# Walt Disney (DIS.US)

Canonical: https://gigainvestors.com/s/DIS

Analysis as of: 2026-10-16T07:28:02.082Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $110.68 per share; close as of 2026-10-15.

Estimated value: low $36.52 per share, central $43.72 per share, high $50.63 per share. Buy at or below the central value $43.72 per share. Valuation as of 2026-10-16T07:28:02.082Z; scenarios are not confidence intervals.

Expected annual return: 5.7% at the stated quote. About 5.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.50×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.25×

- FY2018: 0.25×

- FY2019: 0.17×

- FY2020: 0.06×

- FY2021: 0.05×

- FY2022: 0.08×

- FY2023: 0.10×

- FY2024: 0.13×

- FY2025: 0.15×

- LTM to Jun 2026: 0.16×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 15.5%

- ROIC, second-lowest year: 6.9%

- Typical minus recent gross margin: 1.0 pp

- Typical gross margin (annual median): 36.8%

- Recent gross margin (lower of latest and 3-year median): 35.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.4%

- ROIC including acquisitions, ten-year median: 5.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 30.5%

- FY2017: 30.2%

- FY2018: 38.5%

- FY2019: 18.5%

- FY2020: 4.9%

- FY2021: 6.9%

- FY2022: 7.9%

- FY2023: 10.9%

- FY2024: 12.8%

- FY2025: 18.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $26B

- Net income, five-year total: $25B

- Return on incremental invested capital: 474.3%

- Working capital / revenue, annual change: -1.0 pp

- Working capital / revenue, change between three-year averages: -6.9 pp

- Working capital / revenue, final three-year average: -0.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.77×

- FY2022: 1.07×

- FY2023: 1.12×

- FY2024: 1.00×

- FY2025: 0.89×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 30.5% vs 12.8%

- Per-share earnings: 5.69 to 2.72 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.8%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: $62B

- Cumulative retained earnings: -$12B

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -8.8%

- Per-share value change: -$2.98

- Per-share value, starting three-year median: $5.69

- Per-share value, ending three-year median: $2.72

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 2.3%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $69B

- Cumulative net income, 10 years: $64B

- ROIC, first three-year median: 30.5%

- ROIC, last three-year median: 12.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $5.86

- FY2017: $5.69

- FY2018: $8.36

- FY2019: $6.64

- FY2020: -$1.58

- FY2021: $1.09

- FY2022: $1.72

- FY2023: $1.29

- FY2024: $2.72

- FY2025: $6.85

### accounting: pass

- Sloan accruals: -2.9%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 7.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.46×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.75×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.2%

- FY2017: -3.5%

- FY2018: -1.7%

- FY2019: 2.3%

- FY2020: -5.2%

- FY2021: -1.8%

- FY2022: -1.4%

- FY2023: -3.7%

- FY2024: -4.6%

- FY2025: -2.9%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Steven Check](https://gigainvestors.com/CHE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Francois Rochon](https://gigainvestors.com/GC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mark Hillman](https://gigainvestors.com/HCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Duan Yongping](https://gigainvestors.com/HH): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Nick Train](https://gigainvestors.com/LT): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Bloomstran](https://gigainvestors.com/SA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Harry Burn](https://gigainvestors.com/SSHFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 35% since Oct 2021 · "Disney's Sports Segment Faces Rising Costs: Is Growth Sustainable?" (finance.yahoo.com, Apr 2026) · sales +3.4%

Story as of 2026-10-16T09:58:38.490Z; price observation 2026-10-15.

Price needs cash profits to grow 14.5% a year for ten years

- 2025-05-07: Disney Beats Estimates, Boosts Profit Forecast on Parks, Streaming ([finance.yahoo.com](https://finance.yahoo.com/video/disney-beats-estimates-boosts-profit-122609247.html))

- 2025-06-26: Walt Disney (NYSE:DIS) Expands Hulu Access in New Charter Communications Deal ([finance.yahoo.com](https://finance.yahoo.com/news/walt-disney-nyse-dis-expands-173741938.html))

- 2025-12-11: Walt Disney stock rises after OpenAI partnership for $1 billion Sora deal ([finance.yahoo.com](https://finance.yahoo.com/news/walt-disney-stock-rises-openai-143847812.html))

- 2026-03-30: Disney (DIS) Faces Setbacks in Epic Games and OpenAI Partnerships ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/disney-dis-faces-setbacks-epic-164637865.html))

- 2026-04-14: Disney's Sports Segment Faces Rising Costs: Is Growth Sustainable? ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/disneys-sports-segment-faces-rising-143900799.html))

- 2026-08-05: Disney beats Q3 estimates as streaming profit doubles ([finance.yahoo.com](https://finance.yahoo.com/media-advertising/articles/disney-beats-q3-estimates-streaming-141500551.html))

### Sales · FY2024–2025

sales +3.4%; source https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm; observed 2025-11-13.

- FY2016: $56B 

- FY2017: $55B 

- FY2018: $59B 

- FY2019: $70B 

- FY2020: $65B 

- FY2021: $67B 

- FY2022: $83B 

- FY2023: $89B 

- FY2024: $91B 

- FY2025: $94B 

### Gross margin · FY2025

gross margin 37.8%; source https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm; observed 2025-11-13.

- FY2016: 46.1% 

- FY2017: 45.0% 

- FY2018: 44.9% 

- FY2019: 39.6% 

- FY2020: 32.9% 

- FY2021: 33.1% 

- FY2022: 34.2% 

- FY2023: 33.4% 

- FY2024: 35.8% 

- FY2025: 37.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in entertainment; annual sales are USD 94.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm (filed 2025-11-13); FY2025: revenue 94425000000; grossProfit 35659000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DIS.US: The Walt Disney Company operates as an entertainment company in Americas, Europe, and the Asia Pacific. It operates in three segments: Entertainment, Sports, and Experiences. The company produces and distributes film and television content under the ABC Television Network, Disney, Freeform, FX, Fox, National Geographic, and Star brand television channels, as well as ABC television stations and A+E television networks; and produces original content under the Disney Branded Television, FX Productions, Lucasfilm, Marvel, National Geographic Studios, Pixar, Searchlight Pictures, Twentieth Century Studios, 20th Television, and Walt Disney Pictures banners. It also provides direct-to-consumer streaming services through Disney+, Disney+ Hotstar, and Hulu; sports-related video streaming content through ESPN, ESPN on ABC, ESPN+ DTC, and Star; sale/licensing of film and episodic content to television and video-on-demand services; theatrical, home entertainment, and music distribution services; DVD and Blu-ray discs, electronic home video licenses, and VOD rental services; staging and licensing of live entertainment events; and post-production services. In addition, the company operates theme parks and resorts, such as Walt Disney World Resort, Disneyland Resort, Disneyland Paris, Hong Kong Disneyland Resort, Shanghai Disney Resort, Disney Cruise Line, Disney Vacation Club, National Geographic Expeditions, and Adventures by Disney, as well as Aulani, a Disney resort and spa in Hawaii. Further, it licenses its intellectual property (IP) to a third party that owns and operates Tokyo Disney Resort; licenses trade names, characters, visual, literary, and other IP for use on merchandise, published materials, and games; operates a direct-to-home satellite distribution platform; sells branded merchandise through retail, online, and wholesale businesses; and develops and publishes books, comic books, and magazines. The company was founded in 1923 and is based in Burbank, California.

### Why customers stay

Margins ranged from 33.4% to 37.8% during 2023–25; it earns 15.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-13); FY2023: grossProfit / revenue = 33.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-13); FY2024: grossProfit / revenue = 35.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm (filed 2025-11-13); FY2025: grossProfit / revenue = 37.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-13); 10-year return on capital observations [[2016,0.3048262075277434],[2017,0.3024015447343088],[2018,0.3845333088937655],[2019,0.18461654348558162],[2020,0.049290553874490196],[2021,0.06857599989878282],[2022,0.07880418762352667],[2023,0.10889064561265385],[2024,0.12819358835069666],[2025,0.1812772761228261]]; median 0.1547354322367614. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 34% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm (filed 2025-11-13); Gross margin observations: [[2021,0.3305793704945267],[2022,0.3423635792171369],[2023,0.33405700915656145]]; range within 2 percentage points.

### Where the cash goes

Spends 11.8% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-13); FY2016: growth capex 1555133874.0173512; upkeep 3217866125.982649; owner earnings 8700133874.017351. Growth capex / owner earnings = 0.17874826945614075.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-13); FY2017: growth capex 0; upkeep 3623000000; owner earnings 8139000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-13); FY2018: growth capex 1454000000; upkeep 3011000000; owner earnings 12598000000. Growth capex / owner earnings = 0.11541514526115257.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-13); FY2019: growth capex 709000000; upkeep 4167000000; owner earnings 11054000000. Growth capex / owner earnings = 0.06413967794463543.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-13); FY2021: growth capex 0; upkeep 3578000000; owner earnings 3528000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-13); FY2022: growth capex 0; upkeep 4943000000; owner earnings 3365000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-13); FY2023: growth capex 0; upkeep 4969000000; owner earnings 2631758112.094395. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-13); FY2024: growth capex 422000000; upkeep 4990000000; owner earnings 4972000000. Growth capex / owner earnings = 0.08487530168946097.

- Source: https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm (filed 2025-11-13); FY2025: growth capex 1302461601.9297562; upkeep 6721538398.070244; owner earnings 11008461601.929756. Growth capex / owner earnings = 0.11831458827102943.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-13); Incremental return on capital 4.743115942028986, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-13); Dividend observations: [[2016,2313000000],[2017,2445000000],[2018,2515000000],[2019,2895000000],[2020,1587000000],[2021,0],[2022,0],[2023,0],[2024,1366000000],[2025,1803000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm (filed 2025-11-13); FY2025: cash repurchases 3500000000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DIS.US SharesStats.PercentInsiders = 0.064 percentage points; cache date 2026-10-16.

### What could break it

"Labor disputes disrupt our operations and adversely affect the profitability of our businesses." (SEC filing, Nov 2025)

- Source: https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm (filed 2025-11-13); Labor disputes disrupt our operations and adversely affect the profitability of our businesses.

### What the price says

The price assumes cash profits grow 14.5% yearly over ten years; actual growth was 2.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-13); Ten-year compound average after fade. Initial solved rate 0.19588813977005903. Price 110.68; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.950238856873136 → FY2025 6.078664606256077. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $92.69 per share

- 2016-11: $99.12 per share

- 2016-12: $104.22 per share

- 2017-01: $110.65 per share

- 2017-02: $110.09 per share

- 2017-03: $113.39 per share

- 2017-04: $115.60 per share

- 2017-05: $107.94 per share

- 2017-06: $106.25 per share

- 2017-07: $109.93 per share

- 2017-08: $101.20 per share

- 2017-09: $98.57 per share

- 2017-10: $97.81 per share

- 2017-11: $104.82 per share

- 2017-12: $107.51 per share

- 2018-01: $108.67 per share

- 2018-02: $103.16 per share

- 2018-03: $100.44 per share

- 2018-04: $100.33 per share

- 2018-05: $99.47 per share

- 2018-06: $104.81 per share

- 2018-07: $113.56 per share

- 2018-08: $112.02 per share

- 2018-09: $116.94 per share

- 2018-10: $114.83 per share

- 2018-11: $115.49 per share

- 2018-12: $109.65 per share

- 2019-01: $111.52 per share

- 2019-02: $112.84 per share

- 2019-03: $111.03 per share

- 2019-04: $136.97 per share

- 2019-05: $132.04 per share

- 2019-06: $139.64 per share

- 2019-07: $143.01 per share

- 2019-08: $137.26 per share

- 2019-09: $130.32 per share

- 2019-10: $129.92 per share

- 2019-11: $151.58 per share

- 2019-12: $144.63 per share

- 2020-01: $138.31 per share

- 2020-02: $117.65 per share

- 2020-03: $96.60 per share

- 2020-04: $108.15 per share

- 2020-05: $117.30 per share

- 2020-06: $111.51 per share

- 2020-07: $116.94 per share

- 2020-08: $131.87 per share

- 2020-09: $124.08 per share

- 2020-10: $121.25 per share

- 2020-11: $148.01 per share

- 2020-12: $181.18 per share

- 2021-01: $168.17 per share

- 2021-02: $189.04 per share

- 2021-03: $184.52 per share

- 2021-04: $186.02 per share

- 2021-05: $178.65 per share

- 2021-06: $175.77 per share

- 2021-07: $176.02 per share

- 2021-08: $181.30 per share

- 2021-09: $169.17 per share

- 2021-10: $169.07 per share

- 2021-11: $144.90 per share

- 2021-12: $154.89 per share

- 2022-01: $142.97 per share

- 2022-02: $148.46 per share

- 2022-03: $137.16 per share

- 2022-04: $111.63 per share

- 2022-05: $110.44 per share

- 2022-06: $94.40 per share

- 2022-07: $106.10 per share

- 2022-08: $112.08 per share

- 2022-09: $94.33 per share

- 2022-10: $106.54 per share

- 2022-11: $97.87 per share

- 2022-12: $86.88 per share

- 2023-01: $108.49 per share

- 2023-02: $99.61 per share

- 2023-03: $100.13 per share

- 2023-04: $102.50 per share

- 2023-05: $87.96 per share

- 2023-06: $89.28 per share

- 2023-07: $88.89 per share

- 2023-08: $83.68 per share

- 2023-09: $81.05 per share

- 2023-10: $81.59 per share

- 2023-11: $92.69 per share

- 2023-12: $90.29 per share

- 2024-01: $96.05 per share

- 2024-02: $111.58 per share

- 2024-03: $122.36 per share

- 2024-04: $111.10 per share

- 2024-05: $103.91 per share

- 2024-06: $99.29 per share

- 2024-07: $93.69 per share

- 2024-08: $90.38 per share

- 2024-09: $96.19 per share

- 2024-10: $96.20 per share

- 2024-11: $117.47 per share

- 2024-12: $111.35 per share

- 2025-01: $113.06 per share

- 2025-02: $113.80 per share

- 2025-03: $98.70 per share

- 2025-04: $90.95 per share

- 2025-05: $113.04 per share

- 2025-06: $124.01 per share

- 2025-07: $119.11 per share

- 2025-08: $118.38 per share

- 2025-09: $114.50 per share

- 2025-10: $112.62 per share

- 2025-11: $104.47 per share

- 2025-12: $113.77 per share

- 2026-01: $112.80 per share

- 2026-02: $106.04 per share

- 2026-03: $96.38 per share

- 2026-04: $103.75 per share

- 2026-05: $101.83 per share

- 2026-06: $96.25 per share

- 2026-07: $96.19 per share

- 2026-08: $107.55 per share

- 2026-09: $104.90 per share

- 2026-10: $108.58 per share

## Annual estimated value (USD per share)

- FY2016: low $69.45 per share, central $91.12 per share, high $106.27 per share

- FY2017: low $67.12 per share, central $84.89 per share, high $98.86 per share

- FY2018: low $77.22 per share, central $98.09 per share, high $114.28 per share

- FY2019: low $80.76 per share, central $100.03 per share, high $116.32 per share

- FY2020: low $71.01 per share, central $79.53 per share, high $90.88 per share

- FY2021: low $67.50 per share, central $75.70 per share, high $86.62 per share

- FY2022: low $30.68 per share, central $34.25 per share, high $39.00 per share

- FY2023: low $26.31 per share, central $29.28 per share, high $33.25 per share

- FY2024: low $24.47 per share, central $27.52 per share, high $31.60 per share

- FY2025: low $33.66 per share, central $40.23 per share, high $46.52 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:43.228Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1744489/000174448925000155/dis-20250927.htm); period 2025-09-27, filed 2025-11-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [John Rogers](https://gigainvestors.com/AI): 635,446 DIS shares; USD 61,162,000 reported position value; 0.61% of portfolio; reduce; quarter 2026 Q2.
- [Sarah Ketterer](https://gigainvestors.com/CAU): 360,600 DIS shares; USD 34,708,000 reported position value; 0.38% of portfolio; reduce; quarter 2026 Q2.
- [Steven Check](https://gigainvestors.com/CHE): 450,174 DIS shares; USD 43,329,000 reported position value; 2.5% of portfolio; add; quarter 2026 Q2.
- [David Hoeft](https://gigainvestors.com/DAC): 261,007 DIS shares; USD 25,122,000 reported position value; 0.01% of portfolio; reduce; quarter 2026 Q2.
- [Matthew McLennan](https://gigainvestors.com/FE): 5,375,293 DIS shares; USD 517,372,000 reported position value; 0.85% of portfolio; add; quarter 2026 Q2.
- [Francois Rochon](https://gigainvestors.com/GC): 515,567 DIS shares; USD 49,623,000 reported position value; 1.67% of portfolio; reduce; quarter 2026 Q2.
- [Thomas Russo](https://gigainvestors.com/GR): 2,492 DIS shares; USD 240,000 reported position value; 0% of portfolio; reduce; quarter 2026 Q2.
- [Mark Hillman](https://gigainvestors.com/HCM): 25,385 DIS shares; USD 2,443,000 reported position value; 1.77% of portfolio; add; quarter 2026 Q2.
- [Duan Yongping](https://gigainvestors.com/HH): 1,706,600 DIS shares; USD 164,260,000 reported position value; 0.86% of portfolio; add; quarter 2026 Q2.
- [Thomas Graham Kahn](https://gigainvestors.com/KB): 359,092 DIS shares; USD 34,563,000 reported position value; 5.46% of portfolio; reduce; quarter 2026 Q2.
- [Nick Train](https://gigainvestors.com/LT): 2,607,846 DIS shares; USD 251,005,000 reported position value; 9.55% of portfolio; reduce; quarter 2026 Q2.
- [Thomas Gayner](https://gigainvestors.com/MKL): 2,031,665 DIS shares; USD 195,547,000 reported position value; 1.49% of portfolio; hold; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 173,626 DIS shares; USD 16,712,000 reported position value; 0.15% of portfolio; reduce; quarter 2026 Q2.
- [Richard Pzena](https://gigainvestors.com/PIM): 883,495 DIS shares; USD 85,036,000 reported position value; 0.25% of portfolio; add; quarter 2026 Q2.
- [Christopher Bloomstran](https://gigainvestors.com/SA): 160,653 DIS shares; USD 15,463,000 reported position value; 1.75% of portfolio; add; quarter 2026 Q2.
- [Harry Burn](https://gigainvestors.com/SSHFX): 967,830 DIS shares; USD 93,154,000 reported position value; 2.87% of portfolio; reduce; quarter 2026 Q2.
- [William Browne](https://gigainvestors.com/TB): 44,975 DIS shares; USD 4,329,000 reported position value; 0.33% of portfolio; new; quarter 2026 Q2.
- [Arnold Van Den Berg](https://gigainvestors.com/VAN): 67,131 DIS shares; USD 6,461,000 reported position value; 1.36% of portfolio; add; quarter 2026 Q2.
- [Donald Yacktman](https://gigainvestors.com/YAM): 1,375,972 DIS shares; USD 132,437,000 reported position value; 1.64% of portfolio; add; quarter 2026 Q2.
- [Andreas Halvorsen](https://gigainvestors.com/vg): 7,158,406 DIS shares; USD 688,997,000 reported position value; 1.96% of portfolio; reduce; quarter 2026 Q2.

# DIS — Walt Disney Co.

Held by 20 investors · USD 2,421,963,000 total · 2026 Q2 · reported price USD 96.25 (split-adjusted).
Page: https://gigainvestors.com/s/DIS

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Andreas Halvorsen (https://gigainvestors.com/vg) | USD 688,997,000 | 2.0% | reduce -46.17% |
| Matthew McLennan (https://gigainvestors.com/FE) | USD 517,372,000 | 0.9% | add +2.31% |
| Nick Train (https://gigainvestors.com/LT) | USD 251,005,000 | 9.6% | reduce -18.67% |
| Thomas Gayner (https://gigainvestors.com/MKL) | USD 195,547,000 | 1.5% | hold |
| Duan Yongping (https://gigainvestors.com/HH) | USD 164,260,000 | 0.9% | add +12.89% |
| Donald Yacktman (https://gigainvestors.com/YAM) | USD 132,437,000 | 1.6% | add +2.11% |
| Harry Burn (https://gigainvestors.com/SSHFX) | USD 93,154,000 | 2.9% | reduce -0.27% |
| Richard Pzena (https://gigainvestors.com/PIM) | USD 85,036,000 | 0.3% | add +879.28% |
| John Rogers (https://gigainvestors.com/AI) | USD 61,162,000 | 0.6% | reduce -2.89% |
| Francois Rochon (https://gigainvestors.com/GC) | USD 49,623,000 | 1.7% | reduce -3.9% |
| Steven Check (https://gigainvestors.com/CHE) | USD 43,329,000 | 2.5% | add +2.65% |
| Jeffrey Ubben (https://gigainvestors.com/VA) | USD 38,574,264 | 0.0% | sold |
| Sarah Ketterer (https://gigainvestors.com/CAU) | USD 34,708,000 | 0.4% | reduce -35.59% |
| Thomas Graham Kahn (https://gigainvestors.com/KB) | USD 34,563,000 | 5.5% | reduce -5.23% |
| David Hoeft (https://gigainvestors.com/DAC) | USD 25,122,000 | <0.1% | reduce -2.2% |
| Andrew Adams (https://gigainvestors.com/MPF) | USD 16,712,000 | 0.2% | reduce -27.61% |
| Christopher Bloomstran (https://gigainvestors.com/SA) | USD 15,463,000 | 1.8% | add +5.29% |
| Arnold Van Den Berg (https://gigainvestors.com/VAN) | USD 6,461,000 | 1.4% | add +1.17% |
| William Browne (https://gigainvestors.com/TB) | USD 4,329,000 | 0.3% | new |
| Mark Hillman (https://gigainvestors.com/HCM) | USD 2,443,000 | 1.8% | add +3.2% |
| Steven Romick (https://gigainvestors.com/FPA) | USD 759,018 | 0.0% | sold |
| Thomas Russo (https://gigainvestors.com/GR) | USD 240,000 | 0.0% | reduce -0.99% |

## Total held by quarter

- 2006 Q4: USD 92,477,740 · 2 holders · USD 34.28
- 2007 Q1: USD 87,813,715 · 1 holder · USD 34.43
- 2007 Q2: USD 79,867,116 · 2 holders · USD 34.14
- 2007 Q3: USD 91,219,475 · 2 holders · USD 34.39
- 2007 Q4: USD 102,698,820 · 2 holders · USD 32.28
- 2008 Q1: USD 84,706,388 · 3 holders · USD 31.38
- 2008 Q2: USD 78,791,700 · 3 holders · USD 31.20
- 2008 Q3: USD 68,471,692 · 3 holders · USD 30.69
- 2008 Q4: USD 34,098,222 · 2 holders · USD 22.69
- 2009 Q1: USD 27,461,770 · 2 holders · USD 18.16
- 2009 Q2: USD 35,274,367 · 2 holders · USD 23.33
- 2009 Q3: USD 41,532,361 · 2 holders · USD 27.46
- 2009 Q4: USD 48,642,479 · 2 holders · USD 32.27
- 2010 Q1: USD 52,647,035 · 2 holders · USD 34.91
- 2010 Q2: USD 47,504,452 · 2 holders · USD 31.50
- 2010 Q3: USD 49,751,847 · 2 holders · USD 33.13
- 2010 Q4: USD 56,301,443 · 2 holders · USD 37.53
- 2011 Q1: USD 64,633,806 · 2 holders · USD 43.10
- 2011 Q2: USD 58,519,325 · 2 holders · USD 39.04
- 2011 Q3: USD 46,898,290 · 2 holders · USD 30.19
- 2011 Q4: USD 58,192,275 · 2 holders · USD 37.50
- 2012 Q1: USD 68,195,834 · 2 holders · USD 43.78
- 2012 Q2: USD 75,601,897 · 2 holders · USD 48.50
- 2012 Q3: USD 81,347,425 · 2 holders · USD 52.28
- 2012 Q4: USD 77,166,285 · 2 holders · USD 49.79
- 2013 Q1: USD 87,635,636 · 2 holders · USD 56.80
- 2013 Q2: USD 210,670,255 · 3 holders · USD 63.15
- 2013 Q3: USD 130,147,786 · 3 holders · USD 64.49
- 2013 Q4: USD 136,631,786 · 3 holders · USD 76.40
- 2014 Q1: USD 229,576,270 · 3 holders · USD 80.07
- 2014 Q2: USD 247,154,256 · 3 holders · USD 85.74
- 2014 Q3: USD 149,544,087 · 3 holders · USD 89.03
- 2014 Q4: USD 144,591,399 · 2 holders · USD 94.24
- 2015 Q1: USD 162,196,943 · 2 holders · USD 104.95
- 2015 Q2: USD 177,756,366 · 2 holders · USD 114.23
- 2015 Q3: USD 161,512,110 · 2 holders · USD 102.27
- 2015 Q4: USD 167,524,105 · 2 holders · USD 105.14
- 2016 Q1: USD 158,499,058 · 2 holders · USD 99.31
- 2016 Q2: USD 158,087,588 · 2 holders · USD 97.90
- 2016 Q3: USD 150,628,190 · 2 holders · USD 92.86
- 2016 Q4: USD 172,462,957 · 3 holders · USD 104.22
- 2017 Q1: USD 189,123,239 · 2 holders · USD 113.39
- 2017 Q2: USD 179,765,023 · 2 holders · USD 106.32
- 2017 Q3: USD 167,954,142 · 2 holders · USD 98.66
- 2017 Q4: USD 211,894,823 · 3 holders · USD 107.51
- 2018 Q1: USD 204,155,428 · 3 holders · USD 100.44
- 2018 Q2: USD 216,335,136 · 3 holders · USD 104.81
- 2018 Q3: USD 757,878,790 · 5 holders · USD 116.94
- 2018 Q4: USD 713,007,767 · 6 holders · USD 109.65
- 2019 Q1: USD 1,610,119,321 · 9 holders · USD 111.03
- 2019 Q2: USD 1,639,116,729 · 7 holders · USD 139.64
- 2019 Q3: USD 1,536,179,240 · 6 holders · USD 130.32
- 2019 Q4: USD 1,651,039,621 · 6 holders · USD 144.63
- 2020 Q1: USD 1,260,429,344 · 8 holders · USD 96.60
- 2020 Q2: USD 2,000,006,854 · 8 holders · USD 111.51
- 2020 Q3: USD 2,140,322,718 · 8 holders · USD 124.08
- 2020 Q4: USD 3,571,967,457 · 9 holders · USD 181.18
- 2021 Q1: USD 2,603,085,374 · 8 holders · USD 184.52
- 2021 Q2: USD 2,584,371,410 · 8 holders · USD 175.77
- 2021 Q3: USD 2,480,144,280 · 8 holders · USD 169.17
- 2021 Q4: USD 1,880,049,852 · 8 holders · USD 154.89
- 2022 Q1: USD 1,384,363,585 · 8 holders · USD 137.16
- 2022 Q2: USD 1,222,901,058 · 11 holders · USD 94.40
- 2022 Q3: USD 1,177,281,269 · 10 holders · USD 94.33
- 2022 Q4: USD 1,927,700,019 · 13 holders · USD 86.88
- 2023 Q1: USD 1,833,896,284 · 12 holders · USD 100.13
- 2023 Q2: USD 1,652,883,711 · 11 holders · USD 89.28
- 2023 Q3: USD 3,976,369,194 · 12 holders · USD 81.05
- 2023 Q4: USD 4,781,820,143 · 11 holders · USD 90.29
- 2024 Q1: USD 6,929,719,024 · 18 holders · USD 122.36
- 2024 Q2: USD 2,665,519,455 · 20 holders · USD 99.29
- 2024 Q3: USD 2,547,389,209 · 19 holders · USD 96.19
- 2024 Q4: USD 2,501,473,837 · 19 holders · USD 111.35
- 2025 Q1: USD 2,205,593,260 · 19 holders · USD 98.70
- 2025 Q2: USD 3,262,715,443 · 22 holders · USD 124.01
- 2025 Q3: USD 3,451,221,100 · 22 holders · USD 114.50
- 2025 Q4: USD 3,404,813,281 · 22 holders · USD 113.77
- 2026 Q1: USD 3,030,157,142 · 21 holders · USD 96.38
- 2026 Q2: USD 2,421,963,000 · 20 holders · USD 96.25