The Walt Disney Company
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $12.40B | $4.97B | $2.35B | $3.15B | $2.00B | $-2.86B | $11.05B | $12.60B |
| Depreciation & Amortization | $5.33B | $4.99B | $5.37B | $5.16B | $5.11B | $5.35B | $4.17B | $3.01B |
| Depreciation | $3.86B | $3.43B | $3.63B | $3.18B | $3.07B | $3.14B | $2.84B | $2.76B |
| Amortization | $1.47B | $1.56B | $1.74B | $1.98B | $2.04B | $2.21B | $1.32B | $253.0M |
| Stock-Based Compensation | $1.36B | $1.37B | $1.14B | $977.0M | $600.0M | $525.0M | $711.0M | $393.0M |
| Net Cash from Operating Activities | $18.10B | $13.97B | $9.87B | $6.00B | $5.57B | $7.62B | $5.98B | $14.30B |
| Investing Activities | ||||||||
| Capital Expenditures | $8.02B | $5.41B | $4.97B | $4.94B | $3.58B | $4.02B | $4.88B | $4.47B |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-8.04B | $-6.88B | $-4.64B | $-5.01B | — | — | — | — |
| Financing Activities | ||||||||
| Dividends Paid | $1.80B | $1.37B | $0 | $0 | $0 | $1.59B | $2.90B | $2.52B |
| Stock Repurchases | $3.50B | $2.99B | $0 | $0 | — | $0 | $0 | $3.58B |
| Net Cash from Financing Activities | $-10.37B | $-15.29B | $-2.72B | — | — | — | — | — |
| Net Change in Cash | $-303.0M | $-8.13B | $2.57B | $-4.34B | $-1.95B | $12.50B | $1.30B | $91.0M |
| Free Cash Flow | $10.08B | $8.56B | $4.90B | $1.06B | $1.99B | $3.59B | $1.11B | $9.83B |