v3.25.2
Segment Information
 9 Months Ended
Jun. 28, 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, except for our India joint venture, 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 LLC (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 EndedNine Months Ended
 June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Revenues:
Entertainment
Third parties$10,593   $10,478   $31,919   $30,050   
Amounts eliminated in consolidation
111   102   339   307   
10,704   10,580   32,258   30,357   
Sports
Third parties3,971   4,291   12,652   12,826   
Amounts eliminated in consolidation
337   267   1,040   879   
4,308   4,558   13,692   13,705   
Experiences9,086   8,386   27,390   25,911   
Eliminations(448)  (369)  (1,379)  (1,186)  
Total segment revenues$23,650   $23,155   $71,961   $68,787   
Segment operating income:
Entertainment$1,022   $1,201   $3,983   $2,856   
Sports1,037   802   1,971   1,477   
Experiences2,516   2,222   8,117   7,613   
Total segment operating income
$4,575   $4,225   $14,071   $11,946   
Equity in the income of investees is included in segment operating income as follows:
 Quarter EndedNine Months Ended
 June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Entertainment$102   $123   $344   $432   
Sports26 26  54 45  
Equity in the income of investees included in segment operating income128 149 398 477 
Equity in the loss of India joint venture
(50)— (186)— 
Amortization of TFCF intangible assets related to an equity investee
(3)(3)(9)(9)
Equity in the income of investees, net$75 $146 $203 $468 
A reconciliation of segment operating income to income before income taxes is as follows:
 Quarter EndedNine Months Ended
 June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Segment operating income$4,575 $4,225   $14,071 $11,946 
Corporate and unallocated shared expenses(410)  (328)(1,265)(1,027)
Equity in the loss of India joint venture(50)— (186)  —   
Restructuring and impairment charges(1)
(185)— (437)  (2,052)  
Other expense(2)
— (65)— (65)
Interest expense, net(324)(342)(1,037)(899)
TFCF and Hulu Acquisition Amortization(3)
(395)(397)(1,188)(1,282)
Income before income taxes$3,211 $3,093 $9,958 $6,621 
(1)See Note 16 for a discussion of amounts in restructuring and impairment charges.
(2)“Other expense” for the quarter and nine months ended June 29, 2024 reflected a charge of $65 million related to a legal ruling.
(3)TFCF and Hulu Acquisition Amortization is as follows:
Quarter EndedNine Months Ended
June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Amortization of intangible assets$326 $326   $980 $1,068 
Step-up of film and television costs66   68 199 205 
Intangibles related to a TFCF equity investee
3   3 9 9 
$395 $397 $1,188 $1,282 
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(12)— — (12)
Balance at June 28, 2025$51,278 $16,486 $5,550 $73,314