Walt Disney Co (DIS) — payout ratio, three ways
Fiscal year ending 2025-09-27 · sector Consumer discretionary · computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 14.5% | The figure most screeners publish. |
| Operating cash flow | 10.0% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 17.9% | What is left after maintaining the business. |
Spread between highest and lowest: 8 percentage points. Same filings, different denominators.
The arithmetic
- GAAP earnings — dividends declared per share $1.00 ÷ diluted EPS $6.85
- Operating cash flow — dividends paid $1,803.0m ÷ operating cash flow $18,101.0m
- Free cash flow — dividends paid $1,803.0m ÷ (operating cash flow $18,101.0m − capex $8,024.0m)
Where the figures came from
- 10-K filed 2025-11-13 · accession
0001744489-25-000155
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS derived from dividends paid ($1.00); no per-share tag filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.