v3.26.1
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net income $ 497 $ 670
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 514 489
Share-based compensation 33 14
Noncash interest expense 5 0
Net loss on investment activity and other 2 2
Deferred income taxes (110) (67)
Changes in operating assets and liabilities:    
Current and noncurrent receivables, net (523) (22)
Content costs, net 68 64
Accounts payable 105 (13)
Other operating assets and liabilities 376 (24)
Net cash provided by operating activities 967 1,113
Investing Activities    
Capital expenditures (59) (63)
Acquisitions of businesses and investments (199) 0
Proceeds from sale of business 140 0
Other 0 (14)
Net cash used in investing activities (119) (77)
Financing Activities    
Proceeds from borrowings 1,973 0
Repurchases of common stock under repurchase program and employee plans (200) 0
Dividends paid (53) 0
Net transfers to Comcast (2,250) (1,028)
Settlement payment from NBCUniversal 70 0
Other (2) (12)
Net cash used in financing activities (462) (1,040)
Increase (decrease) in cash, cash equivalents and restricted cash 386 (4)
Cash and cash equivalents and restricted cash, beginning of year 1,092 8
Cash and cash equivalents, end of period $ 1,478 $ 4