Disney Financial Statements and Financial Ratios Analysis

Walt Disney Financial Statements and Financial Ratios Analysis

Hey All,

Thanks for visiting my Walt Disney Financial Report page. On this page, you will be able to find preliminary information about Disney's current financial performance as well as some historical track records and trends. 

For a more detailed examination of Disney's financial performance, I offer two reports, which are "A Beginner's Guide to Disney Financial Analysis" and "Disney Financial Report by Paul Borosky, MBA."  Both reports are written by myself, Paul Borosky, MBA., Doctoral Candidate, and published author, and include:

  • Summarized income statements for the last 5 years.
  • Summarized balance sheets for the last 5 years.
  • Five years’ worth of over twenty common financial ratios presented with formulas, calculations, and analysis tips for each ratio.
  • Line by line description, explanation, and analysis tip for most financial statement line items and financial ratios.
  • Professional financial analysis tips are provided in each section to help YOU conduct your OWN financial analysis!
  • Each section includes an “in other words” segment.  This is where I use plain English to explain concepts.

For a MORE in-depth review of the company's financial statements and ratios, make sure to buy my "Apple Inc. Financial Report".  The financial report includes all aspects of my "Beginner's Guide" plus a whole lot more...

  • Professional financial analysis of important income statements, balance sheets, and financial ratio trends.
  • "Letter Grade" is assigned to most financial statement line items and financial ratios to help you better understand their overall trends for the last 5 years.
  • Overall financial analysis summary for the company.

Enjoy the preliminary information and for a more detailed analysis, buy the financial report!


Paul, MBA.

PDF/Downloadable Version

Beginner's Guide to Disney 2022 Financial Analysis by Paul Borosky, MBA.

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Disney Financial Report 2020 by Paul Borosky, MBA.

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Sample Financial Report

Sample Financial Report by Paul Borosky, MBA.
Financial Report Sample 2

Brief Summary: Walt Disney INC. (DIS)

The Walt Disney Company's headquarters is located in Burbank, California.  The company competes in the communication services sector—specifically, the entertainment industry.  At present, the organization employs approximately 200,000 individuals.  Walt Disney generates revenues from multiple sources.  Important revenue-generating sources for the company would include theme park admissions, movie sales, theme products sales, and monthly subscription fees from digital streaming services.  Based on my research, Disney's main revenue generator would be there their media business segment.

Walt Disney Financial Report Sources

“Disney 2020 Company Report: Financial Statements and Financial Ratios: Defined, Discussed, and Analyzed for 5 Years” was written by, Paul Borosky, MBA., and owner of Quality Business Plan.  In this report, I used Disney's 2018 10k, 2017 10k annual report, 2016 10k annual report, 2020 10k annual report, and 2019 10k annual report as the basis for information gathering. 

Section 1: Disney Income Statement Analyzed

In this section, I walk through a broad definition of what an income statement is and why it is important.  From this, I then discuss and define income statement line items, such as revenues, gross profits, etc. in detail.  After each line item is defined and discussed, I finally offer a summary analysis of Disney's important income statement line item trends from 2016 to 2020, in most cases.

Disney Inc. Revenue Growth.

The Walt Disney Company ended 2016 with revenues of approximately $55.6 billion.  In the next year, the company's revenues would fall slightly to $55.1 billion in 2017.  Fortunately, in the next two years, the organization's revenues would climb substantially, ending 2019 at $69.5 billion.  However, in 2020, the company's revenues would fall to $65.3 billion.  On average, the organization's average growth rate for the last five years was approximately 4.5% for revenues.

The company's substantial revenue growth from 2016 to 2020 shows that the firm is able to continuously generate revenues based on its product and service offerings.  However, due to the fluctuation in revenue growth and contraction, it seems like the company's revenue streams are a bit insecure.  Again, Covid 19 has wreaked havoc on the firm's Park revenue-generating opportunities.  This shows that the company may need to diversify its revenue channels more to ensure continuous revenue growth for investors.

Disney 2022 Summary Income Statement

Column1 2022 2021 2020 2019 2018
Revenues 82,722 67,418 65,388 69,607 59,434
COGS 54,401 45,131 43,880 42,018 32,726
Gross Profit 28,321 22,287 21,508 27,552 26,708
SG&A 16,388 13,517 12,369 11,549 8,860
Depreciation 5,163 5,111 5,345 4,167 3,011
R & D - - - - -
Other - - - -
Total Operating Expenses 75,952 63,759 61,594 57,734 44,597
EBIT 6,770 3,659 3,794 11,873 14,837
Other Income - - 601
Interest Expense 1,397 1,406 1,491 978 574
EBT 5,373 2,561 (1,743) 13,923 14,729
Taxes 1,732 25 699 3,026 1,663
Net Income 3,505 2,507 (2,474) 11,584 13,066

Section 2: Disney Balance Sheet Analyzed

For Disney's balance sheet, I again go through each important line item from the balance sheet.  In reviewing each line item, I will define their balance sheet line item, such as cash, property, plant and equipment, and liabilities between 2015 to 2020.  Next, I then offer a summary analysis of their important balance sheet line items.


In 2016, Disney had a cash position of $4.6 billion.  In the next two years, the organization's cash position would fall to $4.1 billion in 2018.  Fortunately, the organization's cash position would grow substantially, ending 2020 at $17.9 billion.

The substantial cash position in 2020 may be attributed to the organization taking on significant debt due to the need for cash when combating the Covid 19 virus ramifications.  Once the virus impacts subside, investors should expect Disney to reduce their cash position back to a more moderate amount, possibly between four to $5 billion.  By keeping a low cash position, it does seem like the organization does a pretty good job of managing its liquid assets.  Further, the substantial growth in cash for the last year also indicates that the company has the ability to raise funds when needed.

Disney 2022 Summary Balance Sheet

Column1 2022 2021 2020 2019 2018
Cash                      11,615                  15,959                  17,914                    5,418                    4,150
Short Term Investment                         -                         -
Account Receivable                      12,652                  13,367                  12,708                  15,418                    9,334
Inventory                        1,742                    1,331                    1,583                    1,649                    1,392
Other                              -                         -                         -                         -                         -
Current Assets                    29,098                33,657                35,251                28,124                16,825
Net PPE                      27,642                  26,972                  26,594                  26,174                  24,474
Goodwill                      77,897                  78,071                  77,689                  80,293                  31,269
Other                              -                         -                         -                         -                         -
Total Assets                  203,631              203,609              201,549              193,984                98,598
Accounts Payable                      20,213                  20,894                  16,801                  17,942                    9,479
Accrued Expense                              -                         -                         -                         -                         -
Accrued Taxes                              -                         -                         -                         -                         -
Notes Payable                              -                         -                         -                         -                         -
LT Debt - Current                        3,070                    5,866                    5,711                    8,857                    3,790
Other                              -                         -                         -                         -                         -
Total Current Liabilities                      29,073                  31,077                  26,628                  31,521                  17,860
LT Debt                      45,299                  48,540                  52,917                  31,521                  17,084
Other                              -                         -                         -                         -                         -
Total Liabilities                  104,752              110,598              113,286              100,095                45,766
Common Stock                      56,398                  55,471                  54,497                  53,907                  36,779
Treasury                           907                       907                       907                       907                  67,588
Retained Earnings                      43,636                  40,429                  38,315                  42,494                  82,679
Other                              -                         -                         -                         -
Total Equity                    98,879                93,011                88,263                93,889                52,832
Total Equity & Liability                  203,631              203,609              201,549              193,984                98,598


Section 3: Disney Financial Ratios Analyzed

For this section, I have chosen several different financial ratios to review for Disney from 2016 to 2020.  In reviewing each of their financial ratios, I first start with defining the financial ratio.  Next, I supply the financial formula for calculating the specific ratio.  Finally, I offer a brief analysis of their important Financial ratios. 

Disney Current Ratio.

The Walt Disney Company's current ratio for 2016 was 1.01.  The next year, it slightly declined to .81 in 2017.  However, in the next three years, the current ratio for the company would substantially increase, ending 2020 at 1.3.

Disney Total Asset Turnover.

Disney's total asset turnover ended 2016 at .6.  In the next two years, Disney would maintain this total asset turnover level.  However, in 2019 and 2020, the organization's total asset turnover would fall substantially, ending 2020 at .32. 

Disney Return on Assets.

In 2016, Disney's return on assets ended at approximately 10.6%.  In the next two years, the organization's return on assets would grow moderately, ending 2018 at 13.2%.  Unfortunately, in the next two years, the organization's return on assets would fall substantially, ending 2020 at -1.2%.

Disney Debt ratio.

Disney's debt ratio ended in 2016 at 17.9%.  In 2017, the organization's debt ratio would increase moderately to 19.9%.  In the next two years, the organization's debt ratio would continue to fall, ending 2019 at 16.2%.  However, in 2020, the organization's debt ratio substantially increased, ending the year at 26.2%.  The substantial increase in the debt ratio for 2020 may have been due to Disney's need for short-term liquidity.  From this need, the organization took on substantial debt.  If this is the case, then investors should anticipate a reduction in overall debt over the next several years, which will inherently lower the risk for investment in the company.