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The Walt Disney Company (DIS) reported total revenues of $91.361 billion for fiscal year 2024, the fiscal year ending September 28, 2024, up approximately 3% from fiscal year 2023. GAAP net income was $4.972 billion and GAAP diluted EPS was $2.72. Adjusted (non-GAAP) diluted EPS reached $5.30. Free cash flow was approximately $8.0 billion. The Experiences segment (theme parks, resorts, cruise lines) is Disney's primary operating income generator. Disney+ reached its first quarterly operating profit in Q4 FY2024 after several years of streaming losses. All financial figures sourced from Disney SEC filings (CIK 0001001039).
Revenue by segment (FY2023 vs. FY2024)
| Segment | FY2023 Revenue (approx.) | FY2024 Revenue (approx.) |
|---|---|---|
| Entertainment (DTC streaming + Linear Networks) | ~$40.6B | ~$41.7B |
| Sports (ESPN linear + ESPN+) | ~$16.9B | ~$17.3B |
| Experiences (parks, resorts, cruise, products) | ~$32.5B | ~$34.2B |
| Total revenues | ~$88.9B | $91.361B |
Disney reorganized its segment structure in fiscal year 2024 into three reporting segments: Entertainment, Sports, and Experiences. The Entertainment segment combines the former linear networks business (ABC broadcast network, Disney Channel, Freeform) with the direct-to-consumer streaming business (Disney+ and Hulu). The Sports segment covers ESPN both on cable and through the ESPN+ streaming service. The Experiences segment includes Walt Disney World, Disneyland Resort, international parks, Disney Cruise Line, and consumer products licensing.
Source: The Walt Disney Company: Form 10-K SEC Filings (CIK 0001001039)
Key financial metrics (FY2023 vs. FY2024)
| Metric | FY2023 (approx.) | FY2024 |
|---|---|---|
| Total revenues | ~$88.9B | $91.361B |
| GAAP net income | ~$2.4B | $4.972B |
| GAAP diluted EPS | ~$1.29 | $2.72 |
| Adjusted diluted EPS (non-GAAP) | ~$3.53 | $5.30 |
| Free cash flow | ~$4.9B | ~$8.0B |
| Semi-annual dividend per share | None (suspended) | $0.45 (reinstated 2024) |
FY2023 saw suppressed GAAP earnings relative to revenue due to restructuring charges taken under CEO Bob Iger, who returned to lead the company in November 2022. FY2024 results reflect improved profitability across segments and the first full fiscal year with Hulu fully consolidated after Disney purchased Comcast's 33% stake in November 2023 for approximately $8.6 billion.
Adjusted EPS excludes restructuring charges, amortization of acquisition-related intangibles, and other items Disney considers non-recurring. The gap between GAAP EPS ($2.72) and adjusted EPS ($5.30) in FY2024 reflects ongoing amortization primarily from the 2019 acquisition of 21st Century Fox assets.
Disney+ streaming profitability milestone
Disney+ reached its first quarterly operating profit in Q4 fiscal year 2024, the quarter ending September 28, 2024. This was a significant milestone after years of deliberately investing in content and subscriber acquisition at a loss during the streaming launch phase that began in November 2019.
The combined Disney+ and Hulu direct-to-consumer segment reported approximately $24.1 billion in revenues for the full fiscal year 2024. The path to profitability involved a combination of subscriber growth, price increases, an advertising-supported tier, and cost discipline on content spending following the restructuring Iger initiated after returning as CEO.
Disney faces an ongoing tension within its Entertainment segment: the linear networks business (ABC, Disney Channel, ESPN cable) generates substantial cash flow but is declining as cord-cutting accelerates. ESPN lost millions of cable subscribers over the prior decade. Disney announced plans to launch a standalone ESPN streaming service to reach sports fans who do not have a traditional cable subscription, a transition designed to offset linear subscriber erosion over time.
The Hulu acquisition (full ownership secured November 2023) was strategically significant because it gave Disney a general-entertainment streaming asset to complement the family and franchise content on Disney+. Together, Disney+ and Hulu provide a broader content slate than either service alone, reducing churn risk and supporting bundled subscription pricing.
Experiences: Disney's margin engine
The Experiences segment consistently produces the highest operating income among Disney's three reporting segments, despite generating less revenue than Entertainment. Theme parks and resorts benefit from significant operating leverage: the infrastructure of a theme park represents a large fixed cost base, and incremental park guests add revenue with a lower incremental cost per visitor.
Walt Disney World in Orlando and Disneyland Resort in California are the two domestic anchor parks. Disney also operates parks internationally through arrangements including Disneyland Paris (majority-owned), Shanghai Disney Resort, and Hong Kong Disneyland, and receives royalties from Tokyo Disney Resort (operated under license by Oriental Land Company). Disney Cruise Line is a growing part of the Experiences portfolio.
Fiscal year 2024 demonstrated continued strength in experiences demand following COVID-19 pandemic recovery. International travel also rebounded, supporting attendance at international parks. The Experiences segment generated approximately $34.2 billion in revenues in FY2024, up from approximately $32.5 billion in FY2023.
The key risk to Experiences is macroeconomic: park attendance is discretionary spending and declines during recessions. The 2020 park closures eliminated all Experiences segment revenue for several quarters. Disney responded with investments in reservation systems and dynamic pricing to manage demand more efficiently, but the segment remains sensitive to consumer sentiment and travel trends.
Frequently Asked Questions
What was Walt Disney's total revenue in fiscal year 2024?
The Walt Disney Company reported total revenues of $91.361 billion in fiscal year 2024, the fiscal year ending September 28, 2024. That represented an increase of approximately 3% from approximately $88.898 billion in fiscal year 2023. Disney's three reporting segments are Entertainment, Sports (ESPN), and Experiences (parks and resorts).
When did Disney+ become profitable?
Disney+ reached its first quarterly operating profit in Q4 fiscal year 2024, the quarter ending September 28, 2024. The combined Disney+ and Hulu direct-to-consumer segment turned profitable for the first time after several years of losses during the streaming launch and subscriber-growth phase. Disney acquired full ownership of Hulu in November 2023 after buying Comcast's 33% stake for approximately $8.6 billion.
Is Disney a Dividend Aristocrat?
No. Disney is not a Dividend Aristocrat. Disney suspended its dividend in May 2020 due to COVID-19 pandemic impacts on its theme park and theatrical businesses. Disney reinstated a semi-annual cash dividend of $0.45 per share in early 2024. Because a continuous 25-year dividend-growth history is required to qualify as a Dividend Aristocrat, Disney does not meet that standard.
What is Disney's highest-margin business segment?
Disney's Experiences segment, which includes theme parks, resort hotels, cruise lines, and consumer products, consistently generates the highest operating income among Disney's three reporting segments. In fiscal year 2024, Experiences produced approximately $34.2 billion in revenues and was the company's primary profit driver. The segment benefits from high fixed-cost leverage: once a park is built and staffed, incremental guests add revenue with minimal incremental cost.