Walt Disney Co (DIS) director boosts holdings with stock and units

Rhea-AI Filing Summary

Walt Disney Co director reports new stock acquisition. A Disney director acquired 1,216.5 shares of Disney common stock on 12/31/2025 at a price of $113.02 per share, increasing the director’s directly held position to 7,734.5 shares. The filing also reports indirect beneficial ownership of 38,000 shares held through a Grantor Retained Annuity Trust.

The reported direct holdings include 447.9 stock units and/or shares credited in lieu of quarterly cash retainer fees for Board service under Disney’s Amended and Restated 2011 Stock Incentive Plan, and 768.6 deferred stock units credited as a quarterly grant under the same plan. These stock units are settled in shares of Disney common stock according to the plan’s terms.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GORMAN JAMES P

(Last) (First) (Middle)

500 SOUTH BUENA VISTA STREET

(Street)

BURBANK CA 91521

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Walt Disney Co [ DIS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Disney Common Stock	12/31/2025		A		1,216.5(1)	A	$113.02	7,734.5	D
Disney Common Stock								38,000	I	by Grantor Retained Annuity Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes: (1) 447.9 stock units and/or shares of the Issuer's common stock issued under the Amended and Restated 2011 Stock Incentive Plan (the "Plan") credited in lieu of all or a portion of the reporting person's quarterly cash retainer fees for Board services pursuant to the reporting person's election, which shares shall be issued to the reporting person at such times and subject to such terms and conditions governing the election, and (2) 768.6 deferred stock units under the Plan credited as a quarterly grant under the Plan. Stock units are issued to the reporting person in the form of shares of the Issuer's common stock issued under the Plan.

Remarks:

	/s/ Carla J. Silva, as attorney-in-fact	01/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Walt Disney Co (DIS) report in this filing?

A Disney director acquired 1,216.5 shares of Disney common stock on 12/31/2025 at a price of $113.02 per share, as disclosed in the filing.

How many Walt Disney Co (DIS) shares does the director own after this transaction?

After the reported transaction, the director beneficially owns 7,734.5 shares directly and 38,000 shares indirectly through a Grantor Retained Annuity Trust.

What is the source of some of the Walt Disney Co (DIS) stock units reported?

The filing states that 447.9 units and/or shares were credited in lieu of the director’s quarterly cash retainer fees, and 768.6 deferred stock units were credited as a quarterly grant, all under Disney’s Amended and Restated 2011 Stock Incentive Plan.

What type of security is involved in this Walt Disney Co (DIS) insider transaction?

The transaction involves Disney common stock, including stock units and deferred stock units that are issued as shares of Disney common stock under the company’s stock incentive plan.

How is the indirect ownership of Walt Disney Co (DIS) shares held by the director structured?

The filing reports 38,000 Disney shares as indirectly owned by the director through a Grantor Retained Annuity Trust, indicating a trust-based beneficial ownership structure.

Does this Walt Disney Co (DIS) filing mention the use of a stock incentive plan?

Yes. It specifies that the stock units and deferred stock units are issued under the Amended and Restated 2011 Stock Incentive Plan, including units credited in lieu of cash retainer fees and as quarterly grants.