COMCAST CORP
For the period ended Mar 31, 2026. Filed Apr 23, 2026.
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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, 2026 · Filed Apr 23, 2026
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 2025-09-30; filed 2025-10-30.
0001166691-25-000054
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-23.
0001628280-26-026805
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 156 previous paragraphs and 166 current paragraphs.
76 unchanged; 58 reworded; 31 added; 21 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 27 previous and 24 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 (31)
Current report
The Separation of Versant occurred on January 2, 2026. The results of Versant are included in our consolidated results of operations for the three months ended March 31, 2025 and are excluded from our segment operating results (see Note 2).
Current report
Consolidated depreciation and amortization expense remained consistent with the prior year period for the three months ended March 31, 2026 primarily driven by increased depreciation due to the opening of Epic Universe in May 2025 and impairments of certain long-lived assets in the current year period, partially offset by lower amortization of customer relationships and other agreements and rights due to the Separation.
Current report
(b)Total Residential Connectivity & Platforms customer relationships and International Residential Connectivity & Platforms customer relationships were updated in the first quarter of 2026 due to a conforming change in methodology, resulting in a decrease of 125,000 customers. There was no impact to net additions and information for the prior period has been recast on a comparable basis.
Current report
Domestic broadband revenue primarily consists of revenue from sales of broadband services to residential customers in the United States, including equipment and installation sales. Domestic broadband revenue also includes commission revenue from the sale of DTC streaming services that a customer is entitled to receive through a broadband service offering, as well as revenue from streaming devices available to our broadband customers.
Current report
Domestic broadband revenue decreased for the three months ended March 31, 2026 compared to the same period in 2025 due to a decrease in average rates and a decline in the number of domestic broadband customers.
Current report
Domestic wireless service revenue primarily consists of revenue from sales of wireless services to residential customers in the United States.
Current report
Domestic wireless equipment revenue primarily consists of revenue from sales of wireless devices, including handsets, tablets and smart watches, to residential customers in the United States.
Current report
Domestic wireless equipment revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 due to an increase in the number of device sales.
Current report
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.
Current report
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, and revenue from sales of certain hardware, including Sky Glass smart televisions. Video revenue also includes commission revenue from the sale of DTC streaming services that a customer is entitled to receive through a video service offering.
Current report
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.
Current report
Advertising revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to an increase in revenue from our advanced advertising business, the positive impact from foreign currency and higher domestic political advertising.
Current report
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.
Current report
Domestic advertising revenue primarily consists of revenue generated from sales of advertising on our linear television networks operating predominantly in the United States and on Peacock.
Current report
Domestic distribution revenue primarily consists of revenue generated from Peacock subscription fees and 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.
Current report
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.
Current report
Other revenue primarily consists of revenue generated from the licensing of our owned content and revenue generated from the commission earned from our commercial services agreement with Versant.
Current report
Programming and production costs primarily consists of the amortization of owned and licensed content, including sports rights, direct production costs, production overhead, on-air talent costs and costs associated with the distribution of our television networks to multichannel video providers.
Current report
Programming and production costs increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to costs associated with the Milan Cortina Olympics and Super Bowl and an increase due to the impact of NBA rights in the current year period.
Current report
Marketing and promotion expenses primarily consists of the costs associated with promoting Peacock and our television networks.
Current report
Other expenses primarily consists of salaries, employee benefits, rent and other overhead expenses.
Current report
Other expenses increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to an increase in costs related to the Milan Cortina Olympics and Super Bowl and an increase in costs related to Peacock.
Current report
Theatrical revenue decreased forthe three months ended March 31, 2026 compared to the same period in 2025 primarily due to higher revenue from releases impacting the prior year period, including Dog Man and Nosferatu, compared to revenue from recent releases impacting the current year period.
Current report
(b)Amounts represent the impact of certain other events, gains, losses or other charges that are excluded from Adjusted EBITDA. The three months ended March 31, 2026 includes a gain related to a legal settlement, certain share-based compensation expenses and costs related to our investment portfolio. The three months ended March 31, 2025 includes certain costs related to our investment portfolio.
Current report
Payments of income taxes decreased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to decreased third-party transferable tax credits purchased in the current year period.
Current report
Proceeds from investments and other decreased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to a gain on a legal settlement in the current year period.
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 March 31, 2026 and December 31, 2025 (see Note 6).
Current report
In the fourth quarter of 2025, Versant incurred $1.0 billion of indebtedness from the issuance of certain notes and on January 2, 2026, before the Distribution, Versant borrowed $2.0 billion of indebtedness from certain credit facilities. Versant’s $3.0 billion aggregate principal amount of indebtedness ceased to be consolidated indebtedness of Comcast in connection with the Separation. On the Separation date, Versant distributed to us $2.25 billion of cash, which was funded by the $3.0 billion of prior indebtedness, resulting in a net cash distribution of $750 million to Versant in the first quarter of 2026.
Current report
For the three months ended March 31, 2026, we made debt repayments of $3.2 billion, including $2.1 billion of 3.150% Notes due March 2026 and $629 million of 5.350% Notes due November 2027, which were paid using the proceeds from the distribution from Versant, together with cash on hand. We also made debt repayments of $418 million principal amount of notes due at maturity.
Current report
(c)Other as of December 31, 2025 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.
Current 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 assessed goodwill for impairment in connection with the Separation and our change in segment composition in the first quarter of 2026. Based on our assessment, no impairment was required, and the estimated fair values of our reporting units substantially exceeded their carrying values.
Removed paragraphs (21)
Previous 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.
Previous report
Percentage changes that are considered not meaningful are denoted with NM.
Previous report
Consolidated depreciation and amortization expense increased for the three months ended September 30, 2025 compared to the same periods in 2024 primarily due to increased depreciation due to the opening of Epic Universe in May 2025. Consolidated depreciation and amortization expense increased for the nine months ended September 30, 2025 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 and impairments of certain long-lived assets in the current year period.
Previous report
(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 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 prior period customer metrics or in net additions/(losses) in prior and current year periods.
Previous report
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.
Previous report
Domestic broadband revenue remained consistent for the three months ended September 30, 2025 compared to the same period in 2024 due to an increase in average rates, offset by a decline in the number of domestic broadband customers.
Previous report
Domestic broadband revenue increased for the nine months ended September 30, 2025 compared to the same period in 2024 due to an increase in average rates, partially offset by a decline in the number of domestic broadband customers.
Previous report
Advertising revenue decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to lower domestic political and nonpolitical advertising.
Previous report
Other expenses increased for the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to increased direct product costs, increased spending on marketing and promotion, and the impact of foreign currency, partially offset by lower franchise and other regulatory fees and a decrease in fees paid to third-party channels relating to advertising sales.
Previous report
Programming and production costs decreased for the three months ended September 30, 2025 compared to the same period in 2024 primarily due to costs associated with the Paris Olympics in the prior year period and a decrease in other sports programming costs at our domestic television networks, mainly reflecting lower sports volumes compared to the prior year period. These decreases were partially offset by an increase in sports programming costs for our international television networks.
Previous report
Programming and production costs decreased for the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to costs associated with the Paris Olympics in the prior year period, a decrease in other sports programming costs at our domestic television networks, mainly reflecting lower sports volumes compared to the prior year period, and lower programming costs at Peacock. These decreases were partially offset by an increase in sports programming costs for our international television networks and an increase in entertainment content costs for our domestic television networks.
Previous report
Theatrical revenue increased forthe three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to higher revenue from an increased number of releases in the current year periods. Recent releases include Jurassic World Rebirthforthe three and nine months ended September 30, 2025 and How to Train Your Dragonforthe nine months ended September 30, 2025.
Previous report
Corporate and Other costs and expenses remained consistent for the nine months ended September 30, 2025 primarily due to our corporate functions and higher costs at Xumo in the current year period, offset by marketing associated with the Paris Olympics in the prior year period.
Previous report
Percentage changes that are considered not meaningful are denoted with NM.
Previous report
Payments of income taxes decreased for the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to higher payments in the prior year period relating to the preceding tax year, primarily driven by the taxable gain recognized on our investment in Hulu, and additional deductions allowed under new legislation effective in the current year period. The decreases were partially offset by the timing of transferable tax credit purchases.
Previous report
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.
Previous report
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.
Previous report
For the nine months ended September 30, 2025, we made debt repayments of $4.4 billion, including $2.6 billion of 3.950% Notes due October 2025 and $1.2 billion of 3.375% Notes due August 2025, as well as $419 million principal amount of notes due at maturity.
Previous 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 will 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.
Previous 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”). Versant also intends to enter into a credit agreement with respect to a $1.0 billion term B loan facility due January 2031 (the “Term B Loan Facility”). The Versant Revolving Credit Facility is expected to be undrawn on the separation date, the Term A Loan Facility will be funded on the separation date, and the Term B Loan Facility is expected to be funded on the separation date. In October 2025, 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”). The Notes are subject to a special mandatory redemption at a price of 100% of the principal amount, plus accrued and unpaid interest, if the separation of Versant from Comcast is not consummated by March 2, 2026. The net proceeds from the offering of the Notes were deposited in an escrow account in favor of the trustee, together with certain additional cash contributed by Comcast. On the separation date, Versant intends to use a portion of the proceeds of such indebtedness to make a cash payment of approximately $2.25 billion to Comcast.
Reworded paragraphs (58)
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 platforms proposed to be included in the separation of Versant and does not reflect or give effect to what our results of operations and financial condition may be following the separation, 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. Refer to Note 2 for information on our segments, including a description of the segment composition change implemented in the first quarter of 2026. All amounts are presented under the updated segment structure.
Previous wording
Consolidated revenue decreased for the three months ended September 30, 2025 compared to the same period in 2024 primarily due to a decrease in the Content & Experiences business, partially offset by an increase in Corporate and Other. Consolidated revenue remained consistent for the nine months ended September 30, 2025 compared to the same period in 2024. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”
Current wording
Consolidated revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to increases in the Content & Experiences business and in Corporate and Other, partially offset by a decrease due to the Separation in 2026 and a decrease in the Connectivity & Platforms business. Consolidated revenue for the three months ended March 31, 2025 includes the results of Versant. 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, decreased for the three months ended September 30, 2025 compared to the same period in 2024 primarily due to a decrease in the Content & Experiences business, partially offset by increases in the Connectivity and Platforms business and in Corporate and Other. Consolidated costs and expenses, excluding depreciation and amortization expense, decreased for the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to a decrease 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.” Consolidated costs and expenses for the three and nine months ended September 30, 2025 also increased due to transaction and transaction-related costs associated with the proposed separation of Versant that are excluded from Adjusted EBITDA and our segment operating results.
Current wording
Consolidated costs and expenses, excluding depreciation and amortization expense, increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to increases in the Content & Experiences business, in Corporate and Other and in the Connectivity and Platforms business, partially offset by a decrease due to the Separation in 2026. Consolidated costs and expenses for the three months ended March 31, 2025 includes the results of Versant.
Previous wording
Amortization expense from acquisition-related intangible assets totaled$824 million and $2.4 billion for the three and nine months ended September 30, 2025, respectively, and $817 million and$1.9 billion for the three and nine months ended September 30, 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.
Current wording
Amortization expense from acquisition-related intangible assets totaled $528 million and $789 million for the three months ended March 31, 2026 and 2025, respectively. Amounts primarily relate to intangible assets, including customer relationships and other agreements and rights, recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.
Previous wording
Consolidated interest expense increased for the three and nine months ended September 30, 2025 primarily due to decreases in capitalized interest driven by the opening of Epic Universe, as well as 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, 2026 compared to the same period in 2025 primarily due to decreases in capitalized interest driven by the opening of Epic Universe.
Previous wording
Consolidated investment and other income (loss), netincreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024.
Current wording
Consolidated investment and other income (loss), netdecreased for the three months ended March 31, 2026 compared to the same period in 2025.
Previous wording
The change in equity in net income (losses) of investees, net for the three months ended September 30, 2025 compared to the same period in 2024 was primarily due to our investment in Atairos. The change in equity in net income (losses) of investees, net for the nine months ended September 30, 2025 compared to the same period in 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 $16 million and $(178) million for the three and nine months ended September 30, 2025, respectively, and $(93) million and $(289) million for the three and nine months ended September 30, 2024, respectively.
Current wording
The change in equity in net income (losses) of investees, net for the three months ended March 31, 2026 compared to the same period in 2025 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 $(335) million and $(169) million for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
The change in realized and unrealized gains (losses) on equity securi ties, net for the three months ended September 30, 2025 was primarily due to higher net unrealized losses on nonmarketable securities in the current year period. The change in realized and unrealized gains (losses) on equity securi ties, net for the nine months ended September 30, 2025 was primarily due to a gain on the sale of a nonmarketable security in the current year period and due to higher net unrealized losses on nonmarketable and marketable securities in the prior year period.
Current wording
The change in realized and unrealized gains (losses) on equity securi ties, net for the three months ended March 31, 2026 was primarily due to higher net unrealized losses on nonmarketable securities in the prior year period.
Previous wording
The change in other income (loss), net for the three months ended September 30, 2025 primarily resulted from a gain on the sale of an equity method investment in the current year period. The change in other income (loss), net for the nine months ended September 30, 2025 primarily resulted from a $9.4 billion gain from the sale of our interest in Hulu in the current year period (see Note 7).
Current wording
The change in other income (loss), net for the three months ended March 31, 2026 primarily resulted from foreign exchange remeasurement gains in the prior year period.
Previous wording
Consolidated income tax expense for the three and nine months ended September 30, 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 September 30, 2025 compared to the same period in 2024 was primarily driven by lower domestic income before income taxes. The increase in income tax expense for the nine months ended September 30, 2025 compared to the same period in 2024 was primarily driven by higher domestic income before income taxes.
Current wording
Consolidated income tax expense for the three months ended March 31, 2026 and 2025 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, 2026 compared to the same period in 2025 was primarily driven by lower domestic income before income taxes.
Previous wording
Consolidated net income (loss) attributable to noncontrolling interests changed for thethree and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to Universal Beijing Resort. The change for thenine months ended September 30, 2025 is also due to our regional sports networks.
Current wording
Consolidated net income (loss) attributable to noncontrolling interests changed for thethree months ended March 31, 2026 compared to the same period in 2025 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. 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 to 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.
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 residential and business passings. 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
(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.
Current wording
(a)Residential Connectivity & Platforms customer relationships generally represent the number of residential customers 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.
Previous 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.
Current wording
(c)Connectivity & Platforms domestic residential passings are considered passed if we can connect them to our network in the United States without further extending the transmission lines. The number of residential passings is an estimate based on the best available information.
Previous 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.
Current wording
(d)Penetration is calculated by dividing the number of domestic broadband residential customers located within our network by the number of domestic residential passings.
Previous wording
(d)Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines.
Current wording
(e)Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines.
Previous 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.
Current wording
(f)Other expenses primarily consist of administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we are acting as the principal in the advertising representation arrangement; 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
(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 wording
(b)Beginning in the first quarter of 2026, commission revenue from the sale of certain DTC streaming services is presented in domestic broadband revenue or video revenue based on whether a customer is entitled to receive the DTC streaming service through a broadband or video service offering. Domestic broadband revenue also includes revenue from streaming devices available to our broadband customers. Previously, all of these amounts were in video revenue. Prior periods have been reclassified to reflect the current year presentation.
Previous wording
Domestic wireless revenue increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 due to increases in the number of customer lines and device sales.
Current wording
Domestic wireless service revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 due to an increase in the number of customer lines.
Previous wording
International connectivity revenue increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 due to increases in broadband revenue resulting from increases in average rates and increases in wireless revenue resulting from increases in the sale of wireless services. The increases for the three and nine months ended September 30, 2025 include the positive impact of foreign currency.
Current wording
International connectivity revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to the positive impact of foreign currency and an increase in broadband revenue resulting from an increase in average rates.
Previous wording
Video revenue decreased for thethree and nine months ended September 30, 2025 compared to the same periods in 2024 due to declines in the overall number of video customers, partially offset by overall increases in average rates and the positive impact of foreign currency.
Current wording
Video revenue decreased for thethree months ended March 31, 2026 compared to the same period in 2025 primarily due to a decline in the overall number of video customers, partially offset by the positive impact of foreign currency.
Previous wording
Other revenue decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 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, 2026 compared to the same period in 2025 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, 2025 compared to the same periods in 2024 primarily due to declines in the number of domestic video subscribers, partially offset by rate increases under our domestic programming contracts, increases in programming expenses for our international sports networks and the impact of foreign currency.
Current wording
Programming expenses decreased for thethree months ended March 31, 2026 compared to the same period in 2025 primarily due to a decline in the number of domestic video subscribers, partially offset by the impact of foreign currency.
Previous wording
Other expenses increased for the three months ended September 30, 2025 compared to the same period in 2024 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 fees paid to third-party channels relating to advertising sales.
Current wording
Other expenses increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to increased direct product costs, the impact of foreign currency and increased spending on marketing and promotion.
Previous wording
Business services connectivity revenue increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to increases in revenue from enterprise solutions offerings, including the results from Nitel, which was acquired in April 2025.
Current wording
Business services connectivity revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to an increase in revenue from enterprise solutions offerings, including the results from Nitel, which was acquired in April 2025.
Previous wording
Business services connectivity costs and expenses increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to increases in direct product costs, which includes the results from Nitel.
Current wording
Business services connectivity costs and expenses increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to an increase in direct product costs, which include the results from Nitel, and an increase in marketing and promotion expenses.
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 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 Paris Olympics in the third quarter of 2024, and our acquisition of NBA rights, which begin in the fourth quarter of 2025.
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 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 Milan Cortina Olympics and Super Bowl in the first quarter of 2026 and the NBA season beginning 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.
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 opened 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 decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 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, 2025 increased primarily due to increases in international networks, domestic advertising and domestic distribution revenue. Excluding incremental revenue associated with the Paris Olympics, revenue for the nine months ended September 30, 2025 increased primarily due to increases in international networks and domestic distribution revenue, partially offset by a decrease in domestic advertising revenue.
Current wording
Revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to the Milan Cortina Olympics and Super Bowl in the first quarter of 2026. Excluding incremental revenue associated with these events, revenue for the three months ended March 31, 2026 increased primarily due to increases in domestic distribution, international networks and domestic advertising revenue.
Previous wording
Domestic advertising revenue decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to the Paris Olympics in the third quarter of 2024. Excluding the incremental revenue associated with this event, domestic advertising revenue increased for the three months ended September 30, 2025 primarily due to an increase in revenue at Peacock, and it decreased for the nine months ended September 30, 2025 primarily 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 increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to the Milan Cortina Olympics and Super Bowl in the first quarter of 2026. Excluding the incremental revenue associated with these events, domestic advertising revenue increased for the three months ended March 31, 2026 primarily due to an increase in revenue at Peacock, partially offset by a decrease in revenue at our linear television networks.
Previous wording
Domestic distribution revenue decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to 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, 2025 primarily due to increases in revenue at Peacock, partially offset by decreases in revenue at our linear television networks. The decreases at our linear television networks were primarily due to declines in the number of subscribers, partially offset by contractual rate increases.
Current wording
Domestic distribution revenue increased for the three months ended March 31, 2026 compared to the same period in 2025, including the impact of the Milan Cortina Olympics in the first quarter of 2026. Excluding the incremental revenue associated with this event, domestic distribution revenue increased for the three months ended March 31, 2026 primarily due to an increase in revenue at Peacock driven by an increase in paid subscribers and higher average rates compared to the prior year period, 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
International networks revenue increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to increases in revenue associated with the distribution of sports networks and the positive impact of foreign currency.
Current wording
International networks revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to the positive impact of foreign currency.
Previous wording
Media segment total revenue included $1.4 billion and $3.8 billion related to Peacock for the three and nine months ended September 30, 2025, respectively. 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. We had 41 million and 36 million paid subscribers of Peacock as of September 30, 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 a third-party’s bundled service offering.
Current wording
Media segment total revenue included $2.1 billion related to Peacock for the three months ended March 31, 2026, including amounts related to the Milan Cortina Olympics and Super Bowl. Media segment total revenue included $1.2 billion related to Peacock for the three months ended March 31, 2025. Peacock revenue includes advertising, distribution and other revenue for our Peacock DTC streaming service, as well as distribution and advertising revenue from NBC Sports Network due to shared programming. We had 46 million and 41 million paid subscribers of Peacock as of March 31, 2026 and 2025, respectively. Peacock paid subscribers represent customers from which we recognize distribution revenue from the Peacock service, 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.
Previous wording
Marketing and promotion expenses decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to costs associated with the Paris Olympics in the prior year periods and lower costs related to marketing for Peacock.
Current wording
Marketing and promotion expenses increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to higher costs related to marketing for Peacock and higher costs associated with the Milan Cortina Olympics.
Previous wording
Media segment total costs and expenses included $1.6 billion and $4.4 billion related to Peacock for thethree and nine months ended September 30, 2025, respectively. Media segment total costs and expenses included $1.9 billion and $5.0 billion related to Peacock for thethree and nine months ended September 30, 2024, respectively, including amounts related to the Paris Olympics.
Current wording
Media segment total costs and expenses included $2.5 billion related to Peacock for thethree months ended March 31, 2026, including amounts related to the Milan Cortina Olympics and Super Bowl. Media segment total costs and expenses included $1.4 billion related to Peacock for thethree months ended March 31, 2025.
Previous wording
Content licensing revenue increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 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.
Current wording
Content licensing revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to the timing of when content was made available by our television studios under licensing agreements, mostly driven by a renewed licensing agreement for content exclusively available for streaming on Peacock in the current year period.
Previous wording
Programming and production costs increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to higher costs associated with content licensing sales.
Current wording
Programming and production costs increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to higher costs associated with the renewed licensing agreement for content exclusively available for streaming on Peacock.
Previous wording
Marketing and promotion expenses increased for thethree and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to increased 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, 2026 compared to the same period in 2025 primarily due to decreased spending on recent and upcoming theatrical film releases in the current year period.
Previous wording
Theme parks segment revenue increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 driven by our domestic theme parks, due to higher revenue at our theme parks in Orlando driven by the opening of Epic Universe in May 2025. The increase at our domestic theme parks for the nine months ended September 30, 2025 also includes a partial offset driven by lower revenue at our theme park in Hollywood.
Current wording
Theme parks segment revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 due to higher revenue at our theme parks in Orlando driven by the opening of Epic Universe in May 2025.
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Current report — wording carried from elsewhere
Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”
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Previous report — wording carried elsewhere
(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 24 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.