v3.25.3
Description of the Business and Segment Information (Tables)
 12 Months Ended
Sep. 27, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Financial Information by Operating Segments
Segment revenues, segment operating income and significant segment expenses are as follows:
202520242023
Revenues
Entertainment
Third parties
$42,018  $40,775  $40,258  
Amounts eliminated in consolidation
448  411  377  
42,466  41,186  40,635  
Sports
Third parties
16,251  16,435  16,091  
Amounts eliminated in consolidation
1,421  1,184  1,020  
17,672  17,619  17,111  
Experiences
36,156  34,151  32,549  
Eliminations
(1,869) (1,595) (1,397) 
Total revenues
$94,425  $91,361  $88,898  
Segment operating income (loss)
Entertainment
$4,674  $3,923  $1,444  
Sports
2,882  2,406  2,465  
Experiences
9,995  9,272  8,954  
Total segment operating income(1)
$17,551  $15,601  $12,863  
(1)Equity in the income of investees is included in segment operating income as follows:
202520242023
Entertainment
$439  $529  $685  
Sports
67  58  55  
Experiences
—  —  (2) 
Equity in the income of investees included in segment operating income506  587  738  
Equity in the loss of India joint venture
(202) —  —  
A+E Gain(a)
—  —  56  
Amortization of TFCF intangible assets related to equity investees
(9) (12) (12) 
Equity in the income of investees$295  $575  $782  
(a) Restructuring and impairment charges in fiscal 2023 include the impact of a content license agreement termination with A+E, which generated a gain at A+E. The Company’s 50% interest of this gain was $56 million (A+E gain).
Supplemental Information About Segment Expenses
Supplemental information about significant segment expenses202520242023
Entertainment
Programming and production costs$22,273  $22,385  $23,912  
Other segment operating expenses(1)
5,400  5,347  5,804  
Selling, general, administrative and other9,733  9,326  9,404  
Depreciation and amortization825  734  756  
Total Entertainment costs and expenses38,231  37,792  39,876  
Sports
Programming and production costs12,492  12,983  12,373  
Other segment operating expenses(2)
986  951  941  
Selling, general, administrative and other1,331  1,298  1,314  
Depreciation and amortization48  39  73  
Total Sports costs and expenses14,857  15,271  14,701  
Experiences
Operating labor8,948  8,392  7,550  
Infrastructure costs3,511  3,363  3,127  
Costs of goods sold and distribution costs3,253  3,319  3,357  
Other segment operating expenses(3)
3,512  3,282  3,095  
Selling, general, administrative and other4,114  3,944  3,675  
Depreciation and amortization2,823  2,579  2,789  
Total Experiences costs and expenses26,161  24,879  23,593  
Eliminations(4)
(1,869) (1,595) (1,397) 
Corporate and unallocated shared expenses1,646  1,435  1,147  
TFCF and Hulu acquisition amortization(5)
1,567  1,665  1,986  
Total costs and expenses$80,593  $79,447  $79,906  
(1)Other operating expenses of Entertainment include technology support costs, distribution costs and costs of goods sold.
(2)Other operating expenses of Sports include technology support costs and distribution costs.
(3)Other operating expenses of Experiences include costs for supplies, commissions and entertainment offerings.
(4)Reflects fees paid by (a) Hulu to ESPN and the Entertainment linear networks business for the right to air their networks on Hulu Live TV and (b) ABC Network and Disney+ to ESPN to program certain sports content on ABC Network and Disney+. The offset is included in Entertainment programming and production costs.
(5)Excludes amortization of TFCF intangible assets related to equity investees.
Reconciliation of Segment Operating Income to Income before Income Taxes
A reconciliation of segment operating income to income before income taxes is as follows:
202520242023
Segment operating income$17,551  $15,601  $12,863  
Corporate and unallocated shared expenses(1,646) (1,435) (1,147) 
Equity in the loss of India joint venture
(202) —  —  
Restructuring and impairment charges(1)
(819) (3,595) (3,836) 
Other income (expense), net(2)
—  (65) 96  
Interest expense, net(1,305) (1,260) (1,209) 
TFCF and Hulu acquisition amortization(3)
(1,576) (1,677) (1,998) 
Income before income taxes
$12,003  $7,569  $4,769  
(1)Net of the A+E Gain in fiscal 2023.
(2)“Other income (expense), net” for fiscal 2024 and 2023 includes charges related to a legal ruling of $65 million and $101 million, respectively. Fiscal 2023 includes a gain of $169 million to adjust our investment in DraftKings, Inc. to fair value. The Company sold the DraftKings investment in fiscal 2023.
(3)TFCF and Hulu acquisition amortization is as follows:
202520242023
Amortization of intangible assets
$1,307  $1,394  $1,547  
Step-up of film and episodic costs
260 271 439 
Intangibles related to TFCF equity investees
9 12 12 
$1,576 $1,677 $1,998 
Capital Expenditures, Depreciation and Amortization by Segment
Capital expenditures, depreciation expense and amortization of intangible assets are as follows:
Capital expenditures202520242023
Entertainment
$1,155  $977  $1,032  
Sports
3  10  15  
Experiences
Domestic5,271  2,710  2,203  
International1,158  949  822  
Corporate437  766  897  
Total capital expenditures$8,024  $5,412  $4,969  
Depreciation expense
Entertainment
$773  $681  $669  
Sports
48  39  73 
Experiences
Domestic1,933  1,744  2,011  
International782  726  669  
Amounts included in segment operating income2,715  2,470  2,680  
Corporate323  244  204  
Total depreciation expense$3,859  $3,434  $3,626  
Amortization of intangible assets
Entertainment
$52  $53  $87  
Experiences
108  109  109  
Amounts included in segment operating income160  162  196  
TFCF and Hulu1,307  1,394  1,547  
Total amortization of intangible assets$1,467  $1,556  $1,743  
Long-lived Assets by Geographic Markets
Long-lived assets(1) by geographical markets are as follows:
September 27, 2025September 28, 2024
Americas$61,888  $62,107  
Europe13,227  10,299  
Asia Pacific10,799  6,535  
$85,914  $78,941  
(1)Long-lived assets are primarily parks, resorts and other property, produced and licensed content costs, right-of-use lease assets, equity method investments and benefit plans in a net asset position.