DIS · 10-Q · 2026Q2 · Full report
Liquidity and Debt Position
Walt Disney Co · 2026-08-05 · Importance 43 · Surprise 6 · No source text
As of June 27, 2026, the Company reported access to unused bank facilities of $12.25 billion, commercial paper capacity up to that amount, operating cash flows, cash balances and debt-market access to fund operations, contractual obligations, debt maturities and planned capital expenditures. The Company stated that its financial condition was strong and that these resources provided adequate liquidity. Moody’s rated the Company’s long- and short-term debt A2 and P-1, respectively, while S&P rated it A and A-1; both outlooks were Stable. The Company met its bank-facility interest-coverage covenant of three times EBITDA by a significant margin on June 27, 2026.
Key facts
- The increase in cash used in other investing activities is primarily due to the acquisition of equity interests in different investments, partially offset by cash assumed as part of the acquisition of Fubo. source
- Cash used in financing activities for nine months ended June 27, 2026: $5,740 million, improved 29% vs $8,090 million prior-year source
- Cash used in financing activities: $(5,740) million for the nine months ended June 27, 2026 and $(8,090) million for the nine months ended June 28, 2025. source
- The Company may use cash balances, operating cash flows, commercial paper borrowings up to the amount of its unused $12.25 billion bank facilities and incremental term debt issuances to retire or refinance other borrowings. source
- Change in borrowings: $3,689 million for the nine months ended June 27, 2026 and $(3,410) million for the nine months ended June 28, 2025. source
- Obligor Group balance sheet — Noncurrent liabilities (excluding intercompany to non-Guarantors): $37,504 million at June 27, 2026 and $36,314 million at September 27, 2025. source
- Obligor Group balance sheet — Intercompany payables to non-Guarantors: $174,026 million at June 27, 2026 and $167,091 million at September 27, 2025. source
- Obligor Group balance sheet — Current liabilities: $11,274 million at June 27, 2026 and $9,592 million at September 27, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -3.5% | Change in borrowings: $3,689 million for the nine months ended June 27, 2026 and $(3,410) million for the nine months ended June 28, 2025. |
| liability | negative | realized | -3.4% | Obligor Group balance sheet — Intercompany payables to non-Guarantors: $174,026 million at June 27, 2026 and $167,091 million at September… |
| cash | positive | realized | +1.1% | Cash used in financing activities for nine months ended June 27, 2026: $5,740 million, improved 29% vs $8,090 million prior-year |
| liability | negative | realized | -0.8% | Obligor Group balance sheet — Current liabilities: $11,274 million at June 27, 2026 and $9,592 million at September 27, 2025. |
| liability | negative | realized | -0.6% | Obligor Group balance sheet — Noncurrent liabilities (excluding intercompany to non-Guarantors): $37,504 million at June 27, 2026 and… |
| cash | negative | realized | — | The increase in cash used in other investing activities is primarily due to the acquisition of equity interests in different investments,… |