v3.25.3
Revenues
 12 Months Ended
Sep. 27, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer Revenues
The following table presents our revenues by segment and major source:
2025
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees$27,120$11,944$—$(1,285)$37,779
Advertising6,6794,444——11,123
Theme park admissions——11,707—11,707
Retail and wholesale sales of merchandise, food and beverage——9,642—9,642
Resort and vacations——9,210—9,210
Merchandise licensing643—3,236—3,879
TV/VOD and home entertainment distribution3,507267——3,774
Theatrical distribution licensing2,592———2,592
Other1,9251,0172,361(584)4,719
$42,466$17,672$36,156$(1,869)$94,425
2024
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees$25,668$12,068$—$(1,183)$36,553
Advertising7,5064,388——11,894
Theme park admissions——11,171—11,171
Retail and wholesale sales of merchandise, food and beverage——9,204—9,204
Resort and vacations——8,375—8,375
Merchandise licensing642—3,142—3,784
TV/VOD and home entertainment distribution3,051305——3,356
Theatrical distribution licensing2,266———2,266
Other2,0538582,259(412)4,758
$41,186$17,619$34,151$(1,595)$91,361
2023
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees$23,789$12,107$—$(1,084)$34,812
Advertising7,5943,9204—11,518
Theme park admissions——10,423—10,423
Retail and wholesale sales of merchandise, food and beverage——8,921—8,921
Resort and vacations——7,949—7,949
Merchandise licensing619—2,509—3,128
TV/VOD and home entertainment distribution3,576347——3,923
Theatrical distribution licensing3,174———3,174
Other1,8837372,743(313)5,050
$40,635$17,111$32,549$(1,397)$88,898
The following table presents our revenues by segment and primary geographical markets:
2025
EntertainmentSportsExperiencesEliminationsTotal
Americas$33,815$17,266$27,218$(1,869)$76,430
Europe6,3172924,481—11,090
Asia Pacific2,3341144,457—6,905
$42,466$17,672$36,156$(1,869)$94,425
2024
EntertainmentSportsExperiencesEliminationsTotal
Americas$31,722$16,432$25,603$(1,595)$72,162
Europe5,8053964,078—10,279
Asia Pacific3,6597914,470—8,920
$41,186$17,619$34,151$(1,595)$91,361
2023
EntertainmentSportsExperiencesEliminationsTotal
Americas$31,414$16,000$25,188$(1,397)$71,205
Europe5,4753703,688—9,533
Asia Pacific3,7467413,673—8,160
$40,635$17,111$32,549$(1,397)$88,898
Revenues recognized in the current and prior year from performance obligations satisfied (or partially satisfied) in previous reporting periods primarily relate to revenues earned on content made available to distributors and licensees in previous reporting periods. For fiscal 2025, $1.0 billion was recognized related to performance obligations satisfied prior to September 28, 2024. For fiscal 2024, $1.0 billion was recognized related to performance obligations satisfied prior to September 30, 2023. For fiscal 2023, $0.9 billion was recognized related to performance obligations satisfied prior to October 1, 2022.
As of September 27, 2025, revenue for unsatisfied performance obligations expected to be recognized in the future is $16 billion, primarily for IP to be made available in the future under existing agreements with merchandise and co-branding licensees and sponsors, DTC wholesalers, television station affiliates and sports sublicensees. Of this amount, we expect to recognize approximately $7 billion in fiscal 2026, $4 billion in fiscal 2027, $2 billion in fiscal 2028 and $3 billion thereafter. These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (i) contracts with an original expected term of one year or less or (ii) licenses of IP that are solely based on the sales of the licensee.
When the timing of the Company’s revenue recognition is different from the timing of customer payments, the Company recognizes either a contract asset (customer payment is subsequent to revenue recognition and subject to the Company satisfying additional performance obligations) or deferred revenue (customer payment precedes the Company satisfying the performance obligations). Consideration due under contracts with payment in arrears is recognized as accounts receivable.
Deferred revenues are recognized as (or when) the Company performs under the contract. The Company’s contract assets and activity for the current and prior-year periods were not material.
Accounts receivable and deferred revenues from contracts with customers are as follows:
September 27,
2025		September 28,
2024
Accounts Receivable
Current$10,544  $10,463  
Non-current985  1,040  
Allowance for credit losses(126) (118) 
Deferred revenues
Current5,689  5,587  
Non-current785  858  
For fiscal 2025, 2024 and 2023, the Company recognized revenue of $5.3 billion, $5.2 billion and $5.1 billion, respectively, that was included in the deferred revenue balance at September 28, 2024, September 30, 2023 and October 1, 2022, respectively. Amounts deferred generally relate to theme park admissions and vacation packages, DTC subscriptions and advances related to merchandise and TV/VOD licenses.
The Company has accounts receivable of $1.0 billion at both September 27, 2025 and September 28, 2024 with original maturities greater than one year primarily related to the sale of vacation club properties. The receivables are recorded in other non-current assets. The allowance for credit losses for these receivables and additions to/write-offs against the allowance for fiscal 2025 and 2024 were not material.