The Walt Disney Company 2025-09-27 The Walt Disney Company 2024-09-292025-09-27 The Walt Disney Company 2024-09-292025-09-27 AT The Walt Disney Company 2025-09-27 AT The Walt Disney Company 2024-09-292025-09-27 BE The Walt Disney Company 2025-09-27 BE The Walt Disney Company 2024-09-292025-09-27 BG The Walt Disney Company 2025-09-27 BG The Walt Disney Company 2024-09-292025-09-27 HR The Walt Disney Company 2025-09-27 HR The Walt Disney Company 2024-09-292025-09-27 DK The Walt Disney Company 2025-09-27 DK The Walt Disney Company 2024-09-292025-09-27 FI The Walt Disney Company 2025-09-27 FI The Walt Disney Company 2024-09-292025-09-27 FR The Walt Disney Company 2025-09-27 FR The Walt Disney Company 2024-09-292025-09-27 DE The Walt Disney Company 2025-09-27 DE The Walt Disney Company 2024-09-292025-09-27 GR The Walt Disney Company 2025-09-27 GR The Walt Disney Company 2024-09-292025-09-27 HU The Walt Disney Company 2025-09-27 HU The Walt Disney Company 2024-09-292025-09-27 IE The Walt Disney Company 2025-09-27 IE The Walt Disney Company 2024-09-292025-09-27 IT The Walt Disney Company 2025-09-27 IT The Walt Disney Company 2024-09-292025-09-27 LU The Walt Disney Company 2025-09-27 LU The Walt Disney Company 2024-09-292025-09-27 NL The Walt Disney Company 2025-09-27 NL The Walt Disney Company 2024-09-292025-09-27 NO The Walt Disney Company 2025-09-27 NO The Walt Disney Company 2024-09-292025-09-27 PL The Walt Disney Company 2025-09-27 PL The Walt Disney Company 2024-09-292025-09-27 PT The Walt Disney Company 2025-09-27 PT The Walt Disney Company 2024-09-292025-09-27 SI The Walt Disney Company 2025-09-27 SI The Walt Disney Company 2024-09-292025-09-27 ES The Walt Disney Company 2025-09-27 ES The Walt Disney Company 2024-09-292025-09-27 SE The Walt Disney Company 2025-09-27 SE The Walt Disney Company 2024-09-292025-09-27 PA The Walt Disney Company 2025-09-27 PA The Walt Disney Company 2024-09-292025-09-27 RU The Walt Disney Company 2025-09-27 RU The Walt Disney Company 2024-09-292025-09-27 TT The Walt Disney Company 2025-09-27 TT The Walt Disney Company 2024-09-292025-09-27 TR The Walt Disney Company 2025-09-27 TR The Walt Disney Company 2024-09-292025-09-27 VN The Walt Disney Company 2025-09-27 VN iso4217:USD xbrli:pure

Public Country by Country Report (on income tax information)

in compliance with chapter 10a of Directive 2013/34/EU - ('country-by-country reporting')

Section 1 - General information

Name of ultimate parent of group / of standalone company The Walt Disney Company
Country of registered office of ultimate parent undertaking United States
Date of start of financial year 2024-09-29
Date of end of financial year 2025-09-27
Reporting currency USD
Application of option to report in accordance with taxation reporting instructions true
Name and registered office of a single subsidiary undertaking which has published the report on income tax information of an undertaking that is not governed by the law of a Member State The Walt Disney Company (Benelux) B.V. Asterweg 15S 1031HL Amsterdam, Netherlands
Name and address of a single branch which has published the report on income tax information of an undertaking that is not governed by the law of a Member State -
Language of report en (English - en)

Section 2 - Overview of information on a country-by-country basis

Name of Member State or tax jurisdiction Country code of Member State or tax jurisdiction Revenues Profit (loss) before tax Income tax paid (on cash basis) Income tax accrued – current year Accumulated earnings Number of employees
Austria AT 12,396,201 1,701,460 209,907 416,941 1,383,036 9
Belgium BE 40,055,155 2,100,446 1,215,757 374,542 -2,562,643 47
Bulgaria BG 50,673,472 4,281,976 2,362,724 2,070,377 -2,597,357 73
Croatia HR 3,756,638 142,600 25,936 818,032 9
Denmark DK 111,695,483 7,655,379 1,658,035 1,617,085 13,374,292 49
Finland FI 11,776,191 2,052,253 131,664 375,053 4,367,751 14
France FR 3,548,272,994 375,246,639 22,561,861 34,566,226 -1,928,221,333 19,688
Germany DE 530,138,911 55,738,460 11,225,992 21,508,735 162,909,854 512
Greece GR 36,489,010 3,300,039 331,201 642,757 6,407,966 23
Hungary HU 2,267,334 205,788 46,558 54,193 1,144,152 15
Ireland IE 14,029,454 3,580,069 143,886 77,091 5,050,330 41
Italy IT 236,393,773 16,254,732 3,054,845 1,306,462 -2,792,679 178
Luxembourg LU -97,859 -229,262,761
Netherlands NL 431,014,505 85,403,732 5,360,530 3,839,177 6,789,784,191 256
Norway NO 10,348,516 2,468,483 75,988 453,871 7,483,548 14
Poland PL 159,980,057 13,485,361 2,989,558 3,533,795 37,186,411 163
Portugal PT 85,190,158 5,413,733 1,369,765 1,385,245 25,262,492 81
Slovenia SI 4,243,831 175,069 39,220 15,644 1,245,212 7
Spain ES 312,991,902 25,635,496 5,692,815 5,313,353 44,307,836 308
Sweden SE 44,240,811 6,583,137 3,763,738 19,448,199 45
Panama PA 4,961 246,435
Russia RU 14,315,016 2,363,712 1,982,524 15,635,938
Trin & Tobago TT
Turkey TR 175,683,602 -8,845,710 3,480,927 940,886 -379,563,557 397
Vietnam VN 2,037,208 -70,487 17,579 20,878 1,341,645 4
All other tax jurisdictions (aggregated basis)
142,898,637,706 11,577,163,348 1,152,227,225 2,758,148,705 57,610,315,204 209,898

Section 3 - List of subsidiaries and activities

Name of Member State or tax jurisdiction Country code of Member State or tax jurisdiction Disclosure of names of subsidiary undertakings consolidated in financial statements of ultimate parent undertaking Brief description per country of nature of activities in Member State or tax jurisdiction
Austria AT The Walt Disney Company (Austria) GmbH The Walt Disney Company (Austria) GmbH (TWDC-Austria) is a legal entity based in Austria, which engages in distribution activities for the motion picture business. Additionally, TWDC-Austria provides some administrative, management and support services to Disney Group entities. TWDC-Austria operates under the direction and guidance of The Walt Disney Company Ltd (TWDC-UK), the EMEA regional strategic hub.
Belgium BE The Walt Disney Company (Benelux) Belgium; Transfer NV The primary legal entity is The Walt Disney Company (Benelux) Belgium (TWDC-Belgium). TWDC-Belgium is a legal entity based in Belgium, which engages in distribution activities for the motion picture and consumer products businesses. TWDC-Belgium also provides sales and marketing support services related to Disneyland Paris. In addition, TWDC-Belgium provides services to other Disney Group entities in regard to EU government affairs, due to its proximity to the headquarters of the EU in Brussels. TWDC-Belgium operates under the direction and guidance of TWDC UK, the EMEA strategic hub
Bulgaria BG The Walt Disney Company Bulgaria EOOD The Walt Disney Company Bulgaria EOOD (TWDC-Bulgaria) is a legal entity based in Bulgaria which has branches in Croatia, Serbia and Slovenia and engages in distribution activities for the linear television, associated advertising sales and Disney+ businesses. It also maintains and operates broadcasting, cable, and network channel businesses within its territory. TWDC-Bulgaria operates under the direction and guidance of TWDC UK, the EMEA regional strategic hub.
Croatia HR The Walt Disney Company Bulgaria EOOD - Branch Zagreb The Walt Disney Company Bulgaria EOOD-Podruznica Hrvatska (TWDC-Croatia) is a branch office of TWDC-Bulgaria and is based in Zagreb. TWDC-Croatia engages in the distribution of advertising space for TWDC-Bulgaria’s broadcasting, cable, and network linear television channel businesses.
Denmark DK The Walt Disney Company ApS - Denmark Branch The Walt Disney Company ApS-Denmark (TWDC-Denmark) is a branch of The Walt Disney Company Nordic AB (TWDC-Sweden), which engages in distribution activities for the motion picture, linear television, and Disney+ businesses as well as performing consumer products licensing. TWDC-Denmark operates under the direction and guidance of TWDC UK, the EMEA strategic hub.
Finland FI The Walt Disney Company Nordic AB, filial i Finland The Walt Disney Company Nordic AB, Finland (TWDC-Finland) is a branch of TWDC-Sweden, which engages in distribution activities for the motion picture business. It also provides support services to TWDC UK and TWDC-Sweden. It also provides support services to related parties. TWDC-Finland operates under the direction and guidance of TWDC UK, the EMEA strategic hub.
France FR The Walt Disney Company Licensing (Europe, Middle East & Africa) SAS; The Disney Store (France) S.A.S.; Walt Disney Participations S.A.S.; The Walt Disney Company (France) S.A.S.; Walt Disney International France S.A.S.; Twentieth Century Fox Home Entertainment France S.A.S.; Val D'Europe Promotion S.A.S.; Euro Disney Vacances S.A.S.; S.E.T.E.M.O Imagineering Sarl; Euro Disney Associés SAS; EDL Hotels S.C.A. The primary legal entity is Euro Disney Associes S.A.S. (EDA). EDA, the head of the group, is the main operating entity of the Site. It owns and operates the two theme parks, the Disneyland Hotel, the Davy Crockett Ranch, as well as the golf course, and manages real estate development. It employs most of the workforce. EDA itself wholly owns the two other operating entities of the Site, EDL Hotels SAS which owns and operates the five other hotels of the Group as well as the Disney Village and Euro Disney Vacances SAS which is the tour operator of the ED Group and mainly offers vacation packages to Disneyland Paris. EDA also wholly owns SETEMO Imagineering SARL which is responsible for carrying out studies relating to the construction of complementary attractions to Disneyland Paris theme parks. Therefore, these services mainly include tourism services throughout the two theme parks, the seven hotels, the Disney Village, the golf course and two convention centers, and the development of the real estate activities (Villages Nature as mentioned above).
Germany DE The Walt Disney Company (Germany) GmbH; Buena Vista International Film Production (Germany) GmbH; The Disney Store (Germany) GmbH; Walt Disney Imagineering (Germany) GmbH; TFCF International Productions (Germany) GmbH The primary legal entity is The Walt Disney Company (Germany) GmbH (TWDC-Germany). TWDC-Germany is a legal entity based in Germany, which engages in distribution activities for the motion picture, linear channels and associated content sales, integrated licensing and Disney+ businesses. TWDC-Germany also maintains and operates broadcasting, cable, and network channel businesses within its territory. Additionally, TWDC-Germany provides some administrative, management, and support services to Disney entities in the region. TWDC-Germany operates under the direction and guidance of TWDC UK, the EMEA Regional strategic hub.
Greece GR The Walt Disney Company Greece, Single Partner EPE The Walt Disney Company Greece Limited Liability Company (TWDC-Greece) is a legal entity based in Greece, which engages in distribution activities for the linear television, Disney+ and consumer products businesses. This legal entity maintains and operates broadcasting, cable, and network channel businesses within its territory. It also provides administrative, management, or support services to Disney Group entities. TWDC-Greece operates under the direction and guidance of TWDC UK, the EMEA regional strategic hub.
Hungary HU The Walt Disney Company (Hungary) Korlátolt Felelosségu Társaság The Walt Disney Company (Hungary) Korlatolt Felelossegu Tarsasag (TWDC-Hungary) is a legal entity based in Hungary, which provides sales and marketing support services related to the linear TV channels and Disney+ businesses within Hungary, Czechia, Slovakia, Romania, and Kazakhstan. It also provides IT support services. TWDC-Hungary operates under the direction and guidance of TWDC-UK, the EMEA strategic hub.
Ireland IE TDS Disney Ireland Limited; The Walt Disney Company Limited, Ireland Branch The primary legal entity is TWDC UK-Ireland branch (TWDC-Ireland). TWDC-Ireland is a branch of TWDC UK based in Ireland, which engages in distribution activities for the motion picture business. It also provides administrative and marketing support services to Disney Group entities.
Italy IT The Walt Disney Company Italia S.r.l.; The Disney Store (Italia) S.r.l. in liquidazione; Twentieth Century-Fox Italy S.p.A. Inc. In Liquidazione The primary legal entity is The Walt Disney Company (Italia) S.r.l (TWDC-Italy). TWDC-Italy is a legal entity based in Italy, which engages in distribution activities for the motion picture, Disney+, consumer products and content sales businesses. Additionally, TWDC-Italy provides some administrative and support services to Disney Group entities in the region. TWDC-Italy operates under the direction and guidance of TWDC UK, the EMEA regional strategic hub.
Luxembourg LU Disney CIS Holdings S.a r.l. Disney CIS Holdings S.a r.l. functions primarily as a holding company.
Netherlands NL The Walt Disney Company (Benelux) B.V.; TV 10 BV; Clearspark B.V.; Disney Trading BV; Lucasfilm Animation Company Limited B.V.; Eredivisie Beheer B.V.; Eredivisie Media & Marketing C.V.; TFCF International Channels Latin American Holdings C.V.; Disney Networks Group Netherlands Holding B.V.; Disney Networks Group Netherlands Holding II B.V.; Disney Networks Group Sports Europe B.V.; International Global Networks B.V.; Star Europe Holdings B.V.; STAR India Holdings B.V.; Netherlands Fox Film Corporation B.V.; TFCF I.M. International B.V.; The Walt Disney Company Netherlands Holdings II B.V.; Lucasfilm Animation Company Singapore B.V. The primary legal entities are TWDC Benelux BV (TWDC-Netherlands) and Eredivisie Media and Marketing C.V. (EMM). TWDC-Netherlands is a legal entity based in Netherlands, which engages in distribution activities for the motion picture, linear television, consumer products licensing and Disney+ in the Benelux region. TWDC-Netherlands also maintains and operates broadcasting, cable, and network channel businesses within its territory. Additionally, TWDC Netherlands provides additional administrative support services to Disney Group entities in the region. Further, TWDC-Netherlands acts as the audio-visual media service provider of Disney+ within the EU under the AVMSD, and performs regulatory, editorial and other functions that are remunerated separately by TWDC UK. TWDC-Netherlands operates under the direction and guidance of TWDC UK. In the Netherlands, the ESPN branded channels are operated by EMM (owned 51 percent by the Walt Disney Company), which has the media rights to the Dutch Premier League for soccer.
Norway NO The Walt Disney Company Nordic AB NUF The Walt Disney Company Nordic AB NUF (TWDC-Norway) is a branch of The Walt Disney Company Nordic AB (TWDC-Sweden), which engages in distribution activities for the motion picture business. It also provides regional support services to Disney Group entities. TWDC-Norway operates under the direction and guidance of TWDC UK, the EMEA regional strategic hub.
Poland PL The Walt Disney Company (Polska) Sp. z o.o. The Walt Disney Company (Polska) Sp Z.o.o. (TWDC-Poland) is a Polish legal entity which engages in the following distribution activities - distribution of licenses for move screenings in cinemas, sale of distribution licenses for DVDs/Blu-Rays, distribution of linear television Channels (Disney, Fox, and National Geographic) and sale of airtime for advertisements on these channels, and distribution of Disney+ to MVPDs and other business-to-business partnerships. In addition, TWDC-Poland provides administrative and support services to Disney entities. As a service provider, TWDC-Poland performs market research, client relationship services, public relations and promotional services, support services concerning the distribution of Disney content in Poland, Hungary, Czech Republic, Kazakhstan, Romania, and Slovakia and other support services including in particular IT services and sales and marketing support services related to Disney Parks and Resorts. TWDC-Poland operates under the direction and guidance of TWDC UK, the EMEA regional strategic hub.
Portugal PT The Walt Disney Company Portugal TF, Unipessoal Lda The Walt Disney Company Portugal TF, Unipessoal, Lda (TWDC-Portugal) is a legal entity operating and based in Portugal which engages in distribution activities for the linear television channels and associated advertising sales, Disney+ and content sales businesses as well as performing merchandise licensing activities. It also maintains and operates broadcasting, cable and network channel businesses within Portugal.
Slovenia SI The Walt Disney Company Bulgaria EOOD - branch office Ljubljana TWDC Bulgaria EOOD- branch office Ljubljana (TWDC-Slovenia) engages in the distribution of advertising space for TWDC Bulgaria’s broadcasting, cable and network linear television channel businesses.
Spain ES The Walt Disney Company Iberia, S.L. The Walt Disney Company Iberia SLU (TWDC-Spain) is a legal entity based in Spain, which primarily engages in distribution activities for the motion picture, linear television, consumer products licensing, program content sales, and Disney+ businesses. TWDC-Spain also maintains and operates broadcasting, cable, and network channel businesses within its territory and provides support services to Disney Group entities in the EMEA region. TWDC-Spain operates under the direction and guidance of TWDC UK, the EMEA regional strategic hub.
Sweden SE The Walt Disney Company Nordic AB The Walt Disney Company Nordic AB (TWDC-Sweden) is a legal entity based in Sweden, with branches in Denmark, Norway and Finland, which engages in distribution activities for the motion picture, linear television and Disney+. TWDC-Sweden centrally manages the Disney+ marketing activities for the local Nordic region (apart from Denmark) and operates under the direction and guidance of TWDC UK, the EMEA regional strategic hub.
Panama PA The Walt Disney Company (Panama) TF, S.A. The Walt Disney Company (Panama) TF, S.A. is functionally dormant and its operations are run by a third-party.
Russia RU The Walt Disney Company CIS Limited Liability Company; Disney Studios Limited Liability Company; Disney Services LLC; Limited Liability Company "Disney Networks Group"; Limited Liability Company "Twentieth Century Fox CIS" The primary legal entity, Walt Disney Company CIS Limited Liability Company (TWDC-CIS), is not engaged in active business operations.
Trin & Tobago TT Twentieth Century Fox Trinidad Limited Twentieth Century Fox Trinidad Limited (TCF Trinidad) is dormant.
Turkey TR The Walt Disney Company Medya Eglence ve Ticaret Limited Sirketi; Disney Televizyon Yayincilik Anonim Sirketi; Disney XD Televizyon Yayincilik Anonim Sirketi; FX Medya Hizmetleri Anonim Sirketi; Huzur Radyo TV Anonim Sirketi; National Geographic Channel Medya Hizmetleri Anonim Sirketi; National Geographic Channel Wild Medya Hizmetleri Anonim Sirketi; TWDC FTA Medya Eglence ve Ticaret Limited Sirketi The primary legal entities are The Walt Disney Company Medya, Eglence ve Ticaret Limited Sirketi (TWDC-Turkey) and Huzur Radyo TV Anonim Sirketi (Huzur). TWDC-Turkey is a legal entity based in Turkey, which engages in development, production and distribution activities for the motion picture, linear television, integrated licensing of consumer products as well as marketing activities for Disney+. TWDC-Turkey licenses the rights to distribute Disney, National Geographic, and Fox content as well as Disney+ in Turkey from TWDC UK. TWDC-Turkey then sub-licenses the rights to distribute linear pay TV to its subsidiaries and the rights to distribute Disney+ to wholesale customers in Turkey to Disney XD Turkey, as each entity is required to hold a regulatory license in Turkey. TWDC-Turkey operates under the direction and guidance of TWDC UK, the EMEA regional hub. Huzur's primary function is to broadcast the Fox free-to-air TV channel and sell associated advertising airtime on the channel.
Vietnam VN The Walt Disney (Vietnam) Company Limited; Disney Networks Group Vietnam Company Limited; Viet My Media Company The primary legal entity is The Walt Disney (Vietnam) Company Limited (TWDC-Vietnam). TWDC-Vietnam is a legal entity based in Vietnam, which engages in licensing of Disney, Marvel, National Geographic consumer products.

Section 4 - Omitted information

Information omitted (if any) for this financial year
Information omitted Information omitted, other tax jurisdictions Explanation of reason for omission of information
Not applicable Not applicable Not applicable
Disclosure of information omitted for previous financial years
Not applicable

Section 5 - Explanations for material discrepancies between income tax paid and accrued

Explanation of any material discrepancies between income tax paid and accrued
France - Differences primarily reflect the use of tax attributes from prior periods that reduce current-year taxable income.
Germany - Differences primarily reflect the timing of tax payments, which are based on prior-period results rather than current-year performance.
Netherlands - Differences primarily reflect payments made in respect of prior year returns as well as additional tax deductions and non-taxable income that reduce current-year taxable income.
Turkey - Differences primarily reflect the timing of tax payments related to prior-period taxable income, including payments made in a loss year.
All other tax jurisdictions (aggregated basis) - Differences primarily reflect the postponement of approximately $1.7 billion of payments for fiscal year 2025 U.S. federal and California state income tax liabilities until October 2025 (the Company's fiscal 2026) pursuant to relief granted to business in jurisdictions impacted by the 2025 wildfires in California.