迪士尼 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December27, 2025 or ☐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 500 South Buena Vista StreetBurbank, California 91521Address of Principal Executive Offices and Zip Code(818) 560-1000Registrant’s Telephone Number, Including Area Code Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).Yes☒No Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☒There were 1,771,519,851 shares of common stock outstanding as of January 28, 2026. THE WALT DISNEY COMPANYForm 10-QFor the Fiscal Quarter Ended December27, 2025TABLE OF CONTENTS PART I PART II ITEM 1.Legal ProceedingsITEM 1A.Risk FactorsITEM 2.Unregistered Sales of Equity Securities and Use of ProceedsITEM 5.Other ItemsITEM 6.ExhibitsSIGNATURE Cautionary Note on Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the SecuritiesAct of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generallyrelate to future events or our future financial or operating performance and may include statements concerning, among other things,financial results; business plans (including statements regarding new products and services, future expenditures, cost, investments andtransactions for which conditions to close have not been satisfied; future liabilities and other obligations; impairments andamortization; estimates of the financial impact of certain items, accounting treatment, events or circumstances; competition andseasonality on our businesses and results of operations; and capital allocation, including share repurchases and dividends. In somecases, you can identify forward-looking statements because they contain words such as “may,” “will,” “would,” “expects,” “plans,” Such differences may result from actions taken by the Company, including restructuring or strategic initiatives (including capitalinvestments, asset acquisitions or dispositions, new or expanded business lines or cessation of certain operations), our execution of ourbusiness plans (including the content we create and intellectual properties (IP) we invest in, our pricing decisions, our cost structure •the occurrence of subsequent events;•deterioration in domestic and global economic conditions or failure of conditions to improve as anticipated;•deterioration in or pressures from competitive conditions, including competition to create or acquire content, competition fortalent and competition for advertising revenue;•consumer preferences for and acceptance of our content offerings and the distribution channel (including pricing and Such developments may further affect entertainment, travel and leisure businesses generally and may, among other things, affect •our operations, business plans or profitability;•demand for our products and services;•the performance of the Company’s content; Additional factors include those described in our2025Annual Report on Form 10-K, including under the captions “RiskFactors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” in oursubsequent quarterly reports on Form 10-Q, including under the captions “Risk Factors” and “Management’s Discussion and Analysis A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances. You should not placeundue reliance on the forward-looking statements. Unless required by federal securities laws, we assume no obligation to update any PART I. FINANCIAL INFORMATION THE WALT DISNEY COMPANYCONDENSED CONSOLIDATED STATEMENTS OF INCOME THE WALT DISNEY COMPANYNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited; tabular dollars in millions, except for per share data) 1.Basis of Presentation These Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generallyaccepted 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 The terms “Company,” “Disney,” “we,” “us,” and “our” are used in this report to refer collectively to the parent company, TheWalt Disney Company, as well as the subsidiaries through which its various businesses are actually conducted. These financial statement