v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 3,274 $ 2,661
Receivables, net 6,615 6,920
Programming and other inventory 1,461 1,429
Prepaid expenses and other current assets 1,970 1,532
Total current assets 13,320 12,542
Property and equipment, net 2,195 1,566
Programming and other inventory 15,028 13,924
Goodwill 1,600 10,508
Intangible assets, net 6,238 2,406
Operating lease assets 1,126 1,012
Deferred income tax assets, net 1,282 1,386
Other assets 2,553 2,828
Total Assets 43,342 46,172
Current Liabilities:    
Accounts payable 906 953
Accrued expenses 2,077 2,199
Participants’ share and royalties payable 2,646 2,574
Accrued programming and production costs 1,832 1,720
Deferred revenues 1,355 825
Debt 433 0
Other current liabilities 1,350 1,360
Total current liabilities 10,599 9,631
Long-term debt 13,225 14,501
Participants’ share and royalties payable 1,361 1,310
Pension and postretirement benefit obligations 1,185 1,226
Deferred income tax liabilities, net 85 34
Operating lease liabilities 1,150 1,048
Programming obligations 400 260
Other liabilities 2,450 1,380
Commitments and contingencies (Note 18)
Parent stockholders’ equity:    
Additional paid-in capital 13,386 33,394
Retained earnings (accumulated deficit) (1,753) 7,487
Accumulated other comprehensive income (loss) 59 (1,604)
Total Parent stockholders’ equity 11,693 16,320
Noncontrolling interests 1,194 462
Total Equity 12,887 16,782
Total Liabilities and Equity 43,342 46,172
Class A Common Stock    
Parent stockholders’ equity:    
Common stock, value, issued 0 0
Class B Common Stock    
Parent stockholders’ equity:    
Common stock, value, issued 1 1
Treasury stock, at cost; — (2025) and 503 (2024) shares of Class B Common Stock $ 0 $ (22,958)