The Walt Disney Company
DISNYSE
$112.72
Last price · USD
- Market cap
- $204.1B
- P/E
- 16.5x
- EV / EBITDA
- 12.7x
- P/S
- 2.2x
- FCF yield
- 4.9%
- Div. yield
- 0.88%
Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.
The Walt Disney Company cash flow statement
Annual · USD millions except per-share data · 36 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | 13,431 | 5,773 | 3,390 | 3,553 | 2,536 | +51.7% | |
| Depreciation & amortization | 5,326 | 4,990 | 5,369 | 5,163 | 5,111 | +1.0% | |
| Deferred income tax | (2,739) | (821) | (1,346) | 200 | (1,241) | — | |
| Stock-based compensation | 1,363 | 1,366 | 1,143 | 977 | 600 | +22.8% | |
| Change in working capital | (430) | (1,613) | 177 | 488 | 2,194 | — | |
| Accounts receivables | (283) | (565) | 358 | 605 | (357) | — | |
| Inventory | (114) | (42) | (183) | (420) | 252 | — | |
| Accounts payables | 237 | 156 | (1,142) | 964 | 2,410 | -44.0% | |
| Other working capital | (270) | (1,162) | 1,144 | (661) | (111) | — | |
| Other non-cash items | 1,150 | 4,276 | 1,133 | (4,371) | (3,633) | — | |
| Net cash from operating activities | 18,101 | 13,971 | 9,866 | 6,010 | 5,567 | +34.3% | |
| Operating cash flow | 18,101 | 13,971 | 9,866 | 6,010 | 5,567 | +34.3% | |
| Investing activities | |||||||
| Investments in PP&E | (8,024) | (5,412) | (4,969) | (4,943) | (3,578) | — | |
| Capital expenditure | (8,024) | (5,412) | (4,969) | (4,943) | (3,578) | — | |
| Purchases of investments | (98) | (1,506) | 0 | 0 | 0 | — | |
| Sales / maturities of investments | 4 | 105 | 458 | 52 | 337 | -67.0% | |
| Other investing activities | 75 | (68) | (130) | (117) | 78 | -1.0% | |
| Net cash from investing activities | (8,043) | (6,881) | (4,641) | (5,008) | (3,163) | — | |
| Financing activities | |||||||
| Net debt issuance | (3,621) | (1,400) | (1,783) | (4,017) | (3,699) | — | |
| Short-term net debt issuance | (943) | 1,532 | (191) | (334) | (26) | — | |
| Long-term net debt issuance | (2,678) | (2,932) | (1,592) | (3,683) | (3,673) | — | |
| Net stock issuance | (3,500) | (2,992) | 52 | 127 | 435 | — | |
| Common stock issuance | 0 | 0 | 52 | 127 | 435 | — | |
| Common stock repurchased | (3,500) | (2,992) | 0 | 0 | 0 | — | |
| Net common stock issuance | (3,500) | (2,992) | 52 | 127 | 435 | — | |
| Common dividends paid | (1,803) | (1,366) | 0 | 0 | 0 | — | |
| Net dividends paid | (1,803) | (1,366) | 0 | 0 | 0 | — | |
| Other financing activities | (1,442) | (9,530) | (993) | (851) | (1,121) | — | |
| Net cash from financing activities | (10,366) | (15,288) | (2,724) | (4,741) | (4,385) | — | |
| Cash summary | |||||||
| Effect of forex changes on cash | 5 | 65 | 73 | (603) | 30 | -36.1% | |
| Net change in cash | (303) | (8,133) | 2,574 | (4,342) | (1,951) | — | |
| Cash at beginning of period | 6,102 | 14,235 | 11,661 | 16,003 | 17,954 | -23.6% | |
| Cash at end of period | 5,799 | 6,102 | 14,235 | 11,661 | 16,003 | -22.4% | |
| Free cash flow | 10,077 | 8,559 | 4,897 | 1,067 | 1,989 | +50.0% | |
| Income taxes paid | 1,221 | 3,963 | 1,193 | 1,097 | 1,638 | -7.1% | |
| Interest paid | 2,050 | 2,134 | 2,110 | 1,685 | 1,892 | +2.0% | |