The Walt Disney Company — DIS

[ ] I    THE BUSINESS     what they sell, how it earns, who pays
[ ] II   THE MOAT         pricing power, and the clock on it
[ ] III  OWNER EARNINGS   what it really earns, and where the cash goes
[ ] IV   INVERT           what kills it — ranked and dated
[ ] V    THE LADDER       the cycle this name is standing on
[ ] VI   THE PRICE        what you pay against what you get

Resume at Chapter I.

IDENTITY

Name        The Walt Disney Company
            Film and TV studios, ESPN, theme parks and cruise lines.
            Three segments: Entertainment · Sports · Experiences.
Ticker      DIS  (NYSE)
Form        publicly traded C-corp
Filed in    Delaware [^1]
HQ          500 S Buena Vista St, Burbank, CA 91521 [^1]
Founded     1923            Listed  1962-01-02 on NYSE
Fiscal year 52/53-week year, ends the Saturday nearest September 30
            Q1 Oct–Dec · Q2 Jan–Mar · Q3 Apr–Jun · Q4 Jul–Sep
            FY2025 ended 2025-09-27 · last reported Q3 to 2026-06-27
Earnings    2026-11-12 — full FY2026, a 53-week year (Q4 runs 14 wks)
Bought      1996 Capital Cities/ABC — owner of the ABC network and ESPN
            2006 Pixar · 2009 Marvel · 2012 Lucasfilm
            2019 21st Century Fox · 2025 Hulu, final third from Comcast [^2]
Employees   175,560                                          [F] 2026-08-27
Industry    Communication Services · Entertainment
Runs it     Josh D'Amaro, CEO & Director (53, serving 28 years) [^3]
            Hugh F. Johnston, Sr EVP & CFO (63, serving 2 years) [^3]
            Robert A. Iger, Sr Advisor & Director (74, serving 30 years) [^3]
            ★ D'Amaro became CEO 2026-03-18 after 28 years inside.
              Iger stays on the board through the end of 2026.
Ownership   0.063% insiders · 79% institutions · 21% retail   [F] 2026-08-27

THE NUMBERS

The opening snapshot — all [F] 2026-08-27 unless tagged otherwise.

Scale       revenue $98.86B ttm · 1.73B shares · $184.44B market cap
Growth      revenue +6.8% y/y ttm
            EPS  FY23 $1.29 → FY24 $2.72 → FY25 $6.85 → $4.85 ttm
Margins     gross 37.6% · operating 19.3% · net 8.7%
Balance     cash $5.18B · debt $46.04B · net debt $40.86B
            net debt 22% of market cap · cap + net debt $225.30B
Capital     dividend $1.50/yr · 1.4% yield · 31% payout
            FY2025 returned $5.30B — $3.50B buyback, $1.80B dividends
Price       $106.82 close 2026-08-27
            1 wk −0.5% · 1 mo +8.0% · 1 yr −9.5% · 5 yr −40.7%
            52-wk range $92.42 – $118.84 · 5-yr $79.32 – $185.91
EPS         $4.85 trailing  ·  $7.44 forward [C]
P/E         22.0x trailing  ·  14.4x forward [C]
            FY23 62.8x · FY24 35.3x · FY25 16.6x · today 22.0x [^4]

[^1]: SEC EDGAR entity record, CIK 0001744489. [^2]: Hulu settled at roughly $9.05B all-in — an $8.61B floor agreed in 2023, plus $438.7M after a three-appraiser valuation process, closed July 2025. [^3]: Tenure dated from the year each joined Disney: D'Amaro 1998, Johnston 2023-12-04 (hired out of PepsiCo), Iger 1996 via the Capital Cities/ABC merger — 1974 counting his ABC years. Ages are the FY2025 proxy's. [^4]: Each year's multiple is that fiscal year's closing price over the same year's GAAP diluted EPS — both ends measured at the same year end, so the price and the earnings cover the same period. FY23 $81.05/$1.29 = 62.8x · FY24 $96.01/$2.72 = 35.3x · FY25 $113.47/$6.85 = 16.6x · today $106.82/$4.85 = 22.0x. FY2025 EPS carries a $3.3B non-cash tax benefit from Hulu's changed US tax classification — net income $12.40B on pretax $12.00B, the tax provision being negative $1.428B. Net of it, FY25 EPS is about $5.03 [M] and the multiple 22.6x.