v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
We are a global media and technology company with five segments: Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios and Theme Parks. Beginning in the first quarter of 2026, we updated the composition of our segments to align with the segment-level information that is regularly provided to our Co-Chief Executive Officers, who are the chief operating decision maker, including (1) adjusting the Media segment to exclude the historical results of Versant; (2) reclassifying the results of our regional sports networks to Corporate and other from the Media segment; (3) reclassifying the results of Xumo, our streaming platform joint venture with Charter Communications, to the Residential Connectivity & Platforms segment from Corporate and other; (4) reclassifying certain shared expenses into the related Media, Studios and Theme Parks segments from Media, Studios and Theme Parks headquarters and other; and (5) adjusting the Media segment and Versant for the effects of the commercial services agreement (see Note 6).
Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. Transactions between our segments and other businesses generally include intercompany profit consistent with third-party transactions. The Residential Connectivity & Platforms and the Business Services Connectivity segments use certain shared infrastructure, including our network in the United States, and each segment is presented with its direct costs and an allocation of shared costs, as well as revenue from its customers.
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 September 30, 2026
(in millions)
Residential Connectivity & Platforms
Business Services Connectivity
Media
Studios
Theme Parks
Total
Revenue from external customers
$17,001 $2,641 $4,340 $2,494 $2,597 $29,073 
Intersegment revenue(a)
17 4 1,020 472 — 1,513 
17,018 2,645 5,359 2,967 2,597 30,586 
Reconciliation of Revenue
Other revenue(b)
355 
Eliminations(a)
(1,642)
Total consolidated revenue$29,298 
Less segment expenses:(c)
Programming and production3,624 3,288 1,912 
Marketing and promotion326 412 
Other(d)
7,284 1,167 976 241 1,817 
Segment Adjusted EBITDA(e)
$6,110 $1,478 $769 $402 $780 $9,539 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)
(191)
Corporate and other(b)(e)
(387)
Eliminations
58 
Depreciation(2,385)
Amortization(1,314)
Interest expense(962)
Investment and other income (loss), net88 
Income before income taxes
$4,446 
Three Months Ended September 30, 2025
(in millions)Residential Connectivity & PlatformsBusiness Services ConnectivityMediaStudiosTheme ParksTotal
Revenue from external customers$17,619 $2,570 $3,659 $2,294 $2,717 $28,859 
Intersegment revenue(a)
16 6 1,085 706 — 1,814 
17,636 2,576 4,744 3,000 2,717 30,673 
Reconciliation of Revenue
Versant revenue1,731 
Other revenue(b)
898 
Eliminations(a)
(2,104)
Total consolidated revenue$31,198 
Less segment expenses:(c)
Programming and production3,952 3,359 1,962 
Marketing and promotion287 436 
Other(d)
7,200 1,122 851 264 1,777 
Segment Adjusted EBITDA(e)
$6,484 $1,454 $247 $339 $940 $9,464 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)
(204)
Versant554 
Corporate and other(b)(e)
(319)
Eliminations58 
Depreciation(2,353)
Amortization(1,666)
Interest expense(1,128)
Investment and other income (loss), net61 
Income before income taxes$4,468 
Nine Months Ended September 30, 2026
(in millions)Residential Connectivity & PlatformsBusiness Services ConnectivityMediaStudiosTheme ParksTotal
Revenue from external customers$51,403 $7,941 $15,111 $7,069 $7,341 $88,864 
Intersegment revenue(a)
61 15 3,219 2,364 — 5,659 
51,464 7,956 18,330 9,433 7,341 94,523 
Reconciliation of Revenue
Other revenue(b)
2,146 
Eliminations(a)
(5,975)
Total consolidated revenue$90,695 
Less segment expenses:(c)
Programming and production11,109 13,291 6,194 
Marketing and promotion1,020 1,330 
Other(d)
21,363 3,485 2,968 750 5,401 
Segment Adjusted EBITDA(e)
$18,992 $4,471 $1,051 $1,158 $1,939 $27,612 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)
(614)
Corporate and other(b)(e)
(1,046)
Eliminations(84)
Depreciation(7,108)
Amortization(4,144)
Interest expense(3,108)
Investment and other income (loss), net283 
Income before income taxes$11,791 
Nine Months Ended September 30, 2025
(in millions)Residential Connectivity & PlatformsBusiness Services ConnectivityMediaStudiosTheme ParksTotal
Revenue from external customers$53,068 $7,629 $10,620 $6,027 $6,942 $84,286 
Intersegment revenue(a)
72 17 3,194 2,231 1 5,516 
53,140 7,647 13,813 8,258 6,943 89,802 
Reconciliation of Revenue
Versant revenue5,270 
Other revenue(b)
2,700 
Eliminations(a)
(6,374)
Total consolidated revenue$91,397 
Less segment expenses:(c)
Programming and production12,057 9,401 5,526 
Marketing and promotion878 1,280 
Other(d)
20,751 3,327 2,497 779 4,948 
Segment Adjusted EBITDA(e)
$20,332 $4,320 $1,037 $674 $1,995 $28,358 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)
(600)
Versant2,177 
Corporate and other(b)(e)
(902)
Eliminations174 
Depreciation(6,934)
Amortization(5,089)
Interest expense(3,283)
Investment and other income (loss), net9,705 
Income before income taxes$23,607 
(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 three and nine months ended September 30, 2026 include $26 million of transaction and transaction-related costs related to the proposed NBCUniversal Spin-off. The nine months ended September 30, 2026 also include $51 million of transaction costs associated with the Versant Separation. The three and nine months ended September 30, 2025 include $116 million and $248 million, respectively, of transaction and transaction-related costs related to 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.