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Walt Disney cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$3.1B in Q3 FY26 · $8.3B over twelve months

Operating cash flow$4.9B
Capital spending−$1.8B
Free cash flow+$3.1B
Cash / net income1.7×

Analysis

In Q3 FY26, Walt Disney generated $4.9B of operating cash flow and spent $1.8B on capital projects, leaving free cash flow of $3.1B.

Over the twelve months to Jun 27, 2026, operating cash flow was $17.0B; the largest uses were capital spending ($8.7B), buybacks ($8.2B), dividends ($2.2B); besides operations, cash came from net borrowing (+) / repaid (−) ($3.5B); the cash balance fell by $178M.

Operating cash flow was $4.9B against net income of $2.8B — 1.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$1.4B, stock-based pay +$423M, prepaid and other assets +$156M.

Free cash flow

Walt Disney: free cash flow by quarterWalt Disney: free cash flow by quarter$4.0BQ4 FY24$739MQ1 FY25$4.9BQ2 FY25$1.9BQ3 FY25$2.6BQ4 FY25−$2.3BQ1 FY26$4.9BQ2 FY26$3.1BQ3 FY26
Operating cash flow less capital spending.
Walt Disney: operating cash flow against capital spendingWalt Disney: operating cash flow against capital spendingOperating cash flowCapital spending$5.5B$1.5BQ4 FY24$3.2B$2.5BQ1 FY25$6.8B$1.9BQ2 FY25$3.7B$1.8BQ3 FY25$4.5B$1.9BQ4 FY25$735M$3.0BQ1 FY26$6.9B$2.0BQ2 FY26$4.9B$1.8BQ3 FY26
Latest (Q3 FY26): Operating cash flow $4.9B, Capital spending $1.8B.

Capital allocation, year by year

Walt Disney: where the cash came from (up) and went (down), by fiscal yearWalt Disney: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksDividendsFY21: Operating cash flow $5.6BFY21: Net borrowing −$3.7BFY21: Shares issued $435MFY21: Capital spending −$3.6B$6.0BFY21FY22: Operating cash flow $6.0BFY22: Net borrowing −$4.4BFY22: Shares issued $127MFY22: Capital spending −$4.9B$6.1BFY22FY23: Operating cash flow $9.9BFY23: Net borrowing −$2.0BFY23: Shares issued $52.0MFY23: Capital spending −$5.0B$9.9BFY23FY24: Operating cash flow $14.0BFY24: Net borrowing −$1.4BFY24: Shares issued $88.0MFY24: Capital spending −$5.4BFY24: Buybacks −$3.0BFY24: Dividends −$1.4B$14.1BFY24FY25: Operating cash flow $18.1BFY25: Net borrowing −$4.3BFY25: Shares issued $233MFY25: Capital spending −$8.0BFY25: Buybacks −$3.5BFY25: Dividends −$1.8B$18.3BFY25
Over these 5 years operating cash flow totalled $53.5B; the largest uses were capital spending ($26.9B) and net borrowing ($15.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.2B
Debt$42.0B
Net debt$36.8B
Due within a year$6.8B

Walt Disney funds itself: free cash flow was $8.3B over the last twelve months, and $5.2B of cash and investments stands against $42.0B of debt ($6.8B due within a year, 0.8× covered by cash).

Walt Disney: debt maturities by year (FY25)Walt Disney: debt maturities by year (FY25)$6.8BYear 1$3.0BYear 2$1.8BYear 3$2.4BYear 4$1.5BYear 5$25.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $5.2B of cash and investments now.

Where the cash came from and went

Walt Disney: sources (+) and uses (−) of cash, Q3 FY26Walt Disney: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$4.9BCapital spending−$1.8BBuybacks−$1.7BNet borrowing (+) / repaid (−)−$1.3BOther financing−$533MCash drawn (+) / kept (−)$490MExchange rates$9.0MOther investing$7.0M
Walt Disney: sources (+) and uses (−) of cash, TTM to Q3 FY26Walt Disney: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$17.0BCapital spending−$8.7BBuybacks−$8.2BNet borrowing (+) / repaid (−)$3.5BDividends−$2.2BOther financing−$1.0BOther investing−$410MCash drawn (+) / kept (−)$178MNot reconciled−$45.0M

From profit to cash

Walt Disney: net income to operating cash flow, Q3 FY26Walt Disney: net income to operating cash flow, Q3 FY26Net income$2.8BDepreciation & amortization$1.4BStock-based pay$423MDeferred taxes$110MReceivables−$5.0MInventory−$2.0MPayables−$21.0MPrepaid and other assets$156MIncome taxes payable$101MOperating cash flow$4.9B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$4.9B−$1.8B−$1.7B—−$1.3B$490M$3.1B
Q2 FY26$6.9B−$2.0B−$3.5B—−$527M−$3.0M$4.9B
Q1 FY26$735M−$3.0B−$2.0B—$4.2B$13.0M−$2.3B
Q4 FY25$4.5B−$1.9B−$1.0B−$898M−$211M−$322M$2.6B
Q3 FY25$3.7B−$1.8B−$711M—−$763M$481M$1.9B
Q2 FY25$6.8B−$1.9B−$991M—−$2.6B−$376M$4.9B
Q1 FY25$3.2B−$2.5B−$794M—−$63.0M$520M$739M
Q4 FY24$5.5B−$1.5B−$469M−$817M−$2.2B−$53.0M$4.0B

Walt Disney: income statement and cash flow

Walt Disney, Q3 FY26: revenue $25.2B (+7% year over year), operating margin 22.0%. The chart follows the revenue to costs, profit and cash.

Walt Disney: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.