Revenues

12 Months Ended

Sep. 27, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer

Revenues

The following table presents our revenues by segment and major source:

	2025
	Entertainment		Sports		Experiences		Eliminations		Total
Subscription and affiliate fees	$	27,120	$	11,944	$	—	$	(1,285)	$	37,779
Advertising	6,679		4,444		—		—		11,123
Theme park admissions	—		—		11,707		—		11,707
Retail and wholesale sales of merchandise, food and beverage	—		—		9,642		—		9,642
Resort and vacations	—		—		9,210		—		9,210
Merchandise licensing	643		—		3,236		—		3,879
TV/VOD and home entertainment distribution	3,507		267		—		—		3,774
Theatrical distribution licensing	2,592		—		—		—		2,592
Other	1,925		1,017		2,361		(584)		4,719
	$	42,466	$	17,672	$	36,156	$	(1,869)	$	94,425

	2024
	Entertainment		Sports		Experiences		Eliminations		Total
Subscription and affiliate fees	$	25,668	$	12,068	$	—	$	(1,183)	$	36,553
Advertising	7,506		4,388		—		—		11,894
Theme park admissions	—		—		11,171		—		11,171
Retail and wholesale sales of merchandise, food and beverage	—		—		9,204		—		9,204
Resort and vacations	—		—		8,375		—		8,375
Merchandise licensing	642		—		3,142		—		3,784
TV/VOD and home entertainment distribution	3,051		305		—		—		3,356
Theatrical distribution licensing	2,266		—		—		—		2,266
Other	2,053		858		2,259		(412)		4,758
	$	41,186	$	17,619	$	34,151	$	(1,595)	$	91,361

	2023
	Entertainment		Sports		Experiences		Eliminations		Total
Subscription and affiliate fees	$	23,789	$	12,107	$	—	$	(1,084)	$	34,812
Advertising	7,594		3,920		4		—		11,518
Theme park admissions	—		—		10,423		—		10,423
Retail and wholesale sales of merchandise, food and beverage	—		—		8,921		—		8,921
Resort and vacations	—		—		7,949		—		7,949
Merchandise licensing	619		—		2,509		—		3,128
TV/VOD and home entertainment distribution	3,576		347		—		—		3,923
Theatrical distribution licensing	3,174		—		—		—		3,174
Other	1,883		737		2,743		(313)		5,050
	$	40,635	$	17,111	$	32,549	$	(1,397)	$	88,898

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

	2025
	Entertainment		Sports		Experiences		Eliminations		Total
Americas	$	33,815	$	17,266	$	27,218	$	(1,869)	$	76,430
Europe	6,317		292		4,481		—		11,090
Asia Pacific	2,334		114		4,457		—		6,905
	$	42,466	$	17,672	$	36,156	$	(1,869)	$	94,425

	2024
	Entertainment		Sports		Experiences		Eliminations		Total
Americas	$	31,722	$	16,432	$	25,603	$	(1,595)	$	72,162
Europe	5,805		396		4,078		—		10,279
Asia Pacific	3,659		791		4,470		—		8,920
	$	41,186	$	17,619	$	34,151	$	(1,595)	$	91,361

	2023
	Entertainment		Sports		Experiences		Eliminations		Total
Americas	$	31,414	$	16,000	$	25,188	$	(1,397)	$	71,205
Europe	5,475		370		3,688		—		9,533
Asia Pacific	3,746		741		3,673		—		8,160
	$	40,635	$	17,111	$	32,549	$	(1,397)	$	88,898

Revenues recognized in the current and prior year from performance obligations satisfied (or partially satisfied) in previous reporting periods primarily relate to revenues earned on content made available to distributors and licensees in previous reporting periods. For fiscal 2025, $1.0 billion was recognized related to performance obligations satisfied prior to September 28, 2024. For fiscal 2024, $1.0 billion was recognized related to performance obligations satisfied prior to September 30, 2023. For fiscal 2023, $0.9 billion was recognized related to performance obligations satisfied prior to October 1, 2022.

As of September 27, 2025, revenue for unsatisfied performance obligations expected to be recognized in the future is $16 billion, primarily for IP to be made available in the future under existing agreements with merchandise and co-branding licensees and sponsors, DTC wholesalers, television station affiliates and sports sublicensees. Of this amount, we expect to recognize approximately $7 billion in fiscal 2026, $4 billion in fiscal 2027, $2 billion in fiscal 2028 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:

	September 27, 2025		September 28, 2024
Accounts Receivable
Current	$	10,544	$	10,463
Non-current	985		1,040
Allowance for credit losses	(126)		(118)
Deferred revenues
Current	5,689		5,587
Non-current	785		858

For fiscal 2025, 2024 and 2023, the Company recognized revenue of $5.3 billion, $5.2 billion and $5.1 billion, respectively, that was included in the deferred revenue balance at September 28, 2024, September 30, 2023 and October 1, 2022, respectively. Amounts deferred generally relate to theme park admissions and vacation packages, DTC subscriptions and advances related to merchandise and TV/VOD licenses.

The Company has accounts receivable of $1.0 billion at both September 27, 2025 and September 28, 2024 with original maturities greater than one year primarily related to the sale of vacation club properties. The receivables are recorded in other non-current assets. The allowance for credit losses for these receivables and additions to/write-offs against the allowance for fiscal 2025 and 2024 were not material.