COMCAST CORP

Previous 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.

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 nine months ended September 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 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 wording

Consolidated revenue decreased for the three months ended September 30, 2026 compared to the same period in 2025 primarily driven by a decrease due to the Versant Separation, a decrease due to the sale of our Sky operations in Germany and a decrease in the Connectivity & Platforms business, partially offset by an increase in the Content & Experiences business.

Previous 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.”

Current wording

Consolidated revenue remained consistent for the nine months ended September 30, 2026 compared to the same period in 2025 primarily driven by a decrease due to the Versant Separation, a decrease in the Connectivity & Platforms business and a decrease due to the sale of our Sky operations in Germany, offset by an increase in the Content & Experiences business. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”

Previous wording

Consolidated costs and expenses, excluding depreciation and amortization expense, increased for the three 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.

Current wording

Consolidated costs and expenses, excluding depreciation and amortization expense, decreased for the three months ended September 30, 2026 compared to the same period in 2025 primarily driven by a decrease due to the Versant Separation, a decrease due to the sale of our Sky operations in Germany and a decrease in the Connectivity & Platforms business, partially offset by an increase in the Content & Experiences business.

Previous 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.”

Current wording

Consolidated costs and expenses, excluding depreciation and amortization expense, increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily driven by an increase in the Content & Experiences business, partially offset by a decrease due to the Versant Separation, a decrease due to the sale of our Sky operations in Germany and a decrease in the Connectivity & Platforms business. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”

Previous wording

Consolidated depreciation and amortization expense 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 wording

Consolidated depreciation and amortization expense decreased for the three months ended September 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.

Previous 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.

Current wording

Consolidated depreciation and amortization expense decreased for the nine months ended September 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 $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.

Current wording

Amortization expense from acquisition-related intangible assets totaled $524 million and $1.6 billion for the three and nine months ended September 30, 2026, respectively, and $824 million and $2.4 billion for the three and nine months ended September 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 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 wording

Consolidated interest expense decreased for the three and nine months ended September 30, 2026 compared to the same period in 2025 primarily due to a decrease in average debt outstanding. The decrease for thenine months ended September 30, 2026 was partially offset by lower capitalized interest driven by the opening of Epic Universe.

Previous 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.

Current wording

Consolidated investment and other income (loss), netincreased for the three months ended September 30, 2026 compared to the same period in 2025 and decreased for thenine months ended September 30, 2026 compared to the same period in 2025.

Previous 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.

Current wording

The changes in equity in net income (losses) of investees, net for the three and nine months ended September 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 $172 million and $179 million for the three and nine months ended September 30, 2026, respectively, and $16 million and $(178) million for the three and nine months ended September 30, 2025, respectively.

Previous 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.

Current wording

The change in realized and unrealized gains (losses) on equity securi ties, net for the three months ended September 30, 2026 was primarily due to higher net unrealized losses on nonmarketable securities in the prior year period. The change in realized and unrealized gains (losses) on equity securi ties, net for the nine months ended September 30, 2026 was primarily due to a gain on the sale of a nonmarketable security in the prior year period.

Previous wording

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 wording

The change in other income (loss), net for the three months ended September 30, 2026 primarily resulted from a gain on the sale of an equity method investment in the prior year period compared to a loss in the current year period, gains from insurance contracts in the prior year period compared to a loss in the current year period, and foreign exchange remeasurement gains in the prior year period. The change in other income (loss), net for the nine months ended September 30, 2026 primarily resulted from a$9.4 billion pre-tax gain from the sale of our interest in Hulu in the prior year period(see Note 7).

Previous 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.

Current wording

Consolidated income tax expense for the three and nine months ended September 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 decrease in income tax expense for thethree months ended September 30, 2026 compared to the same period in 2025 was primarily driven bythe timing and amount of third-party transferable tax credit purchases. The decrease in income tax expense for thenine months ended September 30, 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 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.

Current wording

Consolidated net income (loss) attributable to noncontrolling interests changed for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to our production and licensing of stage plays and our regional sports networks, partially offset by Universal Beijing Resort. Consolidated net income (loss) attributable to noncontrolling interests changed for thenine months ended September 30, 2026 compared to the same period in 2025 primarily due to our regional sports networks, Universal Beijing Resort and our production and licensing of stage plays.

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 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.

Current wording

We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs, including through cost saving initiatives designed to simplify our operations and improve efficiency. 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 net 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

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.

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, revenue from streaming devices available to our broadband customers and revenue from other converged offerings.

Previous 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.

Current wording

Domestic broadband revenue decreased for the three and nine months ended September 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 and six months ended June 30, 2026 compared to the same periods in 2025 due to increases in the number of customer lines.

Current wording

Domestic wireless service revenue increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 due to increases in the number of customer lines and the conversion of promotional free wireless lines to paid service.

Previous 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.

Current wording

Domestic wireless equipment revenue increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 due to increases in device sales.

Previous wording

International connectivity revenue primarily consists of revenue from sales of broadband services, including equipment and installation services, wireless services and wireless devices to residential customers in the United Kingdom and Italy.

Current wording

International connectivity revenue primarily consists of revenue from sales of broadband services, including equipment and installation services, wireless devices and wireless services to residential customers in the United Kingdom and Italy.

Previous wording

International connectivity revenue increased 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 wording

International connectivity revenue increased for the three months ended September 30, 2026 compared to the same period in 2025 due to an increase in wireless revenue, primarily reflecting higher equipment revenue.

Previous 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.

Current wording

International connectivity revenue increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to the positive impact of foreign currency, an increase in wireless revenue, reflecting higher equipment and services revenue, and an increase in broadband revenue primarily reflecting higher average rates.

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 sales 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 DTC streaming services that a customer is entitled to receive through a video service offering.

Previous 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.

Current wording

Video revenue decreased for thethree and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to declines in the overall number of video customers. The decrease for thenine months ended September 30, 2026 waspartially offset by the positive impact of foreign currency.

Previous 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.

Current wording

Advertising revenue primarily consists of revenue from the sale of advertising across our platforms in the Connectivity & Platforms markets, including advertising received 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 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.

Current wording

Advertising revenue increased for the three and nine months ended September 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 international advertising and lower domestic nonpolitical advertising. The increase for the nine months ended September 30, 2026 also includes the positive impact of foreign currency.

Previous wording

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 wording

Other revenue primarily consists of revenue in the Connectivity & Platforms markets from sales of wireline voice services to residential customers; sales of certain of our residential security and automation services; 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.

Previous 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.

Current wording

Other revenue decreased for the three and nine months ended September 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 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.

Current wording

Programming expenses decreased for thethree and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to declines in the number of domestic video subscribers. The decrease for thenine months ended September 30, 2026 is partially offset by the impact of foreign currency.

Previous wording

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 wording

Other expenses increased for the three months ended September 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, partially offset by lower technical and support expenses.

Previous 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.

Current wording

Other expenses increased for the nine months ended September 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, partially offset by lower technical and support expenses.

Previous 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.

Current wording

Business services connectivity revenue increased for the three and nine months ended September 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 nine months ended September 30, 2026 reflects the April 2025 acquisition of Nitel.

Previous 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.

Current wording

Business services connectivity costs and expenses increased for the three and nine months ended September 30, 2026 compared to the same periods in 2025 primarily due to increased direct product costs and increased spending on marketing and promotion. The increase in direct product costs for the nine months ended September 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, Super Bowl and FIFA World Cup in the current year period 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 and production costs 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 FIFA World Cup in the second and third quarters of 2026, as well as the NBA season which began in the fourth quarter of 2025.

Previous 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.

Current wording

Revenue increased for the three months ended September 30, 2026 compared to the same period in 2025, including the impact of the FIFA World Cup in the third quarter of 2026. Excluding incremental revenue associated with this event, revenue for the three months ended September 30, 2026 increased primarily due to increases in domestic distribution and international networks revenue. Revenue increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to the Milan Cortina Olympics, Super Bowl and FIFA World Cup in 2026. Excluding incremental revenue associated with these events, revenue for the nine months ended September 30, 2026 increased due to increases in domestic distribution, domestic advertising and international networks revenue.

Previous wording

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 wording

Domestic advertising revenue primarily consists of revenue generated from sales of advertising on our linear television networks and other digital properties operating predominantly in the United States, and on Peacock.

Previous wording

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 wording

Domestic advertising revenue increased for the three months ended September 30, 2026 compared to the same period in 2025 primarily due to the impact of the FIFA World Cup in the third quarter of 2026. Excluding incremental revenue associated with this event, domestic advertising revenue remained consistent for the three months ended September 30, 2026 primarily due to an increase in revenue at Peacock, offset by a decrease in revenue at our linear television networks.

Previous 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.

Current wording

Domestic advertising revenue increased for the nine months ended September 30, 2026 compared to the same period in 2025 primarily due to the Milan Cortina Olympics, Super Bowl and FIFA World Cup in 2026. Excluding incremental revenue associated with these events, domestic advertising revenue increased for the nine months ended September 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 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 wording

Domestic distribution revenue increased for the three months ended September 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. Domestic distribution revenue for our linear networks remained consistent primarily due to contractual rate increases, offset by a decline in the number of subscribers.