COMCAST CORP
For the period ended Jun 30, 2026. Filed Jul 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.
Jun 30, 2026 · Filed Jul 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 2026-03-31; filed 2026-04-23.
0001628280-26-026805
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-23.
0001628280-26-049360
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 166 previous paragraphs and 178 current paragraphs.
97 unchanged; 65 reworded; 12 added; 4 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 24 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 (12)
Current report
In June 2026, we announced our intention to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky. The NBCUniversal Spin-off is expected to be completed in mid-2027, 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. The discussion and analysis that follows includes the results of the businesses proposed to be included in the NBCUniversal Spin-off and does not reflect or give effect to what our results of operations and financial condition may be following the NBCUniversal Spin-off, if consummated.
Current report
Consolidated revenue decreased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to the Versant Separation and a decrease in the Connectivity & Platforms business, partially offset by an increase in the Content & Experiences business.
Current report
Consolidated interest expense decreased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to a decrease in average debt outstanding. Consolidated interest expense was consistent for the six months ended June 30, 2026 compared to the same period in 2025.
Current report
The changes in other income (loss), net for thethree and sixmonths ended June 30, 2026 primarily resulted from a$9.4 billion gain from the sale of our interest in Hulu in the prior year periods.
Current report
International connectivity revenue increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in wireless revenue, reflecting higher equipment and services revenue, as well as the positive impact of foreign currency.
Current report
Other expenses increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to increased direct product costs mainly due to growth in our domestic wireless business, the impact of foreign currency, and increased spending on marketing and promotion.
Current report
Domestic advertising revenue increased for the three months ended June 30, 2026 compared to the same period in 2025, including the impact of the FIFA World Cup. Excluding the incremental revenue associated with this event, domestic advertising revenue increased for the three months ended June 30, 2026 primarily due to an increase in revenue at our linear television networks and an increase in revenue at Peacock.
Current report
Programming and production costs increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to the impact of NBA rights and costs associated with the FIFA World Cup in the current year period.
Current report
Marketing and promotion expenses increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to higher costs associated with the FIFA World Cup, partially offset by lower costs related to marketing for Peacock.
Current report
Programming and production costs increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to higher costs associated with theatrical releases.
Current report
In July 2026, we entered into an agreement to acquire the ITV Media & Entertainment business from ITV plc for total consideration of up to £1.6 billion, subject to customary adjustments, including cash of £1.2 billion, noncash consideration valued at approximately £0.2 billion and variable consideration of up to £0.2 billion. The acquisition is expected to close in the second half of 2027, subject to various conditions and approvals.
Current report
Changes in market conditions, laws and regulations, and key assumptions made in future quantitative assessments, such as expected cash flows, competitive factors, discount rates, and value indications from market transactions, including the proposed NBCUniversal Spin-off, could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge.
Removed paragraphs (4)
Previous report
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 report
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 report
Payments of interest increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to decreased capitalized interest driven by the opening of Epic Universe.
Previous 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).
Reworded paragraphs (65)
Previous wording
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 wording
The Versant Separation occurred on January 2, 2026. The results of Versant are included in our consolidated results of operations for the three and six months ended June 30, 2025 and are excluded from our segment operating results (see Note 2). The sale of our Sky operations in Germany was completed on May 31, 2026; its results are included in our consolidated results of operations through the date of sale (see Note 6) and are excluded from our segment operating results.
Previous 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.”
Current wording
Consolidated revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in the Content & Experiences business, partially offset by a decrease due to the Versant Separation and a decrease in the Connectivity & Platforms business. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”
Previous wording
Consolidated costs and expenses, excluding depreciation and amortization expense, increased for the three 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.
Current wording
Consolidated costs and expenses, excluding depreciation and amortization expense, increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in the Content & Experiences business, partially offset by a decrease due to the Versant Separation and a decrease in the Connectivity & Platforms business.
Previous wording
Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”
Current wording
Consolidated costs and expenses, excluding depreciation and amortization expense, increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in the Content & Experiences business, partially offset by a decrease due to the Versant Separation. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”
Previous wording
Consolidated depreciation and amortization expense 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 wording
Consolidated depreciation and amortization expense decreased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to lower amortization of customer relationships and other agreements and rights due to the Versant Separation, partially offset by increased depreciation due to the opening of Epic Universe in May 2025 and increased impairments of certain long-lived assets in the current year period compared to the prior year period.
Previous 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.
Current wording
Amortization expense from acquisition-related intangible assets totaled $525 million and $1.1 billion for the three and six months ended June 30, 2026, respectively, and $810 million and $1.6 billion for the three and six months ended June 30, 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 investment and other income (loss), netdecreased for the three months ended March 31, 2026 compared to the same period in 2025.
Current wording
Consolidated investment and other income (loss), netdecreased for the three and six months ended June 30, 2026 compared to the same periods in 2025.
Previous 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.
Current wording
The changes in equity in net income (losses) of investees, net for the three and six months ended June 30, 2026 compared to the same periods in 2025 were 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 $341 million and $7 million for the three and six months ended June 30, 2026, respectively, and $(26) million and $(194) million for the three and six months ended June 30, 2025, respectively.
Previous 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.
Current wording
The changes in realized and unrealized gains (losses) on equity securi ties, net for the three and six months ended June 30, 2026 were primarily due to a gain on the sale of a nonmarketable security in the prior year periods.
Previous 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.
Current wording
Consolidated income tax expense for the three and six months ended June 30, 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 decreases in income tax expense for the three and six months ended June 30, 2026 compared to the same periods in 2025 were primarily driven by lower domestic income before income taxes.
Previous 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.
Current wording
Consolidated net income (loss) attributable to noncontrolling interests changed for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to Universal Beijing Resort. Consolidated net income (loss) attributable to noncontrolling interests changed for thesix months ended June 30, 2026 primarily due to our regional sports networks and Universal Beijing Resort.
Previous wording
(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 wording
(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 periods has been recast on a comparable basis.
Previous 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.
Current wording
(c)Connectivity & Platforms domestic residential passings are considered passings if we can connect them to our network in the United States without further extending the transmission lines. The number of domestic residential passings is an estimate based on the best available information.
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 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 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 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.
Previous wording
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 wording
Domestic broadband revenue decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025 due to decreases in average rates and declines in the number of domestic broadband customers.
Previous 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.
Current wording
Domestic wireless service revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 due to increases in the number of customer lines.
Previous wording
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 wording
Domestic wireless equipment revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 due to increases in device sales.
Previous 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.
Current wording
International connectivity revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to the positive impact of foreign currency, an increase in broadband revenue primarily reflecting higher average rates, and an increase in wireless revenue reflecting higher equipment and services revenue.
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, 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 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, and revenue from sales of certain hardware, including Sky Glass smart televisions. Video revenue also includes commission revenue from sales of DTC streaming services that a customer is entitled to receive through a video service offering.
Previous 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.
Current wording
Video revenue decreased for thethree and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to declines in the overall number of video customers. The decrease for thesix months ended June 30, 2026 waspartially offset by the positive impact of foreign currency.
Previous wording
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 wording
Advertising revenue primarily consists of revenue from sales 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.
Previous wording
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 wording
Advertising revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to higher domestic political advertising and increases in revenue from our advanced advertising business, partially offset by lower domestic nonpolitical advertising and lower international advertising. The increase for the six months ended June 30, 2026 also includes the positive impact of foreign currency.
Previous 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.
Current wording
Other revenue decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to decreases in residential wireline voice revenue driven by declines in the number of customers.
Previous 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.
Current wording
Programming expenses decreased for thethree and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to declines in the number of domestic video subscribers. The decrease for thesix months ended June 30, 2026 is partially offset by the impact of foreign currency.
Previous 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.
Current wording
Other expenses increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to increased direct product costs mainly due to growth in our domestic wireless business, increased spending on marketing and promotion, and the impact of foreign currency.
Previous 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.
Current wording
Business services connectivity revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to increases in revenue from enterprise solutions offerings. The increase in enterprise solutions offerings for the six months ended June 30, 2026 reflects the April 2025 acquisition of Nitel.
Previous 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.
Current wording
Business services connectivity costs and expenses increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to increases in marketing and promotion expenses and increases in direct product costs. The increase in direct product costs for the six months ended June 30, 2026 reflects the April 2025 acquisition of 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 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.
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, Super Bowl and FIFA World Cup in the current year period and the NBA season beginning in the fourth quarter of 2025.
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, including a Universal theme park and resort in the United Kingdom with a projected opening date in 2031, subject to various approvals.
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 Universal United Kingdom Resort, a theme park and resort with a projected opening date in 2031.
Previous 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.
Current wording
Revenue increased for the three months ended June 30, 2026 compared to the same period in 2025, including the impact of the FIFA World Cup in the second quarter of 2026. Revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to the Milan Cortina Olympics, Super Bowl and FIFA World Cup. Excluding incremental revenue associated with these events, revenue for the three and six months ended June 30, 2026 increased primarily due to increases in domestic distribution, domestic advertising and international networks revenue.
Previous 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.
Current wording
Domestic advertising revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to the Milan Cortina Olympics, Super Bowl and FIFA World Cup. Excluding the incremental revenue associated with these events, domestic advertising revenue increased for the six months ended June 30, 2026 primarily due to an increase in revenue at Peacock and an increase in revenue at our linear television networks.
Previous 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.
Current wording
Domestic distribution revenue increased for the six months ended June 30, 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 six months ended June 30, 2026 primarily due to an increase in revenue at Peacock driven by higher average rates and an increase in paid subscribers 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 months ended March 31, 2026 compared to the same period in 2025 primarily due to the positive impact of foreign currency.
Current wording
International networks revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to the positive impact of foreign currency.
Previous 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.
Current wording
Media segment total revenue included $1.9 billion and $4.0 billion related to Peacock for the three and six months ended June 30, 2026, respectively, including amounts related to the FIFA World Cup for the three months ended June 30, 2026 and to the Milan Cortina Olympics, Super Bowl, and FIFA World Cup for the six months ended June 30, 2026. Media segment total revenue included $1.2 billion and $2.5 billion related to Peacock for the three and six months ended June 30, 2025, respectively. 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 48 million and 41 million paid subscribers of Peacock as of June 30, 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
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 wording
Programming and production costs increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to costs associated with the Milan Cortina Olympics, Super Bowl and FIFA World Cup and an increase due to the impact of NBA rights in the current year period.
Previous 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.
Current wording
Marketing and promotion expenses increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to higher costs associated with the Milan Cortina Olympics and FIFA World Cup, and higher costs related to marketing for Peacock.
Previous wording
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 wording
Other expenses increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in costs related to Peacock and increases in costs related to the Milan Cortina Olympics and Super Bowl.
Previous 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.
Current wording
Media segment total costs and expenses included $1.7 billion and $4.2 billion related to Peacock for the three and six months ended June 30, 2026, respectively, including amounts related to the FIFA World Cup for the three months ended June 30, 2026 and to the Milan Cortina Olympics, Super Bowl, and FIFA World Cup for the six months ended June 30, 2026. Media segment total costs and expenses included $1.3 billion and $2.8 billion related to Peacock for thethree and six months ended June 30, 2025, respectively.
Previous 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.
Current wording
Content licensing revenue increased for the six months ended June 30, 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
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 wording
Theatrical revenue increased forthe three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to higher revenue from recent releases, including The Super Mario Galaxy Movie, Obsessionand the international distribution of Michael, compared to revenue from releases impacting the prior year period.
Showing the first 40 of 65 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Consolidated depreciation and amortization expense decreased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to lower amortization of customer relationships and other agreements and rights due to the Versant Separation and an impairment of certain long-lived assets in the prior year period.
Current report — wording carried from elsewhere
Domestic distribution revenue increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in revenue at Peacock driven by higher average rates and an increase in paid subscribers 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.
Current report — wording carried from elsewhere
Other expenses increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in costs related to Peacock.
Current report — wording carried from elsewhere
Content licensing revenue was consistent for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to the timing of when content was made available by our film studios, offset by the timing of when content was made available by our television studios under licensing agreements.