v3.26.1
Segment Information
 9 Months Ended
Jun. 27, 2026
Segment Information Segment Information
The Company’s operations are reported in three segments: Entertainment, Sports and Experiences, for which separate financial information, including segment revenue and operating income, is evaluated regularly by the Chief Executive Officer, the Chief Operating Decision Maker, to allocate resources and assess performance. The Company announced that much of its Consumer Products business, which is reported as part of the Experiences segment, will be brought under the leadership
structure of the Entertainment segment. We will report under the new structure commencing with our fiscal 2027 reporting, at which time we will have implemented changes to our financial reporting processes.
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 impacts from fair value adjustments recognized in connection with the fiscal 2019 acquisition of TFCF Corporation (TFCF) and Hulu LLC (Hulu) and business acquisitions occurring after fiscal 2025 (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, segment operating income and significant segment expenses are as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Revenues:
Entertainment
Third parties$11,186   $10,593   $34,181   $31,919   
Amounts eliminated in consolidation
159   111   488   339   
11,345   10,704   34,669   32,258   
Sports
Third parties4,094   3,971   12,755   12,652   
Amounts eliminated in consolidation
406   337   1,263   1,040   
4,500   4,308   14,018   13,692   
Experiences9,968   9,086   29,461   27,390   
Eliminations(565)  (448)  (1,751)  (1,379)  
Total segment revenues$25,248   $23,650   $76,397   $71,961   
Segment operating income:
Entertainment$1,680   $1,022   $4,116   $3,983   
Sports858   1,037   1,701   1,971   
Experiences3,017   2,516   8,941   8,117   
Total segment operating income(1)
$5,555   $4,575   $14,758   $14,071   
(1) Equity in the income of investees is included in segment operating income as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Entertainment$92   $102   $318   $344   
Sports35 26 51 54 
Equity in the income of investees included in segment operating income127 128 369 398 
Equity in the loss of India joint venture
(44)(50)(136)(186)
Acquisition Amortization related to an equity investee
— (3)— (9)
Equity in the income of investees
$83 $75 $233 $203 
Quarter EndedNine Months Ended
Information about significant segment expensesJune 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Entertainment
Programming and production costs$5,819 $5,772 $18,539 $16,938 
Other segment operating expenses(1)
1,419 1,326 4,388 4,027 
Selling, general, administrative and other2,301 2,488 7,257 7,075 
Depreciation and amortization218 198 687 579 
Total Entertainment costs and expenses9,757 9,784 30,871 28,619 
Sports
Programming and production costs3,050 2,762 10,539 10,072 
Other segment operating expenses(2)
254 246 759 736 
Selling, general, administrative and other344 276 989 933 
Depreciation and amortization29 13 81 34 
Total Sports costs and expenses3,677 3,297 12,368 11,775 
Experiences
Operating labor2,356 2,284 6,996 6,661 
Infrastructure costs953 870 2,655 2,527 
Cost of goods sold and distribution costs721 779 2,437 2,431 
Other segment operating expenses(3)
1,035 875 2,922 2,536 
Selling, general, administrative and other1,065 1,051 3,142 3,023 
Depreciation and amortization821 711 2,368 2,095 
Total Experiences costs and expenses6,951 6,570 20,520 19,273 
Eliminations(4)
(565)(448)(1,751)(1,379)
Corporate and unallocated shared expenses334 410 1,018 1,265 
Acquisition Amortization(5)
334 392 947 1,179 
Total costs and expenses$20,488 $20,005 $63,973 $60,732 
(1)Other operating expenses of Entertainment include technology support costs, distribution costs and costs of goods sold.
(2)Other operating expenses of Sports include technology support costs and distribution costs.
(3)Other operating expenses of Experiences include costs for supplies, processing fees and entertainment offerings.
(4)Reflects fees paid by (a) the entertainment virtual multi-channel video programming distributor (vMVPD) services to the sports and entertainment linear networks for the right to air the networks on the Hulu Live TV and Fubo services and (b) the Entertainment segment to the Sports segment to program certain sports content on ABC Network and Disney+. The offset is included in Entertainment programming and production costs.
(5)Excludes Acquisition Amortization of intangible assets related to an equity investee.
A reconciliation of segment operating income to income before income taxes is as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Segment operating income$5,555 $4,575   $14,758 $14,071 
Corporate and unallocated shared expenses(334)  (410)(1,018)(1,265)
Equity in the loss of India joint venture
(44)(50)(136)  (186)  
Restructuring and impairment charges(1)
(900)(185)(1,139)  (437)  
Interest expense, net(298)(324)(813)(1,037)
Acquisition Amortization(2)
(334)(395)(947)(1,188)
Income before income taxes$3,645 $3,211 $10,705 $9,958 
(1)See Note 15 for a discussion of amounts in restructuring and impairment charges.
(2)Acquisition Amortization is as follows:
Quarter EndedNine Months Ended
June 27,
2026		June 28,
2025		June 27,
2026		June 28,
2025
Amortization of intangible assets$270 $326   $755 $980 
Step-up of film and television costs64   66 192 199 
Intangibles related to an equity investee
—   3 — 9 
$334 $395 $947 $1,188