COMCAST CORP
For the period ended Mar 31, 2025. Filed Apr 24, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed Apr 24, 2025
CMCSA$24.39-2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-10-31.
0001166691-24-000056
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-04-24.
0001166691-25-000021
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 154 previous paragraphs and 147 current paragraphs.
80 unchanged; 55 reworded; 11 added; 19 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 26 previous and 25 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
A substantial portion of our revenue comes from customers whose spending patterns may be affected by prevailing economic conditions. Uncertain economic conditions, including as a result of geopolitical dynamics, changes in trade policies and foreign exchange rates could adversely affect demand for our products or services and have a negative impact on our results of operations. For a discussion of these factors and other risks, refer to Risk Factors in Item 1A of our 2024 Annual Report on Form 10-K.
Current report
Percentage changes that are considered not meaningful are denoted with NM.
Current report
(b)Beginning in the first quarter of 2025, commission revenue from the sale of certain direct to consumer (“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.
Current report
Advertising revenue decreased for the three months ended March 31, 2025 compared to the same period in 2024 due to lower international advertising and lower domestic political and nonpolitical advertising.
Current report
Media segment total revenue included $1.2 billion and $1.1 billion related to Peacock for the three months ended March 31, 2025 and 2024, respectively. We had 41 million and 34 million paid subscribers of Peacock as of March 31, 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 availability of Peacock through a third-party’s bundled service offering.
Current report
Theme parks segment costs and expenses increased for thethree months ended March 31, 2025 compared to the same period in 2024 primarily due to preopening costs for Epic Universe ahead of the scheduled opening in May 2025.
Current report
Headquarters and Other expenses primarily consists of overhead, personnel and other costs necessary to operate the Content & Experiences business.
Current report
Corporate and Other revenue decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily driven by a decrease in revenue from Comcast Spectacor.
Current report
Corporate and Other costs and expenses decreased for thethree months ended March 31, 2025 compared to the same period in 2024 primarily due to lower costs related to Sky operations in Germany, partially offset by an increase at Xumo.
Current report
Percentage changes that are considered not meaningful are denoted with NM.
Current report
Additionally, we expect to receive a federal income tax refund in the current year as a result of carrying back a capital loss created primarily as part of a 2024 internal corporate reorganization to offset capital gains recognized in our federal income tax returns for 2021 through 2023.
Removed paragraphs (19)
Previous report
Advertising revenue increased for the three months ended September 30, 2024 compared to the same period in 2023 primarily driven by an increase in domestic political advertising, partially offset by lower domestic nonpolitical and international advertising.
Previous report
Advertising revenue increased for the nine months ended September 30, 2024 compared to the same period in 2023 primarily driven by an increase in domestic political advertising, increased revenue from our advanced advertising business and the positive impact of foreign currency, partially offset by lower domestic nonpolitical advertising.
Previous report
Other expenses increased for the three months ended September 30, 2024 compared to the same period in 2023 primarily due to increased direct product costs, the impact of foreign currency, higher technical and support expenses, and increased spending on marketing and promotion, including spending associated with the Paris Olympics.
Previous report
Revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to the Paris Olympics in the third quarter of 2024. Excluding incremental revenue associated with the Paris Olympics, revenue for the three months ended September 30, 2024 increased primarily due to increases in domestic distribution, international networks and other revenue. Excluding incremental revenue associated with the Paris Olympics, revenue for the nine months ended September 30, 2024 increased primarily due to increases in domestic distribution and international networks revenue, partially offset by a decrease in domestic advertising revenue.
Previous report
Domestic distribution revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 and included the Paris Olympics in the third quarter of 2024. Excluding the incremental revenue associated with this event, domestic distribution revenue increased for the three and nine months ended September 30, 2024 primarily due to increases in Peacock paid subscribers, partially offset by decreases in revenue at our linear television networks. The decreases at our networks were primarily due to declines in the number of subscribers, partially offset by contractual rate increases.
Previous report
Other revenue increased for thethree months ended September 30, 2024 compared to the same period in 2023 primarily due to an increase in revenue from the licensing of our owned content.
Previous report
Media segment total revenue included $1.5 billion and $3.6 billion related to Peacock for the three and nine months ended September 30, 2024, respectively, including amounts related to the Paris Olympics. Media segment total revenue included $830 million and $2.3 billion related to Peacock for thethree and nine months ended September 30, 2023, respectively. We had 36 million and 28 million paid subscribers of Peacock as of September 30, 2024 and 2023, respectively. Peacock paid subscribers represent customers from which Peacock receives a subscription fee on a retail or wholesale basis. Paid subscribers do not include certain customers that receive Peacock as part of bundled services where Peacock does not receive fees.
Previous report
Other expenses increasedfor thethree and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increases in costs related to Peacock.
Previous report
Content licensing revenue decreased for the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to the timing of when content was made available by our film studios, partially offset by the timing ofwhen content was made available by our television studios under licensing agreements, including the impact of the work stoppages in the prior year period.
Previous report
Theatrical revenue increased forthe three months ended September 30, 2024 compared to the same period in 2023 primarily due to higher revenue from recent releases, including Despicable Me 4 and Twisters.
Previous report
Programming and production costs decreased for the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to lower costs associated with theatrical releases, partially offset by higher costs associated with content licensing sales, including the impact of work stoppages in the prior year period.
Previous report
Theme parks segment costs and expenses were consistent for thethree and nine months ended September 30, 2024 compared to the same periods in 2023. Theme parks segment costs and expenses were consistent for the nine months ended September 30, 2024 primarily due to higher costs associated with park operations, offset by the impact of foreign currency.
Previous report
Headquarters and Other expenses include overhead, personnel costs and costs associated with corporate initiatives.
Previous report
Corporate and Other revenue increased for the three months ended September 30, 2024 compared to the same period in 2023 driven by Spectacor and Xumo. Corporate and other revenue increased for the nine months ended September 30, 2024 compared to the same period in 2023 driven by an increase across our businesses.
Previous report
Corporate and Other costs and expenses increased for thethree months ended September 30, 2024 compared to the same period in 2023 due to increased marketing associated with the Paris Olympics and increases related to Spectacor and Xumo. Corporate and Other costs and expenses increasedfor the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to increases related to corporate functions, increased marketing associated with the Paris Olympics, and Xumo.
Previous report
In July 2024, we entered into new rights agreements with the NBA and WNBA for television and streaming rights for certain regular and post-season games beginning with the 2025-26 season through the 2035-36 season with aggregate rights payments of $27 billion.
Previous report
In September 2024, we issued €1.8 billion aggregate principal amount of fixed-rate euro senior notes maturing in 2032 and 2036 and entered into a corresponding cross-currency swap, effectively converting the debt to an aggregate U.S. dollar principal amount of $2.0 billion with a weighted-average interest rate of 4.72%. We also issued £750 million ($1.0 billion using exchange rates on the date of issuance) principal amount of fixed rate sterling senior notes maturing in 2040 with an interest rate of 5.25%. The net proceeds from this issuance are intended for working capital and general corporate purposes, including the early redemption of $725 million of our outstanding 5.25% Notes due 2025, which was completed in October 2024, and the repayment of certain of our other outstanding debt with near-term maturities. In May 2024, we issued $3.3 billion aggregate principal amount of fixed-rate senior notes, which have maturities ranging between 2029 and 2054 and a weighted-average interest rate of 5.38%. The net proceeds from this issuance was for the repayment of our outstanding commercial paper, and for working capital and general corporate purposes.
Previous report
We believe our estimates associated with the valuation and impairment testing of goodwill are critical in the preparation of our consolidated financial statements. We performed a quantitative assessment as of July 1, 2024 for goodwill in our Media segment. Based on this assessment, the estimated fair value of the Media reporting unit substantially exceeded its carrying value and no impairment was required.
Previous report
Changes in market conditions, laws and regulations, and key assumptions made in future quantitative assessments, including expected cash flows, competitive factors and discount rates, could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge.
Reworded paragraphs (55)
Previous wording
Consolidated revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily driven by increases in the Content & Experiences business and Corporate and Other. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”
Current wording
Consolidated revenue remained consistent for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to decreases in the Connectivity & Platforms business and Corporate and Other, offset by an increase in the Content & Experiences business. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”
Previous wording
Consolidated costs and expenses, excluding depreciation and amortization expense, increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily driven by increases in the Content & Experiences business and Corporate and Other. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”
Current wording
Consolidated costs and expenses, excluding depreciation and amortization expense, decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to decreases in the Connectivity & Platforms business and Corporate and Other, partially offset by an increase in the Content & Experiences business. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”
Previous wording
Consolidated depreciation and amortization expense increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business. Consolidated depreciation and amortization expense for the nine months ended September 30, 2024 was partially offset by decreased depreciation of international property and equipment and decreased amortization of software.
Current wording
Consolidated depreciation and amortization expense increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business.
Previous wording
Amortization expense from acquisition-related intangible assets totaled$817 million and$1.9 billionfor the three and nine months ended September 30, 2024, respectively, and$571 million and $1.7 billion for the three and nine months ended September 30, 2023, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.
Current wording
Amortization expense from acquisition-related intangible assets totaled$789 millionand $569 million for the three months ended March 31, 2025 and 2024, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.
Previous wording
Consolidated interest expense decreased for the three months ended September 30, 2024 and was consistent for the nine months ended September 30, 2024 primarily due to interest expense in the prior year periods associated with a collateralized obligation that was repaid in the fourth quarter of 2023, offset by increases in average debt outstanding and higher weighted-average interest rates in the current year periods.
Current wording
Consolidated interest expense increased for the three months ended March 31, 2025 primarily due to an increase in average debt outstanding and higher weighted-average interest rates in the current year period.
Previous wording
Consolidated investment and other income (loss), netdecreased for the three and nine months ended September 30, 2024 compared to the same periods in 2023.
Current wording
Consolidated investment and other income (loss), netdecreased for the three months ended March 31, 2025 compared to the same period in 2024.
Previous wording
The change in equity in net income (losses) of investees, net was primarily due to our investment in Atairos. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $(93) million and $(289) million for the three and nine months ended September 30, 2024, respectively, and $252 million and $753 million for the three and nine months ended September 30, 2023, respectively.
Current wording
The change in equity in net income (losses) of investees, net was primarily due to our investment in Atairos. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $(169) million and $195 million for the three months ended March 31, 2025 and 2024, respectively.
Previous wording
The change in realized and unrealized gains (losses) on equity securities, net for thethree months ended September 30, 2024 was primarily due to higher losses on nonmarketable securities in the prior year period and losses on marketable securities in the prior year period. The change in realized and unrealized gains (losses) on equity securities, net for thenine months ended September 30, 2024 was primarily due to higher losses on marketable and nonmarketable securities in the current year period.
Current wording
The change in realized and unrealized gains (losses) on equity securities, net for thethree months ended March 31, 2025 was primarily due to lower losses on nonmarketable securities in the current year period.
Previous wording
The increase in other income (loss), net for the three and nine months ended September 30, 2024 primarily resulted from insurance contracts and foreign exchange remeasurement.
Current wording
The change in other income (loss), net for the three months ended March 31, 2025 primarily resulted from a gain related to an equity method investment and from higher income from insurance contracts in the prior year period.
Previous wording
Consolidated income tax expense for the three and nine months ended September 30, 2024 and 2023 reflects an effective income tax rate that differs from the federal statutory rate due to state and foreign income taxes and adjustments associated with uncertain tax positions. The decreases in income tax expense for the three and nine months ended September 30, 2024 compared to the same periods in 2023 were primarily driven by lower domestic income before income taxes.
Current wording
Consolidated income tax expense for the three months ended March 31, 2025 and 2024 reflects an effective income tax rate that differs from the federal statutory rate due to state and foreign income taxes and adjustments associated with uncertain tax positions. The decrease in income tax expense for the three months ended March 31, 2025 compared to the same period in 2024 was primarily driven by lower domestic income before income taxes.
Previous wording
Consolidated net income (loss) attributable to noncontrolling interests changed for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to our regional sports networks. The change for the three months ended September 30, 2024 was partially offset by Universal Beijing Resort.
Current wording
Consolidated net income (loss) attributable to noncontrolling interests is consistent for the three months ended March 31, 2025 compared to the same period in 2024.
Previous wording
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. A competitive environment, which has increased in recent years, and continued low domestic household move levels have had negative impacts on our customer relationships additions/(losses). In addition, funding for the Affordable Connectivity Program, which provided a monthly discount towards broadband service for eligible low-income households, expired during the second quarter of 2024 and resulted in an estimated net loss of 96,000 residential domestic broadband customers for the third quarter of 2024. We believe our residential connectivity revenue will increase as a result of growth in average domestic broadband revenue per customer, as well as increases in domestic wireless and international connectivity revenue. At the same time, we 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. We also expect continued declines in other revenue related to declines in wireline voice revenue. We believe our Business Services Connectivity segment will continue to grow by offering competitive services, including to medium-sized and enterprise customers. Global economic conditions and consumer sentiment have in the past adversely impacted, and may continue to adversely impact, demand for our products and services and our results of operations.
Current wording
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 through growth in average domestic broadband revenue per customer, as well as growth in domestic wireless and international connectivity revenue. At the same time, we 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. We also expect 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.
Previous wording
(b)Technical and support expenses primarily include costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning.
Current wording
(b)Technical and support expenses primarily consists of costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning.
Previous wording
(c)Direct product costs primarily include 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.
Current wording
(c)Direct product costs primarily consists 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.
Previous wording
(d)Marketing and promotion expenses include the costs associated with attracting new customers and promoting our service offerings.
Current wording
(d)Marketing and promotion expenses primarily consists of the costs associated with attracting new customers and promoting our service offerings.
Previous wording
(e)Customer service expenses include the personnel and other costs associated with customer service and certain selling activities.
Current wording
(e)Customer service expenses primarily consists of the personnel and other costs associated with customer service and certain selling activities.
Previous wording
(f)Other expenses primarily include administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we represent the advertising sales efforts; other business support costs, including building and office expenses, taxes and billing costs; and bad debt.
Current wording
(f)Other expenses primarily consists 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.
Previous wording
Domestic broadband revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 due to increases in average rates.
Current wording
Domestic broadband revenue increased for the three months ended March 31, 2025 compared to the same period in 2024 due to an increase in average rates, which offset a decline in the number of domestic broadband customers.
Previous wording
Domestic wireless revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increases in the number of customer lines and device sales.
Current wording
Domestic wireless revenue increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to an increase in the number of customer lines and device sales.
Previous wording
International connectivity revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increases in broadband revenue resulting from an increase in average rates. The increase for the nine months ended September 30, 2024 also includes an increase in wireless revenue primarily resulting from an increase in the sale of wireless services. The increases for the three and nine months ended September 30, 2024 include the positive impact of foreign currency.
Current wording
International connectivity revenue increased for the three months ended March 31, 2025 compared to the same period in 2024 due to an increase in broadband revenue resulting from an increase in average rates and an increase in wireless revenue resulting from an increase in the sale of wireless services.
Previous wording
Video revenue decreased for thethree and nine months ended September 30, 2024 compared to the same periods in 2023 due to declines in the overall number of video customers, partially offset by overall increases in average rates.
Current wording
Video revenue decreased for thethree months ended March 31, 2025 compared to the same period in 2024 due to a decline in the overall number of video customers, partially offset by an overall increase in average rates.
Previous wording
Other revenue decreased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to decreases in residential wireline voice revenue driven by declines in the number of customers.
Current wording
Other revenue decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to a decrease in residential wireline voice revenue driven by a decline in the number of customers.
Previous wording
Programming expenses decreased for thethree and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to declines in the number of domestic video subscribers, partially offset by rate increases under our domestic programming contracts.
Current wording
Programming expenses decreased for thethree months ended March 31, 2025 compared to the same period in 2024 primarily due to a decline in the number of domestic video subscribers, partially offset by rate increases under our domestic programming contracts and an increase in programming expenses for our international sports networks.
Previous wording
Other expenses increased for the nine months ended September 30, 2024 compared to the same period in 2023 primarily due to increased direct product costs, the impact of foreign currency and higher technical and support expenses, partially offset by decreased spending on marketing and promotion.
Current wording
Other expenses remained consistent for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to increased direct product costs and increased spending on marketing and promotion, offset by lower technical and support and customer service expenses.
Previous wording
Business services connectivity revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 due to increases in revenue from medium-sized and enterprise customers and from higher average rates from small business customers.
Current wording
Business services connectivity revenue increased for the three months ended March 31, 2025 compared to the same period in 2024 due to an increase in revenue from enterprise solutions offerings and from higher average rates from small business customers.
Previous wording
Business services connectivity costs and expenses increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increases in direct product costs and inmarketing and promotion. The increase for the nine months ended September 30, 2024 also includes an increase intechnical and support expenses.
Current wording
Business services connectivity costs and expenses increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to an increase in direct product costs.
Previous wording
We operate our Media segment as a combined television and streaming business. We expect that the number of subscribers and audience ratings at our 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 continued growth in 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 Olympics in the third quarter of 2024. Global economic conditions and consumer sentiment have in the past adversely impacted, and may continue to adversely impact, demand for our products and services and our results of operations.
Current wording
We operate our Media segment as a combined television and streaming business. We expect that the number of subscribers and audience ratings at our 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 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 our acquisition of NBA rights, which begin in the fourth quarter of 2025.
Previous wording
Our Studios segment generates revenue primarily from third parties and from licensing content to our Media segment. While 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. The Writers Guild of America and the Screen Actors Guild-American Federation of Television and Radio Artists work stoppages from May to September 2023 and July to November 2023, respectively, resulted in reduced content licensing revenue and programming and production costs at our Studios segment in the three and nine months ended September 30, 2023.
Current wording
Our Studios segment generates revenue primarily from third parties and from licensing content to our Media segment. While 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.
Previous wording
We continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, including Epic Universe in Orlando, as well as in new destinations and experiences, which we believe will have a positive impact on attendance and guest spending at our theme parks.
Current wording
We continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, including Epic Universe in Orlando, which is scheduled to open in May 2025, as well as in new destinations and experiences, which we believe will have a positive impact on attendance and guest spending at our theme parks.
Previous wording
Domestic advertising revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to the Paris Olympics in the third quarter of 2024. Excluding the incremental revenue associated with this event, domestic advertising revenue remained consistent for the three months ended September 30, 2024 primarily due to an increase in revenue at Peacock, offset by a decrease in revenue at our linear television networks, and it decreased for the nine months ended September 30, 2024 due to a decrease in revenue at our linear television networks, partially offset by an increase in revenue at Peacock.
Current wording
Domestic advertising revenue decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to a decrease in revenue at our linear television networks, partially offset by an increase in revenue at Peacock.
Previous wording
International networks revenue increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to the positive impact of foreign currency and increases in revenue associated with the distribution of sports networks.
Current wording
International networks revenue increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to an increase in revenue associated with the distribution of sports networks.
Previous wording
Programming and production costs increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to costs associated with the Paris Olympics, higher programming costs at Peacock and increases in other sports programming costs for our domestic television networks. The increase for thenine months ended September 30, 2024 was partially offset by a decrease in entertainment content costs for our television networks.
Current wording
Programming and production costs decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to lower sports programming costs at Peacock and our domestic television networks, mainly reflecting lower sports volumes compared to the prior year period. This decrease was partially offset by an increase in entertainment content costs for our domestic television networks and an increase in sports programming costs for our international television networks.
Previous wording
Marketing and promotion expenses increased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to increased costs associated with the Paris Olympics. The increase for the three months ended September 30, 2024 also includes increased spending on marketing at Peacock.
Current wording
Marketing and promotion expenses increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to higher costs related to marketing for entertainment programming, partially offset by decreased spending on marketing at Peacock.
Previous wording
Media segment total costs and expenses included $1.9 billion and $5.0 billion related to Peacock for the three and nine months ended September 30, 2024, respectively, including amounts related to the Paris Olympics. Media segment total costs and expenses included $1.4 billion and $4.3 billion related to Peacock for thethree and nine months ended September 30, 2023, respectively.
Current wording
Media segment total costs and expenses included $1.4 billion and $1.7 billion related to Peacock for thethree months ended March 31, 2025 and 2024, respectively.
Previous wording
Content licensing revenue increased for the three months ended September 30, 2024 compared to the same period in 2023 primarily due to the timing of when content was made available by our television studios under licensing agreements, including the impact of the work stoppages in the prior year period.
Current wording
Content licensing revenue increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to the timing of when content was made available by our film and television studios.
Previous wording
Theatrical revenue decreased for thenine months ended September 30, 2024 compared to the same period in 2023 primarily due to higher revenue from releases in the prior year period, including The Super Mario Bros., Oppenheimerand Fast X, compared to revenue from recent releases, including Despicable Me 4, Kung Fu Panda 4 and Twisters.
Current wording
Theatrical revenue decreased forthe three months ended March 31, 2025 compared to the same period in 2024 primarily due to higher revenue from releases in the prior year period, including Kung Fu Panda 4 and Migration, compared to revenue from recent releases impacting the current year period, including Dog Manand Nosferatu.
Previous wording
Programming and production costs increased for the three months ended September 30, 2024 compared to the same period in 2023 primarily due to higher costs associated with content licensing sales, including the impact of work stoppages in the prior year period.
Current wording
Programming and production costs increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to higher costs associated with content licensing sales.
Previous wording
Marketing and promotion expenses decreased for thethree and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to decreased spending on recent and upcoming theatrical film releases in the current year periods.
Current wording
Marketing and promotion expenses decreased for thethree months ended March 31, 2025 compared to the same period in 2024 primarily due to decreased spending on recent and upcoming theatrical film releases in the current year period.
Previous wording
Theme parks segment revenue decreased for the three and nine months ended September 30, 2024 compared to the same periods in 2023 primarily due to decreases at our domestic theme parks driven by decreased park attendance. The decrease for the nine months ended September 30, 2024 also includes the negative impact of foreign currency at our international theme parks.
Current wording
Theme parks segment revenue decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to decreased attendance at our domestic theme parks.
Previous wording
Corporate and Other primarily includes overhead and personnel costs; Sky branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture.
Current wording
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 Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture.
Showing the first 40 of 55 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Domestic distribution revenue remained consistent for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to an increase in revenue at Peacock, offset by a decrease in revenue at our linear television networks.