Horacio E. Gutierrez - 15 Dec 2025 Form 4 Insider Report for Walt Disney Co (DIS)

Role: SEVP, CL&GAO
Signature: /s/ Carla J. Silva, as attorney-in-fact
Issuer symbol: DIS
Transactions as of: 15 Dec 2025
Net transactions value: -$2,351,548
Form type: 4
Filing time: 17 Dec 2025, 16:25:37 UTC
Previous filing: 02 Dec 2025
Next filing: 20 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Gutierrez Horacio E	SEVP, CL&GAO	500 SOUTH BUENA VISTA STREET, BURBANK	/s/ Carla J. Silva, as attorney-in-fact	17 Dec 2025	0001905613

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	DIS	Disney Common Stock	Options Exercise		+27,414	+84%		59,941	15 Dec 2025	Direct	F1, F2
transaction	DIS	Disney Common Stock	Tax liability	$1,532,116	-13,922	-23%	$110.05	46,019	15 Dec 2025	Direct	F3
transaction	DIS	Disney Common Stock	Options Exercise		+6,162	+13%		52,181	15 Dec 2025	Direct	F2, F4
transaction	DIS	Disney Common Stock	Tax liability	$344,456	-3,130	-6%	$110.05	49,051	15 Dec 2025	Direct	F5
transaction	DIS	Disney Common Stock	Options Exercise		+8,499	+17%		57,550	15 Dec 2025	Direct	F2, F6
transaction	DIS	Disney Common Stock	Tax liability	$474,976	-4,316	-7.5%	$110.05	53,234	15 Dec 2025	Direct	F7

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	DIS	Restricted Stock Unit	Options Exercise	$0	-27,414	-100%	$0.000000	0	15 Dec 2025	Disney Common Stock	27,414		Direct	F1, F2
transaction	DIS	Restricted Stock Unit	Options Exercise	$0	-6,162	-100%	$0.000000	0	15 Dec 2025	Disney Common Stock	6,162		Direct	F2, F4
transaction	DIS	Restricted Stock Unit	Options Exercise	$0	-8,499	-50%	$0.000000	8,499	15 Dec 2025	Disney Common Stock	8,499		Direct	F2, F6
transaction	DIS	Restricted Stock Unit	Award	$0	+28,090		$0.000000	28,090	15 Dec 2025	Disney Common Stock	28,090		Direct	F2, F8
transaction	DIS	Stock Option (Right-to-Buy)	Award	$0	+84,728		$0.000000	84,728	15 Dec 2025	Disney Common Stock	84,728	$110.05	Direct	F9

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Vesting of restricted stock units granted under The Walt Disney Company's Amended and Restated 2011 Stock Incentive Plan, previously reported on a Form 4 filed on December 2, 2025. The total also reflects a deduction for cash paid in lieu of fractional shares upon conversion of previously-granted units to shares and includes dividend equivalents accrued on the award.
F2	Restricted stock units convert into common stock at 1-for-1.
F3	The 13,922 shares reported as a disposition represent an automatic reduction of shares issued to the reporting person to discharge withholding tax obligations of reporting person and do not constitute an actual sale or other open-market transaction.
F4	Vesting of restricted stock units previously granted under The Walt Disney Company's Amended and Restated 2011 Stock Incentive Plan. The award is fully vested. Includes dividend equivalents accrued on the award.
F5	The 3,130 shares reported as a disposition represent an automatic reduction of shares issued to the reporting person to discharge withholding tax obligations of reporting person and do not constitute an actual sale or other open-market transaction.
F6	Vesting of restricted stock units previously granted under The Walt Disney Company's Amended and Restated 2011 Stock Incentive Plan. The remaining 8,499 stock units vest on December 15, 2026. Includes dividend equivalents accrued on the award.
F7	The 4,316 shares reported as a disposition represent an automatic reduction of shares issued to the reporting person to discharge withholding tax obligations of reporting person and do not constitute an actual sale or other open-market transaction.
F8	This restricted stock unit award was granted under the Company's Amended and Restated 2011 Stock Incentive Plan in a transaction exempt under Rule 16(b)-3. The award is scheduled to vest in three equal installments on each December 15 of 2026, 2027 and 2028.
F9	Option was granted under the Company's Amended and Restated 2011 Stock Incentive Plan in a transaction exempt under Rule 16(b)-3. The option is scheduled to vest in three equal installments on each December 15 of 2026, 2027 and 2028. In connection with this stock option award, the reporting person also was awarded restricted stock units whose vesting is subject to performance vesting criteria. The number of stock units vesting depends on the extent to which the performance criteria are satisfied, and ranges from zero to 103,928, not including potential accrued dividends.