COMCAST CORP
For the period ended Dec 31, 2025. Filed Feb 3, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 3, 2026
CCZ$62.32-1.7%Stored close · as of Nov 5, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-01-31.
0001166691-25-000011
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-03.
0001628280-26-004994
Item 7. 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 218 previous paragraphs and 232 current paragraphs.
126 unchanged; 81 reworded; 22 added; 10 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 32 previous and 33 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 (22)
Current report
•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).
Current report
•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).
Current report
Percentage changes that are considered not meaningful are denoted with NM.
Current report
(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.
Current report
(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.
Current report
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.
Current report
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.
Current report
Percentage changes that are considered not meaningful are denoted with NM.
Current report
Other revenue increased in 2025 primarily due to increased revenue from a digital property and increased licensing of our owned content.
Current report
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.
Current report
Theme parks segment costs and expenses increased in 2025 primarily due to operating costs associated with Epic Universe.
Current report
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.
Current report
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.
Current report
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.
Current report
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.
Current report
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).
Current report
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.
Current report
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.
Current report
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.
Current report
(b)Amounts include contractual obligations for our assets presented as held for sale as of December 31, 2025.
Current report
(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.
Current report
(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.
Removed paragraphs (10)
Previous report
•In the fourth quarter of 2023, we exercised our put right requiring Disney to purchase our interest in Hulu and received $8.6 billion, representing $9.2 billion for our share of Hulu’s minimum equity value presented as an advance on the sale of our investment in our consolidated balance sheet, less $557 million for our share of prior capital calls. We expect to receive additional proceeds for the sale of our interest in Hulu following the final determination of Hulu’s fair value pursuant to a third-party appraisal process, at which time we will recognize the sale of our interest. See Note 7.
Previous report
•In November 2024, we announced our intention to create SpinCo, a new independent publicly traded company through a tax-free spin-off. We are targeting to complete the Spin-off by the end of 2025, subject to the satisfaction of customary conditions. There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing.
Previous report
Domestic broadband revenue increased in 2024 primarily due to an increase in average rates.
Previous report
Other expenses increased in 2024 primarily due to an increase in direct product costs, the impact of foreign currency and higher technical and support costs, partially offset by lower severance charges in 2024 compared to severance and other charges in 2023.
Previous report
Theme park segment revenue decreased in 2024 primarily due to decreases at our domestic theme parks primarily driven by decreased park attendance, as well as the negative impact of foreign currency at our international theme parks.
Previous report
Theme parks segment costs and expenses increased in 2024 primarily due to higher costs associated with park operations and preopening costs for Epic Universe, partially offset by the impact of foreign currency. We expect to incur additional preopening costs for Epic Universe ahead of the expected opening in May 2025.
Previous report
Corporate and Other revenue increased in 2024 reflecting higher revenue across each of our other businesses.
Previous report
Corporate and Other costs and expenses increased in 2024 primarily due to increases related to corporate functions and increased marketing associated with the Paris Olympics, partially offset by lower costs related to Sky operations in Germany, including charges related to entertainment content and the impact of the timing of recognition of costs in the prior year as a result of the 2022 FIFA World Cup. We will have expanded German broadcast rights to Bundesliga beginning with the 2025/2026 season, which will result in an increase in programming and production costs.
Previous report
The decrease in payments of interest in 2024 was primarily due to the payments of interest in the prior year associated with our collateralized obligation which was repaid in the fourth quarter of 2023, partially offset by increased debt balances following debt issuances in the current year and higher weighted-average interest rates.
Previous report
We expect to receive additional proceeds for the sale of our interest in Hulu following the finalization of the third-party appraisal process, at which time we will recognize the sale of our interest. See Note 7.
Reworded paragraphs (81)
Previous wording
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 assets proposed to be included in the Spin-off and does not reflect or give effect to what our results of operations and financial condition may be following the Spin-off, if consummated.
Current wording
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.
Previous wording
•Repurchased a total of 212 million shares of our Class A common stock for $8.6 billion in 2024 compared to a total of 262 million shares of our Class A common stock for $11.0 billion in 2023. Raised our dividend by $0.08 to $1.24 per share on an annualized basis in January 2024 and paid $4.8 billion of dividends in 2024.
Current wording
•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.
Previous wording
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.
Current wording
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.
Previous wording
Consolidated depreciation and amortization expense increased in 2024 compared to 2023 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business, partially offset by a decrease in depreciation of our international property and equipment and a decrease in the amortization of software.
Current wording
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.
Previous wording
Amortization expense from acquisition-related intangible assets totaled $2.7 billion and $2.3 billion in 2024 and 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 $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.
Previous wording
Consolidated interest expense increased in 2024 compared to 2023 primarily due to an increase in average debt outstanding and higher weighted-average interest rates in the current year, partially offset by interest expense in the prior year associated with a collateralized obligation that was repaid in the fourth quarter of 2023.
Current wording
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.
Previous wording
The change in equity in net income (losses) of investees, net in 2024 compared to 2023 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 $(474) million and $1.1 billion in 2024 and 2023, respectively.
Current wording
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.
Previous wording
The change in realized and unrealized gains (losses) on equity securities, net in 2024 compared to 2023 was primarilydue to higher losses on nonmarketable securities in the current year.
Current wording
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.
Previous wording
The change in other income (loss), net in 2024 compared to 2023 primarily resulted from foreign exchange remeasurement.
Current wording
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).
Previous wording
Our effective income tax rate in 2024 and 2023 was 15.0% and 26.2%, respectively.
Current wording
Our effective income tax rate in 2025 and 2024 was 23.7% and 15.0%, respectively.
Previous wording
The decrease in income tax expense in 2024 was primarily driven by a tax benefit from an internal corporate reorganization completed in 2024, as well as lower domestic income before income taxes.
Current wording
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.
Previous wording
The changes in net income (loss) attributable to noncontrolling interests in 2024 compared to 2023 was primarily due to our regional sports networks.
Current wording
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.
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, has had negative impacts on our customer relationships additions/(losses). In addition, government 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, which had a negative impact on our residential domestic broadband customer relationships. 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 enterprise solutions.
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. 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.
Previous wording
(b)Business Services Connectivity customer metrics are gener ally counted based on the number of locations receiving services, including locations within our network in the United States, as well as locations 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 locations served.
Current wording
(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.
Previous wording
(c)Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines.
Current wording
(d)Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines.
Previous wording
(d)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.
Current wording
(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.
Previous wording
(e)Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed.
Current wording
(f)Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed.
Previous 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.
Current wording
(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.
Previous 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.
Current wording
(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.
Previous wording
(d)Marketing and promotion expenses primarily consists of the costs associated with attracting new customers and promoting our service offerings.
Current wording
(d)Marketing and promotion expenses primarily consist of the costs associated with attracting new customers and promoting our service offerings.
Previous wording
(e)Customer service expenses primarily consists of the personnel and other costs associated with customer service and certain selling activities.
Current wording
(e)Customer service expenses primarily consist of the personnel and other costs associated with customer service and certain selling activities.
Previous 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.
Current wording
(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.
Previous wording
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 also includes revenue related to Xumo Stream Boxes and commission revenue from the sale of certain DTC streaming services.
Current wording
Domestic broadband revenue primarily consists of revenue from sales of broadband services to residential customers in the United States, including equipment and installation services.
Previous wording
International connectivity revenue primarily consists of revenue from sales of broadband services, including equipment and installation services, wireless services and wireless devices to residential customers in the United Kingdom and Italy, as well as commission revenue from the sale of certain third-party DTC streaming services.
Current wording
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.
Previous wording
International connectivity revenue increased in 2024 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 sale of wireless services. This increase includes the positive impact of foreign currency.
Current wording
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.
Previous wording
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, as well as revenue from sales of certain hardware, including Sky Glass smart televisions.
Current wording
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.
Previous wording
Video revenue decreased in 2024 due to declines in the overall number of video customers, partially offset by an overall increase in average rates.
Current wording
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.
Previous wording
Advertising revenue increased in 2024 primarily driven by an increase in domestic political advertising, partially offset by lower domestic nonpolitical advertising.
Current wording
Advertising revenue decreased in 2025 primarily driven by lower domestic political and nonpolitical advertising, partially offset by the positive impact of foreign currency.
Previous wording
Programming expenses decreased in 2024 primarily due to a decline in the number of domestic video subscribers, partially offset by domestic contractual rate increases.
Current wording
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.
Previous wording
Business services connectivity revenue increased in 2024 primarily due to an increase in revenue from enterprise solutions offerings and from higher rates from small business customers.
Current wording
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.
Previous wording
Business services connectivity costs and expenses increased in 2024 primarily due to increases in direct product costs, marketing and promotion expenses, and technical and support expenses. Severance charges in 2024 were consistent compared to severance and other charges in 2023.
Current wording
Business services connectivity costs and expenses increased in 2025 primarily due to increases in direct product costs, which include the results from Nitel.
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 and our acquisition of NBA rights, which begin in 2025.
Current wording
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.
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 and the SAG work stoppages from May to September 2023 and July to November 2023, respectively, resulted in reduced content licensing revenue at our Studios segment and reduced programming and production costs at both our Studios and Media segments in 2023.
Current wording
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.
Previous wording
We continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, including Epic Universe in Orlando, which we expect will 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.
Current wording
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.
Previous wording
Revenue increased in 2024 primarily due to the Paris Olympics in 2024. Excluding incremental revenue associated with this event, revenue increased in 2024 driven by increases in domestic distribution and international networks revenue.
Current wording
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.
Previous wording
Domestic advertising revenue increased in 2024 primarily due to the Paris Olympics in 2024. Excluding incremental revenue associated with this event, domestic advertising revenue remained consistent in 2024 primarily due to a decrease in revenue at our linear television networks, offset by an increase in revenue at Peacock.
Current wording
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.
Previous wording
Domestic distribution revenue increased in 2024, including the impact of the Paris Olympics in 2024. Excluding incremental revenue associated with this event, domestic distribution revenue increased in 2024 primarily due to an increase in Peacock paid subscribers, partially offset by a decrease in revenue at our linear television networks. The decrease at our networks was primarily due to a decline in the number of subscribers, partially offset by contractual rate increases.
Current wording
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.
Previous wording
Media segment total revenue included $4.9 billion and $3.4 billion related to Peacock in 2024 and 2023, respectively, including amounts related to the Paris Olympics in 2024. We had 36 million and 31 million paid subscribers of Peacock as of 2024 and 2023, 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.
Current wording
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.
Previous wording
Programming and production costs increased in 2024 primarily due to costs associated with the Paris Olympics, an increase in other sports programming costs for our domestic television networks, the impact of foreign currency, an increase in entertainment content costs for our television networks, including the impact of the Writers Guild and SAG work stoppages in the prior year, and higher programming costs at Peacock.
Current wording
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.
Previous wording
Marketing and promotion expenses increased in 2024 primarily due to increased costs associated with the Paris Olympics, partially offset by lower costs related to marketing for entertainment programming.
Current wording
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.
Showing the first 40 of 81 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
(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.
Current report — wording carried from elsewhere
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.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.