The Walt Disney Company

Worth knowing

• Buybacks largely absorbed by stock pay. Stock-based pay expense $3.9B vs $6.5B spent repurchasing shares over the 3 fiscal years to FY Sep 2025. Shares outstanding changed −4.1% from October 2022 to July 2026.

  Over three fiscal years Walt Disney recorded $3.9B of stock-based pay expense and spent $6.5B repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−4.1%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Walt Disney recorded $3.9B of stock-based pay expense and spent $6.5B repurchasing shares. The share count barely moved (−4.1%), so much of the repurchasing offset new employee shares rather than shrinking the count.

• Operating margin at a 6-year high. 19% in FY Sep 2025, the best of the last 6 years.

  Walt Disney kept 19% of revenue as operating profit in FY Sep 2025, its highest in the 6 years of filings we have.

• Profits growing faster than sales. Since FY Sep 2022: revenue +14%, operating profit +45%.

  Since FY Sep 2022, Walt Disney's revenue grew 14% while operating profit grew 45%: each extra dollar of sales is adding more profit.

• Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $65.4B in FY Sep 2020 to $94.4B in FY Sep 2025.

  Walt Disney's fiscal-year revenue rose in each of the five years to FY Sep 2025, from $65.4B to $94.4B.