v3.26.3
Revenue
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(in millions)
Linear distribution
$935 $992 $2,894 $3,095 
Advertising373 394 1,164 1,207 
Platforms
245 224 662 622 
Content licensing and other
41 54 205 154 
Total revenue
$1,594 $1,663 $4,925 $5,078 
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 $233 million as of September 30, 2026, which will be recognized over the next 5 years.
Balance Sheets
September 30,December 31,
20262025
(in millions)
Receivables, gross$1,244 $1,161 
Less: Allowance for credit losses3 10 
Receivables, net
$1,241 $1,151 
Our most significant accounts receivable balances relate to our linear distribution agreements with large multichannel video providers. As of September 30, 2026 and December 31, 2025, our ten largest multichannel video provider customers accounted for approximately 52% and 56%, respectively, of our total accounts receivable.
As of September 30, 2026 and December 31, 2025, the gift card liability for our Fandango and GolfNow platforms was $47 million and $51 million, respectively, including $30 million and $36 million, respectively, within accrued expenses and other current liabilities, and the remainder presented within other noncurrent liabilities. Revenue recorded related to breakage on these gift cards was $3 million and $9 million for the three and nine months ended September 30, 2026, respectively, and $2 million and $9 million for the three and nine months ended September 30, 2025, respectively.