v3.25.3
Leases
 12 Months Ended
Sep. 27, 2025
Leases [Abstract]  
Leases Leases
The Company’s operating leases primarily consist of real estate and equipment, including office space for general and administrative purposes, production facilities, land, cruise terminals, retail outlets and distribution centers for consumer products. The Company also has finance leases, primarily for broadcast equipment and land.
Some of our leases include renewal and/or termination options. If it is reasonably certain that a renewal or termination option will be exercised, the exercise of the option is considered in calculating the term of the lease. As of September 27, 2025 and September 28, 2024, our operating leases had a weighted-average remaining lease term of approximately 11 years and 10 years, respectively, and our finance leases had a weighted-average remaining lease term of approximately 39 years and 35 years, respectively. As of September 27, 2025 and September 28, 2024, the weighted-average incremental borrowing rate for our operating leases was 4.1% and 4.0%, respectively, and for our finance leases was 6.8% and 6.7%, respectively. At both September 27, 2025 and September 28, 2024, total estimated future lease payments for non-cancelable lease agreements that have not commenced were not material.
The Company’s operating and finance right-of-use assets and lease liabilities are as follows:
September 27, 2025September 28, 2024
Right-of-use assets(1)
Operating leases$3,170  $3,376  
Finance leases221  246  
Total right-of-use assets$3,391  $3,622  
Short-term lease liabilities(2)
Operating leases$525  $744  
Finance leases21  30  
546  774  
Long-term lease liabilities(3)
Operating leases2,710  2,768  
Finance leases141  160  
2,851  2,928  
Total lease liabilities$3,397  $3,702  
(1)Included in “Other assets” in the Consolidated Balance Sheet.
(2)Included in “Accounts payable and other accrued liabilities” in the Consolidated Balance Sheet.
(3)Included in “Other long-term liabilities” in the Consolidated Balance Sheet.
The components of lease costs are as follows:
202520242023
Finance lease cost
Amortization of right-of-use assets$23  $36 $39 
Interest on lease liabilities25  13 15 
Operating lease cost 773  926 820 
Variable fees and other(1)
527  555 444 
Total lease cost$1,348  $1,530  $1,318  
(1)Includes variable lease payments related to our operating and finance leases and costs of leases with initial terms of less than one year.
Cash paid during the year for amounts included in the measurement of lease liabilities is as follows:
202520242023
Operating cash flows for operating leases $903  $876  $714  
Operating cash flows for finance leases 25  13  15  
Financing cash flows for finance leases 46  44  41  
Total$974  $933  $770  
Non-cash additions to right-of-use assets for fiscal 2025, 2024 and 2023 were $0.4 billion, $0.3 billion and $1.0 billion, respectively.
Future minimum lease payments, as of September 27, 2025, are as follows:
OperatingFinancing
Fiscal Year:
2026$661  $30  
2027555  25  
2028478  22  
2029428  12  
2030377  15  
Thereafter1,759  321  
Total undiscounted future lease payments4,258  425  
Less: Imputed interest(1,023) (263) 
Total reported lease liability$3,235  $162  
Lessor Arrangements
The Company leases certain of its land and buildings to third parties, primarily at its parks and experiences businesses. Lessee payments include fixed amounts for the rental of the property although the vast majority of the payments are variable based on a percentage of lessee sales. Revenues recognized on these leases for fiscal 2025, 2024 and 2023 were $0.6 billion, $0.6 billion and $0.5 billion, respectively.
Leases Leases
The Company’s operating leases primarily consist of real estate and equipment, including office space for general and administrative purposes, production facilities, land, cruise terminals, retail outlets and distribution centers for consumer products. The Company also has finance leases, primarily for broadcast equipment and land.
Some of our leases include renewal and/or termination options. If it is reasonably certain that a renewal or termination option will be exercised, the exercise of the option is considered in calculating the term of the lease. As of September 27, 2025 and September 28, 2024, our operating leases had a weighted-average remaining lease term of approximately 11 years and 10 years, respectively, and our finance leases had a weighted-average remaining lease term of approximately 39 years and 35 years, respectively. As of September 27, 2025 and September 28, 2024, the weighted-average incremental borrowing rate for our operating leases was 4.1% and 4.0%, respectively, and for our finance leases was 6.8% and 6.7%, respectively. At both September 27, 2025 and September 28, 2024, total estimated future lease payments for non-cancelable lease agreements that have not commenced were not material.
The Company’s operating and finance right-of-use assets and lease liabilities are as follows:
September 27, 2025September 28, 2024
Right-of-use assets(1)
Operating leases$3,170  $3,376  
Finance leases221  246  
Total right-of-use assets$3,391  $3,622  
Short-term lease liabilities(2)
Operating leases$525  $744  
Finance leases21  30  
546  774  
Long-term lease liabilities(3)
Operating leases2,710  2,768  
Finance leases141  160  
2,851  2,928  
Total lease liabilities$3,397  $3,702  
(1)Included in “Other assets” in the Consolidated Balance Sheet.
(2)Included in “Accounts payable and other accrued liabilities” in the Consolidated Balance Sheet.
(3)Included in “Other long-term liabilities” in the Consolidated Balance Sheet.
The components of lease costs are as follows:
202520242023
Finance lease cost
Amortization of right-of-use assets$23  $36 $39 
Interest on lease liabilities25  13 15 
Operating lease cost 773  926 820 
Variable fees and other(1)
527  555 444 
Total lease cost$1,348  $1,530  $1,318  
(1)Includes variable lease payments related to our operating and finance leases and costs of leases with initial terms of less than one year.
Cash paid during the year for amounts included in the measurement of lease liabilities is as follows:
202520242023
Operating cash flows for operating leases $903  $876  $714  
Operating cash flows for finance leases 25  13  15  
Financing cash flows for finance leases 46  44  41  
Total$974  $933  $770  
Non-cash additions to right-of-use assets for fiscal 2025, 2024 and 2023 were $0.4 billion, $0.3 billion and $1.0 billion, respectively.
Future minimum lease payments, as of September 27, 2025, are as follows:
OperatingFinancing
Fiscal Year:
2026$661  $30  
2027555  25  
2028478  22  
2029428  12  
2030377  15  
Thereafter1,759  321  
Total undiscounted future lease payments4,258  425  
Less: Imputed interest(1,023) (263) 
Total reported lease liability$3,235  $162  
Lessor Arrangements
The Company leases certain of its land and buildings to third parties, primarily at its parks and experiences businesses. Lessee payments include fixed amounts for the rental of the property although the vast majority of the payments are variable based on a percentage of lessee sales. Revenues recognized on these leases for fiscal 2025, 2024 and 2023 were $0.6 billion, $0.6 billion and $0.5 billion, respectively.