v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Financial Data by Business Segment
Our financial data by segment is presented in the tables below and has been updated to reflect the change in our segment composition. We do not present asset information for our segments as this information is not used to allocate resources.
Three Months Ended June 30, 2026
(in millions)
Residential Connectivity & Platforms
Business Services Connectivity
Media
Studios
Theme Parks
Total
Revenue from external customers
$17,115 $2,667 $4,637 $2,482 $2,413 $29,314 
Intersegment revenue(a)
9 5 1,054 558 — 1,625 
17,124 2,671 5,691 3,040 2,413 30,940 
Reconciliation of Revenue
Other revenue(b)
771 
Eliminations(a)
(1,771)
Total consolidated revenue$29,940 
Less segment expenses:(c)
Programming and production3,698 3,699 2,047 
Marketing and promotion289 545 
Other(d)
6,977 1,155 994 247 1,805 
Segment Adjusted EBITDA(e)
$6,448 $1,516 $708 $202 $609 $9,483 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)
(214)
Corporate and other(b)(e)
(449)
Eliminations
29 
Depreciation(2,391)
Amortization(1,297)
Interest expense(1,052)
Investment and other income (loss), net503 
Income before income taxes
$4,612 
Three Months Ended June 30, 2025
(in millions)Residential Connectivity & PlatformsBusiness Services ConnectivityMediaStudiosTheme ParksTotal
Revenue from external customers$17,820 $2,569 $3,463 $1,733 $2,349 $27,934 
Intersegment revenue(a)
19 6 1,080 700 — 1,805 
17,839 2,575 4,543 2,432 2,349 29,739 
Reconciliation of Revenue
Versant revenue1,770 
Other revenue(b)
885 
Eliminations(a)
(2,081)
Total consolidated revenue$30,313 
Less segment expenses:(c)
Programming and production3,998 2,759 1,664 
Marketing and promotion285 452 
Other(d)
6,835 1,131 816 256 1,708 
Segment Adjusted EBITDA(e)
$7,006 $1,444 $683 $61 $641 $9,835 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)
(201)
Versant789 
Corporate and other(b)(e)
(360)
Eliminations84 
Depreciation(2,349)
Amortization(1,805)
Interest expense(1,105)
Investment and other income (loss), net9,760 
Income before income taxes$14,647 
Six Months Ended June 30, 2026
(in millions)Residential Connectivity & PlatformsBusiness Services ConnectivityMediaStudiosTheme ParksTotal
Revenue from external customers$34,402 $5,300 $10,771 $4,575 $4,744 $59,792 
Intersegment revenue(a)
44 11 2,199 1,892 — 4,146 
34,446 5,311 12,970 6,466 4,744 63,938 
Reconciliation of Revenue
Other revenue(b)
1,792 
Eliminations(a)
(4,333)
Total consolidated revenue$61,396 
Less segment expenses:(c)
Programming and production7,485 10,003 4,282 
Marketing and promotion694 918 
Other(d)
14,079 2,319 1,991 509 3,584 
Segment Adjusted EBITDA(e)
$12,882 $2,992 $282 $757 $1,159 $18,073 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)
(423)
Corporate and other(b)(e)
(659)
Eliminations(142)
Depreciation(4,724)
Amortization(2,829)
Interest expense(2,146)
Investment and other income (loss), net195 
Income before income taxes$7,345 
Six Months Ended June 30, 2025
(in millions)Residential Connectivity & PlatformsBusiness Services ConnectivityMediaStudiosTheme ParksTotal
Revenue from external customers$35,449 $5,059 $6,960 $3,733 $4,225 $55,427 
Intersegment revenue(a)
56 11 2,109 1,525 1 3,702 
35,504 5,071 9,069 5,259 4,226 59,129 
Reconciliation of Revenue
Versant revenue3,539 
Other revenue(b)
1,802 
Eliminations(a)
(4,270)
Total consolidated revenue$60,199 
Less segment expenses:(c)
Programming and production8,105 6,042 3,564 
Marketing and promotion591 844 
Other(d)
13,551 2,205 1,646 515 3,171 
Segment Adjusted EBITDA(e)
$13,848 $2,866 $790 $335 $1,055 $18,893 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)
(396)
Versant1,623 
Corporate and other(b)(e)
(583)
Eliminations116 
Depreciation(4,580)
Amortization(3,423)
Interest expense(2,155)
Investment and other income (loss), net9,644 
Income before income taxes$19,139 
(a)Our most significant intersegment revenue transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming, and content licensing revenue in Studios for licenses of owned content to Media. Amounts in 2025 also include intersegment revenue transactions between our segments and Versant.
(b)Includes the operations of our Sky-branded video services and television networks in Germany through the completion of the sale on May 31, 2026 (see Note 6); our regional sports networks; and Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania. Corporate and other also includes overhead and personnel costs for Corporate. The six months ended June 30, 2026 includes $51 million of transaction costs associated with the Versant Separation. The three and six months ended June 30, 2025 include $110 million and $132 million, respectively, of transaction and transaction-related costs associated with the Versant Separation.
(c)The significant expense categories and amounts align with the segment-level information that is regularly provided to our chief operating decision maker. Intersegment expenses are included in the amounts shown.
(d)Other for each segment primarily includes:
Residential Connectivity & Platforms and Business Services Connectivity: technical and support expenses; direct product costs; marketing and promotion expenses; customer service expenses; administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we are acting as the principal in the advertising representation arrangement; bad debt; and other business, headquarters and support costs, including building and office expenses, taxes and billing costs necessary to operate the Residential Connectivity & Platforms and Business Services Connectivity segments. Our chief operating decision maker uses aggregate expense information to manage the operations of the Business Services Connectivity segment.
Media and Studios: salaries, employee benefits, rent and other overhead expenses.
Theme Parks: theme park operations, including repairs and maintenance and related administrative expenses; food, beverage and merchandise costs; labor costs; and sales and marketing costs. Our chief operating decision maker uses aggregate expense information to manage the operations of the Theme Parks segment.
(e)We use Adjusted EBITDA as the measure of profit or loss for our segments. For each of our segments, our chief operating decision maker uses Adjusted EBITDA to measure operational strength and performance, assist in the evaluation of underlying trends, and allocate resources in the annual budget and forecasting process. Adjusted EBITDA is also a significant performance measure in our annual incentive compensation programs. From time to time, we may report the impact of certain events, gains, losses or other charges related to our segments within Corporate and other.
(f)Includes overhead, personnel costs and other costs necessary to operate the Media, Studios and Theme Parks segments.