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CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating Activities    
Net income $ 544 $ 749
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 757 744
Share-based compensation 49 21
Noncash interest expense 8 0
Net loss on investment activity and other 3 41
Deferred income taxes (108) (94)
Changes in operating assets and liabilities:    
Current and noncurrent receivables, net (392) 48
Content costs, net 84 63
Accounts payable 52 (7)
Other operating assets and liabilities 316 (20)
Net cash provided by operating activities 1,313 1,546
Investing Activities    
Capital expenditures (103) (121)
Acquisitions of businesses (696) 0
Purchase of investments (110) 0
Proceeds from sale of business 140 0
Return of capital from investments 60 0
Other 0 35
Net cash used in investing activities (709) (86)
Financing Activities    
Proceeds from borrowings 1,973 0
Repayment of long-term debt (30) 0
Repurchases of common stock under repurchase program and employee plans (300) 0
Dividends paid (106) 0
Net transfers to Comcast (2,250) (1,401)
Settlement payment from NBCUniversal 70 0
Other (2) (12)
Net cash used in financing activities (645) (1,413)
Increase (decrease) in cash, cash equivalents and restricted cash (41) 48
Cash and cash equivalents and restricted cash, beginning of year 1,092 8
Cash and cash equivalents, end of period $ 1,051 $ 56