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v3.25.2

Segment Information | 6 Months Ended
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Jun. 30, 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 June 30, 2025
(in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total
Revenue from external customers | $ | 17,793 |  | $ | 2,569 |  | $ | 5,202 |  | $ | 1,733 |  | $ | 2,349 |  | $ | 29,646 |
Intersegment revenue(a) | 21 |  | 6 |  | 1,238 |  | 700 |  | — |  | 1,965 |
| 17,814 |  | 2,575 |  | 6,440 |  | 2,432 |  | 2,349 |  | 31,611 |
Reconciliation of Revenue |  |  |  |  |  |
Other revenue(b) |  |  |  |  |  | 717 |
Eliminations(a) |  |  |  |  |  | (2,015) |
Total consolidated revenue |  |  |  |  |  | $ | 30,313 |
Less segment expenses:(c) |  |  |  |  |  |
Programming and production | 3,998 |  |  | 3,551 |  | 1,661 |  |  |
Marketing and promotion |  |  | 304 |  | 452 |  |  |
Other(d) | 6,734 |  | 1,131 |  | 1,102 |  | 234 |  | 1,691 |  |
Segment Adjusted EBITDA(e) | $ | 7,082 |  | $ | 1,444 |  | $ | 1,482 |  | $ | 85 |  | $ | 658 |  | $ | 10,751 |
Reconciliation of total segment Adjusted EBITDA |  |  |  |
Media, Studios and Theme Parks headquarters and other(f) |  |  |  |  |  | (263) |
Corporate and other(b)(e) |  |  |  |  |  | (419) |
Eliminations |  |  |  |  |  | 77 |
Depreciation |  |  |  |  |  | (2,349) |
Amortization |  |  |  |  |  | (1,805) |
Interest expense |  |  |  |  |  | (1,105) |
Investment and other income (loss), net |  |  |  |  |  | 9,760 |
Income before income taxes |  |  |  |  |  | $ | 14,647 |
| Three Months Ended June 30, 2024
(in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total
Revenue from external customers | $ | 17,794 |  | $ | 2,416 |  | $ | 5,190 |  | $ | 1,657 |  | $ | 1,974 |  | $ | 29,030 |
Intersegment revenue(a) | 30 |  | 6 |  | 1,134 |  | 597 |  | 1 |  | 1,768 |
| 17,824 |  | 2,421 |  | 6,324 |  | 2,253 |  | 1,975 |  | 30,798 |
Reconciliation of revenue |  |  |  |  |  |
Other revenue(b) |  |  |  |  |  | 715 |
Eliminations(a) |  |  |  |  |  | (1,825) |
Total consolidated revenue |  |  |  |  |  | $ | 29,688 |
Less segment expenses:(c) |  |  |  |  |  |
Programming and production | 4,248 |  |  | 3,595 |  | 1,499 |  |  |
Marketing and promotion |  |  | 287 |  | 394 |  |  |
Other(d) | 6,472 |  | 1,041 |  | 1,087 |  | 236 |  | 1,343 |  |
Total segment Adjusted EBITDA(e) | $ | 7,103 |  | $ | 1,380 |  | $ | 1,356 |  | $ | 124 |  | $ | 632 |  | $ | 10,594 |
Reconciliation of total segment Adjusted EBITDA |  |  |  |
Media, Studios and Theme Parks headquarters and other(f) |  |  |  |  |  | (198) |
Corporate and other(b)(e) |  |  |  |  |  | (257) |
Eliminations |  |  |  |  |  | 36 |
Depreciation |  |  |  |  |  | (2,153) |
Amortization |  |  |  |  |  | (1,387) |
Interest expense |  |  |  |  |  | (1,026) |
Investment and other income (loss), net |  |  |  |  |  | (434) |
Income before income taxes |  |  |  |  |  | $ | 5,175 |
| Six Months Ended June 30, 2025
(in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total
Revenue from external customers | $ | 35,399 |  | $ | 5,059 |  | $ | 10,438 |  | $ | 3,733 |  | $ | 4,225 |  | $ | 58,855 |
Intersegment revenue(a) | 58 |  | 11 |  | 2,443 |  | 1,525 |  | 1 |  | 4,037 |
| 35,457 |  | 5,071 |  | 12,880 |  | 5,259 |  | 4,226 |  | 62,892 |
Reconciliation of Revenue |  |  |  |  |  |
Other revenue(b) |  |  |  |  |  | 1,469 |
Eliminations(a) |  |  |  |  |  | (4,162) |
Total consolidated revenue |  |  |  |  |  | $ | 60,199 |
Less segment expenses:(c) |  |  |  |  |  |
Programming and production | 8,105 |  |  | 7,563 |  | 3,559 |  |  |
Marketing and promotion |  |  | 627 |  | 844 |  |  |
Other(d) | 13,351 |  | 2,205 |  | 2,204 |  | 472 |  | 3,139 |  |
Segment Adjusted EBITDA(e) | $ | 14,000 |  | $ | 2,866 |  | $ | 2,486 |  | $ | 383 |  | $ | 1,087 |  | $ | 20,823 |
Reconciliation of total segment Adjusted EBITDA |  |  |  |
Media, Studios and Theme Parks headquarters and other(f) |  |  |  |  |  | (517) |
Corporate and other(b)(e) |  |  |  |  |  | (755) |
Eliminations |  |  |  |  |  | 103 |
Depreciation |  |  |  |  |  | (4,580) |
Amortization |  |  |  |  |  | (3,423) |
Interest expense |  |  |  |  |  | (2,155) |
Investment and other income (loss), net |  |  |  |  |  | 9,644 |
Income before income taxes |  |  |  |  |  | $ | 19,139 |
| Six Months Ended June 30, 2024
(in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total
Revenue from external customers | $ | 35,624 |  | $ | 4,817 |  | $ | 10,412 |  | $ | 3,561 |  | $ | 3,953 |  | $ | 58,368 |
Intersegment revenue(a) | 68 |  | 12 |  | 2,283 |  | 1,435 |  | 1 |  | 3,798 |
| 35,692 |  | 4,829 |  | 12,695 |  | 4,996 |  | 3,954 |  | 62,166 |
Reconciliation of revenue |  |  |  |  |  |
Other revenue(b) |  |  |  |  |  | 1,494 |
Eliminations(a) |  |  |  |  |  | (3,914) |
Total consolidated revenue |  |  |  |  |  | $ | 59,746 |
Less segment expenses:(c) |  |  |  |  |  |
Programming and production | 8,654 |  |  | 7,735 |  | 3,358 |  |  |
Marketing and promotion |  |  | 601 |  | 825 |  |  |
Other(d) | 13,083 |  | 2,083 |  | 2,177 |  | 445 |  | 2,690 |  |
Total segment Adjusted EBITDA(e) | $ | 13,955 |  | $ | 2,746 |  | $ | 2,182 |  | $ | 367 |  | $ | 1,264 |  | $ | 20,514 |
Reconciliation of total segment Adjusted EBITDA |  |  |  |
Media, Studios and Theme Parks headquarters and other(f) |  |  |  |  |  | (442) |
Corporate and other(b)(e) |  |  |  |  |  | (580) |
Eliminations |  |  |  |  |  | 43 |
Depreciation |  |  |  |  |  | (4,328) |
Amortization |  |  |  |  |  | (2,762) |
Interest expense |  |  |  |  |  | (2,028) |
Investment and other income (loss), net |  |  |  |  |  | (137) |
Income before income taxes |  |  |  |  |  | $ | 10,280 |
(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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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