v3.26.1
Segment Information
 6 Months Ended
Mar. 28, 2026
Segment Information Segment Information
The Company’s operations are reported in three segments: Entertainment, Sports and Experiences, for which separate financial information, including segment revenue and operating income, is evaluated regularly by the Chief Executive Officer, the Chief Operating Decision Maker, to allocate resources and assess performance. In March 2026, the Company announced that the games business, which is reported as part of the Experiences segment, will be brought under the leadership structure of
the Entertainment segment. We will report under the new structure commencing with our fiscal 2027 reporting, at which time we will have implemented changes to our financial reporting processes.
Segment operating results reflect earnings before corporate and unallocated shared expenses, restructuring and impairment charges, net other income/expense, net interest expense, income taxes and noncontrolling interests. Segment operating income generally includes equity in the income of investees, except for our India joint venture, and excludes amortization of intangible assets and impacts from fair value adjustments recognized in connection with the fiscal 2019 acquisition of TFCF Corporation (TFCF) and Hulu LLC (Hulu) and business acquisitions occurring after fiscal 2025 (Acquisition Amortization). Corporate and unallocated shared expenses principally consist of corporate functions, executive management and certain unallocated administrative support functions.
Segment operating results include allocations of certain costs, including information technology, pension, legal and other shared services costs, which are allocated based on metrics designed to correlate with consumption.
Segment revenues, segment operating income and significant segment expenses are as follows:
 Quarter EndedSix Months Ended
 March 28,
2026		March 29,
2025		March 28,
2026		March 29,
2025
Revenues:
Entertainment
Third parties$11,541   $10,565   $22,995   $21,326   
Amounts eliminated in consolidation
174   117   329   228   
11,715   10,682   23,324   21,554   
Sports
Third parties4,140   4,167   8,661   8,681   
Amounts eliminated in consolidation
469   367   857   703   
4,609   4,534   9,518   9,384   
Experiences9,487   8,889   19,493   18,304   
Eliminations(643)  (484)  (1,186)  (931)  
Total segment revenues$25,168   $23,621   $51,149   $48,311   
Segment operating income:
Entertainment$1,336   $1,258   $2,436   $2,961   
Sports652   687   843   934   
Experiences2,615   2,491   5,924   5,601   
Total segment operating income(1)
$4,603   $4,436   $9,203   $9,496   
(1) Equity in the income of investees is included in segment operating income as follows:
 Quarter EndedSix Months Ended
 March 28,
2026		March 29,
2025		March 28,
2026		March 29,
2025
Entertainment$108   $124   $226   $242   
Sports13 18  16 28  
Equity in the income of investees included in segment operating income121 142 242 270 
Equity in the loss of India joint venture
(64)(103)(92)(136)
Acquisition Amortization related to an equity investee
— (3)— (6)
Equity in the income of investees
$57 $36 $150 $128 
Quarter EndedSix Months Ended
Information about significant segment expensesMarch 28,
2026		March 29,
2025		March 28,
2026		March 29,
2025
Entertainment
Programming and production costs$6,406  $5,691  $12,720  $11,166  
Other segment operating expenses(1)
1,500  1,361  2,969  2,701  
Selling, general, administrative and other2,330  2,293  4,956  4,587  
Depreciation and amortization251  203  469  381  
Total Entertainment costs and expenses10,487  9,548  21,114  18,835  
Sports
Programming and production costs3,357  3,267  7,489  7,310  
Other segment operating expenses(2)
248  240  505  490  
Selling, general, administrative and other337  347  645  657  
Depreciation and amortization28  11  52  21  
Total Sports costs and expenses3,970  3,865  8,691  8,478  
Experiences
Operating labor2,355  2,213  4,640  4,377  
Infrastructure costs856  856  1,702  1,657  
Costs of goods sold and distribution costs773  723  1,716  1,652  
Other segment operating expenses(3)
985  877  1,887  1,661  
Selling, general, administrative and other1,115  1,024  2,077  1,972  
Depreciation and amortization788  705  1,547  1,384  
Total Experiences costs and expenses6,872  6,398  13,569  12,703  
Eliminations(4)
(643) (484) (1,186) (931) 
Corporate and unallocated shared expenses380  395  684  855  
Acquisition Amortization(5)
313  393  613  787  
Total costs and expenses$21,379  $20,115  $43,485  $40,727  
(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, processing fees and entertainment offerings.
(4)Reflects fees paid by (a) the entertainment virtual multi-channel video programming distributor (vMVPD) services to the sports and entertainment linear networks for the right to air the networks on the Hulu Live TV and Fubo services and (b) the Entertainment segment to the Sports segment to program certain sports content on ABC Network and Disney+. The offset is included in Entertainment programming and production costs.
(5)Excludes Acquisition Amortization of intangible assets related to an equity investee.
A reconciliation of segment operating income to income before income taxes is as follows:
 Quarter EndedSix Months Ended
 March 28,
2026		March 29,
2025		March 28,
2026		March 29,
2025
Segment operating income$4,603 $4,436   $9,203 $9,496 
Corporate and unallocated shared expenses(380)  (395)(684)(855)
Equity in the loss of India joint venture
(64)(103)(92)  (136)  
Restructuring and impairment charges(1)
(239)(109)(239)  (252)  
Interest expense, net(240)(346)(515)(713)
Acquisition Amortization(2)
(313)(396)(613)(793)
Income before income taxes$3,367 $3,087 $7,060 $6,747 
(1)See Note 15 for a discussion of amounts in restructuring and impairment charges.
(2)Acquisition Amortization is as follows:
Quarter EndedSix Months Ended
March 28,
2026		March 29,
2025		March 28,
2026		March 29,
2025
Amortization of intangible assets$249 $327   $485 $654 
Step-up of film and television costs64   66 128 133 
Intangibles related to an equity investee
—   3 — 6 
$313 $396 $613 $793