Investments

12 Months Ended

Sep. 27, 2025

Investments consist of the following:


	September 27, 2025		September 28, 2024
Investments, equity basis	$	6,319	$	2,680
Investments, other	1,778		1,779
	$	8,097	$	4,459

Investments, Equity Basis

The Company’s significant equity investments include the India joint venture (37% ownership), A+E (50% ownership) and CTV Specialty Television, Inc. (30% ownership). As of September 27, 2025 and September 28, 2024, the book value of the Company’s equity method investments exceeded our share of the book value of the investees’ underlying net assets by approximately $1.6 billion and $0.5 billion, respectively, which represent amortizable intangible assets and goodwill arising from acquisitions. See Note 18 for impairments recorded on equity investments.

Investments, Other

As of both September 27, 2025 and September 28, 2024, the Company had securities without a readily determinable fair value of $1.7 billion, the most significant of which is an 8% interest in Epic Games, Inc. at $1.6 billion.

Gains, losses and impairments on securities are generally recorded in “Interest expense, net” in the Consolidated Statements of Income; these amounts were not material for fiscal 2025, 2024 and 2023.