Walt Disney Co (NYSE: DIS) is a media and entertainment company that produces and distributes content across linear television networks, direct-to-consumer streaming services, filmed entertainment, and theme park experiences. Revenue comes from subscription fees, affiliate fees paid by distributors, advertising on linear networks and streaming platforms, theme park admissions and resort spending, consumer products licensing, and content sales. The company operates three reporting segments: Entertainment, Sports, and Experiences. In FY2025, Entertainment generated $42.5 billion in revenue with $4.7 billion in operating income, Sports generated $17.7 billion in revenue with $2.9 billion in operating income, and Experiences generated $9.995 billion in operating income. Direct-to-Consumer revenue within Entertainment reached $24.6 billion in FY2025, up 8% from $22.8 billion in FY2024, while Linear Networks revenue declined 12% to $9.4 billion. The company carries material acquisition-related amortization from the TFCF and Hulu transactions, totaling $1.576 billion in FY2025.

Revenue model

Disney earns revenue through affiliate and subscription fees from pay-TV distributors and streaming subscribers, advertising on linear networks and direct-to-consumer platforms, theme park admissions and resort operations, vacation club ownership sales (Disney Vacation Club), consumer products licensing, theatrical film distribution, TV and VOD content licensing, and music rights licensing. In FY2025, affiliate and subscription fees within the Sports segment totaled $11.9 billion and advertising totaled $4.4 billion.

Products and services

Brands and properties include ESPN (domestic and international), ABC Network, Disney+, Hulu (including Hulu Live TV), Disney linear networks, Walt Disney Pictures, Pixar, Marvel, Star Wars, National Geographic, Disney theme parks and resorts (Walt Disney World, Disneyland Resort, Aulani), Disney Vacation Club (approximately 4,700 two-bedroom equivalent units across 17 resort properties as of FY2025 year-end), Adventures by Disney, National Geographic Expeditions, Storyliving by Disney residential communities, and consumer products merchandise licensing.

Customers and end markets

End markets include pay-TV distributors (MVPDs) who pay affiliate fees, direct consumers subscribing to Disney+ and Hulu, advertisers buying time on linear and streaming platforms, theme park and resort guests, vacation club purchasers, theatrical audiences, and retailers and manufacturers who license Disney IP for consumer products. Distribution contracts with MVPDs are subject to periodic renegotiation; Disney's channels were removed from YouTube TV on October 30, 2025 following contract expiration without renewal.

Geographic exposure

Operations span the United States and international markets, including international theme parks and resorts, international ESPN distribution ($1.076 billion affiliate and subscription fees in FY2025), and the Star India business (which contributed $31 million in affiliate and subscription fees in FY2025, down from $238 million in FY2024, reflecting the Star India Transaction). The filing notes extensive international operations subject to trade, regulatory, and geopolitical conditions.

Source: SEC 10-K, filed 2025-11-13

Industry: Services-Miscellaneous Amusement & Recreation Peers: Netflix Inc AMC Entertainment Holdings Inc Live Nation Entertainment Inc Warner Bros Discovery Inc Endeavor Group Holdings, Inc. Madison Square Garden Sports Corp Roku Inc Warner Music Group Corp WORLD WRESTLING ENTERTAINMENT, LLC