Walt Disney Co.、合并资产负债表结构：资产（季度数据）
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2026年3月28日 |
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2025年12月27日 |
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2025年9月27日 |
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2025年6月28日 |
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2025年3月29日 |
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2024年12月28日 |
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2024年9月28日 |
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2024年6月29日 |
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2024年3月30日 |
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2023年12月30日 |
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2023年9月30日 |
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2023年7月1日 |
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2023年4月1日 |
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2022年12月31日 |
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2022年10月1日 |
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2022年7月2日 |
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2022年4月2日 |
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2022年1月1日 |
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2021年10月2日 |
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2021年7月3日 |
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2021年4月3日 |
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2021年1月2日 |
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2020年10月3日 |
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2020年6月27日 |
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2020年3月28日 |
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2019年12月28日 |
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现金及现金等价物 |
2.77% | |
2.81% | |
2.88% | |
2.73% | |
2.99% | |
2.78% | |
3.06% | |
3.01% | |
3.40% | |
3.64% | |
6.90% | |
5.62% | |
5.08% | |
4.19% | |
5.70% | |
6.35% | |
6.56% | |
7.10% | |
7.84% | |
7.95% | |
7.94% | |
8.45% | |
8.89% | |
11.13% | |
6.95% | |
3.40% | |
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应收账款净额 |
7.01% | |
7.45% | |
6.69% | |
6.82% | |
6.42% | |
6.99% | |
6.49% | |
6.56% | |
6.16% | |
7.14% | |
6.00% | |
6.43% | |
6.23% | |
6.92% | |
6.21% | |
6.71% | |
6.79% | |
7.32% | |
6.57% | |
6.60% | |
6.26% | |
6.96% | |
6.31% | |
6.08% | |
7.04% | |
8.51% | |
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库存 |
1.01% | |
1.07% | |
1.08% | |
1.06% | |
1.02% | |
1.02% | |
1.03% | |
1.00% | |
1.00% | |
0.99% | |
0.95% | |
0.93% | |
0.90% | |
0.91% | |
0.86% | |
0.78% | |
0.71% | |
0.66% | |
0.65% | |
0.66% | |
0.70% | |
0.73% | |
0.79% | |
0.75% | |
0.74% | |
0.78% | |
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内容进阶 |
0.57% | |
0.66% | |
1.04% | |
0.89% | |
0.54% | |
0.59% | |
1.07% | |
1.01% | |
0.98% | |
0.71% | |
1.46% | |
1.16% | |
0.91% | |
0.64% | |
0.93% | |
0.93% | |
0.89% | |
0.55% | |
1.07% | |
1.17% | |
1.10% | |
0.70% | |
1.08% | |
1.51% | |
0.91% | |
0.66% | |
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|
其他流动资产 |
0.62% | |
0.61% | |
0.59% | |
0.62% | |
0.64% | |
0.63% | |
1.22% | |
1.31% | |
1.08% | |
0.66% | |
0.63% | |
0.66% | |
0.67% | |
0.65% | |
0.59% | |
0.63% | |
0.59% | |
0.55% | |
0.40% | |
0.41% | |
0.42% | |
0.42% | |
0.43% | |
0.43% | |
0.49% | |
0.47% | |
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流动资产 |
11.99% |
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12.60% |
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12.29% |
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12.12% |
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11.61% |
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12.01% |
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12.86% |
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12.89% |
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12.63% |
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13.13% |
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15.94% |
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14.81% |
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13.80% |
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13.31% |
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14.29% |
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15.40% |
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15.52% |
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16.19% |
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16.53% |
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16.80% |
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16.42% |
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17.27% |
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17.49% |
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19.90% |
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16.13% |
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13.82% |
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制作和许可内容成本 |
14.79% | |
15.40% | |
15.86% | |
15.91% | |
16.25% | |
16.50% | |
16.47% | |
16.58% | |
16.70% | |
16.55% | |
16.34% | |
16.98% | |
18.04% | |
17.94% | |
17.57% | |
16.70% | |
15.98% | |
15.08% | |
14.51% | |
13.79% | |
13.41% | |
12.84% | |
12.41% | |
12.31% | |
12.97% | |
13.21% | |
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投资 |
4.09% | |
3.98% | |
4.10% | |
4.41% | |
4.49% | |
4.52% | |
2.27% | |
2.34% | |
1.54% | |
1.56% | |
1.50% | |
1.50% | |
1.65% | |
1.57% | |
1.58% | |
1.59% | |
1.66% | |
1.75% | |
1.93% | |
2.00% | |
2.15% | |
2.00% | |
1.94% | |
1.74% | |
1.54% | |
1.65% | |
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|
景点、建筑物和设备 |
42.01% | |
40.49% | |
41.54% | |
41.48% | |
40.71% | |
39.75% | |
39.08% | |
37.10% | |
36.99% | |
36.45% | |
34.09% | |
34.26% | |
34.02% | |
33.77% | |
32.90% | |
32.14% | |
32.23% | |
32.10% | |
31.87% | |
31.66% | |
31.48% | |
31.21% | |
30.82% | |
29.44% | |
29.54% | |
29.81% | |
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进行中的项目 |
2.42% | |
3.66% | |
3.50% | |
3.20% | |
2.93% | |
2.32% | |
2.41% | |
3.15% | |
3.20% | |
2.84% | |
3.06% | |
2.79% | |
2.53% | |
2.69% | |
2.36% | |
2.92% | |
2.63% | |
2.36% | |
2.22% | |
2.40% | |
2.44% | |
2.25% | |
2.21% | |
2.11% | |
1.90% | |
2.00% | |
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土地 |
0.58% | |
0.59% | |
0.60% | |
0.61% | |
0.60% | |
0.57% | |
0.58% | |
0.59% | |
0.60% | |
0.60% | |
0.57% | |
0.58% | |
0.57% | |
0.57% | |
0.56% | |
0.55% | |
0.56% | |
0.55% | |
0.56% | |
0.53% | |
0.54% | |
0.53% | |
0.51% | |
0.49% | |
0.49% | |
0.51% | |
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公园、度假村和其他财产，按成本计算 |
45.00% |
|
44.75% |
|
45.64% |
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45.28% |
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44.24% |
|
42.65% |
|
42.07% |
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40.84% |
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40.79% |
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39.89% |
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37.72% |
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37.63% |
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37.11% |
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37.03% |
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35.83% |
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35.61% |
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35.42% |
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35.01% |
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34.65% |
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34.59% |
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34.46% |
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34.00% |
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33.54% |
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32.04% |
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31.93% |
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32.32% |
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累计折旧 |
-23.44% | |
-23.37% | |
-24.75% | |
-24.84% | |
-24.27% | |
-23.29% | |
-23.19% | |
-22.61% | |
-22.58% | |
-22.03% | |
-20.73% | |
-20.67% | |
-20.23% | |
-20.11% | |
-19.33% | |
-19.15% | |
-19.16% | |
-18.94% | |
-18.62% | |
-18.58% | |
-18.41% | |
-18.02% | |
-17.62% | |
-16.68% | |
-16.34% | |
-16.45% | |
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公园、度假村和其他财产，净 |
21.56% |
|
21.38% |
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20.89% |
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20.44% |
|
19.96% |
|
19.36% |
|
18.88% |
|
18.22% |
|
18.21% |
|
17.86% |
|
17.00% |
|
16.97% |
|
16.88% |
|
16.92% |
|
16.50% |
|
16.46% |
|
16.26% |
|
16.07% |
|
16.02% |
|
16.01% |
|
16.05% |
|
15.98% |
|
15.92% |
|
15.36% |
|
15.59% |
|
15.87% |
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无形资产净额 |
4.90% | |
4.67% | |
4.69% | |
4.90% | |
5.11% | |
5.26% | |
5.47% | |
5.62% | |
5.88% | |
6.39% | |
6.35% | |
6.61% | |
6.78% | |
7.10% | |
7.29% | |
7.51% | |
7.84% | |
8.15% | |
8.41% | |
8.70% | |
9.05% | |
9.23% | |
9.51% | |
9.43% | |
10.68% | |
11.28% | |
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|
善意 |
36.39% | |
36.99% | |
37.11% | |
37.29% | |
37.44% | |
37.21% | |
37.37% | |
37.37% | |
37.88% | |
38.97% | |
37.49% | |
38.22% | |
38.02% | |
38.52% | |
38.25% | |
38.19% | |
38.54% | |
38.39% | |
38.34% | |
38.49% | |
38.88% | |
38.54% | |
38.55% | |
37.19% | |
38.93% | |
39.97% | |
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|
其他资产 |
6.27% | |
4.99% | |
5.06% | |
4.94% | |
5.14% | |
5.15% | |
6.68% | |
6.97% | |
7.16% | |
5.55% | |
5.39% | |
4.91% | |
4.84% | |
4.63% | |
4.52% | |
4.15% | |
4.20% | |
4.36% | |
4.25% | |
4.21% | |
4.04% | |
4.13% | |
4.18% | |
4.06% | |
4.16% | |
4.20% | |
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长期资产 |
88.01% |
|
87.40% |
|
87.71% |
|
87.88% |
|
88.39% |
|
87.99% |
|
87.14% |
|
87.11% |
|
87.37% |
|
86.87% |
|
84.06% |
|
85.19% |
|
86.20% |
|
86.69% |
|
85.71% |
|
84.60% |
|
84.48% |
|
83.81% |
|
83.47% |
|
83.20% |
|
83.58% |
|
82.73% |
|
82.51% |
|
80.10% |
|
83.87% |
|
86.18% |
|
|
|
总资产 |
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
100.00% |
|
根据报告：
10-Q (报告日期： 2026-03-28), 10-Q (报告日期： 2025-12-27), 10-K (报告日期： 2025-09-27), 10-Q (报告日期： 2025-06-28), 10-Q (报告日期： 2025-03-29), 10-Q (报告日期： 2024-12-28), 10-K (报告日期： 2024-09-28), 10-Q (报告日期： 2024-06-29), 10-Q (报告日期： 2024-03-30), 10-Q (报告日期： 2023-12-30), 10-K (报告日期： 2023-09-30), 10-Q (报告日期： 2023-07-01), 10-Q (报告日期： 2023-04-01), 10-Q (报告日期： 2022-12-31), 10-K (报告日期： 2022-10-01), 10-Q (报告日期： 2022-07-02), 10-Q (报告日期： 2022-04-02), 10-Q (报告日期： 2022-01-01), 10-K (报告日期： 2021-10-02), 10-Q (报告日期： 2021-07-03), 10-Q (报告日期： 2021-04-03), 10-Q (报告日期： 2021-01-02), 10-K (报告日期： 2020-10-03), 10-Q (报告日期： 2020-06-27), 10-Q (报告日期： 2020-03-28), 10-Q (报告日期： 2019-12-28).
资产结构的整体趋势显示，资源配置重心正从流动资产和无形资产向长期固定资产转移。在分析周期内，长期资产占总资产的比例从86.18%逐步上升至88.01%，反映出资本支出规模的扩大以及对实物资产依赖程度的增加。
- 流动性与短期资产趋势
- 现金及现金等价物在2020年第二季度达到峰值（11.13%），随后呈现长期下降趋势，至2026年第一季度降至2.77%。整体流动资产占总资产的百分比也从最高19.9%回落至11.99%。应收账款净额维持在6%至8.5%之间，波动较小。库存占比虽低，但呈现出缓慢增长的态势，从0.78%上升至约1.01%。
- 固定资产与基础设施投入
- 公园、度假村和其他财产的成本占比显著增加，从32.32%上升至45%。尽管累计折旧占比也随之增加（从-16.45%扩大至-23.44%），但该类资产的净值占比仍从15.87%稳步增长至21.56%。景点、建筑物和设备以及进行中的项目占比同步上升，表明资本密集型投资在资产结构中的主导地位进一步增强。
- 内容资产与无形资产演变
- 制作和许可内容成本在2019年至2022年底期间持续上升，并在2022年第四季度达到17.94%的顶峰，之后有所回落并稳定在14.79%左右。与此同时，无形资产净额占比出现明显且持续的下降，从11.28%降至4.9%。善意在总资产中的占比保持相对稳定，虽有小幅波动，但基本维持在36%至40%的区间内。
综合来看，资产组合呈现出明显的去流动化和实物化特征。流动资金的下降与固定资产净值的增长形成了对比，表明资金被大量投入到基础设施的扩建与升级中。内容相关资产的投资在经历了一段快速增长期后趋于平稳，而无形资产的价值占比在持续萎缩。
