Disney

Owning the IP and the channel at the same time.

Latest filing on file · 2025-09-27

Revenue: $94.4B; FY2025 · USD; 10-K · period ended 2025-09-27Source
Operating margin: 18.6%; FY2025; Operating income / revenue · filingSource
Operating cash flow: $18.1B; FY2025 · USD; 10-K · period ended 2025-09-27Source
Capital expenditures: $8.0B; FY2025 · USD; 10-K · period ended 2025-09-27Source

Overview

Business model and origins

Characters who become so beloved that every format — theatrical short, feature film, theme park, merchandise, TV show — reinforces the others. The IP is the business; the formats are the distribution mechanisms.

2 episodes2026-06 case file as of

Origin

Walt and Roy Disney founded the Disney Brothers Cartoon Studio in 1923 to produce Alice Comedies. The creation of Mickey Mouse in 1928 (Steamboat Willie) established the model: build a character audience loves, then monetize that affection across every available format. Snow White (1937) was the first feature-length animated film and the first Disney blockbuster. Disneyland (1955) proved the IP could generate physical experiences. ABC (1996) and ESPN added distribution; Pixar (2006), Marvel (2009), and Lucasfilm (2012) added IP factories. The Iger acquisitions transformed Disney from a character studio into the largest IP portfolio in the history of entertainment.