The Walt Disney Company Cash Flow Statement

Financials in millions USD. Fiscal year is October - September.

Millions USD. Fiscal year is Oct - Sep.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 27, 2025	Sep '25 Sep 27, 2025	Sep '24 Sep 28, 2024	Sep '23 Sep 30, 2023	Oct '22 Oct 1, 2022	Oct '21 Oct 2, 2021
Net Income	12,252	12,404	4,972	2,354	3,145	1,995
Depreciation & Amortization	5,366	5,326	4,990	5,369	5,163	5,111
Asset Writedown & Restructuring Costs	871	871	3,511	3,128	212	-
Loss (Gain) From Sale of Investments	-	-	-	-	714	-332
Loss (Gain) on Equity Investments	-91	-150	-138	-62	-37	-7
Stock-Based Compensation	1,378	1,363	1,366	1,143	977	600
Other Operating Activities	-976	-1,283	883	-2,243	-4,660	-3,995
Change in Accounts Receivable	-812	-283	-565	358	605	-357
Change in Inventory	-140	-114	-42	-183	-420	252
Change in Accounts Payable	120	237	156	-1,142	964	2,410
Change in Income Taxes	-2,191	-228	-1,427	1,345	46	-282
Change in Other Net Operating Assets	-146	-42	265	-201	-707	171
Operating Cash Flow	15,631	18,101	13,971	9,866	6,010	5,567
Operating Cash Flow Growth	4.27%	29.56%	41.61%	64.16%	7.96%	-26.92%
Capital Expenditures	-8,571	-8,024	-5,412	-4,969	-4,943	-3,578
Investment in Securities	-94	-94	-1,401	458	52	337
Other Investing Activities	460	75	-68	-130	-117	78
Investing Cash Flow	-8,205	-8,043	-6,881	-4,641	-5,008	-3,163
Short-Term Debt Issued	-	-	1,532	-	-	-
Long-Term Debt Issued	-	1,057	132	83	333	64
Total Debt Issued	5,069	1,057	1,664	83	333	64
Short-Term Debt Repaid	-	-943	-	-191	-334	-26
Long-Term Debt Repaid	-	-3,735	-3,064	-1,675	-4,016	-3,737
Total Debt Repaid	-4,445	-4,678	-3,064	-1,866	-4,350	-3,763
Net Debt Issued (Repaid)	624	-3,621	-1,400	-1,783	-4,017	-3,699
Issuance of Common Stock	-	-	-	-	-	435
Repurchase of Common Stock	-4,740	-3,500	-2,992	-	-	-
Common Dividends Paid	-1,803	-1,803	-1,366	-	-	-
Other Financing Activities	-1,466	-1,442	-9,530	-941	-724	-1,121
Financing Cash Flow	-7,385	-10,366	-15,288	-2,724	-4,741	-4,385
Foreign Exchange Rate Adjustments	163	5	65	73	-603	30
Net Cash Flow	204	-303	-8,133	2,574	-4,342	-1,951
Free Cash Flow	7,060	10,077	8,559	4,897	1,067	1,989
Free Cash Flow Growth	-16.07%	17.74%	74.78%	358.95%	-46.36%	-44.69%
Free Cash Flow Margin	7.38%	10.67%	9.37%	5.51%	1.29%	2.95%
Free Cash Flow Per Share	3.91	5.56	4.67	2.68	0.58	1.09
Cash Interest Paid	2,050	2,050	2,134	2,110	1,685	1,892
Cash Income Tax Paid	1,221	1,221	3,963	1,193	1,097	1,638
Levered Free Cash Flow	3,175	6,933	7,639	5,724	5,533	7,388
Unlevered Free Cash Flow	4,280	8,065	8,933	6,958	6,501	8,355
Change in Working Capital	-3,169	-430	-1,613	177	488	2,194

Updated Dec 27, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.