Walt Disney Company (The)

Balance sheet is solid relative to cash generation. Year-end cash, cash equivalents, and restricted cash were $5.8 billion. At June 28, 2025, borrowings included $36.5 billion long-term and $5.7 billion current; Disney’s FY2025 10-K also details $38.7 billion of fixed-rate USD notes and a CAD 1.3 billion note, with active swap management.

With FY2025 FCF at $10.1 billion and cost of debt largely fixed, refinancing risk appears manageable. Liquidity lines include a renewed $5.25 billion 364-day facility for CP support. Net leverage continues to trend downward as FCF improves and non-core complexities (e.g., India JV deconsolidation) reduce volatility.

Key watch items: sports rights inflation, cruise and park ship financings, and potential cyclical softness in domestic parks.