Walt Disney
31 named things its latest annual report says its results depend on, each in the company's own words. 12 of them are also named by other companies we've read.
Customers
YouTube TV
earns fromnamed as a riskOn October 30, 2025, the Company’s channels were removed from YouTube TV following the expiration of the parties’ distribution contract without agreement on renewal terms, and the Company cannot predict how long this service blackout will last or reasonably estimate the adverse impact on our results of operations.Risk factors (Item 1A)
PENN Entertainment, Inc.
earns fromESPN 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.Business (Item 1)
Partners and platforms
National Football League (NFL)
depends on · 10% noncontrolling interest of ESPNnamed as a riskIn 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).Business (Item 1)
Reliance Industries Limited (RIL)
37%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.Business (Item 1)
Shanghai Shendi (Group) Co., Ltd
operates in · 43% interestThe Company owns a 43% interest in Shanghai Disney Resort and Shanghai Shendi (Group) Co., Ltd (Shendi) owns a 57% interest.Business (Item 1)
Government of the Hong Kong Special Administrative Region
operates in · 48% interestThe 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.Business (Item 1)
Hearst
50%A+E is owned 50% by the Company and 50% by Hearst.Business (Item 1)
Oriental Land Co., Ltd. (OLC)
earns fromThe Company earns royalties on revenues generated by the Tokyo Disney Resort, which is owned and operated by Oriental Land Co., Ltd. (OLC), a third-party Japanese corporation.Business (Item 1)
DraftKings Inc.
earns fromIn 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.Business (Item 1)
Miral LLC
earns fromIn 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.Business (Item 1)
Other companies
FuboTV Inc. (Fubo)
70% interestnamed as a riskThe Company has a 70% interest in the combined entity, with the remaining 30% interest retained by Fubo shareholders.Business (Item 1)
Tata Play Limited
30% effective interestThe Company has a 30% effective interest in Tata Play Limited, which operates a direct-to-home satellite distribution platform in India.Business (Item 1)
CTV Specialty Television, Inc.
30% interestThe 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.Business (Item 1)
Writers Guild of America and SAG-AFTRA
depends onnamed as a riskFor example, in fiscal 2023, members of the Writers Guild of America (WGA) commenced a work stoppage, which lasted for almost five months, and members of SAG-AFTRA, the union representing television and movie actors, also commenced a work stoppage, which lasted for almost four months.Risk factors (Item 1A)
Sony Pictures Entertainment
However, Sony Pictures Entertainment has the rights to produce and distribute Spider-Man films as a result of licensing these rights from Marvel prior to the Company’s acquisition of Marvel.Business (Item 1)
Places
Japan
operates in · approximately 40 stores in JapanAt 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.Business (Item 1)
Also named by A, AAPL, AFL, AMKR, ANET, BMY, BSX, CAT and 25 more
Walt Disney World Resort (Florida)
operates in · approximately 25,000 acres of landThe Walt Disney World Resort is located approximately 20 miles southwest of Orlando, Florida, on approximately 25,000 acres of land.Business (Item 1)
Disneyland Paris (France)
operates in · 5,200-acre siteDisneyland 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.Business (Item 1)
Disneyland Resort (California)
operates in · approximately 550 acres of landThe Disneyland Resort is located in Anaheim, California on approximately 550 acres of land.Business (Item 1)
China and Hong Kong
operates innamed as a riskdisrupting our operations in and outside the U.S., including our international theme parks and resorts operations in France, mainland China and Hong Kong.Risk factors (Item 1A)
Also named by DD
Hazards
Commodities and inputs
Fuel, oil and gasoline
exposed to its pricenamed as a riskThe amounts hedged using commodity swap contracts are based on forecasted levels of consumption of certain commodities, such as fuel, oil and gasoline.Market risk (Item 7A)
Euro, Japanese yen, British pound, Chinese yuan and Canadian dollar
exposed to its pricenamed as a riskThe principal foreign currencies hedged are the euro, Japanese yen, British pound, Chinese yuan and Canadian dollar.Market risk (Item 7A)
Regulators
Federal Communications Commission (FCC)
subject tonamed as a riskTelevision broadcasting is subject to extensive regulation by the Federal Communications Commission (FCC) under federal laws and regulations, including the Communications Act of 1934, as amended.Business (Item 1)
Also named by AIOT, AMT, ANET, ASTS, CCI, CMCSA, ECHO, EXTR and 26 more
Laws and programs
FCC national television ownership cap
subject to · approximately 20% of the national audiencePursuant to the most recent decision by the FCC as to how to calculate compliance with this limit, our eight stations reach approximately 20% of the national audience.Business (Item 1)
Also named by NXST
Communications Act foreign ownership limit
subject to · 25%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 licensee.Business (Item 1)
U.S. tariffs (2025)
subject tonamed as a riskIn 2025, tariffs were announced with respect to and by certain U.S. trading partners, which could, depending on how these or future tariffs or other regulations with respect to trade are implemented, have a significant impact on our results of operations, including by impacting the macroeconomic environment, increasing costs or adversely affecting demand for our products and services.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
Russia sanctions
subject tonamed as a riskFor example, in 2022 the U.S. and other countries implemented a series of sanctions against Russia in response to events in Russia and Ukraine; U.S. agencies have enhanced trade restrictions, including new prohibitions on the importation of goods from certain regions and other jurisdictions are considering similar measures; and U.S. state governments have become more active in passing legislation targeted at specific sectors and companies and applying existing laws in novel ways to new technologies, including streaming and online commerce.Risk factors (Item 1A)
Also named by ACN, AIR, BAM, BF/B, CW, DASH, GIS, KLAC and 5 more
U.S. copyright term expiration (Steamboat Willie)
subject tonamed as a riskFor example, the copyright term for the short film Steamboat Willie (1928) and early versions of characters depicted in this film have expired.Risk factors (Item 1A)
Children's Online Privacy Protection Act (COPPA)
subject toWe also are subject to laws and regulations that are intended to protect the privacy of children online, including the Children’s Online Protection Privacy Act, a U.S. federal law that requires websites and online services to obtain parental consent before collecting personal information from children under 13, as well as codes of conduct relating to the design of digital products and services likely to be accessed by children, such as the UK’s Age Appropriate Design Code.Business (Item 1)
Also named by APP, BBW, GOOG, HAS, META, MGNI, RBLX, TTWO and 2 more
Video Privacy Protection Act
subject toWhile there is no comprehensive privacy law in the U.S. at the federal level, there are a number of sector-specific federal privacy laws applicable to our operations, such as the Video Privacy Protection Act, which restricts the ability to share personal information along with specific viewing information with third parties.Business (Item 1)