v3.26.1
Revenues
 9 Months Ended
Jun. 27, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer Revenues
The following table presents revenues by segment and source:
Quarter Ended June 27, 2026
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$7,545$3,142$— $(433)$10,254 
Advertising1,6251,204— — 2,829 
Theme park admissions——3,253 — 3,253 
Resorts and vacations
——2,766 — 2,766 
Retail and wholesale sales of merchandise, food and beverage——2,536    —    2,536    
Merchandise licensing170—804 — 974 
Content sales
1,596—— — 1,596 
Other409154609 (132)1,040 
$11,345$4,500$9,968 $(565)$25,248 
Quarter Ended June 28, 2025
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$6,765 $2,899 $— $(315)$9,349 
Advertising1,641 1,148 — — 2,789 
Theme park admissions— — 2,996 — 2,996 
Resorts and vacations
— — 2,373 — 2,373 
Retail and wholesale sales of merchandise, food and beverage—    —    2,397    —    2,397    
Merchandise licensing149 — 726 — 875 
Content sales
1,698 84 — — 1,782 
Other451 177 594 (133)1,089 
$10,704 $4,308 $9,086 $(448)$23,650 
Nine Months Ended June 27, 2026
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$22,596 $9,376 $— $(1,319)$30,653 
Advertising5,070 3,813 — — 8,883 
Theme park admissions— — 9,646 — 9,646 
Resorts and vacations
— — 7,740 — 7,740 
Retail and wholesale sales of merchandise, food and beverage—    —    7,719    —    7,719    
Merchandise licensing509 — 2,467 — 2,976 
Content sales
5,257 60 — — 5,317 
Other1,237 769 1,889 (432)3,463 
$34,669 $14,018 $29,461 $(1,751)$76,397 
Nine Months Ended June 28, 2025
EntertainmentSportsExperiencesEliminationsTotal
Subscription and affiliate fees
$20,343 $9,036 $— $(968)$28,411 
Advertising5,137 3,647 — — 8,784 
Theme park admissions— — 9,002 — 9,002 
Resorts and vacations
— — 6,953 — 6,953 
Retail and wholesale sales of merchandise, food and beverage—    —    7,302    —    7,302    
Merchandise licensing462 — 2,357 — 2,819 
Content sales
4,877 212 — — 5,089 
Other1,439 797 1,776 (411)3,601 
$32,258 $13,692 $27,390 $(1,379)$71,961 

The following table presents revenues by segment and primary geographical markets:
Quarter Ended June 27, 2026
EntertainmentSportsExperiencesEliminationsTotal
Americas$8,917 $4,413 $7,294 $(565)$20,059 
Europe1,790    70    1,316    —    3,176    
Asia Pacific638 17 1,358 — 2,013 
Total revenues$11,345 $4,500 $9,968 $(565)$25,248 
Quarter Ended June 28, 2025
EntertainmentSportsExperiencesEliminationsTotal
Americas$8,569 $4,218 $6,824 $(448)$19,163 
Europe1,580    72    1,177    —    2,829    
Asia Pacific555 18 1,085 — 1,658 
Total revenues$10,704 $4,308 $9,086 $(448)$23,650 
Nine Months Ended June 27, 2026
EntertainmentSportsExperiencesEliminationsTotal
Americas$27,169 $13,735 $22,167 $(1,751)$61,320 
Europe5,414    223    3,472    —    9,109    
Asia Pacific2,086 60 3,822 — 5,968 
Total revenues$34,669 $14,018 $29,461 $(1,751)$76,397 
Nine Months Ended June 28, 2025
EntertainmentSportsExperiencesEliminationsTotal
Americas$25,617 $13,377 $20,915 $(1,379)$58,530 
Europe4,804    221    3,109    —    8,134    
Asia Pacific1,837 94 3,366 — 5,297 
Total revenues$32,258 $13,692 $27,390 $(1,379)$71,961 
Revenues recognized in the current and prior-year periods from performance obligations satisfied (or partially satisfied) in previous reporting periods primarily relate to revenues earned on content made available to distributors and licensees in previous reporting periods. For the quarter ended June 27, 2026, $0.3 billion was recognized related to performance obligations satisfied as of March 28, 2026. For the nine months ended June 27, 2026, $0.8 billion was recognized related to performance obligations satisfied as of September 27, 2025. For the quarter ended June 28, 2025, $0.3 billion was recognized related to performance obligations satisfied as of March 29, 2025. For the nine months ended June 28, 2025, $0.8 billion was recognized related to performance obligations satisfied as of September 28, 2024.
As of June 27, 2026, revenue for unsatisfied performance obligations expected to be recognized in the future is $16 billion, primarily for IP to be made available in the future under existing agreements with merchandise and co-branding licensees and sponsors, wholesalers of SVOD streaming services, sports sublicensees and television station affiliates. Of this amount, we expect to recognize approximately $2 billion in the remainder of fiscal 2026, $6 billion in fiscal 2027, $4 billion in fiscal 2028 and $4 billion thereafter. These amounts include only fixed consideration or minimum guarantees and do not include amounts related to (i) contracts with an original expected term of one year or less or (ii) licenses of IP that are solely based on the sales of the licensee.
Accounts receivable and deferred revenues from contracts with customers are as follows:
June 27,
2026		September 27,
2025
Accounts receivable
Current$12,064 $10,544   
Non-current1,081 985 
Allowance for credit losses(145)(126)
Deferred revenues
Current6,402 5,689 
Non-current693 785 
For the quarter and nine months ended June 27, 2026, the Company recognized revenue of $0.5 billion and $5.0 billion, respectively, that was included in the September 27, 2025 deferred revenue balance. For the quarter and nine months ended June 28, 2025, the Company recognized revenue of $0.5 billion and $5.0 billion, respectively, that was included in the September 28, 2024 deferred revenue balance. Amounts deferred generally relate to theme park admissions and vacation packages, subscriptions to streaming services and advances related to merchandise and TV/VOD licenses.