v3.26.1
REVENUES
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
The following tables present the Company’s revenues disaggregated by revenue source (in millions).
Three Months Ended March 31, 2026
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$2,533 $1 $2,373 $(1)$4,906 
Advertising284 — 1,570 (7)1,847 
Content68 2,934 346 (1,461)1,887 
Other2 190 88 (27)253 
Total$2,887 $3,125 $4,377 $(1,496)$8,893 
Three Months Ended March 31, 2025
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$2,329 $1 $2,558 $(2)$4,886 
Advertising237 1 1,758 (16)1,980 
Content88 2,139 380 (741)1,866 
Other2 173 78 (6)247 
Total$2,656 $2,314 $4,774 $(765)$8,979 
Contract Liabilities and Contract Assets
The following table presents contract liabilities on the consolidated balance sheets (in millions).
CategoryBalance Sheet LocationMarch 31, 2026December 31, 2025
Contract liabilitiesDeferred revenues$1,592 $1,642 
Contract liabilitiesOther noncurrent liabilities360 355 
For the three months ended March 31, 2026 and 2025, respectively, revenues of $774 million and $677 million were recognized that were included in deferred revenues as of December 31, 2025 and December 31, 2024, respectively. Contract assets were not material as of March 31, 2026 and December 31, 2025.
Remaining Performance Obligations
The following table presents a summary of revenue expected to be recognized from remaining performance obligations by contract type (in millions).
Contract TypeMarch 31, 2026Duration
Distribution - fixed price or minimum guarantee$2,848 
Through 2030
Content licensing and sports sublicensing4,528 
Through 2032
Brand licensing3,953 
Through 2062
Advertising1,006 
Through 2032
Other124 
Through 2029
Total$12,459 
The value of unsatisfied performance obligations disclosed above does not include: (i) contracts involving variable consideration for which revenues are recognized in accordance with the sales or usage-based royalty exception, which typically have a similar duration as the contracts disclosed above, and (ii) contracts with an original expected length of one year or less, such as most advertising contracts; however for content licensing revenues, including revenues associated with the licensing of theatrical and television product for television and streaming services, the Company has included all contracts regardless of duration.