REVENUES (Tables)

The following tables present the Company’s revenues disaggregated by revenue source (in millions).


	Three Months Ended March 31, 2026
	Streaming		Studios		Global Linear Networks		Corporate and Inter-segment Eliminations		Total
Revenues:
Distribution	$	2,533	$	1	$	2,373	$	(1)	$	4,906
Advertising	284		—		1,570		(7)		1,847
Content	68		2,934		346		(1,461)		1,887
Other	2		190		88		(27)		253
Total	$	2,887	$	3,125	$	4,377	$	(1,496)	$	8,893


	Three Months Ended March 31, 2025
	Streaming		Studios		Global Linear Networks		Corporate and Inter-segment Eliminations		Total
Revenues:
Distribution	$	2,329	$	1	$	2,558	$	(2)	$	4,886
Advertising	237		1		1,758		(16)		1,980
Content	88		2,139		380		(741)		1,866
Other	2		173		78		(6)		247
Total	$	2,656	$	2,314	$	4,774	$	(765)	$	8,979

The following table presents contract liabilities on the consolidated balance sheets (in millions).


Category	Balance Sheet Location	March 31, 2026		December 31, 2025


Contract liabilities	Deferred revenues	$	1,592	$	1,642
Contract liabilities	Other noncurrent liabilities	360		355

The following table presents a summary of revenue expected to be recognized from remaining performance obligations by contract type (in millions).

Contract Type

March 31, 2026

Duration

Distribution - fixed price or minimum guarantee

2,848

Through 2030

Content licensing and sports sublicensing

4,528

Through 2032

Brand licensing

3,953

Through 2062

Advertising

1,006

Through 2032

Other

124

Through 2029

Total

12,459