Analysis of Reportable Segments
Walt Disney Co. operates in 3 segments: Entertainment; Sports; and Experiences.
Segment Profit Margin
Walt Disney Co., profit margin by reportable segment
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Entertainment | 9.53% | 3.55% | 5.37% | 14.24% | — | — |
| Sports | 13.66% | 14.41% | 15.69% | 16.85% | — | — |
| Experiences | 27.15% | 27.51% | 25.94% | -0.75% | — | — |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Entertainment | Entertainment segment profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. |
| Sports | Sports segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. | |
| Experiences | Experiences segment profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
Segment Profit Margin: Entertainment
Walt Disney Co.; Entertainment; segment profit margin calculation
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | 3,923) | 1,444) | 2,126) | 5,196) | —) | —) |
| Revenues | 41,186) | 40,635) | 39,569) | 36,489) | —) | —) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 9.53% | 3.55% | 5.37% | 14.24% | — | — |
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).
1 2024 Calculation
Segment profit margin = 100 × Segment operating income ÷ Revenues
= 100 × 3,923 ÷ 41,186 = 9.53%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Entertainment | Entertainment segment profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. |
Segment Profit Margin: Sports
Walt Disney Co.; Sports; segment profit margin calculation
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | 2,406) | 2,465) | 2,710) | 2,690) | —) | —) |
| Revenues | 17,619) | 17,111) | 17,270) | 15,960) | —) | —) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 13.66% | 14.41% | 15.69% | 16.85% | — | — |
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).
1 2024 Calculation
Segment profit margin = 100 × Segment operating income ÷ Revenues
= 100 × 2,406 ÷ 17,619 = 13.66%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Sports | Sports segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Experiences
Walt Disney Co.; Experiences; segment profit margin calculation
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | 9,272) | 8,954) | 7,285) | (120) | —) | —) |
| Revenues | 34,151) | 32,549) | 28,085) | 15,961) | —) | —) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 27.15% | 27.51% | 25.94% | -0.75% | — | — |
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).
1 2024 Calculation
Segment profit margin = 100 × Segment operating income ÷ Revenues
= 100 × 9,272 ÷ 34,151 = 27.15%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Experiences | Experiences segment profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024. |
Segment Capital Expenditures to Depreciation
Walt Disney Co., capital expenditures to depreciation by reportable segment
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Entertainment | 1.43 | 1.54 | 1.43 | 1.63 | — | — |
| Sports | 0.26 | 0.21 | 0.09 | 0.24 | — | — |
| Experiences | 1.48 | 1.13 | 1.47 | 1.00 | — | — |
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).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Entertainment | Entertainment segment capital expenditures to depreciation ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. |
| Sports | Sports segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024. | |
| Experiences | Experiences segment capital expenditures to depreciation ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. |
Segment Capital Expenditures to Depreciation: Entertainment
Walt Disney Co.; Entertainment; segment capital expenditures to depreciation calculation
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | 977) | 1,032) | 802) | 838) | —) | —) |
| Depreciation expense | 681) | 669) | 560) | 513) | —) | —) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 1.43 | 1.54 | 1.43 | 1.63 | — | — |
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= 977 ÷ 681 = 1.43
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Entertainment | Entertainment segment capital expenditures to depreciation ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. |
Segment Capital Expenditures to Depreciation: Sports
Walt Disney Co.; Sports; segment capital expenditures to depreciation calculation
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | 10) | 15) | 8) | 24) | —) | —) |
| Depreciation expense | 39) | 73) | 90) | 100) | —) | —) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 0.26 | 0.21 | 0.09 | 0.24 | — | — |
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= 10 ÷ 39 = 0.26
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Sports | Sports segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Capital Expenditures to Depreciation: Experiences
Walt Disney Co.; Experiences; segment capital expenditures to depreciation calculation
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Capital expenditures | 3,659) | 3,025) | 3,447) | 2,272) | —) | —) |
| Depreciation expense | 2,470) | 2,680) | 2,342) | 2,269) | —) | —) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 1.48 | 1.13 | 1.47 | 1.00 | — | — |
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation expense
= 3,659 ÷ 2,470 = 1.48
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Experiences | Experiences segment capital expenditures to depreciation ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. |
Revenues
Walt Disney Co., revenues by reportable segment
US$ in millions
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Entertainment | 41,186) | 40,635) | 39,569) | 36,489) | —) | —) |
| Sports | 17,619) | 17,111) | 17,270) | 15,960) | —) | —) |
| Experiences | 34,151) | 32,549) | 28,085) | 15,961) | —) | —) |
| Eliminations | (1,595) | (1,397) | (1,179) | (992) | —) | —) |
| Total | 91,361) | 88,898) | 83,745) | 67,418) | —) | —) |
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).
Segment operating income
Walt Disney Co., segment operating income by reportable segment
US$ in millions
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Entertainment | 3,923) | 1,444) | 2,126) | 5,196) | —) | —) |
| Sports | 2,406) | 2,465) | 2,710) | 2,690) | —) | —) |
| Experiences | 9,272) | 8,954) | 7,285) | (120) | —) | —) |
| Total | 15,601) | 12,863) | 12,121) | 7,766) | —) | —) |
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).
Capital expenditures
Walt Disney Co., capital expenditures by reportable segment
US$ in millions
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Entertainment | 977) | 1,032) | 802) | 838) | —) | —) |
| Sports | 10) | 15) | 8) | 24) | —) | —) |
| Experiences | 3,659) | 3,025) | 3,447) | 2,272) | —) | —) |
| Corporate | 766) | 897) | 686) | 444) | —) | —) |
| Total | 5,412) | 4,969) | 4,943) | 3,578) | —) | —) |
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).
Depreciation expense
Walt Disney Co., depreciation expense by reportable segment
US$ in millions
| Sep 28, 2024 | Sep 30, 2023 | Oct 1, 2022 | Oct 2, 2021 | Oct 3, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Entertainment | 681) | 669) | 560) | 513) | —) | —) |
| Sports | 39) | 73) | 90) | 100) | —) | —) |
| Experiences | 2,470) | 2,680) | 2,342) | 2,269) | —) | —) |
| Corporate | 244) | 204) | 191) | 186) | —) | —) |
| Total | 3,434) | 3,626) | 3,183) | 3,068) | —) | —) |
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).