
	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Equity in net income (losses) of investees, net	$	129	$	(90)	$	23	$	(312)
Realized and unrealized gains (losses) on equity securities, net	(46)		(60)		(65)		52
Other income (loss), net	6		212		325		9,966
Investment and other income (loss), net	$	88	$	61	$	283	$	9,705

The amount of unrealized gains (losses), net recognized for the three months ended September 30, 2026 and 2025 that related to equity securities still held as of the end of each reporting period was $(51) million and $(55) million, respectively. The amount of unrealized gains (losses), net recognized for the nine months ended September 30, 2026 and 2025 that related to equity securities still held as of the end of each reporting period was $(77) million and $(85) million, respectively.


(in millions)	September 30, 2026		December 31, 2025
Equity method	$	6,967	$	6,674
Nonmarketable equity securities	765		1,049
Other investments	143		244
Total investments	7,875		7,966
Less: Current investments	15		14
Noncurrent investments	$	7,860	$	7,952

The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statements of cash flows in the nine months ended September 30, 2026 and 2025 was $192 million and $113 million, respectively.

Atairos is a variable interest entity (“VIE”) that follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the nine months ended September 30, 2026 and 2025, we made cash capital contributions totaling $360 million and $117 million, respectively, to Atairos. As of September 30, 2026 and December 31, 2025, our investment, inclusive of advances classified within other investments, was $5.2 billion and $4.7 billion, respectively. As of September 30, 2026, our remaining unfunded capital commitment was $971 million.

In June 2025, we sold our 33% interest in Hulu following the finalization of a third-party appraisal of Hulu’s fair value performed pursuant to the terms of our put right exercised in November 2023. We received total cash proceeds of $9.6 billion for our interest, consisting of $439 million in the second quarter of 2025 and a $9.2 billion advance received in the fourth quarter of 2023. We recognized a pre-tax gain of $9.4 billion in other income (loss), net in our consolidated statement of income and we also recorded a receivable of $792 million within other current assets and other noncurrent assets, net, relating to our right to receive 50% of the estimated future tax benefits resulting from the transaction.

We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of September 30, 2026, Universal Beijing Resort had $3.7 billion of debt outstanding, including $3.3 billion principal amount of a term loan outstanding under the debt financing agreement. As of December 31, 2025, Universal Beijing Resort had $3.6 billion of debt outstanding, including $3.2 billion principal amount of a term loan outstanding under the debt financing agreement.

As of September 30, 2026, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.7 billion and $7.8 billion, respectively. As of December 31, 2025, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.4 billion and $7.3 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.