v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 5 Months Ended 7 Months Ended 12 Months Ended
Dec. 31, 2025
Aug. 06, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities:        
Net earnings (loss) (Parent and noncontrolling interests) $ (540) $ 412 $ (6,149) $ (576)
Less: Net earnings from discontinued operations, net of tax 0 0 14 676
Net earnings (loss) from continuing operations (540) 412 (6,163) (1,252)
Adjustments to reconcile net earnings (loss) from continuing operations to net cash flow provided by operating activities:        
Programming charges 41 0 1,118 2,371
Depreciation and amortization 590 204 392 418
Impairment charges 0 157 6,130 83
Amortization of content costs and participation and residuals expense 6,026 8,045 13,888 14,713
Deferred tax benefit (115) (401) (630) (650)
Stock-based compensation 160 113 245 177
Gain on dispositions 0 (35) 0 0
(Gain) loss from investments 40 0 17 (168)
Gain on extinguishment of debt 0 0 0 (29)
Equity in loss of investee companies, net of tax and distributions 105 179 304 363
Change in assets and liabilities        
(Increase) decrease in receivables (340) 1,296 548 523
Increase in inventory and related program, participation, and residuals liabilities (5,955) (9,094) (15,812) (15,518)
Increase (decrease) in accounts payable and other liabilities 514 (831) 324 (659)
(Decrease) increase in pension and postretirement benefit obligations (97) (111) 23 (69)
Increase in income taxes 5 121 141 267
Other, net 51 109 227 (186)
Net cash flow provided by operating activities from continuing operations 485 164 752 384
Net cash flow provided by operating activities from discontinued operations 0 0 0 91
Net cash flow provided by operating activities 485 164 752 475
Investing Activities:        
Investments (33) (205) (326) (322)
Capital expenditures (162) (134) (263) (328)
Acquisitions, net of cash acquired (60) 0 0 0
Proceeds from dispositions 95 66 554 71
Other investing activities 0 (3) (8) (3)
Net cash flow used for investing activities from continuing operations (160) (276) (43) (582)
Net cash flow provided by investing activities from discontinued operations 0 0 55 1,524
Net cash flow (used for) provided by investing activities (160) (276) 12 942
Financing Activities:        
Proceeds from issuance of debt 0 0 0 45
Repayment of debt 0 0 (126) (1,277)
Repayment of Skydance credit facility (720) 0 0 0
Dividends paid on preferred stock 0 0 (29) (58)
Dividends paid on common stock (90) (101) (139) (389)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation (92) (26) (60) (29)
Payments to noncontrolling interests (5) (32) (127) (93)
Other financing activities (4) 0 (26) (40)
Net cash flow used for financing activities (911) (159) (507) (1,841)
Effect of exchange rate changes on cash and cash equivalents 9 70 (56) (1)
Net (decrease) increase in cash and cash equivalents (577) (201) 201 (425)
Cash and cash equivalents at beginning of period (Note 19) 3,851 2,661 2,460 2,885
Cash and cash equivalents at end of period (Note 19) $ 3,274 $ 2,460 $ 2,661 $ 2,460