Produced and Acquired/Licensed Content Costs and Advances

12 Months Ended

Sep. 27, 2025

Produced and Acquired/Licensed Content Costs and Advances Disclosure

Produced and Acquired/Licensed Content Costs and Advances

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


	As of September 27, 2025						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	$	4,624	$	14,288	$	18,912	$	4,568	$	13,621	$	18,189
Completed, not released	313		1,061		1,374		16		2,265		2,281
In-process	4,082		3,633		7,715		4,352		4,067		8,419
In development or pre-production	386		182		568		196		73		269
	$	9,405	$	19,164	28,569		$	9,132	$	20,026	29,158
Licensed content - Television Programming rights and advances					4,821						5,251
Total produced and licensed content					$	33,390					$	34,409

Current portion					$	2,063					$	2,097
Non-current portion					$	31,327					$	32,312

Amortization of produced and licensed content is as follows:


	2025		2024		2023
Produced content
Predominantly monetized individually	$	3,338	$	3,311	$	3,999
Predominantly monetized as a group	7,072		7,143		7,862
	10,410		10,454		11,861
Licensed programming rights and advances	12,876		14,027		13,405
Total produced and licensed content costs(1)	$	23,286	$	24,481	$	25,266

(1)Primarily included in “Costs of services” in the Consolidated Statements of Income. Fiscal 2025 and fiscal 2024 amounts exclude impairment charges for produced content of $109 million and $187 million respectively, and fiscal 2023 amounts exclude impairment charges of $2.0 billion for produced content and $257 million for licensed programming rights. These charges were recorded in “Restructuring and impairment charges” in the Consolidated Statements of Income (see Note 18).

Total expected amortization by fiscal year of completed (released and not released) produced, licensed and acquired film and television library content on the balance sheet as of September 27, 2025 is as follows:


	Predominantly Monetized Individually		Predominantly Monetized as a Group		Total
Produced content
Released
2026	$	1,060	$	3,382	$	4,442
2027	639		2,364		3,003
2028	418		1,873		2,291
Completed, not released
2026	209		464		673

Licensed content - Programming rights and advances
2026					$	3,163
2027					682
2028					385

Approximately $2.1 billion of accrued participations and residual liabilities will be paid in fiscal 2026.

At September 27, 2025, released content (less amortization) includes acquired film and television library content with a carrying value of $3.1 billion and is generally being amortized straight-line over a weighted-average remaining period of approximately 13 years.

Content Production Incentives

Programming and production costs were reduced by $0.7 billion for fiscal 2025 related to the amortization of production tax incentives. We have production tax credit receivables of $1.8 billion as of September 27, 2025, which, based on the expected timing of collection, are reflected in “Receivables, net” or “Other Assets” in our Consolidated Balance Sheet.