v3.25.3
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($)
$ in Millions
Sep. 27, 2025
Sep. 28, 2024
Deferred tax assets    
Net operating losses and tax credit carryforwards $ (3,629) [1] $ (3,444)
Accrued liabilities (1,011) (1,199)
Deferred Tax Assets, Tax Deferred Expense, Licensing Revenues (807) (130)
Deferred Tax Assets, Lease Liabilities (786) (862)
Other (413) (655)
Total deferred tax assets (6,646) (6,290)
Deferred tax liabilities    
Depreciable, amortizable and other property 3,998 6,584
Investment in U.S. Entities [2] 916 1,102
Investment in Foreign Entities 879 465
Deferred Tax Liabilities, Right-of-Use Assets 628 692
Other 89 78
Deferred Tax Liabilities, Gross 6,510 8,921
Deferred Tax Liabilities before valuation allowance (136) 2,631
Valuation allowance 2,931 2,991
Total deferred tax liabilities $ 2,795 $ 5,622
[1] Further details on our net operating losses and tax credit carryforwards are as follows:
September 27, 2025
International Theme Park net operating losses
$(1,515) 
U.S. foreign tax credits(945) 
State net operating losses and tax credit carryforwards(701) 
Other(468) 
Total net operating losses and tax credit carryforwards(a)
$(3,629) 
(a)    Approximately $2.3 billion of these carryforwards do not expire and are primarily related to loss carryforwards at Disneyland Paris. Approximately $1.2 billion expire between fiscal 2026 and fiscal 2035 and are primarily related to U.S. foreign tax credits
[2] In fiscal 2025, the Company completed the acquisition of NBCU’s interest in Hulu. At the close of the transaction, Hulu’s U.S. income tax classification changed, and the Company recognized a non-cash tax benefit of approximately $3.3 billion.