The Walt Disney Company (DIS) Cash Flow: Operating & Free Cash Flow

The Walt Disney Company (DIS) Cash Flow Statement

In fiscal 2025 (fiscal year ended Sep 30, 2025), The Walt Disney Company generated $18.10B of operating cash flow and spent $8.02B on capital expenditures. That left free cash flow of $10.08B, up 17.7% from $8.56B a year earlier, or 10.7% of revenue. It returned $5.30B to shareholders through $1.80B in dividends and $3.50B in share buybacks.

The Walt Disney Company Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for The Walt Disney Company (DIS) - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2022	FY 2021	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Sep 2025	Sep 2024	Sep 2023	Oct 2022	Sep 2022	Oct 2021	Sep 2021	Sep 2020	Sep 2019	Sep 2018	Sep 2017
Operating Activities
Net Income	13.43	5.77	3.39	3.55	3.55	2.54	2.54	-2.44	10.91	13.07	9.37
Depreciation & Amortization	5.33	4.99	5.37	5.16	5.16	5.11	5.11	5.35	4.16	3.01	2.78
Deferred Income Tax	-2.74	-0.82	-1.35	-	0.20	-	-1.24	-0.39	0.12	-1.57	0.33
Stock Based Compensation	1.36	1.37	1.14	0.98	0.98	0.60	0.60	0.53	0.71	0.39	0.36
Change in Working Capital	-0.43	-1.61	0.18	0.49	0.49	2.19	2.19	-0.65	-6.19	-1.36	-1.19
Change in Accounts Receivable	-0.28	-0.57	0.36	0.61	0.61	-0.36	-0.36	1.94	0.45	-2.17	-1.02
Change in Inventory	-0.11	-0.04	-0.18	-0.42	-0.42	0.25	0.25	0.01	-0.22	-0.02	0.00
Change in Accounts Payable	0.24	0.16	-1.14	0.96	0.96	2.41	2.41	-2.29	0.19	0.24	-0.37
Change in Other Working Capital	-0.27	0.90	-3.25	-6.01	-0.66	-1.72	-0.11	-0.31	-6.60	0.59	0.21
Other Operating Activities	1.15	0.90	1.70	2.09	-4.37	-0.57	-3.63	5.23	-3.11	0.76	0.68
Net Cash from Operating Activities	18.10	13.97	9.87	6.01	6.01	5.57	5.57	7.62	6.61	14.30	12.34
Investing Activities
Capital Expenditures	-8.02	-5.41	-4.97	-4.94	-4.94	-3.58	-3.58	-4.02	-4.88	-4.47	-3.62
Acquisitions	0.00	0.00	0.00	-	0.00	-	0.00	0.00	-9.90	-1.58	-0.42
Purchases of Investments	-0.10	-1.51	0.46	0.05	0.00	0.34	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	0.00	0.11	0.46	0.05	0.05	0.34	0.34	0.00	0.00	0.00	0.00
Other Investing Activities	0.08	-0.07	-0.13	-0.12	-0.12	0.10	0.08	0.39	10.66	0.71	-0.07
Net Cash from Investing Activities	-8.04	-6.88	-4.64	-5.01	-5.01	-3.16	-3.16	-3.64	-4.12	-5.34	-4.11
Financing Activities
Debt Repayment	-3.62	-3.06	-1.68	-4.02	-4.02	-3.74	-3.70	11.23	3.68	-2.58	3.70
Common Stock Issued	0.00	0.00	0.00	-	0.13	0.44	0.44	0.00	0.32	0.00	0.00
Common Stock Repurchased	-3.50	-2.99	0.00	-	0.00	-	0.00	0.00	-0.32	-3.58	-9.37
Dividends Paid	-1.80	-1.37	0.00	-	0.00	-	0.00	-1.59	-2.90	-2.52	-2.45
Other Financing Activities	-1.44	-9.53	-0.94	-0.72	-0.85	-1.12	-1.12	-1.17	-2.19	-0.17	-0.85
Net Cash from Financing Activities	-10.37	-15.29	-2.72	-4.74	-4.74	-4.39	-4.39	8.48	-1.09	-8.84	-8.96
Summary
Effect of Forex Changes on Cash	0.01	0.07	0.07	-0.60	-0.60	0.03	0.03	0.04	-0.10	-0.03	0.03
Net Change in Cash	-0.30	-8.13	2.57	-4.34	-4.34	-1.95	-1.95	12.50	1.30	0.09	-0.70
Cash at Beginning of Period	6.10	14.24	11.66	-	16.00	-	17.95	5.46	4.16	4.06	4.76
Cash at End of Period	5.80	6.10	14.24	-	11.66	-	16.00	17.95	5.46	4.16	4.06
Free Cash Flow	10.08	8.56	4.90	1.07	1.07	1.99	1.99	3.60	1.73	9.83	8.72
Supplemental Disclosures
Interest Paid	2.05	2.13	2.11	1.69	-	1.89	-	-	-	-	-
Income Taxes Paid	1.22	3.96	1.19	1.10	-	1.64	-	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About The Walt Disney Company Cash Flow

What is The Walt Disney Company's free cash flow?

The Walt Disney Company generated free cash flow of $10.08B in fiscal 2025 (fiscal year ended Sep 30, 2025), operating cash flow of $18.10B minus $8.02B of capital expenditures. That was up 17.7% from $8.56B a year earlier. Free cash flow equaled 10.7% of revenue.

How much does The Walt Disney Company spend on capital expenditures?

The Walt Disney Company spent $8.02B on capital expenditures in fiscal 2025, compared with $5.41B a year earlier. That equals 44.3% of operating cash flow.

Does The Walt Disney Company pay dividends or buy back shares?

Yes. In fiscal 2025 The Walt Disney Company returned $1.80B in dividends and $3.50B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition