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Produced and Acquired/Licensed Content Costs and Advances

3 Months Ended

Dec. 28, 2024

Other Industries [Abstract]

Produced and Acquired/Licensed Content Costs and Advances Disclosure

Produced and Acquired/Licensed Content Costs and Advances

The Company classifies its capitalized produced and acquired/licensed content costs as long-term assets and classifies advances for live programming rights made prior to the live event as short-term assets. For purposes of amortization and impairment, the capitalized content costs are classified based on their predominant monetization strategy as follows:

•Individual - lifetime value is predominantly derived from third-party revenues that are directly attributable to the specific film or television title (e.g. theatrical revenues or sales to third-party television programmers)

•Group - lifetime value is predominantly derived from third-party revenues that are attributable only to a bundle of titles (e.g. subscription revenue for a DTC service or affiliate fees for a cable television network)

Total capitalized produced and licensed content by predominant monetization strategy is as follows:

	As of December 28, 2024						As of September 28, 2024
	Predominantly Monetized Individually		Predominantly Monetized as a Group		Total		Predominantly Monetized Individually		Predominantly Monetized as a Group		Total
Produced content
Released, less amortization	$	4,845	$	13,950	$	18,795	$	4,568	$	13,621	$	18,189
Completed, not released	89		2,117		2,206		16		2,265		2,281
In-process	4,384		3,653		8,037		4,352		4,067		8,419
In development or pre-production	282		92		374		196		73		269
	$	9,600	$	19,812	29,412		$	9,132	$	20,026	29,158
Licensed content - Television programming rights and advances					4,250						5,251
Total produced and licensed content					$	33,662					$	34,409
Current portion					$	1,157					$	2,097
Non-current portion					$	32,505					$	32,312

Amortization of produced and licensed content is as follows:

	Quarter Ended
	December 28, 2024		December 30, 2023
Produced content
Predominantly monetized individually	$	696	$	768
Predominantly monetized as a group	1,813		1,794
	2,509		2,562
Licensed programming rights and advances	4,097		4,590
Total produced and licensed content costs(1)	$	6,606	$	7,152

(1)Primarily included in “Costs of services” in the Condensed Consolidated Statements of Income

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Income Taxes

3 Months Ended

Dec. 28, 2024

Income Tax Disclosure [Abstract]

Income Tax Disclosure

Income Taxes

Deferred Tax Assets and Liabilities

The Company records deferred income tax assets and liabilities with respect to temporary differences in accounting treatment of items for financial reporting purposes and income tax purposes. The Company’s deferred tax assets and liabilities by major category as of December 28, 2024 and September 28, 2024 were as follows:

	December 28, 2024		September 28, 2024
Deferred tax assets
Net operating losses and tax credit carryforwards(1)	$	(3,176)	$	(3,444)
Accrued liabilities	(1,173)		(1,199)
Lease liabilities	(845)		(862)
Licensing revenues	(119)		(130)
Other	(489)		(655)
Total deferred tax assets	(5,802)		(6,290)
Deferred tax liabilities
Depreciable, amortizable and other property	6,128		6,584
Investment in U.S. entities(2)	1,068		1,102
Right-of-use lease assets	677		692
Investment in foreign entities	727		465
Other	66		78
Total deferred tax liabilities	8,666		8,921
Net deferred tax liability before valuation allowance	2,864		2,631
Valuation allowance	2,898		2,991
Net deferred tax liability	$	5,762	$	5,622

(1)Further details on our net operating losses and tax credit carryforwards are as follows:

	December 28, 2024
International Theme Park net operating losses	$	(1,424)
U.S. foreign tax credits	(810)
State net operating losses and tax credit carryforwards	(563)
Other	(379)
Total net operating losses and tax credit carryforwards(a)	$	(3,176)

(a)    Approximately $2.0 billion of these carryforwards do not expire. Approximately $1.1 billion expire between fiscal 2026 and fiscal 2035, primarily consisting of U.S. foreign tax credits.

(2)Amounts are, in part, due to the tax status of these entities and if the tax status of certain legal entities changes, a significant portion of this balance may reverse.

Valuation Allowance

The Company records deferred income tax assets and liabilities with respect to temporary differences in the accounting treatment of items for financial reporting purposes and for income tax purposes. Where, based on the weight of available evidence, it is more likely than not that some amount of recorded deferred tax assets will not be realized, a valuation allowance is established for the amount that, in management’s judgment, is sufficient to reduce the deferred tax asset to an amount that is more likely than not to be realized.

Unrecognized Tax Benefits

The Company’s gross unrecognized tax benefits (before interest and penalties) decreased $0.2 billion, from $2.0 billion at September 28, 2024 to $1.8 billion at December 28, 2024. In the next twelve months, it is reasonably possible that our unrecognized tax benefits could change due to resolutions of open tax matters, which would reduce our unrecognized tax benefits by $0.8 billion.

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Pension and Other Benefit Programs

3 Months Ended

Dec. 28, 2024

Retirement Benefits [Abstract]

Pension and Other Benefit Programs

Pension and Other Benefit Programs

The components of net periodic benefit cost (income) are as follows:

	Pension Plans				Postretirement Medical Plans
	Quarter Ended				Quarter Ended
	December 28, 2024		December 30, 2023		December 28, 2024		December 30, 2023
Service costs	$	65	$	62	$	—	$	—
Other costs (benefits):
Interest costs	195		208		11		14
Expected return on plan assets	(290)		(284)		(15)		(14)
Amortization of previously deferred service costs (credits)	—		2		(22)		(22)
Recognized net actuarial loss (gain)	62		5		(7)		(9)
Total other costs (benefits)	(33)		(69)		(33)		(31)
Net periodic benefit cost (income)	$	32	$	(7)	$	(33)	$	(31)

During the quarter ended December 28, 2024, the Company did not make any material contributions to its pension and postretirement medical plans and does not currently expect to make any material contributions for the remainder of fiscal 2025. Final minimum funding requirements for fiscal 2025 will be determined based on a January 1, 2025 funding actuarial valuation, which is expected to be received in the fourth quarter of fiscal 2025.

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Earnings Per Share

3 Months Ended

Dec. 28, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Diluted earnings per share amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period and are calculated using the treasury stock method for equity-based compensation awards (Awards). A reconciliation of the weighted average number of common and common equivalent shares outstanding and the number of Awards excluded from the diluted earnings per share calculation, as they were anti-dilutive, are as follows:

	Quarter Ended
	December 28, 2024	December 30, 2023
Shares (in millions):
Weighted average number of common and common equivalent shares outstanding (basic)	1,812	1,832
Weighted average dilutive impact of Awards	6	3
Weighted average number of common and common equivalent shares outstanding (diluted)	1,818	1,835
Awards excluded from diluted earnings per share	16	39

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Equity

3 Months Ended

Dec. 28, 2024

Equity [Abstract]

Equity

Equity

The Company declared the following dividends in fiscal 2025 and 2024:

Per Share	Amount	Payment Date
$0.50	$0.9 billion	July 23, 2025(1)
$0.50	$0.9 billion	January 16, 2025
$0.45	$0.8 billion	July 25, 2024
$0.30	$0.5 billion	January 10, 2024

(1)Amount represents our estimate of the dividend that will be paid on July 23, 2025. The actual amount will be determined based on shareholders of record at June 24, 2025.

Share Repurchase Program

Effective February 7, 2024, the Board of Directors authorized the Company to repurchase a total of 400 million shares of its common stock. During the quarter ended December 28, 2024, the Company repurchased 7 million shares of its common stock for $0.8 billion (amount excludes the one percent excise tax on stock repurchases imposed by the Inflation Reduction Act of 2022). As of December 28, 2024, the Company had remaining authorization in place to repurchase approximately 365 million additional shares. The repurchase program does not have an expiration date.

The following tables summarize the changes in each component of accumulated other comprehensive income (loss) (AOCI) including our proportional share of equity method investee amounts:

	Market Value Adjustments for Hedges		Unrecognized Pension and  Postretirement Medical  Expense		Foreign Currency Translation and Other		AOCI
AOCI, before tax
First quarter of fiscal 2025
Balance at September 28, 2024	$	(319)	$	(2,243)	$	(1,855)	$	(4,417)
Quarter Ended December 28, 2024:
Unrealized gains (losses) arising during the period	559		—		(246)		313
Reclassifications of realized net (gains) losses to net income	(88)		33		—		(55)
Star India Transaction	—		—		904		904
Balance at December 28, 2024	$	152	$	(2,210)	$	(1,197)	$	(3,255)
First quarter of fiscal 2024
Balance at September 30, 2023	$	259	$	(2,172)	$	(1,974)	$	(3,887)
Quarter Ended December 30, 2023:
Unrealized gains (losses) arising during the period	(277)		(3)		137		(143)
Reclassifications of realized net (gains) losses to net income	(140)		(24)		—		(164)
Balance at December 30, 2023	$	(158)	$	(2,199)	$	(1,837)	$	(4,194)

	Market Value Adjustments for Hedges		Unrecognized Pension and  Postretirement Medical  Expense		Foreign Currency Translation and Other		AOCI
Tax on AOCI
First quarter of fiscal 2025
Balance at September 28, 2024	$	71	$	531	$	116	$	718
Quarter Ended December 28, 2024:
Unrealized gains (losses) arising during the period	(130)		—		24		(106)
Reclassifications of realized net (gains) losses to net income	21		(8)		—		13
Star India Transaction	—		—		(58)		(58)
Balance at December 28, 2024	$	(38)	$	523	$	82	$	567
First quarter of fiscal 2024
Balance at September 30, 2023	$	(64)	$	517	$	142	$	595
Quarter Ended December 30, 2023:
Unrealized gains (losses) arising during the period	66		—		(7)		59
Reclassifications of realized net (gains) losses to net income	32		6		—		38
Balance at December 30, 2023	$	34	$	523	$	135	$	692

	Market Value Adjustments for Hedges		Unrecognized Pension and  Postretirement Medical  Expense		Foreign Currency Translation and Other		AOCI
AOCI, after tax
First quarter of fiscal 2025
Balance at September 28, 2024	$	(248)	$	(1,712)	$	(1,739)	$	(3,699)
Quarter Ended December 28, 2024:
Unrealized gains (losses) arising during the period	429		—		(222)		207
Reclassifications of realized net (gains) losses to net income	(67)		25		—		(42)
Star India Transaction	—		—		846		846
Balance at December 28, 2024	$	114	$	(1,687)	$	(1,115)	$	(2,688)
First quarter of fiscal 2024
Balance at September 30, 2023	$	195	$	(1,655)	$	(1,832)	$	(3,292)
Quarter Ended December 30, 2023:
Unrealized gains (losses) arising during the period	(211)		(3)		130		(84)
Reclassifications of realized net (gains) losses to net income	(108)		(18)		—		(126)
Balance at December 30, 2023	$	(124)	$	(1,676)	$	(1,702)	$	(3,502)

Details about AOCI components reclassified to net income are as follows:

Gain (loss) in net income:	Affected line item in the Condensed Consolidated Statements of Operations:	Quarter Ended
		December 28, 2024		December 30, 2023
Market value adjustments, primarily cash flow hedges	Primarily revenue	$	88	$	140
Estimated tax	Income taxes	(21)		(32)
		67		108
Pension and postretirement medical expense	Interest expense, net	(33)		24
Estimated tax	Income taxes	8		(6)
		(25)		18
Total reclassifications for the period		$	42	$	126

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Equity-Based Compensation

3 Months Ended

Dec. 28, 2024

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

Equity-Based Compensation

Compensation expense related to stock options and restricted stock units (RSUs) is as follows:

	Quarter Ended
	December 28, 2024		December 30, 2023
Stock options	$	16	$	17
RSUs	301		291
Total equity-based compensation expense(1)	$	317	$	308
Equity-based compensation expense capitalized during the period	$	44	$	44

(1)Equity-based compensation expense is net of capitalized equity-based compensation and estimated forfeitures and excludes amortization of previously capitalized equity-based compensation costs.

Unrecognized compensation cost related to unvested stock options and RSUs was $66 million and $1.5 billion, respectively, as of December 28, 2024.

Each fiscal year, generally in December or January, the Company awards stock options and restricted stock units to a broad-based group of management, technology and creative personnel (Annual Grant). Substantially all of the Annual Grant was issued in January 2025. The Annual Grant consisted of 2.4 million stock options and 14.2 million RSUs with weighted average grant date fair values of $37.98 and $109.20, respectively. During the quarter ended December 30, 2023, the weighted average grant date fair values for stock options and RSUs were $32.06 and $93.87, respectively.

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Commitments and Contingencies

3 Months Ended

Dec. 28, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Legal Matters

On May 12, 2023, a private securities class action lawsuit was filed in the U.S. District Court for the Central District of California against the Company, its former Chief Executive Officer, Robert Chapek, its former Chief Financial Officer, Christine M. McCarthy, and the former Chairman of the Disney Media and Entertainment Distribution segment, Kareem Daniel on behalf of certain purchasers of securities of the Company (the “Securities Class Action”). On November 6, 2023, a consolidated complaint was filed in the same action, adding Robert Iger, the Company’s Chief Executive Officer, as a defendant. Claims in the Securities Class Action include (i) violations of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder against all defendants, (ii) violations of Section 20A of the Exchange Act against Iger and McCarthy, and (iii) violations of Section 20(a) of the Exchange Act against all defendants. Plaintiffs in the Securities Class Action allege purported misstatements and omissions concerning, and a scheme to conceal, accurate costs and subscriber growth of the Disney+ platform. Plaintiffs seek unspecified damages, plus interest and costs and fees. The Company intends to defend against the lawsuit vigorously and filed a motion to dismiss the complaint for failure to state a claim on December 21, 2023. A hearing on the motion to dismiss was held on September 27, 2024. The lawsuit is in the early stages and at this time we cannot reasonably estimate the amount of any possible loss.

Three shareholder derivative complaints have been filed. The first, in which Hugues Gervat is the plaintiff, was filed on August 4, 2023, in the U.S. District Court for the Central District of California. The second, in which Stourbridge Investments LLC is the plaintiff, was filed on August 23, 2023 in the U.S. District Court for the District of Delaware. And the third, in which Audrey McAdams is the Plaintiff, was filed on December 15, 2023, in the U.S. District Court for the Central District of California. Each named The Walt Disney Company as a nominal defendant and alleged claims on its behalf against the Company’s Chief Executive Officer, Robert Iger; its former Chief Executive Officer, Robert Chapek; its former Chief Financial Officer, Christine M. McCarthy; the former Chairman of the Disney Media and Entertainment Distribution segment, Kareem Daniel, and ten current and former members of the Disney Board (Susan E. Arnold; Mary T. Barra; Safra A. Catz; Amy L. Chang; Francis A. deSouza; Michael B.G. Froman; Maria Elena Lagomasino; Calvin R. McDonald; Mark G. Parker; and Derica W. Rice). Along with alleged violations of Sections 10(b), 14(a), 20(a), and Rule 10b-5 of the Securities Exchange Act, premised on similar allegations as the Securities Class Action, plaintiffs seek to recover under various theories including breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement and waste. On October 24, 2023, the Stourbridge action was voluntarily dismissed and, on November 16, 2023, was refiled in Delaware state court alleging analogous theories of liability based on state law. On October 30, 2023, the Gervat action was stayed pending a ruling on the motion to dismiss filed in the Securities Class Action. The Stourbridge action was likewise stayed under an order entered December 12, 2023 and the McAdams action was stayed under an order entered February 20, 2024. The actions seek declarative and injunctive relief, an award of unspecified damages to The Walt Disney Company and other costs and fees. The Company intends to defend against these lawsuits vigorously. The lawsuits are in the early stages, and at this time we cannot reasonably estimate the amount of any possible loss.

On November 18, 2022, a private antitrust putative class action lawsuit was filed in the U.S. District Court for the Northern District of California against the Company on behalf of a putative class of certain subscribers to YouTube TV (the “Biddle Action”). The plaintiffs in the Biddle Action asserted a claim under Section 1 of the Sherman Act based on allegations that Disney uses certain pricing and packaging provisions in its carriage agreements with vMVPDs to increase prices for and reduce output of certain services offered by vMVPDs. On November 30, 2022, a second private antitrust putative class action lawsuit was filed in the U.S. District Court for the Northern District of California against the Company on behalf of a putative class of certain subscribers to DirecTV Stream (the “Fendelander Action”), making similar allegations. The Company filed motions to dismiss for failure to state a claim in both the Biddle Action and Fendelander Action on January 31, 2023. On September 30, 2023, the court issued an order granting in part and denying in part the Company’s motions to dismiss both cases and, on October 13, 2023, the court issued an order consolidating both cases. On October 16, 2023, plaintiffs filed a consolidated amended putative class action complaint (the “Consolidated Complaint”). The Consolidated Complaint asserts claims under Section 1 of the Sherman Act and certain Arizona, California, Florida, Illinois, Iowa, Massachusetts, Michigan,

Nevada, New York, North Carolina, and Tennessee antitrust laws based on substantially similar allegations as the Biddle Action and the Fendelander Action. The Consolidated Complaint seeks injunctive relief, unspecified money damages and costs and fees. The Company intends to defend against the lawsuits vigorously and filed a motion to dismiss the Consolidated Complaint for failure to state a claim on December 1, 2023. The Company’s motion to dismiss the Consolidated Complaint was granted in part and denied in part on June 25, 2024. On September 12, 2024, the Court entered a case management order setting, among other dates, Plaintiffs’ deadline to file their class certification motion on March 27, 2026. On January 14, 2025, a private antitrust putative class action lawsuit was filed in the U.S. District Court for the Southern District of New York against the Company on behalf of a putative class of certain subscribers to fuboTV (the “Unger Action”), making similar allegations to those in the now-consolidated Biddle and Fendelander Actions. The consolidated lawsuit and the Unger Action are in the early stages, and at this time we cannot reasonably estimate the amount of any possible loss.

On February 20, 2024, a private antitrust lawsuit was filed in the U.S. District Court for the Southern District of New York against the Company (including affiliates ESPN, Inc., ESPN Enterprises, Inc., and Hulu, LLC), Fox, and WBD (collectively, “Defendants”), by fuboTV Inc. and fuboTV Media Inc. (together, “Fubo”). Fubo asserted claims under Section 1 of the Sherman Act, Section 7 of the Clayton Act, and New York antitrust law based on the theories that (a) a then planned joint venture between ESPN, Inc., Fox, and WBD, which would have distributed certain of Defendants’ linear networks to consumers (the “Sports Streaming JV”), would have harmed competition in alleged markets for the licensing of networks that offer live sports content and for streaming live pay television, (b) certain alleged practices by which the Company and Fox license their networks to vMVPDs as a bundle increase prices and reduce output for services offered by vMVPDs, and (c) certain alleged pricing provisions in Defendants’ carriage agreements with YouTube TV and Hulu + Live TV, as well as in Hulu + Live TV’s carriage agreements with non-Defendant programmers, increase prices for services offered by vMVPDs. On April 8, 2024, Fubo filed a motion for a preliminary injunction against Defendants to prevent the formation of the Sports Streaming JV. On April 29, 2024, Fubo filed an amended complaint to add allegations of a purported market for “skinny sports bundles”, which Fubo claimed the Sports Streaming JV would have monopolized after its launch. After a hearing on Fubo’s motion for preliminary injunction, the district court granted Fubo’s motion on August 16, 2024, and enjoined the launch of the Sports Streaming JV. On August 19, 2024, Defendants filed a notice of appeal to the United States Court of Appeals for the Second Circuit from the order for a preliminary injunction. The United States Court of Appeals for the Second Circuit granted Defendants’ motion to expedite the appeal. Defendants filed their initial appeal brief on September 20, 2024, Fubo filed its brief in opposition on November 4, 2024, and Defendants filed their reply brief on December 9, 2024. Oral argument was scheduled for January 6, 2025. Fubo further sought injunctive relief, unspecified money damages and costs and fees. On September 26, 2024, the Company filed a motion to dismiss Fubo’s claims brought under Section 1 of the Sherman Act and New York antitrust law, unrelated to the joint venture. The district court denied Defendants’ motions to dismiss on December 13, 2024. The Defendants reached a settlement with Fubo to resolve this litigation, and on January 6, 2025, filed with the district court a joint stipulation voluntarily dismissing the action with prejudice and extinguishing the preliminary injunction issued on August 16, 2024. The parties also filed on January 6, 2025 a joint stipulation dismissing the appeal, which the United States Court of Appeals for the Second Circuit so ordered on January 8, 2025.

In May 2024, the Company and NBCU entered into a confidential arbitration to resolve a dispute regarding the contractual appraisal process related to the determination of Hulu’s equity fair value, in which the parties seek declaratory relief, equitable relief and unspecified damages. See Note 1 for a more detailed discussion of the arbitration and the determination of Hulu’s equity fair value.

The Company, together with, in some instances, certain of its directors and officers, is a defendant in various other legal actions involving copyright, breach of contract and various other claims incident to the conduct of its businesses. Management does not believe that the Company has incurred a probable material loss by reason of any of those actions.

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Fair Value Measurements

3 Months Ended

Dec. 28, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants and is generally classified in one of the following categories:

Level 1 - Quoted prices for identical instruments in active markets

Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations, in which all significant inputs and significant value drivers are observable in active markets

Level 3 - Valuations derived from valuation techniques, in which one or more significant inputs or significant value drivers are unobservable

The Company’s assets and liabilities measured at fair value are summarized in the following tables by fair value measurement Level:

	Fair Value Measurement at December 28, 2024
	Level 1		Level 2		Level 3		Total
Assets
Investments	$	—	$	100	$	—	$	100
Derivatives - Foreign exchange	—		1,127		—		1,127
Liabilities
Derivatives
Interest rate	—		(1,239)		—		(1,239)
Foreign exchange	—		(527)		—		(527)
Other	—		(17)		—		(17)
Other	—		(634)		—		(634)
Total recorded at fair value	$	—	$	(1,190)	$	—	$	(1,190)
Fair value of borrowings	$	—	$	39,433	$	2,201	$	41,634

	Fair Value Measurement at September 28, 2024
	Level 1		Level 2		Level 3		Total
Assets
Investments	$	—	$	94	$	—	$	94
Derivatives
Foreign exchange	—		569		—		569
Other	—		18		—		18
Liabilities
Derivatives
Interest rate	—		(983)		—		(983)
Foreign exchange	—		(588)		—		(588)
Other	—		(8)		—		(8)
Other	—		(591)		—		(591)
Total recorded at fair value	$	—	$	(1,489)	$	—	$	(1,489)
Fair value of borrowings	$	—	$	42,392	$	1,317	$	43,709

The fair values of Level 2 investments are primarily determined based on an internal valuation model that uses observable inputs such as stock trading price, volatility and risk free rate.

The fair values of Level 2 derivatives are primarily determined by internal discounted cash flow models that use observable inputs such as interest rates, yield curves and foreign currency exchange rates. Counterparty credit risk, which is mitigated by master netting agreements and collateral posting arrangements with certain counterparties, had an impact on derivative fair value estimates that was not material. The Company’s derivative financial instruments are discussed in Note 15.

Level 2 other liabilities are primarily arrangements that are valued based on the fair value of underlying investments, which are generally measured using Level 1 and Level 2 fair value techniques.

Level 2 borrowings, which include commercial paper, U.S. dollar denominated notes and certain foreign currency denominated borrowings, are valued based on quoted prices for similar instruments in active markets or identical instruments in markets that are not active.

Level 3 borrowings include the Asia Theme Park and cruise ship borrowings, which are valued based on the current estimated borrowing costs, prevailing market interest rates and applicable credit risk.

The Company’s financial instruments also include cash, cash equivalents, receivables and accounts payable. The carrying values of these financial instruments approximate the fair values.

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Derivative Instruments

3 Months Ended

Dec. 28, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

The Company manages its exposure to various risks relating to its ongoing business operations according to a risk management policy. The primary risks managed with derivative instruments are interest rate risk and foreign exchange risk.

The Company’s derivative positions measured at fair value (see Note 14) are summarized in the following tables:

	As of December 28, 2024
	Current Assets		Investments/ Other Assets		Other Current Liabilities		Other Long- Term Liabilities
Derivatives designated as hedges
Foreign exchange	$	586	$	323	$	(176)	$	(139)
Interest rate	—		—		(1,239)		—
Other	—		—		(5)		—
Derivatives not designated as hedges
Foreign exchange	216		2		(210)		(2)
Other	—		100		(12)		—
Gross fair value of derivatives	802		425		(1,642)		(141)
Counterparty netting	(618)		(239)		722		135
Cash collateral (received) paid	(74)		—		675		—
Net derivative positions	$	110	$	186	$	(245)	$	(6)

	As of September 28, 2024
	Current Assets		Investments/ Other Assets		Other Current Liabilities		Other Long- Term Liabilities
Derivatives designated as hedges
Foreign exchange	$	273	$	184	$	(164)	$	(149)
Interest rate	—		—		(983)		—
Other	—		—		(7)		(1)
Derivatives not designated as hedges
Foreign exchange	110		2		(273)		(2)
Other	18		94		—		—
Gross fair value of derivatives	401		280		(1,427)		(152)
Counterparty netting	(330)		(182)		396		116
Cash collateral (received) paid	(27)		—		679		—
Net derivative positions	$	44	$	98	$	(352)	$	(36)

Interest Rate Risk Management

The Company is exposed to the impact of interest rate changes primarily through its borrowing activities. The Company’s objective is to mitigate the impact of interest rate changes on earnings and cash flows and on the market value of its borrowings. In accordance with its policy, the Company targets its fixed-rate debt as a percentage of its net debt between a minimum and maximum percentage. The Company primarily uses pay-floating and pay-fixed interest rate swaps to facilitate its interest rate risk management activities.

The Company designates pay-floating interest rate swaps as fair value hedges of fixed-rate borrowings effectively converting fixed-rate borrowings to variable-rate borrowings. The total notional amount of the Company’s pay-floating interest rate swaps at both December 28, 2024 and September 28, 2024 was $11.0 billion and $12.0 billion, respectively.

The following table summarizes fair value hedge adjustments to hedged borrowings:

	Carrying Amount of Hedged Borrowings				Fair Value Adjustments Included in Hedged Borrowings
	December 28, 2024		September 28, 2024		December 28, 2024		September 28, 2024
Borrowings:
Current	$	495	$	1,414	$	(5)	$	(10)
Long-term	9,874		10,128		(1,109)		(913)
	$	10,369	$	11,542	$	(1,114)	$	(923)

The following amounts are included in “Interest expense, net” in the Condensed Consolidated Statements of Income:

	Quarter Ended
	December 28, 2024		December 30, 2023
Gain (loss) on:
Pay-floating swaps	$	(195)	$	432
Borrowings hedged with pay-floating swaps	195		(432)
Expense associated with interest accruals on pay-floating swaps	(111)		(154)

The Company may designate pay-fixed interest rate swaps as cash flow hedges of interest payments on floating-rate borrowings. Pay-fixed interest rate swaps effectively convert floating-rate borrowings to fixed-rate borrowings. The unrealized gains or losses from these cash flow hedges are deferred in AOCI and recognized in interest expense as the interest payments occur. The Company did not have pay-fixed interest rate swaps that were designated as cash flow hedges of interest payments at December 28, 2024 or at September 28, 2024, and gains and losses related to pay-fixed interest rate swaps recognized in earnings were not material for the quarters ended December 28, 2024 and December 30, 2023.

Foreign Exchange Risk Management

The Company transacts business globally and is subject to risks associated with foreign currency exchange rates. The Company’s objective is to reduce earnings and cash flow fluctuations associated with changes in foreign currency exchange rates, enabling management to focus on core business operations.

The Company enters into option and forward contracts to protect the value of its existing foreign currency assets, liabilities, firm commitments and forecasted but not firmly committed foreign currency transactions. In accordance with policy, the Company hedges its forecasted foreign currency transactions for periods generally not to exceed four years within an established minimum and maximum range of annual exposure. The gains and losses on these contracts offset changes in the U.S. dollar equivalent value of the related forecasted transaction, asset, liability or firm commitment. The principal currencies hedged are the euro, Canadian dollar, Japanese yen, British pound and Chinese yuan. Cross-currency swaps are used to effectively convert foreign currency denominated borrowings into U.S. dollar denominated borrowings.

The Company designates foreign exchange forward and option contracts as cash flow hedges of firmly committed and forecasted foreign currency transactions. As of December 28, 2024 and September 28, 2024, the notional amounts of the Company’s net foreign exchange cash flow hedges were $8.4 billion and $9.9 billion, respectively. Mark-to-market gains and losses on these contracts are deferred in AOCI and are recognized in earnings when the hedged transactions occur, offsetting changes in the value of the foreign currency transactions. Net deferred gains recorded in AOCI for contracts that will mature in the next twelve months total $501 million. The following table summarizes the effect of foreign exchange cash flow hedges on AOCI:

	Quarter Ended
	December 28, 2024		December 30, 2023
Gain (loss) recognized in Other Comprehensive Income	$	562	$	(264)
Gain reclassified from AOCI into the Statements of Operations(1)	89		141

(1)Primarily recorded in revenue.

The Company may designate cross currency swaps as fair value hedges of foreign currency denominated borrowings. The impact from the change in foreign currency on both the cross currency swap and borrowing is recorded to “Interest expense,

net.” The impact from interest rate changes is recorded in AOCI and is amortized over the life of the cross currency swap. As of December 28, 2024 and September 28, 2024, the total notional amount of the Company’s designated cross currency swaps was Canadian $1.3 billion ($0.9 billion) and Canadian $1.3 billion ($1.0 billion), respectively. The related gains or losses recognized in earnings for the quarters ended December 28, 2024 and December 30, 2023 were not material.

Foreign exchange risk management contracts with respect to foreign currency denominated assets and liabilities are not designated as hedges and do not qualify for hedge accounting. The net notional amount of these foreign exchange contracts at December 28, 2024 and September 28, 2024 were $2.9 billion and $3.4 billion, respectively. The Company recognized net foreign exchange gains of $0.2 billion on the foreign exchange contracts in costs and expenses for the quarter ended December 28, 2024 that mitigated our exposure with respect to foreign currency denominated assets and liabilities. The related gains or losses for the quarter ended December 30, 2023 were not material.

Commodity Price Risk Management

The Company is subject to the volatility of commodities prices and the Company designates certain commodity forward contracts as cash flow hedges of forecasted commodity purchases. Mark-to-market gains and losses on these contracts are deferred in AOCI and are recognized in earnings when the hedged transactions occur, offsetting changes in the value of commodity purchases. The notional amount of these commodities contracts at December 28, 2024 and September 28, 2024 and related gains or losses recognized in earnings for the quarters ended December 28, 2024 and December 30, 2023 were not material.

Risk Management – Other Derivatives Not Designated as Hedges

The Company enters into certain other risk management contracts that are not designated as hedges and do not qualify for hedge accounting. These contracts, which include certain total return swap contracts, are intended to offset economic exposures of the Company and are carried at market value with any changes in value recorded in earnings. The notional amounts of these contracts at December 28, 2024 and September 28, 2024 were $0.6 billion and $0.5 billion, respectively. The related gains or losses recognized in earnings for the quarters ended December 28, 2024 and December 30, 2023 were not material.

Contingent Features and Cash Collateral

The Company has master netting arrangements by counterparty with respect to certain derivative financial instrument contracts. The Company may be required to post collateral in the event that a net liability position with a counterparty exceeds limits defined by contract and that vary with the Company’s credit rating. In addition, these contracts may require a counterparty to post collateral to the Company in the event that a net receivable position with a counterparty exceeds limits defined by contract and that vary with the counterparty’s credit rating. If the Company’s or the counterparty’s credit ratings were to fall below investment grade, such counterparties or the Company would also have the right to terminate our derivative contracts, which could lead to a net payment to or from the Company for the aggregate net value by counterparty of our derivative contracts. The aggregate fair values of derivative instruments with credit-risk-related contingent features in a net liability position by counterparty were $0.9 billion and $1.1 billion at December 28, 2024 and September 28, 2024.

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New Accounting Pronouncements

3 Months Ended

Dec. 28, 2024

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Pronouncements

New Accounting Pronouncements and Other Disclosure Rules

Improvements to Reportable Segments Disclosures

In November 2023, the FASB issued guidance to enhance reportable segment disclosures by requiring the disclosure of significant expenses that are regularly provided to the chief operating decision maker (CODM) and included in the segment’s measure of profit or loss. It also requires an explanation of how the CODM uses the segment’s measure of profit or loss to assess segment performance and allocate resources. The guidance is effective for the Company for annual periods beginning in fiscal year 2025 and for interim periods beginning in fiscal year 2026 and requires retrospective adoption (with early adoption permitted). While the guidance will not have an effect on the Company’s Consolidated Statements of Operations or Consolidated Balance Sheets upon adoption, it will affect certain segment reporting disclosures in the Company’s fiscal 2025 annual report.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued guidance to enhance income tax disclosures. The new guidance requires an expanded effective tax rate reconciliation, the disclosure of cash taxes paid segregated between U.S. federal, U.S. state and foreign, with further disaggregation by jurisdiction if certain thresholds are met and eliminates certain disclosures related to uncertain tax benefits. The Company will adopt the new guidance, including the expanded disclosures, beginning with the Company’s 2026 fiscal year.

Disaggregation of Income Statement Expense

In November 2024, the FASB issued guidance that requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The guidance also requires disclosure of the total amount of selling expenses and the Company’s definition of selling expenses. The guidance is effective for the Company for annual periods beginning in fiscal year 2028 and for interim periods beginning in fiscal year 2029. The Company is currently assessing the impacts of the new guidance on its financial statement disclosures.

Enhancement and Standardization of Climate-Related Disclosures

In March 2024, the Securities and Exchange Commission adopted new rules that will require disclosure of:

•Certain climate-related information including climate-related risks, targets and goals that are reasonably likely to have a material impact, as applicable, on a company’s strategy, business, results of operations or financial condition;

•Certain greenhouse gas emissions, if material; and

•Certain financial information regarding the effects of severe weather events and other natural conditions, within the notes to the financial statements

The new rules are applicable to annual reporting periods and will be phased in beginning with the Company’s 2026 fiscal year. In April 2024, given pending legal challenges, the Securities and Exchange Commission issued an order to voluntarily stay the new rules. The Company is evaluating the impacts of the new rules on its financial statement disclosures.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Pay vs Performance Disclosure
Net income attributable to The Walt Disney Company (Disney)	$ 2,554	$ 1,911

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Insider Trading Arrangements

3 Months Ended

Dec. 28, 2024

shares

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

On December 13, 2024, Brent A. Woodford, the Company’s Executive Vice President, Controllership, Financial Planning and Tax, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. Mr. Woodford’s trading plan provides for the potential exercise of vested stock options granted to Mr. Woodford on December 17, 2015, December 21, 2016 and December 19, 2017, which will expire on December 17, 2025, December 21, 2026 and December 19, 2027, respectively, and the associated sale of up to 61,245 shares of the Company’s common stock, excluding any shares used to effect a cashless exercise or withheld to satisfy tax withholding obligations in connection with the exercise or net settlement of the option awards. Mr. Woodford’s trading plan is scheduled to terminate on December 21, 2026, subject to early termination.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Brent A. Woodford [Member]

Trading Arrangements, by Individual

Name

Brent A. Woodford

Title

Executive Vice President, Controllership, Financial Planning and Tax

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

December 13, 2024

Expiration Date

December 21, 2026

Aggregate Available

61,245

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Segment Information (Tables)

3 Months Ended

Dec. 28, 2024

Financial Information by Operating Segments

Segment revenues and segment operating income are as follows:

	Quarter Ended
	December 28, 2024		December 30, 2023
Revenues:
Entertainment
Third parties	$	10,761	$	9,881
Intersegment	111		100
	10,872		9,981
Sports
Third parties	4,514		4,536
Intersegment	336		299
	4,850		4,835
Experiences	9,415		9,132
Eliminations	(447)		(399)
Total segment revenues	$	24,690	$	23,549
Segment operating income (loss):
Entertainment	$	1,703	$	874
Sports	247		(103)
Experiences	3,110		3,105
Total segment operating income	$	5,060	$	3,876

Equity In Income of Investees By Segment

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

	Quarter Ended
	December 28, 2024		December 30, 2023
Entertainment	$	118	$	171
Sports	10		13
Equity in the income of investees included in segment operating income	128		184
Equity in the loss of India joint venture	(33)		—
Amortization of TFCF intangible assets related to an equity investee	(3)		(3)
Equity in the income of investees, net	$	92	$	181

Reconciliation of Segment Operating Income to Income before Income Taxes

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

	Quarter Ended
	December 28, 2024		December 30, 2023
Segment operating income	$	5,060	$	3,876
Corporate and unallocated shared expenses	(460)		(308)
Equity in the loss of India joint venture	(33)		—
Restructuring and impairment charges(1)	(143)		—
Interest expense, net	(367)		(246)
TFCF and Hulu Acquisition Amortization(2)	(397)		(451)
Income (loss) before income taxes	$	3,660	$	2,871

(1)See Note 4 for a discussion of amounts in restructuring and impairment charges.

(2)TFCF and Hulu Acquisition Amortization is as follows:

	Quarter Ended
	December 28, 2024		December 30, 2023
Amortization of intangible assets	$	327	$	380
Step-up of film and television costs	67		68
Intangibles related to a TFCF equity investee	3		3
	$	397	$	451

Components of TFCF and Hulu Acquisition Amortization

TFCF and Hulu Acquisition Amortization is as follows:

	Quarter Ended
	December 28, 2024		December 30, 2023
Amortization of intangible assets	$	327	$	380
Step-up of film and television costs	67		68
Intangibles related to a TFCF equity investee	3		3
	$	397	$	451

Schedule of Goodwill

The changes in the carrying amount of goodwill are as follows:

	Entertainment		Sports		Experiences		Total
Balance at September 28, 2024	$	51,290	$	16,486	$	5,550	$	73,326
Currency translation adjustments and other, net	(14)		—		—		(14)
Balance at December 28, 2024	$	51,276	$	16,486	$	5,550	$	73,312

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Revenues (Tables)

3 Months Ended

Dec. 28, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue by Major Source

The following table presents revenues by segment and major source:

	Quarter Ended December 28, 2024
	Entertainment		Sports		Experiences		Eliminations		Total
Subscription fees	$	5,065	$	427	$	—	$	—	$	5,492
Affiliate fees	1,655		2,630		—		(321)		3,964
Advertising	1,898		1,342		—		—		3,240
Theme park admissions	—		—		3,087		—		3,087
Resorts and vacations	—		—		2,221		—		2,221
Retail and wholesale sales of merchandise, food and beverage	—		—		2,572		—		2,572
Merchandise licensing	165		—		927		—		1,092
TV/VOD and home entertainment distribution	943		78		—		—		1,021
Theatrical distribution licensing	642		—		—		—		642
Other	504		373		608		(126)		1,359
	$	10,872	$	4,850	$	9,415	$	(447)	$	24,690

	Quarter Ended December 30, 2023
	Entertainment		Sports		Experiences		Eliminations		Total
Subscription fees	$	4,507	$	415	$	—	$	—	$	4,922
Affiliate fees	1,766		2,669		—		(293)		4,142
Advertising	1,997		1,351		—		—		3,348
Theme park admissions	—		—		2,982		—		2,982
Resorts and vacations	—		—		2,118		—		2,118
Retail and wholesale sales of merchandise, food and beverage	—		—		2,477		—		2,477
Merchandise licensing	192		—		967		—		1,159
TV/VOD and home entertainment distribution	745		57		—		—		802
Theatrical distribution licensing	251		—		—		—		251
Other	523		343		588		(106)		1,348
	$	9,981	$	4,835	$	9,132	$	(399)	$	23,549

Disaggregation of Revenue by Geographical Markets

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

	Quarter Ended December 28, 2024
	Entertainment		Sports		Experiences		Eliminations		Total
Americas	$	8,492	$	4,716	$	7,121	$	(447)	$	19,882
Europe	1,651		77		1,127		—		2,855
Asia Pacific	729		57		1,167		—		1,953
Total revenues	$	10,872	$	4,850	$	9,415	$	(447)	$	24,690
	Quarter Ended December 30, 2023
	Entertainment		Sports		Experiences		Eliminations		Total
Americas	$	7,588	$	4,358	$	7,037	$	(399)	$	18,584
Europe	1,409		179		1,022		—		2,610
Asia Pacific	984		298		1,073		—		2,355
Total revenues	$	9,981	$	4,835	$	9,132	$	(399)	$	23,549

Contract with Customer, Asset and Liability

Accounts receivable and deferred revenues from contracts with customers are as follows:

	December 28, 2024		September 28, 2024
Accounts receivable
Current	$	11,783	$	10,463
Non-current	1,040		1,040
Allowance for credit losses	(114)		(118)
Deferred revenues
Current	6,050		5,587
Non-current	884		858

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Cash, Cash Equivalents, Restricted Cash and Borrowings (Tables)

3 Months Ended

Dec. 28, 2024

Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts reported in the Condensed Consolidated Statements of Cash Flows.

	December 28, 2024		September 28, 2024
Cash and cash equivalents	$	5,486	$	6,002
Restricted cash included in other assets	96		100
Total cash, cash equivalents and restricted cash in the statement of cash flows	$	5,582	$	6,102

Borrowing Activity

During the quarter ended December 28, 2024, the Company’s borrowing activity was as follows: 

	September 28, 2024		Borrowings		Payments		Other Activity		December 28, 2024
Commercial paper with original maturities less than three months(1)	$	727	$	1,283	$	—	$	4	$	2,014
Commercial paper with original maturities greater than three months	2,313		49		(1,501)		(19)		842
U.S. dollar denominated borrowings	40,496		1,057		—		(70)		41,483
Asia Theme Parks borrowings	1,292		—		(26)		(107)		1,159
Foreign currency denominated borrowings and other(2)	987		—		(925)		(252)		(190)
	$	45,815	$	2,389	$	(2,452)	$	(444)	$	45,308

(1)Borrowings and reductions of borrowings are reported net.

(2)The other activity is attributable to market value adjustments for debt with qualifying hedges.

Line of Credit Facilities

At December 28, 2024, the Company’s bank facilities, which are with a syndicate of lenders and support our commercial paper borrowings, were as follows:

	Committed Capacity		Capacity Used		Unused Capacity
Facility expiring February 2025	$	5,250	$	—	$	5,250
Facility expiring March 2027	4,000		—		4,000
Facility expiring March 2029	3,000		—		3,000
Total	$	12,250	$	—	$	12,250

Interest Expense, net

Interest expense (net of amounts capitalized), interest and investment income, and net periodic pension and postretirement benefit costs (other than service costs) (see Note 9) are reported net in the Condensed Consolidated Statements of Income and consist of the following:

	Quarter Ended
	December 28, 2024		December 30, 2023
Interest expense	$	(487)	$	(528)
Interest and investment income	54		182
Net periodic pension and postretirement benefit costs (other than service costs)	66		100
Interest expense, net	$	(367)	$	(246)

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International Theme Parks (Tables)

3 Months Ended

Dec. 28, 2024

Consolidating Balance Sheets

Impact of Consolidating Financial Statements of International Theme Parks

The following table summarizes the carrying amounts of the Asia Theme Parks’ assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets:

	December 28, 2024		September 28, 2024
Cash and cash equivalents	$	438	$	510
Other current assets	199		178
Total current assets	637		688
Parks, resorts and other property	5,943		6,141
Other assets	265		217
Total assets	$	6,845	$	7,046
Current liabilities	$	700	$	695
Long-term borrowings	1,159		1,292
Other long-term liabilities	453		409
Total liabilities	$	2,312	$	2,396

Consolidating Income Statements

Impact of Consolidating Financial Statements of International Theme Parks

The following table summarizes the International Theme Parks’ revenues and costs and expenses included in the Company’s Condensed Consolidated Statements of Income for the quarter ended December 28, 2024:

Revenues	$	1,531
Costs and expenses	(1,199)

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Produced and Acquired/Licensed Content Costs and Advances (Tables)

3 Months Ended

Dec. 28, 2024

Other Industries [Abstract]

Balances of Produced and Licensed Content Costs

Total capitalized produced and licensed content by predominant monetization strategy is as follows:

	As of December 28, 2024						As of September 28, 2024
	Predominantly Monetized Individually		Predominantly Monetized as a Group		Total		Predominantly Monetized Individually		Predominantly Monetized as a Group		Total
Produced content
Released, less amortization	$	4,845	$	13,950	$	18,795	$	4,568	$	13,621	$	18,189
Completed, not released	89		2,117		2,206		16		2,265		2,281
In-process	4,384		3,653		8,037		4,352		4,067		8,419
In development or pre-production	282		92		374		196		73		269
	$	9,600	$	19,812	29,412		$	9,132	$	20,026	29,158
Licensed content - Television programming rights and advances					4,250						5,251
Total produced and licensed content					$	33,662					$	34,409
Current portion					$	1,157					$	2,097
Non-current portion					$	32,505					$	32,312

Amortization of Produced and Licensed Content Costs

Amortization of produced and licensed content is as follows:

	Quarter Ended
	December 28, 2024		December 30, 2023
Produced content
Predominantly monetized individually	$	696	$	768
Predominantly monetized as a group	1,813		1,794
	2,509		2,562
Licensed programming rights and advances	4,097		4,590
Total produced and licensed content costs(1)	$	6,606	$	7,152

(1)Primarily included in “Costs of services” in the Condensed Consolidated Statements of Income

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Income Taxes (Tables)

3 Months Ended

Dec. 28, 2024

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets and liabilities by major category as of December 28, 2024 and September 28, 2024 were as follows:

	December 28, 2024		September 28, 2024
Deferred tax assets
Net operating losses and tax credit carryforwards(1)	$	(3,176)	$	(3,444)
Accrued liabilities	(1,173)		(1,199)
Lease liabilities	(845)		(862)
Licensing revenues	(119)		(130)
Other	(489)		(655)
Total deferred tax assets	(5,802)		(6,290)
Deferred tax liabilities
Depreciable, amortizable and other property	6,128		6,584
Investment in U.S. entities(2)	1,068		1,102
Right-of-use lease assets	677		692
Investment in foreign entities	727		465
Other	66		78
Total deferred tax liabilities	8,666		8,921
Net deferred tax liability before valuation allowance	2,864		2,631
Valuation allowance	2,898		2,991
Net deferred tax liability	$	5,762	$	5,622

(1)Further details on our net operating losses and tax credit carryforwards are as follows:

	December 28, 2024
International Theme Park net operating losses	$	(1,424)
U.S. foreign tax credits	(810)
State net operating losses and tax credit carryforwards	(563)
Other	(379)
Total net operating losses and tax credit carryforwards(a)	$	(3,176)

(a)    Approximately $2.0 billion of these carryforwards do not expire. Approximately $1.1 billion expire between fiscal 2026 and fiscal 2035, primarily consisting of U.S. foreign tax credits.

(2)Amounts are, in part, due to the tax status of these entities and if the tax status of certain legal entities changes, a significant portion of this balance may reverse.

Summary of Net Operating Loss and Tax Credit Carryforwards

Further details on our net operating losses and tax credit carryforwards are as follows:

	December 28, 2024
International Theme Park net operating losses	$	(1,424)
U.S. foreign tax credits	(810)
State net operating losses and tax credit carryforwards	(563)
Other	(379)
Total net operating losses and tax credit carryforwards(a)	$	(3,176)

(a)    Approximately $2.0 billion of these carryforwards do not expire. Approximately $1.1 billion expire between fiscal 2026 and fiscal 2035, primarily consisting of U.S. foreign tax credits.

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Pension and Other Benefit Programs (Tables)

3 Months Ended

Dec. 28, 2024

Retirement Benefits [Abstract]

Net Periodic Benefit Cost

The components of net periodic benefit cost (income) are as follows:

	Pension Plans				Postretirement Medical Plans
	Quarter Ended				Quarter Ended
	December 28, 2024		December 30, 2023		December 28, 2024		December 30, 2023
Service costs	$	65	$	62	$	—	$	—
Other costs (benefits):
Interest costs	195		208		11		14
Expected return on plan assets	(290)		(284)		(15)		(14)
Amortization of previously deferred service costs (credits)	—		2		(22)		(22)
Recognized net actuarial loss (gain)	62		5		(7)		(9)
Total other costs (benefits)	(33)		(69)		(33)		(31)
Net periodic benefit cost (income)	$	32	$	(7)	$	(33)	$	(31)

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Earnings Per Share (Tables)

3 Months Ended

Dec. 28, 2024

Earnings Per Share [Abstract]

Reconciliation of Weighted Average Number of Common and Common Equivalent Shares Outstanding and Awards Excluded from Diluted Earnings Per Share Calculation

A reconciliation of the weighted average number of common and common equivalent shares outstanding and the number of Awards excluded from the diluted earnings per share calculation, as they were anti-dilutive, are as follows:

	Quarter Ended
	December 28, 2024	December 30, 2023
Shares (in millions):
Weighted average number of common and common equivalent shares outstanding (basic)	1,812	1,832
Weighted average dilutive impact of Awards	6	3
Weighted average number of common and common equivalent shares outstanding (diluted)	1,818	1,835
Awards excluded from diluted earnings per share	16	39

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Equity (Tables)

3 Months Ended

Dec. 28, 2024

Equity [Abstract]

Dividends Declared

The Company declared the following dividends in fiscal 2025 and 2024:

Per Share	Amount	Payment Date
$0.50	$0.9 billion	July 23, 2025(1)
$0.50	$0.9 billion	January 16, 2025
$0.45	$0.8 billion	July 25, 2024
$0.30	$0.5 billion	January 10, 2024

(1)Amount represents our estimate of the dividend that will be paid on July 23, 2025. The actual amount will be determined based on shareholders of record at June 24, 2025.

Changes in Accumulated Other Comprehensive Income (Loss)

The following tables summarize the changes in each component of accumulated other comprehensive income (loss) (AOCI) including our proportional share of equity method investee amounts:

	Market Value Adjustments for Hedges		Unrecognized Pension and  Postretirement Medical  Expense		Foreign Currency Translation and Other		AOCI
AOCI, before tax
First quarter of fiscal 2025
Balance at September 28, 2024	$	(319)	$	(2,243)	$	(1,855)	$	(4,417)
Quarter Ended December 28, 2024:
Unrealized gains (losses) arising during the period	559		—		(246)		313
Reclassifications of realized net (gains) losses to net income	(88)		33		—		(55)
Star India Transaction	—		—		904		904
Balance at December 28, 2024	$	152	$	(2,210)	$	(1,197)	$	(3,255)
First quarter of fiscal 2024
Balance at September 30, 2023	$	259	$	(2,172)	$	(1,974)	$	(3,887)
Quarter Ended December 30, 2023:
Unrealized gains (losses) arising during the period	(277)		(3)		137		(143)
Reclassifications of realized net (gains) losses to net income	(140)		(24)		—		(164)
Balance at December 30, 2023	$	(158)	$	(2,199)	$	(1,837)	$	(4,194)

	Market Value Adjustments for Hedges		Unrecognized Pension and  Postretirement Medical  Expense		Foreign Currency Translation and Other		AOCI
Tax on AOCI
First quarter of fiscal 2025
Balance at September 28, 2024	$	71	$	531	$	116	$	718
Quarter Ended December 28, 2024:
Unrealized gains (losses) arising during the period	(130)		—		24		(106)
Reclassifications of realized net (gains) losses to net income	21		(8)		—		13
Star India Transaction	—		—		(58)		(58)
Balance at December 28, 2024	$	(38)	$	523	$	82	$	567
First quarter of fiscal 2024
Balance at September 30, 2023	$	(64)	$	517	$	142	$	595
Quarter Ended December 30, 2023:
Unrealized gains (losses) arising during the period	66		—		(7)		59
Reclassifications of realized net (gains) losses to net income	32		6		—		38
Balance at December 30, 2023	$	34	$	523	$	135	$	692

	Market Value Adjustments for Hedges		Unrecognized Pension and  Postretirement Medical  Expense		Foreign Currency Translation and Other		AOCI
AOCI, after tax
First quarter of fiscal 2025
Balance at September 28, 2024	$	(248)	$	(1,712)	$	(1,739)	$	(3,699)
Quarter Ended December 28, 2024:
Unrealized gains (losses) arising during the period	429		—		(222)		207
Reclassifications of realized net (gains) losses to net income	(67)		25		—		(42)
Star India Transaction	—		—		846		846
Balance at December 28, 2024	$	114	$	(1,687)	$	(1,115)	$	(2,688)
First quarter of fiscal 2024
Balance at September 30, 2023	$	195	$	(1,655)	$	(1,832)	$	(3,292)
Quarter Ended December 30, 2023:
Unrealized gains (losses) arising during the period	(211)		(3)		130		(84)
Reclassifications of realized net (gains) losses to net income	(108)		(18)		—		(126)
Balance at December 30, 2023	$	(124)	$	(1,676)	$	(1,702)	$	(3,502)

Details about AOCI Components Reclassified to Net Income

Details about AOCI components reclassified to net income are as follows:

Gain (loss) in net income:	Affected line item in the Condensed Consolidated Statements of Operations:	Quarter Ended
		December 28, 2024		December 30, 2023
Market value adjustments, primarily cash flow hedges	Primarily revenue	$	88	$	140
Estimated tax	Income taxes	(21)		(32)
		67		108
Pension and postretirement medical expense	Interest expense, net	(33)		24
Estimated tax	Income taxes	8		(6)
		(25)		18
Total reclassifications for the period		$	42	$	126

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Equity-Based Compensation (Tables)

3 Months Ended

Dec. 28, 2024

Share-Based Payment Arrangement [Abstract]

Compensation Expense Related to Stock Options, Stock Appreciation Rights and Restricted Stock Units (RSUs)

Compensation expense related to stock options and restricted stock units (RSUs) is as follows:

	Quarter Ended
	December 28, 2024		December 30, 2023
Stock options	$	16	$	17
RSUs	301		291
Total equity-based compensation expense(1)	$	317	$	308
Equity-based compensation expense capitalized during the period	$	44	$	44

(1)Equity-based compensation expense is net of capitalized equity-based compensation and estimated forfeitures and excludes amortization of previously capitalized equity-based compensation costs.

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Fair Value Measurements (Tables)

3 Months Ended

Dec. 28, 2024

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value

The Company’s assets and liabilities measured at fair value are summarized in the following tables by fair value measurement Level:

	Fair Value Measurement at December 28, 2024
	Level 1		Level 2		Level 3		Total
Assets
Investments	$	—	$	100	$	—	$	100
Derivatives - Foreign exchange	—		1,127		—		1,127
Liabilities
Derivatives
Interest rate	—		(1,239)		—		(1,239)
Foreign exchange	—		(527)		—		(527)
Other	—		(17)		—		(17)
Other	—		(634)		—		(634)
Total recorded at fair value	$	—	$	(1,190)	$	—	$	(1,190)
Fair value of borrowings	$	—	$	39,433	$	2,201	$	41,634

	Fair Value Measurement at September 28, 2024
	Level 1		Level 2		Level 3		Total
Assets
Investments	$	—	$	94	$	—	$	94
Derivatives
Foreign exchange	—		569		—		569
Other	—		18		—		18
Liabilities
Derivatives
Interest rate	—		(983)		—		(983)
Foreign exchange	—		(588)		—		(588)
Other	—		(8)		—		(8)
Other	—		(591)		—		(591)
Total recorded at fair value	$	—	$	(1,489)	$	—	$	(1,489)
Fair value of borrowings	$	—	$	42,392	$	1,317	$	43,709

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Derivative Instruments (Tables)

3 Months Ended

Dec. 28, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gross Fair Value of Derivative Positions

The Company’s derivative positions measured at fair value (see Note 14) are summarized in the following tables:

	As of December 28, 2024
	Current Assets		Investments/ Other Assets		Other Current Liabilities		Other Long- Term Liabilities
Derivatives designated as hedges
Foreign exchange	$	586	$	323	$	(176)	$	(139)
Interest rate	—		—		(1,239)		—
Other	—		—		(5)		—
Derivatives not designated as hedges
Foreign exchange	216		2		(210)		(2)
Other	—		100		(12)		—
Gross fair value of derivatives	802		425		(1,642)		(141)
Counterparty netting	(618)		(239)		722		135
Cash collateral (received) paid	(74)		—		675		—
Net derivative positions	$	110	$	186	$	(245)	$	(6)

	As of September 28, 2024
	Current Assets		Investments/ Other Assets		Other Current Liabilities		Other Long- Term Liabilities
Derivatives designated as hedges
Foreign exchange	$	273	$	184	$	(164)	$	(149)
Interest rate	—		—		(983)		—
Other	—		—		(7)		(1)
Derivatives not designated as hedges
Foreign exchange	110		2		(273)		(2)
Other	18		94		—		—
Gross fair value of derivatives	401		280		(1,427)		(152)
Counterparty netting	(330)		(182)		396		116
Cash collateral (received) paid	(27)		—		679		—
Net derivative positions	$	44	$	98	$	(352)	$	(36)

Carrying Amount and Cumulative Basis Adjustments for Fair Value Hedges Recorded on the Balance Sheet

The following table summarizes fair value hedge adjustments to hedged borrowings:

	Carrying Amount of Hedged Borrowings				Fair Value Adjustments Included in Hedged Borrowings
	December 28, 2024		September 28, 2024		December 28, 2024		September 28, 2024
Borrowings:
Current	$	495	$	1,414	$	(5)	$	(10)
Long-term	9,874		10,128		(1,109)		(913)
	$	10,369	$	11,542	$	(1,114)	$	(923)

Adjustments Related to Fair Value Hedges Included in Interest Expense, net in the Consolidated Statements of Income

The following amounts are included in “Interest expense, net” in the Condensed Consolidated Statements of Income:

	Quarter Ended
	December 28, 2024		December 30, 2023
Gain (loss) on:
Pay-floating swaps	$	(195)	$	432
Borrowings hedged with pay-floating swaps	195		(432)
Expense associated with interest accruals on pay-floating swaps	(111)		(154)

Effect of Foreign Exchange Cash Flow Hedges on AOCI

The following table summarizes the effect of foreign exchange cash flow hedges on AOCI:

	Quarter Ended
	December 28, 2024		December 30, 2023
Gain (loss) recognized in Other Comprehensive Income	$	562	$	(264)
Gain reclassified from AOCI into the Statements of Operations(1)	89		141

(1)Primarily recorded in revenue.

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Principles of Consolidation Principles of Consolidation - Additional Information (Details) - Hulu LLC - USD ($) $ in Billions	Dec. 31, 2023	Dec. 28, 2024	May 31, 2024	Nov. 30, 2023
Schedule of Equity Method Investments
Equity Method Investment, Ownership Percentage		67.00%
Equity Interest Held by NBC Universal
Schedule of Equity Method Investments
Equity Method Investment, Ownership Percentage				33.00%
Redeemable Noncontrolling Interest, Equity, Redemption Value				$ 27.5
Percentage of Tax Benefit Shared Arising from Noncontrolling Interest Acquisition				50.00%
Tax Benefit Amortization Period Arising from Noncontrolling Interest Acquisition				15 years
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	$ 8.6
Equity Interest Held by NBC Universal | Minimum | Appraisal Fair Value Between the Company and NBCU
Schedule of Equity Method Investments
Redeemable Noncontrolling Interest, Equity, Redemption Value			$ 0.0
Equity Interest Held by NBC Universal | Maximum | Appraisal Fair Value Between the Company and NBCU
Schedule of Equity Method Investments
Redeemable Noncontrolling Interest, Equity, Redemption Value			5.0
Equity Interest Held by NBC Universal | Pro Forma
Schedule of Equity Method Investments
Redeemable Noncontrolling Interest, Equity, Redemption Value			$ 5.0

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Financial Information by Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Segment Reporting Information
Revenues	$ 24,690	$ 23,549
Segment operating income	5,060	3,876
Total Segments
Segment Reporting Information
Revenues	24,690	23,549
Entertainment Segment
Segment Reporting Information
Revenues	10,872	9,981
Segment operating income	1,703	874
Entertainment Segment | Entertainment Third Party
Segment Reporting Information
Revenues	10,761	9,881
Entertainment Segment | Intersegment Eliminations
Segment Reporting Information
Revenues	111	100
Sports Segment
Segment Reporting Information
Revenues	4,850	4,835
Segment operating income	247	(103)
Sports Segment | Sports Third Party
Segment Reporting Information
Revenues	4,514	4,536
Sports Segment | Intersegment Eliminations
Segment Reporting Information
Revenues	336	299
Experiences Segment
Segment Reporting Information
Revenues	9,415	9,132
Segment operating income	3,110	3,105
Segment Eliminations
Segment Reporting Information
Revenues	$ (447)	$ (399)

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Equity in the Income of Investees included in Segment Operating Results (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Schedule of Equity Method Investments
Equity in the income of investees	$ 92	$ 181
Amortization of Intangible Assets Held by Equity Investees	(3)	(3)
India Joint Venture
Schedule of Equity Method Investments
Equity in the income of investees	(33)	0
Entertainment Segment
Schedule of Equity Method Investments
Equity in the income of investees	118	171
Sports Segment
Schedule of Equity Method Investments
Equity in the income of investees	10	13
Total Segments
Schedule of Equity Method Investments
Equity in the income of investees	$ 128	$ 184

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Reconciliation of Segment Operating Income to Income before Income Taxes (Details) - USD ($) $ in Millions		3 Months Ended
		Dec. 28, 2024	Dec. 30, 2023
Reconciling Items for Operating Income (Loss) from Segment to Consolidated
Segment operating income		$ 5,060	$ 3,876
Corporate and unallocated shared expenses		(460)	(308)
Income (Loss) from Equity Method Investments		92	181
Restructuring and impairment charges	[1]	(143)	0
Interest expense, net		(367)	(246)
Amortization of Intangible Assets	[2]	(397)	(451)
Income before income taxes		3,660	2,871
India Joint Venture
Reconciling Items for Operating Income (Loss) from Segment to Consolidated
Income (Loss) from Equity Method Investments		$ (33)	$ 0

[1] See Note 4 for a discussion of amounts in restructuring and impairment charges.

[2] TFCF and Hulu Acquisition Amortization is as follows: Quarter EndedDecember 28,
2024December 30,
2023Amortization of intangible assets$327 $380   Step-up of film and television costs67   68  Intangibles related to a TFCF equity investee 3   3 $397 $451 

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TFCF and Hulu Acquisition Amortization (Details) - USD ($) $ in Millions		3 Months Ended
		Dec. 28, 2024	Dec. 30, 2023
Amortization of Intangible Assets	[1]	$ 397	$ 451
Amortization of Intangible Assets Held by Equity Investees		(3)	(3)
TFCF and Hulu
Amortization of Intangible Assets		327	380
Amortization		67	68
Amortization of Intangible Assets Held by Equity Investees		$ 3	$ 3

[1] TFCF and Hulu Acquisition Amortization is as follows: Quarter EndedDecember 28,
2024December 30,
2023Amortization of intangible assets$327 $380   Step-up of film and television costs67   68  Intangibles related to a TFCF equity investee 3   3 $397 $451 

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Acquisitions Changes in Carry Amount of Goodwill (Details) $ in Millions	3 Months Ended
	Dec. 28, 2024 USD ($)
Goodwill [Line Items]
Beginning balance	$ 73,326
Currency translation adjustments and other, net	(14)
Ending balance	73,312
Entertainment Segment
Goodwill [Line Items]
Beginning balance	51,290
Currency translation adjustments and other, net	(14)
Ending balance	51,276
Sports Segment
Goodwill [Line Items]
Beginning balance	16,486
Currency translation adjustments and other, net	0
Ending balance	16,486
Experiences Segment
Goodwill [Line Items]
Beginning balance	5,550
Currency translation adjustments and other, net	0
Ending balance	$ 5,550

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Description of Business and Segment Information - Additional Information (Details)	3 Months Ended
	Dec. 28, 2024
Segment Reporting Information
Number of Operating Segments	3

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Disaggregation of Revenue by Major Source (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 24,690	$ 23,549
Subscription fees
Disaggregation of Revenue [Line Items]
Revenues	5,492	4,922
Affiliate fees
Disaggregation of Revenue [Line Items]
Revenues	3,964	4,142
Advertising
Disaggregation of Revenue [Line Items]
Revenues	3,240	3,348
Theme park admissions
Disaggregation of Revenue [Line Items]
Revenues	3,087	2,982
Resorts and vacations
Disaggregation of Revenue [Line Items]
Revenues	2,221	2,118
Retail and wholesale sales of merchandise, food and beverage
Disaggregation of Revenue [Line Items]
Revenues	2,572	2,477
Merchandise licensing
Disaggregation of Revenue [Line Items]
Revenues	1,092	1,159
TV/VOD and home entertainment distribution
Disaggregation of Revenue [Line Items]
Revenues	1,021	802
Theatrical distribution licensing
Disaggregation of Revenue [Line Items]
Revenues	642	251
Other
Disaggregation of Revenue [Line Items]
Revenues	1,359	1,348
Entertainment Segment
Disaggregation of Revenue [Line Items]
Revenues	10,872	9,981
Entertainment Segment | Subscription fees
Disaggregation of Revenue [Line Items]
Revenues	5,065	4,507
Entertainment Segment | Affiliate fees
Disaggregation of Revenue [Line Items]
Revenues	1,655	1,766
Entertainment Segment | Advertising
Disaggregation of Revenue [Line Items]
Revenues	1,898	1,997
Entertainment Segment | Merchandise licensing
Disaggregation of Revenue [Line Items]
Revenues	165	192
Entertainment Segment | TV/VOD and home entertainment distribution
Disaggregation of Revenue [Line Items]
Revenues	943	745
Entertainment Segment | Theatrical distribution licensing
Disaggregation of Revenue [Line Items]
Revenues	642	251
Entertainment Segment | Other
Disaggregation of Revenue [Line Items]
Revenues	504	523
Sports Segment
Disaggregation of Revenue [Line Items]
Revenues	4,850	4,835
Sports Segment | Subscription fees
Disaggregation of Revenue [Line Items]
Revenues	427	415
Sports Segment | Affiliate fees
Disaggregation of Revenue [Line Items]
Revenues	2,630	2,669
Sports Segment | Advertising
Disaggregation of Revenue [Line Items]
Revenues	1,342	1,351
Sports Segment | TV/VOD and home entertainment distribution
Disaggregation of Revenue [Line Items]
Revenues	78	57
Sports Segment | Other
Disaggregation of Revenue [Line Items]
Revenues	373	343
Experiences Segment
Disaggregation of Revenue [Line Items]
Revenues	9,415	9,132
Experiences Segment | Theme park admissions
Disaggregation of Revenue [Line Items]
Revenues	3,087	2,982
Experiences Segment | Resorts and vacations
Disaggregation of Revenue [Line Items]
Revenues	2,221	2,118
Experiences Segment | Retail and wholesale sales of merchandise, food and beverage
Disaggregation of Revenue [Line Items]
Revenues	2,572	2,477
Experiences Segment | Merchandise licensing
Disaggregation of Revenue [Line Items]
Revenues	927	967
Experiences Segment | Other
Disaggregation of Revenue [Line Items]
Revenues	608	588
Segment Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(447)	(399)
Segment Eliminations | Affiliate fees
Disaggregation of Revenue [Line Items]
Revenues	(321)	(293)
Segment Eliminations | Other
Disaggregation of Revenue [Line Items]
Revenues	$ (126)	$ (106)

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Disaggregation of Revenue by Geographical Markets (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 24,690	$ 23,549
Americas
Disaggregation of Revenue [Line Items]
Revenues	19,882	18,584
Europe
Disaggregation of Revenue [Line Items]
Revenues	2,855	2,610
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	1,953	2,355
Entertainment Segment
Disaggregation of Revenue [Line Items]
Revenues	10,872	9,981
Entertainment Segment | Americas
Disaggregation of Revenue [Line Items]
Revenues	8,492	7,588
Entertainment Segment | Europe
Disaggregation of Revenue [Line Items]
Revenues	1,651	1,409
Entertainment Segment | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	729	984
Sports Segment
Disaggregation of Revenue [Line Items]
Revenues	4,850	4,835
Sports Segment | Americas
Disaggregation of Revenue [Line Items]
Revenues	4,716	4,358
Sports Segment | Europe
Disaggregation of Revenue [Line Items]
Revenues	77	179
Sports Segment | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	57	298
Experiences Segment
Disaggregation of Revenue [Line Items]
Revenues	9,415	9,132
Experiences Segment | Americas
Disaggregation of Revenue [Line Items]
Revenues	7,121	7,037
Experiences Segment | Europe
Disaggregation of Revenue [Line Items]
Revenues	1,127	1,022
Experiences Segment | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	1,167	1,073
Segment Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(447)	(399)
Segment Eliminations | Americas
Disaggregation of Revenue [Line Items]
Revenues	(447)	(399)
Segment Eliminations | Europe
Disaggregation of Revenue [Line Items]
Revenues	0	0
Segment Eliminations | Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	$ 0	$ 0

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Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions	Dec. 28, 2024	Sep. 28, 2024
Accounts Receivable, before Allowance for Credit Loss, Current	$ 11,783	$ 10,463
Accounts Receivable, before Allowance for Credit Loss, Noncurrent	1,040	1,040
Contract with Customer, Asset, Allowance for Credit Loss	(114)	(118)
Contract with Customer, Liability, Current	6,050	5,587
Contract with Customer, Liability, Noncurrent	$ 884	$ 858

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Revenues - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023	Sep. 28, 2024
Contract with Customer, Performance Obligation Satisfied in Previous Period	$ 300	$ 300
Revenue, Remaining Performance Obligation, Amount	15,000
Contract with Customer, Liability, Revenue Recognized	3,600	$ 3,400
Syndicated programming
Long-term receivables, net of allowance for credit losses	300		$ 300
Mortgage Receivable
Long-term receivables, net of allowance for credit losses	700		$ 700
Unsatisfied performance obligation recognized in fiscal 2025
Revenue, Remaining Performance Obligation, Amount	5,000
Unsatisfied performance obligation recognized in fiscal 2026
Revenue, Remaining Performance Obligation, Amount	4,000
Unsatisfied performance obligation recognized in fiscal 2027
Revenue, Remaining Performance Obligation, Amount	3,000
Unsatisfied performance obligation recognized thereafter
Revenue, Remaining Performance Obligation, Amount	$ 3,000

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Acquisitions and Dispositions - Additional Information (Details) - USD ($) $ in Millions			3 Months Ended	12 Months Ended
	Jan. 06, 2025	Nov. 14, 2024	Dec. 28, 2024	Sep. 28, 2024
Subsequent Event | Fubo | Business Acquisition Terminated
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on Contract Termination for Default	$ 130
Subsequent Event | Fubo | Fubo Termination Fee if Business Acquisition Terminated by Fubo
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on Contract Termination for Default	50
Subsequent Event | Fubo | Settlement Paid by the Company, Fox and WBD
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments for Legal Settlements	220
Subsequent Event | Fubo | Scenario, Plan | Loans Receivable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business Combination, Separately Recognized Transactions, Assets Recognized	$ 145
Fubo | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity Method Investment, Ownership Percentage	70.00%
Star India
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Equity Method Investment Retained After Disposal, Ownership Interest After Disposal			37.00%
Goodwill impairment and impairment of produced and licensed content			$ 100	$ 1,500
Goodwill, Foreign Currency Translation Gain (Loss)		$ 800
Non-cash Tax Charge		$ 200
Equity Interest Held by Fubo Shareholders | Fubo | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity Method Investment, Ownership Percentage	30.00%
Equity Interest Held by RIL | Star India
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity Method Investment, Ownership Percentage			56.00%
Equity Interest Held by Bodhi Tree Systems | Star India
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity Method Investment, Ownership Percentage			7.00%

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Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported in the Condensed Consolidated Balance Sheet to the Total Amount in the Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Millions	Dec. 28, 2024	Sep. 28, 2024	Dec. 30, 2023	Sep. 30, 2023
Accounting Policies [Abstract]
Cash and Cash Equivalents	$ 5,486	$ 6,002
Restricted Cash and Investments, Noncurrent	96	100
Cash, Cash Equivalents and Restricted Cash in the Statement of Cash Flows	$ 5,582	$ 6,102	$ 7,247	$ 14,235

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Borrowing Activity (Details) $ in Millions	3 Months Ended
	Dec. 28, 2024 USD ($)
Borrowings [Roll Forward]
Borrowings beginning balance	$ 45,815
Borrowings	2,389
Payments	(2,452)
Other Activity	(444)
Borrowings ending balance	45,308
Commercial paper with original maturities less than three months
Borrowings [Roll Forward]
Borrowings beginning balance	727
Borrowings	1,283	[1]
Payments	0	[1]
Other Activity	4
Borrowings ending balance	2,014
Commercial paper with original maturities greater than three months
Borrowings [Roll Forward]
Borrowings beginning balance	2,313
Borrowings	49
Payments	(1,501)
Other Activity	(19)
Borrowings ending balance	842
U.S. dollar denominated borrowings
Borrowings [Roll Forward]
Borrowings beginning balance	40,496
Borrowings	1,057
Payments	0
Other Activity	(70)
Borrowings ending balance	41,483
Asia International Theme Parks borrowings
Borrowings [Roll Forward]
Borrowings beginning balance	1,292
Borrowings	0
Payments	(26)
Other Activity	(107)
Borrowings ending balance	1,159
Foreign currency denominated debt and other
Borrowings [Roll Forward]
Borrowings beginning balance	987
Borrowings	0
Payments	(925)
Other Activity	(252)	[2]
Borrowings ending balance	$ (190)

[1] Borrowings and reductions of borrowings are reported net.

[2] The other activity is attributable to market value adjustments for debt with qualifying hedges.

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Cash, Cash Equivalents, Restricted Cash and Borrowings Line of Credit Facilities (Details) $ in Millions	Dec. 28, 2024 USD ($)
Line of Credit Facility
Line of Credit Facility, Maximum Borrowing Capacity	$ 12,250
Line of Credit Facility, Amount Outstanding	0
Line of Credit Facility, Remaining Borrowing Capacity	12,250
Line of Credit Expiring February 2025
Line of Credit Facility
Line of Credit Facility, Maximum Borrowing Capacity	5,250
Line of Credit Facility, Amount Outstanding	0
Line of Credit Facility, Remaining Borrowing Capacity	5,250
Line of Credit Expiring March 2027
Line of Credit Facility
Line of Credit Facility, Maximum Borrowing Capacity	4,000
Line of Credit Facility, Amount Outstanding	0
Line of Credit Facility, Remaining Borrowing Capacity	4,000
Line of Credit Expiring March 2029
Line of Credit Facility
Line of Credit Facility, Maximum Borrowing Capacity	3,000
Line of Credit Facility, Amount Outstanding	0
Line of Credit Facility, Remaining Borrowing Capacity	$ 3,000

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Cash, Cash Equivalents, Restricted Cash and Borrowings Interest Expense, net (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Interest expense	$ (487)	$ (528)
Interest and investment income	54	182
Net periodic pension and postretirement benefit costs other than service costs	66	100
Interest expense, net	$ (367)	$ (246)

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Cash, Cash Equivalents, Restricted Cash and Borrowings - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Nov. 30, 2024
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate Description	These facilities allow for borrowings at rates based on the Secured Overnight Financing Rate (SOFR) and at other variable rates for non-U.S. dollar denominated borrowings, plus a fixed spread that varies with the Company’s debt ratings assigned by Moody’s Ratings and S&P Global Ratings ranging from 0.655% to 1.225%.
Line of Credit Facility, Maximum Borrowing Capacity	$ 12,250
Letters of Credit Outstanding, Amount	400
Star India
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount	$ 1,300
Minimum
Debt Instrument [Line Items]
Variable Spread Above SOFR	0.655%
Maximum
Debt Instrument [Line Items]
Variable Spread Above SOFR	1.225%
Letter of Credit
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 500
Line of Credit Expiring February 2025
Debt Instrument [Line Items]
Line of Credit Facility, Expiration Date	Feb. 27, 2025
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,250
Line of Credit Expiring March 2027
Debt Instrument [Line Items]
Line of Credit Facility, Expiration Date	Mar. 31, 2027
Line of Credit Facility, Maximum Borrowing Capacity	$ 4,000
Line of Credit Expiring March 2029
Debt Instrument [Line Items]
Line of Credit Facility, Expiration Date	Mar. 31, 2029
Line of Credit Facility, Maximum Borrowing Capacity	$ 3,000
Credit Facility Related to Cruise Ship Treasure | Disney Cruise Line
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 1,100
Debt Instrument, Interest Rate, Stated Percentage		3.80%
Credit Facility Related to Cruise Ship Destiny | Disney Cruise Line
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,100
Debt Instrument, Interest Rate, Stated Percentage	3.74%

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Impact of Consolidating Balance Sheets of Asia Theme Parks (Details) - USD ($) $ in Millions	Dec. 28, 2024	Sep. 28, 2024
Schedule of Condensed Consolidating Balance Sheets [Line Items]
Cash and Cash Equivalents	$ 5,486	$ 6,002
Other current assets	1,239	2,391
Total current assets	23,667	25,241
Parks, resorts and other property	38,140	37,041
Other assets	10,148	13,101
Total assets	197,046	196,219
Current liabilities	34,846	34,599
Long-term borrowings	38,688	38,970
Asia International Theme Parks
Schedule of Condensed Consolidating Balance Sheets [Line Items]
Cash and Cash Equivalents	438	510
Other current assets	199	178
Total current assets	637	688
Parks, resorts and other property	5,943	6,141
Other assets	265	217
Total assets	6,845	7,046
Current liabilities	700	695
Long-term borrowings	1,159	1,292
Other long-term liabilities	453	409
Total liabilities	$ 2,312	$ 2,396

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Impact of Consolidating Income Statements of International Theme Parks (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Schedule of Condensed Consolidating Statement of Operations [Line Items]
Revenues	$ 24,690	$ 23,549
Cost and expenses	(20,612)	$ (20,613)
International Theme Parks
Schedule of Condensed Consolidating Statement of Operations [Line Items]
Revenues	1,531
Cost and expenses	$ (1,199)

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International Theme Parks - Additional Information (Details) $ in Millions, ¥ in Billions, $ in Billions	3 Months Ended
	Dec. 28, 2024 USD ($)	Dec. 28, 2024 HKD ($)	Dec. 28, 2024 CNY (¥)	Dec. 30, 2023 USD ($)
Noncontrolling Interest
Net Cash Provided by Operating Activities	$ 3,205			$ 2,185
Net Cash Used in Investing Activities	(2,575)			(1,246)
Net Cash Used in Financing Activities	(997)			$ (8,006)
Asia International Theme Parks
Noncontrolling Interest
Royalties And Management Fees	69
International Theme Parks
Noncontrolling Interest
Net Cash Provided by Operating Activities	511
Net Cash Used in Investing Activities	(288)
Net Cash Used in Financing Activities	(24)
Hong Kong Disneyland Resort | Loans
Noncontrolling Interest
Variable Interest Entity, Financial or Other Support, Amount	64
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests	$ 43
Debt Instrument, Maturity Date	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2025
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	HIBOR [Member]	HIBOR [Member]	HIBOR [Member]
Variable Spread Above Reference Rate	2.00%	2.00%	2.00%
Hong Kong Disneyland Resort | Line of Credit
Noncontrolling Interest
Variable Interest Entity, Financial or Other Support, Amount	$ 348	$ 2.7
Debt Instrument, Maturity Date	Dec. 31, 2028	Dec. 31, 2028	Dec. 31, 2028
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	HIBOR [Member]	HIBOR [Member]	HIBOR [Member]
Variable Spread Above Reference Rate	1.25%	1.25%	1.25%
Shanghai Disney Resort | Loans
Noncontrolling Interest
Variable Interest Entity, Financial or Other Support, Amount	$ 929
Debt Instrument, Interest Rate, Stated Percentage	8.00%	8.00%	8.00%
Debt Instrument, Maturity Date	Dec. 31, 2036	Dec. 31, 2036	Dec. 31, 2036
Shanghai Disney Resort | Line of Credit
Noncontrolling Interest
Variable Interest Entity, Financial or Other Support, Amount	$ 300		¥ 1.9
Debt Instrument, Interest Rate, Stated Percentage	8.00%	8.00%	8.00%
Debt Instrument, Maturity Date	Dec. 31, 2033	Dec. 31, 2033	Dec. 31, 2033
Shanghai Disney Resort | Shendi Loan
Noncontrolling Interest
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests	$ 1,100		¥ 8.2
Debt Instrument, Interest Rate, Stated Percentage	8.00%	8.00%	8.00%
Shanghai Disney Resort | Shendi Line of Credit
Noncontrolling Interest
Variable Interest Entity, Financial or Other Support, Amount from Noncontrolling Interests	$ 400		¥ 2.6
Debt Instrument, Interest Rate, Stated Percentage	8.00%	8.00%	8.00%
Hong Kong Disneyland Resort
Noncontrolling Interest
Effective Ownership Interest	48.00%	48.00%	48.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	52.00%	52.00%	52.00%
Shanghai Disney Resort
Noncontrolling Interest
Effective Ownership Interest	43.00%	43.00%	43.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	57.00%	57.00%	57.00%
Shanghai Disney Resort Management Company
Noncontrolling Interest
Effective Ownership Interest	70.00%	70.00%	70.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	30.00%	30.00%	30.00%
Shanghai Disney Resort Management Company | Shanghai Disney Resort | Shendi Loan
Noncontrolling Interest
Debt Instrument, Maturity Date	Dec. 31, 2036	Dec. 31, 2036	Dec. 31, 2036
Shanghai Disney Resort Management Company | Shanghai Disney Resort | Shendi Line of Credit
Noncontrolling Interest
Debt Instrument, Maturity Date	Dec. 31, 2033	Dec. 31, 2033	Dec. 31, 2033

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Balances of Produced and Licensed Content Costs (Details) - USD ($) $ in Millions	Dec. 28, 2024	Sep. 28, 2024
Film, Monetized on Its Own, Capitalized Cost [Abstract]
Released, less amortization	$ 4,845	$ 4,568
Completed, not released	89	16
In-process	4,384	4,352
In development or pre-production	282	196
Film, Monetized on Its Own, Capitalized Cost	9,600	9,132
Film, Monetized in Film Group, Capitalized Cost [Abstract]
Released, less amortization	13,950	13,621
Completed, not released	2,117	2,265
In-process	3,653	4,067
In development or pre-production	92	73
Film, Monetized in Film Group, Capitalized Cost	19,812	20,026
Film, Capitalized Cost [Abstract]
Released, less amortization	18,795	18,189
Completed, not released	2,206	2,281
In-process	8,037	8,419
In development or pre-production	374	269
Film, Capitalized Cost	29,412	29,158
Licensed television programming rights and advances	4,250	5,251
Produced and Licensed Content, Total	33,662	34,409
Current portion	1,157	2,097
Non-current portion	$ 32,505	$ 32,312

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Amortization of Produced and Licensed Content Costs (Details) - USD ($) $ in Millions		3 Months Ended
		Dec. 28, 2024	Dec. 30, 2023
Amortization of Produced Content Costs		$ 2,509	$ 2,562
Amortization of Programming Rights and Advances		4,097	4,590
Amortization of Produced and Licensed Content Costs, Total	[1]	6,606	7,152
Monetized individually
Amortization of Produced Content Costs		696	768
Monetized as a group
Amortization of Produced Content Costs		$ 1,813	$ 1,794

[1] Primarily included in “Costs of services” in the Condensed Consolidated Statements of Income

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Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions		Dec. 28, 2024	Sep. 28, 2024
Deferred Tax Assets
Net Operating Losses and Tax Credit Carryforwards	[1]	$ (3,176)	$ (3,444)
Accrued Liabilities		(1,173)	(1,199)
Lease Liabilities		(845)	(862)
Licensing Revenues		(119)	(130)
Other		(489)	(655)
Deferred Tax Assets, Gross		(5,802)	(6,290)
Deferred Tax Liabilities
Depreciable, amortizable and other property		6,128	6,584
Investment in U.S. entities	[2]	1,068	1,102
Right-of-Use Assets		677	692
Investment in foreign entities		727	465
Other		66	78
Deferred Tax Liabilities, Gross		8,666	8,921
Net deferred tax liability before valuation allowance		2,864	2,631
Valuation Allowance		2,898	2,991
Net Deferred Deferred Tax Liabilities		$ 5,762	$ 5,622

[1] Further details on our net operating losses and tax credit carryforwards are as follows: December 28, 2024 International Theme Park net operating losses $(1,424) U.S. foreign tax credits(810) State net operating losses and tax credit carryforwards(563) Other(379)  Total net operating losses and tax credit carryforwards(a) $(3,176)  (a)    Approximately $2.0 billion of these carryforwards do not expire. Approximately $1.1 billion expire between fiscal 2026 and fiscal 2035, primarily consisting of U.S. foreign tax credits.

[2] Amounts are, in part, due to the tax status of these entities and if the tax status of certain legal entities changes, a significant portion of this balance may reverse.

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Income Taxes - Net Operating Loss and Tax Credit Carryforward (Details) - USD ($) $ in Millions		3 Months Ended
		Dec. 28, 2024	Sep. 28, 2024
Income Taxes [Line Items]
Net Operating Losses and Tax Credit Carryforwards	[1]	$ (3,176)	$ (3,444)
Deferred Tax Assets, Tax Credit Carryforwards, Foreign		(810)
State Net Operating Loss and Tax Credit Carryforward		(563)
Deferred Tax Assets, Tax Credit Carryforwards, Other		(379)
Deferred Tax Assets, Operating Loss and Tax, Not Subject to Expiration		2,000
Asia International Theme Parks borrowings
Income Taxes [Line Items]
Net Operating Losses and Tax Credit Carryforwards		(1,424)
Deferred Tax Assets, Net Operating Loss and Tax Credit Carryforward		$ 1,100
Asia International Theme Parks borrowings | Minimum
Income Taxes [Line Items]
Operating Loss and Tax Credit Carryforward, Expiration Date		Sep. 30, 2026
Asia International Theme Parks borrowings | Maximum
Income Taxes [Line Items]
Operating Loss and Tax Credit Carryforward, Expiration Date		Sep. 30, 2035

[1] Further details on our net operating losses and tax credit carryforwards are as follows: December 28, 2024 International Theme Park net operating losses $(1,424) U.S. foreign tax credits(810) State net operating losses and tax credit carryforwards(563) Other(379)  Total net operating losses and tax credit carryforwards(a) $(3,176)  (a)    Approximately $2.0 billion of these carryforwards do not expire. Approximately $1.1 billion expire between fiscal 2026 and fiscal 2035, primarily consisting of U.S. foreign tax credits.

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Income Taxes Income Tax (Details) - USD ($) $ in Billions	3 Months Ended
	Dec. 28, 2024	Sep. 28, 2024
Income Tax [Line Items]
Unrecognized Tax Benefits, Period Increase (Decrease)	$ (0.2)
Unrecognized Tax Benefits	1.8	$ 2.0
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	$ 0.8

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Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	$ (66)	$ (100)
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service costs	65	62
Interest costs	195	208
Expected return on plan assets	(290)	(284)
Amortization of previously deferred service costs (credits)	0	2
Recognized net actuarial loss (gain)	62	5
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	(33)	(69)
Net periodic benefit cost (income)	32	(7)
Postretirement Medical Plans
Defined Benefit Plan Disclosure [Line Items]
Service costs	0	0
Interest costs	11	14
Expected return on plan assets	(15)	(14)
Amortization of previously deferred service costs (credits)	(22)	(22)
Recognized net actuarial loss (gain)	(7)	(9)
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	(33)	(31)
Net periodic benefit cost (income)	$ (33)	$ (31)

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Reconciliation of Weighted Average Number of Common and Common Equivalent Shares Outstanding and Awards Excluded from Diluted Earnings Per Share Calculation (Details) - shares shares in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Shares (in millions):
Weighted average number of common and common equivalent shares outstanding (basic)	1,812	1,832
Weighed average dilutive impact of awards	6	3
Weighted average number of common and common equivalent shares outstanding (diluted)	1,818	1,835
Awards excluded from diluted earnings per share	16	39

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Equity Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Billions	Jul. 23, 2025		Jan. 16, 2025	Jul. 25, 2024	Jan. 10, 2024
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Cash Paid				$ 0.45	$ 0.30
Dividends, Cash				$ 0.8	$ 0.5
Subsequent Event
Class of Stock [Line Items]
Dividends Declared Per Share	$ 0.50
Common Stock, Dividends, Per Share, Cash Paid			$ 0.50
Dividends, Cash	$ 0.9	[1]	$ 0.9

[1] Amount represents our estimate of the dividend that will be paid on July 23, 2025. The actual amount will be determined based on shareholders of record at June 24, 2025.

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Equity Changes in Accumulated Other Comprehensive Loss, Before Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI before Tax, Attributable to Parent, Beginning Balance	$ (4,417)	$ (3,887)
Unrealized gains (losses) arising during the period	313	(143)
Reclassifications of realized net (gains) losses to net income	(55)	(164)
AOCI reclassifications to comprehensive income, before tax	904
AOCI before Tax, Attributable to Parent, Ending Balance	(3,255)	(4,194)
Market Value Adjustments for Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI before Tax, Attributable to Parent, Beginning Balance	(319)	259
Unrealized gains (losses) arising during the period	559	(277)
Reclassifications of realized net (gains) losses to net income	(88)	(140)
AOCI reclassifications to comprehensive income, before tax	0
AOCI before Tax, Attributable to Parent, Ending Balance	152	(158)
Unrecognized Pension and  Postretirement Medical  Expense
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI before Tax, Attributable to Parent, Beginning Balance	(2,243)	(2,172)
Unrealized gains (losses) arising during the period	0	(3)
Reclassifications of realized net (gains) losses to net income	33	(24)
AOCI reclassifications to comprehensive income, before tax	0
AOCI before Tax, Attributable to Parent, Ending Balance	(2,210)	(2,199)
Foreign Currency Translation and Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI before Tax, Attributable to Parent, Beginning Balance	(1,855)	(1,974)
Unrealized gains (losses) arising during the period	(246)	137
Reclassifications of realized net (gains) losses to net income	0	0
AOCI reclassifications to comprehensive income, before tax	904
AOCI before Tax, Attributable to Parent, Ending Balance	$ (1,197)	$ (1,837)

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Equity Changes in Accumulated Other Comprehensive Loss, Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI Tax, Attributable to Parent, Beginning Balance	$ 718	$ 595
Unrealized gains (losses) arising during the period	(106)	59
Reclassifications of realized net (gains) losses to net income	13	38
AOCI reclassifications to comprehensive income, tax	(58)
AOCI Tax, Attributable to Parent, Ending Balance	567	692
Market Value Adjustments for Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI Tax, Attributable to Parent, Beginning Balance	71	(64)
Unrealized gains (losses) arising during the period	(130)	66
Reclassifications of realized net (gains) losses to net income	21	32
AOCI reclassifications to comprehensive income, tax	0
AOCI Tax, Attributable to Parent, Ending Balance	(38)	34
Unrecognized Pension and  Postretirement Medical  Expense
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI Tax, Attributable to Parent, Beginning Balance	531	517
Unrealized gains (losses) arising during the period	0	0
Reclassifications of realized net (gains) losses to net income	(8)	6
AOCI reclassifications to comprehensive income, tax	0
AOCI Tax, Attributable to Parent, Ending Balance	523	523
Foreign Currency Translation and Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI Tax, Attributable to Parent, Beginning Balance	116	142
Unrealized gains (losses) arising during the period	24	(7)
Reclassifications of realized net (gains) losses to net income	0	0
AOCI reclassifications to comprehensive income, tax	(58)
AOCI Tax, Attributable to Parent, Ending Balance	$ 82	$ 135

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Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI, Beginning Balance	$ (3,699)	$ (3,292)
Unrealized gains (losses) arising during the period	207	(84)
Reclassifications of realized net (gains) losses to net income	(42)	(126)
AOCI reclassifications to comprehensive income, net of tax	846
AOCI, Ending Balance	(2,688)	(3,502)
Market Value Adjustments for Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI, Beginning Balance	(248)	195
Unrealized gains (losses) arising during the period	429	(211)
Reclassifications of realized net (gains) losses to net income	(67)	(108)
AOCI reclassifications to comprehensive income, net of tax	0
AOCI, Ending Balance	114	(124)
Unrecognized Pension and  Postretirement Medical  Expense
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI, Beginning Balance	(1,712)	(1,655)
Unrealized gains (losses) arising during the period	0	(3)
Reclassifications of realized net (gains) losses to net income	25	(18)
AOCI reclassifications to comprehensive income, net of tax	0
AOCI, Ending Balance	(1,687)	(1,676)
Foreign Currency Translation and Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
AOCI, Beginning Balance	(1,739)	(1,832)
Unrealized gains (losses) arising during the period	(222)	130
Reclassifications of realized net (gains) losses to net income	0	0
AOCI reclassifications to comprehensive income, net of tax	846
AOCI, Ending Balance	$ (1,115)	$ (1,702)

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Details about AOCI Components Reclassified to Net Income (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Details about AOCI Components Reclassified to Net Income
Revenues	$ 24,690	$ 23,549
Interest expense, net	367	246
Income taxes	(1,016)	(720)
Net income attributable to The Walt Disney Company (Disney)	2,554	1,911
Reclassification out of Accumulated Other Comprehensive Income
Details about AOCI Components Reclassified to Net Income
Net income attributable to The Walt Disney Company (Disney)	42	126
Gain/(loss) in net income from Cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income
Details about AOCI Components Reclassified to Net Income
Revenues	88	140
Income taxes	(21)	(32)
Net income attributable to The Walt Disney Company (Disney)	67	108
Gain/(loss) in net income from Pension and postretirement medical expense | Reclassification out of Accumulated Other Comprehensive Income
Details about AOCI Components Reclassified to Net Income
Interest expense, net	(33)	24
Income taxes	8	(6)
Net income attributable to The Walt Disney Company (Disney)	$ (25)	$ 18

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Equity - Additional Information (Details) - USD ($) shares in Millions, $ in Billions	3 Months Ended
	Dec. 28, 2024	Feb. 07, 2024
Class of Stock [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		400
Treasury Stock, Shares, Acquired	7
Treasury Stock, Value, Acquired, Cost Method	$ 0.8
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	365

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Compensation Expense Related to Stock Options, Stock Appreciation Rights and Restricted Stock Units (Details) - USD ($) $ in Millions		3 Months Ended
		Dec. 28, 2024	Dec. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options		$ 16	$ 17
RSUs		301	291
Total equity-based compensation expense	[1]	317	308
Equity-based compensation expense capitalized during the period		$ 44	$ 44

[1] Equity-based compensation expense is net of capitalized equity-based compensation and estimated forfeitures and excludes amortization of previously capitalized equity-based compensation costs.

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Equity-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Jan. 31, 2025	Dec. 30, 2023	Dec. 28, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair values of options issued		$ 32.06
Weighted average grant date fair values of RSUs issued		$ 93.87
Pro Forma | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair values of options issued	$ 37.98
Weighted average grant date fair values of RSUs issued	$ 109.20
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 66
Stock Options | Pro Forma | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation granted, number of shares	2.4
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 1,500
Restricted Stock Units | Pro Forma | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation granted, number of shares	14.2

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Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Dec. 28, 2024	Sep. 28, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	$ 100	$ 94
Other Liabilities	(634)	(591)
Total	(1,190)	(1,489)
Fair value of borrowings	41,634	43,709
Interest rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liabilities	(1,239)	(983)
Foreign exchange
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	1,127	569
Derivative Liabilities	(527)	(588)
Other Derivative
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset		18
Derivative Liabilities	(17)	(8)
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0	0
Other Liabilities	0	0
Total	0	0
Fair value of borrowings	0	0
Level 1 | Interest rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liabilities	0	0
Level 1 | Foreign exchange
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	0	0
Derivative Liabilities	0	0
Level 1 | Other Derivative
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset		0
Derivative Liabilities	0	0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	100	94
Other Liabilities	(634)	(591)
Total	(1,190)	(1,489)
Fair value of borrowings	39,433	42,392
Level 2 | Interest rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liabilities	(1,239)	(983)
Level 2 | Foreign exchange
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	1,127	569
Derivative Liabilities	(527)	(588)
Level 2 | Other Derivative
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset		18
Derivative Liabilities	(17)	(8)
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	0	0
Other Liabilities	0	0
Total	0	0
Fair value of borrowings	2,201	1,317
Level 3 | Interest rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liabilities	0	0
Level 3 | Foreign exchange
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset	0	0
Derivative Liabilities	0	0
Level 3 | Other Derivative
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Asset		0
Derivative Liabilities	$ 0	$ 0

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Gross Fair Value of Derivative Positions (Details) - USD ($) $ in Millions	Dec. 28, 2024	Sep. 28, 2024
Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	$ 802	$ 401
Derivative Asset, Counterparty Netting Offset	(618)	(330)
Derivative Asset, Collateral, Obligation to Return Cash, Offset	(74)	(27)
Net derivative positions	110	44
Current Assets | Derivatives designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	586	273
Current Assets | Derivatives designated as hedges | Interest rate
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	0	0
Current Assets | Derivatives designated as hedges | Other Derivative
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	0	0
Current Assets | Derivatives not designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	216	110
Current Assets | Derivatives not designated as hedges | Other Derivative
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	0	18
Other Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	425	280
Derivative Asset, Counterparty Netting Offset	(239)	(182)
Derivative Asset, Collateral, Obligation to Return Cash, Offset	0	0
Net derivative positions	186	98
Other Assets | Derivatives designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	323	184
Other Assets | Derivatives designated as hedges | Interest rate
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	0	0
Other Assets | Derivatives designated as hedges | Other Derivative
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	0	0
Other Assets | Derivatives not designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	2	2
Other Assets | Derivatives not designated as hedges | Other Derivative
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement	100	94
Other Current Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(1,642)	(1,427)
Derivative Liability, Counterparty netting offset	722	396
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	675	679
Net derivative positions	(245)	(352)
Other Current Liabilities | Derivatives designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(176)	(164)
Other Current Liabilities | Derivatives designated as hedges | Interest rate
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(1,239)	(983)
Other Current Liabilities | Derivatives designated as hedges | Other Derivative
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(5)	(7)
Other Current Liabilities | Derivatives not designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(210)	(273)
Other Current Liabilities | Derivatives not designated as hedges | Other Derivative
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(12)	0
Other Long-Term Liabilities
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(141)	(152)
Derivative Liability, Counterparty netting offset	135	116
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	0	0
Net derivative positions	(6)	(36)
Other Long-Term Liabilities | Derivatives designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(139)	(149)
Other Long-Term Liabilities | Derivatives designated as hedges | Interest rate
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	0	0
Other Long-Term Liabilities | Derivatives designated as hedges | Other Derivative
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	0	(1)
Other Long-Term Liabilities | Derivatives not designated as hedges | Foreign exchange
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	(2)	(2)
Other Long-Term Liabilities | Derivatives not designated as hedges | Other Derivative
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement	$ 0	$ 0

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Derivative Instruments Carrying Amount and Cumulative Basis Adjustment for Fair Value Hedges (Details) - USD ($) $ in Millions	Dec. 28, 2024	Sep. 28, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged Liability, Fair Value Hedge	$ 10,369	$ 11,542
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	(1,114)	(923)
Current Portion of Borrowings
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged Liability, Fair Value Hedge	495	1,414
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	(5)	(10)
Borrowings
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged Liability, Fair Value Hedge	9,874	10,128
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	$ (1,109)	$ (913)

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Adjustments Related to Fair Value Hedges Included in Net Interest Expense in Condensed Consolidated Statements of Income (Details) - Interest rate - Interest Expense - USD ($) $ in Millions	3 Months Ended
	Dec. 28, 2024	Dec. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on pay-floating swaps	$ (195)	$ 432
Gain (loss) on hedged borrowings	195	(432)
Derivative, Gain (Loss) on Derivative, Net	$ (111)	$ (154)

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Derivative Instruments Effect of Foreign Currency Cash Flow Hedges on AOCI (Details) - USD ($) $ in Millions		3 Months Ended
		Dec. 28, 2024	Dec. 30, 2023
Foreign Currency Fair Value Hedge Derivative [Line Items]
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax		$ 562	$ (264)
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	[1]	$ 89	$ 141

[1] Primarily recorded in revenue.

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Derivative Instruments - Additional Information (Details) $ in Millions, $ in Billions	3 Months Ended
	Dec. 28, 2024 USD ($)	Dec. 28, 2024 CAD ($)	Sep. 28, 2024 USD ($)	Sep. 28, 2024 CAD ($)
Derivative [Line Items]
Net deferred gains recorded in AOCI for contracts that will mature in the next twelve months	$ 501
Hedging Period for Foreign Currency Transactions, Maximum	4 years
Aggregate fair value of derivative instruments with credit-risk-related contingent features in a net liability position by counterparty	$ 900		$ 1,100
Costs and Expenses
Derivative [Line Items]
Net gain (loss) on foreign currency denominated assets and liabilities	200
Derivatives designated as hedges | Interest rate | Fair Value Hedging
Derivative [Line Items]
Derivative, Notional Amount	11,000		12,000
Derivatives designated as hedges | Foreign exchange | Cash Flow Hedging
Derivative [Line Items]
Derivative, Notional Amount	8,400		9,900
Derivatives designated as hedges | Currency Swap | Fair Value Hedging
Derivative [Line Items]
Derivative, Notional Amount	900	$ 1.3	1,000	$ 1.3
Not Designated as Hedging Instrument | Foreign exchange
Derivative [Line Items]
Derivative, Notional Amount	2,900		3,400
Not Designated as Hedging Instrument | Other Derivative
Derivative [Line Items]
Derivative, Notional Amount	$ 600		$ 500