WALT DISNEY CO, 10-Q filed on 2/2/2026
Quarterly Report
v3.25.4
Document and Entity Information - shares
 3 Months Ended
Dec. 27, 2025
Jan. 28, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 27, 2025  
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, $0.01 par value  
Trading Symbol DIS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,771,519,851
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001744489  
Current Fiscal Year End Date --10-03  
Amendment Flag false  
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Revenues $ 25,981 $ 24,690
Selling, general, administrative and other (4,121) (3,930)
Depreciation and amortization (1,316) (1,276)
Total costs and expenses (22,106) (20,612)
Restructuring and impairment charges [1] 0 (143)
Interest expense, net (275) (367)
Equity in the income of investees 93 92
Income before income taxes 3,693 3,660
Income taxes (1,209) (1,016)
Net income 2,484 2,644
Net income attributable to noncontrolling interests (82) (90)
Net income attributable to The Walt Disney Company (Disney) $ 2,402 $ 2,554
Earnings (Loss) Per Share [Abstract]    
Diluted $ 1.34 $ 1.40
Basic $ 1.34 $ 1.41
Weighted average number of common and common equivalent shares outstanding:    
Diluted (shares) 1,793 1,818
Basic (shares) 1,786 1,812
Service    
Revenues $ 23,206 $ 22,048
Costs (15,003) (13,789)
Product    
Revenues 2,775 2,642
Costs $ (1,666) $ (1,617)
[1] In the prior-year quarter, the Company recorded a $143 million loss in connection with the Star India Transaction.
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Net income $ 2,484 $ 2,644
Other Comprehensive Income/(Loss), Net of Tax:    
Market value adjustments for hedges 31 362
Pension and postretirement medical plan adjustments (3) 25
Foreign currency translation and other 13 552
Other comprehensive income 41 939
Comprehensive income 2,525 3,583
Net income attributable to noncontrolling interests (82) (90)
Other comprehensive income (loss) attributable to noncontrolling interests (27) 72
Comprehensive income attributable to Disney $ 2,416 $ 3,565
v3.25.4
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 27, 2025
Sep. 27, 2025
Current assets    
Cash and Cash Equivalents $ 5,678 $ 5,695
Receivables, net 15,054 13,217
Inventories 2,157 2,134
Content advances 1,336 2,063
Other current assets 1,241 1,158
Total current assets 25,466 24,267
Produced and licensed content costs 31,114 31,327
Investments 8,052 8,097
Parks Resorts And Other Property, Gross Excluding Projects And Land 81,830 82,041
Accumulated depreciation (47,228) (48,889)
Parks, resorts and other property before projects in progress and land, Total 34,602 33,152
Projects in progress 7,403 6,911
Land 1,193 1,192
Parks, resorts and other property 43,198 41,255
Intangible assets, net 9,429 9,272
Goodwill 74,743 73,294
Other assets 10,087 10,002
Total assets 202,089 197,514
Current liabilities    
Accounts payable and other accrued liabilities 20,541 21,203
Current portion of borrowings 10,819 6,711
Deferred revenue and other 6,686 6,248
Total current liabilities 38,046 34,162
Borrowings 35,821 35,315
Deferred income taxes 4,126 3,524
Other long-term liabilities 10,088 9,901
Commitments and contingencies
Equity    
Preferred stock 0 0
Common stock, $0.01 par value, Authorized – 4.6 billion shares, Issued – 1.9 billion shares 60,704 59,814
Retained earnings 60,164 60,410
Accumulated other comprehensive loss (2,900) (2,914)
Treasury stock, at cost, 97 million shares at December 27, 2025 and 79 million shares at September 27, 2025 (9,492) (7,441)
Total Disney Shareholders' equity 108,476 109,869
Noncontrolling interests 5,532 4,743
Total equity 114,008 114,612
Total liabilities and equity $ 202,089 $ 197,514
v3.25.4
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Millions
Dec. 27, 2025
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 97 79
v3.25.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Net Income $ 2,484 $ 2,644
OPERATING ACTIVITIES    
Depreciation and amortization 1,316 1,276
Deferred income taxes 525 25
Equity in the income of investees (93) (92)
Cash distributions received from equity investees 93 33
Net change in produced and licensed content costs and advances 1,153 1,141
Equity-based compensation 332 317
Other, net 9 206
Changes in operating assets and liabilities:    
Receivables (1,806) (1,277)
Inventories (22) 4
Other assets (220) (116)
Accounts payable and other liabilities (1,650) (1,533)
Income taxes (1,386) 577
Net Cash Provided by Operating Activities 735 3,205
INVESTING ACTIVITIES    
Investments in parks, resorts and other property (3,013) (2,466)
Other, net 276 (109)
Cash used in investing activities (2,737) (2,575)
FINANCING ACTIVITIES    
Commercial paper borrowings (payments), net 4,007 (169)
Borrowings 1,062 1,057
Reduction of borrowings (887) (951)
Repurchases of Common Stock (2,034) (794)
Other, net (164) (140)
Cash provided by (used in) financing activities 1,984 (997)
Impact of Exchange Rate on Cash, Cash Equivalents and Restricted Cash 5 (153)
Change in Cash, Cash Equivalents and Restricted Cash (13) (520)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 5,799 6,102
Cash, Cash Equivalents and Restricted Cash, End of Period $ 5,786 $ 5,582
v3.25.4
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) $ 3,583   2,554 1,011   3,565 18 [2] 3,583
Equity compensation activity (in shares)   5,000            
Equity compensation activity   $ 276       276   276
Dividends     (1,807)     (1,807)   (1,807)
Common stock repurchases, Shares, Acquired (7,000) (7,000)            
Common stock repurchases $ (800)       (794) (794)   (794)
Distributions and other     (1)   (2) (3) (38) [2] (41)
ENDING BALANCE (in shares) at Dec. 28, 2024 [1]   1,810,000            
Ending Balance at Dec. 28, 2024   $ 58,868 50,468 (2,688) (4,715) 101,933 4,806 [2] 106,739
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) $ 2,525   2,402 14   2,416 109 [2] 2,525
Equity compensation activity (in shares)   3,000            
Equity compensation activity   $ 245       245   245
Dividends     (2,651)     (2,651)   (2,651)
Common stock repurchases, Shares, Acquired (18,000) (18,000)            
Common stock repurchases $ (2,000)       (2,034) (2,034)   (2,034)
Fubo Acquisition   $ 646       646 702 1,348
Distributions and other   $ (1) 3   (17) (15) (22) [2] (37)
ENDING BALANCE (in shares) at Dec. 27, 2025 [1]   1,776,000            
Ending Balance at Dec. 27, 2025 $ 114,008 $ 60,704 $ 60,164 $ (2,900) $ (9,492) $ 108,476 $ 5,532 [2] $ 114,008
[1] Shares are net of treasury shares.
[2] Excludes redeemable noncontrolling interests.
v3.25.4
Basis of Presentation
 3 Months Ended
Dec. 27, 2025
Text Block [Abstract]  
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 quarter ended December 27, 2025 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 October 29, 2025, the Company included FuboTV Inc. (Fubo), a publicly traded virtual multi-channel video programming distributor (vMVPD), 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.
v3.25.4
Segment Information
 3 Months Ended
Dec. 27, 2025
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.
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 Ended
 December 27,
2025		December 28,
2024
Revenues:
Entertainment
Third parties$11,454   $10,761   
Amounts eliminated in consolidation
155   111   
11,609   10,872   
Sports
Third parties4,521   4,514   
Amounts eliminated in consolidation
388   336   
4,909   4,850   
Experiences10,006   9,415   
Eliminations(543)  (447)  
Total segment revenues$25,981   $24,690   
Segment operating income:
Entertainment$1,100   $1,703   
Sports191   247   
Experiences3,309   3,110   
Total segment operating income(1)
$4,600   $5,060   
(1) Equity in the income of investees is included in segment operating income as follows:
 Quarter Ended
 December 27,
2025		December 28,
2024
Entertainment$118   $118   
Sports3 10  
Equity in the income of investees included in segment operating income121 128 
Equity in the loss of India joint venture
(28)(33)
Acquisition Amortization related to an equity investee
— (3)
Equity in the income of investees
$93 $92 
Quarter Ended
Information about significant segment expensesDecember 27,
2025		December 28,
2024
Entertainment
Programming and production costs$6,314  $5,475  
Other segment operating expenses(1)
1,469  1,340  
Selling, general, administrative and other2,626  2,294  
Depreciation and amortization218  178  
Total Entertainment costs and expenses10,627  9,287  
Sports
Programming and production costs4,132  4,043  
Other segment operating expenses(2)
257  250  
Selling, general, administrative and other308  310  
Depreciation and amortization24  10  
Total Sports costs and expenses4,721  4,613  
Experiences
Operating labor2,285  2,164  
Infrastructure costs846  801  
Costs of goods sold and distribution costs943  929  
Other segment operating expenses(3)
902  784  
Selling, general, administrative and other962  948  
Depreciation and amortization759  679  
Total Experiences costs and expenses6,697  6,305  
Eliminations(4)
(543) (447) 
Corporate and unallocated shared expenses304  460  
Acquisition Amortization(5)
300  394  
Total costs and expenses$22,106  $20,612  
(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 vMVPD services to ESPN and the Entertainment linear networks for the right to air the networks on Hulu Live TV and Fubo 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 equity investees.
A reconciliation of segment operating income to income before income taxes is as follows:
 Quarter Ended
 December 27,
2025		December 28,
2024
Segment operating income$4,600 $5,060   
Corporate and unallocated shared expenses(304)  (460)
Equity in the loss of India joint venture
(28)(33)
Restructuring and impairment charges(1)
— (143)
Interest expense, net(275)(367)
Acquisition Amortization(2)
(300)(397)
Income before income taxes$3,693 $3,660 
(1)In the prior-year quarter, the Company recorded a $143 million loss in connection with the Star India Transaction.
(2)Acquisition Amortization is as follows:
Quarter Ended
December 27,
2025		December 28,
2024
Amortization of intangible assets$236 $327   
Step-up of film and television costs64   67 
Intangibles related to an equity investee
—   3 
$300 $397 
v3.25.4
Revenues
 3 Months Ended
Dec. 27, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer Revenues
The following table presents revenues by segment and major source:
Quarter Ended December 27, 2025
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$7,250$2,983$— $(416)$9,817 
Advertising1,7751,477— — 3,252 
Theme park admissions——3,301 — 3,301 
Resorts and vacations
——2,410 — 2,410 
Retail and wholesale sales of merchandise, food and beverage——2,741    —    2,741    
Merchandise licensing193—944 — 1,137 
Content sales
1,93660— — 1,996 
Other455389610 (127)1,327 
$11,609$4,909$10,006 $(543)$25,981 
Quarter Ended December 28, 2024
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$6,720 $3,057 $— $(321)$9,456 
Advertising1,898 1,342 — — 3,240 
Theme park admissions— — 3,087 — 3,087 
Resorts and vacations
— — 2,221 — 2,221 
Retail and wholesale sales of merchandise, food and beverage—    —    2,572    —    2,572    
Merchandise licensing165 — 927 — 1,092 
Content sales
1,585 78 — — 1,663 
Other504 373 608 (126)1,359 
$10,872 $4,850 $9,415 $(447)$24,690 
The following table presents revenues by segment and primary geographical markets:
Quarter Ended December 27, 2025
EntertainmentSportsExperiencesEliminationsTotal
Americas$9,022 $4,813 $7,570 $(543)$20,862 
Europe1,776    75    1,228    —    3,079    
Asia Pacific811 21 1,208 — 2,040 
Total revenues$11,609 $4,909 $10,006 $(543)$25,981 
Quarter Ended December 28, 2024
EntertainmentSportsExperiencesEliminationsTotal
Americas$8,492 $4,716 $7,121 $(447)$19,882 
Europe1,651    77    1,127    —    2,855    
Asia Pacific729 57 1,167 — 1,953 
Total revenues$10,872 $4,850 $9,415 $(447)$24,690 
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 December 27, 2025, $0.3 billion was recognized related to performance obligations satisfied as of September 27, 2025. For the quarter ended December 28, 2024, $0.3 billion was recognized related to performance obligations satisfied as of September 28, 2024.
As of December 27, 2025, 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, television station affiliates and sports sublicensees. Of this amount, we expect to recognize approximately $5 billion in the remainder of fiscal 2026, $4 billion in fiscal 2027, $3 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:
December 27,
2025		September 27,
2025
Accounts receivable
Current$12,450 $10,544   
Non-current997 985 
Allowance for credit losses(135)(126)
Deferred revenues
Current6,123 5,689 
Non-current731 785 
For the quarter ended December 27, 2025, the Company recognized revenue of $3.6 billion that was included in the September 27, 2025 deferred revenue balance. For the quarter ended December 28, 2024, the Company recognized revenue of $3.6 billion 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.
v3.25.4
Acquisitions and Dispositions
 3 Months Ended
Dec. 27, 2025
Business Combination [Abstract]  
Business Combinations and Dispositions Acquisitions and Dispositions
NFL media assets
In January 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 of 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. As a result of the NFL Transaction, the Company has an effective 72% interest in ESPN, with Hearst Corporation (Hearst) and NFL Enterprises LLC holding 18% and 10%, respectively. After July 2034,
based on the performance of the Specified Assets, the Company may have the right to reacquire (the Exchange Right) 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. 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 ESPN.
The estimated fair value of the NFL Transaction is approximately $3 billion. A significant portion of the transaction value will be deferred until late fiscal 2033 and amortized as an expense thereafter, or, in the case that the Company exercises its Exchange Right, would be charged to equity. The Company is in the process of finalizing the valuation of the assets acquired, liabilities assumed and noncontrolling interests.
FuboTV Inc.
On October 29, 2025, the Company and Fubo 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 $1.5 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.
The Company has included Fubo’s financial results in the Company’s Condensed Consolidated Financial Statements effective from October 29, 2025. The revenue of the acquired Fubo operations included in the Company’s Condensed Consolidated Statement of Income for the quarter ended December 27, 2025 was approximately $0.3 billion. Net income of the acquired Fubo operations included in the Company’s Condensed Consolidated Statement of Income for the quarter ended December 27, 2025, was not significant.
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 Hulu Live TV and Fubo 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 Transaction
1,459 — — 1,459 
Currency translation adjustments and other, net(10)— — (10)
Balance at December 27, 2025$52,707 $16,486 $5,550 $74,743 
v3.25.4
Cash, Cash Equivalents, Restricted Cash and Borrowings
 3 Months Ended
Dec. 27, 2025
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.
December 27,
2025		September 27,
2025
Cash and cash equivalents$5,678 $5,695 
Restricted cash included in other assets
108 104 
Total cash, cash equivalents and restricted cash in the statement of cash flows$5,786 $5,799 
Borrowings
During the quarter ended December 27, 2025, the Company’s borrowing activity was as follows: 
September 27,
2025		BorrowingsPaymentsOther
Activity		December 27,
2025
Commercial paper with original maturities less than three months(1)
$1,963 $— $(577)$(5)$1,381 
Commercial paper with original maturities greater than three months99 4,584 — 38 4,721 
U.S. dollar denominated borrowings(2)
38,658 1,062 (887)311 39,144 
Asia Theme Parks borrowings
1,075    —    —    (2)   1,073    
Foreign currency denominated borrowings and other(3)
231 — — 90 321 
$42,026 $5,646 $(1,464)$432 $46,640 
(1)Borrowings and reductions of borrowings are reported net.
(2)The other activity includes borrowings assumed in the acquisition of Fubo.
(3)The other activity is attributable to market value adjustments for debt with qualifying hedges.
At December 27, 2025, 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 2026
$5,250 $— $5,250 
Facility expiring March 20274,000 — 4,000 
Facility expiring March 2029
3,000 — 3,000 
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 December 27, 2025, the Company met this covenant by a significant margin. The bank facilities specifically exclude certain entities, including the Asia Theme Parks, 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 March 2027, which if utilized, reduces available borrowings under this facility. As of December 27, 2025, the Company has $0.4 billion of outstanding letters of credit, of which none were issued under this facility.
Cruise Ship Credit Facilities
In October 2025, in connection with the delivery of the Disney Destiny, the Company borrowed $1.1 billion with a fixed interest rate of 3.74%. Payments are due semi-annually over a 12-year term.
Interest expense, net
Interest expense (net of amounts capitalized), interest and investment income, and net periodic pension and postretirement benefit costs (other than service costs) (see Note 8) are reported net in the Condensed Consolidated Statements of Income and consist of the following:
Quarter Ended
December 27,
2025		December 28,
2024
Interest expense$(443)$(487)
Interest and investment income52    54    
Net periodic pension and postretirement benefit costs (other than service costs)116 66 
Interest expense, net$(275)$(367)
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.
v3.25.4
International Theme Parks
 3 Months Ended
Dec. 27, 2025
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:
 December 27,
2025		September 27,
2025
Cash and cash equivalents$486 $428 
Other current assets219 184 
Total current assets705 612 
Parks, resorts and other property6,183    6,060    
Other assets286 287 
Total assets$7,174 $6,959 
Current liabilities$799 $734 
Long-term borrowings1,073 1,075 
Other long-term liabilities497 489 
Total liabilities$2,369 $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 quarter ended December 27, 2025:
Revenues$1,635 
Costs and expenses(1,291)   
Asia Theme Parks’ royalty and management fees of $86 million for the quarter ended December 27, 2025 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 quarter ended December 27, 2025 were $404 million provided by operating activities, $355 million used in investing activities and $7 million provided by financing activities.
v3.25.4
Produced and Acquired/Licensed Content Costs and Advances
 3 Months Ended
Dec. 27, 2025
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 December 27, 2025As 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$5,395 $14,158 $19,553 $4,624 $14,288 $18,912 
Completed, not released345 1,150 1,495 313 1,061 1,374 
In-process2,608   3,821   6,429   4,082   3,633   7,715   
In development or pre-production425 117 542 386 182 568 
$8,773 $19,246 28,019 $9,405 $19,164 28,569 
Licensed content - Television programming rights and advances4,431 4,821 
Total produced and licensed content$32,450 $33,390 
Current portion$1,336 $2,063 
Non-current portion$31,114 $31,327 
Amortization of produced and licensed content is as follows:
Quarter Ended
December 27,
2025		December 28,
2024
Produced content
Predominantly monetized individually$1,354$696 
Predominantly monetized as a group1,6141,813   
2,9682,509 
Licensed programming rights and advances4,2464,097 
Total produced and licensed content costs(1)
$7,214$6,606 
(1)Primarily included in “Costs of services” in the Condensed Consolidated Statements of Income
v3.25.4
Pension and Other Benefit Programs
 3 Months Ended
Dec. 27, 2025
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 EndedQuarter Ended
 December 27,
2025		December 28,
2024		December 27,
2025		December 28,
2024
Service costs$61 $65 $— $— 
Other costs (benefits):
Interest costs199   195   11   11   
Expected return on plan assets(306)(290)(16)(15)
Amortization of previously deferred service costs (credits)
1 — (22)(22)
Recognized net actuarial loss (gain)
24 62 (7)(7)
Total other costs (benefits)(82)(33)(34)(33)
Net periodic benefit cost (income)$(21)$32 $(34)$(33)
v3.25.4
Earnings Per Share
 3 Months Ended
Dec. 27, 2025
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 Ended
 December 27,
2025		December 28,
2024
Shares (in millions):
Weighted average number of common and common equivalent shares outstanding (basic)1,786   1,812   
Weighted average dilutive impact of Awards
7 6 
Weighted average number of common and common equivalent shares outstanding (diluted)1,793 1,818 
Awards excluded from diluted earnings per share13 16 
v3.25.4
Equity
 3 Months Ended
Dec. 27, 2025
Equity [Abstract]  
Equity Equity
The Company declared the following dividends in fiscal 2026 and 2025:
Per Share
Amount
Payment Date
$0.75
$1.3 billion(1)
July 22, 2026
$0.75$1.3 billionJanuary 15, 2026
$0.50$0.9 billionJuly 23, 2025
$0.50$0.9 billionJanuary 16, 2025
(1)Amount represents our estimate of the dividends that will be paid on July 22, 2026. The actual amount will be determined based on shareholders of record at the record date.
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 ended December 27, 2025, the Company repurchased 18 million shares of its common stock for $2.0 billion. During the quarter ended December 28, 2024, the Company repurchased 7 million shares of its common stock for $0.8 billion. As of December 27, 2025, the Company had remaining authorization in place to repurchase approximately 321 million additional shares. The repurchase program does not have an expiration date.
The following tables summarize the changes in each component of accumulated other comprehensive income (loss) (AOCI) including our proportional share of equity method investee amounts:
 Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
AOCI, before tax
First quarter of fiscal 2026
Balance at September 27, 2025$(549)$(1,901)$(1,085)$(3,535)
Quarter Ended December 27, 2025:
Unrealized gains (losses) arising during the period(21)— (13)(34)
Reclassifications of realized net (gains) losses to net income63 (4)— 59 
Balance at December 27, 2025$(507)$(1,905)$(1,098)$(3,510)
First quarter of fiscal 2025
Balance at September 28, 2024$(319)$(2,243)$(1,855)$(4,417)
Quarter Ended December 28, 2024:
Unrealized gains (losses) arising during the period559    —    (246)   313    
Reclassifications of realized net (gains) losses to net income(88)33 — (55)
Star India Transaction
— — 904 904 
Balance at December 28, 2024$152 $(2,210)$(1,197)$(3,255)
 Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
Tax on AOCI
First quarter of fiscal 2026
Balance at September 27, 2025$120 $446 $55 $621 
Quarter Ended December 27, 2025:
Unrealized gains (losses) arising during the period3 — (1)2 
Reclassifications of realized net (gains) losses to net income(14)1 — (13)
Balance at December 27, 2025$109 $447 $54 $610 
First quarter of fiscal 2025
Balance at September 28, 2024$71 $531 $116 $718 
Quarter Ended December 28, 2024:
Unrealized gains (losses) arising during the period(130)   —    24    (106)   
Reclassifications of realized net (gains) losses to net income21 (8)— 13 
Star India Transaction
— — (58)(58)
Balance at December 28, 2024$(38)$523 $82 $567 
 Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
AOCI, after tax
First quarter of fiscal 2026
Balance at September 27, 2025$(429)$(1,455)$(1,030)$(2,914)
Quarter Ended December 27, 2025:
Unrealized gains (losses) arising during the period(18)— (14)(32)
Reclassifications of realized net (gains) losses to net income49 (3)— 46 
Balance at December 27, 2025$(398)$(1,458)$(1,044)$(2,900)
First quarter of fiscal 2025
Balance at September 28, 2024$(248)$(1,712)$(1,739)$(3,699)
Quarter Ended December 28, 2024:
Unrealized gains (losses) arising during the period429 — (222)207 
Reclassifications of realized net (gains) losses to net income(67)25 — (42)
Star India Transaction
— — 846 846 
Balance at December 28, 2024$114 $(1,687)$(1,115)$(2,688)
Details about AOCI components reclassified to net income are as follows:
Gain (loss) in net income:
Affected line item in the Condensed Consolidated Statements of Income:
Quarter Ended
December 27,
2025		December 28,
2024
Market value adjustments, primarily cash flow hedgesPrimarily revenue$(63)$88 
Estimated taxIncome taxes14 (21)
(49)67 
Pension and postretirement medical expenseInterest expense, net4 (33)
Estimated taxIncome taxes(1)  8   
3 (25)
Total reclassifications for the period$(46)$42 
v3.25.4
Equity-Based Compensation
 3 Months Ended
Dec. 27, 2025
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation Equity-Based Compensation
Equity-based compensation expense related to stock options and restricted stock units (RSU’s) for the quarters ended December 27, 2025 and December 28, 2024 was $332 million and $317 million, respectively. Equity-based compensation capitalized during the quarters ended December 27, 2025 and December 28, 2024 was $49 million and $44 million, respectively. Unrecognized compensation cost related to unvested stock options and RSUs was $0.1 billion and $1.6 billion, respectively, as of December 27, 2025.
Each fiscal year, generally in December and January, the Company awards stock options and restricted stock units to a broad-based group of management, technology and creative personnel (Annual Grant). Substantially all of the fiscal 2026 Annual Grant was issued in January 2026 and consisted of 2.6 million stock options and 15.2 million RSUs with weighted average grant date fair values of $37.11 and $113.25, respectively. The fiscal 2025 Annual Grant weighted average grant date fair values for stock options and RSUs were $37.98 and $109.20, respectively.
v3.25.4
Commitments and Contingencies
 3 Months Ended
Dec. 27, 2025
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 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 August 17, 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 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
Six 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.
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 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. A preliminary approval hearing is scheduled for February 19, 2026.
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. A hearing on the motion is set for March 19, 2026. The Company intends to continue to defend against the lawsuit vigorously. At this time, we cannot reasonably estimate the amount of any possible loss in the Unger Action.
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 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’s response to these counterclaims is due on February 20, 2026. 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
The Company entered into license agreements for the sports rights necessary to operate NFL Network and NFL RedZone through 2033.
v3.25.4
Fair Value Measurements
 3 Months Ended
Dec. 27, 2025
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 December 27, 2025
 Level 1Level 2Level 3Total
Assets
Investments$— $44 $— $44 
Derivatives
Foreign exchange
— 828 — 828 
Other—    8    —    8    
Liabilities
Derivatives
Interest rate— (757)— (757)
Foreign exchange— (923)— (923)
Other— (2)— (2)
Other— (727)— (727)
Total recorded at fair value$— $(1,529)$— $(1,529)
Fair value of borrowings$— $40,179 $3,481 $43,660 
 
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. Counterparty credit risk, which is mitigated by master netting agreements and collateral posting arrangements with certain counterparties, had an impact on derivative fair value estimates that was not material. 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.
v3.25.4
Derivative Instruments
 3 Months Ended
Dec. 27, 2025
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 December 27, 2025
 Current
Assets		Investments/
Other Assets		Other Current
Liabilities		Other Long-
Term
Liabilities
Derivatives designated as hedges
Foreign exchange$225 $389 $(399)$(206)
Interest rate— — (757)— 
Other1    —    (2)   —    
Derivatives not designated as hedges
Foreign exchange56 158 (66)(252)
Other7 44 — — 
Gross fair value of derivatives289 591 (1,224)(458)
Counterparty netting(276)(513)391 398 
Cash collateral (received) paid— — 570 — 
Net derivative positions $13 $78 $(263)$(60)
 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 $10.6 billion at both December 27, 2025 and September 27, 2025.
The following table summarizes fair value hedge adjustments to hedged borrowings:
Carrying Amount of Hedged BorrowingsFair Value Adjustments Included
in Hedged Borrowings
December 27,
2025		September 27,
2025		December 27,
2025		September 27,
2025
Borrowings:
Current$2,980    $2,954    $(19)   $(44)   
Long-term7,413 7,347 (634)(680)
$10,393 $10,301 $(653)$(724)
The following amounts are included in “Interest expense, net” in the Condensed Consolidated Statements of Income:
 Quarter Ended
 December 27,
2025		December 28,
2024
Gain (loss) on:
Pay-floating swaps$67 $(195)
Borrowings hedged with pay-floating swaps(67)  195   
Expense associated with interest accruals on pay-floating swaps
(85)(111)
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 December 27, 2025 and September 27, 2025, the notional amount of the Company’s net foreign exchange cash flow hedges was $10.1 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 losses recorded in AOCI for contracts that will mature in the next twelve months total $228 million. The following table summarizes the effect of foreign exchange cash flow hedges on AOCI:
Quarter Ended
December 27,
2025		December 28,
2024
Gain (loss) recognized in Other Comprehensive Income$(25)$562 
Gain (loss) reclassified from AOCI into the Statements of Operations(1)
(62)   89    
(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 December 27, 2025 and September 27, 2025, the total notional amount of the Company’s designated cross currency swaps was Canadian $1.3 billion ($1.0 billion) and Canadian $1.3 billion ($0.9 billion), respectively. The related gains or losses recognized in earnings for the quarters ended December 27, 2025 and December 28, 2024 were not material.
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 December 27, 2025 and September 27, 2025 was $3.2 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 ended December 27, 2025 and December 28, 2024 were not material.
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 December 27, 2025 and September 27, 2025 was $0.7 billion and $0.6 billion, respectively. The related gains or losses recognized in earnings for the quarters ended December 27, 2025 and December 28, 2024 were not material.
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 $0.9 billion at December 27, 2025 and September 27, 2025.
v3.25.4
New Accounting Pronouncements
 3 Months Ended
Dec. 27, 2025
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 in fiscal year 2028 and for interim periods beginning in 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.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 27, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 11, 2025, Horacio E. Gutierrez, the Company’s Chief Legal and Public Affairs Officer adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. Mr. Gutierrez’s trading plan provides for the sale of up to 200,147 gross shares of the Company’s common stock (which includes the potential exercise of vested stock options granted to Mr. Gutierrez and the associated sale of shares of the Company’s common stock, excluding any shares used to effect a cashless exercise or withheld to satisfy tax withholding obligations in connection with the exercise or net settlement of the option awards). Mr. Gutierrez’s trading plan is scheduled to terminate on December 15, 2026.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Horacio E. Gutierrez [Member]  
Trading Arrangements, by Individual  
Name Horacio E. Gutierrez
Title Chief Legal and Public Affairs Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date December 11, 2025
Expiration Date December 15, 2026
Aggregate Available 200,147
v3.25.4
Segment Information (Tables)
 3 Months Ended
Dec. 27, 2025
Text Block [Abstract]  
Financial Information by Operating Segments
Segment revenues, segment operating income and significant segment expenses are as follows:
 Quarter Ended
 December 27,
2025		December 28,
2024
Revenues:
Entertainment
Third parties$11,454   $10,761   
Amounts eliminated in consolidation
155   111   
11,609   10,872   
Sports
Third parties4,521   4,514   
Amounts eliminated in consolidation
388   336   
4,909   4,850   
Experiences10,006   9,415   
Eliminations(543)  (447)  
Total segment revenues$25,981   $24,690   
Segment operating income:
Entertainment$1,100   $1,703   
Sports191   247   
Experiences3,309   3,110   
Total segment operating income(1)
$4,600   $5,060   
(1) Equity in the income of investees is included in segment operating income as follows:
 Quarter Ended
 December 27,
2025		December 28,
2024
Entertainment$118   $118   
Sports3 10  
Equity in the income of investees included in segment operating income121 128 
Equity in the loss of India joint venture
(28)(33)
Acquisition Amortization related to an equity investee
— (3)
Equity in the income of investees
$93 $92 
Equity In Income of Investees By Segment Equity in the income of investees is included in segment operating income as follows:
 Quarter Ended
 December 27,
2025		December 28,
2024
Entertainment$118   $118   
Sports3 10  
Equity in the income of investees included in segment operating income121 128 
Equity in the loss of India joint venture
(28)(33)
Acquisition Amortization related to an equity investee
— (3)
Equity in the income of investees
$93 $92 
Supplemental Information About Segment Expenses
Quarter Ended
Information about significant segment expensesDecember 27,
2025		December 28,
2024
Entertainment
Programming and production costs$6,314  $5,475  
Other segment operating expenses(1)
1,469  1,340  
Selling, general, administrative and other2,626  2,294  
Depreciation and amortization218  178  
Total Entertainment costs and expenses10,627  9,287  
Sports
Programming and production costs4,132  4,043  
Other segment operating expenses(2)
257  250  
Selling, general, administrative and other308  310  
Depreciation and amortization24  10  
Total Sports costs and expenses4,721  4,613  
Experiences
Operating labor2,285  2,164  
Infrastructure costs846  801  
Costs of goods sold and distribution costs943  929  
Other segment operating expenses(3)
902  784  
Selling, general, administrative and other962  948  
Depreciation and amortization759  679  
Total Experiences costs and expenses6,697  6,305  
Eliminations(4)
(543) (447) 
Corporate and unallocated shared expenses304  460  
Acquisition Amortization(5)
300  394  
Total costs and expenses$22,106  $20,612  
(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 vMVPD services to ESPN and the Entertainment linear networks for the right to air the networks on Hulu Live TV and Fubo 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 equity investees.
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 Ended
 December 27,
2025		December 28,
2024
Segment operating income$4,600 $5,060   
Corporate and unallocated shared expenses(304)  (460)
Equity in the loss of India joint venture
(28)(33)
Restructuring and impairment charges(1)
— (143)
Interest expense, net(275)(367)
Acquisition Amortization(2)
(300)(397)
Income before income taxes$3,693 $3,660 
(1)In the prior-year quarter, the Company recorded a $143 million loss in connection with the Star India Transaction.
(2)Acquisition Amortization is as follows:
Quarter Ended
December 27,
2025		December 28,
2024
Amortization of intangible assets$236 $327   
Step-up of film and television costs64   67 
Intangibles related to an equity investee
—   3 
$300 $397 
Acquisition Amortization Acquisition Amortization is as follows:
Quarter Ended
December 27,
2025		December 28,
2024
Amortization of intangible assets$236 $327   
Step-up of film and television costs64   67 
Intangibles related to an equity investee
—   3 
$300 $397 
v3.25.4
Revenues (Tables)
 3 Months Ended
Dec. 27, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue by Major Source
The following table presents revenues by segment and major source:
Quarter Ended December 27, 2025
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$7,250$2,983$— $(416)$9,817 
Advertising1,7751,477— — 3,252 
Theme park admissions——3,301 — 3,301 
Resorts and vacations
——2,410 — 2,410 
Retail and wholesale sales of merchandise, food and beverage——2,741    —    2,741    
Merchandise licensing193—944 — 1,137 
Content sales
1,93660— — 1,996 
Other455389610 (127)1,327 
$11,609$4,909$10,006 $(543)$25,981 
Quarter Ended December 28, 2024
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$6,720 $3,057 $— $(321)$9,456 
Advertising1,898 1,342 — — 3,240 
Theme park admissions— — 3,087 — 3,087 
Resorts and vacations
— — 2,221 — 2,221 
Retail and wholesale sales of merchandise, food and beverage—    —    2,572    —    2,572    
Merchandise licensing165 — 927 — 1,092 
Content sales
1,585 78 — — 1,663 
Other504 373 608 (126)1,359 
$10,872 $4,850 $9,415 $(447)$24,690 
Disaggregation of Revenue by Geographical Markets
The following table presents revenues by segment and primary geographical markets:
Quarter Ended December 27, 2025
EntertainmentSportsExperiencesEliminationsTotal
Americas$9,022 $4,813 $7,570 $(543)$20,862 
Europe1,776    75    1,228    —    3,079    
Asia Pacific811 21 1,208 — 2,040 
Total revenues$11,609 $4,909 $10,006 $(543)$25,981 
Quarter Ended December 28, 2024
EntertainmentSportsExperiencesEliminationsTotal
Americas$8,492 $4,716 $7,121 $(447)$19,882 
Europe1,651    77    1,127    —    2,855    
Asia Pacific729 57 1,167 — 1,953 
Total revenues$10,872 $4,850 $9,415 $(447)$24,690 
Contract with Customer, Asset and Liability
Accounts receivable and deferred revenues from contracts with customers are as follows:
December 27,
2025		September 27,
2025
Accounts receivable
Current$12,450 $10,544   
Non-current997 985 
Allowance for credit losses(135)(126)
Deferred revenues
Current6,123 5,689 
Non-current731 785 
v3.25.4
Acquisitions and Dispositions (Tables)
 3 Months Ended
Dec. 27, 2025
Business Combination [Abstract]  
Schedule of 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 Transaction
1,459 — — 1,459 
Currency translation adjustments and other, net(10)— — (10)
Balance at December 27, 2025$52,707 $16,486 $5,550 $74,743 
v3.25.4
Cash, Cash Equivalents, Restricted Cash and Borrowings (Tables)
 3 Months Ended
Dec. 27, 2025
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.
December 27,
2025		September 27,
2025
Cash and cash equivalents$5,678 $5,695 
Restricted cash included in other assets
108 104 
Total cash, cash equivalents and restricted cash in the statement of cash flows$5,786 $5,799 
Borrowing Activity
During the quarter ended December 27, 2025, the Company’s borrowing activity was as follows: 
September 27,
2025		BorrowingsPaymentsOther
Activity		December 27,
2025
Commercial paper with original maturities less than three months(1)
$1,963 $— $(577)$(5)$1,381 
Commercial paper with original maturities greater than three months99 4,584 — 38 4,721 
U.S. dollar denominated borrowings(2)
38,658 1,062 (887)311 39,144 
Asia Theme Parks borrowings
1,075    —    —    (2)   1,073    
Foreign currency denominated borrowings and other(3)
231 — — 90 321 
$42,026 $5,646 $(1,464)$432 $46,640 
(1)Borrowings and reductions of borrowings are reported net.
(2)The other activity includes borrowings assumed in the acquisition of Fubo.
(3)The other activity is attributable to market value adjustments for debt with qualifying hedges.
Line of Credit Facilities
At December 27, 2025, 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 2026
$5,250 $— $5,250 
Facility expiring March 20274,000 — 4,000 
Facility expiring March 2029
3,000 — 3,000 
Total$12,250 $— $12,250 
Interest Expense, net
Interest expense (net of amounts capitalized), interest and investment income, and net periodic pension and postretirement benefit costs (other than service costs) (see Note 8) are reported net in the Condensed Consolidated Statements of Income and consist of the following:
Quarter Ended
December 27,
2025		December 28,
2024
Interest expense$(443)$(487)
Interest and investment income52    54    
Net periodic pension and postretirement benefit costs (other than service costs)116 66 
Interest expense, net$(275)$(367)
v3.25.4
International Theme Parks (Tables)
 3 Months Ended
Dec. 27, 2025
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:
 December 27,
2025		September 27,
2025
Cash and cash equivalents$486 $428 
Other current assets219 184 
Total current assets705 612 
Parks, resorts and other property6,183    6,060    
Other assets286 287 
Total assets$7,174 $6,959 
Current liabilities$799 $734 
Long-term borrowings1,073 1,075 
Other long-term liabilities497 489 
Total liabilities$2,369 $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 quarter ended December 27, 2025:
Revenues$1,635 
Costs and expenses(1,291)   
v3.25.4
Produced and Acquired/Licensed Content Costs and Advances (Tables)
 3 Months Ended
Dec. 27, 2025
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 December 27, 2025As 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$5,395 $14,158 $19,553 $4,624 $14,288 $18,912 
Completed, not released345 1,150 1,495 313 1,061 1,374 
In-process2,608   3,821   6,429   4,082   3,633   7,715   
In development or pre-production425 117 542 386 182 568 
$8,773 $19,246 28,019 $9,405 $19,164 28,569 
Licensed content - Television programming rights and advances4,431 4,821 
Total produced and licensed content$32,450 $33,390 
Current portion$1,336 $2,063 
Non-current portion$31,114 $31,327 
Amortization of Produced and Licensed Content Costs
Amortization of produced and licensed content is as follows:
Quarter Ended
December 27,
2025		December 28,
2024
Produced content
Predominantly monetized individually$1,354$696 
Predominantly monetized as a group1,6141,813   
2,9682,509 
Licensed programming rights and advances4,2464,097 
Total produced and licensed content costs(1)
$7,214$6,606 
(1)Primarily included in “Costs of services” in the Condensed Consolidated Statements of Income
v3.25.4
Pension and Other Benefit Programs (Tables)
 3 Months Ended
Dec. 27, 2025
Retirement Benefits [Abstract]  
Net Periodic Benefit Cost
The components of net periodic benefit cost (income) are as follows:
 Pension PlansPostretirement Medical Plans
 Quarter EndedQuarter Ended
 December 27,
2025		December 28,
2024		December 27,
2025		December 28,
2024
Service costs$61 $65 $— $— 
Other costs (benefits):
Interest costs199   195   11   11   
Expected return on plan assets(306)(290)(16)(15)
Amortization of previously deferred service costs (credits)
1 — (22)(22)
Recognized net actuarial loss (gain)
24 62 (7)(7)
Total other costs (benefits)(82)(33)(34)(33)
Net periodic benefit cost (income)$(21)$32 $(34)$(33)
v3.25.4
Earnings Per Share (Tables)
 3 Months Ended
Dec. 27, 2025
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 Ended
 December 27,
2025		December 28,
2024
Shares (in millions):
Weighted average number of common and common equivalent shares outstanding (basic)1,786   1,812   
Weighted average dilutive impact of Awards
7 6 
Weighted average number of common and common equivalent shares outstanding (diluted)1,793 1,818 
Awards excluded from diluted earnings per share13 16 
v3.25.4
Equity (Tables)
 3 Months Ended
Dec. 27, 2025
Equity [Abstract]  
Dividends Declared
The Company declared the following dividends in fiscal 2026 and 2025:
Per Share
Amount
Payment Date
$0.75
$1.3 billion(1)
July 22, 2026
$0.75$1.3 billionJanuary 15, 2026
$0.50$0.9 billionJuly 23, 2025
$0.50$0.9 billionJanuary 16, 2025
(1)Amount represents our estimate of the dividends that will be paid on July 22, 2026. The actual amount will be determined based on shareholders of record at the record date.
Changes in Accumulated Other Comprehensive Income (Loss)
The following tables summarize the changes in each component of accumulated other comprehensive income (loss) (AOCI) including our proportional share of equity method investee amounts:
 Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
AOCI, before tax
First quarter of fiscal 2026
Balance at September 27, 2025$(549)$(1,901)$(1,085)$(3,535)
Quarter Ended December 27, 2025:
Unrealized gains (losses) arising during the period(21)— (13)(34)
Reclassifications of realized net (gains) losses to net income63 (4)— 59 
Balance at December 27, 2025$(507)$(1,905)$(1,098)$(3,510)
First quarter of fiscal 2025
Balance at September 28, 2024$(319)$(2,243)$(1,855)$(4,417)
Quarter Ended December 28, 2024:
Unrealized gains (losses) arising during the period559    —    (246)   313    
Reclassifications of realized net (gains) losses to net income(88)33 — (55)
Star India Transaction
— — 904 904 
Balance at December 28, 2024$152 $(2,210)$(1,197)$(3,255)
 Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
Tax on AOCI
First quarter of fiscal 2026
Balance at September 27, 2025$120 $446 $55 $621 
Quarter Ended December 27, 2025:
Unrealized gains (losses) arising during the period3 — (1)2 
Reclassifications of realized net (gains) losses to net income(14)1 — (13)
Balance at December 27, 2025$109 $447 $54 $610 
First quarter of fiscal 2025
Balance at September 28, 2024$71 $531 $116 $718 
Quarter Ended December 28, 2024:
Unrealized gains (losses) arising during the period(130)   —    24    (106)   
Reclassifications of realized net (gains) losses to net income21 (8)— 13 
Star India Transaction
— — (58)(58)
Balance at December 28, 2024$(38)$523 $82 $567 
 Market Value
Adjustments
for Hedges		Unrecognized
Pension and 
Postretirement
Medical 
Expense		Foreign
Currency
Translation
and Other		AOCI
AOCI, after tax
First quarter of fiscal 2026
Balance at September 27, 2025$(429)$(1,455)$(1,030)$(2,914)
Quarter Ended December 27, 2025:
Unrealized gains (losses) arising during the period(18)— (14)(32)
Reclassifications of realized net (gains) losses to net income49 (3)— 46 
Balance at December 27, 2025$(398)$(1,458)$(1,044)$(2,900)
First quarter of fiscal 2025
Balance at September 28, 2024$(248)$(1,712)$(1,739)$(3,699)
Quarter Ended December 28, 2024:
Unrealized gains (losses) arising during the period429 — (222)207 
Reclassifications of realized net (gains) losses to net income(67)25 — (42)
Star India Transaction
— — 846 846 
Balance at December 28, 2024$114 $(1,687)$(1,115)$(2,688)
Details about AOCI Components Reclassified to Net Income
Details about AOCI components reclassified to net income are as follows:
Gain (loss) in net income:
Affected line item in the Condensed Consolidated Statements of Income:
Quarter Ended
December 27,
2025		December 28,
2024
Market value adjustments, primarily cash flow hedgesPrimarily revenue$(63)$88 
Estimated taxIncome taxes14 (21)
(49)67 
Pension and postretirement medical expenseInterest expense, net4 (33)
Estimated taxIncome taxes(1)  8   
3 (25)
Total reclassifications for the period$(46)$42 
v3.25.4
Fair Value Measurements (Tables)
 3 Months Ended
Dec. 27, 2025
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 December 27, 2025
 Level 1Level 2Level 3Total
Assets
Investments$— $44 $— $44 
Derivatives
Foreign exchange
— 828 — 828 
Other—    8    —    8    
Liabilities
Derivatives
Interest rate— (757)— (757)
Foreign exchange— (923)— (923)
Other— (2)— (2)
Other— (727)— (727)
Total recorded at fair value$— $(1,529)$— $(1,529)
Fair value of borrowings$— $40,179 $3,481 $43,660 
 
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 
v3.25.4
Derivative Instruments (Tables)
 3 Months Ended
Dec. 27, 2025
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 December 27, 2025
 Current
Assets		Investments/
Other Assets		Other Current
Liabilities		Other Long-
Term
Liabilities
Derivatives designated as hedges
Foreign exchange$225 $389 $(399)$(206)
Interest rate— — (757)— 
Other1    —    (2)   —    
Derivatives not designated as hedges
Foreign exchange56 158 (66)(252)
Other7 44 — — 
Gross fair value of derivatives289 591 (1,224)(458)
Counterparty netting(276)(513)391 398 
Cash collateral (received) paid— — 570 — 
Net derivative positions $13 $78 $(263)$(60)
 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
December 27,
2025		September 27,
2025		December 27,
2025		September 27,
2025
Borrowings:
Current$2,980    $2,954    $(19)   $(44)   
Long-term7,413 7,347 (634)(680)
$10,393 $10,301 $(653)$(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 Ended
 December 27,
2025		December 28,
2024
Gain (loss) on:
Pay-floating swaps$67 $(195)
Borrowings hedged with pay-floating swaps(67)  195   
Expense associated with interest accruals on pay-floating swaps
(85)(111)
Effect of Foreign Exchange Cash Flow Hedges on AOCI The following table summarizes the effect of foreign exchange cash flow hedges on AOCI:
Quarter Ended
December 27,
2025		December 28,
2024
Gain (loss) recognized in Other Comprehensive Income$(25)$562 
Gain (loss) reclassified from AOCI into the Statements of Operations(1)
(62)   89    
(1)Primarily recorded in revenue.
v3.25.4
Basis of Presentation - Additional Information (Details)
Dec. 27, 2025
India Joint Venture  
Schedule of Equity Method Investments  
Equity Method Investment, Ownership Percentage 37.00%
v3.25.4
Financial Information by Operating Segments (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Segment Reporting Information    
Revenues $ 25,981 $ 24,690
Segment operating income 4,600 5,060
Total Segments    
Segment Reporting Information    
Revenues 25,981 24,690
Entertainment Segment    
Segment Reporting Information    
Revenues 11,609 10,872
Segment operating income 1,100 1,703
Entertainment Segment | Entertainment Third Party    
Segment Reporting Information    
Revenues 11,454 10,761
Entertainment Segment | Intersegment Eliminations    
Segment Reporting Information    
Revenues 155 111
Sports Segment    
Segment Reporting Information    
Revenues 4,909 4,850
Segment operating income 191 247
Sports Segment | Sports Third Party    
Segment Reporting Information    
Revenues 4,521 4,514
Sports Segment | Intersegment Eliminations    
Segment Reporting Information    
Revenues 388 336
Experiences Segment    
Segment Reporting Information    
Revenues 10,006 9,415
Segment operating income 3,309 3,110
Segment Eliminations    
Segment Reporting Information    
Revenues $ (543) $ (447)
v3.25.4
Equity in the Income of Investees included in Segment Operating Results (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Schedule of Equity Method Investments    
Equity in the income of investees $ 93 $ 92
Amortization of Intangible Assets Held by Equity Investees 0 (3)
India Joint Venture    
Schedule of Equity Method Investments    
Equity in the income of investees (28) (33)
Entertainment Segment    
Schedule of Equity Method Investments    
Equity in the income of investees 118 118
Sports Segment    
Schedule of Equity Method Investments    
Equity in the income of investees 3 10
Total Segments    
Schedule of Equity Method Investments    
Equity in the income of investees $ 121 $ 128
v3.25.4
Supplemental Information About Segment Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Other General Expense $ 304 $ 460
Amortization of Intangible Assets and Fair Value Step-up on Film and Television Costs [1] 300 394
Selling, General and Administrative Expense 4,121 3,930
Depreciation and amortization 1,316 1,276
Total costs and expenses 22,106 20,612
Entertainment Segment    
Programming and Production Costs 6,314 5,475
Other Cost and Expense, Operating [2] 1,469 1,340
Selling, General and Administrative Expense 2,626 2,294
Depreciation and amortization 218 178
Total costs and expenses 10,627 9,287
Sports Segment    
Programming and Production Costs 4,132 4,043
Other Cost and Expense, Operating [3] 257 250
Selling, General and Administrative Expense 308 310
Depreciation and amortization 24 10
Total costs and expenses 4,721 4,613
Experiences Segment    
Other Cost and Expense, Operating [4] 902 784
Selling, General and Administrative Expense 962 948
Depreciation and amortization 759 679
Total costs and expenses 6,697 6,305
Operating Labor 2,285 2,164
Infrastructure Costs 846 801
Cost of Product and Service Sold 943 929
Segment Eliminations    
Programming and Production Costs [5] $ (543) $ (447)
[1] Excludes Acquisition Amortization of intangible assets related to equity investees.
[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 vMVPD services to ESPN and the Entertainment linear networks for the right to air the networks on Hulu Live TV and Fubo 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.
v3.25.4
Reconciliation of Segment Operating Income to Income before Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Reconciling Items for Operating Income (Loss) from Segment to Consolidated    
Segment operating income $ 4,600 $ 5,060
Corporate and unallocated shared expenses (304) (460)
Income (Loss) from Equity Method Investments 93 92
Restructuring and impairment charges [1] 0 (143)
Interest expense, net (275) (367)
Amortization of Intangible Assets [2] (300) (397)
Income before income taxes 3,693 3,660
India Joint Venture    
Reconciling Items for Operating Income (Loss) from Segment to Consolidated    
Income (Loss) from Equity Method Investments $ (28) $ (33)
[1] In the prior-year quarter, the Company recorded a $143 million loss in connection with the Star India Transaction.
[2] Acquisition Amortization is as follows:
Quarter Ended
December 27,
2025		December 28,
2024
Amortization of intangible assets$236 $327   
Step-up of film and television costs64   67 
Intangibles related to an equity investee
—   3 
$300 $397 
v3.25.4
Restructuring and Impairment Charges (Details)
$ in Millions
 3 Months Ended
Dec. 28, 2024
USD ($)
Star India  
Goodwill, Impairment Loss $ 143
v3.25.4
TFCF and Hulu Acquisition Amortization (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Amortization of Intangible Assets [1] $ 300 $ 397
Amortization of Intangible Assets Held by Equity Investees 0 (3)
TFCF and Hulu    
Amortization of Intangible Assets 236 327
Amortization 64 67
Amortization of Intangible Assets Held by Equity Investees $ 0 $ 3
[1] Acquisition Amortization is as follows:
Quarter Ended
December 27,
2025		December 28,
2024
Amortization of intangible assets$236 $327   
Step-up of film and television costs64   67 
Intangibles related to an equity investee
—   3 
$300 $397 
v3.25.4
Description of Business and Segment Information - Additional Information (Details)
 3 Months Ended
Dec. 27, 2025
Segment Reporting Information  
Number of Reportable Segments 3
v3.25.4
Disaggregation of Revenue by Major Source (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Disaggregation of Revenue [Line Items]    
Revenues $ 25,981 $ 24,690
Subscription and affiliate fees    
Disaggregation of Revenue [Line Items]    
Revenues 9,817 9,456
Advertising    
Disaggregation of Revenue [Line Items]    
Revenues 3,252 3,240
Theme park admissions    
Disaggregation of Revenue [Line Items]    
Revenues 3,301 3,087
Resorts and vacations    
Disaggregation of Revenue [Line Items]    
Revenues 2,410 2,221
Retail and wholesale sales of merchandise, food and beverage    
Disaggregation of Revenue [Line Items]    
Revenues 2,741 2,572
Merchandise licensing    
Disaggregation of Revenue [Line Items]    
Revenues 1,137 1,092
Content Sales    
Disaggregation of Revenue [Line Items]    
Revenues 1,996 1,663
Other    
Disaggregation of Revenue [Line Items]    
Revenues 1,327 1,359
Entertainment Segment    
Disaggregation of Revenue [Line Items]    
Revenues 11,609 10,872
Entertainment Segment | Subscription and affiliate fees    
Disaggregation of Revenue [Line Items]    
Revenues 7,250 6,720
Entertainment Segment | Advertising    
Disaggregation of Revenue [Line Items]    
Revenues 1,775 1,898
Entertainment Segment | Merchandise licensing    
Disaggregation of Revenue [Line Items]    
Revenues 193 165
Entertainment Segment | Content Sales    
Disaggregation of Revenue [Line Items]    
Revenues 1,936 1,585
Entertainment Segment | Other    
Disaggregation of Revenue [Line Items]    
Revenues 455 504
Sports Segment    
Disaggregation of Revenue [Line Items]    
Revenues 4,909 4,850
Sports Segment | Subscription and affiliate fees    
Disaggregation of Revenue [Line Items]    
Revenues 2,983 3,057
Sports Segment | Advertising    
Disaggregation of Revenue [Line Items]    
Revenues 1,477 1,342
Sports Segment | Content Sales    
Disaggregation of Revenue [Line Items]    
Revenues 60 78
Sports Segment | Other    
Disaggregation of Revenue [Line Items]    
Revenues 389 373
Experiences Segment    
Disaggregation of Revenue [Line Items]    
Revenues 10,006 9,415
Experiences Segment | Theme park admissions    
Disaggregation of Revenue [Line Items]    
Revenues 3,301 3,087
Experiences Segment | Resorts and vacations    
Disaggregation of Revenue [Line Items]    
Revenues 2,410 2,221
Experiences Segment | Retail and wholesale sales of merchandise, food and beverage    
Disaggregation of Revenue [Line Items]    
Revenues 2,741 2,572
Experiences Segment | Merchandise licensing    
Disaggregation of Revenue [Line Items]    
Revenues 944 927
Experiences Segment | Other    
Disaggregation of Revenue [Line Items]    
Revenues 610 608
Segment Eliminations    
Disaggregation of Revenue [Line Items]    
Revenues (543) (447)
Segment Eliminations | Subscription and affiliate fees    
Disaggregation of Revenue [Line Items]    
Revenues (416) (321)
Segment Eliminations | Other    
Disaggregation of Revenue [Line Items]    
Revenues $ (127) $ (126)
v3.25.4
Disaggregation of Revenue by Geographical Markets (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Disaggregation of Revenue [Line Items]    
Revenues $ 25,981 $ 24,690
Americas    
Disaggregation of Revenue [Line Items]    
Revenues 20,862 19,882
Europe    
Disaggregation of Revenue [Line Items]    
Revenues 3,079 2,855
Asia Pacific    
Disaggregation of Revenue [Line Items]    
Revenues 2,040 1,953
Entertainment Segment    
Disaggregation of Revenue [Line Items]    
Revenues 11,609 10,872
Entertainment Segment | Americas    
Disaggregation of Revenue [Line Items]    
Revenues 9,022 8,492
Entertainment Segment | Europe    
Disaggregation of Revenue [Line Items]    
Revenues 1,776 1,651
Entertainment Segment | Asia Pacific    
Disaggregation of Revenue [Line Items]    
Revenues 811 729
Sports Segment    
Disaggregation of Revenue [Line Items]    
Revenues 4,909 4,850
Sports Segment | Americas    
Disaggregation of Revenue [Line Items]    
Revenues 4,813 4,716
Sports Segment | Europe    
Disaggregation of Revenue [Line Items]    
Revenues 75 77
Sports Segment | Asia Pacific    
Disaggregation of Revenue [Line Items]    
Revenues 21 57
Experiences Segment    
Disaggregation of Revenue [Line Items]    
Revenues 10,006 9,415
Experiences Segment | Americas    
Disaggregation of Revenue [Line Items]    
Revenues 7,570 7,121
Experiences Segment | Europe    
Disaggregation of Revenue [Line Items]    
Revenues 1,228 1,127
Experiences Segment | Asia Pacific    
Disaggregation of Revenue [Line Items]    
Revenues 1,208 1,167
Segment Eliminations    
Disaggregation of Revenue [Line Items]    
Revenues (543) (447)
Segment Eliminations | Americas    
Disaggregation of Revenue [Line Items]    
Revenues (543) (447)
Segment Eliminations | Europe    
Disaggregation of Revenue [Line Items]    
Revenues 0 0
Segment Eliminations | Asia Pacific    
Disaggregation of Revenue [Line Items]    
Revenues $ 0 $ 0
v3.25.4
Contract with Customer, Asset and Liability (Details) - USD ($)
$ in Millions
Dec. 27, 2025
Sep. 27, 2025
Accounts Receivable, before Allowance for Credit Loss, Current $ 12,450 $ 10,544
Accounts Receivable, before Allowance for Credit Loss, Noncurrent 997 985
Contract with Customer, Asset, Allowance for Credit Loss (135) (126)
Contract with Customer, Liability, Current 6,123 5,689
Contract with Customer, Liability, Noncurrent $ 731 $ 785
v3.25.4
Revenues - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Contract with Customer, Performance Obligation Satisfied in Previous Period $ 300 $ 300
Revenue, Remaining Performance Obligation, Amount 16,000  
Contract with Customer, Liability, Revenue Recognized 3,600 $ 3,600
Unsatisfied performance obligation recognized in fiscal 2026    
Revenue, Remaining Performance Obligation, Amount 5,000  
Unsatisfied performance obligation recognized in fiscal 2027    
Revenue, Remaining Performance Obligation, Amount 4,000  
Unsatisfied performance obligation recognized in fiscal 2028    
Revenue, Remaining Performance Obligation, Amount 3,000  
Unsatisfied performance obligation recognized thereafter    
Revenue, Remaining Performance Obligation, Amount $ 4,000  
v3.25.4
Acquisitions and Dispositions Changes in Carry Amount of Goodwill (Details)
$ in Millions
 3 Months Ended
Dec. 27, 2025
USD ($)
Goodwill [Line Items]  
Beginning balance $ 73,294
Goodwill, Acquired During Period 1,459
Currency translation adjustments and other, net (10)
Ending balance 74,743
Entertainment Segment  
Goodwill [Line Items]  
Beginning balance 51,258
Goodwill, Acquired During Period 1,459
Currency translation adjustments and other, net (10)
Ending balance 52,707
Sports Segment  
Goodwill [Line Items]  
Beginning balance 16,486
Goodwill, Acquired During Period 0
Currency translation adjustments and other, net 0
Ending balance 16,486
Experiences Segment  
Goodwill [Line Items]  
Beginning balance 5,550
Goodwill, Acquired During Period 0
Currency translation adjustments and other, net 0
Ending balance $ 5,550
v3.25.4
Acquisitions and Dispositions - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Jan. 31, 2026
Oct. 29, 2025
Dec. 27, 2025
Sep. 27, 2025
Jan. 06, 2025
Business Combination [Line Items]          
Goodwill     $ 74,743 $ 73,294  
NFL Network | ESPN | Subsequent Event          
Business Combination [Line Items]          
Effective Ownership Interest 72.00%        
NFL Network | ESPN | Subsequent Event | Performance Threshold Met          
Business Combination [Line Items]          
Noncontrolling Interest, Percentage of Fair Value 70.00%        
Fubo          
Business Combination [Line Items]          
Business Combination, Price Per Share   $ 3.69      
Business Combination, Price of Acquisition, Expected   $ 1,300      
Goodwill   1,500      
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    
NFL Enterprises LLC | NFL Network | Subsequent Event          
Business Combination [Line Items]          
Noncontrolling Interest, Incremental Ownership Percentage by Noncontrolling Interest Upon Achieving Performance Targets 4.00%        
Noncontrolling Interest, Increase from Business Combination $ 3,000        
NFL Enterprises LLC | NFL Network | ESPN | Subsequent Event          
Business Combination [Line Items]          
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners 10.00%        
NFL Enterprises LLC | NFL Network | ESPN | Subsequent Event | Performance Threshold Not Met          
Business Combination [Line Items]          
Noncontrolling Interest, Percentage of Fair Value 70.00%        
Hearst Corporation | NFL Network | ESPN | Subsequent Event          
Business Combination [Line Items]          
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners 18.00%        
Fubo          
Business Combination [Line Items]          
Equity Method Investment, Ownership Percentage         70.00%
Fubo | Common Class B          
Business Combination [Line Items]          
Equity Method Investment, Ownership Percentage         70.00%
Fubo | Equity Interest Held by Fubo Shareholders          
Business Combination [Line Items]          
Equity Method Investment, Ownership Percentage         30.00%
v3.25.4
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
Dec. 27, 2025
Sep. 27, 2025
Dec. 28, 2024
Sep. 28, 2024
Accounting Policies [Abstract]        
Cash and Cash Equivalents $ 5,678 $ 5,695    
Restricted Cash, Noncurrent 108 104    
Cash, Cash Equivalents and Restricted Cash in the Statement of Cash Flows $ 5,786 $ 5,799 $ 5,582 $ 6,102
v3.25.4
Borrowing Activity (Details)
$ in Millions
 3 Months Ended
Dec. 27, 2025
USD ($)
Borrowings [Roll Forward]  
Borrowings beginning balance $ 42,026
Borrowings 5,646
Payments (1,464)
Other Activity 432
Borrowings ending balance 46,640
Commercial paper with original maturities less than three months  
Borrowings [Roll Forward]  
Borrowings beginning balance 1,963
Borrowings 0 [1]
Payments (577) [1]
Other Activity (5)
Borrowings ending balance 1,381
Commercial paper with original maturities greater than three months  
Borrowings [Roll Forward]  
Borrowings beginning balance 99
Borrowings 4,584
Payments 0
Other Activity 38
Borrowings ending balance 4,721
U.S. dollar denominated borrowings  
Borrowings [Roll Forward]  
Borrowings beginning balance 38,658
Borrowings 1,062
Payments (887)
Other Activity 311 [2]
Borrowings ending balance 39,144
Asia International Theme Parks borrowings  
Borrowings [Roll Forward]  
Borrowings beginning balance 1,075
Borrowings 0
Payments 0
Other Activity (2)
Borrowings ending balance 1,073
Foreign currency denominated debt and other  
Borrowings [Roll Forward]  
Borrowings beginning balance 231
Borrowings 0
Payments 0
Other Activity 90 [3]
Borrowings ending balance $ 321
[1] Borrowings and reductions of borrowings are reported net.
[2] The other activity includes borrowings assumed in the acquisition of Fubo.
[3]
(3)The other activity is attributable to market value adjustments for debt with qualifying hedges.
v3.25.4
Cash, Cash Equivalents, Restricted Cash and Borrowings Line of Credit Facilities (Details)
$ in Millions
Dec. 27, 2025
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 2026  
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 2027  
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
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
v3.25.4
Cash, Cash Equivalents, Restricted Cash and Borrowings Interest Expense, net (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Interest expense $ (443) $ (487)
Interest and investment income 52 54
Net periodic pension and postretirement benefit costs other than service costs 116 66
Interest expense, net $ (275) $ (367)
v3.25.4
Cash, Cash Equivalents, Restricted Cash and Borrowings - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
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  
Letters of Credit Outstanding, Amount $ 400  
Minimum    
Debt Instrument [Line Items]    
Variable Spread Above SOFR 0.63%  
Maximum    
Debt Instrument [Line Items]    
Variable Spread Above SOFR 1.10%  
Letter of Credit    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity $ 500  
Line of Credit Expiring February 2026    
Debt Instrument [Line Items]    
Line of Credit Facility, Expiration Date Feb. 27, 2026  
Line of Credit Facility, Maximum Borrowing Capacity $ 5,250  
Line of Credit Expiring March 2027    
Debt Instrument [Line Items]    
Line of Credit Facility, Expiration Date Mar. 31, 2027  
Line of Credit Facility, Maximum Borrowing Capacity $ 4,000  
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  
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, Interest Rate, Stated Percentage   3.74%
v3.25.4
Impact of Consolidating Balance Sheets of Asia Theme Parks (Details) - USD ($)
$ in Millions
Dec. 27, 2025
Sep. 27, 2025
Schedule of Condensed Consolidating Balance Sheets [Line Items]    
Cash and Cash Equivalents $ 5,678 $ 5,695
Other current assets 1,241 1,158
Total current assets 25,466 24,267
Parks, resorts and other property 43,198 41,255
Other assets 10,087 10,002
Total assets 202,089 197,514
Current liabilities 38,046 34,162
Long-term borrowings 35,821 35,315
Asia International Theme Parks    
Schedule of Condensed Consolidating Balance Sheets [Line Items]    
Cash and Cash Equivalents 486 428
Other current assets 219 184
Total current assets 705 612
Parks, resorts and other property 6,183 6,060
Other assets 286 287
Total assets 7,174 6,959
Current liabilities 799 734
Long-term borrowings 1,073 1,075
Other long-term liabilities 497 489
Total liabilities $ 2,369 $ 2,298
v3.25.4
Impact of Consolidating Income Statements of International Theme Parks (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Schedule of Condensed Consolidating Statement of Operations [Line Items]    
Revenues $ 25,981 $ 24,690
Cost and expenses (22,106) $ (20,612)
International Theme Parks    
Schedule of Condensed Consolidating Statement of Operations [Line Items]    
Revenues 1,635  
Cost and expenses $ (1,291)  
v3.25.4
International Theme Parks - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Noncontrolling Interest    
Net Cash Provided by Operating Activities $ 735 $ 3,205
Net Cash Used in Investing Activities (2,737) (2,575)
Net Cash Provided by Financing Activities 1,984 $ (997)
Asia International Theme Parks    
Noncontrolling Interest    
Royalties And Management Fees 86  
International Theme Parks    
Noncontrolling Interest    
Net Cash Provided by Operating Activities 404  
Net Cash Used in Investing Activities (355)  
Net Cash Provided by Financing Activities $ (7)  
Hong Kong Disneyland Resort    
Noncontrolling Interest    
Effective Ownership Interest 48.00%  
Shanghai Disney Resort    
Noncontrolling Interest    
Effective Ownership Interest 43.00%  
v3.25.4
Balances of Produced and Licensed Content Costs (Details) - USD ($)
$ in Millions
Dec. 27, 2025
Sep. 27, 2025
Film, Monetized on Its Own, Capitalized Cost [Abstract]    
Released, less amortization $ 5,395 $ 4,624
Completed, not released 345 313
In-process 2,608 4,082
In development or pre-production 425 386
Film, Monetized on Its Own, Capitalized Cost 8,773 9,405
Film, Monetized in Film Group, Capitalized Cost [Abstract]    
Released, less amortization 14,158 14,288
Completed, not released 1,150 1,061
In-process 3,821 3,633
In development or pre-production 117 182
Film, Monetized in Film Group, Capitalized Cost 19,246 19,164
Film, Capitalized Cost [Abstract]    
Released, less amortization 19,553 18,912
Completed, not released 1,495 1,374
In-process 6,429 7,715
In development or pre-production 542 568
Film, Capitalized Cost 28,019 28,569
Licensed content television programming rights and advances 4,431 4,821
Produced and Licensed Content, Total 32,450 33,390
Current portion 1,336 2,063
Non-current portion $ 31,114 $ 31,327
v3.25.4
Amortization of Produced and Licensed Content Costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Amortization of Produced Content Costs $ 2,968 $ 2,509
Amortization of Programming Rights and Advances 4,246 4,097
Amortization of Produced and Licensed Content Costs, Total [1] 7,214 6,606
Monetized individually    
Amortization of Produced Content Costs 1,354 696
Monetized as a group    
Amortization of Produced Content Costs $ 1,614 $ 1,813
[1] Primarily included in “Costs of services” in the Condensed Consolidated Statements of Income
v3.25.4
Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Defined Benefit Plan Disclosure [Line Items]    
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component $ (116) $ (66)
Pension Plans    
Defined Benefit Plan Disclosure [Line Items]    
Service costs 61 65
Interest costs 199 195
Expected return on plan assets (306) (290)
Amortization of previously deferred service costs (credits) 1 0
Recognized net actuarial loss (gain) 24 62
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component (82) (33)
Net periodic benefit cost (income) (21) 32
Postretirement Medical Plans    
Defined Benefit Plan Disclosure [Line Items]    
Service costs 0 0
Interest costs 11 11
Expected return on plan assets (16) (15)
Amortization of previously deferred service costs (credits) (22) (22)
Recognized net actuarial loss (gain) (7) (7)
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component (34) (33)
Net periodic benefit cost (income) $ (34) $ (33)
v3.25.4
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
Dec. 27, 2025
Dec. 28, 2024
Shares (in millions):    
Weighted average number of common and common equivalent shares outstanding (basic) 1,786 1,812
Weighed average dilutive impact of awards 7 6
Weighted average number of common and common equivalent shares outstanding (diluted) 1,793 1,818
Awards excluded from diluted earnings per share 13 16
v3.25.4
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     $ 0.50 $ 0.50
Dividends, Cash     $ 0.9 $ 0.9
Subsequent Event        
Class of Stock [Line Items]        
Dividends Declared Per Share $ 0.75      
Common Stock, Dividends, Per Share, Cash Paid   $ 0.75    
Dividends, Cash $ 1.3 [1] $ 1.3    
[1] Amount represents our estimate of the dividends that will be paid on July 22, 2026. The actual amount will be determined based on shareholders of record at the record date.
v3.25.4
Equity Changes in Accumulated Other Comprehensive Loss, Before Tax (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]    
AOCI before Tax, Attributable to Parent, Beginning Balance $ (3,535) $ (4,417)
Unrealized gains (losses) arising during the period (34) 313
Reclassifications of realized net (gains) losses to net income 59 (55)
AOCI reclassifications to comprehensive income, before tax   904
AOCI before Tax, Attributable to Parent, Ending Balance (3,510) (3,255)
Market Value Adjustments for Hedges    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
AOCI before Tax, Attributable to Parent, Beginning Balance (549) (319)
Unrealized gains (losses) arising during the period (21) 559
Reclassifications of realized net (gains) losses to net income 63 (88)
AOCI reclassifications to comprehensive income, before tax   0
AOCI before Tax, Attributable to Parent, Ending Balance (507) 152
Unrecognized Pension and  Postretirement Medical  Expense    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
AOCI before Tax, Attributable to Parent, Beginning Balance (1,901) (2,243)
Unrealized gains (losses) arising during the period 0 0
Reclassifications of realized net (gains) losses to net income (4) 33
AOCI reclassifications to comprehensive income, before tax   0
AOCI before Tax, Attributable to Parent, Ending Balance (1,905) (2,210)
Foreign Currency Translation and Other    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
AOCI before Tax, Attributable to Parent, Beginning Balance (1,085) (1,855)
Unrealized gains (losses) arising during the period (13) (246)
Reclassifications of realized net (gains) losses to net income 0 0
AOCI reclassifications to comprehensive income, before tax   904
AOCI before Tax, Attributable to Parent, Ending Balance $ (1,098) $ (1,197)
v3.25.4
Equity Changes in Accumulated Other Comprehensive Loss, Tax (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]    
AOCI Tax, Attributable to Parent, Beginning Balance $ 621 $ 718
Unrealized gains (losses) arising during the period 2 (106)
Reclassifications of realized net (gains) losses to net income (13) 13
AOCI reclassifications to comprehensive income, tax   (58)
AOCI Tax, Attributable to Parent, Ending Balance 610 567
Market Value Adjustments for Hedges    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
AOCI Tax, Attributable to Parent, Beginning Balance 120 71
Unrealized gains (losses) arising during the period 3 (130)
Reclassifications of realized net (gains) losses to net income (14) 21
AOCI reclassifications to comprehensive income, tax   0
AOCI Tax, Attributable to Parent, Ending Balance 109 (38)
Unrecognized Pension and  Postretirement Medical  Expense    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
AOCI Tax, Attributable to Parent, Beginning Balance 446 531
Unrealized gains (losses) arising during the period 0 0
Reclassifications of realized net (gains) losses to net income 1 (8)
AOCI reclassifications to comprehensive income, tax   0
AOCI Tax, Attributable to Parent, Ending Balance 447 523
Foreign Currency Translation and Other    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
AOCI Tax, Attributable to Parent, Beginning Balance 55 116
Unrealized gains (losses) arising during the period (1) 24
Reclassifications of realized net (gains) losses to net income 0 0
AOCI reclassifications to comprehensive income, tax   (58)
AOCI Tax, Attributable to Parent, Ending Balance $ 54 $ 82
v3.25.4
Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]    
AOCI, Beginning Balance $ (2,914) $ (3,699)
Unrealized gains (losses) arising during the period (32) 207
Reclassifications of realized net (gains) losses to net income 46 (42)
AOCI reclassifications to comprehensive income, net of tax   846
AOCI, Ending Balance (2,900) (2,688)
Market Value Adjustments for Hedges    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
AOCI, Beginning Balance (429) (248)
Unrealized gains (losses) arising during the period (18) 429
Reclassifications of realized net (gains) losses to net income 49 (67)
AOCI reclassifications to comprehensive income, net of tax   0
AOCI, Ending Balance (398) 114
Accumulated other comprehensive (income) loss related to defined benefit plans.    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
AOCI, Beginning Balance (1,455) (1,712)
Unrealized gains (losses) arising during the period 0 0
Reclassifications of realized net (gains) losses to net income (3) 25
AOCI reclassifications to comprehensive income, net of tax   0
AOCI, Ending Balance (1,458) (1,687)
Foreign Currency Translation and Other    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
AOCI, Beginning Balance (1,030) (1,739)
Unrealized gains (losses) arising during the period (14) (222)
Reclassifications of realized net (gains) losses to net income 0 0
AOCI reclassifications to comprehensive income, net of tax   846
AOCI, Ending Balance $ (1,044) $ (1,115)
v3.25.4
Details about AOCI Components Reclassified to Net Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Details about AOCI Components Reclassified to Net Income    
Revenues $ 25,981 $ 24,690
Interest expense, net 275 367
Income taxes (1,209) (1,016)
Net income attributable to The Walt Disney Company (Disney) 2,402 2,554
Reclassification out of Accumulated Other Comprehensive Income    
Details about AOCI Components Reclassified to Net Income    
Net income attributable to The Walt Disney Company (Disney) (46) 42
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | Reclassification out of Accumulated Other Comprehensive Income    
Details about AOCI Components Reclassified to Net Income    
Revenues (63) 88
Income taxes 14 (21)
Net income attributable to The Walt Disney Company (Disney) (49) 67
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)
Income taxes (1) 8
Net income attributable to The Walt Disney Company (Disney) $ 3 $ (25)
v3.25.4
Equity - Additional Information (Details) - USD ($)
shares in Millions, $ in Billions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Feb. 07, 2024
Class of Stock [Line Items]      
Stock Repurchase Program, Number of Shares Authorized to be Repurchased     400.0
Treasury Stock, Shares, Acquired 18.0 7.0  
Treasury Stock, Value, Acquired, Cost Method $ 2.0 $ 0.8  
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased 321.0    
v3.25.4
Equity-Based Compensation - Additional Information (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based Payment Arrangement, Expense $ 332 $ 317
Equity-based compensation expense capitalized during the period $ 49 $ 44
Weighted average grant date fair values of options issued $ 37.11 $ 37.98
Weighted average grant date fair values of RSUs issued $ 113.25 $ 109.20
Stock Options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation cost $ 100  
Stock compensation granted, number of shares 2.6  
Restricted Stock Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Unrecognized compensation cost $ 1,600  
Stock compensation granted, number of shares 15.2  
v3.25.4
Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Dec. 27, 2025
Sep. 27, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investments $ 44 $ 89
Other Liabilities (727) (668)
Total (1,529) (1,447)
Fair value of borrowings 43,660 39,087
Interest rate    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Liabilities (757) (762)
Foreign exchange    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset 828 816
Derivative Liabilities (923) (926)
Other Derivative    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset 8 5
Derivative Liabilities (2) (1)
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investments 0 0
Other Liabilities 0 0
Total 0 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 44 89
Other Liabilities (727) (668)
Total (1,529) (1,447)
Fair value of borrowings 40,179 36,976
Level 2 | Interest rate    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Liabilities (757) (762)
Level 2 | Foreign exchange    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset 828 816
Derivative Liabilities (923) (926)
Level 2 | Other Derivative    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset 8 5
Derivative Liabilities (2) (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 3,481 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
v3.25.4
Gross Fair Value of Derivative Positions (Details) - USD ($)
$ in Millions
Dec. 27, 2025
Sep. 27, 2025
Current Assets    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement $ 289 $ 275
Derivative Asset, Counterparty Netting Offset (276) (260)
Derivative Asset, Collateral, Obligation to Return Cash, Offset 0 0
Net derivative positions 13 15
Current Assets | Derivatives designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 225 233
Current Assets | Derivatives designated as hedges | Interest rate    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 0 0
Current Assets | Derivatives designated as hedges | Other Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 1 3
Current Assets | Derivatives not designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 56 39
Current Assets | Derivatives not designated as hedges | Other Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 7 0
Other Assets    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 591 635
Derivative Asset, Counterparty Netting Offset (513) (517)
Derivative Asset, Collateral, Obligation to Return Cash, Offset 0 0
Net derivative positions 78 118
Other Assets | Derivatives designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 389 376
Other Assets | Derivatives designated as hedges | Interest rate    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 0 0
Other Assets | Derivatives designated as hedges | Other Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 0 2
Other Assets | Derivatives not designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 158 168
Other Assets | Derivatives not designated as hedges | Other Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Gross Asset Including Not Subject to Master Netting Arrangement 44 89
Other Current Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement (1,224) (1,219)
Derivative Liability, Counterparty netting offset 391 378
Derivative Liability, Collateral, Right to Reclaim Cash, Offset 570 550
Net derivative positions (263) (291)
Other Current Liabilities | Derivatives designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement (399) (407)
Other Current Liabilities | Derivatives designated as hedges | Interest rate    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement (757) (762)
Other Current Liabilities | Derivatives designated as hedges | Other Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement (2) 0
Other Current Liabilities | Derivatives not designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement (66) (49)
Other Current Liabilities | Derivatives not designated as hedges | Other Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement 0 (1)
Other Long-Term Liabilities    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement (458) (470)
Derivative Liability, Counterparty netting offset 398 399
Derivative Liability, Collateral, Right to Reclaim Cash, Offset 0 10
Net derivative positions (60) (61)
Other Long-Term Liabilities | Derivatives designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement (206) (208)
Other Long-Term Liabilities | Derivatives designated as hedges | Interest rate    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement 0 0
Other Long-Term Liabilities | Derivatives designated as hedges | Other Derivative    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement 0 0
Other Long-Term Liabilities | Derivatives not designated as hedges | Foreign exchange    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Gross Liability Including Not Subject to Master Netting Arrangement (252) (262)
Other Long-Term Liabilities | 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
v3.25.4
Derivative Instruments Carrying Amount and Cumulative Basis Adjustment for Fair Value Hedges (Details) - USD ($)
$ in Millions
Dec. 27, 2025
Sep. 27, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged Liability, Fair Value Hedge $ 10,393 $ 10,301
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) (653) (724)
Current Portion of Borrowings    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged Liability, Fair Value Hedge 2,980 2,954
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) (19) (44)
Borrowings    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Hedged Liability, Fair Value Hedge 7,413 7,347
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) $ (634) $ (680)
v3.25.4
Adjustments Related to Fair Value Hedges Included in Net Interest Expense in Condensed Consolidated Statements of Income (Details) - Interest rate - Interest Expense - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) on pay-floating swaps $ 67 $ (195)
Gain (loss) on hedged borrowings (67) 195
Derivative, Gain (Loss) on Derivative, Net $ (85) $ (111)
v3.25.4
Derivative Instruments Effect of Foreign Currency Cash Flow Hedges on AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 27, 2025
Dec. 28, 2024
Foreign Currency Fair Value Hedge Derivative [Line Items]    
Unrealized Gain (Loss) on Foreign Currency Derivatives, Net, before Tax $ (25) $ 562
Foreign Currency Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net [1] $ (62) $ 89
[1] Primarily recorded in revenue.
v3.25.4
Derivative Instruments - Additional Information (Details)
$ in Millions, $ in Billions
 3 Months Ended
Dec. 27, 2025
USD ($)
Dec. 27, 2025
CAD ($)
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 $ 228      
Aggregate fair value of derivative instruments with credit-risk-related contingent features in a net liability position by counterparty 900   $ 900  
Derivatives designated as hedges | Interest rate | Fair Value Hedging        
Derivative [Line Items]        
Derivative, Notional Amount 10,600   10,600  
Derivatives designated as hedges | Foreign exchange | Cash Flow Hedging        
Derivative [Line Items]        
Derivative, Notional Amount 10,100   9,300  
Derivatives designated as hedges | Currency Swap | Fair Value Hedging        
Derivative [Line Items]        
Derivative, Notional Amount 1,000 $ 1.3 900 $ 1.3
Not Designated as Hedging Instrument | Foreign exchange        
Derivative [Line Items]        
Derivative, Notional Amount 3,200   3,000  
Not Designated as Hedging Instrument | Other Derivative        
Derivative [Line Items]        
Derivative, Notional Amount $ 700   $ 600