v3.25.3
Borrowings
 12 Months Ended
Sep. 27, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
The Company’s borrowings, including the impact of interest rate and cross-currency swaps, are summarized as follows:
   September 27, 2025
 Sep. 27, 2025Sep. 28, 2024
Stated
Interest
Rate(1)
Pay Floating Interest rate and Cross-
Currency Swaps(2)
Effective
Interest
Rate(3)
Swap
Maturities
Commercial paper
$2,062  $3,040  —$—4.28%
U.S. dollar denominated notes(4)
38,658  40,496  4.09%9,6254.43%2026-2031
Foreign currency denominated debt931  1,886  3.06%9335.11%2027
Other(5)
(700) (899) —
40,951  44,523  10,558
Asia Theme Parks borrowings1,075  1,292  8.00%—4.55%
Total borrowings42,026  45,815  10,558
Less current portion6,711  6,845  —
Total long-term borrowings
$35,315  $38,970  $10,558
(1)The stated interest rate represents the weighted-average coupon rate for each category of borrowings. For floating-rate borrowings, interest rates are the rates in effect at September 27, 2025; these rates are not necessarily an indication of future interest rates.
(2)Amounts represent notional values of interest rate and cross-currency swaps outstanding as of September 27, 2025.
(3)The effective interest rate includes the impact of purchase accounting adjustments, existing and terminated interest rate and cross-currency swaps, and debt issuance costs and discounts.
(4)Includes purchase accounting adjustments and net debt issuance costs and discounts totaling a net premium of $1.5 billion and $1.6 billion at September 27, 2025 and September 28, 2024, respectively.
(5)Includes market value adjustments for debt with qualifying hedges, which reduces borrowings by $0.7 billion and $0.9 billion at September 27, 2025 and September 28, 2024, respectively.
Bank Facilities and Commercial Paper
At September 27, 2025, the Company’s bank facilities, which are with a syndicate of lenders and support our commercial paper borrowings, were as follows:
Committed
Capacity		Capacity
Used		Unused
Capacity
Facility expiring February 2026$5,250$—$5,250
Facility expiring March 20274,000—4,000
Facility expiring March 20293,000—3,000
Total$12,250$—$12,250
The Company’s bank facilities allow for borrowings at rates based on the Secured Overnight Financing Rate (SOFR) and at other variable rates for non-U.S. dollar denominated borrowings, plus a fixed spread that varies with the Company’s debt ratings assigned by Moody’s Ratings and S&P Global Ratings ranging from 0.63% to 1.1%. The bank facilities contain only one financial covenant, relating to interest coverage of three times earnings before interest, taxes, depreciation and amortization, including both intangible amortization and amortization of our film and television production and programming costs. On September 27, 2025, the Company met this covenant by a significant margin. The bank facilities specifically exclude certain entities, including the Asia Theme Parks, from any representations, covenants or events of default. The Company also has the ability to issue up to $0.5 billion of letters of credit under the facility expiring in March 2027, which if utilized, reduces available borrowings under this facility. As of September 27, 2025, the Company has $0.4 billion of outstanding letters of credit, of which none were issued under this facility. Outstanding letters of credit at Star India totaling $0.7 billion at September 27, 2025 that were entered into prior to the Star India Transaction are guaranteed by the Company through calendar 2025.
Commercial paper activity is as follows:
Commercial paper with original maturities less than three months, net(1)
Commercial paper with original maturities greater than three monthsTotal
Balance at Sep. 30, 2023$289  $1,187  $1,476  
Additions431  4,305  4,736  
Payments—  (3,204) (3,204) 
Other Activity7  25  32  
Balance at Sep. 28, 2024$727  $2,313  $3,040  
Additions1,232  1,129  2,361  
Payments—  (3,304) (3,304) 
Other Activity4  (39) (35) 
Balance at Sep. 27, 2025$1,963  $99  $2,062  
(1)Borrowings and reductions of borrowings are reported net.
U.S. Dollar Denominated Notes
At September 27, 2025, the Company had $38.7 billion of fixed rate U.S. dollar denominated notes with maturities ranging from 1 to 71 years and stated interest rates that range from 1.75% to 8.45%. Of this balance, $1.1 billion borrowed in connection with the November 2024 cruise ship delivery of the Disney Treasure allows for early repayment subject to cancellation fees.
In addition, in connection with the October 2025 cruise ship delivery of the Disney Destiny, the Company borrowed $1.1 billion under an existing credit facility with a fixed rate of 3.74% that will be payable semi-annually over a 12-year term. Early repayment is permitted subject to cancellation fees.
Foreign Currency Denominated Debt
At September 27, 2025, the Company had a fixed rate senior note of Canadian $1.3 billion ($0.9 billion), which had a stated interest rate of 3.06% and matures in March 2027. The Company has entered into pay-floating interest rate and cross-currency swaps that effectively convert the borrowing to a variable-rate U.S. dollar denominated borrowing indexed to SOFR.
Asia Theme Parks Borrowings
Shendi has provided Shanghai Disney Resort with loans totaling 7.7 billion yuan (approximately $1.1 billion) bearing interest at 8% and is scheduled to mature in 2036 with earlier payments required based on available cash flows. In addition, early repayment is permitted. Shendi has also provided Shanghai Disney Resort with a 2.6 billion yuan (approximately $0.4 billion) line of credit bearing interest at 8%. As of September 27, 2025, the line of credit does not have a balance outstanding.
Maturities
The following table provides total borrowings, excluding market value adjustments and debt issuance premiums, discounts and costs, by scheduled maturity date as of September 27, 2025. The table also provides the estimated interest payments on these borrowings as of September 27, 2025 although actual future payments will differ for floating-rate borrowings:
Borrowings
Fiscal Year:
Before Asia
Theme Parks
Consolidation
Asia 
Theme Parks		Total Borrowings
Interest
Total Borrowings and Interest
2026$6,737$14$6,751$1,559$8,310
20272,985—2,9851,3944,379
20281,687631,7501,3003,050
20292,2831082,3911,3623,753
20301,3381641,5021,2652,767
Thereafter25,14672625,87214,52240,394
$40,176$1,075$41,251$21,402$62,653
Interest
The Company capitalizes interest on assets constructed for its parks and resorts and on certain film and television productions. In fiscal 2025, 2024 and 2023, total interest capitalized was $322 million, $386 million and $365 million, respectively.
Interest expense (net of amounts capitalized), interest and investment income, and net periodic pension and postretirement benefit costs (other than service costs) (see Note 10) are reported net in the Consolidated Statements of Income and consist of the following:
202520242023
Interest expense$(1,812)$(2,070)$(1,973)
Interest and investment income246    406    424    
Net periodic pension and postretirement benefit costs (other than service costs)261 404 340 
Interest expense, net$(1,305)$(1,260)$(1,209)