The Walt Disney Company (DIS) Cash Flow Statement
Where DIS’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $18.10B +29.6% vs FY2024
- Capital expenditures
- $8.02B 8.5% of revenue
- Free cash flow
- $10.08B 10.7% margin
- Returned to shareholders
- $5.30B 53% of free cash flow
- Change in cash
- −$303.0M cash at year-end $5.80B
Drawn to scale: where the cash came from and how it was used. Hover for values.
DIS operating cash flow, capex and free cash flow
DIS cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $13.21BFY2016 | $18.10BFY2025 | +3.6%/yr | |
| Capital expenditures | $4.77BFY2016 | $8.02BFY2025 | +5.9%/yr | |
| Free cash flow | $8.44BFY2016 | $10.08BFY2025 | +2.0%/yr | |
| Free cash flow margin | 15.2%FY2016 | 10.7%FY2025 | −4.5 pts | |
| Operating cash flow / net income | 1.35FY2016 | 1.35FY2025 | 0.00 | |
| Stock-based compensation | $393.0MFY2016 | $1.36BFY2025 | +14.8%/yr | |
| Dividends paid | $2.31BFY2016 | $1.80BFY2025 | −2.7%/yr | |
| Share buybacks (net) | $7.50BFY2016 | $3.50BFY2025 | −8.1%/yr | |
| Capex / revenue | 8.6%FY2016 | 8.5%FY2025 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DIS cash flow by activity
DIS net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DIS cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $13.43B | $5.77B | $3.39B | $3.55B | $2.54B | −$2.44B | $10.91B | $13.07B | $9.37B | $9.79B |
| Depreciation & amortization | $5.33B | $4.99B | $5.37B | $5.16B | $5.11B | $5.34B | $4.17B | $3.01B | $2.78B | $2.53B |
| Stock-based compensation | $1.36B | $1.37B | $1.14B | $977.0M | $600.0M | $525.0M | $711.0M | $393.0M | $364.0M | $393.0M |
| Change in working capital | −$430.0M | −$1.61B | $177.0M | $488.0M | $2.19B | −$645.0M | −$6.19B | −$1.36B | −$1.19B | −$1.00B |
| Other non-cash items | −$1.59B | $3.46B | −$213.0M | −$4.17B | −$4.87B | $4.83B | −$3.00B | −$815.0M | $1.02B | $1.51B |
| Cash from operating activities | $18.10B | $13.97B | $9.87B | $6.01B | $5.57B | $7.62B | $6.61B | $14.29B | $12.34B | $13.21B |
| Investing activities | ||||||||||
| Capital expenditures | −$8.02B | −$5.41B | −$4.97B | −$4.94B | −$3.58B | −$4.02B | −$4.88B | −$4.46B | −$3.62B | −$4.77B |
| Investments (net) | −$8.04B | −$6.88B | −$4.64B | −$5.01B | −$3.16B | −$3.64B | −$4.12B | −$5.34B | −$4.11B | −$5.76B |
| Acquisitions & other investing | $8.02B | $5.41B | $4.97B | $4.94B | $3.58B | $4.02B | $4.88B | $4.46B | $3.62B | $4.77B |
| Cash from investing activities | −$8.04B | −$6.88B | −$4.64B | −$5.01B | −$3.16B | −$3.64B | −$4.12B | −$5.34B | −$4.11B | −$5.76B |
| Financing activities | ||||||||||
| Dividends paid | −$1.80B | −$1.37B | $0 | $0 | $0 | −$1.59B | −$2.90B | −$2.52B | −$2.44B | −$2.31B |
| Share repurchases & issuance (net) | −$3.50B | −$2.99B | $52.0M | $127.0M | $435.0M | $305.0M | −$318.0M | −$3.58B | −$9.37B | −$7.50B |
| Net borrowing (repayment) | −$3.62B | −$1.40B | −$1.78B | −$4.02B | −$3.70B | $11.23B | $3.68B | −$2.58B | $3.70B | $2.94B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.44B | −$9.53B | −$993.0M | −$851.0M | −$1.12B | −$1.47B | −$1.55B | −$168.0M | −$849.0M | −$119.0M |
| Cash from financing activities | −$10.37B | −$15.29B | −$2.72B | −$4.74B | −$4.38B | $8.48B | −$1.09B | −$8.84B | −$8.96B | −$6.99B |
| Summary | ||||||||||
| Net change in cash | −$303.0M | −$8.13B | $2.57B | −$4.34B | −$1.95B | $12.50B | $1.30B | $91.0M | −$696.0M | $341.0M |
| Cash at end of period | $5.80B | $6.10B | $14.23B | $11.66B | $16.00B | $17.95B | $5.46B | $4.16B | $4.06B | $4.61B |
| Free cash flow | $10.08B | $8.56B | $4.90B | $1.07B | $1.99B | $3.60B | $1.73B | $9.83B | $8.72B | $8.44B |
| Free cash flow margin | 10.7% | 9.4% | 5.5% | 1.3% | 3.0% | 5.5% | 2.5% | 16.5% | 15.8% | 15.2% |
| Capex / revenue | 8.5% | 5.9% | 5.6% | 6.0% | 5.3% | 6.2% | 7.0% | 7.5% | 6.6% | 8.6% |
| Operating cash flow / net income | 1.35 | 2.42 | 2.91 | 1.69 | 2.20 | — | 0.61 | 1.09 | 1.32 | 1.35 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.84B | $2.46B | $2.48B | $1.31B | $5.94B | $3.40B | $2.64B | $564.0M | $2.84B | $216.0M | $2.15B | $694.0M |
| Depreciation & amortization | $1.41B | $1.41B | $1.32B | $1.39B | $1.33B | $1.32B | $1.28B | $1.28B | $1.22B | $1.24B | $1.24B | $1.41B |
| Stock-based compensation | $423.0M | $405.0M | $332.0M | $359.0M | $357.0M | $330.0M | $317.0M | $330.0M | $361.0M | $367.0M | $308.0M | $282.0M |
| Change in working capital | $257.0M | $1.35B | −$5.08B | $944.0M | $98.0M | $873.0M | −$2.35B | $2.39B | −$832.0M | $842.0M | −$4.02B | $1.76B |
| Other non-cash items | −$72.0M | $1.29B | $1.69B | $464.0M | −$4.06B | $825.0M | $1.31B | $946.0M | −$989.0M | $999.0M | $2.50B | $652.0M |
| Cash from operating activities | $4.87B | $6.91B | $735.0M | $4.47B | $3.67B | $6.75B | $3.21B | $5.52B | $2.60B | $3.67B | $2.19B | $4.80B |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.79B | −$1.97B | −$3.01B | −$1.92B | −$1.78B | −$1.86B | −$2.47B | −$1.49B | −$1.36B | −$1.26B | −$1.30B | −$1.37B |
| Investments (net) | $0 | — | — | −$1.85B | −$1.72B | −$1.90B | −$2.58B | −$1.98B | −$2.35B | −$1.31B | −$1.25B | −$1.38B |
| Acquisitions & other investing | $7.0M | −$759.0M | $276.0M | $1.92B | $1.78B | $1.86B | $2.47B | $1.49B | $1.36B | $1.26B | $1.30B | −$1.89B |
| Cash from investing activities | −$1.79B | −$2.73B | −$2.74B | −$1.85B | −$1.72B | −$1.90B | −$2.58B | −$1.98B | −$2.35B | −$1.31B | −$1.25B | −$4.64B |
| Financing activities | ||||||||||||
| Dividends paid | $0 | −$1.34B | — | −$898.0M | −$905.0M | −$905.0M | — | −$817.0M | $0 | −$549.0M | — | — |
| Share repurchases & issuance (net) | −$1.75B | −$3.47B | −$2.03B | −$1.00B | −$711.0M | −$991.0M | −$794.0M | −$469.0M | −$1.52B | −$1.00B | $0 | $52.0M |
| Net borrowing (repayment) | −$1.30B | $807.0M | $4.18B | −$211.0M | −$763.0M | −$2.58B | −$63.0M | −$2.18B | — | — | — | −$574.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$533.0M | −$150.0M | −$164.0M | −$163.0M | −$158.0M | −$76.0M | −$140.0M | −$100.0M | $624.0M | −$1.27B | −$8.01B | −$75.0M |
| Cash from financing activities | −$3.58B | −$4.15B | $1.98B | −$2.28B | −$2.54B | −$4.56B | −$997.0M | −$3.57B | −$898.0M | −$2.82B | −$8.01B | −$597.0M |
| Summary | ||||||||||||
| Net change in cash | −$490.0M | $3.0M | −$13.0M | $322.0M | −$481.0M | $376.0M | −$520.0M | $53.0M | −$677.0M | −$521.0M | −$6.99B | $2.72B |
| Cash at end of period | $5.30B | $5.79B | $5.79B | $5.80B | $5.48B | $5.96B | $5.58B | $6.10B | $6.05B | $6.73B | $7.25B | $14.23B |
| Free cash flow | $3.07B | $4.94B | −$2.28B | $2.56B | $1.89B | $4.89B | $739.0M | $4.03B | $1.24B | $2.41B | $886.0M | $3.43B |
| Free cash flow margin | 12.2% | 19.6% | −8.8% | 11.4% | 8.0% | 20.7% | 3.0% | 17.8% | 5.3% | 10.9% | 3.8% | 16.1% |
| Capex / revenue | 7.1% | 7.8% | 11.6% | 8.5% | 7.5% | 7.9% | 10.0% | 6.6% | 5.9% | 5.7% | 5.5% | 6.5% |
| Operating cash flow / net income | 1.71 | 2.80 | 0.30 | 3.41 | 0.62 | 1.99 | 1.21 | 9.78 | 0.92 | 16.97 | 1.02 | 6.92 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
DIS cash generation
In fiscal 2025 (ended September 30, 2025), Disney generated $18.1 billion of cash from operations (up 29.6%) and spent $8.0 billion on capital expenditures, leaving free cash flow of $10.1 billion, 10.7% of revenue. It returned $5.3 billion to shareholders through dividends ($1.8 billion) and net share buybacks ($3.5 billion). Cash and equivalents fell by $303.0 million over the year.
Related: DIS income statement, DIS balance sheet, DIS dividend history. See the DIS stock overview for the latest quote and news.
DIS cash flow FAQ
What is Disney's free cash flow?
Disney's free cash flow was $10.1 billion in fiscal 2025: $18.1 billion of operating cash flow minus $8.0 billion of capital expenditures It was $8.6 billion a year earlier..
How much cash does Disney generate from operations?
Disney generated $18.1 billion of cash from operating activities in fiscal 2025, 1.35 times its net income of $13.4 billion.
How much does Disney spend on capital expenditures?
Disney spent $8.0 billion on capital expenditures in fiscal 2025, 8.5% of revenue, compared with $5.4 billion the year before.
How much stock does Disney buy back?
Disney spent $3.5 billion on net share repurchases in fiscal 2025.
How much does Disney pay in dividends?
Disney paid $1.8 billion in dividends in fiscal 2025, 17.9% of free cash flow.