Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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Walt Disney Co., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02), 10-Q (reporting date: 2022-01-01), 10-K (reporting date: 2021-10-02), 10-Q (reporting date: 2021-07-03), 10-Q (reporting date: 2021-04-03), 10-Q (reporting date: 2021-01-02), 10-K (reporting date: 2020-10-03), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
- Accounts payable and other accrued liabilities
- The value increased sharply from $10,696 million in December 2018 to a peak of $20,503 million by March 2019. Thereafter, it generally declined and fluctuated in the range of approximately $16,800 million to $20,800 million, ending at $20,729 million by March 2025. This pattern indicates an initial spike followed by stabilization at a high level.
- Current portion of borrowings
- The current portion of borrowings saw a significant rise from $3,489 million in December 2018 to $21,923 million by June 2019, then declined sharply to around $3,000–$8,000 million range afterwards. Notably, there is a downward trend starting from late 2024 into early 2025, ending near $6,446 million.
- Deferred revenue and other
- Deferred revenue showed a relatively stable pattern, fluctuating modestly between approximately $3,400 million and $7,300 million over the period. There was gradual growth over time, with a few increases around 2023, indicating steady revenue deferrals and consistent business activity in this area.
- Current liabilities
- Current liabilities surged dramatically from $17,619 million in December 2018 to $44,376 million by March 2019, and then displayed a general declining trend through 2020, bottoming near $26,000 million. From 2021 onwards, the figures fluctuated between $27,000 million and $35,000 million with no clear upward or downward trend. This reflects initial volatility followed by relative stabilization.
- Borrowings, excluding current portion
- Noncurrent borrowings rose considerably from $17,176 million in December 2018 to a peak of approximately $54,197 million by June 2020. Thereafter, it gradually decreased to $36,443 million by March 2025, demonstrating a strategy of reducing long-term debt after a peak in mid-2020.
- Deferred income taxes
- Deferred income taxes showed an initial jump from $3,177 million in December 2018 to $11,208 million by March 2019, followed by a steady decline to around $6,200 million by late 2024 and early 2025. This suggests adjustments over time in tax liabilities impacted by income and tax regulations.
- Other long-term liabilities
- This category increased from $6,452 million in December 2018 to a peak around $17,204 million in October 2020. Starting in 2021, it displayed a consistent downward trend through to about $10,297 million by March 2025, indicating active management and reduction of long-term obligations.
- Long-term liabilities
- Long-term liabilities expanded significantly from $26,805 million at the end of 2018 to just over $77,000 million by late 2020. From 2021 onward, these liabilities decreased steadily, reaching approximately $53,038 million by early 2025. This reflects initial accumulation followed by gradual deleveraging or liability management.
- Total liabilities
- Total liabilities increased from $44,424 million at December 2018 to a peak near $108,900 million by March 2019. Since then, they trended downward with fluctuations, leveling around $87,067 million by March 2025. This trajectory indicates a large buildup in liabilities early on with a managed reduction subsequently.
- Redeemable noncontrolling interests
- These interests spiked from $1,124 million in December 2018 to a high of nearly $9,200 million by mid-2019 and remained relatively stable through the early 2020 period before a data gap after 2020, suggesting some restructuring or reclassification after that time.
- Common stock, $0.01 par value
- Common stock steadily increased from $36,799 million at the end of 2018 to approximately $59,199 million by March 2025. The steady increases likely reflect new issuances or capital activity consistent with company growth and shareholder value management.
- Retained earnings
- Retained earnings showed variability, declining from $84,887 million in December 2018 to a low near $38,000 million in mid-2020, then rebounding and steadily increasing to $53,733 million by early 2025. This pattern indicates an initial utilization of earnings or losses followed by recovery and accumulation.
- Accumulated other comprehensive loss
- This account remained negative throughout, fluctuating between -$3,782 million and -$8,322 million. The loss decreased toward late 2024, ending near -$2,877 million. Such fluctuations reflect changes in unrealized gains/losses on investments, foreign currency items, or pension adjustments.
- Treasury stock, at cost
- Treasury stock saw a major adjustment between December 2018 and early 2019, moving from -$67,588 million to approximately -$900 million, then fluctuated near -$900 million for several years before increasing in cost from late 2023 to about -$5,716 million by early 2025. This indicates share repurchase activity with some significant book value adjustments.
- Total Disney Shareholders’ equity
- Shareholders' equity more than doubled from $50,316 million at the end of 2018 to over $104,339 million by early 2025. The growth appears steady with some volatility during mid-periods, underscoring expansion in net assets and effective equity management.
- Noncontrolling interests
- Noncontrolling interests increased from $4,077 million to a peak of roughly $14,400 million in early 2019 and subsequently declined and fluctuated around $4,000 million to $4,800 million afterward. This may reflect changes in subsidiary ownership or consolidation practices.
- Total equity
- Total equity rose from $54,393 million to $108,766 million over the period, reflecting strengthening of the company's capital base in line with shareholders’ equity trends. Some fluctuations occurred but the overall trajectory is positive.
- Total liabilities and equity
- The combined total of liabilities and equity grew from approximately $99,941 million to nearly $195,833 million by March 2025, more than doubling over this period. Initial spikes in liabilities appear to be balanced by equity growth, suggesting overall expansion of the company’s financial size and resources.