As of 2026, The Walt Disney Company has undergone several corporate restructurings, but its operations are primarily understood through three main reporting segments, which encompass five core business areas. The first is Disney Entertainment, which includes the "Direct-to-Consumer" streaming services like Disney+ and Hulu, along with the "Linear Networks" and Content Sales/Licensing. The second is ESPN, which now functions as its own distinct segment due to its unique sports-focused revenue model and the transition toward a full direct-to-consumer digital platform. The third broad segment is Disney Experiences, formerly known as Parks, Experiences and Products. Within these reporting groups, the five functional areas are: 1. Media and Entertainment Distribution (the tech and sales arm), 2. Studios Content (Walt Disney Pictures, Marvel, Lucasfilm, Pixar), 3. General Entertainment Content (ABC, FX, 20th Television), 4. Sports (ESPN's diverse global portfolio), and 5. International Operations. This structure allows Disney to manage its vast ecosystem of intellectual property from the initial creative spark in the studios to the final consumer experience in a physical theme park or on a mobile device.