v3.25.2
Income Taxes (Tables)
 9 Months Ended
Jun. 28, 2025
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities The Company’s deferred tax assets and liabilities by major category as of June 28, 2025 and September 28, 2024 were as follows:
June 28,
2025		September 28,
2024
Deferred tax assets
Net operating losses and tax credit carryforwards(1)
$(3,397) $(3,444) 
Accrued liabilities(1,136) (1,199) 
Licensing revenues(900) (130) 
Lease liabilities(788) (862) 
Other(511) (655) 
Total deferred tax assets(6,732) (6,290) 
Deferred tax liabilities
Depreciable, amortizable and other property4,070  6,584  
Investment in U.S. entities
859  1,102  
Investment in foreign entities701  465  
Right-of-use lease assets
641  692  
Other98  78  
Total deferred tax liabilities6,369  8,921  
Net deferred tax (asset) liability before valuation allowance(2)
(363) 2,631  
Valuation allowance2,903  2,991  
Net deferred tax liability$2,540  $5,622  
(1)Further details on our net operating losses and tax credit carryforwards are as follows:
June 28, 2025
International Theme Park net operating losses
$(1,522) 
U.S. foreign tax credits(928) 
State net operating losses and tax credit carryforwards(595) 
Other(352) 
Total net operating losses and tax credit carryforwards(a)
$(3,397) 
(a)    Approximately $2.1 billion of these carryforwards do not expire. Approximately $1.2 billion expire between fiscal 2026 and fiscal 2035, primarily related to U.S. foreign tax credits.
(2) In the third quarter of the current fiscal year, the Company completed the acquisition of NBCU’s interest in Hulu. At the close of the transaction, Hulu’s U.S. income tax classification changed, and the Company recognized a non-cash tax benefit of approximately $3.3 billion.
Summary of Net Operating Loss and Tax Credit Carryforwards Further details on our net operating losses and tax credit carryforwards are as follows:
June 28, 2025
International Theme Park net operating losses
$(1,522) 
U.S. foreign tax credits(928) 
State net operating losses and tax credit carryforwards(595) 
Other(352) 
Total net operating losses and tax credit carryforwards(a)
$(3,397) 
(a)    Approximately $2.1 billion of these carryforwards do not expire. Approximately $1.2 billion expire between fiscal 2026 and fiscal 2035, primarily related to U.S. foreign tax credits.