XML 20 R10.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
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.
Our financial data by segment is presented in the tables below. We do not present asset information for our segments as this information is not used to allocate resources.
Three Months Ended March 31, 2025
(in millions)
Residential Connectivity & Platforms
Business Services Connectivity
Media
Studios
Theme Parks
Total
Revenue from external customers
$17,606 $2,490 $5,236 $2,001 $1,876 $29,209 
Intersegment revenue(a)
36 6 1,204 825 — 2,072 
17,642 2,496 6,440 2,826 1,876 31,281 
Reconciliation of Revenue
Other revenue(b)
752 
Eliminations(a)
(2,146)
Total consolidated revenue$29,887 
Less segment expenses:(c)
Programming and production4,107 4,011 1,898 
Marketing and promotion323 392 
Other(d)
6,617 1,074 1,102 237 1,447 
Segment Adjusted EBITDA(e)
$6,918 $1,422 $1,004 $298 $429 $10,071 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)
(255)
Corporate and other(b)(e)
(335)
Eliminations
26 
Depreciation(2,231)
Amortization(1,618)
Interest expense(1,050)
Investment and other income (loss), net(116)
Income before income taxes
$4,492 
Three Months Ended March 31, 2024
(in millions)
Residential Connectivity & Platforms
Business Services Connectivity
Media
Studios
Theme Parks
Total
Revenue from external customers$17,830 $2,401 $5,222 $1,905 $1,979 $29,337 
Intersegment revenue(a)
38 6 1,149 838 — 2,031 
17,868 2,407 6,371 2,743 1,979 31,368 
Reconciliation of revenue
Other revenue(b)
779 
Eliminations(a)
(2,089)
Total consolidated revenue$30,058 
Less segment expenses:(c)
Programming and production
4,405 4,140 1,859 
Marketing and promotion
314 431 
Other(d)
6,611 1,041 1,090 209 1,347 
Total segment Adjusted EBITDA(e)
$6,852 $1,366 $827 $244 $632 $9,920 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)
(243)
Corporate and other(b)(e)
(323)
Eliminations
7 
Depreciation(2,175)
Amortization(1,376)
Interest expense(1,002)
Investment and other income (loss), net298 
Income before income taxes
$5,105 
(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.
(b)Includes the operations of our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture with Charter Communications. Corporate and other also includes overhead and personnel costs for Corporate.
(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; direct product costs; marketing and promotion; customer service; administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; 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. 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.