Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Walt Disney Co., balance sheet: goodwill and intangible assets

US$ in millions

	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
Character/franchise intangibles, copyrights and trademarks	9,507)	10,572)	10,572)	10,572)	10,572)	10,577)
MVPD agreements	7,213)	8,056)	8,058)	8,089)	8,098)	9,900)
Other amortizable intangible assets	3,493)	4,016)	4,045)	4,303)	4,309)	4,291)
Intangible assets subject to amortization, gross	20,213)	22,644)	22,675)	22,964)	22,979)	24,768)
Accumulated amortization	(11,266)	(11,375)	(9,630)	(7,641)	(5,598)	(3,393)
Intangible assets subject to amortization, net	8,947)	11,269)	13,045)	15,323)	17,381)	21,375)
Indefinite lived intangible assets	1,792)	1,792)	1,792)	1,792)	1,792)	1,840)
Intangible assets	10,739)	13,061)	14,837)	17,115)	19,173)	23,215)
Goodwill	73,326)	77,067)	77,897)	78,071)	77,689)	80,293)
Goodwill and other intangible assets	84,065)	90,128)	92,734)	95,186)	96,862)	103,508)

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

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Item	Description	The company
Intangible assets	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Walt Disney Co. intangible assets decreased from 2022 to 2023 and from 2023 to 2024.
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Walt Disney Co. goodwill decreased from 2022 to 2023 and from 2023 to 2024.
Goodwill and other intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Walt Disney Co. goodwill and other intangible assets decreased from 2022 to 2023 and from 2023 to 2024.

Walt Disney Co., adjustments to financial statements

US$ in millions

	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
Adjustment to Total Assets
Total assets (as reported)	196,219)	205,579)	203,631)	203,609)	201,549)	193,984)
Less: Goodwill	73,326)	77,067)	77,897)	78,071)	77,689)	80,293)
Total assets (adjusted)	122,893)	128,512)	125,734)	125,538)	123,860)	113,691)
Adjustment to Total Disney Shareholder’s Equity
Total Disney Shareholder’s equity (as reported)	100,696)	99,277)	95,008)	88,553)	83,583)	88,877)
Less: Goodwill	73,326)	77,067)	77,897)	78,071)	77,689)	80,293)
Total Disney Shareholder’s equity (adjusted)	27,370)	22,210)	17,111)	10,482)	5,894)	8,584)

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

Walt Disney Co., Financial Data: Reported vs. Adjusted

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Walt Disney Co., adjusted financial ratios

	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
Total Asset Turnover
Reported total asset turnover	0.47	0.43	0.41	0.33	0.32	0.36
Adjusted total asset turnover	0.74	0.69	0.66	0.54	0.53	0.61
Financial Leverage
Reported financial leverage	1.95	2.07	2.14	2.30	2.41	2.18
Adjusted financial leverage	4.49	5.79	7.35	11.98	21.01	13.24
Return on Equity (ROE)
Reported ROE	4.94%	2.37%	3.31%	2.25%	-3.43%	12.44%
Adjusted ROE	18.17%	10.60%	18.38%	19.03%	-48.59%	128.77%
Return on Assets (ROA)
Reported ROA	2.53%	1.15%	1.54%	0.98%	-1.42%	5.70%
Adjusted ROA	4.05%	1.83%	2.50%	1.59%	-2.31%	9.72%

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Walt Disney Co. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Walt Disney Co. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Walt Disney Co. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Walt Disney Co. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Walt Disney Co., Financial Ratios: Reported vs. Adjusted

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	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Revenues	91,361)	88,898)	82,722)	67,418)	65,388)	69,570)
Total assets	196,219)	205,579)	203,631)	203,609)	201,549)	193,984)
Activity Ratio
Total asset turnover¹	0.47	0.43	0.41	0.33	0.32	0.36
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenues	91,361)	88,898)	82,722)	67,418)	65,388)	69,570)
Adjusted total assets	122,893)	128,512)	125,734)	125,538)	123,860)	113,691)
Activity Ratio
Adjusted total asset turnover²	0.74	0.69	0.66	0.54	0.53	0.61

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

2024 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= 91,361 ÷ 196,219 = 0.47

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 91,361 ÷ 122,893 = 0.74

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Walt Disney Co. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	196,219)	205,579)	203,631)	203,609)	201,549)	193,984)
Total Disney Shareholder’s equity	100,696)	99,277)	95,008)	88,553)	83,583)	88,877)
Solvency Ratio
Financial leverage¹	1.95	2.07	2.14	2.30	2.41	2.18
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	122,893)	128,512)	125,734)	125,538)	123,860)	113,691)
Adjusted total Disney Shareholder’s equity	27,370)	22,210)	17,111)	10,482)	5,894)	8,584)
Solvency Ratio
Adjusted financial leverage²	4.49	5.79	7.35	11.98	21.01	13.24

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

2024 Calculations

¹ Financial leverage = Total assets ÷ Total Disney Shareholder’s equity
= 196,219 ÷ 100,696 = 1.95

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Disney Shareholder’s equity
= 122,893 ÷ 27,370 = 4.49

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Walt Disney Co. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney)	4,972)	2,354)	3,145)	1,995)	(2,864)	11,054)
Total Disney Shareholder’s equity	100,696)	99,277)	95,008)	88,553)	83,583)	88,877)
Profitability Ratio
ROE¹	4.94%	2.37%	3.31%	2.25%	-3.43%	12.44%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney)	4,972)	2,354)	3,145)	1,995)	(2,864)	11,054)
Adjusted total Disney Shareholder’s equity	27,370)	22,210)	17,111)	10,482)	5,894)	8,584)
Profitability Ratio
Adjusted ROE²	18.17%	10.60%	18.38%	19.03%	-48.59%	128.77%

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

2024 Calculations

¹ ROE = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Total Disney Shareholder’s equity
= 100 × 4,972 ÷ 100,696 = 4.94%

² Adjusted ROE = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Adjusted total Disney Shareholder’s equity
= 100 × 4,972 ÷ 27,370 = 18.17%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Walt Disney Co. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

	Sep 28, 2024	Sep 30, 2023	Oct 1, 2022	Oct 2, 2021	Oct 3, 2020	Sep 28, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney)	4,972)	2,354)	3,145)	1,995)	(2,864)	11,054)
Total assets	196,219)	205,579)	203,631)	203,609)	201,549)	193,984)
Profitability Ratio
ROA¹	2.53%	1.15%	1.54%	0.98%	-1.42%	5.70%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss) attributable to The Walt Disney Company (Disney)	4,972)	2,354)	3,145)	1,995)	(2,864)	11,054)
Adjusted total assets	122,893)	128,512)	125,734)	125,538)	123,860)	113,691)
Profitability Ratio
Adjusted ROA²	4.05%	1.83%	2.50%	1.59%	-2.31%	9.72%

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28).

2024 Calculations

¹ ROA = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Total assets
= 100 × 4,972 ÷ 196,219 = 2.53%

² Adjusted ROA = 100 × Net income (loss) attributable to The Walt Disney Company (Disney) ÷ Adjusted total assets
= 100 × 4,972 ÷ 122,893 = 4.05%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Walt Disney Co. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Walt Disney Co. (NYSE:DIS)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Walt Disney Co., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Walt Disney Co., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)