Walt Disney (DIS) risk factors, FY2025 10-K

Walt Disney's FY2025 10-K, filed Nov 13, 2025, lists 22 risk factors in 4 groups. Against the prior year's 24: 2 new, 4 dropped, 17 substantially reworded.

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Risk factors listed
224 groups
New this year
2vs 24 last year
Dropped
4since the prior 10-K
Substantially reworded
17of those kept
Section length
9k wordsItem 1A

What the changes say

  • Disney added litigation and macroeconomic trade risks while dropping debt, Hulu acquisition, and copyright expiration details.

What changed since the prior 10-K

New

  • NewRISKS RELATED TO INTELLECTUAL PROPERTY, LITIGATION, CYBERSECURITY AND REGULATORY REQUIREMENTS

    We face risks from claims, litigation, governmental investigations and other proceedings to our businesses, reputation, results of operation and financial condition

    We face various legal claims and investigations, including a securities class action lawsuit filed in federal court against the Company and senior management.

  • NewRISKS RELATED TO INTELLECTUAL PROPERTY, LITIGATION, CYBERSECURITY AND REGULATORY REQUIREMENTS

    disrupting our operations in and outside the U.S., including our international theme parks and resorts operations in France, mainland China and Hong Kong

    Geopolitical events, trade restrictions, tariffs, and evolving regulations around AI and new technologies could disrupt international operations and increase our compliance costs.

Dropped

  • DroppedRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    Elevated indebtedness or leverage ratios could adversely affect us, including by decreasing our business flexibility

  • DroppedRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    and sports advertising revenues are impacted by the timing of sports seasons and events, which varies throughout the year and/or take place periodically

  • DroppedRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    We face risks related to costs and expenses in connection with the acquisition of NBC Universal’s (NBCU) equity interest in Hulu and the TFCF acquisition

  • DroppedRISKS RELATED TO INTELLECTUAL PROPERTY, CYBERSECURITY AND REGULATORY REQUIREMENTS

    secured in the United States. As copyrights expire, we expect that revenues generated from such IP will be negatively impacted to some extent

Reworded

  • 76% rewrittenRISKS RELATED TO INTELLECTUAL PROPERTY, LITIGATION, CYBERSECURITY AND REGULATORY REQUIREMENTS

    The success of our businesses is highly dependent on the existence and maintenance of intellectual property rights in the entertainment products and services we create

    Clarified that U.S. copyright terms expire at the end of the 95th calendar year, following the Steamboat Willie example.

  • 63% rewrittenRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    Declines in U.S., global and regional economic conditions adversely affect our results of operations and financial condition

    Added specific impacts from economic conditions on experiences attendance, cable and DTC fees, advertising, and inflationary costs.

    Was: Declines in U.S., global and regional economic conditions adversely affect the profitability of our businesses

  • 60% rewrittenRISKS RELATED TO INTELLECTUAL PROPERTY, LITIGATION, CYBERSECURITY AND REGULATORY REQUIREMENTS

    Regulations applicable to our businesses impact the profitability of our businesses

    No substantive changes made to the regulatory disclosures.

  • 53% rewrittenRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    We face risks related to changes in our business strategies and plans, which have affected and may continue to affect our cost structure, the value of our assets and/or our results of operations

    Updated strategy examples to include the Fubo asset combination, ESPN acquiring NFL assets, and Epic Games investments.

    Was: We face risks related to changes in our business strategy, which have affected and may continue to affect our cost structure, the profitability of our businesses and/or the value of our assets

  • 51% rewrittenRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    The seasonality of certain of our businesses and timing of certain of our product offerings could exacerbate negative impacts on our operations

    No substantive changes made to the seasonality disclosures.

  • 49% rewrittenRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    Increased competitive pressures impact our revenues, increase our costs and impact our results of operations

    Changed human resources to personnel in the competitive pressures description.

    Was: Increased competitive pressures impact our revenues, increase our costs and impact the profitability of our businesses

  • 48% rewrittenRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    We face risks relating to misalignment with public and consumer tastes and preferences for entertainment, travel and consumer products, which impacts demand for our entertainment offerings and products and services and our results of operations

    Updated distribution channels from broadcast, cable, and DTC platforms to DTC services and linear networks.

    Was: We face risks relating to misalignment with public and consumer tastes and preferences for entertainment, travel and consumer products, which impact demand for our entertainment offerings and products and the profitability of our businesses

  • 46% rewrittenRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    Various risks may impact the success of our DTC streaming services

    Refined DTC streaming risk factors to focus on content curation, subscriber/advertising revenues, pricing, bundling, and distribution window costs.

  • 43% rewrittenRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    A variety of uncontrollable events disrupt our businesses, reduce demand for or consumption of our products and services, impair our ability to provide our products and services or increase the cost of providing our products and services, adversely impacting our results of operations and financial condition

    Was: A variety of uncontrollable events disrupt our businesses, reduce demand for or consumption of our products and services, impair our ability to provide our products and services or increase the cost or reduce the profitability of providing our products and services

  • 41% rewrittenRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    Potential credit ratings actions, increases in interest rates, volatility in the U.S. and global financial markets or periods of elevated indebtedness could impede access to, or increase the cost of, financing our operations and investments and have the effect of decreasing of business flexibility

    Was: Potential credit ratings actions, increases in interest rates, or volatility in the U.S. and global financial markets could impede access to, or increase the cost of, financing our operations and investments

  • 39% rewrittenRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    Changes in technology, in consumer consumption patterns and in how entertainment products and services are created affect demand for, the revenue we can generate from and the cost of producing or distributing our entertainment offerings and our results of operations

    Was: Changes in technology, in consumer consumption patterns and in how entertainment products are created affect demand for our entertainment products, the revenue we can generate from these products and the cost of producing or distributing these products

  • 33% rewrittenRISKS RELATED TO INTELLECTUAL PROPERTY, LITIGATION, CYBERSECURITY AND REGULATORY REQUIREMENTS

    Cybersecurity and other data compromises and/or attempted compromises increase our costs, disrupt our services and business plans, lead to the disclosure of our confidential information, including unauthorized use of our intellectual property, and negatively impact our reputation

  • 32% rewrittenRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    Fluctuations in foreign currency exchange rates impact our results of operations, including our revenues and costs

    Was: Fluctuations in foreign currency exchange rates impact our revenues and the profitability of our businesses

  • 30% rewrittenRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    Our operations are impacted by our ability to attract and retain employees and costs of employee wages and health, welfare and retirement benefits, including postretirement medical benefits for some employees and retirees, may negatively impact our results of operations and financial condition

    Was: Our operations are impacted by our ability to attract and retain employees and costs of employee wages and health, welfare and retirement benefits, including postretirement medical benefits for some employees and retirees, may reduce our profitability

  • 29% rewrittenRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    We face risks related to damage to our reputation or brands

  • 25% rewrittenRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    We face risks related to the renewal of long-term programming or distribution contracts on sufficiently favorable terms

  • 20% rewrittenRISKS RELATED TO OUR BUSINESSES AND INDUSTRY

    We face risks related to environmental, social and governance matters and related reporting obligations

    Was: We face risks related to environmental, social and governance matters and any related reporting obligations

All 22 risk factors

Headings as the filing states them, in filing order.

RISKS RELATED TO OUR BUSINESSES AND INDUSTRY

  1. 01Declines in U.S., global and regional economic conditions adversely affect our results of operations and financial condition63% rewritten
  2. 02Fluctuations in foreign currency exchange rates impact our results of operations, including our revenues and costs32% rewritten
  3. 03Changes in technology, in consumer consumption patterns and in how entertainment products and services are created affect demand for, the revenue we can generate from and the cost of producing or distributing our entertainment offerings and our results of operations39% rewritten
  4. 04We face risks relating to misalignment with public and consumer tastes and preferences for entertainment, travel and consumer products, which impacts demand for our entertainment offerings and products and services and our results of operations48% rewritten
  5. 05A variety of uncontrollable events disrupt our businesses, reduce demand for or consumption of our products and services, impair our ability to provide our products and services or increase the cost of providing our products and services, adversely impacting our results of operations and financial condition43% rewritten
  6. 06We face risks related to changes in our business strategies and plans, which have affected and may continue to affect our cost structure, the value of our assets and/or our results of operations53% rewritten
  7. 07Increased competitive pressures impact our revenues, increase our costs and impact our results of operations49% rewritten
  8. 08We face risks related to the renewal of long-term programming or distribution contracts on sufficiently favorable terms25% rewritten
  9. 09We face risks related to environmental, social and governance matters and related reporting obligations20% rewritten
  10. 10We face risks related to damage to our reputation or brands29% rewritten
  11. 11Various risks may impact the success of our DTC streaming services46% rewritten
  12. 12Potential credit ratings actions, increases in interest rates, volatility in the U.S. and global financial markets or periods of elevated indebtedness could impede access to, or increase the cost of, financing our operations and investments and have the effect of decreasing of business flexibility41% rewritten
  13. 13Labor disputes disrupt our operations and adversely affect the profitability of our businesses
  14. 14The seasonality of certain of our businesses and timing of certain of our product offerings could exacerbate negative impacts on our operations51% rewritten
  15. 15Our operations are impacted by our ability to attract and retain employees and costs of employee wages and health, welfare and retirement benefits, including postretirement medical benefits for some employees and retirees, may negatively impact our results of operations and financial condition30% rewritten

RISKS RELATED TO INTELLECTUAL PROPERTY, LITIGATION, CYBERSECURITY AND REGULATORY REQUIREMENTS

  1. 16The success of our businesses is highly dependent on the existence and maintenance of intellectual property rights in the entertainment products and services we create76% rewritten
  2. 17We face risks from claims, litigation, governmental investigations and other proceedings to our businesses, reputation, results of operation and financial conditionNew
  3. 18Cybersecurity and other data compromises and/or attempted compromises increase our costs, disrupt our services and business plans, lead to the disclosure of our confidential information, including unauthorized use of our intellectual property, and negatively impact our reputation33% rewritten
  4. 19Regulations applicable to our businesses impact the profitability of our businesses60% rewritten
  5. 20disrupting our operations in and outside the U.S., including our international theme parks and resorts operations in France, mainland China and Hong KongNew
  6. 21Our operations outside the U.S. are affected by the operation of laws in those jurisdictions

RISKS RELATED TO OWNERSHIP OF OUR STOCK

  1. 22The price of our common stock has been, and may continue to be, volatile

Other Walt Disney 10-Ks

  • FY2024 10-K risk factors
    24 risks

    Disney faces significant risks from evolving consumer streaming preferences and subscription churn in its DTC business. The company must manage major capital expenditures like the NBCU Hulu buyout and extensive debt obligations. Theme parks and global operations are heavily exposed to tourism trends, labor disputes, and international regulations. Content creation relies on protecting extensive intellectual property rights against piracy and cybersecurity threats.

    Filed Nov 14, 2024

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.