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Segment Information | 9 Months Ended
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Sep. 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 September 30, 2025
(in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total
Revenue from external customers | $ | 17,582 |  | $ | 2,570 |  | $ | 5,347 |  | $ | 2,294 |  | $ | 2,717 |  | $ | 30,509 |
Intersegment revenue(a) | 19 |  | 6 |  | 1,242 |  | 706 |  | — |  | 1,974 |
| 17,601 |  | 2,576 |  | 6,589 |  | 3,000 |  | 2,717 |  | 32,483 |
Reconciliation of Revenue |  |  |  |  |  |
Other revenue(b) |  |  |  |  |  | 752 |
Eliminations(a) |  |  |  |  |  | (2,036) |
Total consolidated revenue |  |  |  |  |  | $ | 31,198 |
Less segment expenses:(c) |  |  |  |  |  |
Programming and production | 3,952 |  |  | 4,297 |  | 1,959 |  |  |
Marketing and promotion |  |  | 321 |  | 436 |  |  |
Other(d) | 7,095 |  | 1,122 |  | 1,140 |  | 240 |  | 1,759 |  |
Segment Adjusted EBITDA(e) | $ | 6,554 |  | $ | 1,454 |  | $ | 832 |  | $ | 365 |  | $ | 958 |  | $ | 10,163 |
Reconciliation of total segment Adjusted EBITDA |  |  |  |
Media, Studios and Theme Parks headquarters and other(f) |  |  |  |  |  | (271) |
Corporate and other(b)(e) |  |  |  |  |  | (388) |
Eliminations |  |  |  |  |  | 50 |
Depreciation |  |  |  |  |  | (2,353) |
Amortization |  |  |  |  |  | (1,666) |
Interest expense |  |  |  |  |  | (1,128) |
Investment and other income (loss), net |  |  |  |  |  | 61 |
Income before income taxes |  |  |  |  |  | $ | 4,468 |
| Three Months Ended September 30, 2024
(in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total
Revenue from external customers | $ | 17,807 |  | $ | 2,419 |  | $ | 6,926 |  | $ | 1,993 |  | $ | 2,289 |  | $ | 31,434 |
Intersegment revenue(a) | 59 |  | 6 |  | 1,305 |  | 833 |  | — |  | 2,203 |
| 17,866 |  | 2,425 |  | 8,231 |  | 2,826 |  | 2,289 |  | 33,637 |
Reconciliation of Revenue |  |  |  |  |  |
Other revenue(b) |  |  |  |  |  | 686 |
Eliminations(a) |  |  |  |  |  | (2,253) |
Total consolidated revenue |  |  |  |  |  | $ | 32,070 |
Less segment expenses:(c) |  |  |  |  |  |
Programming and production | 4,102 |  |  | 5,917 |  | 1,818 |  |  |
Marketing and promotion |  |  | 470 |  | 301 |  |  |
Other(d) | 6,860 |  | 1,034 |  | 1,194 |  | 240 |  | 1,442 |  |
Segment Adjusted EBITDA(e) | $ | 6,904 |  | $ | 1,391 |  | $ | 650 |  | $ | 468 |  | $ | 847 |  | $ | 10,259 |
Reconciliation of total segment Adjusted EBITDA |  |  |  |
Media, Studios and Theme Parks headquarters and other(f) |  |  |  |  |  | (200) |
Corporate and other(b)(e) |  |  |  |  |  | (300) |
Eliminations |  |  |  |  |  | (21) |
Depreciation |  |  |  |  |  | (2,219) |
Amortization |  |  |  |  |  | (1,659) |
Interest expense |  |  |  |  |  | (1,037) |
Investment and other income (loss), net |  |  |  |  |  | (3) |
Income before income taxes |  |  |  |  |  | $ | 4,819 |
| Nine Months Ended September 30, 2025
(in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total
Revenue from external customers | $ | 52,981 |  | $ | 7,629 |  | $ | 15,785 |  | $ | 6,027 |  | $ | 6,942 |  | $ | 89,364 |
Intersegment revenue(a) | 76 |  | 17 |  | 3,685 |  | 2,231 |  | 1 |  | 6,011 |
| 53,057 |  | 7,647 |  | 19,470 |  | 8,258 |  | 6,943 |  | 95,375 |
Reconciliation of Revenue |  |  |  |  |  |
Other revenue(b) |  |  |  |  |  | 2,221 |
Eliminations(a) |  |  |  |  |  | (6,198) |
Total consolidated revenue |  |  |  |  |  | $ | 91,397 |
Less segment expenses:(c) |  |  |  |  |  |
Programming and production | 12,057 |  |  | 11,860 |  | 5,519 |  |  |
Marketing and promotion |  |  | 947 |  | 1,280 |  |  |
Other(d) | 20,446 |  | 3,327 |  | 3,344 |  | 711 |  | 4,898 |  |
Segment Adjusted EBITDA(e) | $ | 20,554 |  | $ | 4,320 |  | $ | 3,318 |  | $ | 749 |  | $ | 2,045 |  | $ | 30,985 |
Reconciliation of total segment Adjusted EBITDA |  |  |  |
Media, Studios and Theme Parks headquarters and other(f) |  |  |  |  |  | (789) |
Corporate and other(b)(e) |  |  |  |  |  | (1,142) |
Eliminations |  |  |  |  |  | 153 |
Depreciation |  |  |  |  |  | (6,934) |
Amortization |  |  |  |  |  | (5,089) |
Interest expense |  |  |  |  |  | (3,283) |
Investment and other income (loss), net |  |  |  |  |  | 9,705 |
Income before income taxes |  |  |  |  |  | $ | 23,607 |
| Nine Months Ended September 30, 2024
(in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total
Revenue from external customers | $ | 53,431 |  | $ | 7,236 |  | $ | 17,338 |  | $ | 5,555 |  | $ | 6,242 |  | $ | 89,802 |
Intersegment revenue(a) | 127 |  | 17 |  | 3,588 |  | 2,268 |  | 1 |  | 6,001 |
| 53,558 |  | 7,253 |  | 20,926 |  | 7,822 |  | 6,243 |  | 95,803 |
Reconciliation of Revenue |  |  |  |  |  |
Other revenue(b) |  |  |  |  |  | 2,181 |
Eliminations(a) |  |  |  |  |  | (6,167) |
Total consolidated revenue |  |  |  |  |  | $ | 91,817 |
Less segment expenses:(c) |  |  |  |  |  |
Programming and production | 12,756 |  |  | 13,652 |  | 5,176 |  |  |
Marketing and promotion |  |  | 1,071 |  | 1,126 |  |  |
Other(d) | 19,943 |  | 3,117 |  | 3,371 |  | 685 |  | 4,132 |  |
Segment Adjusted EBITDA(e) | $ | 20,859 |  | $ | 4,137 |  | $ | 2,832 |  | $ | 835 |  | $ | 2,111 |  | $ | 30,774 |
Reconciliation of total segment Adjusted EBITDA |  |  |  |
Media, Studios and Theme Parks headquarters and other(f) |  |  |  |  |  | (642) |
Corporate and other(b)(e) |  |  |  |  |  | (881) |
Eliminations |  |  |  |  |  | 22 |
Depreciation |  |  |  |  |  | (6,548) |
Amortization |  |  |  |  |  | (4,421) |
Interest expense |  |  |  |  |  | (3,065) |
Investment and other income (loss), net |  |  |  |  |  | (140) |
Income before income taxes |  |  |  |  |  | $ | 15,099 |
(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 Xfinity Mobile 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. The three and nine months ended September 30, 2025 includes $116 million and $248 million, respectively, of transaction and transaction-related costs associated with our proposed separation of Versant. (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. 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