v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
Linear distribution
$954 $1,017 $1,959 $2,103 
Advertising423 425 791 814 
Platforms
225 223 417 398 
Content licensing and other
43 43 164 100 
Total revenue
$1,644 $1,708 $3,331 $3,415 
Pursuant to the terms of a commercial agreement entered into with Comcast in connection with the Separation, NBCUniversal Media, LLC (“NBCUniversal”) sells domestic linear and related digital advertising inventory on our behalf. We continue to recognize revenue for the amount earned from advertisers as advertisements are aired or delivered, net of agency commissions. Under the commercial agreement, Versant is generally paid based on impressions delivered and is not responsible for guaranteed audience ratings. Fees owed to NBCUniversal for the services under this arrangement are presented within selling, general and administrative expenses in our condensed consolidated statement of income for the periods following the Separation.
The amount of future revenue to be earned related to fixed price contracts with advertisers in excess of one year totaled $246 million as of June 30, 2026, which will be recognized over the next 5 years.
Balance Sheets
June 30,December 31,
20262025
(in millions)
Receivables, gross$1,328 $1,161 
Less: Allowance for credit losses2 10 
Receivables, net
$1,326 $1,151 
Our most significant accounts receivable balances relate to our linear distribution agreements with large multichannel video providers. As of June 30, 2026 and December 31, 2025, our ten largest multichannel video provider customers accounted for approximately 54% and 56%, respectively, of our total accounts receivable.
As of June 30, 2026 and December 31, 2025, the gift card liability for our movie ticket platform was $44 million and $51 million, respectively, including $30 million and $36 million in accrued expenses and other current liabilities, respectively, with the remainder presented in other noncurrent liabilities. Revenue recorded related to breakage on these gift cards was $3 million and $6 million for the three and six months ended June 30, 2026, respectively, and $1 million and $7 million for the three and six months ended June 30, 2025, respectively.