v3.26.1
CONTENT RIGHTS
 3 Months Ended
Mar. 31, 2026
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
CONTENT RIGHTS CONTENT RIGHTS
For purposes of amortization and impairment, capitalized production costs are grouped based on their predominant monetization strategy: individually or as a group. Live programming includes licensed sports rights and related advances. The tables below present the components of content rights (in millions).
March 31, 2026
Predominantly Monetized Individually
Predominantly Monetized as a Group
Total
Production costs:
Released, less amortization$3,269 $5,930 $9,199 
Completed and not released1,186 587 1,773 
In production and other1,723 2,082 3,805 
Total production costs$6,178 $8,599 $14,777 
Licensed content, live programming, and advances, net4,544 
Game development costs, less amortization362 
Total film and television content rights and games19,683 
Less: Current content rights and prepaid license fees, net(371)
Total noncurrent film and television content rights and games$19,312 
December 31, 2025
Predominantly Monetized Individually
Predominantly Monetized as a Group
Total
Production costs:
Released, less amortization$3,006 $5,686 $8,692 
Completed and not released1,109 521 1,630 
In production and other1,782 2,544 4,326 
Total production costs$5,897 $8,751 $14,648 
Licensed content, live programming, and advances, net4,478 
Game development costs, less amortization310 
Total film and television content rights and games19,436 
Less: Current content rights and prepaid license fees, net(322)
Total noncurrent film and television content rights and games$19,114 
Content amortization consisted of the following (in millions).
Three Months Ended March 31,
20262025
Predominantly monetized individually$400 $580 
Predominantly monetized as a group2,057 2,530 
Total content amortization$2,457 $3,110 
Content expense includes amortization, impairments, and development expense and is generally a component of costs of revenues on the consolidated statements of operations. Content impairments were $42 million and $35 million, respectively, for the three months ended March 31, 2026 and 2025.