10-K – 2026-02-03 – cmcsa-20251231.htm

(a) I n January 2024, our Board of Directors approved a new share repurchase authorization of $15 billion, which had no expiration date. In January 2025, our Board of Directors terminated the existing program and approved a new share repurchase authorization of $15 billion effective as of January 31, 2025, which has no expiration date. We expect to repurchase additional shares of our Class A common stock under this authorization, in the open market or in private transactions, subject to market and other conditions.

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Stock Performance Graph

The following graph compares the annual percentage change in the cumulative total shareholder return on Comcast’s Class A common stock during the five years ended December 31, 2025 with the cumulative total returns on the Standard & Poor’s 500 Stock Index and a select peer group consisting of us and other companies engaged in the transmission and distribution and media industries. This peer group consists of our Class A common stock and the common stock of AT&T Inc., Charter Communications, Inc., Fox Corp. (Class A), Lumen Technologies, Inc., Paramount Skydance Corporation (Class B) (formerly Paramount Global prior to the merger with Skydance Media on August 7, 2025), T-Mobile US, Inc., Verizon Communications Inc., Warner Bros. Discovery Inc. and The Walt Disney Company.
The comparison assumes $100 was invested on December 31, 2020 in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends.

Comparison of 5 Year Cumulative Total Return

2021 2022 2023 2024 2025
Comcast Class A $ 98  $ 70  $ 90  $ 79  $ 66 
S&P 500 Stock Index $ 129  $ 105  $ 133  $ 166  $ 196 
Peer Group
$ 92  $ 71  $ 78  $ 92  $ 96 

Item 6: [Reserved]
[Reserved]

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Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunctio n with, the consolidated financial statements and related notes (“Notes”) to enhance the understanding of our operations and our present business environment. For more information about our company’s operations and the risks facing our businesses, see Item 1: Business and Item 1A: Risk Factors, respectively. Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K for management’s discussion and analysis of our financial condition and results of operations for fiscal year 2024, including comparison to fiscal year 2023.

Overview

We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. We present the operations of (1) our Connectivity & Platforms business in two segments: Residential Connectivity & Platforms and Business Services Connectivity; and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks.
The discussion and analysis that follows includes the results of the cable television networks and complementary digital platforms included in Versant as the Separation did not occur until 2026. Refer to Note 16 for additional information.

Consolidated Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA (a)

(in billions)

Revenue Net Income Attributable to Comcast Corporation Adjusted EBITDA

(a) Adjusted EBITDA is a financial measure that is not defined by generally accepted accounting principles in the United States (“GAAP”). Refer to the “Non-GAAP Financial Measures” section on page 46 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliat ion from net income attributable to Comcast Corporation to Adjusted EBITDA. Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA charts are not presented on the same scale.

2025 Revenue and Adjusted EBITDA Segment Contribution (a)

Revenue Adjusted EBITDA

(a) Charts exclude the results of Content & Experiences Headquarters and Other, Corporate and Other, and eliminations. Refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information.

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2025 Developments

Connectivity & Platforms (a)
Content & Experiences (a)(b)

(a) Revenue and Adjusted EBITDA charts are not presented on the same scale.
(b) Segment details in the charts exclude the results of Content & Experiences Headquarters and Other and Eliminations and therefore the amounts do not equal the total.

Residential Connectivity & Platforms Media
• Revenue decreased due to decreases in video, other and advertising revenue, partially offset by increases in domestic wireless and international connectivity revenue.
• Adjusted EBITDA decreased primarily due to a decrease in revenue and an increase in other costs and expenses, partially offset by a decrease in programming expenses.
• Adjusted EBITDA margin decreased from 38.2% to 37.7%.

Business Services Connectivity
• Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers.
• Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses.
• Adjusted EBITDA margin decreased from 56.7% to 55.9%.

Customer Metrics
• Total customer relationships decreased by 967,000 to 50.8 million.
• Domestic broadband customers decreased by 711,000 to 31.3 million.
• Domestic wireless lines increased by 1.5 million to 9.3 million.
• Domestic video customers decreased by 1.3 million to 11.3 million.
• Domestic homes and businesses passed increased by 1.3 million to 65.0 million.

Capital Expenditures
• Total Connectivity & Platforms capital expenditures increased 5.3% to $8.7 billion, reflecting increased spending on customer premise equipment, scalable infrastructure and support capital.

• Revenue decreased primarily due to the impact of the Paris Olympics in 2024. Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in international networks, domestic distribution and other revenue, partially offset by a decrease in domestic advertising revenue.
• Adjusted EBITDA increased primarily due to a decrease in programming and production costs driven by the Paris Olympics, partially offset by a decrease in revenue.
• Peacock generated revenue and costs and expenses of $5.4 billion and $6.5 billion in 2025 , respectively, compared to $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics . Paid subscribers increased by 8 million to 44 million in 2025 .

Studios
• Revenue increased primarily due to an increase in content licensing, partially offset by a decrease in theatrical revenue.
• Adjusted EBITDA decreased due to an increase in costs and expenses driven by marketing and promotion and programming and production, partially offset by an increase in revenue.

Theme Parks
• Revenue increased primarily due to an increase in revenue at our theme parks in Orlando, driven by the opening of Epic Universe in May 2025.
• Adjusted EBITDA increased due to an increase in revenue, partially offset by an increase in costs and expenses.
• Capital expenditures continued to reflect significant spending for the development of Epic Universe in Orlando ahead of its opening.

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Other
• Repurchased a total of 205 million shares of our Class A common stock for $6.8 billion in 2025 compared to a total of 212 million shares of our Class A common stock for $8.6 billion in 2024. Raised our dividend by $0.08 to $1.32 per share on an annualized basis in January 2025 and paid $4.9 billion of dividends in 2025.
• In June 2025, we sold our interest in Hulu, at which time we recognized the sale of our interest with a pre-tax gain of $9.4 billion (see Note 8).
• On January 2, 2026, we completed the Separation of Versant into an independent, publicly traded company and we made a pro rata distribution of 100% of the shares of Versant common stock to Comcast shareholders in which each Comcast shareholder received 1 share of Versant common stock for every 25 shares of Comcast common stock owned as of the close of business on December 16, 2025 (see Note 16).

Consolidated Operating Results

Year ended December 31 (in millions, except per share data) 2025 2024 Change
2024 to 2025
Revenue $ 123,707   $ 123,731  —   %
Costs and Expenses:
Programming and production 34,951   37,026  (5.6)
Marketing and promotion 8,862   8,073  9.8  
Other operating and administrative 43,013   40,533  6.1  
Depreciation 9,327   8,729  6.8  
Amortization 6,884   6,072  13.4  

Total costs and expenses 103,035   100,434  2.6  
Operating income 20,672   23,297  (11.3)
Interest expense (4,409) (4,134) 6.6  
Investment and other income (loss), net 9,503   (490) NM
Income before income taxes 25,766   18,673  38.0  
Income tax expense (6,106) (2,796) 118.4  
Net income 19,660   15,877  23.8  
Less: Net income (loss) attributable to noncontrolling interests (338) (315) 7.3  
Net income attributable to Comcast Corporation $ 19,998   $ 16,192  23.5   %
Basic earnings per common share attributable to Comcast Corporation shareholders $ 5.41   $ 4.17  29.7   %
Diluted earnings per common share attributable to Comcast Corporation shareholders
$ 5.39   $ 4.14  30.1   %
Weighted-average number of common shares outstanding - basic
3,699   3,885 (4.8) %
Weighted average number of common shares outstanding - diluted
3,709   3,908 (5.1) %

Adjusted EBITDA (a)
$ 37,384   $ 38,069   (1.8) %

Percentage changes that are considered not meaningful are denoted with NM.
(a) Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 46 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.

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Consolidated Revenue
The following graph illustrates the contributions to the change in consolidated revenue made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including eliminations.

(a) Graph is presented using a truncated scale.
Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”
Consolidated Costs and Expenses
The following graph illustrates the contributions to the change in consolidated costs and expenses, excluding depreciation expense and amortization expense, made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including adjustments and eliminations. The increase in adjustments in the current year is primarily driven by transaction and transaction-related costs associated with the Separation of Versant that are excluded from Adjusted EBITDA and our segment operating results.

(a) Graph is presented using a truncated scale.
Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”
Consolidated depreciation and amortization expense increased in 2025 compared to 2024 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business, increased depreciation due to the opening of Epic Universe in May 2025, impairments of certain long-lived assets in 2025 and the impact of foreign currency.
Amortization expense from acquisition-related intangible assets totaled $3.3 billion and $2.7 billion in 2025 and 2024, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the NBCUniversal transaction in 2011 and the Sky transaction in 2018.

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Consolidated interest expense increased in 2025 compared to 2024 primarily due to a decrease in capitalized interest driven by the opening of Epic Universe, as well as higher weighted-average interest rates in the current year.
Consolidated investment and other income (loss), net increased in 2025 compared to 2024.

Year ended December 31 (in millions) 2025 2024
Equity in net income (losses) of investees, net $ (591) $ (680)
Realized and unrealized gains (losses) on equity securities, net (20) (313)
Other income (loss), net 10,114   502 
Total investment and other income (loss), net $ 9,503   $ (490)

The change in equity in net income (losses) of investees, net in 2025 compared to 2024 was primarily due to our investments in Atairos and Hulu. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $(377) million and $(474) million in 2025 and 2024, respectively.
The change in realized and unrealized gains (losses) on equity securities, net in 2025 compared to 2024 was primarily due to a gain on the sale of a nonmarketable security in the current year and due to higher net unrealized losses on nonmarketable securities in the prior year.
The change in other income (loss), net in 2025 compared to 2024 primarily resulted from a $9.4 billion pre-tax gain from the sale of our interest in Hulu in 2025 (see Note 8).

Consolidated Income Tax Expense

Our effective income tax rate in 2025 and 2024 was 23.7% and 15.0%, respectively.
The increase in income tax expense in 2025 was primarily driven by a tax benefit in the prior year from an internal corporate reorganization completed in 2024 and higher domestic income before income taxes in the current year.
See Note 5 for additional information on our income taxes.

Consolidated Net Income (Loss) Attributable to Noncontrolling Interests

The changes in net income (loss) attributable to noncontrolling interests in 2025 compared to 2024 were primarily due to our regional sports networks and Universal Beijing Resort.

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Segment Operating Results

Our segment operating results are presented based on how we assess operating performance and internally report financial information. See Note 2 for additional information on our segments.

Connectivity & Platforms Overview

2024 to 2025

Year ended December 31 (in millions) 2025 2024 Change Constant Currency Change (b)

Revenue
Residential Connectivity & Platforms $ 70,704   $ 71,574  (1.2) % (1.9) %
Business Services Connectivity 10,237   9,701  5.5   5.5  
Total Connectivity & Platforms revenue $ 80,940   $ 81,275  (0.4) % (1.1) %
Adjusted EBITDA
Residential Connectivity & Platforms $ 26,653   $ 27,338  (2.5) % (2.8) %
Business Services Connectivity 5,725   5,500  4.1   4.1  
Total Connectivity & Platforms Adjusted EBITDA $ 32,377   $ 32,838  (1.4) % (1.6) %
Adjusted EBITDA Margin (a)

Residential Connectivity & Platforms 37.7   % 38.2  % (50) bps (30) bps
Business Services Connectivity 55.9   56.7  (80) bps (80) bps
Total Connectivity & Platforms Adjusted EBITDA margin 40.0   % 40.4  % (40) bps (20) bps

(a) Our Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue. We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses and improving overall operating cost management. The changes reflect the year-over-year basis point changes in the rounded Adjusted EBITDA margins.
(b) Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 46 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.
We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. Our customer relationship additions/(losses) continue to be negatively impacted by an increasingly competitive environment. We are focused on increasing our residential connectivity revenue. In 2025, we simplified our broadband pricing structure and began offering a free wireless line for one year to new and existing domestic broadband customers, which we expect will improve customer retention and strengthen our ability to compete for new customers, but will negatively impact average domestic broadband revenue per customer. We also expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses, as well as continued declines in other revenue related to declines in wireline voice revenue. We are also focused on growing our Business Services Connectivity segment revenue by offering competitive services, including enterprise solutions, and driving higher adoption of our advanced solutions.

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Connectivity & Platforms Customer Metri cs

Net Additions / (Losses)
(in thousands) 2025 2024 2025 2024
Customer Relationships
Domestic Residential Connectivity & Platforms customer relationships (a)
30,439 31,172 (733) (476)
International Residential Connectivity & Platforms customer relationships (a)
17,624 17,811 (186) (36)
Business Services Connectivity customer relationships (b)(c)
2,702 2,626 (48) (16)
Total Connectivity & Platforms customer relationships 50,766 51,609 (967) (527)
Domestic Broadband
Residential customers 28,719 29,373 (654) (375)
Business customers (b)(c)
2,536 2,469 (57) (36)
Total domestic broadband customers 31,255 31,842 (711) (411)
Domestic Wireless
Total domestic wireless lines (d)
9,305 7,826 1,479 1,237
Domestic Video
Total domestic video customers 11,270 12,523 (1,253) (1,583)
Domestic homes and businesses passed (e)
64,983 63,692
Domestic broadband penetration of homes and businesses passed (f)
47.6   % 49.8  %

(a) Residential Connectivity & Platforms customer relationships generally represent the number of residential customer locations that subscribe to at least one of our services. International Residential Connectivity & Platforms customer relationships represent customers receiving Sky services in the United Kingdom and Italy. Because each of our services includes a variety of product tiers, which may change from time to time, net additions or losses in any one period will reflect a mix of customers at various tiers.
(b) Business Services Connectivity customer metrics are generally counted based on the number of connections receiving services, including connections within our network in the United States, as well as connections outside of our network both in the United States and internationally. Certain arrangements whereby third parties provide connectivity services leveraging our network are also generally counted based on the number of connections served.
(c) Beginning in the second quarter of 2025, Business Services Connectivity customer relationships and domestic broadband business customers include connections from the acquisition of Nitel and other conforming changes, resulting in an increase of 124,000 Business Services Connectivity customer relationships and 123,000 domestic broadband business customers as of April 1, 2025. Because these adjustments were made as of April 1, 2025, they are not reflected in 2024 customer metrics or in net additions/(losses) in 2024 or 2025.
(d) Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines.
(e) Connectivity & Platforms domestic homes and businesses are considered passed if we can connect them to our network in the United States without further extending the transmission lines. Homes and businesses passed is an estimate based on the best available information.
(f) Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed.

2024 to 2025

2025 2024 Change Constant Currency Change (a)

Average monthly total Connectivity & Platforms revenue per customer relationship $ 131.77   $ 130.57  0.9   % 0.3   %
Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship $ 52.71   $ 52.75  (0.1) % (0.3) %

(a) Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measure” section on page 46 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.
Average monthly total revenue per customer relationship is impacted by rate adjustments and changes in the types and levels of services received by our residential and business customers, as well as changes in advertising and other revenue and in foreign currency exchange rates. While revenue from our individual service offerings is also impacted by changes in the allocation of revenue among services sold in a bundle, the allocation does not impact average monthly total revenue per customer relationship. Each of our services has a different contribution to Adjusted EBITDA margin. We use average monthly Adjusted EBITDA per customer relationship to evaluate the profitability of our customer base across our service offerings. We believe both metrics are useful to understand the trends in our business, and average monthly Adjusted EBITDA per customer relationship is useful particularly as we continue to focus on growing our higher-margin businesses.

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Connectivity & Platforms — Supplemental Costs and Expenses Information
Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our network in the United States. Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments includes each segment’s direct costs and an allocation of shared costs.

  2024 to 2025

Year ended December 31 (in millions)
2025 2024 Change Constant Currency Change (g)

Costs and Expenses
Programming (a)
$ 16,007   $ 16,881  (5.2) % (6.1) %
Technical and support (b)
7,610   7,617  (0.1) (0.7)
Direct product costs (c)
7,576   6,607  14.7   12.8  
Marketing and promotion (d)
5,085   4,772  6.6   5.8  
Customer service (e)
2,755   2,732  0.9   0.2  
Other (f)
9,532   9,828  (3.0) (3.8)
Total Connectivity & Platforms costs and expenses $ 48,563   $ 48,438  0.3   % (0.7) %

(a) Programming expenses, which represent our most significant operating expense, are the fees we incur to provide video services to our customers, and primarily include fees related to the distribution of television network programming and fees charged for retransmission of the signals from local broadcast television stations. These expenses also include the costs of content on the Sky-branded entertainment television networks, including amortization of licensed content.
(b) Technical and support expenses primarily consist of costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning.
(c) Direct product costs primarily consist of access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold, including wireless devices and Sky Glass smart televisions.
(d) Marketing and promotion expenses primarily consist of the costs associated with attracting new customers and promoting our service offerings.
(e) Customer service expenses primarily consist of the personnel and other costs associated with customer service and certain selling activities.
(f) Other expenses primarily consist of administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; bad debt; building and office expenses, taxes and billing costs; and other business, headquarters and support costs necessary to operate the Connectivity & Platforms business.
(g) Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 46 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

Residential Connectivity & Platforms Segment Results of Operations

  2024 to 2025

Year ended December 31 (in millions)
2025 2024 (a)
Change Constant Currency Change (b)

Revenue
Domestic broadband $ 25,837   $ 25,660  0.7   % 0.7   %
Domestic wireless 4,967   4,273  16.3   16.3  
International connectivity 4,963   4,503  10.2   6.8  
Total residential connectivity 35,767   34,435  3.9   3.4  
Video 26,387   27,791  (5.1) (6.1)
Advertising 3,712   4,089  (9.2) (10.3)
Other 4,838   5,259  (8.0) (8.8)
Total revenue 70,704   71,574  (1.2) (1.9)
Costs and Expenses
Programming 16,007   16,881  (5.2) (6.1)
Other 28,044   27,355  2.5   1.4  
Total costs and expenses 44,051   44,237  (0.4) (1.4)
Adjusted EBITDA $ 26,653   $ 27,338  (2.5) % (2.8) %

(a) Beginning in the first quarter of 2025, commission revenue from the sale of certain DTC streaming services and revenue related to certain equipment are presented in video revenue. Previously, these amounts were presented in domestic broadband and international connectivity. Prior periods have been reclassified to reflect the current year presentation.

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(b) Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 46 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.
Residential Connectivity & Platforms Segment – Revenue
Domestic broadband revenue primarily consists of revenue from sales of broadband services to residential customers in the United States, including equipment and installation services.
Domestic broadband revenue remained consistent in 2025 due to an increase in average rates, offset by a decline in the number of domestic broadband customers.
Domestic wireless revenue primarily consists of revenue from sales of wireless services and devices, including handsets, tablets and smart watches, to residential customers in the United States.
Domestic wireless revenue increased in 2025 primarily due to an increase in the number of customer lines and device sales.
International connectivity revenue primarily consists of revenue from sales of broadband services, including equipment and installation services, wireless devices and wireless services to residential customers in the United Kingdom and Italy.
International connectivity revenue increased in 2025 primarily due to an increase in broadband revenue resulting from an increase in average rates and an increase in wireless revenue primarily resulting from an increase in the number of customer lines and device sales. These increases include the positive impact of foreign currency.
Video revenue primarily consists of revenue from sales of video services to residential and business customers across the Connectivity & Platforms markets, including equipment and installation services. Video revenue includes pay-per-view and other transactional revenue and franchise fees, revenue from sales of certain hardware, including Sky Glass smart televisions, commission revenue from the sale of certain DTC streaming services, and revenue related to Xumo Stream Boxes.
Video revenue decreased in 2025 due to declines in the overall number of video customers, partially offset by an overall increase in average rates and the positive impact of foreign currency.
Advertising revenue primarily consists of revenue from the sale of advertising across our platforms in the Connectivity & Platforms markets, including advertising as part of our distribution agreements with cable networks in the United States, and advertising on Sky-branded entertainment television networks and on our digital properties. Advertising also includes revenue where we enter into representation agreements under which we sell advertising on behalf of third parties and from our advanced advertising businesses.
Advertising revenue decreased in 2025 primarily driven by lower domestic political and nonpolitical advertising, partially offset by the positive impact of foreign currency.
Other revenue primarily consists of revenue in the Connectivity & Platforms markets from sales of wireline voice services to residential customers; our residential security and automation services businesses; the licensing of our technology platforms to other multichannel video providers; the distribution of certain of our Sky-branded entertainment television networks to third-party video service providers; commissions from electronic retailing networks; and certain billing and collection fees.
Other revenue decreased in 2025 primarily due to a decrease in residential wireline voice revenue driven by a decline in the number of customers.
Residential Connectivity & Platforms Segment – Costs and Expenses
Programming expenses decreased in 2025 primarily due to a decline in the number of domestic video subscribers, partially offset by rate increases under our domestic programming contracts, an increase in programming expenses for our international sports networks and the impact of foreign currency.
Other expenses increased in 2025 primarily due to increased direct product costs, the impact of foreign currency and increased spending on marketing and promotion, partially offset by a decrease in franchise and other regulatory fees, and a decrease in fees paid to third parties relating to advertising sales.

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Business Services Connectivity Segment Results of Operations

Year ended December 31 (in millions)
2025 2024 Change
2024 to 2025
Revenue $ 10,237   $ 9,701  5.5   %
Costs and expenses 4,512   4,201  7.4  
Adjusted EBITDA $ 5,725   $ 5,500  4.1   %

Business services connectivity revenue primarily consists of revenue from our service offerings for small business locations in the United States, which include broadband, wireline voice and wireless services, as well as our enterprise solutions offerings, and our business connectivity service offerings in the United Kingdom.
Business services connectivity revenue increased in 2025 primarily due to an increase in revenue from enterprise solutions offerings, including the results from Nitel, which was acquired in April 2025, and from an increase in revenue from small business customers.
Business services connectivity costs and expenses increased in 2025 primarily due to increases in direct product costs, which include the results from Nitel.

Content & Experiences Overview

Year ended December 31 (in millions) 2025 2024 Change
2024 to 2025
Revenue
Media $ 27,090   $ 28,148  (3.8) %

Studios 11,286   11,092  1.7  
Theme Parks 9,836   8,617  14.2  
Headquarters and Other 46   50  (6.7)
Eliminations (2,699) (2,798) 3.5  
Total Content & Experiences revenue $ 45,559   $ 45,108  1.0   %
Adjusted EBITDA

Media $ 3,196   $ 3,130  2.1   %

Studios 1,099   1,404  (21.7)
Theme Parks 3,080   2,949  4.5  
Headquarters and Other (1,095) (831) (31.8)
Eliminations 186   82  127.9  
Total Content & Experiences Adjusted EBITDA $ 6,467   $ 6,735  (4.0) %

We operate our Media segment as a combined television and streaming business and will continue to do so following the Separation of the Versant business. We expect that the number of subscribers and audience ratings at our remaining linear television networks will continue to decline as a result of the competitive environment and shifting video consumption patterns, which we aim to mitigate over time by growth in both paid subscribers and advertising revenue at Peacock. We expect to continue to incur significant costs related to content and marketing at Peacock. Revenue and programming expenses are also impacted by the timing of certain sporting events, including the Paris Olympics in the third quarter of 2024 and the NBA beginning in the fourth quarter of 2025. We expect lower revenue and costs and expenses for the Media segment in 2026 as a result of the Separation of Versant.
Our Studios segment generates revenue primarily from third parties and from licensing content to our Media segment. While the results of operations for our Studios segment are not impacted, results for our total Content & Experiences business may be impacted as the Studios segment licenses content to the Media segment, including for Peacock, rather than licensing the content to third parties.
We continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, including Epic Universe in Orlando, which opened in May 2025, as well as in new destinations and experiences, including a Universal theme park and resort in the United Kingdom with a projected opening date in 2031, subject to various approvals.

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Media Segment Results of Operations

Year ended December 31 (in millions) 2025 2024 Change
2024 to 2025
Revenue
Domestic advertising $ 8,382   $ 10,008  (16.2) %
Domestic distribution 11,613   11,826  (1.8)
International networks 4,977   4,282  16.2
Other 2,118   2,031  4.2  
Total revenue 27,090   28,148  (3.8)
Costs and Expenses
Programming and production 17,866   18,968  (5.8)
Marketing and promotion 1,463   1,473  (0.6)
Other 4,565   4,577  (0.3)
Total costs and expenses 23,894   25,017  (4.5)
Adjusted EBITDA
$ 3,196   $ 3,130  2.1   %

Media Segment – Revenue
Revenue decreased in 2025 primarily due to the Paris Olympics in 2024. Excluding incremental revenue associated with this event, revenue increased in 2025 driven by increases in international networks, domestic distribution and other revenue, partially offset by a decrease in domestic advertising revenue.

Year ended December 31 (in millions) 2025 2024 Change
2024 to 2025
Total revenue $ 27,090   $ 28,148  (3.8) %
Olympics
—   1,906  NM
Total revenue, excluding Olympics
$ 27,090   $ 26,242  3.2   %
Total domestic advertising revenue $ 8,382   $ 10,008  (16.2) %
Olympics
—   1,432  NM
Domestic advertising revenue, excluding Olympics
$ 8,382   $ 8,576  (2.3) %
Total domestic distribution revenue $ 11,613   $ 11,826  (1.8) %
Olympics —   473  NM
Domestic distribution revenue, excluding Olympics $ 11,613   $ 11,353  2.3   %
Percentage changes that are considered not meaningful are denoted with NM.
Domesti c advertising revenue primarily consists of revenue generated from sales of advertising on our linear television networks, Peacock and other digital properties operating predominantly in the United States.
Domestic advertising revenue decreased in 2025 primarily due to the Paris Olympics in 2024. Excluding incremental revenue associated with this event, domestic advertising revenue decreased in 2025 primarily due to a decrease in revenue at our linear television networks, partially offset by an increase in revenue at Peacock.
Domestic distribution revenue primarily consists of revenue generated from the distribution of our television networks operating predominantly in the United States to traditional and virtual multichannel video providers, and from NBC-affiliated and Telemundo-affiliated local broadcast television stations. Our revenue from distribution agreements is generally based on the number of subscribers receiving the programming on our television networks and a per subscriber fee. Distribution revenue also includes Peacock subscription fees.
Domestic distribution revenue decreased in 2025, including the impact of the Paris Olympics in 2024. Excluding incremental revenue associated with this event, domestic distribution revenue increased in 2025 primarily due to an increase in revenue at Peacock, partially offset by a decrease in revenue at our linear television networks. The decrease at our linear television networks was primarily due to a decline in the number of subscribers, partially offset by contractual rate increases.

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International networks revenue primarily consists of revenue generated by our networks operating predominantly outside the United States, including the Sky Sports networks in the United Kingdom and Italy. This revenue primarily results from the distribution of our television networks to traditional and virtual multichannel video providers and other platforms, as well as sales of advertising. A significant portion of this revenue comes from the Residential Connectivity & Platforms segment.
International networks revenue increased in 2025 primarily due to an increase in revenue associated with the distribution of sports networks and the positive impact of foreign currency.
Ot her r evenue primarily consists of revenue generated from various digital properties and the licensing of our owned content and technology.
Other revenue increased in 2025 primarily due to increased revenue from a digital property and increased licensing of our owned content.
* * *
Media segment total revenue included $5.4 billion and $4.9 billion related to Peacock in 2025 and 2024, respectively, including amounts related to the Paris Olympics in 2024. We had 44 million and 36 million paid subscribers of Peacock as of 2025 and 2024, respectively. Peacock paid subscribers represent customers from which we recognize distribution revenue, including both customers that pay us directly and customers receiving the service through arrangements with companies who sell Peacock on our behalf. In these arrangements, paid subscribers are counted based on the terms of the arrangement when the related revenue is recognized. As a result, certain customers are counted when they activate their account, while other customers are counted when the Peacock service is made available to them as part of their bundled service offering regardless of whether it is activated. The increase in paid subscribers in 2025 is mainly due to the availability of Peacock through third-party bundled service offerings.
Media Segment – Costs and Expenses
Programming and production costs primarily consists of the amortization of owned and licensed content, including sports rights, direct production costs, p roduction overhead, on-air talent costs and costs associated with the distribution of our television networks to multichannel video providers.
Programming and production costs decreased in 2025 primarily due to costs associated with the Paris Olympics in 2024, partially offset by an increase in sports programming costs for our international television networks and the impact of foreign currency.
Marketing and promotion expenses primarily consists of the costs associated with promoting our television networks, Peacock and other digital properties.
Marketing and promotion expenses remained consistent in 2025 primarily due to costs associated with the Paris Olympics in 2024, offset by higher costs related to marketing for our linear television networks.
Other expenses primarily consists of salaries, employee benefits, rent and other overhead expenses.
Other expenses remained consistent in 2025 primarily due to higher severance charges in 2024, offset by an increase in costs related to Peacock.
* * *
Media segment total costs and expenses included $6.5 billion and $6.7 billion related to Peacock in 2025 and 2024, respectively, including amounts related to the Paris Olympics in 2024.

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Studios Segment Results of Operations

Year ended December 31 (in millions) 2025 2024 Change
2024 to 2025
Revenue
Content licensing $ 8,199   $ 8,063  1.7   %
Theatrical 1,621   1,693  (4.3)
Other 1,465   1,335  9.7  

Total revenue 11,286   11,092  1.7  
Costs and Expenses
Programming and production 7,441   7,257  2.5  
Marketing and promotion 1,773   1,483  19.5  
Other 973   947  2.7  
Total costs and expenses 10,186   9,687  5.2  
Adjusted EBITDA
$ 1,099   $ 1,404  (21.7) %

Studios Segment – Revenue
C ontent licensing r evenue primarily relates to the licensing of our owned film and television content in the United States and internationally to television networks and DTC streaming service providers, as well as through video on demand services provided by multichannel video providers and other service providers.
Content licensing revenue increased in 2025 primarily due to the timing of when content was made available by our television studios under licensing agreements, partially offset by the timing of when content was made available by our film studios.
Theatrical r evenue primarily relates to the worldwide distribution of our produced and acquired films for exhibition in movie theaters.
Theatrical revenue decreased in 2025 primarily due to higher revenue from releases in our 2024 slate, including Despicable Me 4 , Wicked , and Kung Fu Panda 4 , compared to revenue from releases in our 2025 slate, including Jurassic World Rebirth , How to Train Your Dragon and Wicked: For Good.
Other revenue primarily consists of the sale of physical and digital home entertainment products, as well as the production and licensing of live stage plays and the distribution of content produced by third parties.
Studios Segment – Costs and Expenses
Prog ramming and production costs primarily consists of the amortization of capitalized film and television production and acquisition costs; participations and residuals expenses; and distribution expenses.
Programming and production costs increased in 2025 primarily due to higher costs associated with content licensing sales, partially offset by lower costs associated with theatrical releases.
Marketing and promotion expenses primarily consists of expenses associated with advertising for our theatrical releases.
Marketing and promotion expenses increased in 2025 primarily due to increased spending on current year and upcoming theatrical film releases.
Other expenses include salaries, employee benefits, rent and other overhead expenses.

Theme Parks Segment Results of Operations

Year ended December 31 (in millions) 2025 2024 Change
2024 to 2025
Revenue $ 9,836   $ 8,617  14.2   %
Costs and expenses 6,756   5,668  19.2  
Adjusted EBITDA
$ 3,080   $ 2,949  4.5   %

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Theme parks segment revenue primarily relates to guest spending at our theme parks, including ticket sales and in-park spending, and to our c onsumer products business.
Theme park segment revenue increased in 2025 primarily driven by our domestic theme parks, which included higher revenue at our theme parks in Orlando driven by the opening of Epic Universe in May 2025, partially offset by lower revenue at our theme park in Hollywood.
Theme parks segment costs and expenses primarily consists of theme park operations, including repairs and maintenance and related administrative expe nses; food, beverage and merchandise costs; labor costs; and sales and marketing costs.
Theme parks segment costs and expenses increased in 2025 primarily due to operating costs associated with Epic Universe.

Content & Experiences Headquarters, Other and Eliminations

Headquarters and Other Results of Operations

Year ended December 31 (in millions) 2025 2024 Change
2024 to 2025
Revenue $ 46   $ 50  (6.7) %
Costs and expenses 1,142   881  29.6  
Adjusted EBITDA
$ (1,095) $ (831) (31.8) %

Headquarters and Other expenses primarily consist of overhead, personnel and other costs necessary to operate the Content & Experiences business.

Eliminations

Year ended December 31 (in millions) 2025 2024 Change
2024 to 2025
Revenue $ (2,699) $ (2,798) (3.5) %
Costs and expenses (2,886) (2,880) 0.2  
Adjusted EBITDA
$ 186   $ 82  (127.9) %

Amounts represent eliminations of transactions between segments in our Content & Experiences business, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses.
Eliminations increase or decrease to the extent that additional content is made available to our other segments within the Content & Experiences business. Refer to Note 2 for additional information on transactions between our segments.

Corporate, Other and Eliminations

Corporate and Other Results of Operations

Year ended December 31 (in millions) 2025 2024 Change
2024 to 2025
Revenue $ 3,044   $ 2,933  3.8   %
Costs and expenses 4,518   4,308  4.9  
Adjusted EBITDA $ (1,474) $ (1,376) (7.1) %

Corporate and Other primarily consists of overhead and personnel costs; Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture.
Corporate and Other revenue increased in 2025 primarily due to an increase from Sky operations in Germany, which includes the positive impact of foreign currency and an underlying increase in revenue, partially offset by a decrease in revenue from Comcast Spectacor.
Corporate and Other costs and expenses increased in 2025 primarily due to our corporate functions and higher costs related to Sky operations in Germany which includes the impact of foreign currency partially offset by an underlying decrease in costs and expenses. These increases were partially offset by marketing associated with the Paris Olympics in 2024.

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Eliminations

Year ended December 31 (in millions) 2025 2024 Change
2024 to 2025
Revenue $ (5,836) $ (5,585) 4.5   %
Costs and expenses (5,849) (5,456) 7.2  
Adjusted EBITDA $ 13   $ (128) (110.4) %

Amounts represent eliminations of transactions between our Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media and Residential Connectivity & Platforms segments. Eliminations of transactions between segments within Content & Experiences are presented separately. Amounts are affected by the periodic broadcast of the Olympic Games, including the Paris Olympics in 2024. Refer to Note 2 for additional information on transactions between our segments.

Non-GAAP Financial Measures

Consolidated Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure and is the primary basis used to measure the operational strength and performance of our businesses as well as to assist in the evaluation of underlying trends in our businesses. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. It is also unaffected by our capital and tax structures, and by our investment activities, including the results of entities that we do not consolidate, as our management excludes these results when evaluating our operating performance. Our management and Board of Directors use this financial measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. Additionally, we believe that Adjusted EBITDA is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure of Adjusted EBITDA may not be directly comparable to similar measures used by other companies.
We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance.
We reconcile consolidated Adjusted EBITDA to net income attributable to Comcast Corporation. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to Comcast Corporation, or net cash provided by operating activities that we have reported in accordance with GAAP.

Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA

Year ended December 31 (in millions) 2025 2024
Net income attributable to Comcast Corporation $ 19,998   $ 16,192 
Net income (loss) attributable to noncontrolling interests (338) (315)
Income tax expense 6,106   2,796 
Interest expense 4,409   4,134 
Investment and other (income) loss, net (9,503) 490 
Depreciation 9,327   8,729 
Amortization 6,884   6,072 

Adjustments (a)
501   (30)

Adjusted EBITDA $ 37,384   $ 38,069 

(a) Amounts represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA. For the periods presented, Adjusted EBITDA excludes transaction and transaction-related costs associated with the Separation of Versant, as well as other operating and administrative expenses related to our investment portfolio. Transaction costs are incremental costs directly related to effectuating the Separation and primarily include advisory, legal and audit fees, as well as legal entity separation costs. Transaction-related costs are incremental costs incurred in anticipation of the Separation, including costs that reflect strategic decisions about how the standalone Versant business will be structured or operated, which may be different than if it remained part of Comcast. Transaction-related costs primarily include certain separation-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs.

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Year ended December 31 (in millions) 2025 2024
Transaction-related costs $ 374  $ — 
Transaction costs 109  7 
Costs related to our investment portfolio 18  (37)
Total Adjustments $ 501   $ (30)

Constant Currency
Constant currency and constant currency growth rates are non-GAAP financial measures that present our results of operations excluding the estimated effects of foreign currency exchange rate fluctuations. Certain of our businesses, including Connectivity & Platforms, have operations outside the United States that are conducted in local currencies. As a result, the comparability of the financial results reported in U.S. dollars is affected by changes in foreign currency exchange rates. In our Connectivity & Platforms business, we use constant currency and constant currency growth rates to evaluate the underlying performance of the businesses, and we believe they are helpful for investors because such measures present operating results on a comparable basis year over year to allow the evaluation of their underlying performance.
Constant currency and constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current year period presented rather than the actual exchange rates that were in effect during the respective periods.
Reconciliation of Connectivity & Platforms Constant Currency

2024
Year ended December 31 (in millions) As Reported Effects of Foreign Currency Constant Currency Amounts
Revenue
Residential Connectivity & Platforms $ 71,574 $ 533 $ 72,107
Business Services Connectivity 9,701 2 9,703
Total Connectivity & Platforms revenue $ 81,275 $ 535 $ 81,811
Adjusted EBITDA
Residential Connectivity & Platforms $ 27,338 $ 71 $ 27,409
Business Services Connectivity 5,500 (1) 5,499
Total Connectivity & Platforms Adjusted EBITDA $ 32,838 $ 71 $ 32,909
Adjusted EBITDA Margin
Residential Connectivity & Platforms 38.2  % (20) bps 38.0  %
Business Services Connectivity 56.7  — bps 56.7 
Total Connectivity & Platforms Adjusted EBITDA margin 40.4   % (20) bps 40.2   %

2024
As Reported Effects of Foreign Currency Constant Currency Amounts
Average monthly total Connectivity & Platforms revenue per customer relationship $ 130.57  $ 0.86  $ 131.43 
Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship $ 52.75  $ 0.12  $ 52.87 

  2024
(in millions) As Reported Effects of Foreign Currency Constant Currency Amounts
Costs and Expenses
Programming $ 16,881  $ 172  $ 17,054 
Technical and support 7,617  49  7,666 
Direct product costs 6,607  109  6,716 
Marketing and promotion 4,772  35  4,808 
Customer service 2,732  17  2,749 
Other 9,828  81  9,909 
Total Connectivity & Platforms costs and expenses $ 48,438   $ 465   $ 48,902  

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Reconciliation of Residential Connectivity & Platforms Constant Currency

2024
(in millions) As Reported Effects of Foreign Currency Constant Currency Amounts
Revenue
Domestic broadband $ 25,660  $ —  $ 25,660 
Domestic wireless 4,273  —  4,273 
International connectivity 4,503  145  4,648 
Total residential connectivity 34,435  145  34,581 
Video 27,791  296  28,087 
Advertising 4,089  48  4,137 
Other 5,259  44  5,303 
Total revenue 71,574   533   72,107  
Costs and Expenses
Programming 16,881  172  17,054 
Other 27,355  289  27,644 
Total costs and expenses 44,237  461  44,698 
Adjusted EBITDA $ 27,338   $ 71   $ 27,409  

Other Adjustments
From time to time, we present adjusted information, such as revenue, to exclude the impact of certain events, gains, losses or other charges. This adjusted information is a non-GAAP financial measure. We believe, among other things, that the adjusted information may help investors evaluate our ongoing operations and can assist in making meaningful period-over-period comparisons.

Liquidity and Capital Resources

Year ended December 31 (in billions) 2025 2024
Cash provided by operating activities $ 33.6   $ 27.7 
Cash used in investing activities $ (16.2) $ (15.7)
Cash used in financing activities $ (14.3) $ (10.9)

December 31 (in billions) 2025 2024
Cash and cash equivalents $ 9.5   $ 7.3 
Restricted cash included in other current assets and other noncurrent assets, net $ 1.1   $ 0.1 
Debt
$ 98.9   $ 99.1 

Our businesses generate significant cash flows from operating activities. We believe that we will be able to continue to meet our current and long-term liquidity and capital requirements, including fixed charges, through our cash flows from operating activities; existing cash, cash equivalents and investments; available borrowings under our existing credit facility; and our ability to obtain future external financing. Refer to the “Contractual Obligations” discussion below for additional information regarding our cash requirements. We anticipate that we will continue to use a substantial portion of our cash flows from operating activities in repaying our debt obligations, funding our capital expenditures and cash paid for intangible assets, investing in business opportunities, and returning capital to shareholders.
We maintain significant availability under our revolving credit facility and our commercial paper program to meet our short-term liquidity requirements. Our commercial paper program generally provides a lower-cost source of borrowing to fund our short-term working capital requirements. As of December 31, 2025, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $ 11.8 billion.

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W e are subject to customary covenants and restrictions set forth in agreements related to debt issued at Comcast and certain of our subsidiaries, including the indentures governing our public debt securities and the credit agreement governing the Comcast revolving credit facility. Our revolving credit facility contains a financial covenant pertaining to leverage, which is the ratio of debt to EBITDA, as defined in the agreement. Compliance with this financial covenant is tested on a quarterly basis. As of December 31, 2025, we met this financial covenant and other covenants related to our debt, and we expect to remain in compliance with this financial covenant and other covenants related to our debt.
Operating Activities

Components of Net Cash Provided by Operating Activities

Year ended December 31 (in millions) 2025 2024
Operating income $ 20,672   $ 23,297 
Depreciation and amortization 16,210   14,802 

Noncash share-based compensation 1,288   1,288 
Changes in operating assets and liabilities (551) (1,559)
Payments of interest (3,871) (3,657)
Payments of income taxes (755) (7,096)
Proceeds from investments and other 649   597 
Net cash provided by operating activities $ 33,643   $ 27,673 

The variance in changes in operating assets and liabilities in 2025 was primarily related to the timing of our accounts payable; timing of deferred revenue, which includes the impact of the Olympics; and the timing of amortization and related payments for our film and television costs, including the timing of sports; partially offset by increases in inventory and receivables.
The increase in payments of interest in 2025 was primarily due to decreased capitalized interest driven by the opening of Epic Universe and higher weighted-average interest rates.
Payments of income taxes decreased in 2025 primarily due to higher payments in 2024 related to the 2023 tax year primarily driven by the taxable gain recognized on our investment in Hulu (see Note 8), a federal income tax refund received in 2025 as a result of carrying back a capital loss created primarily as part of a 2024 internal corporate reorganization (see Note 5), and additional deductions allowed under legislation enacted in 2025 (see Note 5). These decreases were partially offset by the timing of transferable tax credit purchases.
Legislation signed into law in 2025 in the United States is expected to significantly reduce our payments of income taxes over the next several years, with variability across the years, primarily due to additional depreciation deductions and the reinstatement of the immediate deduction of domestic research and development expenses.
Investing Activities
Net cash used in investing activities increased in 2025 primarily due to the acquisition of Nitel in 2025, the purchase of an equity method investment in the current year, and proceeds from the maturity of short-term investments in the prior year, partially offset by purchases of short-term investments in the prior year, additional proceeds received in 2025 for the sale of our interest in Hulu (see Note 8), decreased capital expenditures, decreased cash paid for intangible assets related to software development, and proceeds from the sale of a nonmarketable security in the current year.
In 2025, we entered into an agreement with RTL Group to sell our Sky operations in Germany, subject to various conditions and approvals, and we expect the sale to be completed in 2026. The related assets and liabilities are presented as held for sale as of December 31, 2025 (see Note 7).
In 2023, we entered into an agreement with T-Mobile to sell certain of our spectrum licenses. The agreement provides us with a right to remove certain licenses from the transaction, which will result in total cash consideration between $1.2 billion and $3.3 billion. The sale is expected to close in 2028 subject to various conditions and approvals.
Capital Expenditures
Capital expenditures decreased in 2025 primarily due to decreased spending on Epic Universe driven by the opening in May 2025, partially offset by increased spending by the Connectivity & Platforms businesses. The costs associated with the construction of Universal Beijing Resort are presented separately in our consolidated statements of cash flows. See Note 8.
Our most significant capital expenditures are within the Connectivity & Platforms business, and we expect that this will continue in the future. Connectivity & Platforms’ capital expenditures increased in 2025 primarily due to increased spending on customer premise equipment, scalable infrastructure and support capital. The table below summarizes the capital expenditures we incurred in our segments in the Connectivity & Platforms business in 2025 and 2024.

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Year ended December 31 (in millions) 2025 2024
Customer premise equipment $ 2,192   $ 2,013 
Scalable infrastructure 3,156   3,024 
Line extensions 2,689   2,691 
Support capital 686   557 
Total $ 8,723   $ 8,286 

We expect our capital expenditures in 2026 will continue to be focused on investments in the Connectivity & Platforms business in scalable infrastructure as we increase capacity and continue to execute our plans to upgrade our network to deliver multigigabit symmetrical speeds, in the continued deployment of next generation wireless gateways, and in line extensions for the expansion of homes and businesses passed. In addition, we expect to continue investment in existing and new attractions at our Universal theme parks. Capital expenditures for subsequent years will depend on numerous factors, including competition, changes in technology, regulatory changes, the timing and rate of deployment of new services, the capacity required for existing services, the timing of new attractions at our theme parks and potential acquisitions.
Financing Activities
Net cash used in financing activities increased in 2025 primarily due to lower proceeds from borrowings and higher repurchases and repayments of debt in the current year, partially offset by a decrease in repurchases of common stock under our share repurchase program and employee plans.
In October 2025, we completed debt exchange transactions and concurrent tender offers. We issued $1.2 billion aggregate principal amount of new 5.17% senior notes due 2037 and made cash payments of approximately $0.8 billion in exchange for $1.9 billion aggregate principal amount of certain series of outstanding senior notes with maturities ranging from 2027 to 2029 and a weighted-average interest rate of 4.01%. These transactions did not have a material impact on our interest expense or on our overall weighted-average interest rate or weighted-average maturity for our total outstanding debt.
In May 2025, we issued $2.5 billion aggregate principal amount of fixed-rate senior notes, which have maturities ranging between 2032 and 2055 and a weighted-average interest rate of 5.51%. The net proceeds from this issuance were intended for the early redemption of all outstanding amounts of our $1.5 billion aggregate principal amount of 3.375% Notes due August 2025, which was completed in June 2025, and for general corporate purposes.
In 2025, we made debt repayments of $5.7 billion, including $2.6 billion of 3.950% Notes due October 2025, $1.2 billion of 3.375% Notes due August 2025, $1.0 billion principal amount of notes due at maturity and $0.8 billion of cash payments in the debt exchange transactions.
We have made, and may from time to time in the future make, optional repayments on our debt obligations, which may include repurchases or exchanges of our outstanding public notes and debentures, depending on various factors, such as market conditions. Any such repurchases may be effected through privately negotiated transactions, market transactions, tender offers, redemptions or otherwise. In particular, we may repurchase varying amounts of our outstanding public notes and debentures with short to medium term m aturities through privately negotiated or market transactions. See Notes 6 and 8 for additional information on our financing activities.
Additionally, in October 2025, in anticipation of the Separation of Versant, Versant entered into a credit agreement with respect to a $1.0 billion senior secured term A loan facility due January 2031 (the “Term A Loan Facility”) and a $750 million revolving credit facility due January 2031 (the “Versant Revolving Credit Facility”). As of December 31, 2025, the Term A Loan Facility was not funded and the Versant Revolving Credit Facility was undrawn. Versant also entered into an indenture pursuant to which Versant issued $1.0 billion aggregate principal amount of 7.25% senior secured notes due January 2031 (the “Notes”). As of December 31, 2025, the net proceeds from the Notes issuance, plus accrued and unpaid interest, were held in an escrow account and reported as restricted cash within our consolidated balance sheet due to a special mandatory redemption provision that would have required the Notes to be redeemed if the Separation of Versant from Comcast had not been consummated by March 2, 2026.

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On January 2, 2026, before the Distribution, Versant entered into a credit agreement with respect to a $1.0 billion term B loan facility due January 2031 (the “Term B Loan Facility”), and each of the Term A Loan Facility and the Term B Loan Facility was funded. Versant’s $3.0 billion aggregate principal amount of indebtedness consisting of the Notes and borrowings under the Term A Loan Facility and Term B Loan Facility ceased to be consolidated indebtedness of Comcast in connection with the Separation. Further, in connection with the Separation, Versant used the net proceeds from the issuance of the Notes and a portion of the proceeds of its borrowings under the Term A Loan Facility and the Term B Loan Facility to make a cash distribution of $2.25 billion to us. The proceeds from the distribution, together with cash on hand, were used for the redemption on January 15, 2026 of all outstanding amounts of our 3.15% Notes due March 2026, including accrued and unpaid interest, totaling approximately $2.1 billion and all outstanding amounts of our 5.35% Notes due November 2027, including accrued and unpaid interest, totaling approximately $650 million. See Note 16 for additional information on the Separation.

Share Repurchases and Dividends
In January 2024, our Board of Directors approved a new share repurchase program authorization of $15.0 billion and in January 2025, our Board of Directors terminated the existing program and approved a new share repurchase program authorization of $15.0 billion, effective as of January 31, 2025, which has no expiration date. In 2025, we repurchased a total of 205 million shares of our Class A common stock for $6.8 billion under our authorization programs. We did not purchase any shares outside of these programs. As of December 31, 2025, we had $8.9 billion remaining under the authorization.
We expect to repurchase additional shares of our Class A common stock under this authorization in the open market or in private transactions, subject to market and other conditions.
In 2025, our Board of Directors declared quarterly dividends of $0.33 per share, including our fourth quarter dividend to be paid in February 2026, and we made dividend payments of $4.9 billion. In January 2026, our Board of Directors approved a dividend consistent with the prior year of $1.32 per share on an annualized basis and approved our first quarter dividend of $0.33 per share, to be paid in April 2026. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.
The chart below summarizes share repurchases and dividend payments. In addition, we paid $371 million and $463 million in 2025 and 2024, respectively, related to employee taxes associated with the administration of our share-based compensation plans and excise taxes related to share repurchases. Our share repurchases have more than offset dilution that resulted from issuing our Class A common stock in connection with our share-based compensation plans in those years, thereby having the effect of reducing the total number of our Class A common stock outstanding.

Share Repurchases Under Share Repurchase Program Authorization and Dividends Paid and Weighted-Average Number of Common Shares Outstanding - Diluted

($ in billions and shares in millions)

Contractual Obligations
The following table summarizes our most significant contractual obligations as of December 31, 2025 :

As of December 31, 2025 (in billions)
Total Within the next 12 months Beyond the next 12 months
Debt obligations (a)
$ 104.8  $ 6.0  $ 98.8 
Programming and production obligations (b)(c)
93.8  18.3  75.5 

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(a) A mounts represent the face value of debt and exclude interest payments. Subsequent to December 31, 2025, $1.0 billion aggregate principal amount of 7.25% fixed-rate senior secured notes due January 2031 issued by Versant ceased to be our contractual obligation due to the completion of the Separation on January 2, 2026.
(b) Amounts include contractual obligations for our assets presented as held for sale as of December 31, 2025.
(c) Subsequent to December 31, 2025, certain content license agreements, or parts thereof, including sports rights agreements, were transferred to Versant in connection with the Separation, thereby reducing our programming and production obligations by $5.9 billion, of which $1.5 billion was due within the next 12 months and $4.4 billion was due thereafter. The vast majority of this reduction relates to multiyear sports rights agreements.
Our largest contractual obligations relate to our outstanding debt. As of December 31, 2025 , our debt had a weighted-average time to maturity of approximately 15 years. Including the effects of our derivative financial instruments, as of December 31, 2025, our debt had a weighted-average interest rate based on the stated coupons of 3.8% and the percentage of our debt obligations that were fixed-rate debt was 95%. We typically fund and expect to continue to be able to fund debt maturities and interest payments with cash flows generated in our operations; existing cash, cash equivalents and investments; or proceeds from additional external financing. See Note 6 and Item 7A for additional information on our debt.
We also have significant contractual obligations associated with our programming and production expenses. We have multiyear agreements for television and/or streaming rights of sporting events, such as for the NBA, the NFL, the Olympics and the English Premier League, which represent the substantial majority of our programming and production obligations. Connectivity & Platforms’ programming expenses related to the distribution of third-party television networks are generally acquired under multiyear distribution agreements with fees based on the number of subscribers receiving the television network programming and a per subscriber fee. The amounts included in the table above relate to minimum guaranteed commitments for these distribution agreements or fixed fees, and as a result, we expect the total fees to be paid under these arrangements to be significantly higher than the amounts included above. We have funded and expect to continue to be able to fund our programming and production obligations with the cash generated from our operations. As of December 31, 2025 , approximately 36% of cash payments related to our programming and production obligations are due after five years, of which the vast majority related to multiyear sports rights agreements. See Note 4 for additional information on programming and production costs.
Our other contractual obligations relate primarily to operating leases (see Note 15) and other arrangements recorded in our consolidated balance sheets or disclosed in the notes to our financial statements, including benefit plan obligations (see Note 11), liabilities for uncertain tax positions (see Note 5), our remaining unfunded capital commitment to Atairos (see Note 8) and a contractual obligation related to an interest held by a third party in the revenue of certain theme parks (see Note 15).
Guarantee Structure
Our debt is primarily issued at Comcast, although we also have debt at certain of our subsidiaries as a result of acquisitions and other issuances. A substantial amount of this debt is subject to guarantees by Comcast and by certain subsidiaries that we have put in place to simplify our capital structure. We believe this guarantee structure provides liquidity benefits to debt investors and helps to simplify credit analysis with respect to relative value considerations of guaranteed subsidiary debt.

Debt and Guarantee Structure

December 31 (in billions) 2025 2024
Debt Subject to Cross-Guarantees
Comcast $ 93.3   $ 94.6 
NBCUniversal (a)
1.6   1.6 
Comcast Cable (a)
0.9   0.9 
95.8   97.1 
Debt Subject to One-Way Guarantees
Sky 2.7   3.0 
Other (a)
0.1   0.1 
2.9   3.1 
Debt Not Guaranteed
Universal Beijing Resort (b)
3.6   3.4 
Other (c)
2.5   1.4 
6.1   4.8 
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net
(5.9) (6.0)
Total debt $ 98.9   $ 99.1 

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(a) NBCUniversal Media, LLC (“NBCUniversal”), Comcast Cable Communications, LLC (“Comcast Cable”) and Comcast Holdings Corporation (“Comcast Holdings”), which is included within other debt subject to one-way guarantees, are each consolidated subsidiaries subject to the periodic reporting requirements of the SEC. The guarantee structures and related disclosures in this section, together with Exhibit 22, satisfy these reporting obligations.
(b) Universal Beijing Resort debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. See Note 8 for additional information.
(c) Other includes $1.0 billion aggregate principal amount of 7.25% fixed-rate senior secured notes due January 2031 issued by Versant which was secured by the assets of Versant. Subsequent to December 31, 2025, the notes ceased to be our contractual obligation due to the completion of the Separation.
Cross-Guarantees
Comcast, NBCUniversal and Comcast Cable (the “Guarantors”) fully and unconditionally, jointly and severally, guarantee each other’s debt securities. NBCUniversal and Comcast Cable also guarantee other borrowings of Comcast, including its revolving credit facility. These guarantees rank equally with all other general unsecured and unsubordinated obligations of the respective Guarantors. However, the obligations of the Guarantors under the guarantees are structurally subordinated to the indebtedness and other liabilities of their respective non-guarantor subsidiaries. The obligations of each Guarantor are limited to the maximum amount that would not render such Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of U.S. and non-U.S. law. Each Guarantor’s obligations will remain in effect until all amounts payable with respect to the guaranteed securities have been paid in full. However, a guarantee by NBCUniversal or Comcast Cable of Comcast’s debt securities, or by NBCUniversal of Comcast Cable’s debt securities, will terminate upon a disposition of such Guarantor entity or all or substantially all of its assets.
The Guarantors are each holding companies that principally hold investments in, borrow from and lend to non-guarantor subsidiary operating companies; issue and service third-party debt obligations; repurchase shares and pay dividends; and engage in certain corporate and headquarters activities. The Guarantors are generally dependent on non-guarantor subsidiary operating companies to fund these activities.
As of December 31, 2025 and 2024, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $107 billion and $88 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $14 billion for both periods. This financial information is that of the Guarantors presented on a combined basis with intercompany balances between the Guarantors eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries. The underlying net assets of the non-guarantor subsidiaries are significantly in excess of the Guarantor obligations. Excluding investments in non-guarantor subsidiaries, external debt and the noncurrent notes payable and receivable with non-guarantor subsidiaries, the Guarantors do not have material assets, liabilities or results of operations.
One-Way Guarantees
Comcast provides full and unconditional guarantees of certain debt issued by Sky Limited (“Sky” ) , including all of its senior notes, and other consolidated subsidiaries not subject to the periodic reporting requirements of the SEC.
Comcast also provides a full and unconditional guarantee of $138 million principal amount of subordinated debt issued by Comcast Holdings. Comcast’s obligations under this guarantee are subordinated and subject, in right of payment, to the prior payment in full of all of Comcast’s senior indebtedness, including debt guaranteed by Comcast on a senior basis, and are structurally subordinated to the indebtedness and other liabilities of its non-guarantor subsidiaries (for purposes of this Comcast Holdings discussion, Comcast Cable and NBCUniversal are included within the non-guarantor subsidiary group). Comcast’s obligations as guarantor will remain in effect until all amounts payable with respect to the guaranteed debt have been paid in full. However, the guarantee will terminate upon a disposition of Comcast Holdings or all or substantially all of its assets. Comcast Holdings is a consolidated subsidiary holding company that directly or indirectly holds 100% and approximately 32% of our equity interests in Comcast Cable and NBCUniversal, respectively.
As of December 31, 2025 and 2024, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of $71 billion and $53 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $11 billion and $10 billion, respectively. This financial information is that of Comcast and Comcast Holdings presented on a combined basis with intercompany balances between Comcast and Comcast Holdings eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries of Comcast and Comcast Holdings. The underlying net assets of the non-guarantor subsidiaries of Comcast and Comcast Holdings are significantly in excess of the obligations of Comcast and Comcast Holdings. Excluding investments in non-guarantor subsidiaries, external debt, and the noncurrent notes payable and receivable with non-guarantor subsidiaries, Comcast and Comcast Holdings do not have material assets, liabilities or results of operations.

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Critical Accounting Estimates

The preparation of our consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. We base our judgments on our historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making estimates about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
We believe our estimates associated with the valuation and impairment testing of goodwill and cable franchise rights and the accounting for film and television costs are critical in the preparation of our consolidated financial statements. Management has discussed the development and selection of these critical accounting estimates with the Audit Committee of our Board of Directors, and the Audit Committee has reviewed the related disclosures below. See also Notes 4 and 10.
Valuation and Impairment Testing of Goodwill and Cable Franchise Rights
We assess the recoverability of our goodwill and indefinite-lived intangible assets, including cable franchise rights, annually as of July 1, or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired. We evaluate the unit of account used to test for impairment of our cable franchise rights and other indefinite-lived intangible assets periodically or whenever events or substantive changes in circumstances occur to ensure impairment testing is performed at an appropriate level. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit or an indefinite-lived intangible asset is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. In connection with our impairment assessment process, from time to time, we perform quantitative assessments of our reporting units and cable franchise rights in order to support our qualitative assessments.
Goodwill
Goodwill results from business combinations and represents the excess amount of the consideration paid over the identifiable assets and liabilities recorded in the acquisition. We test goodwill for impairment at the reporting unit level.
When performing a quantitative assessment, we estimate the fair values of our reporting units primarily based on a discounted cash flow analysis that involves significant judgment, including market participant estimates of future cash flows expected to be generated by the business and the selection of discount rates. When performing this analysis, we also consider multiples of earnings from comparable public companies and recent market transactions.
We performed qualitative assessments in 2025 for goodwill in our Residential Connectivity & Platforms, Business Services Connectivity, Media and Theme Parks segments in connection with our annual impairment testing. These analyses considered the results of previous quantitative assessments, and also considered various factors that would affect the estimated fair value of these reporting units in our qualitative assessments, including changes in projected future cash flows, recent market transactions and overall macroeconomic conditions, discount rates, and changes in our market capitalization. Based on these assessments, we concluded that it was more likely than not that the estimated fair values of our reporting units were substantially higher than their carrying values and that the performance of a quantitative impairment test was not required. We performed a quantitative assessment in 2025 for goodwill in our Studios segment, pursuant to our practice of performing quantitative assessments from time to time. Based on this assessment, the estimated fair value of the Studios reporting unit substantially exceeded its carrying value and no impairment was required.
Changes in market conditions, laws and regulations, and key assumptions made in future quantitative assessments, such as expected cash flows, competitive factors, discount rates, and value indications from market transactions, including the separation of Versant, could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge.
Cable Franchise Rights
Our cable franchise rights assets result from agreements we have with state and local governments that allow us to construct and operate a cable business within a specified geographic area. The value of a franchise is derived from the economic benefits we receive from the right to solicit new customers and to market additional services in a particular service area. The amounts we record for cable franchise rights are primarily a result of cable system acquisitions. Typically when we acquire a cable system, the most significant asset we record is the value of the cable franchise rights.

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When performing a quantitative assessment, we estimate the fair values of our cable franchise rights primarily based on a discounted cash flow analysis that involves significant judgment, including the estimate of future cash flows and the selection of discount rates.
In 2025, we performed a qualitative assessment of our cable franchise rights. At the time of our previous quantitative assessment in 2022, which was pursuant to our practice of performing quantitative assessments from time to time, the estimated fair values of our franchise rights substantially exceeded their carrying values. We also considered various factors that would affect the estimated fair values of our cable franchise rights in our qualitative assessment, including changes in our projected future cash flows, recent market transactions and overall macroeconomic conditions, discount rates, and changes in our market capitalization. Based on this assessment, we concluded that it was more likely than not that the estimated fair values of our cable franchise rights were substantially higher than the carrying values and that the performance of a quantitative impairment test was not required.
Changes in market conditions, laws and regulations, and key assumptions made in future quantitative assessments, such as expected cash flows, competitive factors, discount rates, and value indications from market transactions, could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge.
Film and Television Content
We capitalize costs for owned film and television content, including direct costs, production overhead, print costs, development costs and interest, as well as acquired libraries. We have determined that the predominant monetization strategy for the substantial majority of our content is on an individual basis. Amortization for owned content predominantly monetized on an individual basis and accrued costs associated with participations and residuals payments are recorded using the individual film forecast computation method, which recognizes the costs in the same ratio as the associated ultimate revenue.
Our estimates of ultimate revenue for films generally include revenue from all sources that are expected to be earned within 10 years from the date of a film’s initial release. These estimates are based on the distribution strategy and historical performance of similar content, as well as factors unique to the content itself. The most sensitive factor affecting our estimate of ultimate revenue for a film intended for theatrical release is the film’s theatrical performance, as subsequent revenue from the licensing and sale of a film has historically exhibited a high correlation to its theatrical performance. Upon a film’s release, our estimates of revenue from succeeding markets, including from content licensing across multiple platforms and home entertainment sales, are revised based on historical relationships and an analysis of current market trends.
With respect to television series or other owned television programming, the most sensitive factor affecting our estimate of ultimate revenue is whether the series can be successfully licensed beyond its initial license window. Initial estimates of ultimate revenue are limited to the amount of revenue attributed to the initial license window. Once it is determined that a television series or other owned television programming can be licensed beyond the initial license window, revenue estimates for these additional windows or platforms, such as U.S. and international syndication, home entertainment, and other distribution platforms, are included in ultimate revenue. Revenue estimates for produced episodes include revenue expected to be earned within 10 years of delivery of the initial episode or, if still in production, 5 years from the delivery of the most recent episode, if later.
We capitalize the costs of licensed content when the license period begins, the content is made available for use and the costs of the licenses are known. Licensed content is amortized as the associated programs are used, incorporating estimated viewing patterns.
Capitalized film and television costs are subject to impairment testing when certain triggering events are identified. The substantial majority of our owned content is evaluated for impairment on an individual title basis. Licensed content that is not part of a fil m group is tested for impairment primarily on a channel, network or platform basis, with the exception of our broadcast networks and owned local broadcast television stations, which are tested on a daypart basis. When performing an impairment assessment, we estimate fair value primarily based on a discounted cash flow analysis that involves significant judgment, including market participant estimates of future cash flows, which are supported by internal forecasts. Impairments of capitalized film and television costs were not material in any of the periods presented.
We recognize the costs of multiyear, live-event sports rights as the rights are used over the contract term based on estimated relative value. Estimated relative value is generally based on terms of the contract and the nature of and potential revenue generation of the deliverables within the contract. Sports rights are accounted for as executory contracts and are not subject to impairment.

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Item 7A: Quantitative and Qualitative Disclosures About Market Risk

Interest Rate Risk Management

We maintain a mix of fixed-rate and variable-rate debt and we are exposed to the market risk of adverse changes in interest rates. In order to manage the cost and volatility relating to the interest cost of our outstanding debt, we enter into various interest rate risk management derivative transactions in accordance with our policy.
We monitor our exposure to the risk of adverse changes in interest rates through the use of techniques that include market valuation and sensitivity analyses. We do not engage in any speculative or leveraged derivative transactions.
Our interest rate derivative financial instruments, which primarily include cross-currency swaps and interest rate swaps, represent an integral part of our interest rate risk management program.
The effect of our interest rate derivative financial instruments to our consolidated interest expense was an increase of $45 million in 2025, an increase of $49 million in 2024 and a decrease of $56 million in 2023. Interest rate derivative financial instruments may have a significant effect on consolidated interest expense in the future.
The table below summarizes by contractual year of maturity the principal amount of our debt, notional amount of our interest rate instruments, effective rates, and fair values subject to interest rate risk maintained by us as of December 31, 2025. We estimate interest rates on variable rate debt and swaps using the relevant average implied forward rates through the year of maturity based on the yield curve in effect on December 31, 2025, plus the applicable borrowing margin.

(in billions) 2026 2027 2028 2029 2030 Thereafter (a)
Total Estimated
Fair Value as of
December 31, 2025

Debt
Fixed-rate debt $ 5.9  $ 5.0  $ 5.7  $ 4.8  $ 4.8  $ 75.4  $ 101.6  $ 87.1 
Average interest rate (b)
2.1  % 2.9  % 4.0  % 3.5  % 3.4  % 4.0  % 3.8  %
Variable-rate debt $ —  $ —  $ —  $ 0.1  $ 0.1  $ 3.0  $ 3.2  $ 3.2 
Average interest rate 2.5  % 2.5  % 2.5  % 2.5  % 2.5  % 2.5  % 2.5  %
Fixed-to-Variable Interest Rate Swaps
Notional amount (c)
$ 1.3  $ 0.3  $ 1.0  $ —  $ —  $ —  $ 2.5  $ (0.1)
Average pay rate 6.1  % 5.9  % 6.4  % —  % —  % —  % 6.2  %
Average receive rate 3.3  % 3.6  % 4.2  % —  % —  % —  % 3.7  %

(a) Subsequent to December 31, 2025, Versant’s $1.0 billion aggregate principal amount of 7.25% fixed-rate senior secured notes due January 2031 was removed from our consolidated balance sheet as a result of the Separation.
(b) Includes the effects of our fixed-to-fixed cross-currency swaps, which are discussed further below under the heading “Foreign Exchange Risk Management.”
(c) Notional amounts are used to calculate the interest to be paid or received and do not represent our exposure to credit loss. The estimated fair value approximate s the amount of payments to be made or proceeds to be received to settle the outstanding contracts, excluding accrued interest.
See Notes 1, 6 and 16 for additional information.

Foreign Exchange Risk Management

We have significant operations in a number of countries outside the United States, and certain of our operations are conducted in foreign currencies. The value of these currencies, primarily including the British pound, euro, Japanese yen and Chinese yuan, fluctuates relative to the U.S. dollar. These changes could adversely affect the U.S. dollar equivalent value of our non-U.S. dollar operations, which could negatively affect our business, financial condition or results of operations in a given period or in specific territories.

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As part of our overall strategy to manage the level of exposure to the risk of foreign exchange rate fluctuations, we enter into derivative financial instruments related to a significant portion of our foreign currency exposure for transactions denominated in currencies other than the functional currency of the transacting entity. We use cross-currency swaps as fair value and cash flow hedges for certain debt obligations denominated in a currency other than the functional currency of the issuer. Cross-currency swaps effectively convert foreign currency denominated debt to debt denominated in the functional currency, which hedge currency exchange risks associated with foreign currency denominated debt. We also enter into foreign currency forward contracts that change in value as currency exchange rates fluctuate to protect the functional currency equivalent value of non-functional currency denominated assets, liabilities, commitments, and forecasted non-functional currency revenue and expenses. In accordance with our policy, we hedge forecasted foreign currency transactions for periods generally not to exceed 30 months. Certain of these derivatives are designated as fair value hedges, including foreign currency forwards designated as fair value hedges on our foreign currency intercompany loans receivable.
We are also exposed to foreign exchange risk on the consolidation of our foreign operations. We have foreign currency denominated debt and cross-currency swaps designated as hedges of our net investments in certain of these subsidiaries.
See Note 6 for additional information.
We have analyzed our foreign currency exposure related to our foreign operations as of December 31, 2025, including our hedging contracts, to identify assets and liabilities denominated in a currency other than their functional currency. For those assets and liabilities, we then evaluated the effect of a hypothetical 10% shift in currency exchange rates, inclusive of the effects of derivatives. The results of our analysis indicate that such a shift in exchange rates would not have a material impact on our 2025 net income attributable to Comcast Corporation.

Counterparty Credit Risk Management

We manage the credit risks associated with our derivative financial instruments through diversification and the evaluation and monitoring of the creditworthiness of counterparties. Although we may be exposed to losses in the event of nonperformance by counterparties, we do not expect such losses, if any, to be significant. We have agreements with certain counterparties that include collateral provisions. These provisions require a party with an aggregate unrealized loss position in excess of certain thresholds to post cash collateral for the amount in excess of the threshold. The threshold levels in our collateral agreements are based on our and the counterparty’s credit ratings. As of December 31, 2025 and 2024, we were not required to post collateral under the terms of these agreements, nor did we hold any collateral under the terms of these agreements.

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Item 8: Comcast Corporation Financial Statements and Supplementary Data 

Index Page
Management’s Report on Internal Control Over Financial Reporting
59

Report of Independent Registered Public Accounting Firm
60

Consolidated Statements of Income
62

Consolidated Statements of Comprehensive Income
63

Consolidated Statements of Cash Flows
64

Consolidated Balance Sheets
65

Consolidated Statements of Changes in Equity
66

Notes to Consolidated Financial Statements
67

Note 1: Summary of Significant Accounting Policies
67

Note 2: Segment Information
68

Note 3: Revenue
71

Note 4: Programming and Production Costs
74

Note 5: Income Taxes
77

Note 6: Debt
80

Note 7: Significant Transactions
82

Note 8: Investments and Variable Interest Entities
82

Note 9: Property and Equipment
85

Note 10: Goodwill and Intangible Assets
86

Note 11: Employee Benefit Plans
88

Note 12: Equity
88

Note 13: Share-Based Compensation
90

Note 14: Supplemental Financial Information
90

Note 15: Commitments and Contingencies
91

Note 16: Subsequent Events
92

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Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining an adequate system of internal control over financial reporting. Our system of internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance and may not prevent or detect misstatements. Further, because of changes in conditions, effectiveness of internal control over financial reporting may vary over time.
Our management conducted an evaluation of the effectiveness of the system of internal control over financial reporting based on the framework in Internal Control — Integrated Framework (2013)  issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management concluded that the system of internal control over financial reporting was effective as of December 31, 2025. The effectiveness of internal control over financial reporting has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report, which is included herein.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of
Comcast Corporation

Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Comcast Corporation and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, cash flows, and changes in equity for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013)  issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013)  issued by COSO.
Basis for Opinions
The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on these financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

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Report of Independent Registered Public Accounting Firm

Revenue — Refer to Note 3 to the financial statements.
Critical Audit Matter Description
The Company’s Residential Connectivity & Platforms segment generates revenue from customers that subscribe to broadband and wireless connectivity services, video services and wireline voice services. These services are offered to customers individually and as bundled services at a discounted rate.
The processing and recording of revenue are reliant upon multiple information technology (IT) systems.
Given the volume of data and the number of IT systems, subjective auditor judgment was involved in evaluating the sufficiency of audit evidence over revenue recognition for bundled services within the Residential Connectivity & Platforms segment, including the involvement of professionals with expertise in IT to identify, test, and evaluate the Company’s systems and automated controls used in processing revenue transactions.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to the judgments necessary to determine the appropriate recognition and processing of Residential Connectivity & Platforms segment revenue included the following, among others:
• We tested the effectiveness of controls in the revenue recognition processes, including those in place to (a) establish revenue recognition accounting policies for bundled services, (b) record revenue, including any related discounts, in accordance with the established accounting policies, and (c) reconcile the various systems to the Company’s general ledger.
• With the assistance of our IT specialists, we:
◦ Identified the relevant systems and databases used to process revenue transactions and tested the relevant IT controls over each of those systems and databases.
◦ Performed testing of automated business controls over revenue from domestic residential and business customers.
• We tested the allocation of revenue for bundled services by selecting a sample of subscriber invoices, evaluating management’s determination of the transaction price and the distinct performance obligations, and recalculating the allocation of transaction price to each performance obligation based on the respective stand-alone selling prices.
• We tested the accuracy and completeness of the subscriber information used in our audit procedures by selecting a sample of the subscribers, and for those selections agreeing the selected subscriber information to supporting documentation.
• We developed expectations of residential connectivity and video revenue at a disaggregated level using historical amounts, changes in stand-alone selling prices and current year subscriber volumes, and we compared those estimates to revenue recognized by the Company. For domestic residential revenue from subscribers, we also assessed the revenue recorded by comparing cash receipts, adjusted for reconciling items, to revenue recognized by the Company.

/s/ Deloitte & Touche LLP
Philadelphia, Pennsylvania
February 3, 2026

We have served as the Company’s auditor since 1963.

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Comcast Corporation
Consolidated Statements of Income

Year ended December 31 (in millions, except per share data) 2025 2024 2023
Revenue $ 123,707   $ 123,731   $ 121,572  
Costs and Expenses:
Programming and production 34,951   37,026   36,762  
Marketing and promotion 8,862   8,073   7,971  
Other operating and administrative 43,013   40,533   39,190  
Depreciation 9,327   8,729   8,854  
Amortization 6,884   6,072   5,482  

Total costs and expenses 103,035   100,434   98,258  
Operating income 20,672   23,297   23,314  
Interest expense ( 4,409 ) ( 4,134 ) ( 4,087 )
Investment and other income (loss), net 9,503   ( 490 ) 1,252  
Income before income taxes 25,766   18,673   20,478  
Income tax expense ( 6,106 ) ( 2,796 ) ( 5,371 )
Net income 19,660   15,877   15,107  
Less: Net income (loss) attributable to noncontrolling interests ( 338 ) ( 315 ) ( 282 )
Net income attributable to Comcast Corporation $ 19,998   $ 16,192   $ 15,388  
Basic earnings per common share attributable to Comcast Corporation shareholders $ 5.41   $ 4.17   $ 3.73  
Diluted earnings per common share attributable to Comcast Corporation shareholders $ 5.39   $ 4.14   $ 3.71  

See accompanying notes to consolidated financial statements.

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Consolidated Statements of Comprehensive Income

Year ended December 31 (in millions) 2025 2024 2023
Net income $ 19,660   $ 15,877   $ 15,107  
Other comprehensive income (loss), net of tax (expense) benefit:

Currency translation adjustments, net of deferred taxes of $ 208 , $( 137 ) and $( 29 )
2,236   ( 895 ) 1,478  
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $( 14 ), $( 4 ) and $ 8
( 7 ) 57   16  
Realized (gains) losses reclassified to net income, net of deferred taxes of $ 15 , $( 1 ) and $ 38
( 55 ) ( 1 ) ( 158 )
Employee benefit obligations and other, net of deferred taxes of $ 36 , $( 9 ) and $( 2 )
( 129 ) 31   3  
Other comprehensive income (loss)
2,044   ( 807 ) 1,338  
Comprehensive income (loss) 21,704   15,070   16,445  
Less: Net income (loss) attributable to noncontrolling interests ( 338 ) ( 315 ) ( 282 )
Less: Other comprehensive income (loss) attributable to noncontrolling interests 9   ( 17 ) ( 19 )
Comprehensive income attributable to Comcast Corporation $ 22,033   $ 15,402   $ 16,746  

See accompanying notes to consolidated financial statements.

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Consolidated Statements of Cash Flows

Year ended December 31 (in millions) 2025 2024 2023
Operating Activities
Net income $ 19,660   $ 15,877   $ 15,107  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 16,210   14,802   14,336  
Share-based compensation 1,288   1,288   1,241  
Noncash interest expense (income), net 488   464   316  
Net (gain) loss on investment activity and other ( 8,853 ) 1,088   ( 768 )
Deferred income taxes 2,674   ( 902 ) ( 2,739 )
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net ( 135 ) 136   ( 996 )
Film and television costs, net 338   290   ( 260 )
Accounts payable and accrued expenses related to trade creditors ( 20 ) ( 758 ) ( 520 )
Other operating assets and liabilities 1,994   ( 4,611 ) 2,784  
Net cash provided by operating activities 33,643   27,673   28,501  
Investing Activities
Capital expenditures ( 11,750 ) ( 12,181 ) ( 12,242 )
Cash paid for intangible assets ( 2,658 ) ( 2,949 ) ( 3,298 )

Construction of Universal Beijing Resort ( 11 ) ( 116 ) ( 137 )

Acquisitions, net of cash acquired ( 1,306 ) ( 119 ) —  
Proceeds from sales of businesses and investments 670   771   661  
Advance on sale of investment
—   —   8,610  
Purchases of investments ( 1,302 ) ( 1,082 ) ( 1,313 )

Other 199   6   558  
Net cash provided by (used in) investing activities ( 16,157 ) ( 15,670 ) ( 7,161 )
Financing Activities
Proceeds from (repayments of) short-term borrowings, net —   —   ( 660 )
Proceeds from borrowings 3,494   6,268   6,052  
Repurchases and repayments of debt ( 5,740 ) ( 3,573 ) ( 4,015 )
Repayment of collateralized obligation
—   —   ( 5,175 )
Repurchases of common stock under repurchase program and employee plans ( 7,155 ) ( 9,103 ) ( 11,291 )
Dividends paid ( 4,894 ) ( 4,814 ) ( 4,766 )

Other ( 50 ) 339   5  
Net cash provided by (used in) financing activities ( 14,346 ) ( 10,883 ) ( 19,850 )
Impact of foreign currency on cash, cash equivalents and restricted cash 42   ( 26 ) 9  
Increase (decrease) in cash, cash equivalents and restricted cash 3,182   1,095   1,500  
Cash, cash equivalents and restricted cash, beginning of year 7,377   6,282   4,782  
Cash, cash equivalents and restricted cash, end of year $ 10,559   $ 7,377   $ 6,282  

See accompanying notes to consolidated financial statements.

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Consolidated Balance Sheets

December 31 (in millions, except share data) 2025 2024
Assets
Current Assets:
Cash and cash equivalents $ 9,481   $ 7,322  
Receivables, net 13,869   13,661  

Other current assets 6,217   5,817  
Total current assets 29,567   26,801  
Film and television costs 12,214   12,541  
Investments 7,952   8,647  
Property and equipment, net 65,680   62,548  
Goodwill 61,502   58,209  
Franchise rights 59,365   59,365  
Other intangible assets, net 22,474   25,599  
Other noncurrent assets, net 13,877   12,501  
Total assets $ 272,631   $ 266,211  
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors $ 11,058   $ 11,321  
Deferred revenue 4,097   3,507  
Accrued expenses and other current liabilities 12,410   10,679  
Current portion of debt 5,958   4,907  
Advance on sale of investment
—   9,167  

Total current liabilities 33,524   39,581  
Noncurrent portion of debt 92,979   94,186  
Deferred income taxes 27,788   25,227  
Other noncurrent liabilities 20,965   20,942  
Commitments and contingencies
Redeemable noncontrolling interests 224   237  
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero
—   —  
Class A common stock, $ 0.01 par value—authorized, 7,500,000,000 shares; issued, 4,513,794,607 and 4,697,328,372 ; outstanding, 3,594,768,252 and 3,778,302,017
45   47  
Class B common stock, $ 0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375
—   —  
Additional paid-in capital 37,709   38,102  
Retained earnings 66,675   56,972  
Treasury stock, 919,026,355 Class A common shares
( 7,517 ) ( 7,517 )
Accumulated other comprehensive income (loss) ( 8 ) ( 2,043 )
Total Comcast Corporation shareholders’ equity 96,903   85,560  
Noncontrolling interests 249   477  
Total equity 97,151   86,038  
Total liabilities and equity $ 272,631   $ 266,211  

See accompanying notes to consolidated financial statements.

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Consolidated Statements of Changes in Equity

(in millions, except per share data) 2025 2024 2023
Redeemable Noncontrolling Interests
Balance, beginning of year $ 237   $ 241   $ 411  
Contributions from (distributions to) noncontrolling interests, net
2   ( 13 ) ( 24 )
Other —   —   ( 171 )
Net income (loss) ( 15 ) 9   25  
Balance, end of year $ 224   $ 237   $ 241  

Class A Common Stock
Balance, beginning of year $ 47   $ 48   $ 51  

Repurchases of common stock under repurchase program and employee plans ( 2 ) ( 2 ) ( 2 )
Balance, end of year $ 45   $ 47   $ 48  

Class B Common Stock

Balance, beginning and end of year
$ —   $ —   $ —  

Additional Paid-In Capital
Balance, beginning of year $ 38,102   $ 38,533   $ 39,412  
Share-based compensation 1,212   1,169   1,063  
Repurchases of common stock under repurchase program and employee plans
( 1,843 ) ( 1,841 ) ( 2,086 )
Issuances of common stock under employee plans 230   240   272  

Other 8   2   ( 127 )
Balance, end of year $ 37,709   $ 38,102   $ 38,533  

Retained Earnings
Balance, beginning of year $ 56,972   $ 52,892   $ 51,609  

Repurchases of common stock under repurchase program and employee plans
( 5,311 ) ( 7,251 ) ( 9,309 )
Dividends declared ( 4,983 ) ( 4,862 ) ( 4,795 )
Other —   —  ( 1 )
Net income 19,998   16,192   15,388  
Balance, end of year $ 66,675   $ 56,972   $ 52,892  

Treasury Stock at Cost

Balance, beginning and end of year $ ( 7,517 ) $ ( 7,517 ) $ ( 7,517 )

Accumulated Other Comprehensive Income (Loss)
Balance, beginning of year $ ( 2,043 ) $ ( 1,253 ) $ ( 2,611 )

Other comprehensive income (loss) 2,035   ( 790 ) 1,358  

Balance, end of year $ ( 8 ) $ ( 2,043 ) $ ( 1,253 )

Noncontrolling Interests
Balance, beginning of year $ 477   $ 523   $ 684  
Other comprehensive income (loss) 9   ( 17 ) ( 19 )
Contributions from (distributions to) noncontrolling interests, net
96   295   166  
Other ( 11 ) —  — 
Net income (loss) ( 323 ) ( 324 ) ( 307 )
Balance, end of year $ 249   $ 477   $ 523  
Total equity $ 97,151   $ 86,038   $ 83,226  
Cash dividends declared per common share $ 1.32   $ 1.24   $ 1.16  

See accompanying notes to consolidated financial statements.

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Notes to Consolidated Financial Statements

Note 1: Summary of Significant Accounting Policies

Basis of Presentation
The accompanying consolidated financial statements include all entities in which we have a controlling voting interest and variable interest entities (“VIEs”) required to be consolidated, including Universal Beijing Resort (see Note 8).
We translate assets and liabilities of our foreign operations where the functional currency is the local currency into U.S. dollars at the exchange rate as of the balance sheet date and translate revenue and expenses using average periodic exchange rates. The related translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in our consolidated balance sheets. Any foreign currency transaction gains or losses are included in our consolidated statements of income in investment and other income (loss), net. For disclosures containing future amounts where the functional currency is the local currency, we translate the amounts into U.S. dollars at the exchange rates as of the balance sheet date.
On January 2, 2026 (the “Separation date”), we completed the previously announced separation of Versant into an independent publicly traded company comprised of select cable television networks and complementary digital platforms through a tax-free spin-off (the “Separation”). As the Separation occurred after December 31, 2025, the consolidated financial statements and related notes do not reflect the Separation. See Note 16 for additional information.
Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation. Refer to Note 3 for a discussion of the changes in our presentation of disaggregated revenue and Note 12 for a discussion of the changes in our presentation of treasury shares.
Accounting Policies
Our consolidated financial statements are prepared in accordance with GAAP, which require us to select accounting policies, including in certain cases industry-specific policies, and make estimates that affect the reported amount of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. Actual results could differ from these estimates. The following accounting policies are specific to the industries in which we operate:
• capitalization and amortization of film and television costs (see Note 4)
• costs for connecting customers to our HFC network (see Note 9)
Information on other accounting policies and methods that we use in the preparation of our consolidated financial statements are included, where applicable, in their respective footnotes that follow. Below is a discussion of accounting policies and methods used in our consolidated financial statements that are not presented within other footnotes.
Advertising Expenses
Advertising costs are expensed as incurred.
Fair Value Measurements
The accounting guidance related to fair value measurements establishes a hierarchy based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below.
• Level 1: Values are determined using quoted market prices for identical financial instruments in an active market.
• Level 2: Values are determined using quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
• Level 3: Values are determined using models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
We use this three-tier fair value hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments (see Note 8); on a non-recurring basis, such as for acquisitions (see Note 7) and impairment testing (see Note 10); and for disclosure purposes, such as for debt (see Note 6). Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation and classification within the fair value hierarchy.

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Recent Accounting Pronouncements
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued updated accounting guidance related to disclosures about certain costs and expenses. The updated accounting guidance, among other things, requires quantitative disclosures for employee compensation, selling expenses and purchases of inventory. The updated guidance is effective beginning with our Annual Report on Form 10-K for the year ending December 31, 2027. We are currently evaluating the impact the adoption of the new accounting guidance will have on our disclosures.
Internal-Use Software
In September 2025, the FASB updated the accounting guidance related to internal-use software. The updated guidance eliminates references to software project stages and clarifies that capitalization of internal-use software costs should begin once management authorizes and commits to funding a software project and it is probable that the project will be completed and used as intended. The updated guidance is effective for us as of January 1, 2028, and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.
Government Grants
In December 2025, the FASB issued new accounting guidance on the recognition, measurement and presentation of government grants received by business entities. The new guidance defines government grants, clarifies their scope and provides a recognition threshold under which a grant is recognized when it is probable the entity will comply with the grant’s conditions and that the grant will be received. The updated guidance is effective for us as of January 1, 2029, and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.
Interim Reporting
In December 2025, the FASB issued updated accounting guidance on interim reporting. The updated guidance establishes a principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity, as well as clarifies the applicability of interim disclosure requirements. The guidance does not change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. The guidance is effective for us beginning in interim periods after January 1, 2028, with early adoption permitted. We are currently evaluating the impact the adoption of the new accounting guidance will have on our disclosures.

Note 2: Segment Information

We are a global media and technology company with five segments: Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios and Theme Parks. Our segments align to our primary business operations and how our Chairman and Chief Executive Officer , the chief operating decision maker, reviews our operating results. See Note 3 for a description of the various products and services within each segment.
Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. Transactions between our segments generally include intercompany profit consistent with third-party transactions. The Residential Connectivity & Platforms and the Business Services Connectivity segments use certain shared infrastructure, including our network in the United States, and each segment is presented with its direct costs and an allocation of shared costs, as well as revenue from its customers.
Our financial data by segment is presented in the tables below. We do not present asset information for our segments as this information is not used to allocate resources.  

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Year Ended December 31, 2025

(in millions) Residential Connectivity & Platforms
Business Services Connectivity
Media
Studios
Theme Parks
Total

Revenue from external customers $ 70,599   $ 10,214   $ 22,168   $ 8,080   $ 9,835   $ 120,896  
Intersegment revenue (a)
104   23   4,922   3,205   1   8,256  
70,704   10,237   27,090   11,286   9,836   129,152  
Reconciliation of Revenue

Other revenue (b)
3,090  
Eliminations (a)
( 8,535 )
Total consolidated revenue $ 123,707  

Less segment expenses: (c)

Programming and production $ 16,007   $ 17,866   $ 7,441  
Marketing and promotion 1,463   1,773  
Other (d)
28,044   4,512   4,565   973   6,756  
Segment Adjusted EBITDA (e)
$ 26,653   $ 5,725   $ 3,196   $ 1,099   $ 3,080   $ 39,753  

Reconciliation of total segment Adjusted EBITDA

Media, Studios and Theme Parks headquarters and other (f)
( 1,095 )
Corporate and other (b)(e)(g)
( 1,975 )
Eliminations
200  
Depreciation ( 9,327 )
Amortization ( 6,884 )
Interest expense ( 4,409 )
Investment and other income (loss), net 9,503  
Income before income taxes
$ 25,766  

Year Ended December 31, 2024

(in millions) Residential Connectivity & Platforms
Business Services Connectivity
Media
Studios
Theme Parks
Total

Revenue from external customers $ 71,401   $ 9,678   $ 23,463   $ 7,832   $ 8,615   $ 120,990  
Intersegment revenue (a)
173   23   4,685   3,259   1   8,142  
71,574   9,701   28,148   11,092   8,617   129,132  
Reconciliation of Revenue

Other revenue (b)
2,982  
Eliminations (a)
( 8,383 )
Total consolidated revenue $ 123,731  

Less segment expenses: (c)

Programming and production $ 16,881   $ 18,968   $ 7,257  
Marketing and promotion 1,473   1,483  
Other (d)
27,355   4,201   4,577   947   5,668  
Segment Adjusted EBITDA (e)
$ 27,338   $ 5,500   $ 3,130   $ 1,404   $ 2,949   $ 40,322  

Reconciliation of total segment Adjusted EBITDA

Media, Studios and Theme Parks headquarters and other (f)
( 831 )
Corporate and other (b)(e)(g)
( 1,346 )
Eliminations
( 47 )
Depreciation ( 8,729 )
Amortization ( 6,072 )
Interest expense ( 4,134 )
Investment and other income (loss), net ( 490 )
Income before income taxes
$ 18,673  

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Year Ended December 31, 2023

(in millions) Residential Connectivity & Platforms
Business Services Connectivity
Media
Studios
Theme Parks
Total

Revenue from external customers $ 71,739   $ 9,233   $ 20,734   $ 8,308   $ 8,948   $ 118,962  
Intersegment revenue (a)
207   22   4,621   3,317   ( 1 ) 8,166  
71,946   9,255   25,355   11,625   8,947   127,128  
Reconciliation of Revenue

Other revenue (b)
2,827  
Eliminations (a)
( 8,383 )
Total consolidated revenue $ 121,572  

Less segment expenses: (c)

Programming and production $ 18,067   $ 16,921   $ 7,958  
Marketing and promotion 1,389   1,579  
Other (d)
26,932   3,964   4,091   818   5,602  
Segment Adjusted EBITDA (e)
$ 26,948   $ 5,291   $ 2,955   $ 1,269   $ 3,345   $ 39,808  

Reconciliation of total segment Adjusted EBITDA

Media, Studios and Theme Parks headquarters and other (f)
( 946 )
Corporate and other (b)(e)
( 1,318 )
Eliminations
105  
Depreciation ( 8,854 )
Amortization ( 5,482 )
Interest expense ( 4,087 )
Investment and other income (loss), net 1,252  
Income before income taxes
$ 20,478  

(a) Our most significant intersegment revenue transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming, and content licensing revenue in Studios for licenses of owned content to Media. Revenue for licenses of content from Studios to Media is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses in Media are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period.
(b) Includes the operations of our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture with Charter Communications. Corporate and other also includes overhead and personnel costs for Corporate.
(c) The significant expense categories and amounts align with the segment-level information that is regularly provided to our chief operating decision maker. Intersegment expenses are included in the amounts shown.
(d) Other for each segment primarily includes:
Residential Connectivity & Platforms and Business Services Connectivity: technical and support expenses; direct product costs; marketing and promotion expenses; customer service expenses; administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; bad debt; and other business, headquarters and support costs, including building and office expenses, taxes and billing costs necessary to operate the Residential Connectivity & Platforms and Business Services Connectivity segments. Our chief operating decision maker uses aggregate expense information to manage the operations of the Business Services Connectivity segment.
Media and Studios: salaries, employee benefits, rent and other overhead expenses.
Theme Parks: theme park operations, including repairs and maintenance and related administrative expenses; food, beverage and merchandise costs; labor costs; and sales and marketing costs. Our chief operating decision maker uses aggregate expense information to manage the operations of the Theme Parks segment.
(e) We use Adjusted EBITDA as the measure of profit or loss for our segments. For each of our segments, our chief operating decision maker uses Adjusted EBITDA to measure operational strength and performance, assist in the evaluation of underlying trends, and allocate resources in the annual budget and forecasting process. Adjusted EBITDA is also a significant performance measure in our annual incentive compensation programs. From time to time we may report the impact of certain events, gains, losses or other charges related to our segments within Corporate and other.
(f) Includes overhead, personnel costs and other costs necessary to operate the Media, Studios and Theme Parks segments.
(g) The years ended December 31, 2025 and 2024 include $ 483  million and $ 7  million, respectively, of transaction and transaction-related costs associated with the Separation of Versant.

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Note 3: Revenue

Year ended December 31 (in millions) 2025 2024 (a)
2023 (a)

Domestic broadband $ 25,837   $ 25,660   $ 24,999  
Domestic wireless 4,967   4,273   3,664  
International connectivity 4,963   4,503   3,918  
Total residential connectivity 35,767   34,435   32,580  
Video 26,387   27,791   29,576  
Advertising 3,712   4,089   3,969  
Other 4,838   5,259   5,820  
Total Residential Connectivity & Platforms Segment
70,704   71,574   71,946  

Total Business Services Connectivity Segment
10,237   9,701   9,255  

Domestic advertising 8,382   10,008   8,600  
Domestic distribution 11,613   11,826   10,663  
International networks 4,977   4,282   4,109  
Other 2,118   2,031   1,983  
Total Media Segment
27,090   28,148   25,355  

Content licensing 8,199   8,063   8,231  
Theatrical 1,621   1,693   2,079  
Other 1,465   1,335   1,315  
Total Studios Segment
11,286   11,092   11,625  

Total Theme Parks Segment
9,836   8,617   8,947  

Other revenue
3,090   2,982   2,827  
Eliminations (b)
( 8,535 ) ( 8,383 ) ( 8,383 )
Total revenue $ 123,707   $ 123,731   $ 121,572  

(a) Beginning in the first quarter of 2025, commission revenue from the sale of certain DTC streaming services and revenue related to certain equipment are presented in video revenue. Previously, these amounts were presented in domestic broadband and international connectivity. Prior periods have been reclassified to reflect the current year presentation.
(b) See Note 2 for additional information on intersegment revenue transactions.
We operate primarily in the Un ited States but also in select international markets. The table below summarizes our consolidated revenue from customers in certain geographic locations.

Year ended December 31 (in millions) 2025 2024 2023
United States $ 95,143   $ 96,237   $ 94,375  
United Kingdom 15,182   14,194   13,364  
Other 13,382   13,300   13,833  
Total revenue $ 123,707   $ 123,731   $ 121,572  

Residential Connectivity & Platforms Segment
Residential Connectivity & Platforms generates revenue from customers that subscribe to our residential broadband and wireless connectivity services, residential and business video services and residential wireline voice services in the United States, the United Kingdom and Italy. We offer these services individually and as bundled services at a discounted rate.
Subscription rates and related charges vary according to the services and features customers receive, and customers are typically billed in advance and pay on a monthly basis. Revenue from customers that purchase bundled services at a discounted rate is allocated between the separate services based on the respective stand-alone selling prices. The stand-alone selling prices are determined based on the current prices at which we separately sell the services. Significant judgment is used to determine performance obligations that should be accounted for separately and the allocation of revenue when services are combined in a bundle.

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While a portion of our customers are subject to contracts for their services, which are typically 1 month to 24 months in length, based on our evaluation of the terms of these contracts, we recognize revenue for these services primarily on a basis that is consistent with our customers that are not subject to contracts and recognize revenue as the services are provided on a monthly basis. Installation fees for these customers are deferred and recognized as revenue over the period of benefit to the customer, which is less than a year. Certain international customers are under contracts, with terms typically ranging from rolling monthly to 24 months, depending on the service, and may only discontinue service in accordance with the terms of their contracts. We recognize revenue for these customers as the services are provided over the contract period. At any given time, the amount of future revenue to be earned from these customers related to existing agreements is equal to approximately 10 % of our annual Residential Connectivity & Platforms revenue and will generally be recognized within 24 months. Sales commissions are generally expensed as incurred, as the related period of benefit is less than a year. Sales commissions for the international customers under contract are generally deferred and recognized over the respective contract terms.
Our services generally involve customer premise equip ment, such as wireless gateways and set-top boxes, that are generally considered part of our services for revenue recognition. We recognize revenue from the sale of devices, including wireless devices and Sky Glass smart televisions, when they are transferred to the customer. Under an equipment installment plan, customers typically have the option to finance wireless devices interest-free over 24 to 36 months for domestic customers and finance wireless devices and Sky Glass smart televisions interest free over 24 to 48 months for interna tional customers. Equipment installment plan receivables under these arrangements are recorded net of imputed interest when the devices are transferred to the customer.
We also have arrangements to sell certain DTC streaming services to our customers. We have concluded we are the sales agent in these arrangements, and we record net commission revenue as earned, which is generally as customers are billed on a monthly basis, within video revenue.
Under the terms of our domestic cable franchise agreements, we are generally required to pay the cable franchising authority an amount based on gross video revenue. We generally pass these and other similar fees through to our domestic customers and classify these fees in the respective Residential Connectivity & Platforms services revenue, with the corresponding costs included in other operating and administrative expenses.
Advertising
Revenue is generated from the sale of advertising and technology, tools and solutions relating to advertising businesses. As part of distribution agreements with domestic cable networks, we generally receive an allocation of scheduled advertising time that we sell to advertisers. In addition, we generate revenue from the sale of advertising on our owned Sky-branded entertainment television networks and our digital platforms. In most cases, the available advertising units are sold by our sales force. We also enter into representation agreements under which we sell advertising on behalf of third parties. Since we are acting as the principal in these arrangements, we record the advertising that is sold in advertising revenue and the fees paid to the third parties in other operating and administrative expenses. In some cases, we work with representation firms as an extension of our sales force to sell a portion of the advertising units allocated to us and record the revenue net of agency commissions.
We have determined that a contract exists for our advertising sales arrangements once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and scheduled. Advertisements are generally aired or delivered within one year once all terms and conditions are agreed upon. Revenue from these arrangements is recognized in the period in which advertisements are aired or delivered. Payment terms vary by contract, although terms generally require payment within 30 to 60 days from when advertisements are aired or delivered. We also provide technology, tools, data-driven services and marketplace solutions to customers in the media industry to facilitate the more effective engagement of advertisers with their target audiences and recognize revenue when these services are provided.
Business Services Connectivity Segment
Business Services Connectivity generates revenue from customers who subscribe to a variety of our products and services that are offered to businesses. Our connectivity service offerings for small business locations in the United States primarily include broadband, wireline voice and wireless services that are similar to those provided to our residential customers and include certain other features specific to businesses. Our enterprise solutions offerings for medium-sized customers and larger enterprises also include ethernet network services, advanced voice services and a software-defined networking product. We also have certain business connectivity service offerings in the United Kingdom.

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We recognize revenue as the services are provided over the contract period. Substantially all of our customers are initially under contracts, with terms typically ranging from 2 years for small and medium-sized businesses to up to 5 years for larger enterprises. Customers with contracts may only discontinue service in accordance with the terms of their contracts. At any given time, the amount of future revenue to be earned related to fixed pricing under existing agreements is equal to approximately half of our annual Business Services Connectivity segment revenue, of which the substantial majority will be recognized within 2 years. Customers under contract typically pay on a monthly basis. Installation revenue and sales commissions are generally deferred and recognized over the respective contract terms.
Media Segment
Advertising
Media generates revenue from the sale of advertising on our linear television networks, Peacock and other digital properties.
We have determined that a contract exists for our advertising sales once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and scheduled. Advertisements are generally aired or delivered within one year, once all terms and conditions are agreed upon. Revenue is recognized, net of agency commissions, in the period in which advertisements are aired or delivered and payment occurs thereafter, with payment generally required within 30 days. In some instances, we guarantee audience ratings for the advertisements. To the extent there is a shortfall in contracts where the ratings were guaranteed, a portion of the revenue is deferred until the shortfall is settled, typically by providing additional advertising units generally within one year of the original airing.
Distribution
Media generates revenue from the distribution of television programming in the United States and internationally to traditional multichannel video providers, such as our Residential Connectivity & Platforms segment, and to virtual multichannel video providers that offer streamed linear television networks. This revenue includes amounts under NBC and Telemundo retransmission consent agreements, and we also receive associated fees from NBC-affiliated and Telemundo-affiliated local broadcast television stations. We also receive subscription fees for our Peacock DTC streaming service either directly from customers or from companies who sell Peacock to customers on our behalf. We have determined that we are principal in these arrangements and in the event we do not have transparency into the pricing charged by a company selling Peacock on our behalf, the amount of revenue recognized is limited to the fees receivable from that company pursuant to our arrangement.
Monthly fees received under distribution agreements with multichannel video providers are generally under multiyear agreements with revenue based on the number of subscribers receiving the programming on our television networks and a per subscriber fee, although revenue for certain of our television networks is based on a fixed fee. Payment terms and conditions vary by contract type, although terms generally include payment within 60 days. These arrangements are accounted for as licenses of functional intellectual property and revenue is recognized as programming is provided.
Studios Segment
Content Licensing
Studios generates revenue from the worldwide licensing of our owned film and television content to television networks and DTC streaming service providers, as well as through video on demand services provided by multichannel video providers and other service providers. Our agreements generally include fixed pricing and span multiple years. For example, following a film’s theatrical release, Studios may license the exhibition rights of a film to different customers over multiple successive distribution windows.
We recognize revenue when the content is delivered and available for use by the licensee. When the term of an existing agreement is renewed or extended, we recognize revenue when the licensed content becomes available under the renewal or extension. Payment terms and conditions vary by contract type, although payments are generally collected over the license term. The amount of future revenue to be earned related to fixed pricing under existing third-party agreements at any given time equals approximately one-half year to 1 year of annual Studios content licensing revenue, which is the segment with the largest portion of this future revenue. The majority of this revenue will be recognized within 2 years. This amount may fluctuate from period to period depending on the timing of the releases and the availability of content under existing agreements and may not represent the total revenue expected to be recognized as it does not include revenue from future agreements or from variable pricing or optional purchases under existing agreements.
For our agreements that include variable pricing, such as pricing based on the number of subscribers to a DTC streaming service sold by our customers, we generally recognize revenue as our customers sell to their subscribers.

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Theatrical
Studios generates revenue from the worldwide distribution of our produced and acquired films for exhibition in movie theaters. Our arrangements with exhibitors generally entitle us to a percentage of ticket sales. We recognize revenue as the films are viewed and exhibited in theaters and payment generally occurs within 30 days after exhibition.
Theme Parks Segment
Theme Parks generates revenue primarily from guest spending at our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China and at our other destinations and experiences. Guest spending includes ticket sales and in-park spending on food, beverages and merchandise. We also generate revenue from our consumer products business. Additionally, we license the right to use the Universal Studios brand name and other intellectual property and provide other services to third parties, including the party that owns and operates the Universal Studios Singapore theme park on Sentosa Island, Singapore. We recognize revenue from ticket sales when the tickets are used, generally within a year from the date of purchase. For annual passes, we generally recognize revenue on a straight-line basis over the period the pass is available to be used. We recognize revenue from in-park spending and consumer products at the point of sale.
Consolidated Balance Sheets
The table below summarizes our accounts receivable, other balances that are not separately presented in our consolidated balance sheets that relate to the recognition of revenue and collection of the related cash, and deferred costs associated with our contracts with customers.

December 31 (in millions) 2025 2024
Receivables, gross $ 14,582   $ 14,399  
Less: Allowance for credit losses 713   738  
Receivables, net $ 13,869   $ 13,661  
Noncurrent receivables, net (included in other noncurrent assets, net) $ 1,924   $ 1,853  
Contract acquisition and fulfillment costs (included in other noncurrent assets, net) (a)
$ 1,350   $ 1,184  
Noncurrent deferred revenue (included in other noncurrent liabilities) $ 621   $ 665  

(a) Amortization of contract acquisition and fulfillment costs totaled $ 733  million, $ 716  million and $ 692  million in 2025, 2024 and 2023, respectively, included in marketing and promotion and other operating and administrative expenses.

Changes in Allowance for Credit Losses

(in millions) 2025 2024 2023
Beginning balance $ 738   $ 698   $ 736  
Current-period provision for expected credit losses 698   747   775  
Write-offs charged against the allowance, net of recoveries and other ( 722 ) ( 707 ) ( 812 )
Ending balance $ 713   $ 738   $ 698  

Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below.

December 31 (in millions) 2025 2024
Receivables, net $ 2,096   $ 1,827  
Noncurrent receivables, net (included in other noncurrent assets, net) 1,395   1,225  

Total $ 3,491   $ 3,052  

Note 4: Programming and Production Costs

Year ended December 31 (in millions) 2025 2024 2023
Video distribution programming $ 10,008   $ 11,428   $ 12,460  
Film and television content:
Owned (a)
9,891   9,617   10,224  
     Licensed, including sports rights 13,611   14,668   12,619  
Other 1,440   1,314   1,459  
Total programming and production costs $ 34,951   $ 37,026   $ 36,762  

(a) Amount includes amortization of owned content of $ 8.0  billion, $ 7.8  billion and $ 7.8  billion for the year ended December 31, 2025, 2024 and 2023, respectively, as well as participations and residuals expenses.

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Video Distribution Programming Expenses
We incur programming expenses related to the license of the rights to distribute or integrate third-party programmed television networks, platforms and related content included in video services we sell to end consumers. Programming is generally acquired under multiyear distribution agreements, with fees typically based on the number of customers receiving the television network programming and a per subscriber fee. Significant judgment is used to allocate the consideration paid under our programming distribution agreements to the rights and services received, which is generally based on estimated relative value. When the agreement includes access to a DTC streaming service and it is made available to our customers, the allocated consideration is netted against video revenue. Programming distribution arrangements are accounted for as executory contracts with expenses generally recognized based on the rates in the agreements, and the arrangements are not subject to impairment.
Film and Television Content
We incur costs related to the production of owned content and the license of the rights to use content owned by third parties and sports rights on our owned television networks and digital properties, which are described as owned and licensed content, respectively. We have determined that the predominant monetization strategy for the substantial majority of our content is on an individual basis.
Capitalized Film and Television Costs

December 31 (in millions) 2025 2024
Owned:
In production and in development $ 2,896   $ 3,342  
Completed, not released 84   209  
Released, less amortization 4,571   4,545  
7,551   8,095  
Licensed, including sports advances 4,663   4,446  

Film and television costs $ 12,214   $ 12,541  

Production tax incentives reduced capitalized owned film and television costs by $ 516  million and $ 455  million as of December 31, 2025 and 2024, respectively, and resulted in a reduction of programming and production costs of $ 696  million, $ 652  million and $ 578  million in 2025, 2024 and 2023, respectively. We have receivables related to our production tax incentives of $ 2.3  billion and $ 2.2  billion as of December 31, 2025 and 2024, respectively, a majority of which are reflected in other noncurrent assets in our consolidated balance sheets.
The table below summarizes estimated future amortization expense for the capitalized film and television costs recorded in our consolidated balance sheets as of December 31, 2025.

(in millions) Owned Licensed
Completed, not released:
2026 $ 52  

Released and licensed content:
2026 $ 2,261   $ 3,280  
2027 $ 824   $ 672  
2028 $ 182   $ 382  

We have future minimum commitments for licensed content that are not recognized in our consolidated balance sheet as of December 31, 2025 totaling $ 2.6  billion.
The following table summarizes the amount of accrued participation and residual liabilities that we expect to pay during the upcoming operating cycle.

December 31 (in millions) 2025 2024
Current portion of accrued participations and residuals $ 1,537   $ 1,444  

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Capitalization and Recognition of Film and Television Content
We capitalize costs for owned film and television content, including direct costs, production overhead, print costs, development costs and interest, as well as acquired libraries. Amortization for owned content predominantly monetized on an individual basis and accrued costs associated with participations and residuals payments are recorded using the individual film forecast computation method, which recognizes the costs in the same ratio as the associated ultimate revenue. Estimates of ultimate revenue and total costs are based on anticipated release patterns and distribution strategies, public acceptance and historical results for similar productions. Amortization for content predominantly monetized with other owned or licensed content is recorded based on estimated usage. We do not capitalize costs related to the distribution of a film in movie theaters or the licensing or sale of a film or television production, which primarily include costs associated with marketing and distribution.
We capitalize the costs of licensed content when the license period begins, the content is made available for use and the costs of the licenses are known. Licensed content is amortized as the associated programs are used, incorporating estimated viewing patterns.
Owned and licensed content are presented as noncurrent assets in film and television costs. We present amortization of owned and licensed content and accrued costs associated with participations and residuals payments in programming and production costs.
Film and television productions may be eligible for tax incentives from certain state, local or foreign jurisdictions. These incentives generally provide for transferable or redeemable tax credits upon meeting established levels of qualified production spending within a participating jurisdiction. We record a receivable for a production tax incentive program when there is a reasonable assurance of collection with a corresponding reduction of capitalized film and television costs, and the related amortization.
We may enter into co-financing arrangements with third parties to jointly finance or distribute certain of our film productions. These arrangements can take various forms, but in most cases involve the grant of an economic interest in a film to an investor who owns an undivided copyright interest in the film. The number of investors and the terms of these arrangements can vary, although investors generally assume the full risks and rewards of ownership proportionate to their ownership in the film. We account for the proceeds received from the investor under these arrangements as a reduction of our capitalized film costs and the investor’s interest in the profit or loss of the film is recorded as either a charge or a benefit, respectively, in programming and production costs. The investor’s interest in the profit or loss of a film is recorded each period using the individual film forecast computation method.
When an event or a change in circumstance occurs that was known or knowable as of the balance sheet date and that indicates the fair value of either owned or licensed content is less than the unamortized costs in the balance sheet, we determine the fair value and record an impairment charge to the extent the unamortized costs exceed the fair value. Owned content is assessed either individually or in identified film groups, for content predominantly monetized on an individual basis or with other content, respectively. The substantial majority of our owned content is evaluated for impairment on an individual title basis. Licensed content that is not part of a film group is generally assessed in packages, channels or dayparts. A daypart is an aggregation of programs broadcast during a particular time of day or programs of a similar type. Licensed content is tested for impairment primarily on a channel, network or platform basis, with the exception of our broadcast networks and owned local broadcast television stations, which are tested on a daypart basis. Estimated fair values of owned and licensed content are generally based on Level 3 inputs including analysis of market participant estimates of future cash flows. We record charges related to impairments or content that is substantively abandoned to programming and production costs.
Sports Rights
We recognize the costs of multiyear, live-event sports rights as the rights are used over the contract term based on estimated relative value. Estimated relative value is generally based on the terms of the contract and the nature of and potential revenue generation of the deliverables within the contract. Sports rights are accounted for as executory contracts and are not subject to impairment. When cash payments, including advanc ed payments, exceed the relative value of the sports rights delivered, we recognize an asset in licensed content. Production costs incurred in advance of airing are also presented in licensed content.

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Note 5: Income Taxes

Income (Loss) Before Income Taxes

Year ended December 31 (in millions) 2025 2024 2023

Domestic $ 26,766   $ 19,615   $ 22,164  
Foreign ( 1,000 ) ( 942 ) ( 1,686 )
$ 25,766   $ 18,673   $ 20,478  

Components of Income Tax Expense

Year ended December 31 (in millions) 2025 2024 2023
Current Expense (Benefit):
Federal $ 2,286   $ 2,194   $ 6,270  
State 720   1,115   1,591  
Foreign 427   389   249  
3,432   3,698   8,110  
Deferred Expense (Benefit):
Federal 2,420   ( 599 ) ( 2,126 )
State 539   ( 49 ) ( 468 )
Foreign ( 285 ) ( 253 ) ( 145 )
2,674   ( 902 ) ( 2,739 )
Income tax expense (benefit) $ 6,106   $ 2,796   $ 5,371  

Our income tax expense (benefit) differs from the federal statutory amount because of the effect of the items detailed in the table below.  

2025 2024 2023
Year ended December 31 (in millions) Amount % Amount % Amount %
Federal tax at statutory rate $ 5,411   21.0   % $ 3,921   21.0   % $ 4,300   21.0   %
State and local income tax, net of federal income tax effect (a)
710   2.8   % 338   1.8   % 426   2.1   %
Foreign tax effects 353   1.4   % 364   2.0   % 461   2.3   %

Effect of cross-border tax laws ( 81 ) ( 0.3 ) % ( 95 ) ( 0.5 ) % ( 88 ) ( 0.4 ) %
Tax credits ( 280 ) ( 1.1 ) % ( 328 ) ( 1.8 ) % ( 280 ) ( 1.4 ) %
Nontaxable or nondeductible items 141   0.6   % 55   0.3   % 90   0.4   %
Changes in unrecognized tax benefits 281   1.1   % 476   2.6   % 459   2.2   %
Other
Internal corporate reorganization ( 174 ) ( 0.7 ) % ( 1,920 ) ( 10.3 ) % —   —   %
Other adjustments ( 254 ) ( 1.0 ) % ( 16 ) ( 0.1 ) % 3   —   %
Effective tax rate $ 6,106   23.7   % $ 2,796   15.0   % $ 5,371   26.2   %

(a) The majority of the tax effect in this category was attributable to state taxes in Illinois, Florida, New Jersey, New York and Pennsylvania in 2025; California, Illinois and New Jersey in 2024; and California, Illinois, Massachusetts, New Jersey and New York in 2023 .
We base our provision for income taxes on our current period income, changes in our deferred income tax assets and liabilities, income tax rates, changes in estimates of our uncertain tax positions, tax planning opportunities available in the jurisdictions in which we operate and excess tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statements of income. We recognize deferred tax assets and liabilities when there are temporary differences between the financial reporting basis and tax basis of our assets and liabilities and for the expected benefits of using net operating loss carryforwards. When a change in the tax rate or tax law has an impact on deferred taxes, we apply the change based on the years in which the temporary differences are expected to reverse. We record the change in our consolidated financial statements in the period of enactment.

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The determination of the income tax consequences of a business combination includes identifying the tax basis of assets and liabilities acquired and any contingencies associated with uncertain tax positions assumed or resulting from the business combination. Deferred tax assets and liabilities related to temporary differences of an acquired entity are recorded as of the date of the business combination and are based on our estimate of the ultimate tax basis that will be accepted by the various tax authorities. We record liabilities for contingencies associated with prior tax returns filed by the acquired entity based on criteria set forth in the appropriate accounting guidance. We adjust the deferred tax accounts and the liabilities periodically to reflect any revised estimated tax basis and any estimated settlements with the various tax authorities. The effects of these adjustments are recorded to income tax expense.
From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty. In these cases, we evaluate our tax position using the recognition threshold and the measurement attribute in accordance with the accounting guidance related to uncertain tax positions. Examples of these transactions include business acquisitions and dispositions, including consideration paid or received in connection with these transactions, certain financing transactions, and the allocation of income among state and local tax jurisdictions. Significant judgment is required in assessing and estimating the tax consequences of these transactions. We determine whether it is more likely than not that a tax position will be sustained on examination, including the resolution of any related appeals or litigation processes, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to be recognized in our consolidated financial statements. We classify interest and penalties, if any, associated with our uncertain tax positions as a component of income tax expense (benefit).
Impact of Federal Legislation
In 2025, legislation was signed into law in the United States that, among other things, provided for immediate deduction of 100% of the costs of qualified property, including significant portions of our capital expenditures and film and television production costs, acquired and placed into service after January 19, 2025, compared to the 40% and 20% deductions that would have applied in 2025 and 2026, respectively, under prior law. The legislation also reinstated the immediate deduction of domestic research and development expenses, retroactive to 2022, repealing the prior requirement to capitalize and amortize such costs over five years. The legislation resulted in a reduction of our income taxes payable of $ 1.4  billion and a corresponding increase of our net deferred tax liability. There is no material impact to our income tax expense or effective tax rate.

Components of Net Deferred Tax Liability

December 31 (in millions) 2025 2024
Deferred Tax Assets:
Net operating loss and other loss carryforwards (a)
$ 5,278   $ 4,415  
Advance on sale of investment (see Note 8)
—   2,437  

Nondeductible accruals and other 4,493   4,232  
Less: Valuation allowance (a)
5,271   4,498  
  4,500   6,586  
Deferred Tax Liabilities:
Property and equipment and intangible assets 29,561   28,590  
Investments 563   934  
Debt 1,880   2,055  

Other 147   125  
32,152   31,704  
Net deferred tax liability $ 27,652   $ 25,118  

(a) Includes net operating loss and other loss carryforwards of $ 2.1 billion related to assets classified as held for sale as of December 31, 2025, for which a full valuation allowance is recognized.

Changes in our Valuation Allowance for Deferred Tax Assets

(in millions) 2025 2024 2023
Beginning balance $ 4,498   $ 3,679   $ 3,295  
Additions charged to income tax expense and other accounts 848   910   469  
Deductions from reserves ( 75 ) ( 91 ) ( 84 )
Ending balance $ 5,271   $ 4,498   $ 3,679  

Changes in our net deferred tax liability in 2025 that were not recorded as deferred income tax expense (benefit) are primarily related to a decrease of $ 121 million associated with items included in other comprehensive income (loss).

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As of December 31, 2025, net operating loss and other carryforwards primarily reflects foreign net operating loss carryforwards of $ 14.0 billion, which primarily relate to our foreign operations in Europe and the majority of which can be carried forward indefinitely. The determination of the realization of the foreign net operating loss carryforwards is dependent on our subsidiaries’ taxable income or loss, redetermination from taxing authorities, and foreign laws that can change from year to year and impact the amount of such carryforwards. We recognize a valuation allowance if we determine it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. As of December 31, 2025 and 2024, our valuation allowance was primarily related to our foreign net operating loss carryforwards.
During 2024, we completed an internal corporate reorganization related to certain foreign subsidiaries, which resulted in a federal net capital loss of $ 9.1 billion as of December 31, 2024. This capital loss could be carried back and applied against capital gains recognized on our prior federal income tax returns for 2021 through 2023, and as a result, we recognized an income tax benefit and a corresponding refund receivable of $ 1.9 billion in 2024. In 2025, we received the federal income tax refund as a result of carrying back this capital loss. Deferred federal income tax has not been recognized on the excess of the financial reporting basis over the tax basis in foreign subsidiaries resulting from the reorganization where indefinite reversal criteria have been met. Any liabilities would be recognized upon a taxable disposition of such subsidiaries; however, the determination of the amount of any unrecognized deferred income tax liabilities is not practicable.
Net current federal tax receivables of $ 2.0 billion were included in other current assets within our consolidated balance sheet as of December 31, 2024. There were no net current federal tax receivables as of December 31, 2025.

Cash Payments for Income Taxes

Year ended December 31 (in millions) 2025 2024 2023
Federal (a)(b)
$ ( 89 ) $ 6,011   $ 4,208  
State 380   742   596  
Foreign (c)
464   342   302  
Cash payments for income taxes $ 755   $ 7,096   $ 5,107  

(a) Includes $ 0.6 billion and $ 1.7 billion for 2025 and 2024, respectively, related to the purchase of third-party transferable tax credits.
(b) Changes in other operating assets and liabilities in the consolidated statements of cash flows included a decrease in current tax receivables for the year ended in December 31, 2025, an increase in current tax receivables and a decrease in current taxes payable for the year ended December 31, 2024, and an increase in current taxes payable for the year ended December 31, 2023.
(c) The year ended December 31, 2025 includes payments of $ 229 million for Japan.
Uncertain Tax Positions

Reconciliation of Unrecognized Tax Benefits

(in millions)
2025 2024 2023
Gross unrecognized tax benefits, January 1 $ 2,865   $ 2,593   $ 2,161  
Additions based on tax positions related to the current year 297   396   546  
Additions based on tax positions related to prior years 9   201   1  

Reductions for tax positions of prior years ( 95 ) ( 268 ) ( 43 )
Reductions due to expiration of statutes of limitations ( 94 ) ( 29 ) ( 56 )
Settlements with tax authorities and other ( 55 ) ( 28 ) ( 15 )
Gross unrecognized tax benefits, December 31 $ 2,927   $ 2,865   $ 2,593  

Our gross unrecognized tax benefits include both amounts related to positions for which we have recorded liabilities for potential payment obligations and those for which tax has been assessed and paid. The amounts exclude the federal benefits on state tax positions that were recorded to deferred income taxes. If we were to recognize our gross unrecognized tax benefits in the future, $ 2.3 billion would impact our effective tax rate and the remaining amount would increase our deferred income tax liability. The amount and timing of the recognition of any such tax benefit is dependent on the completion of examinations of our tax filings by the various tax authorities and the expiration of statutes of limitations. Accrued interest and penalties associated with our liability for uncertain tax positions were not material in any period presented.
The IRS has completed its examination of our income tax returns for all years through 2022. Various states are examining our state tax returns and the tax years of those tax returns currently under examination vary by state, with most of the periods relating to tax years 2011 and forward. Various foreign jurisdictions are examining our tax returns and the tax years of those tax returns currently under examination vary by country, with most of the periods relating to tax years 2017 and forward.

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Note 6: Debt

Debt Outstanding

December 31 (in billions) Weighted-Average Interest Rate as of December 31, 2025 (a)
Weighted-Average Interest Rate as of December 31, 2024 (a)
2025 (b)
2024 (b)

Term loans 2.5   % 3.2   % $ 3.2   $ 3.1  
Senior notes with maturities of 5 years or less, at face value 3.3   % 3.4   % 25.4   26.7  
Senior notes with maturities between 5 and 10 years, at face value 4.2   % 3.6   % 18.7   18.1  
Senior notes with maturities greater than 10 years, at face value 3.8   % 3.9   % 55.4   55.4  
Finance lease obligations and other 2.1   1.9  
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net ( 5.9 ) ( 6.0 )
Total debt 98.9   99.1  
Less: Current portion 6.0   4.9  
Noncurrent portion of debt
$ 93.0   $ 94.2  

(a) Represents the weighted-average interest rates based on the stated coupon rate. The weighted-average effective interest rate for total debt, including the effects of amortization of debt issuance costs, premiums, discounts and fair value adjustments for acquisition accounting and excluding finance lease obligations and the effects of our derivative financial instruments, was 4.0 % as of both December 31, 2025 and 2024.
(b) As of December 31, 2025, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £ 3.3 billion, € 8.0 billion and ¥ 22.3 billion RMB. As of December 31, 2024, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £ 3.3 billion, € 8.5 billion and ¥ 22.3 billion RMB.
Our senior notes are unsubordinated and unsecured obligations and are subject to parent and/or subsidiary guarantees. As of December 31, 2025 and 2024, substantially all of our debt obligations were fixed-rate debt and our debt had an estimated fair value of $ 90.3 billion and $ 89.8 billion, respectively. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.

Principal Maturities of Term Loans and Senior Notes

(in billions)
2026 $ 5.8  
2027 $ 4.9  
2028 $ 5.6  
2029 $ 4.7  
2030 $ 4.8  

Revolving Credit Facility and Commercial Paper Program
In May 2024, we entered into a new $ 11.8  billion revolving credit facility with a syndicate of banks, due May 17, 2029, that may be used for general corporate purposes. We may increase the commitments under the facility up to a total of $ 14.8  billion, as well as extend the expiration date to no later than May 17, 2031, subject to the approval of the lenders. The interest rate consists of a benchmark rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of December 31, 2025 , the borrowing margin for borrowings based on the Adjusted Term SOFR Rate, as defined in the agreement, was 0.875 % . The facility requires that we maintain a certain financial ratio based on debt and EBITDA, as defined in th e agreement. In connection with our entry into the new credit facility, we terminated our prior credit facility dated as of March 30, 2021. Our commercial paper program is supported by this revolving credit facility and provides a lower cost source of borrowing to fund short-term working capital requirements. As of December 31, 2025 and 2024, we had no borrowings outstanding under this revolving credit facility or our commercial paper program. As of December 31, 2025, amounts available under this revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $ 11.8  billion.

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Letters of Credit and Bank Guarantees
As of December 31, 2025, we and certain of our subsidiaries had undrawn irrevocable standby letters of credit and bank guarantees totaling $ 313  million to cover potential fundings under various agreements.
Versant Financing
In October 2025, Versant entered into a credit agreement with respect to a $ 1.0  billion senior secured Term A Loan Facility due January 2031 and a $ 750  million Revolving Credit Facility due January 2031. As of December 31, 2025, the Term A Loan Facility was not funded and the Versant Revolving Credit Facility was undrawn. Versant also entered into an indenture pursuant to which Versant issued $ 1.0  billion aggregate principal amount of 7.25 % senior secured Notes due January 2031. As of December 31, 2025, the net proceeds from the Notes issuance, plus accrued and unpaid interest, were held in an escrow account and reported as restricted cash within our consolidated balance sheet due to a special mandatory redemption provision that would have required the Notes to be redeemed if the Separation of Versant from Comcast had not been consummated by March 2, 2026.
On January 2, 2026, before the Distribution, Versant entered into a credit agreement with respect to a $ 1.0  billion Term B Loan Facility due January 2031, and each of the Term A Loan Facility and the Term B Loan Facility was funded. Versant’s $ 3.0  billion aggregate principal amount of indebtedness consisting of the Notes and borrowings under the Term A Loan Facility and Term B Loan Facility ceased to be consolidated indebtedness of Comcast in connection with the Separation. See Note 16 for additional information on the Separation.
Derivatives and Hedging
We use financial instruments designated as hedging instruments primarily to manage exposures to (1) foreign exchange rate fluctuations resulting from certain foreign currency denominated debt obligations and intercompany funding arrangements and from the consolidation of our foreign operations; and (2) interest rate risk relating to our debt. Our objective is to manage the financial and operational exposure arising from these risks by offsetting gains and losses on underlying exposures with gains and losses on the instruments used to hedge them.

December 31, 2025
December 31, 2024

(in billions) Designation Notional Net Derivative Asset (Liability) Notional Net Derivative Asset (Liability)
Foreign Exchange Risk
Foreign Currency Denominated Debt
Cross-currency swaps Fair value hedge $ 2.1   $ 0.1   $ 1.9   $ ( 0.1 )
Cross-currency swaps Cash flow hedge 0.8   ( 0.2 ) 0.8   ( 0.2 )
Intercompany Loans
Foreign currency forwards Fair value hedge 1.5   —   1.7   0.1  
Net Investments in Foreign Subsidiaries
Foreign currency denominated debt (a)
Net investment hedge 7.3   7.3  
Cross-currency swaps Net investment hedge 1.0   0.2   1.7   0.4  
Interest Rate Risk
Fixed-to-variable interest rate swaps Fair value hedge $ 2.5   $ ( 0.1 ) $ 2.5   $ ( 0.2 )