迪士尼 2025年度报告

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended September 27, 2025or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________ to __________.Commission File Number 001-38842 83-0940635 Delaware State or Other Jurisdiction ofIncorporation or Organization I.R.S. Employer Identification 500 South Buena Vista StreetBurbank, California 91521Address of Principal Executive Offices and Zip Code(818) 560-1000Registrant’s Telephone Number, Including Area Code Securities registered pursuant to Section 12(b) of the Act: Securities Registered Pursuant to Section 12(g) of the Act: None. Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No x Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.YesxNoo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer Non-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firmthat prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant includedin the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of common stock held by non-affiliates (based on the closing price on the last business day of the registrant’s mostrecently completed second fiscal quarter as reported on the New York Stock Exchange-Composite Transactions) was $176.6 billion. All executiveofficers and directors of the registrant and all persons filing a Schedule 13D with the Securities and Exchange Commission in respect to registrant’scommon stock have been deemed, solely for the purpose of the foregoing calculation, to be “affiliates” of the registrant. There were 1,785,288,846 shares of common stock outstanding as of November 5, 2025. Certain information required for Part III of this report is incorporated herein by reference to the proxy statement for the 2026 annual meeting ofthe Company’s shareholders. THE WALT DISNEY COMPANY AND SUBSIDIARIESTABLE OF CONTENTS PART I ITEM 1.Business2ITEM 1A.Risk Factors17ITEM 1B.Unresolved Staff Comments27ITEM 1C.Cybersecurity27ITEM 2.Properties28ITEM 3.Legal Proceedings29ITEM 4.Mine Safety Disclosures29Information About our Executive Officers29 PART II ITEM 5.Market for the Company’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities31ITEM 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations32ITEM 7A.Quantitative and Qualitative Disclosures About Market Risk56ITEM 8.Financial Statements and Supplementary Data58ITEM 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure58ITEM 9A.Controls and Procedures58ITEM 9B.Other Information58ITEM 9CDisclosure Regarding Foreign Jurisdictions that Prevent Inspections58 PART III ITEM 10.Directors, Executive Officers and Corporate Governance59ITEM 11.Executive Compensation59ITEM 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters59ITEM 13.Certain Relationships and Related Transactions