v3.25.1
Segment Information
 6 Months Ended
Mar. 29, 2025
Segment Information Segment Information
The Company’s operations are reported in three segments: Entertainment, Sports and Experiences, for which separate financial information is evaluated regularly by the Chief Executive Officer to allocate resources and assess performance.
Segment operating results reflect earnings before corporate and unallocated shared expenses, restructuring and impairment charges, net other income/expense, net interest expense, income taxes and noncontrolling interests. Segment operating income generally includes equity in the income of investees and excludes amortization of intangible assets and the fair value step-up for film and television costs recognized in connection with the acquisition of TFCF Corporation (TFCF) and Hulu in fiscal 2019 (TFCF and Hulu Acquisition Amortization). Corporate and unallocated shared expenses principally consist of corporate functions, executive management and certain unallocated administrative support functions.
Segment operating results include allocations of certain costs, including information technology, pension, legal and other shared services costs, which are allocated based on metrics designed to correlate with consumption.
Segment revenues and segment operating income are as follows:
 Quarter EndedSix Months Ended
 March 29,
2025		March 30,
2024		March 29,
2025		March 30,
2024
Revenues:
Entertainment
Third parties$10,565   $9,691   $21,326   $19,572   
Intersegment117   105   228   205   
10,682   9,796   21,554   19,777   
Sports
Third parties4,167   3,999   8,681   8,535   
Intersegment367   313   703   612   
4,534   4,312   9,384   9,147   
Experiences8,889   8,393   18,304   17,525   
Eliminations(484)  (418)  (931)  (817)  
Total segment revenues$23,621   $22,083   $48,311   $45,632   
Segment operating income:
Entertainment$1,258   $781   $2,961   $1,655   
Sports687   778   934   675   
Experiences2,491   2,286   5,601   5,391   
Total segment operating income
$4,436   $3,845   $9,496   $7,721   
Equity in the income of investees is included in segment operating income as follows:
 Quarter EndedSix Months Ended
 March 29,
2025		March 30,
2024		March 29,
2025		March 30,
2024
Entertainment$124   $138   $242   $309   
Sports18 6  28 19  
Equity in the income of investees included in segment operating income142 144 270 328 
Equity in the loss of India joint venture
(103)— (136)— 
Amortization of TFCF intangible assets related to an equity investee
(3)(3)(6)(6)
Equity in the income of investees, net$36 $141 $128 $322 
A reconciliation of segment operating income to income before income taxes is as follows:
 Quarter EndedSix Months Ended
 March 29,
2025		March 30,
2024		March 29,
2025		March 30,
2024
Segment operating income$4,436 $3,845   $9,496 $7,721 
Corporate and unallocated shared expenses(395)  (391)(855)(699)
Equity in the loss of India joint venture(103)— (136)  —   
Restructuring and impairment charges(1)
(109)(2,052)(252)  (2,052)  
Interest expense, net(346)(311)(713)(557)
TFCF and Hulu Acquisition Amortization(2)
(396)(434)(793)(885)
Income before income taxes$3,087 $657 $6,747 $3,528 
(1)See Notes 4 and 16 for a discussion of amounts in restructuring and impairment charges.
(2)TFCF and Hulu Acquisition Amortization is as follows:
Quarter EndedSix Months Ended
March 29,
2025		March 30,
2024		March 29,
2025		March 30,
2024
Amortization of intangible assets$327 $362   $654 $742 
Step-up of film and television costs66   69 133 137 
Intangibles related to a TFCF equity investee
3   3 6 6 
$396 $434 $793 $885 
Goodwill
The changes in the carrying amount of goodwill are as follows:
EntertainmentSportsExperiencesTotal
Balance at September 28, 2024$51,290 $16,486 $5,550 $73,326 
Currency translation adjustments and other, net(13)— — (13)
Balance at March 29, 2025$51,277 $16,486 $5,550 $73,313