v3.25.2
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Jun. 28, 2025
Sep. 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)
Deferred Tax Assets, Gross (6,732) (6,290)
Deferred Tax Liabilities    
Depreciable, amortizable and other property 4,070 6,584
Investment in U.S. entities 859 1,102
Investment in foreign entities 701 465
Right-of-Use Assets 641 692
Other 98 78
Deferred Tax Liabilities, Gross 6,369 8,921
Net deferred tax (asset) liability before valuation allowance(2) (363) [2] 2,631
Valuation Allowance 2,903 2,991
Net Deferred Deferred Tax Liabilities $ 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