WALT DISNEY CO, 10-Q filed on 8/5/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 9 Months Ended
Jun. 27, 2026
Jul. 29, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 27, 2026  
Document Transition Report false  
Entity File Number 001-38842  
Entity Registrant Name WALT DISNEY CO/  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 83-0940635  
Entity Address, Address Line One 500 South Buena Vista Street  
Entity Address, City or Town Burbank  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 91521  
City Area Code 818  
Local Phone Number 560-1000  
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol DIS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,726,686,902
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001744489  
Current Fiscal Year End Date --10-03  
Amendment Flag false  
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Revenues $ 25,248 $ 23,650 $ 76,397 $ 71,961
Selling, general, administrative and other (3,968) (4,141) (12,162) (12,052)
Depreciation and amortization (1,414) (1,332) (4,135) (3,932)
Total costs and expenses (20,488) (20,005) (63,973) (60,732)
Restructuring and impairment charges [1] (900) (185) (1,139) (437)
Interest expense, net (298) (324) (813) (1,037)
Equity in the income of investees 83 75 233 203
Income before income taxes 3,645 3,211 10,705 9,958
Income taxes (801) 2,732 (2,912) 2,030
Net income 2,844 5,943 7,793 11,988
Net income attributable to noncontrolling interests (206) (681) (506) (897)
Net income attributable to The Walt Disney Company (Disney) $ 2,638 $ 5,262 $ 7,287 $ 11,091
Earnings (Loss) Per Share [Abstract]        
Diluted $ 1.51 $ 2.92 $ 4.12 $ 6.12
Basic $ 1.52 $ 2.92 $ 4.13 $ 6.14
Weighted average number of common and common equivalent shares outstanding:        
Diluted (shares) 1,743 1,805 1,769 1,812
Basic (shares) 1,738 1,799 1,763 1,806
Service        
Revenues $ 22,675 $ 21,214 $ 68,565 $ 64,520
Costs (13,674) (13,034) (43,094) (40,201)
Product        
Revenues 2,573 2,436 7,832 7,441
Costs $ (1,432) $ (1,498) $ (4,582) $ (4,547)
[1] See Note 15 for a discussion of amounts in restructuring and impairment charges.
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Net income $ 2,844 $ 5,943 $ 7,793 $ 11,988
Other Comprehensive Income/(Loss), Net of Tax:        
Market value adjustments for hedges 49 (391) 257 (282)
Pension and postretirement medical plan adjustments (6) 25 (4) 68
Foreign currency translation and other 22 207 (189) 813
Other comprehensive income (loss) 65 (159) 64 599
Comprehensive income 2,909 5,784 7,857 12,587
Net income attributable to noncontrolling interests (206) (681) (506) (897)
Other comprehensive income (loss) attributable to noncontrolling interests (22) (13) (58) 51
Comprehensive income attributable to Disney $ 2,681 $ 5,090 $ 7,293 $ 11,741
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 27, 2026
Sep. 27, 2025
Current assets    
Cash and Cash Equivalents $ 5,185 $ 5,695
Receivables, net 14,553 13,217
Inventories 2,081 2,134
Content advances 1,934 2,063
Other current assets 1,139 1,158
Total current assets 24,892 24,267
Produced and licensed content costs 30,193 31,327
Investments 7,627 8,097
Parks Resorts And Other Property, Gross Excluding Projects And Land 87,448 82,041
Accumulated depreciation (49,056) (48,889)
Parks, resorts and other property before projects in progress and land, Total 38,392 33,152
Projects in progress 5,169 6,911
Land 1,183 1,192
Parks, resorts and other property 44,744 41,255
Intangible assets, net 9,786 9,272
Goodwill 74,682 73,294
Other assets 12,816 10,002
Total assets 204,740 197,514
Current liabilities    
Accounts payable and other accrued liabilities 19,548 21,203
Current portion of borrowings 8,627 6,711
Deferred revenue and other 6,930 6,248
Total current liabilities 35,105 34,162
Borrowings 37,414 35,315
Deferred income taxes 5,219 3,524
Other long-term liabilities 10,160 9,901
Commitments and contingencies
Equity    
Preferred stock 0 0
Common stock and additional paid-in capital, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.9 billion shares 62,639 59,814
Retained earnings 65,052 60,410
Accumulated other comprehensive loss (2,908) (2,914)
Treasury stock, at cost, 148 million shares at June 27, 2026 and 79 million shares at September 27, 2025 (14,751) (7,441)
Total Disney Shareholders' equity 110,032 109,869
Noncontrolling interests 6,810 4,743
Total equity 116,842 114,612
Total liabilities and equity $ 204,740 $ 197,514
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Millions
Jun. 27, 2026
Sep. 27, 2025
Common stock, par value $ 0.01 $ 0.01
Common stock, authorized 4,600 4,600
Common stock, issued 1,900 1,900
Treasury Stock, Common, Shares 148 79
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Net Income $ 7,793 $ 11,988
OPERATING ACTIVITIES    
Depreciation and amortization 4,135 3,932
Impairments of investments and produced content 959 419
Deferred income taxes 1,028 (2,915)
Equity in the income of investees (233) (203)
Cash distributions received from equity investees 191 110
Net change in produced and licensed content costs and advances 1,106 819
Equity-based compensation 1,160 1,004
Other, net (121) (153)
Changes in operating assets and liabilities:    
Receivables (1,170) (660)
Inventories 1 (70)
Other assets (194) (201)
Accounts payable and other liabilities (529) (307)
Income taxes (1,611) (136)
Net Cash Provided by Operating Activities 12,515 13,627
INVESTING ACTIVITIES    
Investments in parks, resorts and other property (6,780) (6,108)
Acquisitions and purchase of investments, net (540) (98)
Other, net 64 13
Cash used in investing activities (7,256) (6,193)
FINANCING ACTIVITIES    
Commercial paper borrowings (payments), net 2,268 (1,498)
Borrowings 5,046 1,057
Reduction of borrowings (3,625) (2,969)
Dividends (1,337) (905)
Repurchases of Common Stock (7,245) (2,496)
Acquisition of redeemable noncontrolling interests 0 439
Other, net (847) (840)
Cash used in financing activities (5,740) (8,090)
Impact of Exchange Rate on Cash, Cash Equivalents and Restricted Cash (19) 31
Change in Cash, Cash Equivalents and Restricted Cash (500) (625)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 5,799 6,102
Cash, Cash Equivalents and Restricted Cash, End of Period $ 5,299 $ 5,477
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
shares in Thousands, $ in Millions
Total
Common Stock
Retained Earnings
AOCI Attributable to Parent
Treasury Stock
Disney Shareholders
Non-controlling Interests
Total excluding redeemable noncontrolling interest
BEGINNING BALANCE (in shares) at Sep. 28, 2024 [1]   1,812,000            
Beginning Balance at Sep. 28, 2024   $ 58,592 $ 49,722 $ (3,699) $ (3,919) $ 100,696 $ 4,826 [2] $ 105,522
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Comprehensive income (loss) $ 12,587   11,091 650   11,741 370 [2] 12,111
Equity compensation activity (in shares)   9,000            
Equity compensation activity   $ 911       911   911
Dividends   $ 7 (1,814)     (1,807)   (1,807)
Common stock repurchases, Shares, Acquired (24,000) (24,000)            
Common stock repurchases $ (2,500)       (2,496) (2,496)   (2,496)
Distributions and other   $ 5 110   (15) 100 (585) [2] (485)
ENDING BALANCE (in shares) at Jun. 28, 2025 [3]   1,797,000            
Ending Balance at Jun. 28, 2025   $ 59,515 59,109 (3,049) (6,430) 109,145 4,611 [2] 113,756
BEGINNING BALANCE (in shares) at Mar. 29, 2025 [3]   1,801,000            
Beginning Balance at Mar. 29, 2025   $ 59,199 53,733 (2,877) (5,716) 104,339 4,427 [4] 108,766
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Comprehensive income (loss) $ 5,784   5,262 (172)   5,090 217 [4] 5,307
Equity compensation activity (in shares)   3,000            
Equity compensation activity   $ 315       315   315
Common stock repurchases, Shares, Acquired (7,000) (7,000)            
Common stock repurchases $ (700)       (711) (711)   (711)
Distributions and other   $ 1 114   (3) 112 (33) [4] 79
ENDING BALANCE (in shares) at Jun. 28, 2025 [3]   1,797,000            
Ending Balance at Jun. 28, 2025   $ 59,515 59,109 (3,049) (6,430) 109,145 4,611 [2] 113,756
BEGINNING BALANCE (in shares) at Sep. 27, 2025 [1]   1,791,000            
Beginning Balance at Sep. 27, 2025 114,612 $ 59,814 60,410 (2,914) (7,441) 109,869 4,743 [2] 114,612
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Comprehensive income (loss) $ 7,857   7,287 6   7,293 564 [2] 7,857
Equity compensation activity (in shares)   7,000            
Equity compensation activity   $ 960       960 9 969
Dividends   $ 14 (2,648)     (2,634)   (2,634)
Common stock repurchases, Shares, Acquired (68,000) (68,000)            
Common stock repurchases $ (7,200)       (7,245) (7,245)   (7,245)
Fubo and NFL Transactions   $ 1,873       1,873 1,936 [2] 3,809
Distributions and other   $ (22) 3   (65) (84) (442) [2] (526)
ENDING BALANCE (in shares) at Jun. 27, 2026 [3]   1,730,000            
Ending Balance at Jun. 27, 2026 116,842 $ 62,639 65,052 (2,908) (14,751) 110,032 6,810 [4] 116,842
BEGINNING BALANCE (in shares) at Mar. 28, 2026 [3]   1,745,000            
Beginning Balance at Mar. 28, 2026   $ 62,256 62,393 (2,951) (12,990) 108,708 6,604 [4] 115,312
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Comprehensive income (loss) $ 2,909   2,638 43   2,681 228 [4] 2,909
Equity compensation activity (in shares)   2,000            
Equity compensation activity   $ 394       394 4 398
Dividends, Common Stock, True-Up Adjustment     17     17   17
Common stock repurchases, Shares, Acquired (17,000) (17,000)            
Common stock repurchases $ (1,700)       (1,745) (1,745)   (1,745)
Fubo and NFL Transactions   $ (2)       (2) 3 1
Distributions and other   $ (9) 4   (16) (21) (29) [4] (50)
ENDING BALANCE (in shares) at Jun. 27, 2026 [3]   1,730,000            
Ending Balance at Jun. 27, 2026 $ 116,842 $ 62,639 $ 65,052 $ (2,908) $ (14,751) $ 110,032 $ 6,810 [4] $ 116,842
[1] Shares are net of treasury shares.
[2] Excludes redeemable noncontrolling interests.
[3] Shares are net of treasury shares.
[4] Excludes redeemable noncontrolling interests.
v3.26.1
Basis of Presentation
 9 Months Ended
Jun. 27, 2026
Text Block [Abstract]  
Basis of Presentation Basis of Presentation
These Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We believe that we have included all normal recurring adjustments necessary for a fair statement of the results for the interim period. Operating results for the nine months ended June 27, 2026 are not necessarily indicative of the results that may be expected for the year ending October 3, 2026.
The terms “Company,” “Disney,” “we,” “us,” and “our” are used in this report to refer collectively to the parent company, The Walt Disney Company, as well as the subsidiaries through which its various businesses are actually conducted.
These financial statements should be read in conjunction with the Company’s 2025 Annual Report on Form 10-K.
Effective January 31, 2026, the financial results attributable to the media assets acquired from the NFL have been included in the Company’s Condensed Consolidated Financial Statements. See Note 4 for additional information.
Effective October 29, 2025, the financial results attributable to FuboTV Inc. (Fubo) have been included in the Company’s Condensed Consolidated Financial Statements. See Note 4 for additional information.
On November 14, 2024, the Company and Reliance Industries Limited (RIL) formed a joint venture (India joint venture) that combined the Company’s Star-branded and other general entertainment and sports television channels and Disney+ Hotstar streaming service in India (Star India) with certain media and entertainment businesses controlled by RIL (the Star India Transaction). The Company has a 37% interest in the India joint venture and recognizes its share of the joint venture’s results in “Equity in the income of investees.” Star India’s results through November 14, 2024 were consolidated in the Company’s financial results.
Variable Interest Entities
The Company enters into relationships with or makes investments in other entities that may be variable interest entities (VIE). A VIE is consolidated in our financial statements if the Company has the power to direct activities that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant (as defined by ASC 810-10-25-38) to the VIE. Hong Kong Disneyland Resort and Shanghai Disney Resort (together the Asia Theme Parks, see Note 6) are VIEs in which the Company has less than 50% equity ownership. Company subsidiaries (the Management Companies) have management agreements with the Asia Theme Parks, which provide the Management Companies, subject to certain protective rights of joint venture partners, with the ability to direct the day-to-day operating activities and the development of business strategies that we believe most significantly impact the economic performance of the Asia Theme Parks. In addition, the Management Companies receive management fees under these arrangements that we believe could be significant to the Asia Theme Parks. Therefore, the Company has consolidated the Asia Theme Parks in its financial statements.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results may differ from those estimates.
Reclassifications
Certain reclassifications have been made in the fiscal 2025 financial statements and notes to conform to the fiscal 2026 presentation.
v3.26.1
Segment Information
 9 Months Ended
Jun. 27, 2026
Segment Information Segment Information
The Company’s operations are reported in three segments: Entertainment, Sports and Experiences, for which separate financial information, including segment revenue and operating income, is evaluated regularly by the Chief Executive Officer, the Chief Operating Decision Maker, to allocate resources and assess performance. The Company announced that much of its Consumer Products business, which is reported as part of the Experiences segment, will be brought under the leadership
structure of the Entertainment segment. We will report under the new structure commencing with our fiscal 2027 reporting, at which time we will have implemented changes to our financial reporting processes.
Segment operating results reflect earnings before corporate and unallocated shared expenses, restructuring and impairment charges, net other income/expense, net interest expense, income taxes and noncontrolling interests. Segment operating income generally includes equity in the income of investees, except for our India joint venture, and excludes amortization of intangible assets and impacts from fair value adjustments recognized in connection with the fiscal 2019 acquisition of TFCF Corporation (TFCF) and Hulu LLC (Hulu) and business acquisitions occurring after fiscal 2025 (Acquisition Amortization). Corporate and unallocated shared expenses principally consist of corporate functions, executive management and certain unallocated administrative support functions.
Segment operating results include allocations of certain costs, including information technology, pension, legal and other shared services costs, which are allocated based on metrics designed to correlate with consumption.
Segment revenues, segment operating income and significant segment expenses are as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Revenues:
Entertainment
Third parties$11,186   $10,593   $34,181   $31,919   
Amounts eliminated in consolidation
159   111   488   339   
11,345   10,704   34,669   32,258   
Sports
Third parties4,094   3,971   12,755   12,652   
Amounts eliminated in consolidation
406   337   1,263   1,040   
4,500   4,308   14,018   13,692   
Experiences9,968   9,086   29,461   27,390   
Eliminations(565)  (448)  (1,751)  (1,379)  
Total segment revenues$25,248   $23,650   $76,397   $71,961   
Segment operating income:
Entertainment$1,680   $1,022   $4,116   $3,983   
Sports858   1,037   1,701   1,971   
Experiences3,017   2,516   8,941   8,117   
Total segment operating income(1)
$5,555   $4,575   $14,758   $14,071   
(1) Equity in the income of investees is included in segment operating income as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Entertainment$92   $102   $318   $344   
Sports35 26 51 54 
Equity in the income of investees included in segment operating income127 128 369 398 
Equity in the loss of India joint venture
(44)(50)(136)(186)
Acquisition Amortization related to an equity investee
— (3)— (9)
Equity in the income of investees
$83 $75 $233 $203 
Quarter EndedNine Months Ended
Information about significant segment expensesJune 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Entertainment
Programming and production costs$5,819 $5,772 $18,539 $16,938 
Other segment operating expenses(1)
1,419 1,326 4,388 4,027 
Selling, general, administrative and other2,301 2,488 7,257 7,075 
Depreciation and amortization218 198 687 579 
Total Entertainment costs and expenses9,757 9,784 30,871 28,619 
Sports
Programming and production costs3,050 2,762 10,539 10,072 
Other segment operating expenses(2)
254 246 759 736 
Selling, general, administrative and other344 276 989 933 
Depreciation and amortization29 13 81 34 
Total Sports costs and expenses3,677 3,297 12,368 11,775 
Experiences
Operating labor2,356 2,284 6,996 6,661 
Infrastructure costs953 870 2,655 2,527 
Cost of goods sold and distribution costs721 779 2,437 2,431 
Other segment operating expenses(3)
1,035 875 2,922 2,536 
Selling, general, administrative and other1,065 1,051 3,142 3,023 
Depreciation and amortization821 711 2,368 2,095 
Total Experiences costs and expenses6,951 6,570 20,520 19,273 
Eliminations(4)
(565)(448)(1,751)(1,379)
Corporate and unallocated shared expenses334 410 1,018 1,265 
Acquisition Amortization(5)
334 392 947 1,179 
Total costs and expenses$20,488 $20,005 $63,973 $60,732 
(1)Other operating expenses of Entertainment include technology support costs, distribution costs and costs of goods sold.
(2)Other operating expenses of Sports include technology support costs and distribution costs.
(3)Other operating expenses of Experiences include costs for supplies, processing fees and entertainment offerings.
(4)Reflects fees paid by (a) the entertainment virtual multi-channel video programming distributor (vMVPD) services to the sports and entertainment linear networks for the right to air the networks on the Hulu Live TV and Fubo services and (b) the Entertainment segment to the Sports segment to program certain sports content on ABC Network and Disney+. The offset is included in Entertainment programming and production costs.
(5)Excludes Acquisition Amortization of intangible assets related to an equity investee.
A reconciliation of segment operating income to income before income taxes is as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Segment operating income$5,555 $4,575   $14,758 $14,071 
Corporate and unallocated shared expenses(334)  (410)(1,018)(1,265)
Equity in the loss of India joint venture
(44)(50)(136)  (186)  
Restructuring and impairment charges(1)
(900)(185)(1,139)  (437)  
Interest expense, net(298)(324)(813)(1,037)
Acquisition Amortization(2)
(334)(395)(947)(1,188)
Income before income taxes$3,645 $3,211 $10,705 $9,958 
(1)See Note 15 for a discussion of amounts in restructuring and impairment charges.
(2)Acquisition Amortization is as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Amortization of intangible assets$270 $326   $755 $980 
Step-up of film and television costs64   66 192 199 
Intangibles related to an equity investee
—   3 — 9 
$334 $395 $947 $1,188 
v3.26.1
Revenues
 9 Months Ended
Jun. 27, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer Revenues
The following table presents revenues by segment and source:
Quarter Ended June 27, 2026
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$7,545$3,142$— $(433)$10,254 
Advertising1,6251,204— — 2,829 
Theme park admissions——3,253 — 3,253 
Resorts and vacations
——2,766 — 2,766 
Retail and wholesale sales of merchandise, food and beverage——2,536    —    2,536    
Merchandise licensing170—804 — 974 
Content sales
1,596—— — 1,596 
Other409154609 (132)1,040 
$11,345$4,500$9,968 $(565)$25,248 
Quarter Ended June 28, 2025
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$6,765 $2,899 $— $(315)$9,349 
Advertising1,641 1,148 — — 2,789 
Theme park admissions— — 2,996 — 2,996 
Resorts and vacations
— — 2,373 — 2,373 
Retail and wholesale sales of merchandise, food and beverage—    —    2,397    —    2,397    
Merchandise licensing149 — 726 — 875 
Content sales
1,698 84 — — 1,782 
Other451 177 594 (133)1,089 
$10,704 $4,308 $9,086 $(448)$23,650 
Nine Months Ended June 27, 2026
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$22,596 $9,376 $— $(1,319)$30,653 
Advertising5,070 3,813 — — 8,883 
Theme park admissions— — 9,646 — 9,646 
Resorts and vacations
— — 7,740 — 7,740 
Retail and wholesale sales of merchandise, food and beverage—    —    7,719    —    7,719    
Merchandise licensing509 — 2,467 — 2,976 
Content sales
5,257 60 — — 5,317 
Other1,237 769 1,889 (432)3,463 
$34,669 $14,018 $29,461 $(1,751)$76,397 
Nine Months Ended June 28, 2025
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$20,343 $9,036 $— $(968)$28,411 
Advertising5,137 3,647 — — 8,784 
Theme park admissions— — 9,002 — 9,002 
Resorts and vacations
— — 6,953 — 6,953 
Retail and wholesale sales of merchandise, food and beverage—    —    7,302    —    7,302    
Merchandise licensing462 — 2,357 — 2,819 
Content sales
4,877 212 — — 5,089 
Other1,439 797 1,776 (411)3,601 
$32,258 $13,692 $27,390 $(1,379)$71,961 

The following table presents revenues by segment and primary geographical markets:
Quarter Ended June 27, 2026
EntertainmentSportsExperiencesEliminationsTotal
Americas$8,917 $4,413 $7,294 $(565)$20,059 
Europe1,790    70    1,316    —    3,176    
Asia Pacific638 17 1,358 — 2,013 
Total revenues$11,345 $4,500 $9,968 $(565)$25,248 
Quarter Ended June 28, 2025
EntertainmentSportsExperiencesEliminationsTotal
Americas$8,569 $4,218 $6,824 $(448)$19,163 
Europe1,580    72    1,177    —    2,829    
Asia Pacific555 18 1,085 — 1,658 
Total revenues$10,704 $4,308 $9,086 $(448)$23,650 
Nine Months Ended June 27, 2026
EntertainmentSportsExperiencesEliminationsTotal
Americas$27,169 $13,735 $22,167 $(1,751)$61,320 
Europe5,414    223    3,472    —    9,109    
Asia Pacific2,086 60 3,822 — 5,968 
Total revenues$34,669 $14,018 $29,461 $(1,751)$76,397 
Nine Months Ended June 28, 2025
EntertainmentSportsExperiencesEliminationsTotal
Americas$25,617 $13,377 $20,915 $(1,379)$58,530 
Europe4,804    221    3,109    —    8,134    
Asia Pacific1,837 94 3,366 — 5,297 
Total revenues$32,258 $13,692 $27,390 $(1,379)$71,961 
Revenues recognized in the current and prior-year periods from performance obligations satisfied (or partially satisfied) in previous reporting periods primarily relate to revenues earned on content made available to distributors and licensees in previous reporting periods. For the quarter ended June 27, 2026, $0.3 billion was recognized related to performance obligations satisfied as of March 28, 2026. For the nine months ended June 27, 2026, $0.8 billion was recognized related to performance obligations satisfied as of September 27, 2025. For the quarter ended June 28, 2025, $0.3 billion was recognized related to performance obligations satisfied as of March 29, 2025. For the nine months ended June 28, 2025, $0.8 billion was recognized related to performance obligations satisfied as of September 28, 2024.
As of June 27, 2026, revenue for unsatisfied performance obligations expected to be recognized in the future is $16 billion, primarily for IP to be made available in the future under existing agreements with merchandise and co-branding licensees and sponsors, wholesalers of SVOD streaming services, sports sublicensees and television station affiliates. Of this amount, we expect to recognize approximately $2 billion in the remainder of fiscal 2026, $6 billion in fiscal 2027, $4 billion in fiscal 2028 and $4 billion thereafter. These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (i) contracts with an original expected term of one year or less or (ii) licenses of IP that are solely based on the sales of the licensee.
Accounts receivable and deferred revenues from contracts with customers are as follows:
June 27,
2026		September 27,
2025
Accounts receivable
Current$12,064 $10,544   
Non-current1,081 985 
Allowance for credit losses(145)(126)
Deferred revenues
Current6,402 5,689 
Non-current693 785 
For the quarter and nine months ended June 27, 2026, the Company recognized revenue of $0.5 billion and $5.0 billion, respectively, that was included in the September 27, 2025 deferred revenue balance. For the quarter and nine months ended June 28, 2025, the Company recognized revenue of $0.5 billion and $5.0 billion, respectively, that was included in the September 28, 2024 deferred revenue balance. Amounts deferred generally relate to theme park admissions and vacation packages, subscriptions to streaming services and advances related to merchandise and TV/VOD licenses.
v3.26.1
Acquisitions and Dispositions
 9 Months Ended
Jun. 27, 2026
Business Combination [Abstract]  
Business Combinations and Dispositions Acquisitions
NFL media assets
On January 31, 2026, ESPN acquired NFL Network and certain other media assets owned and controlled by NFL Enterprises LLC, including the NFL RedZone channel’s pay TV distribution and NFL Fantasy (collectively the Specified Assets), from NFL Enterprises LLC in exchange for a 10% noncontrolling interest in ESPN (the NFL Transaction). This transaction will allow the Company to expand audience reach, increase accessibility and flexibility for consumers, drive innovation, and offer more high-quality content at competitive prices. Following the NFL Transaction, the Company has an effective 72% interest in ESPN and Hearst Corporation has an 18% interest. After July 2034, based on the performance of the Specified Assets, the Company may have the right to reacquire the NFL’s interest in ESPN in exchange for a ten-year note at 70% of the then fair market value of the NFL’s interest in ESPN (the Exchange Right). Alternatively, on a similar time frame, the NFL may have the right to acquire up to a 4% additional equity interest in ESPN at a purchase price equal to 70% of the then fair market value of the additional interest in ESPN.
The estimated fair value of the NFL Transaction was approximately $3 billion. A significant portion of the transaction value was deferred in other assets and will be amortized as an expense starting in 2033, or, in the case that the Company exercises its Exchange Right, would be charged to equity. The remaining transaction value was primarily allocated to identifiable intangible assets.
As of January 31, 2026, the Company has included the financial results attributable to the Specified Assets in the Condensed Consolidated Financial Statements. The results were not material to the Company’s revenue and net income for the quarter and nine months ended June 27, 2026. Because the NFL Transaction was the exchange of equity interests, the $3 billion fair value is a non-cash transaction and is not reflected in the Condensed Consolidated Statement of Cash Flow.
FuboTV Inc.
On October 29, 2025, the Company and Fubo, a publicly traded vMVPD, combined certain Hulu Live TV assets, including its carriage agreements, subscription agreements and related data, advertising and sponsorship agreements and intellectual property exclusively related to the “Live TV” brand, with Fubo (the Fubo Transaction). The Company has a 70% economic interest in the combined operations, a 70% voting interest in Fubo on a fully diluted basis and the right to appoint a majority of Fubo’s Board of Directors. The remaining 30% equity interest in Fubo is retained by Fubo public shareholders.
Based on the closing price of Fubo common stock of $3.69 on October 29, 2025, the estimated fair value of Fubo was $1.3 billion, which was primarily allocated to goodwill of $1.4 billion and identifiable intangible assets of $0.4 billion, partially offset by debt of $0.4 billion. Goodwill reflects the synergies expected from enhancing and expanding the Company’s vMVPD offerings with more high-quality offerings, choice and increased flexibility.
As of October 29, 2025, the Company has included the financial results attributable to Fubo in the Condensed Consolidated Financial Statements. Revenue included in the quarter and nine months ended June 27, 2026 was approximately $0.3 billion and $1.0 billion, respectively. The impact on the Company’s net income was not significant for the quarter and nine months ended June 27, 2026.
Pursuant to an agreement entered into as part of the Fubo Transaction, the Company is the exclusive distributor of the Hulu Live TV service for five years (renewable for an additional five-year term by mutual agreement) and pays a wholesale fee to Fubo based on Fubo’s cost to program Hulu Live TV. Under the same agreement, the Company manages the marketing for Hulu Live TV and sells advertising for the Hulu Live TV and Fubo services for a fee.
Goodwill
The changes in the carrying amount of goodwill are as follows:
EntertainmentSportsExperiencesTotal
Balance at September 27, 2025$51,258 $16,486 $5,550 $73,294 
Fubo and NFL Transactions
1,357 49 — 1,406 
Currency translation adjustments and other, net(18)— — (18)
Balance at June 27, 2026$52,597 $16,535 $5,550 $74,682 
v3.26.1
Cash, Cash Equivalents, Restricted Cash and Borrowings
 9 Months Ended
Jun. 27, 2026
Text Block [Abstract]  
Disclosure of Cash, Cash Equivalents, Restricted Cash and Borrowings Cash, Cash Equivalents, Restricted Cash and Borrowings
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts reported in the Condensed Consolidated Statements of Cash Flows.
June 27,
2026		September 27,
2025
Cash and cash equivalents$5,185 $5,695 
Restricted cash included in:
Other current assets5    —    
Other assets109 104 
Total cash, cash equivalents and restricted cash in the statement of cash flows$5,299 $5,799 
Borrowings
During the nine months ended June 27, 2026, the Company’s borrowing activity was as follows: 
September 27,
2025		BorrowingsPaymentsOther
Activity		June 27,
2026
Commercial paper with original maturities less than three months(1)
$1,963 $— $(1,310)$(6)$647 
Commercial paper with original maturities greater than three months99 8,510 (4,932)35 3,712 
U.S. dollar denominated borrowings(2)
38,658 5,046 (3,625)240 40,319 
Asia Theme Parks borrowings
1,075    —    —    45    1,120    
Foreign currency denominated borrowings and other
231 — — 12 243 
$42,026 $13,556 $(9,867)$326 $46,041 
(1)Borrowings and reductions of borrowings are reported net.
(2)The other activity includes borrowings assumed in the acquisition of Fubo.
At June 27, 2026, the Company’s bank facilities, which are with a syndicate of lenders and support our commercial paper borrowings, were as follows:
Committed
Capacity		Capacity
Used		Unused
Capacity
Facility expiring February 2027
$5,250 $— $5,250 
Facility expiring March 2029
3,000    —    3,000    
Facility expiring February 2031
4,000 — 4,000 
Total$12,250 $— $12,250 
The Company’s bank facilities allow for borrowings at rates based on the Secured Overnight Financing Rate (SOFR) and at other variable rates for non-U.S. dollar denominated borrowings, plus a fixed spread that varies with the Company’s debt ratings assigned by Moody’s Ratings and S&P Global Ratings ranging from 0.63% to 1.10%. The bank facilities contain only one financial covenant relating to interest coverage of three times earnings before interest, taxes, depreciation and amortization, including both intangible amortization and amortization of our film and television production and programming costs. On June 27, 2026, the Company met this covenant by a significant margin. The bank facilities specifically exclude certain entities, including the Asia Theme Parks and Fubo, from any representations, covenants or events of default. The Company also has the ability to issue up to $500 million of letters of credit under the facility expiring in February 2031, which if utilized, reduces available borrowings under this facility. As of June 27, 2026, the Company has $0.5 billion of outstanding letters of credit, of which none were issued under this facility.
U.S. Dollar Denominated Borrowings
In February 2026, the Company borrowed $3.5 billion of fixed rate U.S. dollar denominated notes with maturities ranging from 3 to 10 years and stated interest rates that range from 3.75% to 4.63%. In addition, the Company borrowed $0.5 billion of floating rate U.S. dollar denominated notes that mature in 3 years and are indexed to SOFR plus a spread.
Cruise Ship Credit Facilities
In October 2025, in connection with the delivery of the Disney Destiny, the Company borrowed $1.1 billion with a fixed interest rate of 3.74%. Payments are due semi-annually over a 12-year term.
Interest expense, net
Interest expense (net of amounts capitalized), interest and investment income, and net periodic pension and postretirement benefit costs (other than service costs) (see Note 8) are reported net in the Condensed Consolidated Statements of Income and consist of the following:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Interest expense$(463)$(438)$(1,379)$(1,396)
Interest and investment income52    47    222    161    
Net periodic pension and postretirement benefit costs (other than service costs)113 67 344 198 
Interest expense, net$(298)$(324)$(813)$(1,037)
Interest and investment income includes gains and losses on certain publicly traded and non-public investments, investment impairments and interest earned on cash and cash equivalents and certain receivables.
v3.26.1
International Theme Parks
 9 Months Ended
Jun. 27, 2026
Equity Method Investments and Joint Ventures [Abstract]  
International Theme Parks International Theme Parks
The Company has a 48% ownership interest in the operations of Hong Kong Disneyland Resort and a 43% ownership interest in the operations of Shanghai Disney Resort. The Asia Theme Parks together with Disneyland Paris are collectively referred to as the International Theme Parks.
The following table summarizes the carrying amounts of the Asia Theme Parks’ assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets:
June 27,
2026		September 27,
2025
Cash and cash equivalents$467 $428 
Other current assets228 184 
Total current assets695 612 
Parks, resorts and other property6,431    6,060    
Other assets281 287 
Total assets$7,407 $6,959 
Current liabilities$718 $734 
Long-term borrowings1,120 1,075 
Other long-term liabilities509 489 
Total liabilities$2,347 $2,298 
The following table summarizes the International Theme Parks’ revenues and costs and expenses included in the Company’s Condensed Consolidated Statements of Income for the nine months ended June 27, 2026:
Revenues$4,823 
Costs and expenses(4,011)   
Asia Theme Parks’ royalty and management fees of $255 million for the nine months ended June 27, 2026 are eliminated in consolidation, but are considered in calculating earnings attributable to noncontrolling interests.
International Theme Parks’ cash flows included in the Company’s Condensed Consolidated Statements of Cash Flows for the nine months ended June 27, 2026 were $1,257 million provided by operating activities, $1,066 million used in investing activities and $19 million provided by financing activities.
v3.26.1
Produced and Acquired/Licensed Content Costs and Advances
 9 Months Ended
Jun. 27, 2026
Other Industries [Abstract]  
Produced and Acquired/Licensed Content Costs and Advances Disclosure Produced and Acquired/Licensed Content Costs and Advances
Total capitalized produced and licensed content by predominant monetization strategy is as follows:
As of June 27, 2026As of September 27, 2025
Predominantly
Monetized
Individually		Predominantly
Monetized
as a Group		TotalPredominantly
Monetized
Individually		Predominantly
Monetized
as a Group		Total
Produced content
Released, less amortization$5,096 $14,254 $19,350 $4,624 $14,288 $18,912 
Completed, not released677 744 1,421 313 1,061 1,374 
In-process1,837   4,100   5,937   4,082   3,633   7,715   
In development or pre-production315 62 377 386 182 568 
$7,925 $19,160 27,085 $9,405 $19,164 28,569 
Licensed content - Television programming rights and advances5,042 4,821 
Total produced and licensed content$32,127 $33,390 
Current portion$1,934 $2,063 
Non-current portion$30,193 $31,327 
Amortization of produced and licensed content is as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Produced content
Predominantly monetized individually$979$1,091 $3,370$2,626 
Predominantly monetized as a group1,5181,824   4,9025,370   
2,4972,915 8,2727,996 
Licensed programming rights and advances3,1512,830 10,98610,431 
Total produced and licensed content costs(1)
$5,648$5,745 $19,258$18,427 
(1)Primarily included in “Costs of services” in the Condensed Consolidated Statements of Income
v3.26.1
Pension and Other Benefit Programs
 9 Months Ended
Jun. 27, 2026
Retirement Benefits [Abstract]  
Pension and Other Benefit Programs Pension and Other Benefit Programs
The components of net periodic benefit cost (income) are as follows:
Pension PlansPostretirement Medical Plans
Quarter EndedNine Months EndedQuarter EndedNine Months Ended
Jun. 27,
2026		Jun. 28,
2025		Jun. 27,
2026		Jun. 28,
2025		Jun. 27,
2026		Jun. 28,
2025		Jun. 27,
2026		Jun. 28,
2025
Service costs$60 $65 $183 $196 $— $— $— $— 
Other costs (benefits):
Interest costs199   195   598   587   12   11   34   33   
Expected return on plan assets(306)(290)(918)(871)(15)(15)(47)(45)
Amortization of previously deferred service costs (credits)
1 — 4 2 (22)(22)(67)(67)
Recognized net actuarial loss (gain)
24 62 72 185 (6)(8)(20)(22)
Total other costs (benefits)(82)(33)(244)(97)(31)(34)(100)(101)
Net periodic benefit cost (income)$(22)$32 $(61)$99 $(31)$(34)$(100)$(101)
v3.26.1
Earnings Per Share
 9 Months Ended
Jun. 27, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Diluted earnings per share amounts are based upon the weighted average number of common and common equivalent shares outstanding during the period and are calculated using the treasury stock method for equity-based compensation awards (Awards). A reconciliation of the weighted average number of common and common equivalent shares outstanding and the number of Awards excluded from the diluted earnings per share calculation, as they were anti-dilutive, are as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Shares (in millions):
Weighted average number of common and common equivalent shares outstanding (basic)1,738   1,799   1,763   1,806   
Weighted average dilutive impact of Awards
5 6 6 6 
Weighted average number of common and common equivalent shares outstanding (diluted)1,743 1,805 1,769 1,812 
Awards excluded from diluted earnings per share15 17 14 15 
v3.26.1
Equity
 9 Months Ended
Jun. 27, 2026
Equity [Abstract]  
Equity Equity
The Company declared the following dividends in fiscal 2026 and 2025:
Per Share
Amount
Payment Date
$0.75$1.3 billionJuly 22, 2026
$0.75$1.3 billionJanuary 15, 2026
$0.50$0.9 billionJuly 23, 2025
$0.50$0.9 billionJanuary 16, 2025
Share Repurchase Program
Effective February 7, 2024, the Board of Directors authorized the Company to repurchase a total of 400 million shares of its common stock. During the quarter and nine months ended June 27, 2026, the Company repurchased 17 million and 68 million shares of its common stock for $1.7 billion and $7.2 billion, respectively. During the quarter and nine months ended June 28, 2025, the Company repurchased 7 million and 24 million shares of its common stock for $0.7 billion and $2.5 billion, respectively. As of June 27, 2026, the Company had remaining authorization in place to repurchase approximately 271 million additional shares. The repurchase program does not have an expiration date.
The following tables summarize the changes in each component of accumulated other comprehensive income (loss) (AOCI) including our proportional share of equity method investee amounts:
Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
AOCI, before tax
Third quarter of fiscal 2026
Balance at March 28, 2026$(276)$(1,901)$(1,392)$(3,569)
Quarter Ended June 27, 2026:
Unrealized gains (losses) arising during the period(30)(3)(11)(44)
Reclassifications of realized net (gains) losses to net income92 (4)— 88 
Balance at June 27, 2026$(214)$(1,908)$(1,403)$(3,525)
Third quarter of fiscal 2025
Balance at March 29, 2025$(178)$(2,184)$(1,147)$(3,509)
Quarter Ended June 28, 2025:
Unrealized gains (losses) arising during the period(433)   —    235    (198)   
Reclassifications of realized net (gains) losses to net income(74)33 — (41)
Balance at June 28, 2025$(685)$(2,151)$(912)$(3,748)
Nine months ended fiscal 2026
Balance at September 27, 2025$(549)$(1,901)$(1,085)$(3,535)
Nine Months Ended June 27, 2026:
Unrealized gains (losses) arising during the period94 5 (318)(219)
Reclassifications of realized net (gains) losses to net income241 (12)— 229 
Balance at June 27, 2026$(214)$(1,908)$(1,403)$(3,525)
Nine months ended fiscal 2025
Balance at September 28, 2024$(319)$(2,243)$(1,855)$(4,417)
Nine Months Ended June 28, 2025:
Unrealized gains (losses) arising during the period(87)(7)39 (55)
Reclassifications of realized net (gains) losses to net income(279)99 — (180)
Star India Transaction— — 904 904 
Balance at June 28, 2025$(685)$(2,151)$(912)$(3,748)
Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
Tax on AOCI
Third quarter of fiscal 2026
Balance at March 28, 2026$55 $448 $115 $618 
Quarter Ended June 27, 2026:
Unrealized gains (losses) arising during the period8 — 11 19 
Reclassifications of realized net (gains) losses to net income(21)1 — (20)
Balance at June 27, 2026$42 $449 $126 $617 
Third quarter of fiscal 2025
Balance at March 29, 2025$39 $515 $78 $632 
Quarter Ended June 28, 2025:
Unrealized gains (losses) arising during the period99    —    (41)   58    
Reclassifications of realized net (gains) losses to net income17 (8)— 9 
Balance at June 28, 2025$155 $507 $37 $699 
Nine months ended fiscal 2026
Balance at September 27, 2025$120 $446 $55 $621 
Nine Months Ended June 27, 2026:
Unrealized gains (losses) arising during the period(23)— 71 48 
Reclassifications of realized net (gains) losses to net income(55)3 — (52)
Balance at June 27, 2026$42 $449 $126 $617 
Nine months ended fiscal 2025
Balance at September 28, 2024$71 $531 $116 $718 
Nine Months Ended June 28, 2025:
Unrealized gains (losses) arising during the period19 — (21)(2)
Reclassifications of realized net (gains) losses to net income65 (24)— 41 
Star India Transaction— — (58)(58)
Balance at June 28, 2025$155 $507 $37 $699 
Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
AOCI, after tax
Third quarter of fiscal 2026
Balance at March 28, 2026$(221)$(1,453)$(1,277)$(2,951)
Quarter Ended June 27, 2026:
Unrealized gains (losses) arising during the period(22)(3)— (25)
Reclassifications of realized net (gains) losses to net income71 (3)— 68 
Balance at June 27, 2026$(172)$(1,459)$(1,277)$(2,908)
Third quarter of fiscal 2025
Balance at March 29, 2025$(139)$(1,669)$(1,069)$(2,877)
Quarter Ended June 28, 2025:
Unrealized gains (losses) arising during the period(334)— 194 (140)
Reclassifications of realized net (gains) losses to net income(57)25 — (32)
Balance at June 28, 2025$(530)$(1,644)$(875)$(3,049)
Nine months ended fiscal 2026
Balance at September 27, 2025$(429)$(1,455)$(1,030)$(2,914)
Nine Months Ended June 27, 2026:
Unrealized gains (losses) arising during the period71 5 (247)(171)
Reclassifications of realized net (gains) losses to net income186    (9)   —    177    
Balance at June 27, 2026$(172)$(1,459)$(1,277)$(2,908)
Nine months ended fiscal 2025
Balance at September 28, 2024$(248)$(1,712)$(1,739)$(3,699)
Nine Months Ended June 28, 2025:
Unrealized gains (losses) arising during the period(68)(7)18 (57)
Reclassifications of realized net (gains) losses to net income(214)75 — (139)
Star India Transaction
— — 846 846 
Balance at June 28, 2025$(530)$(1,644)$(875)$(3,049)
Details about AOCI components reclassified to net income are as follows:
Gain (loss) in net income:
Affected line item in the Condensed Consolidated Statements of Income:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Market value adjustments, primarily cash flow hedgesPrimarily revenue$(92)$74 $(241)$279 
Estimated taxIncome taxes21 (17)55 (65)
(71)57 (186)214 
Pension and postretirement medical expenseInterest expense, net4 (33)12 (99)
Estimated taxIncome taxes(1)  8   (3)  24   
3 (25)9 (75)
Total reclassifications for the period$(68)$32 $(177)$139 
v3.26.1
Equity-Based Compensation
 9 Months Ended
Jun. 27, 2026
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation Equity-Based Compensation
Equity-based compensation expense related to stock options and restricted stock units (RSUs) is as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Stock options$21 $18 $62 $51 
RSUs402   339   1,098   953   
Total equity-based compensation expense(1)
$423 $357 $1,160 $1,004 
Equity-based compensation expense capitalized during the period$49 $52 $146 $142 
(1)Equity-based compensation expense is net of capitalized equity-based compensation and estimated forfeitures and excludes amortization of previously capitalized equity-based compensation costs.
Unrecognized compensation cost related to unvested stock options and RSUs was $0.1 billion and $2.2 billion, respectively, as of June 27, 2026.
During the nine months ended June 27, 2026, the Company made equity compensation grants for Disney stock consisting of 2.8 million stock options and 16.0 million RSUs with weighted average grant date fair values of $37 and $113, respectively. During the nine months ended June 28, 2025, the weighted average grant date fair values for stock options and RSUs were $38 and $108, respectively.
v3.26.1
Commitments and Contingencies
 9 Months Ended
Jun. 27, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Legal Matters
Securities Actions
On May 12, 2023, a private securities class action lawsuit was filed in the U.S. District Court for the Central District of California against the Company, its former Chief Executive Officer, Robert Chapek, its former Chief Financial Officer, Christine M. McCarthy, and the former Chairman of the Disney Media and Entertainment Distribution segment, Kareem Daniel on behalf of certain purchasers of securities of the Company (the Securities Class Action). On November 6, 2023, a consolidated complaint was filed in the same action, adding Robert Iger, the Company’s former Chief Executive Officer, as a defendant. Claims in the Securities Class Action include (i) violations of Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder against all defendants, (ii) violations of Section 20A of the Exchange Act against Iger and McCarthy, and (iii) violations of Section 20(a) of the Exchange Act against all defendants. Plaintiffs in the Securities Class Action allege purported misstatements and omissions concerning, and a scheme to conceal, accurate costs and subscriber growth of the Disney+ platform. Plaintiffs seek unspecified damages, plus interest and costs and fees. The Company intends to defend against the lawsuit vigorously. The Company filed a motion to dismiss the complaint for failure to state a claim on December 21, 2023,
which was granted in part (dismissing the Section 20A claim against Iger) and otherwise denied on February 19, 2025. On March 28, 2025, the Company filed a motion for judgment on the pleadings, which was denied on May 21, 2025. The Company filed a petition for a writ of mandamus to the Ninth Circuit Court of Appeals, which was denied on July 18, 2025. The district court has set trial for November 16, 2027, and discovery is currently in progress. At this time we cannot reasonably estimate the amount of any possible loss.
On December 8, 2025, a private securities lawsuit was filed in the U.S. District Court for the Central District of California against the Company and certain former officers by Union Asset Management Holding AG and GIC Private Limited (the Union Asset Action). The Union Asset Action asserts the same claims and is based on substantially the same factual allegations and time period as the Securities Class Action, and seeks unspecified monetary damages. On January 2, 2026, the parties filed a joint stipulation to stay the Union Asset Action until the Securities Class Action concludes. The court granted the stay on March 3, 2026. The Company intends to defend against this lawsuit vigorously. The lawsuit is in the early stages, and at this time we cannot reasonably estimate the amount of any possible loss.
Derivative Actions
Ten shareholder derivative complaints have been filed against the Company and certain current and former officers and directors. Each of these actions asserts various claims including breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, waste, insider selling, and violations of federal securities laws based on substantially similar factual allegations as those asserted in the pending Securities Class Action.
•On August 4, 2023, and December 15, 2023, two shareholder derivative complaints were filed in the U.S. District Court for the Central District of California by Hugues Gervat and Audrey McAdams, respectively. On April 29, 2024, these actions were consolidated (the Consolidated Derivative Action). The Consolidated Derivative Action is currently stayed until August 21, 2026.
•On August 23, 2023, Stourbridge Investments LLC filed a shareholder derivative complaint in the U.S. District Court for the District of Delaware. On October 24, 2023, the action was voluntarily dismissed and, on November 16, 2023, refiled in the Delaware Court of Chancery. The Stourbridge action is currently stayed until the court in the Securities Class Action rules upon any motion for summary judgment.
•On June 27, 2025, Thomas Payne filed a shareholder derivative complaint in the Delaware Court of Chancery. The Payne action is currently stayed until the court in the Securities Class Action rules upon any motion for summary judgment.
•On November 5, 2025, Martin Siegel filed a shareholder derivative complaint in the Delaware Court of Chancery. The Siegel action is currently stayed until the court in the Securities Class Action rules upon any motion for summary judgment.
•On November 14, 2025, Balraj Paul, the Montini Family Trust, and Dorothy Keto filed a shareholder derivative complaint in the U.S. District Court for the Central District of California. On January 14, 2026, the Paul action was consolidated into the Consolidated Derivative Action, which is stayed until August 21, 2026.
•On February 24, 2026, Sean Martinez filed a shareholder derivative complaint in the Delaware Court of Chancery. On April 16, 2026, the Martinez action was stayed until the court in the Securities Class Action rules upon the motion for summary judgment.
•On March 10, 2026, Karen Gioli filed a shareholder derivative complaint in the U.S. District Court for the Central District of California. On May 29, 2026, the Gioli action was stayed until the stay is lifted in the Securities Class Action.
•On May 8, 2026, Donna Hickok filed a shareholder derivative complaint in the Delaware Court of Chancery. On June 8, 2026, the Hickok action was stayed until the court in the Securities Class Action rules upon any motion for summary judgment.
•On July 24, 2026, William Ballard filed a shareholder derivative complaint in the Delaware Court of Chancery.
The actions seek declarative and injunctive relief, an award of unspecified damages to The Walt Disney Company and other costs and fees. The Company intends to defend against these lawsuits vigorously. The lawsuits are in the early stages, and at this time we cannot reasonably estimate the amount of any possible loss.
Antitrust and Other Actions
On November 18, 2022, a private antitrust putative class action lawsuit was filed in the U.S. District Court for the Northern District of California against the Company on behalf of a putative class of certain subscribers to YouTube TV (the Biddle Action). The plaintiffs in the Biddle Action asserted a claim under Section 1 of the Sherman Act based on allegations that Disney uses certain pricing and packaging provisions in its carriage agreements with vMVPDs to increase prices for and reduce output of certain services offered by vMVPDs. On November 30, 2022, a second private antitrust putative class action lawsuit was filed in the U.S. District Court for the Northern District of California against the Company on behalf of a putative class of certain subscribers to DirecTV Stream (the Fendelander Action), making similar allegations. The Company filed motions to dismiss for failure to state a claim in both the Biddle Action and Fendelander Action on January 31, 2023. On September 30, 2023, the court issued an order granting in part and denying in part the Company’s motions to dismiss both cases and, on October 13, 2023, the court issued an order consolidating both cases. On October 16, 2023, plaintiffs filed a consolidated amended class action complaint (the Consolidated Complaint). The Consolidated Complaint asserts claims under Section 1 of the Sherman Act and certain Arizona, California, Florida, Illinois, Iowa, Massachusetts, Michigan, Nevada, New York, North Carolina, and Tennessee antitrust and consumer protection laws based on substantially similar allegations as the Biddle Action and the Fendelander Action. The Consolidated Complaint seeks injunctive relief, unspecified money damages and costs and fees. The Company filed a motion to dismiss the Consolidated Complaint for failure to state a claim on December 1, 2023. On June 25, 2024, the Court granted in part and denied in part the Company’s motion to dismiss the Consolidated Complaint.
On January 14, 2025, a private antitrust putative class action lawsuit was filed in the U.S. District Court for the Southern District of New York against the Company on behalf of a putative class of certain subscribers to fuboTV (the Unger Action), making similar allegations to those in the now-consolidated Biddle and Fendelander Actions (Biddle/Fendelander Action). The plaintiffs in the Unger Action also alleged that Disney impermissibly bundles ESPN with other Disney networks and unjustly enriched itself. The Unger Action has since been transferred to the Northern District of California with the court finding it related to the Biddle/Fendelander Action. The Unger plaintiffs filed an amended complaint on April 28, 2025, adding a named plaintiff and alleging essentially the same antitrust theories under the Sherman Act and the antitrust and consumer protection laws of thirty-seven states, the District of Columbia and Puerto Rico. The Unger plaintiffs seek damages and injunctive relief, including an injunction requiring the Company to segregate or divest any interest in Fubo and Hulu, or in the alternative, business assets relating to Fubo and Hulu + Live TV.
On May 30, 2025, the plaintiffs in the Biddle/Fendelander Action filed a proposed Second Consolidated Amended Complaint, adding a class of fuboTV subscribers, a Clayton Act § 7 claim challenging the Company’s acquisition of fuboTV on behalf of fuboTV subscribers, and a claim under Sherman Act § 2. On June 5, 2025, the Company and plaintiffs in the Biddle/Fendelander Action reached a settlement in principle to settle all claims on behalf of all YouTube TV, DirecTV Stream and fuboTV subscribers for an amount that is not material for the Company. The settlement was contingent on Plaintiffs’ Counsel in the Biddle/Fendelander Action (Biddle/Fendelander Counsel) obtaining or having authority to settle claims on behalf of all three subscriber classes, Court approval, and other contingencies. On June 10, 2025, the Court issued an order consolidating the Unger Action with the Biddle/Fendelander Action.
On July 21, 2025, the Court issued an order appointing Biddle/Fendelander Counsel to serve as interim lead counsel for the putative classes of YouTube TV and DirecTV Stream subscribers, and Unger Counsel to serve as interim lead counsel for the putative class of fuboTV subscribers, thereby resulting in Biddle/Fendelander Counsel not having authority to settle on behalf of the three putative classes of subscribers as required by the settlement in principle.
At a joint mediation held on October 3, 2025, the Company and plaintiffs in the Biddle/Fendelander Action reached a settlement in principle to settle all claims on behalf of all YouTube TV and DirecTV Stream subscribers for an amount that is not material for the Company. The settlement is contingent on Biddle/Fendelander Counsel obtaining Court approval and other contingencies. The Court issued an order granting preliminary approval of the settlement on March 31, 2026. The motion for final approval of the settlement is due on October 27, 2026, and the final approval hearing is scheduled for January 14, 2027.
The Company and Unger Counsel did not reach a settlement at the October 3, 2025 mediation. The Company filed a motion to compel arbitration of individual claims and dismiss class claims in the Unger Action on December 19, 2025. The Court heard argument on the Company’s motion to compel arbitration of individual claims and dismiss class claims on March 19, 2026, and the motion is still pending. The Company intends to continue to defend against the lawsuit vigorously. At this time, we expect any loss in the Unger Action would be in an amount that is not material for the Company.
On January 2, 2026, in litigation filed by the Company on August 28, 2025 asserting breach of contract claims against DISH Network L.L.C. (DISH) in the U.S. District Court for the Southern District of New York, DISH filed antitrust counterclaims against the Company. DISH filed amended counterclaims against the Company on March 13, 2026. DISH asserts a tying claim under Sherman Act § 1 and New York’s Donnelly Act challenging certain provisions in the Company’s carriage
agreement with DISH; claims under Sherman Act § 1 challenging an ESPN / Fox One bundle, the creation of Fubo Sports, and the Company’s acquisition of a controlling share of Fubo; a claim under Clayton Act § 7 challenging the Company’s acquisition of a controlling share of Fubo; and a claim under Sherman Act § 2 alleging the Company engaged in a pattern of conduct in an attempt to monopolize an alleged market for skinny sports bundles. DISH also asserts breach-of-contract counterclaims, contending that Company-affiliated entities violated their obligations under certain most-favored-nation provisions in the operative carriage agreement. The Company moved to dismiss the antitrust and certain breach-of-contract amended counterclaims on March 27, 2026. That motion remains pending. On July 14, 2026, the Court stayed both sides’ claims pending the resolution of DISH’s bankruptcy proceedings. The Company intends to prosecute its claims and defend against these counterclaims vigorously. The lawsuit is in its early stages, and at this time we cannot reasonably estimate the amount of any potential loss.
The Company, together with, in some instances, certain of its directors and officers, is a defendant in various other legal actions incident to the conduct of its businesses, including streaming services which are subject to patent infringement claims and litigation for which adverse results may include payment of substantial licensing fees and monetary awards, as well as orders preventing us from offering or requiring us to change certain features, functionalities or services, which could harm our businesses and in aggregate negatively impact our results of operations. Management does not believe that the Company has incurred a probable material loss by reason of any of those actions.
Other
In the second quarter of fiscal 2026, the Company entered into license agreements for the sports rights necessary to operate NFL Network and NFL RedZone through 2033.
v3.26.1
Fair Value Measurements
 9 Months Ended
Jun. 27, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s assets and liabilities measured at fair value are summarized in the following tables by fair value measurement level:
Fair Value Measurement at June 27, 2026
Level 1Level 2Level 3Total
Assets
Investments$31 $80 $— $111 
Derivatives
Foreign exchange
— 756 — 756 
Other—    11    —    11    
Liabilities
Derivatives
Interest rate— (767)— (767)
Foreign exchange— (598)— (598)
Other— (13)— (13)
Other— (734)— (734)
Total recorded at fair value$31 $(1,265)$— $(1,234)
Fair value of borrowings$— $39,434 $3,259 $42,693 
Fair Value Measurement at September 27, 2025
Level 1Level 2Level 3Total
Assets
Investments$— $89 $— $89 
Derivatives
Foreign exchange—    816    —    816    
Other— 5 — 5 
Liabilities
Derivatives
Interest rate— (762)— (762)
Foreign exchange— (926)— (926)
Other— (1)— (1)
Other— (668)— (668)
Total recorded at fair value$— $(1,447)$— $(1,447)
Fair value of borrowings$— $36,976 $2,111 $39,087 
The fair values of Level 2 investments are primarily determined based on an internal valuation model that uses observable inputs such as stock trading price, volatility and risk free rate.
The fair values of Level 2 derivatives are primarily determined by internal discounted cash flow models that use observable inputs such as interest rates, yield curves and foreign currency exchange rates. The Company’s derivative financial instruments are discussed in Note 14.
Level 2 other liabilities are primarily arrangements that are valued based on the fair value of underlying investments, which are generally measured using Level 1 and Level 2 fair value techniques.
Level 2 borrowings, which include commercial paper, U.S. dollar denominated notes and certain foreign currency denominated borrowings, are valued based on quoted prices for similar instruments in active markets or identical instruments in markets that are not active.
Level 3 borrowings include the Asia Theme Parks and cruise ship borrowings, which are valued based on the current estimated borrowing costs, prevailing market interest rates and applicable credit risk.
The Company’s financial instruments also include cash, cash equivalents, receivables and accounts payable. The carrying values of these financial instruments approximate the fair values.
v3.26.1
Derivative Instruments
 9 Months Ended
Jun. 27, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
The Company’s derivative positions measured at fair value (see Note 13) are summarized in the following tables:
As of June 27, 2026
Current
Assets		Investments/
Other Assets		Other Current
Liabilities		Other Long-
Term
Liabilities
Derivatives designated as hedges
Foreign exchange$285 $326 $(266)$(123)
Interest rate— — (767)— 
Other10    1    (2)   —    
Derivatives not designated as hedges
Foreign exchange87 58 (59)(150)
Other— 111 (11)— 
Gross fair value of derivatives382 496 (1,105)(273)
Counterparty netting(318)(329)388 259 
Cash collateral (received) paid(10)— 457 — 
Net derivative positions $54 $167 $(260)$(14)
As of September 27, 2025
Current
Assets		Investments/
Other Assets		Other Current
Liabilities		Other Long-
Term
Liabilities
Derivatives designated as hedges
Foreign exchange$233 $376 $(407)$(208)
Interest rate— — (762)— 
Other3    2    —    —    
Derivatives not designated as hedges
Foreign exchange39 168 (49)(262)
Other— 89 (1)— 
Gross fair value of derivatives275 635 (1,219)(470)
Counterparty netting(260)(517)378 399 
Cash collateral (received) paid— — 550 10 
Net derivative positions $15 $118 $(291)$(61)
Interest Rate Risk Management
The Company designates pay-floating interest rate swaps as fair value hedges of fixed-rate borrowings effectively converting fixed-rate borrowings to variable-rate borrowings. The total notional amount of the Company’s pay-floating interest rate swaps was $12.0 billion and $10.6 billion at June 27, 2026 and September 27, 2025, respectively.
The following table summarizes fair value hedge adjustments to hedged borrowings:
Carrying Amount of Hedged BorrowingsFair Value Adjustments Included
in Hedged Borrowings
June 27,
2026		September 27,
2025		June 27,
2026		September 27,
2025
Borrowings:
Current$2,513    $2,954    $(27)   $(44)   
Long-term9,281 7,347 (672)(680)
$11,794 $10,301 $(699)$(724)
The following amounts are included in “Interest expense, net” in the Condensed Consolidated Statements of Income:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Gain (loss) on:
Pay-floating swaps$14 $111 $15 $104 
Borrowings hedged with pay-floating swaps(14)  (111)  (15)  (104)  
Expense associated with interest accruals on pay-floating swaps
(61)(93)(209)(303)
Foreign Exchange Risk Management
The Company designates foreign exchange forward and option contracts as cash flow hedges of firmly committed and forecasted foreign currency transactions. As of June 27, 2026 and September 27, 2025, the notional amount of the Company’s net foreign exchange cash flow hedges was $10.2 billion and $9.3 billion, respectively. Mark-to-market gains and losses on these contracts are deferred in AOCI and are recognized in earnings when the hedged transactions occur, offsetting changes in the value of the foreign currency transactions. Net deferred gains recorded in AOCI for contracts that will mature in the next twelve months total $14 million. The following table summarizes the effect of foreign exchange cash flow hedges on AOCI:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Gain (loss) recognized in Other Comprehensive Income$(28)$(438)$65 $(87)
Gain (loss) reclassified from AOCI into the Statements of Operations(1)
(96)   79    (243)   289    
(1)Primarily recorded in revenue.
The Company may designate cross currency swaps as fair value hedges of foreign currency denominated borrowings. The impact from the change in foreign currency on both the cross currency swap and borrowing is recorded to “Interest expense, net.” The impact from interest rate changes is recorded in AOCI and is amortized over the life of the cross currency swap. As of both June 27, 2026 and September 27, 2025, the total notional amount of the Company’s designated cross currency swaps was Canadian $1.3 billion ($0.9 billion). The related gains or losses recognized in earnings for the quarters and nine-month periods ended June 27, 2026 and June 28, 2025 were not significant.
Foreign exchange risk management contracts with respect to foreign currency denominated assets and liabilities are not designated as hedges and do not qualify for hedge accounting. The net notional amount of these foreign exchange contracts at June 27, 2026 and September 27, 2025 was $3.1 billion and $3.0 billion, respectively. The related gains or losses recognized in costs and expenses on foreign exchange contracts that mitigated our exposure with respect to foreign currency denominated assets and liabilities for the quarters and nine-month periods ended June 27, 2026 and June 28, 2025 were not significant.
Risk Management – Other Derivatives Not Designated as Hedges
The Company enters into certain other risk management contracts that are not designated as hedges and do not qualify for hedge accounting. These contracts, which include certain total return swap contracts, are intended to offset economic exposures of the Company and are carried at market value with any changes in value recorded in earnings. The net notional amount of these contracts at June 27, 2026 and September 27, 2025 was $0.7 billion and $0.6 billion, respectively. The related gains or losses recognized in earnings for the quarters and nine-month periods ended June 27, 2026 and June 28, 2025 were not significant.
Contingent Features and Cash Collateral
The Company has master netting arrangements by counterparty with respect to certain derivative financial instrument contracts. The Company may be required to post collateral in the event that a net liability position with a counterparty exceeds limits defined by contract and that vary with the Company’s credit rating. In addition, these contracts may require a counterparty to post collateral to the Company in the event that a net receivable position with a counterparty exceeds limits defined by contract and that vary with the counterparty’s credit rating. If the Company’s or the counterparty’s credit ratings were to fall below investment grade, such counterparties or the Company would also have the right to terminate our derivative contracts, which could lead to a net payment to or from the Company for the aggregate net value by counterparty of our
derivative contracts. The aggregate fair value of derivative instruments with credit-risk-related contingent features in a net liability position by counterparty was $0.7 billion and $0.9 billion at June 27, 2026 and September 27, 2025, respectively.
v3.26.1
Restructuring and Impairment Charges
 9 Months Ended
Jun. 27, 2026
Restructuring and Related Activities [Abstract]  
Restructuring, Impairment, and Other Activities Disclosure Restructuring and Impairment Charges
The following amounts are recorded in “Restructuring and impairment charges” in the Condensed Consolidated Statements of Income:
The quarter ended June 27, 2026 included charges of $0.8 billion for an impairment of our investment in A+E Global Media (A+E) and $0.1 billion for severance. The nine-month period ended June 27, 2026 included charges of $1.0 billion for impairments of our investment in A+E and $0.2 billion for severance.
The quarter ended June 28, 2025 included a charge of $0.2 billion for an impairment of our investment in Tata Play Limited. The nine-month period ended June 28, 2025 included charges of $0.2 billion for impairments of our investment in Tata Play Limited, $0.1 billion for impairment of goodwill related to Star India and $0.1 billion for impairments of content.
v3.26.1
New Accounting Pronouncements
 9 Months Ended
Jun. 27, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Pronouncements New Accounting Pronouncements
Improvements to Income Tax Disclosures
In December 2023, the FASB issued guidance to enhance income tax disclosures. The new guidance requires an expanded effective tax rate reconciliation and the disclosure of cash taxes paid segregated between U.S. federal, U.S. state and foreign, with further disaggregation by jurisdiction if certain thresholds are met, and eliminates certain disclosures related to uncertain tax benefits. The new guidance is applicable to annual periods beginning with the Company’s 2026 fiscal year.
Disaggregation of Income Statement Expense
In November 2024, the FASB issued guidance that requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The guidance also requires disclosure of the total amount of selling expenses and the Company’s definition of selling expenses. The guidance is effective for the Company for annual periods beginning with fiscal year 2028 and for interim periods beginning with fiscal year 2029. The Company is currently assessing the impacts of the new guidance on its financial statement disclosures.
Accounting for Government Grants
In December 2025, the FASB issued guidance that establishes the recognition, measurement and presentation requirements for government grants. The guidance is effective at the beginning of the Company’s 2030 fiscal year (with early adoption permitted). The Company is currently assessing the impact this guidance will have on its financial statements and financial statement disclosures.
v3.26.1
Subsequent Events
 9 Months Ended
Jun. 27, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In July 2026, the Company entered into an agreement to sell its 50% interest in A+E to an affiliate of co-owner Hearst Corporation for approximately $1.2 billion in cash. Closing is currently expected by the end of fiscal 2026, subject to customary closing conditions, including regulatory approvals and government consents.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 27, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Segment Information (Tables)
 9 Months Ended
Jun. 27, 2026
Text Block [Abstract]  
Financial Information by Operating Segments
Segment revenues, segment operating income and significant segment expenses are as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Revenues:
Entertainment
Third parties$11,186   $10,593   $34,181   $31,919   
Amounts eliminated in consolidation
159   111   488   339   
11,345   10,704   34,669   32,258   
Sports
Third parties4,094   3,971   12,755   12,652   
Amounts eliminated in consolidation
406   337   1,263   1,040   
4,500   4,308   14,018   13,692   
Experiences9,968   9,086   29,461   27,390   
Eliminations(565)  (448)  (1,751)  (1,379)  
Total segment revenues$25,248   $23,650   $76,397   $71,961   
Segment operating income:
Entertainment$1,680   $1,022   $4,116   $3,983   
Sports858   1,037   1,701   1,971   
Experiences3,017   2,516   8,941   8,117   
Total segment operating income(1)
$5,555   $4,575   $14,758   $14,071   
(1) Equity in the income of investees is included in segment operating income as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Entertainment$92   $102   $318   $344   
Sports35 26 51 54 
Equity in the income of investees included in segment operating income127 128 369 398 
Equity in the loss of India joint venture
(44)(50)(136)(186)
Acquisition Amortization related to an equity investee
— (3)— (9)
Equity in the income of investees
$83 $75 $233 $203 
Equity In Income of Investees By Segment Equity in the income of investees is included in segment operating income as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Entertainment$92   $102   $318   $344   
Sports35 26 51 54 
Equity in the income of investees included in segment operating income127 128 369 398 
Equity in the loss of India joint venture
(44)(50)(136)(186)
Acquisition Amortization related to an equity investee
— (3)— (9)
Equity in the income of investees
$83 $75 $233 $203 
Supplemental Information About Segment Expenses
Quarter EndedNine Months Ended
Information about significant segment expensesJune 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Entertainment
Programming and production costs$5,819 $5,772 $18,539 $16,938 
Other segment operating expenses(1)
1,419 1,326 4,388 4,027 
Selling, general, administrative and other2,301 2,488 7,257 7,075 
Depreciation and amortization218 198 687 579 
Total Entertainment costs and expenses9,757 9,784 30,871 28,619 
Sports
Programming and production costs3,050 2,762 10,539 10,072 
Other segment operating expenses(2)
254 246 759 736 
Selling, general, administrative and other344 276 989 933 
Depreciation and amortization29 13 81 34 
Total Sports costs and expenses3,677 3,297 12,368 11,775 
Experiences
Operating labor2,356 2,284 6,996 6,661 
Infrastructure costs953 870 2,655 2,527 
Cost of goods sold and distribution costs721 779 2,437 2,431 
Other segment operating expenses(3)
1,035 875 2,922 2,536 
Selling, general, administrative and other1,065 1,051 3,142 3,023 
Depreciation and amortization821 711 2,368 2,095 
Total Experiences costs and expenses6,951 6,570 20,520 19,273 
Eliminations(4)
(565)(448)(1,751)(1,379)
Corporate and unallocated shared expenses334 410 1,018 1,265 
Acquisition Amortization(5)
334 392 947 1,179 
Total costs and expenses$20,488 $20,005 $63,973 $60,732 
(1)Other operating expenses of Entertainment include technology support costs, distribution costs and costs of goods sold.
(2)Other operating expenses of Sports include technology support costs and distribution costs.
(3)Other operating expenses of Experiences include costs for supplies, processing fees and entertainment offerings.
(4)Reflects fees paid by (a) the entertainment virtual multi-channel video programming distributor (vMVPD) services to the sports and entertainment linear networks for the right to air the networks on the Hulu Live TV and Fubo services and (b) the Entertainment segment to the Sports segment to program certain sports content on ABC Network and Disney+. The offset is included in Entertainment programming and production costs.
(5)Excludes Acquisition Amortization of intangible assets related to an equity investee.
Reconciliation of Segment Operating Income to Income before Income Taxes
A reconciliation of segment operating income to income before income taxes is as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Segment operating income$5,555 $4,575   $14,758 $14,071 
Corporate and unallocated shared expenses(334)  (410)(1,018)(1,265)
Equity in the loss of India joint venture
(44)(50)(136)  (186)  
Restructuring and impairment charges(1)
(900)(185)(1,139)  (437)  
Interest expense, net(298)(324)(813)(1,037)
Acquisition Amortization(2)
(334)(395)(947)(1,188)
Income before income taxes$3,645 $3,211 $10,705 $9,958 
(1)See Note 15 for a discussion of amounts in restructuring and impairment charges.
(2)Acquisition Amortization is as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Amortization of intangible assets$270 $326   $755 $980 
Step-up of film and television costs64   66 192 199 
Intangibles related to an equity investee
—   3 — 9 
$334 $395 $947 $1,188 
Acquisition Amortization Acquisition Amortization is as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Amortization of intangible assets$270 $326   $755 $980 
Step-up of film and television costs64   66 192 199 
Intangibles related to an equity investee
—   3 — 9 
$334 $395 $947 $1,188 
v3.26.1
Revenues (Tables)
 9 Months Ended
Jun. 27, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue by Major Source
The following table presents revenues by segment and source:
Quarter Ended June 27, 2026
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$7,545$3,142$— $(433)$10,254 
Advertising1,6251,204— — 2,829 
Theme park admissions——3,253 — 3,253 
Resorts and vacations
——2,766 — 2,766 
Retail and wholesale sales of merchandise, food and beverage——2,536    —    2,536    
Merchandise licensing170—804 — 974 
Content sales
1,596—— — 1,596 
Other409154609 (132)1,040 
$11,345$4,500$9,968 $(565)$25,248 
Quarter Ended June 28, 2025
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$6,765 $2,899 $— $(315)$9,349 
Advertising1,641 1,148 — — 2,789 
Theme park admissions— — 2,996 — 2,996 
Resorts and vacations
— — 2,373 — 2,373 
Retail and wholesale sales of merchandise, food and beverage—    —    2,397    —    2,397    
Merchandise licensing149 — 726 — 875 
Content sales
1,698 84 — — 1,782 
Other451 177 594 (133)1,089 
$10,704 $4,308 $9,086 $(448)$23,650 
Nine Months Ended June 27, 2026
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$22,596 $9,376 $— $(1,319)$30,653 
Advertising5,070 3,813 — — 8,883 
Theme park admissions— — 9,646 — 9,646 
Resorts and vacations
— — 7,740 — 7,740 
Retail and wholesale sales of merchandise, food and beverage—    —    7,719    —    7,719    
Merchandise licensing509 — 2,467 — 2,976 
Content sales
5,257 60 — — 5,317 
Other1,237 769 1,889 (432)3,463 
$34,669 $14,018 $29,461 $(1,751)$76,397 
Nine Months Ended June 28, 2025
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$20,343 $9,036 $— $(968)$28,411 
Advertising5,137 3,647 — — 8,784 
Theme park admissions— — 9,002 — 9,002 
Resorts and vacations
— — 6,953 — 6,953 
Retail and wholesale sales of merchandise, food and beverage—    —    7,302    —    7,302    
Merchandise licensing462 — 2,357 — 2,819 
Content sales
4,877 212 — — 5,089 
Other1,439 797 1,776 (411)3,601 
$32,258 $13,692 $27,390 $(1,379)$71,961 
Disaggregation of Revenue by Geographical Markets
The following table presents revenues by segment and primary geographical markets:
Quarter Ended June 27, 2026
EntertainmentSportsExperiencesEliminationsTotal
Americas$8,917 $4,413 $7,294 $(565)$20,059 
Europe1,790    70    1,316    —    3,176    
Asia Pacific638 17 1,358 — 2,013 
Total revenues$11,345 $4,500 $9,968 $(565)$25,248 
Quarter Ended June 28, 2025
EntertainmentSportsExperiencesEliminationsTotal
Americas$8,569 $4,218 $6,824 $(448)$19,163 
Europe1,580    72    1,177    —    2,829    
Asia Pacific555 18 1,085 — 1,658 
Total revenues$10,704 $4,308 $9,086 $(448)$23,650 
Nine Months Ended June 27, 2026
EntertainmentSportsExperiencesEliminationsTotal
Americas$27,169 $13,735 $22,167 $(1,751)$61,320 
Europe5,414    223    3,472    —    9,109    
Asia Pacific2,086 60 3,822 — 5,968 
Total revenues$34,669 $14,018 $29,461 $(1,751)$76,397 
Nine Months Ended June 28, 2025
EntertainmentSportsExperiencesEliminationsTotal
Americas$25,617 $13,377 $20,915 $(1,379)$58,530 
Europe4,804    221    3,109    —    8,134    
Asia Pacific1,837 94 3,366 — 5,297 
Total revenues$32,258 $13,692 $27,390 $(1,379)$71,961 
Contract with Customer, Asset and Liability
Accounts receivable and deferred revenues from contracts with customers are as follows:
June 27,
2026		September 27,
2025
Accounts receivable
Current$12,064 $10,544   
Non-current1,081 985 
Allowance for credit losses(145)(126)
Deferred revenues
Current6,402 5,689 
Non-current693 785 
v3.26.1
Acquisitions and Dispositions (Tables)
 9 Months Ended
Jun. 27, 2026
Business Combination [Abstract]  
Goodwill
The changes in the carrying amount of goodwill are as follows:
EntertainmentSportsExperiencesTotal
Balance at September 27, 2025$51,258 $16,486 $5,550 $73,294 
Fubo and NFL Transactions
1,357 49 — 1,406 
Currency translation adjustments and other, net(18)— — (18)
Balance at June 27, 2026$52,597 $16,535 $5,550 $74,682 
v3.26.1
Cash, Cash Equivalents, Restricted Cash and Borrowings (Tables)
 9 Months Ended
Jun. 27, 2026
Text Block [Abstract]  
Reconciliation of Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts reported in the Condensed Consolidated Statements of Cash Flows.
June 27,
2026		September 27,
2025
Cash and cash equivalents$5,185 $5,695 
Restricted cash included in:
Other current assets5    —    
Other assets109 104 
Total cash, cash equivalents and restricted cash in the statement of cash flows$5,299 $5,799 
Borrowing Activity
During the nine months ended June 27, 2026, the Company’s borrowing activity was as follows: 
September 27,
2025		BorrowingsPaymentsOther
Activity		June 27,
2026
Commercial paper with original maturities less than three months(1)
$1,963 $— $(1,310)$(6)$647 
Commercial paper with original maturities greater than three months99 8,510 (4,932)35 3,712 
U.S. dollar denominated borrowings(2)
38,658 5,046 (3,625)240 40,319 
Asia Theme Parks borrowings
1,075    —    —    45    1,120    
Foreign currency denominated borrowings and other
231 — — 12 243 
$42,026 $13,556 $(9,867)$326 $46,041 
(1)Borrowings and reductions of borrowings are reported net.
(2)The other activity includes borrowings assumed in the acquisition of Fubo.
Line of Credit Facilities
At June 27, 2026, the Company’s bank facilities, which are with a syndicate of lenders and support our commercial paper borrowings, were as follows:
Committed
Capacity		Capacity
Used		Unused
Capacity
Facility expiring February 2027
$5,250 $— $5,250 
Facility expiring March 2029
3,000    —    3,000    
Facility expiring February 2031
4,000 — 4,000 
Total$12,250 $— $12,250 
Interest Expense, net
Interest expense (net of amounts capitalized), interest and investment income, and net periodic pension and postretirement benefit costs (other than service costs) (see Note 8) are reported net in the Condensed Consolidated Statements of Income and consist of the following:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Interest expense$(463)$(438)$(1,379)$(1,396)
Interest and investment income52    47    222    161    
Net periodic pension and postretirement benefit costs (other than service costs)113 67 344 198 
Interest expense, net$(298)$(324)$(813)$(1,037)
v3.26.1
International Theme Parks (Tables)
 9 Months Ended
Jun. 27, 2026
Consolidating Balance Sheets  
Impact of Consolidating Financial Statements of International Theme Parks
The following table summarizes the carrying amounts of the Asia Theme Parks’ assets and liabilities included in the Company’s Condensed Consolidated Balance Sheets:
June 27,
2026		September 27,
2025
Cash and cash equivalents$467 $428 
Other current assets228 184 
Total current assets695 612 
Parks, resorts and other property6,431    6,060    
Other assets281 287 
Total assets$7,407 $6,959 
Current liabilities$718 $734 
Long-term borrowings1,120 1,075 
Other long-term liabilities509 489 
Total liabilities$2,347 $2,298 
Consolidating Income Statements  
Impact of Consolidating Financial Statements of International Theme Parks
The following table summarizes the International Theme Parks’ revenues and costs and expenses included in the Company’s Condensed Consolidated Statements of Income for the nine months ended June 27, 2026:
Revenues$4,823 
Costs and expenses(4,011)   
v3.26.1
Produced and Acquired/Licensed Content Costs and Advances (Tables)
 9 Months Ended
Jun. 27, 2026
Other Industries [Abstract]  
Balances of Produced and Licensed Content Costs
Total capitalized produced and licensed content by predominant monetization strategy is as follows:
As of June 27, 2026As of September 27, 2025
Predominantly
Monetized
Individually		Predominantly
Monetized
as a Group		TotalPredominantly
Monetized
Individually		Predominantly
Monetized
as a Group		Total
Produced content
Released, less amortization$5,096 $14,254 $19,350 $4,624 $14,288 $18,912 
Completed, not released677 744 1,421 313 1,061 1,374 
In-process1,837   4,100   5,937   4,082   3,633   7,715   
In development or pre-production315 62 377 386 182 568 
$7,925 $19,160 27,085 $9,405 $19,164 28,569 
Licensed content - Television programming rights and advances5,042 4,821 
Total produced and licensed content$32,127 $33,390 
Current portion$1,934 $2,063 
Non-current portion$30,193 $31,327 
Amortization of Produced and Licensed Content Costs
Amortization of produced and licensed content is as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Produced content
Predominantly monetized individually$979$1,091 $3,370$2,626 
Predominantly monetized as a group1,5181,824   4,9025,370   
2,4972,915 8,2727,996 
Licensed programming rights and advances3,1512,830 10,98610,431 
Total produced and licensed content costs(1)
$5,648$5,745 $19,258$18,427 
(1)Primarily included in “Costs of services” in the Condensed Consolidated Statements of Income
v3.26.1
Pension and Other Benefit Programs (Tables)
 9 Months Ended
Jun. 27, 2026
Retirement Benefits [Abstract]  
Net Periodic Benefit Cost
The components of net periodic benefit cost (income) are as follows:
Pension PlansPostretirement Medical Plans
Quarter EndedNine Months EndedQuarter EndedNine Months Ended
Jun. 27,
2026		Jun. 28,
2025		Jun. 27,
2026		Jun. 28,
2025		Jun. 27,
2026		Jun. 28,
2025		Jun. 27,
2026		Jun. 28,
2025
Service costs$60 $65 $183 $196 $— $— $— $— 
Other costs (benefits):
Interest costs199   195   598   587   12   11   34   33   
Expected return on plan assets(306)(290)(918)(871)(15)(15)(47)(45)
Amortization of previously deferred service costs (credits)
1 — 4 2 (22)(22)(67)(67)
Recognized net actuarial loss (gain)
24 62 72 185 (6)(8)(20)(22)
Total other costs (benefits)(82)(33)(244)(97)(31)(34)(100)(101)
Net periodic benefit cost (income)$(22)$32 $(61)$99 $(31)$(34)$(100)$(101)
v3.26.1
Earnings Per Share (Tables)
 9 Months Ended
Jun. 27, 2026
Earnings Per Share [Abstract]  
Reconciliation of Weighted Average Number of Common and Common Equivalent Shares Outstanding and Awards Excluded from Diluted Earnings Per Share Calculation A reconciliation of the weighted average number of common and common equivalent shares outstanding and the number of Awards excluded from the diluted earnings per share calculation, as they were anti-dilutive, are as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Shares (in millions):
Weighted average number of common and common equivalent shares outstanding (basic)1,738   1,799   1,763   1,806   
Weighted average dilutive impact of Awards
5 6 6 6 
Weighted average number of common and common equivalent shares outstanding (diluted)1,743 1,805 1,769 1,812 
Awards excluded from diluted earnings per share15 17 14 15 
v3.26.1
Equity (Tables)
 9 Months Ended
Jun. 27, 2026
Equity [Abstract]  
Dividends Declared
The Company declared the following dividends in fiscal 2026 and 2025:
Per Share
Amount
Payment Date
$0.75$1.3 billionJuly 22, 2026
$0.75$1.3 billionJanuary 15, 2026
$0.50$0.9 billionJuly 23, 2025
$0.50$0.9 billionJanuary 16, 2025
Changes in Accumulated Other Comprehensive Income (Loss)
The following tables summarize the changes in each component of accumulated other comprehensive income (loss) (AOCI) including our proportional share of equity method investee amounts:
Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
AOCI, before tax
Third quarter of fiscal 2026
Balance at March 28, 2026$(276)$(1,901)$(1,392)$(3,569)
Quarter Ended June 27, 2026:
Unrealized gains (losses) arising during the period(30)(3)(11)(44)
Reclassifications of realized net (gains) losses to net income92 (4)— 88 
Balance at June 27, 2026$(214)$(1,908)$(1,403)$(3,525)
Third quarter of fiscal 2025
Balance at March 29, 2025$(178)$(2,184)$(1,147)$(3,509)
Quarter Ended June 28, 2025:
Unrealized gains (losses) arising during the period(433)   —    235    (198)   
Reclassifications of realized net (gains) losses to net income(74)33 — (41)
Balance at June 28, 2025$(685)$(2,151)$(912)$(3,748)
Nine months ended fiscal 2026
Balance at September 27, 2025$(549)$(1,901)$(1,085)$(3,535)
Nine Months Ended June 27, 2026:
Unrealized gains (losses) arising during the period94 5 (318)(219)
Reclassifications of realized net (gains) losses to net income241 (12)— 229 
Balance at June 27, 2026$(214)$(1,908)$(1,403)$(3,525)
Nine months ended fiscal 2025
Balance at September 28, 2024$(319)$(2,243)$(1,855)$(4,417)
Nine Months Ended June 28, 2025:
Unrealized gains (losses) arising during the period(87)(7)39 (55)
Reclassifications of realized net (gains) losses to net income(279)99 — (180)
Star India Transaction— — 904 904 
Balance at June 28, 2025$(685)$(2,151)$(912)$(3,748)
Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
Tax on AOCI
Third quarter of fiscal 2026
Balance at March 28, 2026$55 $448 $115 $618 
Quarter Ended June 27, 2026:
Unrealized gains (losses) arising during the period8 — 11 19 
Reclassifications of realized net (gains) losses to net income(21)1 — (20)
Balance at June 27, 2026$42 $449 $126 $617 
Third quarter of fiscal 2025
Balance at March 29, 2025$39 $515 $78 $632 
Quarter Ended June 28, 2025:
Unrealized gains (losses) arising during the period99    —    (41)   58    
Reclassifications of realized net (gains) losses to net income17 (8)— 9 
Balance at June 28, 2025$155 $507 $37 $699 
Nine months ended fiscal 2026
Balance at September 27, 2025$120 $446 $55 $621 
Nine Months Ended June 27, 2026:
Unrealized gains (losses) arising during the period(23)— 71 48 
Reclassifications of realized net (gains) losses to net income(55)3 — (52)
Balance at June 27, 2026$42 $449 $126 $617 
Nine months ended fiscal 2025
Balance at September 28, 2024$71 $531 $116 $718 
Nine Months Ended June 28, 2025:
Unrealized gains (losses) arising during the period19 — (21)(2)
Reclassifications of realized net (gains) losses to net income65 (24)— 41 
Star India Transaction— — (58)(58)
Balance at June 28, 2025$155 $507 $37 $699 
Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
AOCI, after tax
Third quarter of fiscal 2026
Balance at March 28, 2026$(221)$(1,453)$(1,277)$(2,951)
Quarter Ended June 27, 2026:
Unrealized gains (losses) arising during the period(22)(3)— (25)
Reclassifications of realized net (gains) losses to net income71 (3)— 68 
Balance at June 27, 2026$(172)$(1,459)$(1,277)$(2,908)
Third quarter of fiscal 2025
Balance at March 29, 2025$(139)$(1,669)$(1,069)$(2,877)
Quarter Ended June 28, 2025:
Unrealized gains (losses) arising during the period(334)— 194 (140)
Reclassifications of realized net (gains) losses to net income(57)25 — (32)
Balance at June 28, 2025$(530)$(1,644)$(875)$(3,049)
Nine months ended fiscal 2026
Balance at September 27, 2025$(429)$(1,455)$(1,030)$(2,914)
Nine Months Ended June 27, 2026:
Unrealized gains (losses) arising during the period71 5 (247)(171)
Reclassifications of realized net (gains) losses to net income186    (9)   —    177    
Balance at June 27, 2026$(172)$(1,459)$(1,277)$(2,908)
Nine months ended fiscal 2025
Balance at September 28, 2024$(248)$(1,712)$(1,739)$(3,699)
Nine Months Ended June 28, 2025:
Unrealized gains (losses) arising during the period(68)(7)18 (57)
Reclassifications of realized net (gains) losses to net income(214)75 — (139)
Star India Transaction
— — 846 846 
Balance at June 28, 2025$(530)$(1,644)$(875)$(3,049)
Details about AOCI Components Reclassified to Net Income
Details about AOCI components reclassified to net income are as follows:
Gain (loss) in net income:
Affected line item in the Condensed Consolidated Statements of Income:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Market value adjustments, primarily cash flow hedgesPrimarily revenue$(92)$74 $(241)$279 
Estimated taxIncome taxes21 (17)55 (65)
(71)57 (186)214 
Pension and postretirement medical expenseInterest expense, net4 (33)12 (99)
Estimated taxIncome taxes(1)  8   (3)  24   
3 (25)9 (75)
Total reclassifications for the period$(68)$32 $(177)$139 
v3.26.1
Equity-Based Compensation (Tables)
 9 Months Ended
Jun. 27, 2026
Share-Based Payment Arrangement [Abstract]  
Compensation Expense Related to Stock Options, Stock Appreciation Rights and Restricted Stock Units (RSUs)
Equity-based compensation expense related to stock options and restricted stock units (RSUs) is as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Stock options$21 $18 $62 $51 
RSUs402   339   1,098   953   
Total equity-based compensation expense(1)
$423 $357 $1,160 $1,004 
Equity-based compensation expense capitalized during the period$49 $52 $146 $142 
(1)Equity-based compensation expense is net of capitalized equity-based compensation and estimated forfeitures and excludes amortization of previously capitalized equity-based compensation costs.
v3.26.1
Fair Value Measurements (Tables)
 9 Months Ended
Jun. 27, 2026
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value
The Company’s assets and liabilities measured at fair value are summarized in the following tables by fair value measurement level:
Fair Value Measurement at June 27, 2026
Level 1Level 2Level 3Total
Assets
Investments$31 $80 $— $111 
Derivatives
Foreign exchange
— 756 — 756 
Other—    11    —    11    
Liabilities
Derivatives
Interest rate— (767)— (767)
Foreign exchange— (598)— (598)
Other— (13)— (13)
Other— (734)— (734)
Total recorded at fair value$31 $(1,265)$— $(1,234)
Fair value of borrowings$— $39,434 $3,259 $42,693 
Fair Value Measurement at September 27, 2025
Level 1Level 2Level 3Total
Assets
Investments$— $89 $— $89 
Derivatives
Foreign exchange—    816    —    816    
Other— 5 — 5 
Liabilities
Derivatives
Interest rate— (762)— (762)
Foreign exchange— (926)— (926)
Other— (1)— (1)
Other— (668)— (668)
Total recorded at fair value$— $(1,447)$— $(1,447)
Fair value of borrowings$— $36,976 $2,111 $39,087 
v3.26.1
Derivative Instruments (Tables)
 9 Months Ended
Jun. 27, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gross Fair Value of Derivative Positions
The Company’s derivative positions measured at fair value (see Note 13) are summarized in the following tables:
As of June 27, 2026
Current
Assets		Investments/
Other Assets		Other Current
Liabilities		Other Long-
Term
Liabilities
Derivatives designated as hedges
Foreign exchange$285 $326 $(266)$(123)
Interest rate— — (767)— 
Other10    1    (2)   —    
Derivatives not designated as hedges
Foreign exchange87 58 (59)(150)
Other— 111 (11)— 
Gross fair value of derivatives382 496 (1,105)(273)
Counterparty netting(318)(329)388 259 
Cash collateral (received) paid(10)— 457 — 
Net derivative positions $54 $167 $(260)$(14)
As of September 27, 2025
Current
Assets		Investments/
Other Assets		Other Current
Liabilities		Other Long-
Term
Liabilities
Derivatives designated as hedges
Foreign exchange$233 $376 $(407)$(208)
Interest rate— — (762)— 
Other3    2    —    —    
Derivatives not designated as hedges
Foreign exchange39 168 (49)(262)
Other— 89 (1)— 
Gross fair value of derivatives275 635 (1,219)(470)
Counterparty netting(260)(517)378 399 
Cash collateral (received) paid— — 550 10 
Net derivative positions $15 $118 $(291)$(61)
Carrying Amount and Cumulative Basis Adjustments for Fair Value Hedges Recorded on the Balance Sheet
The following table summarizes fair value hedge adjustments to hedged borrowings:
Carrying Amount of Hedged BorrowingsFair Value Adjustments Included
in Hedged Borrowings
June 27,
2026		September 27,
2025		June 27,
2026		September 27,
2025
Borrowings:
Current$2,513    $2,954    $(27)   $(44)   
Long-term9,281 7,347 (672)(680)
$11,794 $10,301 $(699)$(724)
Adjustments Related to Fair Value Hedges Included in Interest Expense, net in the Consolidated Statements of Income
The following amounts are included in “Interest expense, net” in the Condensed Consolidated Statements of Income:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Gain (loss) on:
Pay-floating swaps$14 $111 $15 $104 
Borrowings hedged with pay-floating swaps(14)  (111)  (15)  (104)  
Expense associated with interest accruals on pay-floating swaps
(61)(93)(209)(303)
Effect of Foreign Exchange Cash Flow Hedges on AOCI The following table summarizes the effect of foreign exchange cash flow hedges on AOCI:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Gain (loss) recognized in Other Comprehensive Income$(28)$(438)$65 $(87)
Gain (loss) reclassified from AOCI into the Statements of Operations(1)
(96)   79    (243)   289    
(1)Primarily recorded in revenue.
v3.26.1
Basis of Presentation - Additional Information (Details)
Jun. 27, 2026
India Joint Venture  
Schedule of Equity Method Investments  
Equity Method Investment, Ownership Percentage 37.00%
v3.26.1
Financial Information by Operating Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Segment Reporting        
Revenues $ 25,248 $ 23,650 $ 76,397 $ 71,961
Segment operating income 5,555 4,575 14,758 14,071
Total Segments        
Segment Reporting        
Revenues 25,248 23,650 76,397 71,961
Entertainment Segment        
Segment Reporting        
Revenues 11,345 10,704 34,669 32,258
Segment operating income 1,680 1,022 4,116 3,983
Entertainment Segment | Entertainment Third Party        
Segment Reporting        
Revenues 11,186 10,593 34,181 31,919
Entertainment Segment | Intersegment Eliminations        
Segment Reporting        
Revenues 159 111 488 339
Sports Segment        
Segment Reporting        
Revenues 4,500 4,308 14,018 13,692
Segment operating income 858 1,037 1,701 1,971
Sports Segment | Sports Third Party        
Segment Reporting        
Revenues 4,094 3,971 12,755 12,652
Sports Segment | Intersegment Eliminations        
Segment Reporting        
Revenues 406 337 1,263 1,040
Experiences Segment        
Segment Reporting        
Revenues 9,968 9,086 29,461 27,390
Segment operating income 3,017 2,516 8,941 8,117
Segment Eliminations        
Segment Reporting        
Revenues $ (565) $ (448) $ (1,751) $ (1,379)
v3.26.1
Equity in the Income of Investees included in Segment Operating Results (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Schedule of Equity Method Investments        
Equity in the income of investees $ 83 $ 75 $ 233 $ 203
Amortization of Intangible Assets Held by Equity Investees 0 (3) 0 (9)
India Joint Venture        
Schedule of Equity Method Investments        
Equity in the income of investees (44) (50) (136) (186)
Entertainment Segment        
Schedule of Equity Method Investments        
Equity in the income of investees 92 102 318 344
Sports Segment        
Schedule of Equity Method Investments        
Equity in the income of investees 35 26 51 54
Total Segments        
Schedule of Equity Method Investments        
Equity in the income of investees $ 127 $ 128 $ 369 $ 398
v3.26.1
Supplemental Information About Segment Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Selling, General and Administrative Expense $ 3,968 $ 4,141 $ 12,162 $ 12,052
Depreciation and amortization 1,414 1,332 4,135 3,932
Corporate and unallocated shared expenses 334 410 1,018 1,265
Amortization of Intangible Assets and Fair Value Step-up on Film and Television Costs [1] 334 392 947 1,179
Total costs and expenses 20,488 20,005 63,973 60,732
Entertainment Segment        
Programming and Production Costs 5,819 5,772 18,539 16,938
Other Cost and Expense, Operating [2] 1,419 1,326 4,388 4,027
Selling, General and Administrative Expense 2,301 2,488 7,257 7,075
Depreciation and amortization 218 198 687 579
Total costs and expenses 9,757 9,784 30,871 28,619
Sports Segment        
Programming and Production Costs 3,050 2,762 10,539 10,072
Other Cost and Expense, Operating [3] 254 246 759 736
Selling, General and Administrative Expense 344 276 989 933
Depreciation and amortization 29 13 81 34
Total costs and expenses 3,677 3,297 12,368 11,775
Experiences Segment        
Other Cost and Expense, Operating [4] 1,035 875 2,922 2,536
Selling, General and Administrative Expense 1,065 1,051 3,142 3,023
Depreciation and amortization 821 711 2,368 2,095
Operating Labor 2,356 2,284 6,996 6,661
Infrastructure Costs 953 870 2,655 2,527
Cost of goods sold and distribution costs 721 779 2,437 2,431
Total costs and expenses 6,951 6,570 20,520 19,273
Segment Eliminations        
Programming and Production Costs [5] $ (565) $ (448) $ (1,751) $ (1,379)
[1] Excludes Acquisition Amortization of intangible assets related to an equity investee.
[2] Other operating expenses of Entertainment include technology support costs, distribution costs and costs of goods sold.
[3] Other operating expenses of Sports include technology support costs and distribution costs.
[4] Other operating expenses of Experiences include costs for supplies, processing fees and entertainment offerings.
[5] Reflects fees paid by (a) the entertainment virtual multi-channel video programming distributor (vMVPD) services to the sports and entertainment linear networks for the right to air the networks on the Hulu Live TV and Fubo services and (b) the Entertainment segment to the Sports segment to program certain sports content on ABC Network and Disney+. The offset is included in Entertainment programming and production costs.
v3.26.1
Reconciliation of Segment Operating Income to Income before Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Segment Reporting        
Segment operating income $ 5,555 $ 4,575 $ 14,758 $ 14,071
Corporate and unallocated shared expenses (334) (410) (1,018) (1,265)
Equity in the loss of India joint venture 83 75 233 203
Restructuring and impairment charges [1] (900) (185) (1,139) (437)
Interest expense, net (298) (324) (813) (1,037)
Intangible Asset, Finite-Lived, Amortization Expense [2] (334) (395) (947) (1,188)
Income before income taxes 3,645 3,211 10,705 9,958
India Joint Venture        
Segment Reporting        
Equity in the loss of India joint venture $ (44) $ (50) $ (136) $ (186)
[1] See Note 15 for a discussion of amounts in restructuring and impairment charges.
[2] Acquisition Amortization is as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Amortization of intangible assets$270 $326   $755 $980 
Step-up of film and television costs64   66 192 199 
Intangibles related to an equity investee
—   3 — 9 
$334 $395 $947 $1,188 
v3.26.1
TFCF, Hulu and Fubo Acquisition Amortization (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Intangible Asset, Finite-Lived, Amortization Expense [1] $ 334 $ 395 $ 947 $ 1,188
Amortization of Intangible Assets Held by Equity Investees 0 (3) 0 (9)
TFCF, Hulu and Fubo        
Intangible Asset, Finite-Lived, Amortization Expense 270 326 755 980
Step-up of film and television costs 64 66 192 199
Amortization of Intangible Assets Held by Equity Investees $ 0 $ 3 $ 0 $ 9
[1] Acquisition Amortization is as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Amortization of intangible assets$270 $326   $755 $980 
Step-up of film and television costs64   66 192 199 
Intangibles related to an equity investee
—   3 — 9 
$334 $395 $947 $1,188 
v3.26.1
Description of Business and Segment Information - Additional Information (Details)
 9 Months Ended
Jun. 27, 2026
Segment Reporting  
Number of Reportable Segments 3
v3.26.1
Disaggregation of Revenue by Major Source (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Disaggregation of Revenue [Line Items]        
Revenues $ 25,248 $ 23,650 $ 76,397 $ 71,961
Subscription and affiliate fees        
Disaggregation of Revenue [Line Items]        
Revenues 10,254 9,349 30,653 28,411
Advertising        
Disaggregation of Revenue [Line Items]        
Revenues 2,829 2,789 8,883 8,784
Theme park admissions        
Disaggregation of Revenue [Line Items]        
Revenues 3,253 2,996 9,646 9,002
Resorts and vacations        
Disaggregation of Revenue [Line Items]        
Revenues 2,766 2,373 7,740 6,953
Retail and wholesale sales of merchandise, food and beverage        
Disaggregation of Revenue [Line Items]        
Revenues 2,536 2,397 7,719 7,302
Merchandise licensing        
Disaggregation of Revenue [Line Items]        
Revenues 974 875 2,976 2,819
Content Sales        
Disaggregation of Revenue [Line Items]        
Revenues 1,596 1,782 5,317 5,089
Other        
Disaggregation of Revenue [Line Items]        
Revenues 1,040 1,089 3,463 3,601
Entertainment Segment        
Disaggregation of Revenue [Line Items]        
Revenues 11,345 10,704 34,669 32,258
Entertainment Segment | Subscription and affiliate fees        
Disaggregation of Revenue [Line Items]        
Revenues 7,545 6,765 22,596 20,343
Entertainment Segment | Advertising        
Disaggregation of Revenue [Line Items]        
Revenues 1,625 1,641 5,070 5,137
Entertainment Segment | Merchandise licensing        
Disaggregation of Revenue [Line Items]        
Revenues 170 149 509 462
Entertainment Segment | Content Sales        
Disaggregation of Revenue [Line Items]        
Revenues 1,596 1,698 5,257 4,877
Entertainment Segment | Other        
Disaggregation of Revenue [Line Items]        
Revenues 409 451 1,237 1,439
Sports Segment        
Disaggregation of Revenue [Line Items]        
Revenues 4,500 4,308 14,018 13,692
Sports Segment | Subscription and affiliate fees        
Disaggregation of Revenue [Line Items]        
Revenues 3,142 2,899 9,376 9,036
Sports Segment | Advertising        
Disaggregation of Revenue [Line Items]        
Revenues 1,204 1,148 3,813 3,647
Sports Segment | Content Sales        
Disaggregation of Revenue [Line Items]        
Revenues 0 84 60 212
Sports Segment | Other        
Disaggregation of Revenue [Line Items]        
Revenues 154 177 769 797
Experiences Segment        
Disaggregation of Revenue [Line Items]        
Revenues 9,968 9,086 29,461 27,390
Experiences Segment | Theme park admissions        
Disaggregation of Revenue [Line Items]        
Revenues 3,253 2,996 9,646 9,002
Experiences Segment | Resorts and vacations        
Disaggregation of Revenue [Line Items]        
Revenues 2,766 2,373 7,740 6,953
Experiences Segment | Retail and wholesale sales of merchandise, food and beverage        
Disaggregation of Revenue [Line Items]        
Revenues 2,536 2,397 7,719 7,302
Experiences Segment | Merchandise licensing        
Disaggregation of Revenue [Line Items]        
Revenues 804 726 2,467 2,357
Experiences Segment | Other        
Disaggregation of Revenue [Line Items]        
Revenues 609 594 1,889 1,776
Segment Eliminations        
Disaggregation of Revenue [Line Items]        
Revenues (565) (448) (1,751) (1,379)
Segment Eliminations | Subscription and affiliate fees        
Disaggregation of Revenue [Line Items]        
Revenues (433) (315) (1,319) (968)
Segment Eliminations | Other        
Disaggregation of Revenue [Line Items]        
Revenues $ (132) $ (133) $ (432) $ (411)
v3.26.1
Disaggregation of Revenue by Geographical Markets (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Disaggregation of Revenue [Line Items]        
Revenues $ 25,248 $ 23,650 $ 76,397 $ 71,961
Americas        
Disaggregation of Revenue [Line Items]        
Revenues 20,059 19,163 61,320 58,530
Europe        
Disaggregation of Revenue [Line Items]        
Revenues 3,176 2,829 9,109 8,134
Asia Pacific        
Disaggregation of Revenue [Line Items]        
Revenues 2,013 1,658 5,968 5,297
Entertainment Segment        
Disaggregation of Revenue [Line Items]        
Revenues 11,345 10,704 34,669 32,258
Entertainment Segment | Americas        
Disaggregation of Revenue [Line Items]        
Revenues 8,917 8,569 27,169 25,617
Entertainment Segment | Europe        
Disaggregation of Revenue [Line Items]        
Revenues 1,790 1,580 5,414 4,804
Entertainment Segment | Asia Pacific        
Disaggregation of Revenue [Line Items]        
Revenues 638 555 2,086 1,837
Sports Segment        
Disaggregation of Revenue [Line Items]        
Revenues 4,500 4,308 14,018 13,692
Sports Segment | Americas        
Disaggregation of Revenue [Line Items]        
Revenues 4,413 4,218 13,735 13,377
Sports Segment | Europe        
Disaggregation of Revenue [Line Items]        
Revenues 70 72 223 221
Sports Segment | Asia Pacific        
Disaggregation of Revenue [Line Items]        
Revenues 17 18 60 94
Experiences Segment        
Disaggregation of Revenue [Line Items]        
Revenues 9,968 9,086 29,461 27,390
Experiences Segment | Americas        
Disaggregation of Revenue [Line Items]        
Revenues 7,294 6,824 22,167 20,915
Experiences Segment | Europe        
Disaggregation of Revenue [Line Items]        
Revenues 1,316 1,177 3,472 3,109
Experiences Segment | Asia Pacific        
Disaggregation of Revenue [Line Items]        
Revenues 1,358 1,085 3,822 3,366
Segment Eliminations        
Disaggregation of Revenue [Line Items]        
Revenues (565) (448) (1,751) (1,379)
Segment Eliminations | Americas        
Disaggregation of Revenue [Line Items]        
Revenues (565) (448) (1,751) (1,379)
Segment Eliminations | Europe        
Disaggregation of Revenue [Line Items]        
Revenues 0 0 0 0
Segment Eliminations | Asia Pacific        
Disaggregation of Revenue [Line Items]        
Revenues $ 0 $ 0 $ 0 $ 0
v3.26.1
Contract with Customer, Asset and Liability (Details) - USD ($)
$ in Millions
Jun. 27, 2026
Sep. 27, 2025
Accounts Receivable, before Allowance for Credit Loss, Current $ 12,064 $ 10,544
Accounts Receivable, before Allowance for Credit Loss, Noncurrent 1,081 985
Contract with Customer, Asset, Allowance for Credit Loss (145) (126)
Contract with Customer, Liability, Current 6,402 5,689
Contract with Customer, Liability, Noncurrent $ 693 $ 785
v3.26.1
Revenues - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Contract with Customer, Performance Obligation Satisfied in Previous Period $ 300 $ 300 $ 800 $ 800
Revenue, Remaining Performance Obligation, Amount 16,000   16,000  
Contract with Customer, Liability, Revenue Recognized 500 $ 500 5,000 $ 5,000
Unsatisfied performance obligation recognized in fiscal 2026        
Revenue, Remaining Performance Obligation, Amount 2,000   2,000  
Unsatisfied performance obligation recognized in fiscal 2027        
Revenue, Remaining Performance Obligation, Amount 6,000   6,000  
Unsatisfied performance obligation recognized in fiscal 2028        
Revenue, Remaining Performance Obligation, Amount 4,000   4,000  
Unsatisfied performance obligation recognized thereafter        
Revenue, Remaining Performance Obligation, Amount $ 4,000   $ 4,000  
v3.26.1
Acquisitions and Dispositions Changes in Carry Amount of Goodwill (Details)
$ in Millions
 9 Months Ended
Jun. 27, 2026
USD ($)
Goodwill [Line Items]  
Beginning balance $ 73,294
Currency translation adjustments and other, net (18)
Ending balance 74,682
Fubo Transaction and NFL Transaction  
Goodwill [Line Items]  
Goodwill, Acquired During Period 1,406
Entertainment Segment  
Goodwill [Line Items]  
Beginning balance 51,258
Currency translation adjustments and other, net (18)
Ending balance 52,597
Entertainment Segment | Fubo Transaction and NFL Transaction  
Goodwill [Line Items]  
Goodwill, Acquired During Period 1,357
Sports Segment  
Goodwill [Line Items]  
Beginning balance 16,486
Currency translation adjustments and other, net 0
Ending balance 16,535
Sports Segment | Fubo Transaction and NFL Transaction  
Goodwill [Line Items]  
Goodwill, Acquired During Period 49
Experiences Segment  
Goodwill [Line Items]  
Beginning balance 5,550
Currency translation adjustments and other, net 0
Ending balance 5,550
Experiences Segment | Fubo Transaction and NFL Transaction  
Goodwill [Line Items]  
Goodwill, Acquired During Period $ 0
v3.26.1
Acquisitions and Dispositions - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Jan. 31, 2026
Oct. 29, 2025
Jun. 27, 2026
Jun. 27, 2026
Sep. 27, 2025
Business Combination [Line Items]          
Goodwill     $ 74,682 $ 74,682 $ 73,294
Fubo          
Business Combination [Line Items]          
Equity Method Investment, Ownership Percentage     70.00% 70.00%  
Fubo | Common Class B          
Business Combination [Line Items]          
Equity Method Investment, Ownership Percentage     70.00% 70.00%  
Fubo | Equity Interest Held by Fubo Shareholders          
Business Combination [Line Items]          
Equity Method Investment, Ownership Percentage     30.00% 30.00%  
NFL Network | ESPN          
Business Combination [Line Items]          
Effective Ownership Interest 72.00%        
NFL Network | ESPN | Performance Threshold Met          
Business Combination [Line Items]          
Noncontrolling Interest, Percentage of Fair Value 70.00%        
NFL Network | NFL Enterprises LLC          
Business Combination [Line Items]          
Noncontrolling Interest, Increase from Business Combination $ 3,000        
NFL Network | NFL Enterprises LLC | ESPN          
Business Combination [Line Items]          
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners 10.00%        
Noncontrolling Interest, Incremental Ownership Percentage by Noncontrolling Interest Upon Achieving Performance Targets 4.00%        
NFL Network | NFL Enterprises LLC | ESPN | Performance Threshold Not Met          
Business Combination [Line Items]          
Noncontrolling Interest, Percentage of Fair Value 70.00%        
NFL Network | Hearst Corporation | ESPN          
Business Combination [Line Items]          
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners 18.00%        
Fubo          
Business Combination [Line Items]          
Business Combination, Price Per Share   $ 3.69      
Business Combination, Price of Acquisition, Expected   $ 1,300      
Goodwill   1,400      
Business Combination, Recognized Asset Acquired, Identifiable Intangible Asset, Excluding Goodwill   400      
Business Combination, Recognized Liability Assumed, Long-Term Debt, Noncurrent   $ 400      
Business Combination, Acquiree's Revenue since Acquisition Date, Actual     $ 300 $ 1,000  
v3.26.1
Reconciliation of Cash, Cash Equivalents and Restricted Cash Reported in the Condensed Consolidated Balance Sheet to the Total Amount in the Condensed Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Millions
Jun. 27, 2026
Sep. 27, 2025
Jun. 28, 2025
Sep. 28, 2024
Accounting Policies [Abstract]        
Cash and Cash Equivalents $ 5,185 $ 5,695    
Restricted Cash, Current 5 0    
Restricted Cash, Noncurrent 109 104    
Cash, Cash Equivalents and Restricted Cash in the Statement of Cash Flows $ 5,299 $ 5,799 $ 5,477 $ 6,102
v3.26.1
Borrowing Activity (Details)
$ in Millions
 9 Months Ended
Jun. 27, 2026
USD ($)
Borrowings [Roll Forward]  
Borrowings beginning balance $ 42,026
Borrowings 13,556
Payments (9,867)
Other Activity 326
Borrowings ending balance 46,041
Commercial paper with original maturities less than three months  
Borrowings [Roll Forward]  
Borrowings beginning balance 1,963
Borrowings 0 [1]
Payments (1,310) [1]
Other Activity (6)
Borrowings ending balance 647
Commercial paper with original maturities greater than three months  
Borrowings [Roll Forward]  
Borrowings beginning balance 99
Borrowings 8,510
Payments (4,932)
Other Activity 35
Borrowings ending balance 3,712
U.S. dollar denominated borrowings  
Borrowings [Roll Forward]  
Borrowings beginning balance 38,658
Borrowings 5,046
Payments (3,625)
Other Activity 240 [2]
Borrowings ending balance 40,319
Asia International Theme Parks borrowings  
Borrowings [Roll Forward]  
Borrowings beginning balance 1,075
Borrowings 0
Payments 0
Other Activity 45
Borrowings ending balance 1,120
Foreign currency denominated debt and other  
Borrowings [Roll Forward]  
Borrowings beginning balance 231
Borrowings 0
Payments 0
Other Activity 12
Borrowings ending balance $ 243
[1] Borrowings and reductions of borrowings are reported net.
[2] The other activity includes borrowings assumed in the acquisition of Fubo.
v3.26.1
Cash, Cash Equivalents, Restricted Cash and Borrowings Line of Credit Facilities (Details)
$ in Millions
Jun. 27, 2026
USD ($)
Line of Credit Facility  
Line of Credit Facility, Maximum Borrowing Capacity $ 12,250
Line of Credit Facility, Amount Outstanding 0
Line of Credit Facility, Remaining Borrowing Capacity 12,250
Line of Credit Expiring February 2027  
Line of Credit Facility  
Line of Credit Facility, Maximum Borrowing Capacity 5,250
Line of Credit Facility, Amount Outstanding 0
Line of Credit Facility, Remaining Borrowing Capacity 5,250
Line of Credit Expiring March 2029  
Line of Credit Facility  
Line of Credit Facility, Maximum Borrowing Capacity 3,000
Line of Credit Facility, Amount Outstanding 0
Line of Credit Facility, Remaining Borrowing Capacity 3,000
Line of Credit Expiring February 2031  
Line of Credit Facility  
Line of Credit Facility, Maximum Borrowing Capacity 4,000
Line of Credit Facility, Amount Outstanding 0
Line of Credit Facility, Remaining Borrowing Capacity $ 4,000
v3.26.1
Cash, Cash Equivalents, Restricted Cash and Borrowings Interest Expense, net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Interest expense $ (463) $ (438) $ (1,379) $ (1,396)
Interest and investment income 52 47 222 161
Net periodic pension and postretirement benefit costs other than service costs 113 67 344 198
Interest expense, net $ (298) $ (324) $ (813) $ (1,037)
v3.26.1
Cash, Cash Equivalents, Restricted Cash and Borrowings - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 26, 2026
Jun. 27, 2026
Jun. 27, 2026
Oct. 31, 2025
Debt Instrument [Line Items]        
Line of Credit Facility, Interest Rate Description   The Company’s bank facilities allow for borrowings at rates based on the Secured Overnight Financing Rate (SOFR) and at other variable rates for non-U.S. dollar denominated borrowings, plus a fixed spread that varies with the Company’s debt ratings assigned by Moody’s Ratings and S&P Global Ratings ranging from 0.63% to 1.10%.    
Line of Credit Facility, Maximum Borrowing Capacity   $ 12,250 $ 12,250  
Letters of Credit Outstanding, Amount   500 $ 500  
U.S. Dollar Denomintated Notes        
Debt Instrument [Line Items]        
Long-Term Debt $ 3,500      
U.S. Dollar Denomintated Notes Indexed to SOFR        
Debt Instrument [Line Items]        
Long-Term Debt $ 500      
Debt Instrument, Term 3 years      
Minimum        
Debt Instrument [Line Items]        
Variable Spread Above SOFR     0.63%  
Minimum | U.S. Dollar Denomintated Notes        
Debt Instrument [Line Items]        
Debt Instrument, Term 3 years      
Debt Instrument, Interest Rate, Stated Percentage 3.75%      
Maximum        
Debt Instrument [Line Items]        
Variable Spread Above SOFR     1.10%  
Maximum | U.S. Dollar Denomintated Notes        
Debt Instrument [Line Items]        
Debt Instrument, Term 10 years      
Debt Instrument, Interest Rate, Stated Percentage 4.63%      
Letter of Credit        
Debt Instrument [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity   500 $ 500  
Line of Credit Expiring February 2027        
Debt Instrument [Line Items]        
Line of Credit Facility, Expiration Date     Feb. 27, 2027  
Line of Credit Facility, Maximum Borrowing Capacity   5,250 $ 5,250  
Line of Credit Expiring March 2029        
Debt Instrument [Line Items]        
Line of Credit Facility, Expiration Date     Mar. 31, 2029  
Line of Credit Facility, Maximum Borrowing Capacity   3,000 $ 3,000  
Line of Credit Expiring February 2031        
Debt Instrument [Line Items]        
Line of Credit Facility, Expiration Date     Feb. 27, 2031  
Line of Credit Facility, Maximum Borrowing Capacity   $ 4,000 $ 4,000  
Credit Facility Related to Cruise Ship Destiny | Disney Cruise Line        
Debt Instrument [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity       $ 1,100
Debt Instrument, Term 12 years      
Debt Instrument, Interest Rate, Stated Percentage       3.74%
v3.26.1
Impact of Consolidating Balance Sheets of Asia Theme Parks (Details) - USD ($)
$ in Millions
Jun. 27, 2026
Sep. 27, 2025
Schedule of Condensed Consolidating Balance Sheets [Line Items]    
Cash and Cash Equivalents $ 5,185 $ 5,695
Other current assets 1,139 1,158
Total current assets 24,892 24,267
Parks, resorts and other property 44,744 41,255
Other assets 12,816 10,002
Total assets 204,740 197,514
Current liabilities 35,105 34,162
Long-term borrowings 37,414 35,315
Asia International Theme Parks    
Schedule of Condensed Consolidating Balance Sheets [Line Items]    
Cash and Cash Equivalents 467 428
Other current assets 228 184
Total current assets 695 612
Parks, resorts and other property 6,431 6,060
Other assets 281 287
Total assets 7,407 6,959
Current liabilities 718 734
Long-term borrowings 1,120 1,075
Other long-term liabilities 509 489
Total liabilities $ 2,347 $ 2,298
v3.26.1
Impact of Consolidating Income Statements of International Theme Parks (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Schedule of Condensed Consolidating Statement of Operations [Line Items]        
Revenues $ 25,248 $ 23,650 $ 76,397 $ 71,961
Cost and expenses $ (20,488) $ (20,005) (63,973) $ (60,732)
International Theme Parks        
Schedule of Condensed Consolidating Statement of Operations [Line Items]        
Revenues     4,823  
Cost and expenses     $ (4,011)  
v3.26.1
International Theme Parks - Additional Information (Details) - USD ($)
$ in Millions
 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Noncontrolling Interest    
Net Cash Provided by Operating Activities $ 12,515 $ 13,627
Net Cash Used in Investing Activities (7,256) (6,193)
Net Cash Provided by Financing Activities (5,740) $ (8,090)
Asia International Theme Parks    
Noncontrolling Interest    
Royalties And Management Fees 255  
International Theme Parks    
Noncontrolling Interest    
Net Cash Provided by Operating Activities 1,257  
Net Cash Used in Investing Activities (1,066)  
Net Cash Provided by Financing Activities $ 19  
Hong Kong Disneyland Resort    
Noncontrolling Interest    
Effective Ownership Interest 48.00%  
Shanghai Disney Resort    
Noncontrolling Interest    
Effective Ownership Interest 43.00%  
v3.26.1
Balances of Produced and Licensed Content Costs (Details) - USD ($)
$ in Millions
Jun. 27, 2026
Sep. 27, 2025
Film, Monetized on Its Own, Capitalized Cost [Abstract]    
Released, less amortization $ 5,096 $ 4,624
Completed, not released 677 313
In-process 1,837 4,082
In development or pre-production 315 386
Film, Monetized on Its Own, Capitalized Cost 7,925 9,405
Film, Monetized in Film Group, Capitalized Cost [Abstract]    
Released, less amortization 14,254 14,288
Completed, not released 744 1,061
In-process 4,100 3,633
In development or pre-production 62 182
Film, Monetized in Film Group, Capitalized Cost 19,160 19,164
Film, Capitalized Cost [Abstract]    
Released, less amortization 19,350 18,912
Completed, not released 1,421 1,374
In-process 5,937 7,715
In development or pre-production 377 568
Film, Capitalized Cost 27,085 28,569
Licensed content television programming rights and advances 5,042 4,821
Produced and Licensed Content, Total 32,127 33,390
Current portion 1,934 2,063
Non-current portion $ 30,193 $ 31,327
v3.26.1
Amortization of Produced and Licensed Content Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Amortization of Produced Content Costs $ 2,497 $ 2,915 $ 8,272 $ 7,996
Amortization of Programming Rights and Advances 3,151 2,830 10,986 10,431
Amortization of Produced and Licensed Content Costs, Total [1] 5,648 5,745 19,258 18,427
Monetized individually        
Amortization of Produced Content Costs 979 1,091 3,370 2,626
Monetized as a group        
Amortization of Produced Content Costs $ 1,518 $ 1,824 $ 4,902 $ 5,370
[1] Primarily included in “Costs of services” in the Condensed Consolidated Statements of Income
v3.26.1
Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Defined Benefit Plan Disclosure [Line Items]        
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component $ (113) $ (67) $ (344) $ (198)
Pension Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service costs 60 65 183 196
Interest costs 199 195 598 587
Expected return on plan assets (306) (290) (918) (871)
Amortization of previously deferred service costs (credits) 1 0 4 2
Recognized net actuarial loss (gain) 24 62 72 185
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component (82) (33) (244) (97)
Net periodic benefit cost (income) (22) 32 (61) 99
Postretirement Medical Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service costs 0 0 0 0
Interest costs 12 11 34 33
Expected return on plan assets (15) (15) (47) (45)
Amortization of previously deferred service costs (credits) (22) (22) (67) (67)
Recognized net actuarial loss (gain) (6) (8) (20) (22)
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component (31) (34) (100) (101)
Net periodic benefit cost (income) $ (31) $ (34) $ (100) $ (101)
v3.26.1
Reconciliation of Weighted Average Number of Common and Common Equivalent Shares Outstanding and Awards Excluded from Diluted Earnings Per Share Calculation (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Shares (in millions):        
Weighted average number of common and common equivalent shares outstanding (basic) 1,738 1,799 1,763 1,806
Weighed average dilutive impact of awards 5 6 6 6
Weighted average number of common and common equivalent shares outstanding (diluted) 1,743 1,805 1,769 1,812
Awards excluded from diluted earnings per share 15 17 14 15
v3.26.1
Equity Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Billions
Jul. 22, 2026
Jan. 15, 2026
Jul. 23, 2025
Jan. 16, 2025
Class of Stock [Line Items]        
Common Stock, Dividends, Per Share, Cash Paid   $ 0.75 $ 0.50 $ 0.50
Dividends, Cash   $ 1.3 $ 0.9 $ 0.9
Subsequent Event        
Class of Stock [Line Items]        
Dividends Declared Per Share $ 0.75      
Dividends, Cash $ 1.3      
v3.26.1
Equity Changes in Accumulated Other Comprehensive Loss, Before Tax (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]        
AOCI before Tax, Attributable to Parent, Beginning Balance $ (3,569) $ (3,509) $ (3,535) $ (4,417)
Unrealized gains (losses) arising during the period (44) (198) (219) (55)
Reclassifications of realized net (gains) losses to net income 88 (41) 229 (180)
AOCI reclassifications to comprehensive income, before tax       904
AOCI before Tax, Attributable to Parent, Ending Balance (3,525) (3,748) (3,525) (3,748)
Market Value Adjustments for Hedges        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
AOCI before Tax, Attributable to Parent, Beginning Balance (276) (178) (549) (319)
Unrealized gains (losses) arising during the period (30) (433) 94 (87)
Reclassifications of realized net (gains) losses to net income 92 (74) 241 (279)
AOCI reclassifications to comprehensive income, before tax       0
AOCI before Tax, Attributable to Parent, Ending Balance (214) (685) (214) (685)
Unrecognized Pension and  Postretirement Medical  Expense        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
AOCI before Tax, Attributable to Parent, Beginning Balance (1,901) (2,184) (1,901) (2,243)
Unrealized gains (losses) arising during the period (3) 0 5 (7)
Reclassifications of realized net (gains) losses to net income (4) 33 (12) 99
AOCI reclassifications to comprehensive income, before tax       0
AOCI before Tax, Attributable to Parent, Ending Balance (1,908) (2,151) (1,908) (2,151)
Foreign Currency Translation and Other        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
AOCI before Tax, Attributable to Parent, Beginning Balance (1,392) (1,147) (1,085) (1,855)
Unrealized gains (losses) arising during the period (11) 235 (318) 39
Reclassifications of realized net (gains) losses to net income 0 0 0 0
AOCI reclassifications to comprehensive income, before tax       904
AOCI before Tax, Attributable to Parent, Ending Balance $ (1,403) $ (912) $ (1,403) $ (912)
v3.26.1
Equity Changes in Accumulated Other Comprehensive Loss, Tax (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]        
AOCI Tax, Attributable to Parent, Beginning Balance $ 618 $ 632 $ 621 $ 718
Unrealized gains (losses) arising during the period 19 58 48 (2)
Reclassifications of realized net (gains) losses to net income (20) 9 (52) 41
AOCI reclassifications to comprehensive income, tax       (58)
AOCI Tax, Attributable to Parent, Ending Balance 617 699 617 699
Market Value Adjustments for Hedges        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
AOCI Tax, Attributable to Parent, Beginning Balance 55 39 120 71
Unrealized gains (losses) arising during the period 8 99 (23) 19
Reclassifications of realized net (gains) losses to net income (21) 17 (55) 65
AOCI reclassifications to comprehensive income, tax       0
AOCI Tax, Attributable to Parent, Ending Balance 42 155 42 155
Unrecognized Pension and  Postretirement Medical  Expense        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
AOCI Tax, Attributable to Parent, Beginning Balance 448 515 446 531
Unrealized gains (losses) arising during the period 0 0 0 0
Reclassifications of realized net (gains) losses to net income 1 (8) 3 (24)
AOCI reclassifications to comprehensive income, tax       0
AOCI Tax, Attributable to Parent, Ending Balance 449 507 449 507
Foreign Currency Translation and Other        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
AOCI Tax, Attributable to Parent, Beginning Balance 115 78 55 116
Unrealized gains (losses) arising during the period 11 (41) 71 (21)
Reclassifications of realized net (gains) losses to net income 0 0 0 0
AOCI reclassifications to comprehensive income, tax       (58)
AOCI Tax, Attributable to Parent, Ending Balance $ 126 $ 37 $ 126 $ 37
v3.26.1
Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]        
AOCI, Beginning Balance $ (2,951) $ (2,877) $ (2,914) $ (3,699)
Unrealized gains (losses) arising during the period (25) (140) (171) (57)
Reclassifications of realized net (gains) losses to net income 68 (32) 177 (139)
AOCI reclassifications to comprehensive income, net of tax       846
AOCI, Ending Balance (2,908) (3,049) (2,908) (3,049)
Market Value Adjustments for Hedges        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
AOCI, Beginning Balance (221) (139) (429) (248)
Unrealized gains (losses) arising during the period (22) (334) 71 (68)
Reclassifications of realized net (gains) losses to net income 71 (57) 186 (214)
AOCI reclassifications to comprehensive income, net of tax       0
AOCI, Ending Balance (172) (530) (172) (530)
Accumulated other comprehensive (income) loss related to defined benefit plans.        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
AOCI, Beginning Balance (1,453) (1,669) (1,455) (1,712)
Unrealized gains (losses) arising during the period (3) 0 5 (7)
Reclassifications of realized net (gains) losses to net income (3) 25 (9) 75
AOCI reclassifications to comprehensive income, net of tax       0
AOCI, Ending Balance (1,459) (1,644) (1,459) (1,644)
Foreign Currency Translation and Other        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
AOCI, Beginning Balance (1,277) (1,069) (1,030) (1,739)
Unrealized gains (losses) arising during the period 0 194 (247) 18
Reclassifications of realized net (gains) losses to net income 0 0 0 0
AOCI reclassifications to comprehensive income, net of tax       846
AOCI, Ending Balance $ (1,277) $ (875) $ (1,277) $ (875)
v3.26.1
Details about AOCI Components Reclassified to Net Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Details about AOCI Components Reclassified to Net Income        
Revenues $ 25,248 $ 23,650 $ 76,397 $ 71,961
Interest expense, net 298 324 813 1,037
Income taxes (801) 2,732 (2,912) 2,030
Net income attributable to The Walt Disney Company (Disney) 2,638 5,262 7,287 11,091
Reclassification out of Accumulated Other Comprehensive Income        
Details about AOCI Components Reclassified to Net Income        
Net income attributable to The Walt Disney Company (Disney) (68) 32 (177) 139
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Reclassification out of Accumulated Other Comprehensive Income        
Details about AOCI Components Reclassified to Net Income        
Revenues (92) 74 (241) 279
Income taxes 21 (17) 55 (65)
Net income attributable to The Walt Disney Company (Disney) (71) 57 (186) 214
Gain/(loss) in net income from Pension and postretirement medical expense | Reclassification out of Accumulated Other Comprehensive Income        
Details about AOCI Components Reclassified to Net Income        
Interest expense, net 4 (33) 12 (99)
Income taxes (1) 8 (3) 24
Net income attributable to The Walt Disney Company (Disney) $ 3 $ (25) $ 9 $ (75)
v3.26.1
Equity - Additional Information (Details) - USD ($)
shares in Millions, $ in Billions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Feb. 07, 2024
Class of Stock [Line Items]          
Stock Repurchase Program, Number of Shares Authorized to be Repurchased         400.0
Treasury Stock, Shares, Acquired 17.0 7.0 68.0 24.0  
Treasury Stock, Value, Acquired, Cost Method $ 1.7 $ 0.7 $ 7.2 $ 2.5  
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased 271.0   271.0    
v3.26.1
Compensation Expense Related to Stock Options, Stock Appreciation Rights and Restricted Stock Units (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options $ 21 $ 18 $ 62 $ 51
RSUs 402 339 1,098 953
Total equity-based compensation expense [1] 423 357 1,160 1,004
Equity-based compensation expense capitalized during the period $ 49 $ 52 $ 146 $ 142
[1] Equity-based compensation expense is net of capitalized equity-based compensation and estimated forfeitures and excludes amortization of previously capitalized equity-based compensation costs.
v3.26.1
Equity-Based Compensation - Additional Information (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Billions
 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Weighted average grant date fair values of options issued $ 37 $ 38
Weighted average grant date fair values of RSUs issued $ 113 $ 108
Stock Options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation cost $ 0.1  
Stock compensation granted, number of shares 2.8  
Restricted Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation cost $ 2.2  
Stock compensation granted, number of shares 16.0  
v3.26.1
Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Jun. 27, 2026
Sep. 27, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investments $ 111 $ 89
Other Liabilities (734) (668)
Total (1,234) (1,447)
Fair value of borrowings 42,693 39,087
Interest rate    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Liabilities (767) (762)
Foreign exchange    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset 756 816
Derivative Liabilities (598) (926)
Other Derivative    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset 11 5
Derivative Liabilities (13) (1)
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investments 31 0
Other Liabilities 0 0
Total 31 0
Fair value of borrowings 0 0
Level 1 | Interest rate    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Liabilities 0 0
Level 1 | Foreign exchange    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset 0 0
Derivative Liabilities 0 0
Level 1 | Other Derivative    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset 0 0
Derivative Liabilities 0 0
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investments 80 89
Other Liabilities (734) (668)
Total (1,265) (1,447)
Fair value of borrowings 39,434 36,976
Level 2 | Interest rate    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Liabilities (767) (762)
Level 2 | Foreign exchange    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset 756 816
Derivative Liabilities (598) (926)
Level 2 | Other Derivative    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset 11 5
Derivative Liabilities (13) (1)
Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investments 0 0
Other Liabilities 0 0
Total 0 0
Fair value of borrowings 3,259 2,111
Level 3 | Interest rate    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Liabilities 0 0
Level 3 | Foreign exchange    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset 0 0
Derivative Liabilities 0 0
Level 3 | Other Derivative    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset 0 0
Derivative Liabilities $ 0 $ 0
v3.26.1
Gross Fair Value of Derivative Positions (Details) - USD ($)
$ in Millions
Jun. 27, 2026
Sep. 27, 2025
Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccruedLiabilitiesCurrent    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement $ (1,105) $ (1,219)
Derivative Liability, Counterparty netting offset 388 378
Derivative Liability, Collateral, Right to Reclaim Cash, Offset 457 550
Net derivative positions (260) (291)
Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccruedLiabilitiesCurrent | Derivatives designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement (266) (407)
Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccruedLiabilitiesCurrent | Derivatives designated as hedges | Interest rate    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement (767) (762)
Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccruedLiabilitiesCurrent | Derivatives designated as hedges | Other Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement (2) 0
Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccruedLiabilitiesCurrent | Derivatives not designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement (59) (49)
Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccruedLiabilitiesCurrent | Derivatives not designated as hedges | Other Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement (11) (1)
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssets    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 496 635
Derivative Asset, Counterparty Netting Offset (329) (517)
Derivative Asset, Collateral, Obligation to Return Cash, Offset 0 0
Net derivative positions 167 118
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssets | Derivatives designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 326 376
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssets | Derivatives designated as hedges | Interest rate    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 0 0
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssets | Derivatives designated as hedges | Other Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 1 2
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssets | Derivatives not designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 58 168
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssets | Derivatives not designated as hedges | Other Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 111 89
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsCurrent    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 382 275
Derivative Asset, Counterparty Netting Offset (318) (260)
Derivative Asset, Collateral, Obligation to Return Cash, Offset (10) 0
Net derivative positions 54 15
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsCurrent | Derivatives designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 285 233
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsCurrent | Derivatives designated as hedges | Interest rate    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 0 0
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsCurrent | Derivatives designated as hedges | Other Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 10 3
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsCurrent | Derivatives not designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 87 39
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsCurrent | Derivatives not designated as hedges | Other Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 0 0
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesNoncurrent    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement (273) (470)
Derivative Liability, Counterparty netting offset 259 399
Derivative Liability, Collateral, Right to Reclaim Cash, Offset 0 10
Net derivative positions (14) (61)
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesNoncurrent | Derivatives designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement (123) (208)
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesNoncurrent | Derivatives designated as hedges | Interest rate    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement 0 0
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesNoncurrent | Derivatives designated as hedges | Other Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement 0 0
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesNoncurrent | Derivatives not designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement (150) (262)
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesNoncurrent | Derivatives not designated as hedges | Other Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement $ 0 $ 0
v3.26.1
Derivative Instruments Carrying Amount and Cumulative Basis Adjustment for Fair Value Hedges (Details) - USD ($)
$ in Millions
Jun. 27, 2026
Sep. 27, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged Liability, Fair Value Hedge $ 11,794 $ 10,301
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) (699) (724)
Location, Statement of Financial Position, Balance [Axis]: us-gaap:LongTermNotesAndLoans    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged Liability, Fair Value Hedge 9,281 7,347
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) (672) (680)
Location, Statement of Financial Position, Balance [Axis]: us-gaap:NotesAndLoansPayableCurrent    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged Liability, Fair Value Hedge 2,513 2,954
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) $ (27) $ (44)
v3.26.1
Adjustments Related to Fair Value Hedges Included in Net Interest Expense in Condensed Consolidated Statements of Income (Details) - Interest rate - Income Statement Location [Axis]: us-gaap:InterestIncomeExpenseNonoperatingNet - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) on pay-floating swaps $ 14 $ 111 $ 15 $ 104
Gain (loss) on hedged borrowings (14) (111) (15) (104)
Expense associated with interest accruals on pay-floating swaps $ (61) $ (93) $ (209) $ (303)
v3.26.1
Derivative Instruments Effect of Foreign Currency Cash Flow Hedges on AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Derivative [Line Items]        
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax $ (28) $ (438) $ 65 $ (87)
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net [1] $ (96) $ 79 $ (243) $ 289
[1] Primarily recorded in revenue.
v3.26.1
Derivative Instruments - Additional Information (Details)
$ in Millions, $ in Billions
 3 Months Ended
Jun. 27, 2026
USD ($)
Jun. 27, 2026
CAD ($)
Sep. 27, 2025
USD ($)
Sep. 27, 2025
CAD ($)
Derivative [Line Items]        
Net deferred gains recorded in AOCI for contracts that will mature in the next twelve months $ 14      
Aggregate fair value of derivative instruments with credit-risk-related contingent features in a net liability position by counterparty 700   $ 900  
Derivatives designated as hedges | Interest rate | Fair Value Hedging        
Derivative [Line Items]        
Derivative, Notional Amount 12,000   10,600  
Derivatives designated as hedges | Foreign exchange | Cash Flow Hedging        
Derivative [Line Items]        
Derivative, Notional Amount 10,200   9,300  
Derivatives designated as hedges | Currency Swap | Fair Value Hedging        
Derivative [Line Items]        
Derivative, Notional Amount 900 $ 1.3 900 $ 1.3
Not Designated as Hedging Instrument | Foreign exchange        
Derivative [Line Items]        
Derivative, Notional Amount 3,100   3,000  
Not Designated as Hedging Instrument | Other Derivative        
Derivative [Line Items]        
Derivative, Notional Amount $ 700   $ 600  
v3.26.1
Restructuring and Impairment Charges - Additional Details (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Jun. 28, 2025
Restructuring Cost and Reserve [Line Items]        
Restructuring and impairment charges [1] $ 900 $ 185 $ 1,139 $ 437
Produced Content        
Restructuring Cost and Reserve [Line Items]        
Asset, Impairment Loss       100
Star India        
Restructuring Cost and Reserve [Line Items]        
Goodwill, Impairment Loss       100
Employee Severance        
Restructuring Cost and Reserve [Line Items]        
Restructuring and impairment charges 100   200  
A&E        
Restructuring Cost and Reserve [Line Items]        
Asset, Impairment Loss $ 800   $ 1,000  
Tata Play        
Restructuring Cost and Reserve [Line Items]        
Asset, Impairment Loss   $ 200   $ 200
[1] See Note 15 for a discussion of amounts in restructuring and impairment charges.
v3.26.1
Subsequent Events (Details) - A&E - Subsequent Event
$ in Billions
Jul. 31, 2026
USD ($)
Subsequent Event [Line Items]  
Equity Method Investment, Ownership Percentage 50.00%
Proceeds from Sale of Equity Method Investments $ 1.2