| REVENUES |
REVENUES The following tables present the Company’s revenues disaggregated by revenue source (in millions). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2026 | | Streaming | | Studios | | Global Linear Networks | | Corporate and Inter-segment Eliminations | | Total | | Revenues: | | | | | | | | | | | Distribution | $ | 2,689 | | | $ | 4 | | | $ | 2,265 | | | $ | (8) | | | $ | 4,950 | | | Advertising | 306 | | | — | | | 1,429 | | | (11) | | | 1,724 | | | Content | 84 | | | 2,125 | | | 261 | | | (642) | | | 1,828 | | | Other | — | | | 199 | | | 36 | | | (20) | | | 215 | | | Total | $ | 3,079 | | | $ | 2,328 | | | $ | 3,991 | | | $ | (681) | | | $ | 8,717 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | | | | | | | | | | | Streaming | | Studios | | Global Linear Networks | | Corporate and Inter-segment Eliminations | | Total | | Revenues: | | | | | | | | | | | | | | | | | | | | | Distribution | | | | | | | | | | | $ | 2,410 | | | $ | 1 | | | $ | 2,477 | | | $ | (3) | | | $ | 4,885 | | | Advertising | | | | | | | | | | | 282 | | | — | | | 1,953 | | | (19) | | | 2,216 | | | Content | | | | | | | | | | | 102 | | | 3,591 | | | 287 | | | (1,509) | | | 2,471 | | | Other | | | | | | | | | | | (1) | | | 209 | | | 86 | | | (54) | | | 240 | | | Total | | | | | | | | | | | $ | 2,793 | | | $ | 3,801 | | | $ | 4,803 | | | $ | (1,585) | | | $ | 9,812 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | Streaming | | Studios | | Global Linear Networks | | Corporate and Inter-segment Eliminations | | Total | | Revenues: | | | | | | | | | | | Distribution | $ | 5,222 | | | $ | 5 | | | $ | 4,638 | | | $ | (9) | | | $ | 9,856 | | | Advertising | 590 | | | — | | | 2,999 | | | (18) | | | 3,571 | | | Content | 152 | | | 5,059 | | | 607 | | | (2,103) | | | 3,715 | | | Other | 2 | | | 389 | | | 124 | | | (47) | | | 468 | | | Total | $ | 5,966 | | | $ | 5,453 | | | $ | 8,368 | | | $ | (2,177) | | | $ | 17,610 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | Streaming | | Studios | | Global Linear Networks | | Corporate and Inter-segment Eliminations | | Total | | Revenues: | | | | | | | | | | | Distribution | $ | 4,739 | | | $ | 2 | | | $ | 5,035 | | | $ | (5) | | | $ | 9,771 | | | Advertising | 519 | | | 1 | | | 3,711 | | | (35) | | | 4,196 | | | Content | 190 | | | 5,730 | | | 667 | | | (2,250) | | | 4,337 | | | Other | 1 | | | 382 | | | 164 | | | (60) | | | 487 | | | Total | $ | 5,449 | | | $ | 6,115 | | | $ | 9,577 | | | $ | (2,350) | | | $ | 18,791 | |
Contract Liabilities and Contract Assets The following table presents contract liabilities on the consolidated balance sheets (in millions). | | | | | | | | | | | | | | | | | | | | | | Category | | Balance Sheet Location | | June 30, 2026 | | December 31, 2025 | | | | | | | | | | | | | | | | Contract liabilities | | Deferred revenues | | $ | 1,514 | | | $ | 1,642 | | | Contract liabilities | | Other noncurrent liabilities | | 342 | | | 355 | |
For the six months ended June 30, 2026 and 2025, respectively, revenues of $1,135 million and $1,003 million were recognized that were included in deferred revenues as of December 31, 2025 and December 31, 2024, respectively. Contract assets were not material as of June 30, 2026 and December 31, 2025. Remaining Performance Obligations The following table presents a summary of revenue expected to be recognized from remaining performance obligations by contract type (in millions). | | | | | | | | | | | | | | | | Contract Type | | June 30, 2026 | | Duration | | Distribution - fixed price or minimum guarantee | | $ | 2,657 | | | Through 2030 | | Content licensing and sports sublicensing | | 4,714 | | | Through 2032 | | Brand licensing | | 4,688 | | | Through 2062 | | Advertising | | 873 | | | Through 2032 | | Other | | 126 | | | Through 2029 | | Total | | $ | 13,058 | | | |
The value of unsatisfied performance obligations disclosed above does not include: (i) variable consideration for which revenues are recognized in accordance with the sales or usage-based royalty exception, which typically have a similar duration as the contracts disclosed above, and (ii) contracts with an original expected length of one year or less, such as most advertising contracts; however for content licensing revenues, including revenues associated with the licensing of theatrical and television product for television, streaming services, and games, the Company has included all contracts regardless of duration.
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