v3.26.1
Revenues
 6 Months Ended
Mar. 28, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer Revenues
The following table presents revenues by segment and source:
Quarter Ended March 28, 2026
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$7,801$3,251$— $(470)$10,582 
Advertising1,6701,132— — 2,802 
Theme park admissions——3,092 — 3,092 
Resorts and vacations
——2,564 — 2,564 
Retail and wholesale sales of merchandise, food and beverage——2,442    —    2,442    
Merchandise licensing146—719 — 865 
Content sales
1,725—— — 1,725 
Other373226670 (173)1,096 
$11,715$4,609$9,487 $(643)$25,168 
Quarter Ended March 29, 2025
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$6,858 $3,080 $— $(332)$9,606 
Advertising1,598 1,157 — — 2,755 
Theme park admissions— — 2,919 — 2,919 
Resorts and vacations
— — 2,359 — 2,359 
Retail and wholesale sales of merchandise, food and beverage—    —    2,333    —    2,333    
Merchandise licensing148 — 704 — 852 
Content sales
1,594 50 — — 1,644 
Other484 247 574 (152)1,153 
$10,682 $4,534 $8,889 $(484)$23,621 
Six Months Ended March 28, 2026
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$15,051 $6,234 $— $(886)$20,399 
Advertising3,445 2,609 — — 6,054 
Theme park admissions— — 6,393 — 6,393 
Resorts and vacations
— — 4,974 — 4,974 
Retail and wholesale sales of merchandise, food and beverage—    —    5,183    —    5,183    
Merchandise licensing339 — 1,663 — 2,002 
Content sales
3,661 60 — — 3,721 
Other828 615 1,280 (300)2,423 
$23,324 $9,518 $19,493 $(1,186)$51,149 
Six Months Ended March 29, 2025
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$13,578 $6,137 $— $(653)$19,062 
Advertising3,496 2,499 — — 5,995 
Theme park admissions— — 6,006 — 6,006 
Resorts and vacations
— — 4,580 — 4,580 
Retail and wholesale sales of merchandise, food and beverage—    —    4,905    —    4,905    
Merchandise licensing313 — 1,631 — 1,944 
Content sales
3,179 128 — — 3,307 
Other988 620 1,182 (278)2,512 
$21,554 $9,384 $18,304 $(931)$48,311 

The following table presents revenues by segment and primary geographical markets:
Quarter Ended March 28, 2026
EntertainmentSportsExperiencesEliminationsTotal
Americas$9,230 $4,509 $7,303 $(643)$20,399 
Europe1,848    78    928    —    2,854    
Asia Pacific637 22 1,256 — 1,915 
Total revenues$11,715 $4,609 $9,487 $(643)$25,168 
Quarter Ended March 29, 2025
EntertainmentSportsExperiencesEliminationsTotal
Americas$8,556 $4,443 $6,970 $(484)$19,485 
Europe1,573    72    805    —    2,450    
Asia Pacific553 19 1,114 — 1,686 
Total revenues$10,682 $4,534 $8,889 $(484)$23,621 
Six Months Ended March 28, 2026
EntertainmentSportsExperiencesEliminationsTotal
Americas$18,252 $9,322 $14,873 $(1,186)$41,261 
Europe3,624    153    2,156    —    5,933    
Asia Pacific1,448 43 2,464 — 3,955 
Total revenues$23,324 $9,518 $19,493 $(1,186)$51,149 
Six Months Ended March 29, 2025
EntertainmentSportsExperiencesEliminationsTotal
Americas$17,048 $9,159 $14,091 $(931)$39,367 
Europe3,224    149    1,932    —    5,305    
Asia Pacific1,282 76 2,281 — 3,639 
Total revenues$21,554 $9,384 $18,304 $(931)$48,311 
Revenues recognized in the current and prior-year periods 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 the quarter ended March 28, 2026, $0.9 billion was recognized related to performance obligations satisfied as of December 27, 2025. For the six months ended March 28, 2026, $0.6 billion was recognized related to performance obligations satisfied as of September 27, 2025. For the quarter ended March 29, 2025, $0.6 billion was recognized related to performance obligations satisfied as of December 28, 2024. For the six months ended March 29, 2025, $0.6 billion was recognized related to performance obligations satisfied as of September 28, 2024.
As of March 28, 2026, revenue for unsatisfied performance obligations expected to be recognized in the future is $17 billion, primarily for IP to be made available in the future under existing agreements with merchandise and co-branding licensees and sponsors, wholesalers of streaming services, television station affiliates and sports sublicensees. Of this amount, we expect to recognize approximately $4 billion in the remainder of fiscal 2026, $5 billion in fiscal 2027, $4 billion in fiscal 2028 and $4 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.
Accounts receivable and deferred revenues from contracts with customers are as follows:
March 28,
2026		September 27,
2025
Accounts receivable
Current$12,146 $10,544   
Non-current1,082 985 
Allowance for credit losses(138)(126)
Deferred revenues
Current6,867 5,689 
Non-current723 785 
For the quarter and six months ended March 28, 2026, the Company recognized revenue of $0.9 billion and $4.7 billion, respectively, that was included in the September 27, 2025 deferred revenue balance. For the quarter and six months ended March 29, 2025, the Company recognized revenue of $1.0 billion and $4.5 billion, respectively, that was included in the September 28, 2024 deferred revenue balance. Amounts deferred generally relate to theme park admissions and vacation packages, subscriptions to streaming services and advances related to merchandise and TV/VOD licenses.