What changed in this filing

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Item 1. Business

2025-11-13 compared with 2024-11-14 · 184 added, 215 removed, 422 unchanged (49% of the section changed)

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◦ International:

Disney, FX, National Geographic (owned 73% by the Company) and Star branded general entertainment television channels outside of the U.S.

◦ A 50% equity investment in A+E Television Networks (A+E), which operates cable channels including A&E, HISTORY and Lifetime

Disney, FX and National Geographic (owned 73% by the Company) branded television channels

◦ A 50% equity investment in A+E Global Media (formerly A+E Television Networks) (A+E), which develops and distributes content globally

• Direct-to-Consumer

a global direct-to-consumer (DTC) service that primarily offers general entertainment and family programming.

◦ Disney+ Hotstar:

a DTC service primarily in India that offers general entertainment, family and sports programming.

DTC service that offers general entertainment and family programming and a digital over-the-top (OTT) service that includes live linear streams of various cable and broadcast networks.

See Note 2 of the Consolidated Financial Statements for information on Hulu ownership.

Subscribers to both Disney+ and one of the ESPN DTC plans (see Sports segment discussion) have access to certain sports content through Disney+.

DTC service that offers general entertainment programming and a virtual multi-channel video programming distributor (vMVPD) service that includes live linear streams of various cable and broadcast networks (Hulu Live TV service).

Subscribers to both Hulu and one of the ESPN DTC plans have access to certain sports content through Hulu.

• Content Sales/Licensing

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◦ Home entertainment distribution:

electronic home video licenses, video-on-demand rentals and sales of DVD/Blu-ray discs

electronic home video licenses, video-on-demand rentals and licensing of physical (DVD/Blu-ray discs) distribution rights

◦ Intersegment allocation of revenues from the Experiences segment, which is meant to reflect royalties on consumer products merchandise licensing revenues generated on intellectual property (IP) created by the Entertainment segment

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◦ Post-production services by Industrial Light & Magic and Skywalker Sound

Theatrical, TV/VOD and home entertainment distribution revenues are collectively referred to as “content sales.”

Entertainment also includes the following activities that are reported with Content Sales/Licensing:

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• A 30% ownership interest in Tata Play Limited, which operates a direct-to-home satellite distribution platform in India

The significant revenues of Entertainment are as follows:

• Subscription fees - Fees charged to customers/subscribers for our DTC streaming services

The revenues of Entertainment are as follows:

• Subscription fees - Fees charged to customers/subscribers for our DTC streaming services, including fees charged to multi-channel video programming distributors (i.e.

cable, satellite and telecommunications providers and vMVPDs) (MVPDs) and other distributors

• Advertising - Sales of advertising time/space

• Affiliate fees - Fees charged to multi-channel video programming distributors (i.e.

cable, satellite, telecommunications and digital OTT service providers) (MVPDs) for the right to deliver our programming to their customers.

• Affiliate fees - Fees charged to MVPDs for the right to deliver our programming to their customers.

Linear Networks also generates revenues from fees charged to television stations affiliated with ABC Network.

• Theatrical distribution - Rentals from licensing our films to theaters

• TV/VOD distribution - Licensing fees for the right to use our film and episodic content

• Home entertainment distribution - Electronic sales and rentals of film and episodic content through distributors and royalties from the licensing of physical distribution rights

• TV/VOD and home entertainment distribution

◦ Licensing fees for the right to use our film and episodic content

◦ Electronic sales and rentals of film and episodic content through distributors

◦ Fees from the licensing of physical distribution rights

• Other revenue - Revenues from licensing our music, ticket sales from stage play performances, fees from licensing our IP for use in stage plays, sales of post-production services and the allocation of consumer products merchandise licensing revenues

The significant expenses of Entertainment are as follows:

• Operating expenses, consisting primarily of programming and production costs, technology support costs, operating labor and distribution costs.

Programming and production costs include the following:

The expenses of Entertainment are as follows:

• Operating expenses, consisting of the following:

◦ Programming and production costs, which include:

▪ Amortization of capitalized production costs

▪ Amortization of the costs of licensed programming rights

◦ Subscriber-based fees for programming our Hulu Live service, including fees paid by Hulu to the Sports segment and other Entertainment segment businesses for the right to air their linear networks on Hulu Live

▪ Subscriber-based fees for programming our Hulu Live TV service, including fees paid by Hulu to ESPN and the Entertainment linear networks business for the right to air their linear networks on Hulu Live TV

▪ Production costs related to live programming (primarily news)

▪ Participations and residual expenses

◦ Fees paid to the Sports segment to program ESPN on ABC and certain sports content on Disney+

▪ Fees paid to ESPN to program certain sports content on ABC Network and Disney+

◦ Other operating expenses, which include technology support costs and distribution costs

• Selling, general and administrative costs, including marketing costs

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ABC Network programming is aired in the primetime, daytime, late night, news and sports “dayparts”.

Primetime programming includes scripted series, reality programming and a variety of movies and specials.

Primetime programming includes scripted and unscripted programming, movies and specials.

ESPN programs the sports daypart on ABC Network, which is branded ESPN on ABC.

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television households.

ABC Network produces a variety of unscripted series, primetime specials, news and daytime programming.

ABC Network produces a variety of unscripted programming, primetime specials, news and daytime programming.

Disney Channels

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(1) Based on Nielsen Media Research estimates as of September 2025.

Estimates include traditional MVPD and the majority of digital OTT subscriber counts.

Domestic Television Stations

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General Entertainment

General Entertainment channels include FX, National Geographic and Star branded channels, which air a variety of scripted, reality and documentary programming.

General Entertainment channels include FX and National Geographic, which air a variety of scripted, reality and documentary programming.

As of September 2025, the estimated number of unique subscribers for our general entertainment channels, based on internal management reports, was approximately 145 million.

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A+E is owned 50% by the Company and 50% by Hearst.

A+E operates a variety of cable channels, including:

A+E operates a variety of cable channels, the most significant of which are:

• A&E – which offers entertainment programming including original reality and documentary programming

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• Lifetime – which offers programming targeted to women

The number of domestic subscribers, based on Nielsen Media Research estimates as of September 2024, are 58 million for each of A&E, HISTORY and Lifetime and include traditional MVPD and the majority of digital OTT subscriber counts.

A+E programming is available in approximately 200 countries and territories.

Direct-to-Consumer

Disney+, Disney+ Hotstar and Hulu are subscription services that provide video streaming of the Company’s general entertainment and family programming and similar programming from third parties.

Outside the U.S., Disney+ and Disney+ Hotstar also include international sports programming.

The services are offered individually or in various bundles, which may include ESPN+ (see Sports segment discussion), to customers directly or through third-party distributors on mobile and internet connected devices.

Disney+ and Hulu are subscription-based DTC services offered individually or in various bundles, which may include one of the ESPN DTC plans and/or third-party DTC services.

The majority of Direct-to-Consumer revenue is derived from subscription fees and advertising.

Disney+ and Disney+ Hotstar

Disney+ is a subscription-based DTC service with Disney, Pixar, Marvel, Star Wars and National Geographic branded programming, which are all top-level selections or “tiles” within the Disney+ interface.

In the U.S., subscribers to both Disney+ and Hulu may access certain Hulu programming through a tile on Disney+.

Outside the U.S., Disney+ includes a Star branded tile, which features general entertainment programming.

In Latin America, Disney+ includes an ESPN branded tile, which features a variety of sports content including live events.

The Company plans to launch an ESPN branded tile on Disney+ in the U.S.

in early fiscal 2025.

In certain Latin American countries prior to July 2024, we offered Disney+ as well as Star+, a standalone service with a variety of general entertainment and family content and live sports programming.

At the end of June 2024, we merged these services into a single Disney+ product offering.

Disney+ offers general entertainment and family programming from the Company’s various studios, including library titles, as well as programming licensed from third parties.

Disney, Pixar, Marvel, Star Wars and National Geographic branded programming are all top-level selections or “tiles” within the Disney+ interface.

Outside the U.S., Disney+ includes a Star branded tile, which was rebranded as Hulu in October 2025, that features general entertainment programming.

Additionally, subscribers to Disney+ have access to certain sports content through an ESPN branded tile on Disney+.

In the U.S., subscribers to bundled offerings (e.g.

Disney+ along with Hulu, ESPN Unlimited or ESPN Select) have access to certain content from the other services or plans on Disney+.

Disney+ offers a subscription video-on-demand (SVOD) service without advertising in each of the markets it operates and a SVOD ad-supported service in the U.S., Canada and select Latin American and European markets.

As of September 27, 2025, the estimated number of paid Disney+ subscribers, based on internal management reports, was approximately 132 million.

Disney+ Hotstar is a subscription-based DTC service available in India, Indonesia, Malaysia and Thailand.

Programming includes television shows, movies, sports and original series in approximately 10 languages, in addition to gaming and social features.

Disney+ Hotstar has exclusive streaming rights to certain cricket programming.

As of September 28, 2024, the estimated number of paid Disney+ Hotstar subscribers, based on internal management reports, was approximately 36 million.

Disney+ and Disney+ Hotstar offer content from the Company’s various studios, including library titles, as well as content acquired from third parties.

The majority of Disney+ and Disney+ Hotstar revenue is derived from subscription fees and, to a lesser extent, advertising.

The Company offers an ad-supported Disney+ service in the U.S., Canada and select Latin American and European markets.

Hulu is a domestic subscription-based DTC service with general entertainment content from the Company’s various studios as well as content licensed from third parties.

Hulu’s revenue is derived from subscription fees and advertising.

Hulu offers subscription video-on-demand (SVOD) services with or without advertising in addition to a digital OTT MVPD (Live TV) service.

Hulu is a domestic DTC service with general entertainment content from the Company’s various studios as well as content licensed from third parties.

Hulu offers SVOD services with or without advertising in addition to the Hulu Live TV service.

The Live TV service is available with either of Hulu’s SVOD services and includes live linear streams of various cable and broadcast networks.

In addition, Hulu offers subscriptions to premium services such as Max, Cinemax, Starz and Paramount+ with Showtime, which can be added to the Hulu service.

Certain programming from ABC Network, Freeform and FX Channels is also available on the Hulu SVOD service one day after the linear airing on these channels.

Certain programming from ABC, Freeform and FX is also available on the Hulu SVOD service one day after the linear airing on these channels.

Subscribers to both Hulu and one of the ESPN DTC plans have access to certain sports content through Hulu.

As of September 27, 2025, the estimated number of paid Hulu subscribers, based on internal management reports, was approximately 64 million.

On October 29, 2025, the Company and FuboTV Inc.

(Fubo), a publicly traded vMVPD, combined certain of Hulu Live TV assets, including its carriage agreements, subscription agreements and related data, advertising and sponsorship agreements and intellectual property exclusively related to the “Live TV” brand, with Fubo.

The Company has a 70 % interest in the combined entity, with the remaining 30 % interest retained by Fubo shareholders.

Hulu Live TV will continue to be available to consumers as a separate offering post-closing.

See Note 4 of the Consolidated Financial Statements for further information.

Content Sales/Licensing and Other

The majority of Content Sales/Licensing revenue is derived from TV/VOD, theatrical and home entertainment distribution.

The majority of Content Sales/Licensing revenue is derived from distribution in the theatrical, TV/VOD and home entertainment windows.

In addition, revenue is generated from music distribution, stage plays and post-production services through Industrial Light & Magic and Skywalker Sound.

The Company also publishes National Geographic magazine, which is reported with Content Sales/Licensing.

TV/VOD Distribution

We license our content to third-party television networks, television stations and other video service providers for distribution to viewers on television or a variety of internet-connected devices, including through other DTC services.

Theatrical Distribution

The Company licenses full-length live-action and animated films to theaters globally.

Cumulatively through September 28, 2024, the Company has released approximately 1,100 full-length live-action films and 100 full-length animated films.

In the domestic and most major international markets, we generally distribute and market our films directly.

Cumulatively through fiscal year 2025, the Company has released approximately 1,100 full-length live-action films and 100 full-length animated films.

Domestically and in most major international markets, we distribute and market our films directly.

In certain international markets our films are distributed by independent companies.

In some territories, certain films may be exclusively distributed on our DTC streaming services.

During fiscal 2025, we expect to release approximately 15 films.

During fiscal year 2026, we expect to release approximately 20 films.

The Company incurs significant marketing and advertising costs before and throughout the theatrical release of a film in an effort to generate public awareness of the film, to increase the public’s intent to view the film and to help generate consumer interest in the subsequent home entertainment and other ancillary markets.

These costs are expensed as incurred, which may result in a loss on a film in the theatrical markets, including in periods prior to the theatrical release of the film.

These costs are expensed as incurred, which may result in a loss on the theatrical distribution of a film, including in periods prior to the release of the film.

TV/VOD Distribution

Home Entertainment Distribution

The Company’s film and episodic content is sold in both electronic (home video license and video-on-demand rentals) and physical (DVD and Blu-ray disc) formats.

We distribute through e-tailers such as Apple and Amazon, and MVPDs, such as Comcast and DirecTV, for electronic distribution.

The Company’s film and episodic content is sold in both electronic (home video license and video-on-demand rentals) and physical formats.

We distribute electronic formats through e-tailers such as Apple and Amazon, and MVPDs, such as Comcast and DirecTV.

We have licensed the rights for physical distribution to third parties who generally sell to retailers, such as Walmart and Amazon.

Physical distribution of film content in the home entertainment window generally starts within three months after the theatrical release.

Electronic formats are typically available approximately two to ten weeks ahead of the physical release.

We also license titles to video-on-demand e-tailers within five weeks after physical home entertainment distribution.

Distribution of episodic content in the home entertainment window includes electronic sales of season passes that can be purchased prior to, during and after the broadcast season with individual episodes typically available to season pass customers shortly after the initial airing of the show in each territory.

Access to individual episodes is also available for electronic purchase shortly after the initial airing in each territory.

Electronic formats of film content in the home entertainment window are typically available approximately two months after the theatrical release and physical distribution generally starts within three to four months after the theatrical release.

Disney Theatrical Group

Disney Theatrical Group develops, produces and licenses live entertainment events on Broadway and around the world.

Productions include The Lion King , Aladdin , Frozen and Beauty and the Beast .

Productions include The Lion King , Aladdin , Beauty and the Beast , Frozen and Hercules .

Disney Theatrical Group also licenses the Company’s IP to Feld Entertainment, the producer of Disney On Ice .

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Produced content primarily consists of original films and episodic programs and network news and daytime/late night programming.

Licensed content includes acquired episodic programming rights, movies and specials.

Acquired content includes rights to episodic programming, movies and specials.

Original content is generally produced under the following banners:

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and Walt Disney Pictures.

Original content is also commissioned and produced by various third-party studios.

Original content is also commissioned from and produced by various third-party studios.

Program development is carried out in collaboration with writers, producers and creative teams.

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In addition, the library includes approximately 150 series and 100 films that were produced for initial distribution on our DTC platforms.

In fiscal 2025, the Company plans to produce or commission approximately 215 episodic and film titles.

The vast majority of our productions will initially be distributed on our Linear Networks and/or DTC platforms or theatrically.

Programming is also produced for third parties, which typically have domestic linear distribution rights while the Company retains domestic video-on-demand and international distribution rights.

We also license, acquire or produce local content for use in various countries/territories.

In fiscal 2026, the Company will continue to produce or commission a significant number of episodic and film titles, of which the vast majority will initially be distributed on our Linear Networks and/or DTC platforms or theatrically.

Programming is also produced for third parties, who typically have exclusive domestic linear distribution rights for a certain time period (after which the rights revert back to the Company) while the Company retains domestic video-on-demand and international distribution rights.

Competition and Seasonality

Linear Networks and Direct-to-Consumer compete for viewers’ attention and audience share primarily with other television networks, independent television stations and other media, such as other DTC streaming services, social media and video games.

With respect to the sale of advertising time, we compete with other television networks, independent television stations, MVPDs, other DTC streaming services and other advertising media such as digital content, newspapers, magazines, radio and billboards.

With respect to the sale of advertising time, we compete with other television networks, independent television stations, MVPDs, other DTC streaming services and other advertising media such as online search, marketplaces, social media and other digital content, newspapers, magazines, radio and billboards.

Our television stations primarily compete for audiences and advertisers in local market areas.

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The Company’s contractual agreements with MVPDs are renewed or renegotiated from time to time in the ordinary course of business.

Consolidation and other market conditions in the cable, satellite and telecommunication distribution industry, including subscriber levels, and other factors may adversely affect the Company’s ability to obtain and maintain contractual terms for the distribution of its various programming services that are as favorable as those currently in place.

Consolidation and other market conditions in the cable, satellite and telecommunication distribution industry, including changes in subscriber levels, the prevalence of streaming services and other factors may adversely affect the Company’s ability to obtain and maintain contractual terms for the distribution of its various programming services that are as favorable as those currently in place.

Content Sales/Licensing businesses compete with all forms of entertainment and a significant number of companies that produce and/or distribute film and episodic content, distribute products in the home entertainment market, provide pay TV/VOD services, and produce music and live theater.

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We also compete with other media and entertainment companies, independent production companies and video-on-demand services for creative and performing talent, story properties, show concepts, scripted and other programming, advertiser support, production facilities and exhibition outlets that are essential to the success of our Entertainment businesses.

Advertising revenues at Linear Networks and Direct-to-Consumer are subject to seasonal advertising patterns and changes in viewership levels.

Advertising revenues at Linear Networks and Direct-to-Consumer are subject to seasonal and cyclical advertising patterns and changes in viewership levels.

In general, domestic advertising revenues are typically somewhat higher during the fall and somewhat lower during the summer months.

Affiliate revenues vary with the subscriber levels of MVPDs.

Affiliate and subscription revenues vary with the subscriber levels of MVPDs and our streaming services.

The Sports segment generally encompasses the Company’s sports-focused global television and DTC video streaming content production and distribution activities.

The lines of business within Sports include the following:

• ESPN (generally owned 80% by the Company)

▪ Seven ESPN-branded television channels

• ESPN (generally owned 80% by the Company) (See Note 4 of the Consolidated Financial Statements for further information on potential future changes in ESPN ownership)

▪ ESPN-branded television channels

▪ ESPN on ABC (sports programmed on the ABC Network by ESPN)

▪ ESPN+ DTC service

◦ International:

ESPN-branded channels outside of the U.S.

Star-branded sports channels in India

In February 2024, the Company, Fox Corporation and Warner Bros.

Discovery, Inc.

announced plans to create a joint venture to offer a sports-focused DTC platform (Venu Sports) that will distribute each party’s domestic sports networks, certain broadcast networks and sports streaming services.

In August 2024, a motion for preliminary injunction in a matter before the District Court for the Southern District of New York was granted, enjoining the launch of Venu Sports.

See Note 14 of the Consolidated Financial Statements for additional information regarding this legal matter.

Further, the formation and launch of Venu Sports are subject to the finalization of definitive agreements among the parties.

In early fall 2025, the Company plans to launch a new DTC offering, which will include live linear streams of the domestic ESPN-branded television channels and ESPN+.

The significant revenues of Sports are as follows:

• Affiliate fees

The revenues of Sports are as follows:

• Affiliate and subscription fees

• Advertising

• Subscription fees

• Other revenue - Fees from the following activities:

pay-per-view events on ESPN+, sub-licensing of sports rights, programming ESPN on ABC and licensing the ESPN brand

The significant expenses of Sports are as follows:

• Operating expenses, consisting primarily of programming and production costs, technology support costs, operating labor and distribution costs.

pay-per-view events on the ESPN DTC services, sub-licensing of sports rights, programming ESPN on ABC and licensing the ESPN brand

The expenses of Sports are as follows:

• Operating expenses, consisting of programming and production costs and other operating expenses.

Programming and production costs include amortization of licensed sports rights and production costs related to live sports and other sports-related programming.

Other operating expenses include technology support costs and distribution costs.

• Selling, general and administrative costs, including marketing costs

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Domestic ESPN

Branded television channels include seven 24-hour domestic television sports channels:

Branded television channels include the following 24-hour domestic television sports channels:

• ESPN and ESPN2 - both dedicated to professional and college sports as well as sports news and original programming

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• ESPN Deportes - airs professional and college sports as well as studio shows in Spanish

ESPN programs ESPN on ABC and recognizes the direct revenues and costs for this programming and receives a fee from the ABC Network, which is eliminated in consolidation.

In addition, the Company earns advertising and licensing revenues from providing promotional services and licensing the ESPN BET trademark to PENN Entertainment, Inc.

ESPN offers a U.S.

subscription-based DTC service with two plans:

ESPN Select and ESPN Unlimited, which started in August 2025.

ESPN Select, previously the ESPN+ service through August 2025, offers thousands of live sporting events, on-demand sports content and other original content.

ESPN Unlimited includes access to all of ESPN’s branded television channels and ESPN Select content.

The ESPN DTC plans are offered individually or in various bundles, including with Disney+ and Hulu.

Consumers may also access the service through certain MVPDs.

ESPN programs ESPN on ABC, recognizes the direct revenues and costs for this programming and receives a fee from the ABC Network, which is eliminated in consolidation.

ESPN earns advertising and licensing revenues from providing promotional services and licensing the ESPN BET trademark to PENN Entertainment, Inc.

in connection with its operation of a sportsbook.

The Company has various sports programming rights, which are used to produce content aired on ESPN television networks and ESPN+, including live events and sports news.

Rights include the National Football League (NFL), college football (including bowl games and the College Football Playoff) and basketball, the National Basketball Association (NBA), mixed martial arts, Major League Baseball (MLB), the National Hockey League (NHL), soccer, Top Rank Boxing, Formula 1, US Open Tennis, the Wimbledon Championships, the Masters golf tournament, the Professional Golfers’ Association (PGA) Championship and the Women’s National Basketball Association (WNBA).

In November 2025, this agreement was terminated effective December 1, 2025, and ESPN entered into a promotional services agreement with DraftKings Inc., under which DraftKings Inc.

will serve as the exclusive sportsbook and odds provider of ESPN effective December 1, 2025.

The Company has various sports programming rights, which are used to produce content, including live events and sports news, aired on ESPN linear and digital platforms.

Rights include the National Football League (NFL), college football (including bowl games and the College Football Playoff) and basketball, the National Basketball Association (NBA), mixed martial arts (through the end of calendar 2025), Major League Baseball (MLB), the National Hockey League (NHL), soccer, US Open Tennis, Formula 1 (through the end of calendar 2025), the Wimbledon Championships, the Masters golf tournament, the Women’s National Basketball Association (WNBA) and the Professional Golfers’ Association (PGA) Championship.

Beginning in September 2025, ESPN platforms became the exclusive distributor for all World Wrestling Entertainment Premium Live Events.

The number of subscribers (in millions) for the significant domestic branded channels are as follows:

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(1) Based on Nielsen Media Research estimates as of September 2025.

Estimates include traditional MVPD and the majority of digital OTT subscriber counts.

Estimates include traditional MVPD and vMPVD subscriber counts.

(2) Because Nielsen Media Research does not measure this channel, estimated subscribers are according to SNL Kagan as of December 2024.

ESPN+ is a domestic subscription-based DTC service offering thousands of live sporting events, on-demand sports content and other original programming.

The service is offered individually or in various bundles with Disney+ and Hulu to customers directly or through third-party distributors on mobile and internet connected devices.

ESPN+ revenue is derived from subscription fees, pay-per-view fees and, to a lesser extent, advertising.

Live events available through the service include mixed martial arts, soccer, hockey, boxing, baseball, college sports, golf, tennis and cricket.

ESPN+ is currently the exclusive distributor for Ultimate Fighting Championship (UFC) pay-per-view events in the U.S.

As of September 28, 2024, the estimated number of paid ESPN+ subscribers, based on internal management reports, was approximately 26 million.

In October 2025, ESPN and NFL Enterprises LLC reached a binding agreement for ESPN to acquire the NFL Network and certain other media assets owned and controlled by NFL Enterprises LLC, including NFL’s RedZone Channel pay TV distribution and NFL Fantasy, in exchange for a 10% noncontrolling interest of ESPN (the NFL Transaction).

The NFL Transaction is expected to close in calendar year 2026, subject to certain regulatory approvals, including from federal and foreign antitrust authorities, and other customary closing conditions.

See Note 4 of the Consolidated Financial Statements for further information.

International ESPN

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in 4 languages and approximately 110 countries/territories.

In the Netherlands, the ESPN branded channels are operated by Eredivisie Media & Marketing CV (EMM) (owned 51% by the Company), which has the media and sponsorship rights to the Dutch Premier League for soccer.

In the Netherlands, the ESPN branded channels are operated by Eredivisie Media & Marketing CV (EMM) (owned 51% by the Company), which has the media rights to the Dutch Premier League for soccer.

Rights include various soccer leagues (including English Premier League, LaLiga, Bundesliga and multiple UEFA leagues).

As of September 2024, the estimated number of subscribers to ESPN branded channels outside the U.S., based on internal management reports, was approximately 55 million.

The Company operates 10 Star branded sports channels in India, in 4 languages.

Star has rights to various sports programming, primarily cricket and soccer.

As of September 2024, the estimated number of subscribers to Star branded channels, based on internal management reports, was approximately 79 million.

Equity Investments

The most significant equity investment at Sports is a 30% interest in CTV Specialty Television, Inc.

(CTV), which operates primarily sports-related television networks in Canada.

The Company’s share of CTV’s financial results is reported as “Equity in the income of investees” in the Company’s Consolidated Statements of Income.

CTV operates television networks in Canada, including The Sports Networks (TSN) 1-5, Le Réseau des Sports (RDS), RDS2, RDS Info, Discovery Canada, Discovery Science and Animal Planet Canada.

Competition and Seasonality

Sports competes for viewers’ attention and audience share primarily with other television networks, independent television stations and other media, such as other DTC streaming services, social media and video games.

With respect to the sale of advertising time, we compete with other television networks, independent television stations, MVPDs and other advertising media such as digital content, newspapers, magazines, radio and billboards.

With respect to the sale of advertising time, we compete with other television networks, independent television stations, MVPDs and other advertising media such as online search, marketplaces, social media and other digital content, newspapers, magazines, radio and billboards.

The Sports television networks compete with other networks for carriage by MVPDs.

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biannually, quadrennially).

Affiliate revenues vary with the subscriber levels of MVPDs.

Affiliate and subscription revenues vary with the subscriber levels of MVPDs and our streaming services.

The lines of business within Experiences along with their significant business activities include the following:

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• Disney Cruise Line

• Disney Vacation Club

• Disney Vacation Club, including Aulani, a Disney Resort & Spa in Hawaii

• National Geographic Expeditions (owned 73% by the Company) and Adventures by Disney

• Aulani, a Disney Resort & Spa in Hawaii

◦ International:

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◦ Sale of branded merchandise through online, retail and wholesale businesses, and development and publishing of books, comic books and magazines (except National Geographic magazine, which is reported in Entertainment)

The significant revenues of Experiences are as follows:

• Theme park admissions - Sales of tickets for admission to our theme parks and for premium access to certain attractions (e.g.

Lightning Lane)

The revenues of Experiences are as follows:

• Theme park admissions - Sales of tickets for admission to our theme parks and for premium access to certain attractions

• Resorts and vacations - Sales of room nights at hotels, sales of cruise and other vacations and sales and rentals of vacation club properties

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• Parks licensing and other - Revenues from sponsorships and co-branding opportunities, real estate rent and sales and royalties earned on Tokyo Disney Resort revenues

The significant expenses of Experiences are as follows:

• Operating expenses, consisting primarily of operating labor, infrastructure costs, costs of goods sold and distribution costs, supplies, commissions and entertainment offerings.

The expenses of Experiences are as follows:

• Operating expenses, consisting of operating labor, infrastructure costs, costs of goods sold and distribution costs and other operating expenses.

Infrastructure costs include technology support costs, repairs and maintenance, utilities and fuel, property taxes, retail occupancy costs, insurance and transportation.

Other operating expenses include costs for such items as supplies, commissions and entertainment offerings.

• Selling, general and administrative costs, including marketing costs

• Depreciation and amortization

Significant capital investments:

• In recent years, the majority of the Company’s capital spend has been at our parks and experiences business, which is principally for theme park and resort expansion, new attractions, cruise ships, capital improvements and systems infrastructure.

Capital investments:

• In recent years, the majority of the Company’s capital spend has been at our parks and experiences business, principally for theme park and resort expansion, new attractions, cruise ships, capital improvements and systems infrastructure.

Parks & Experiences

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The Walt Disney World Resort is marketed through a variety of international, national and local advertising and promotional activities.

A number of attractions and restaurants in each of the theme parks are sponsored or operated by other companies under multi-year agreements.

A number of attractions and restaurants in the theme parks are sponsored or operated by other companies under multi-year agreements.

Magic Kingdom — The Magic Kingdom consists of six themed areas:

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Countries represented with pavilions include Canada, China, France, Germany, Italy, Japan, Mexico, Morocco, Norway, the United Kingdom and the U.S.

CommuniCore Hall and Plaza opened in June 2024, completing a multi-year transformation at EPCOT.

Disney’s Hollywood Studios — Disney’s Hollywood Studios consists of eight themed areas:

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Galaxy’s Edge, Sunset Boulevard and Toy Story Land.

The areas provide behind-the-scenes glimpses of Hollywood-style action through various shows and attractions and offer themed restaurants, merchandise shops and entertainment experiences.

The areas provide behind-the-scenes glimpses of Hollywood-style action through various themed attractions, restaurants, merchandise shops and entertainment experiences.

Disney’s Animal Kingdom — Disney’s Animal Kingdom consists of a 145-foot tall Tree of Life centerpiece surrounded by five themed areas:

Africa, Asia, DinoLand USA, Discovery Island and Pandora - The World of Avatar.

Each themed area contains attractions, restaurants, merchandise shops and entertainment experiences.

Each area contains themed attractions, restaurants, merchandise shops and entertainment experiences.

The park features more than 300 species of live mammals, birds, reptiles and amphibians and 3,000 varieties of vegetation.

DinoLand USA will be rethemed and in 2027, is planned to open as Tropical Americas, which will feature themed attractions, restaurants, merchandise shops and entertainment experiences.

Hotels, Vacation Club Properties and Other Resort Facilities — As of September 28, 2024, the Company owned and operated 18 resort hotels and vacation club properties at the Walt Disney World Resort, with approximately 23,000 rooms and

3,600 vacation club units.

Hotels, Vacation Club Properties and Other Resort Facilities — As of September 27, 2025, the Company owned and operated 18 resort hotels and vacation club properties at the Walt Disney World Resort, with approximately 23,000 rooms and 3,900 vacation club units.

Resort facilities include 500,000 square feet of conference meeting space and Disney’s Fort Wilderness camping and recreational area, which offers approximately 800 campsites.

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The areas are home to approximately 150 venues including the World of Disney retail store, which includes approximately 38,000 square feet of retail space.

Most of the Disney Springs facilities are operated by third parties that pay rent to the Company.

Most of the offerings at Disney Springs are operated by third parties that pay rent to the Company.

Ten independently-operated hotels with approximately 7,000 rooms are situated on property leased from the Company.

ESPN Wide World of Sports Complex is a 230 acre center that hosts professional caliber training and competitions, festival and tournament events and interactive sports activities.

The ESPN Wide World of Sports Complex is an approximately 230 acre center that hosts professional-caliber training and competitions, festival and tournament events and interactive sports activities.

The complex, which welcomes both amateur and professional athletes, accommodates multiple sporting events, including baseball, basketball, football, soccer, softball, tennis and track and field.

It also includes a stadium, as well as two venues designed for cheerleading, dance competitions and other indoor sports.

It also includes a stadium and two venues designed for cheerleading, dance competitions and other indoor sports.

Other recreational amenities and activities available at the Walt Disney World Resort include three championship golf courses, miniature golf courses, full-service spas, tennis, sailing, swimming, horseback riding and a number of other sports and leisure time activities.

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The Disneyland Resort is located in Anaheim, California on approximately 550 acres of land.

The Disneyland Resort includes two theme parks (Disneyland and Disney California Adventure), three resort hotels and a retail, dining and entertainment complex (Downtown Disney).

The resort includes two theme parks (Disneyland and Disney California Adventure), three hotels and a retail, dining and entertainment complex (Downtown Disney).

The Disneyland Resort is marketed through a variety of international, national and local advertising and promotional activities.

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Hotels, Vacation Club Units and Other Resort Facilities — As of September 27, 2025, the Company owned and operated three resort hotels and vacation club properties at the Disneyland Resort, with approximately 2,400 rooms and 180 vacation club units.

Resort facilities included 180,000 square feet of conference meeting space.

Downtown Disney is a themed 15-acre retail, dining and entertainment complex with approximately 30 venues.

Most of the Downtown Disney facilities are operated by third parties that pay rent to the Company.

Aulani, a Disney Resort & Spa

Aulani, a Disney Resort & Spa is a family resort on a 21 acre oceanfront property on Oahu, Hawaii featuring approximately 350 hotel rooms, an 18,000-square-foot spa and 12,000 square feet of conference meeting space.

The resort also has approximately 480 vacation club units.

Resort facilities included approximately 170,000 square feet of conference meeting space.

Downtown Disney is an approximately 15-acre themed retail, dining and entertainment complex with approximately 40 venues including the World of Disney retail store, which includes approximately 25,000 square feet of retail space.

Most of the offerings at Downtown Disney are operated by third parties that pay rent to the Company.

Disneyland Paris

Disneyland Paris is located approximately 20 miles east of Paris, France in Marne-la-Vallée, on approximately 5,200 acres.

The land is being developed pursuant to a master agreement with French governmental authorities.

Disneyland Paris includes two theme parks (Disneyland Park and Walt Disney Studios Park);

Disneyland Paris is located approximately 20 miles east of Paris, France in Marne-la-Vallée on a 5,200-acre site that is being developed by Disneyland Paris pursuant to a master agreement with French governmental authorities.

To date, approximately two-thirds of the site has been developed including properties owned and operated by third parties and a planned community (Val d’Europe).

Disneyland Paris’ operations include two theme parks (Disneyland Park and Walt Disney Studios Park);

seven themed resort hotels;

two convention centers;

a retail, dining and entertainment complex (Disney Village);

and a 27-hole golf facility.

Of the 5,200 acres comprising the site, approximately half have been developed to date, including a planned community (Val d’Europe).

and a retail, dining and entertainment complex (Disney Village).

Disneyland Park — Disneyland Park consists of five themed areas:

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These areas include themed attractions, restaurants, merchandise shops and entertainment experiences.

Walt Disney Studios Park — Walt Disney Studios Park includes five themed areas:

Front Lot, Production Courtyard, Toon Studio, Worlds of Pixar and Avengers Campus.

These areas each include themed attractions, restaurants, merchandise shops and entertainment experiences.

Walt Disney Studios Park — Walt Disney Studios Park includes four themed areas:

Front Lot, World Premiere Plaza, Worlds of Pixar and Avengers Campus.

These areas include themed attractions, restaurants, merchandise shops and entertainment experiences.

Walt Disney Studios Park is undergoing a multi-year expansion that will include a new themed area based on Frozen , which is planned to open in 2026 and coincide with the renaming of Walt Disney Studios Park to Disney Adventure World.

Hotels and Other Facilities — Disneyland Paris operates seven resort hotels, with approximately 5,750 rooms and 250,000 square feet of conference meeting space.

In addition, we have relationships with seven independently-owned and operated partner hotels, both on- and off-property, that provide approximately 2,100 rooms.

Disney Village is an approximately 500,000-square-foot themed retail, dining and entertainment complex.

Construction is currently underway on a multi-year transformation of Disney Village.

A number of the Disney Village facilities are operated by third parties that pay rent to the Company.

Several of the offerings at Disney Village are operated by third parties that pay rent to the Company.

Val d’Europe is a planned community near Disneyland Paris that is being developed in phases.

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The Company owns a 48% interest in Hong Kong Disneyland Resort and the Government of the Hong Kong Special Administrative Region (HKSAR) owns a 52% interest.

The resort is located on Lantau Island on 310 acres and is in close proximity to the Hong Kong International Airport and the Hong Kong-Zhuhai-Macau Bridge.

The resort is located on Lantau Island on 310 acres of land and is in close proximity to the Hong Kong International Airport and the Hong Kong-Zhuhai-Macau Bridge.

Hong Kong Disneyland Resort includes one theme park and three themed resort hotels.

A separate Hong Kong subsidiary of the Company is responsible for managing Hong Kong Disneyland Resort.

The Company is entitled to receive royalties and management fees based on the operating performance of Hong Kong Disneyland Resort.

The Company is entitled to receive royalties and management fees based on the revenues and operating performance, respectively, of Hong Kong Disneyland Resort.

Hong Kong Disneyland — Hong Kong Disneyland consists of eight themed areas:

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Shanghai Disneyland — Shanghai Disneyland consists of eight themed areas:

Adventure Isle, Fantasyland, Gardens of Imagination, Mickey Avenue, Tomorrowland, Toy Story Land, Treasure Cove and Zootopia, which opened in December 2023.

Adventure Isle, Fantasyland, Gardens of Imagination, Mickey Avenue, Tomorrowland, Toy Story Land, Treasure Cove and Zootopia.

These areas feature themed attractions, shows, restaurants, merchandise shops and entertainment experiences.

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Disneytown is an 11-acre outdoor complex of retail, dining, and entertainment venues located adjacent to Shanghai Disneyland.

Most Disneytown facilities are operated by third parties that pay rent to Shanghai Disney Resort.

The Company is currently constructing a third themed hotel, which will have approximately 400 rooms.

Most of the offerings at Disneytown are operated by third parties that pay rent to Shanghai Disney Resort.

A third themed hotel, which will have approximately 400 rooms, is currently under construction.

Tokyo Disney Resort

Tokyo Disney Resort is located on 494 acres of land, six miles east of downtown Tokyo, Japan.

Tokyo Disney Resort is located six miles east of downtown Tokyo, Japan, on 494 acres of land.

The Company earns royalties on revenues generated by the Tokyo Disney Resort, which is owned and operated by Oriental Land Co., Ltd.

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The resort includes two theme parks (Tokyo Disneyland and Tokyo DisneySea);

six Disney-branded hotels;

six other hotels (operated by third parties other than OLC);

a retail, dining and entertainment complex (Ikspiari);

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Adventureland, Critter Country, Fantasyland, Tomorrowland, Toontown, Westernland and World Bazaar.

Tokyo DisneySea — Tokyo DisneySea is divided into eight “ports of call,” including American Waterfront, Arabian Coast, Lost River Delta, Mediterranean Harbor, Mermaid Lagoon, Mysterious Island, Port Discovery and Fantasy Springs, which opened in June 2024.

Hotels and Other Resort Facilities — Tokyo Disney Resort includes six Disney-branded hotels, with approximately 3,500 rooms and a monorail, which links the theme parks and resort hotels with Ikspiari.

The sixth Disney-branded hotel, Tokyo DisneySea Fantasy Springs Hotel, opened in June 2024.

Abu Dhabi Resort

In May 2025, the Company and Miral LLC (Miral) agreed to create a Disney-branded theme park and resort in Abu Dhabi, United Arab Emirates, to be built and operated by Miral.

The Company will license its IP for the operation of the resort and provide certain development and management services.

The Company will earn royalties based on the resort’s revenues and fees for development and management services.

The Company will not provide capital for the development and operation of the resort.

The development of the resort is subject to finalizing agreements among the parties.

Disney Cruise Line

Disney Cruise Line operates six ships out of ports in North America, Europe and the South Pacific which cater to families, children, teenagers and adults, with themed areas and activities for each group.

The Disney Magic and the Disney Wonder are 85,000-ton 875-stateroom ships;

the Disney Dream and the Disney Fantasy are 130,000-ton 1,250-stateroom ships;

and the Disney Wish and the Disney Treasure are 140,000-ton 1,250-stateroom ships.

Many cruises include a visit to Disney Castaway Cay, a 1,000-acre private Bahamian island, and/or Disney Lookout Cay at Lighthouse Point, which is located on approximately 600 acres of land on the island of Eleuthera.

In fiscal 2026, Disney Cruise Line will add two new ships, the Disney Destiny and the Disney Adventure.

The Disney Destiny will be approximately 140,000 tons with 1,250 staterooms and is scheduled to begin sailing on November 20, 2025 in North America.

The Disney Adventure will be approximately 200,000 tons with approximately 2,100 staterooms and is scheduled to begin sailing in March 2026 in Southeast Asia.

Between calendar years 2027 and 2031, Disney Cruise Line plans to launch four additional cruise ships, all of which are currently under contract to be built.

The Company has a licensing agreement with OLC, under which OLC will own and operate a Disney-branded cruise ship based in Japan.

This ship is currently under construction, with sailings expected to commence by 2029.

The Company will earn royalties on revenues generated by OLC.

Disney Vacation Club (DVC)

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Disneyland Resort;

Aulani, a Disney Resort & Spa in Hawaii;

Vero Beach, Florida;

and Hilton Head Island, South Carolina.

Available units are offered for sale under a vacation ownership plan and are operated as hotel rooms when not occupied by vacation club members.

The Company’s vacation club units range from deluxe studios to three-bedroom grand villas.

Unit counts in this document are presented in terms of two-bedroom equivalents.

DVC had approximately 4,500 vacation club units as of September 28, 2024, including the first phases of The Cabins at Disney’s Fort Wilderness Resort, which opened in July 2024.

Available units are offered for sale under vacation ownership plans and are operated as hotel rooms when not occupied by DVC members.

Aulani, a Disney Resort & Spa is a family resort on a 21 acre oceanfront property on Oahu, Hawaii featuring approximately 480 vacation club units, 350 hotel rooms, an 18,000-square-foot spa and 12,000 square feet of conference meeting space.

DVC had a total of approximately 4,700 (two-bedroom equivalent) vacation club units as of fiscal year end 2025.

Development is underway at Disney Lakeshore Lodge, which is projected to open in 2027, and will include approximately 430 vacation club units.

Adventures by Disney and National Geographic Expeditions

Adventures by Disney and National Geographic Expeditions offer guided tour packages around the world, predominantly at third party locations.

Storyliving by Disney

The Company has partnered with a third-party developer to build two Storyliving by Disney residential communities:

The Company is collaborating with developers to build Storyliving by Disney residential communities:

Cotino in Rancho Mirage, California;

and Asteria in Pittsboro, North Carolina.

The communities are currently under development, and the Company will earn royalties on revenues generated by sales of the residential homes.

Disney Cruise Line

Disney Cruise Line is a six-ship vacation cruise line, which operates out of ports in North America, Europe and the South Pacific.

The Disney Magic and the Disney Wonder are 85,000-ton 875-stateroom ships;

the Disney Dream and the Disney Fantasy are 130,000-ton 1,250-stateroom ships;

and the Disney Wish and the Disney Treasure , which was delivered in October 2024, are 140,000-ton 1,250-stateroom ships.

The ships cater to families, children, teenagers and adults, with themed areas and activities for each group.

Many cruise vacations include a visit to Disney’s Castaway Cay, a 1,000-acre private Bahamian island, or Disney Lookout Cay at Lighthouse Point, which opened in June 2024 on approximately 600 acres of land on the island of Eleuthera.

Disney Cruise Line will be adding two new ships, the Disney Adventure and the Disney Destiny, which are scheduled to begin sailings in the first quarter of fiscal 2026.

The Disney Destiny will be approximately 140,000 tons with 1,250 staterooms and will initially operate in North America.

The Disney Adventure will be approximately 200,000 tons with approximately 2,100 staterooms and will initially operate in Southeast Asia.

Between calendar 2027 and 2031, the Company plans to add four more new cruise ships, all of which are currently under contract to be built.

In July 2024, the Company entered into a licensing agreement with OLC, under which OLC will own and operate a Disney-branded cruise ship based in Japan.

The ship is currently under contract to be built, with sailings expected to commence by 2029.

The Company will earn royalties on revenues generated by OLC.

Adventures by Disney and National Geographic Expeditions

Adventures by Disney and National Geographic Expeditions offer guided tour packages predominantly at non-Disney sites around the world.

Walt Disney Imagineering

Walt Disney Imagineering provides master planning, real estate development, attraction, entertainment and show design, engineering support, production support, project management and research and development.

The communities are currently under development.

Consumer Products

The Company’s merchandise licensing operations cover a diverse range of product categories, the most significant of which are:

toys, apparel, games, home décor and furnishings, accessories, health and beauty, food, footwear, stationery and consumer electronics.

The Company’s merchandise licensing operations cover a diverse range of product categories, including:

toys, apparel, games, home décor and furnishings, accessories, health and beauty, food, stationery, footwear and consumer electronics.

The Company licenses characters from its film, television and other properties for use on third-party products in these categories and earns royalties, which are usually based on a fixed percentage of the wholesale or retail selling price of the products and often include minimum guarantee payments from the licensees.

Major properties licensed by the Company include:

Mickey and Friends, Star Wars, Spider-Man, Disney Princess, Lilo & Stitch, Frozen, Avengers, Winnie the Pooh and Toy Story.

The Company sells Disney-, Marvel-, Pixar- and Lucasfilm-branded products through Disney Store branded internet sites and Disney Store branded retail locations.

At September 28, 2024, the Company operates approximately 40 stores in Japan, 20 stores in North America, two stores in Europe and one store in China.

The Company creates, distributes and publishes a variety of products in multiple countries and languages based on the Company’s branded franchises.

The products include children’s books and comic books.

Mickey and Friends, Lilo & Stitch, Star Wars, Spider-Man, Disney Princess, Frozen, Avengers, Winnie the Pooh and Toy Story.

The Company sells Disney-, Marvel-, Pixar- and Star Wars-branded products through Disney Store internet sites and retail locations.

At fiscal year end 2025, the Company operated approximately 40 stores in Japan, 20 stores in North America, two stores in Europe and one store in China.

The Company creates, distributes and publishes a variety of products, primarily children’s books and comic books, in multiple countries and languages based on the Company’s branded franchises.

Competition and Seasonality

The Company’s theme parks and resorts as well as Disney Cruise Line and Disney Vacation Club compete with other forms of entertainment, lodging, tourism and recreational activities.

The Company’s Parks & Experiences businesses compete with other forms of entertainment, lodging, tourism and recreational activities.

The profitability of the leisure-time industry may be influenced by various factors that are not directly controllable, such as economic conditions including business cycle and exchange rate fluctuations, health concerns, the political environment, travel industry trends, amount of available leisure time, oil and transportation prices, weather patterns and natural disasters.

The licensing and retail business competes with other licensors, retailers and publishers of character, brand and celebrity names, as well as other licensors, publishers and developers of game software, online video content, websites, other types of home entertainment and retailers of toys and kids merchandise.

All of the theme parks and the associated resort facilities are operated on a year-round basis.

All of the Parks & Experiences businesses are operated on a year-round basis.

Typically, theme park attendance and resort occupancy fluctuate based on the seasonal nature of vacation travel and leisure activities, the opening of new guest offerings and pricing and promotional offers.

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In addition, theme park and resort revenues may be higher during significant celebrations such as theme park or character anniversaries and lower in the periods following such celebrations.

The licensing, retail and wholesale businesses are influenced by seasonal consumer purchasing behavior, which generally results in higher revenues during the Company’s first and fourth fiscal quarter, and by the timing and performance of theatrical and game releases and cable programming broadcasts.

STAR INDIA TRANSACTION

The Company and Reliance Industries Limited (RIL) plan to close a transaction on or about November 14, 2024, which will form a joint venture that combines our Star-branded and other general entertainment and sports television channels and direct-to-consumer Disney+ Hotstar service in India (Star India) and certain media and entertainment businesses controlled by RIL (the Star India Transaction) (see Note 4 of the Consolidated Financial Statements for additional information).

INDIA JOINT VENTURE

On November 14, 2024, the Company and Reliance Industries Limited (RIL) formed a joint venture (the India joint venture) that combined the Company’s Star-branded and other general entertainment and sports television channels and Disney+ Hotstar direct-to-consumer service in India (Star India) with certain media and entertainment businesses controlled by

RIL (the Star India Transaction).

The Company owns 37% of the India joint venture and recognizes its share of the joint venture’s results in “Equity in the income of investees” in the Company’s Consolidated Statement of Income.

Star India results through November 14, 2024 were consolidated in the Company’s financial results.

See Note 4 of the Consolidated Financial Statements for additional information.

HUMAN CAPITAL

The Company’s key human capital management objectives are to attract, retain and develop the highest quality talent.

To support these objectives, the Company’s human resources programs are designed to develop talent to prepare them for critical roles and leadership positions for the future;

The Company seeks to attract, retain and develop the highest quality talent.

The Company’s human resources programs are designed to develop talent to prepare them for critical roles and leadership positions for the future;

reward and support employees through competitive pay, benefit and perquisite programs;

enhance the Company’s culture through efforts aimed at making the workplace more engaging and inclusive;

acquire talent and facilitate internal talent mobility to create a high-performing, diverse workforce;

engage employees as brand ambassadors of the Company’s content, products and experiences;

and evolve and invest in technology, tools and resources to enable employees at work.

The Company employed approximately 233,000 people as of September 28, 2024, of which approximately 171,000 were employed in the U.S.

acquire talent and facilitate internal talent mobility to create a high-performing workforce;

engage employees as brand ambassadors of the Company and evolve and invest in technology, tools and resources to enable employees at work.

The Company employed approximately 231,000 people as of fiscal year end 2025, of which approximately 172,000 were employed in the U.S.

and approximately 59,000 were employed outside the U.S.

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are represented by works councils, trade unions or other employee associations.

Some of our key programs and initiatives to attract, develop and retain our diverse workforce include:

Some of our key programs and initiatives to attract, develop and retain our workforce include:

• Health, financial, family resources, well-being and other benefits:

Disney’s benefit offerings are designed to meet the varied and evolving needs of our diverse employees and their families.

Disney’s benefit offerings are designed to meet the varied and evolving needs of our employees and their families.

These benefit offerings for eligible employees include:

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◦ Two Centers for Living Well in the Orlando area that offer convenient, on-demand access to board-certified physicians and counselors

• Diversity, Equity & Inclusion (DEI):

Our DEI objectives are to build and sustain teams that reflect the life experiences of our audiences, while employing and supporting a diverse array of voices in our creative and production teams.

Some of our DEI initiatives and programs are:

◦ Executive incubator program and creative talent development program designed to engage the next generation of creative executives from underrepresented backgrounds

◦ Heroes Work Here, an initiative to hire, train and support U.S.

military veterans

◦ Over 100 employee-led groups, which represent and support the diverse communities that make up our global workforce

• Talent Development and Education:

We invest in creating opportunities to help employees grow and build their careers through training, professional development and educational programs.

◦ Our training and professional development programs are presented in online, instructor-led and on-the-job learning formats, including Career@Disney:

INTERACTIVE, a new series of immersive virtual and in-person experiences designed to aid employees in enhancing their careers

◦ Our professional development programs are designed to support the career aspirations of our employees.

In fiscal 2025, we launched new leadership development opportunities, including new professional coaching opportunities.

◦ Our education investment program, Disney Aspire, offers assistance for tuition, books and fees to eligible participating employees at a variety of in-network learning providers and universities at levels ranging from high school completion to undergraduate degrees.

At the end of fiscal 2024, more than 12,000 current employees were enrolled and more than 5,000 current employees had graduated since the program launched in 2018.

• Social Impact:

The Company has a longstanding commitment to social impact by supporting communities through our philanthropic efforts, including through our support of wish granting and children’s hospitals and our efforts to support communities in which we operate and the contributions of our employees.

The Company has a longstanding commitment to social impact by supporting children and communities through our philanthropic efforts, including through our support of wish granting and children’s hospitals.

We also support communities in which we operate and the contributions of our employees.

The Company supports employees who make monetary donations to eligible nonprofits with a generous U.S.

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The Communications Act generally restricts foreign individuals or entities from collectively owning more than 25% of the voting or equity interest in a U.S.

entity that controls a broadcast television license.

entity that controls a broadcast television licensee.

FCC approval is required to exceed the 25% threshold.

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states, including California, have passed comprehensive data privacy laws that establish various consumer rights with respect to their personal information, including the right to opt out of the sale or sharing of personal information with third parties, to gain access to the personal information that companies hold about them, to delete personal information and to limit the use and disclosure of sensitive information.

We are also subject to privacy legal and regulatory requirements in many jurisdictions outside the United States, including the General Data Protection Regulation in the European Union and similar comprehensive data privacy legislation in

These laws require organizations that process the personal data of EU and UK citizens to comply with certain data protection standards and privacy rights, including requirements to implement privacy by design;

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International Content Regulation

The laws and regulations in many international jurisdictions in which we operate, including in the EU and Canada, require our linear networks or our DTC streaming services to include a certain amount of programming produced in specific jurisdictions or languages or require us to invest specified amounts of our revenues in local content or to acquire content produced by local independent production companies.

The laws and regulations in many international jurisdictions in which we operate require our linear networks or our DTC streaming services to include a certain amount of programming produced in specific jurisdictions or languages or require us to invest specified amounts of our revenues in local content or to acquire content produced by local independent production companies.

In addition, some countries regulate the content of films and television programming, which can impact our ability to distribute certain content in those jurisdictions or can require us to make adjustments to the films or programming.

These laws and regulations increase our costs and impact our ability to operate our DTC streaming services and linear networks and distribute our films and programming in these markets.

These laws and regulations increase our costs and impact the way we operate our DTC streaming services and linear networks and the distribution of our films and programming in these markets.

AVAILABLE INFORMATION

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business