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Investments and Variable Interest Entities
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Investments and Variable Interest Entities Investments and Variable Interest Entities
Investment and Other Income (Loss), Net
 Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2025202420252024
Equity in net income (losses) of investees, net$(90)$(152)$(312)$(438)
Realized and unrealized gains (losses) on equity securities, net
(60)(22)52 (163)
Other income (loss), net212 171 9,966 461 
Investment and other income (loss), net$61 $(3)$9,705 $(140)
The amount of unrealized gains (losses), net recognized in the three months ended September 30, 2025 and 2024 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(55) million and $(15) million, respectively. The amount of unrealized gains (losses), net recognized in the nine months ended September 30, 2025 and 2024 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(85) million and $(117) million, respectively.
Investments
(in millions)September 30,
2025		December 31,
2024
Equity method$7,016 $7,252 
Marketable equity securities11 11 
Nonmarketable equity securities1,129 1,221 
Other investments190 184 
Total investments8,346 8,668 
Less: Current investments22 21 
Noncurrent investments$8,324 $8,647 
Equity Method Investments
The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statements of cash flows in the nine months ended September 30, 2025 and 2024 was $113 million and $244 million, respectively.
Atairos
Atairos is a variable interest entity (“VIE”) that follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the nine months ended September 30, 2025 and 2024, we made cash capital contributions totaling $117 million and $60 million, respectively, to Atairos. As of September 30, 2025 and December 31, 2024, our investment, inclusive of advances classified within other investments, was $5.0 billion and $5.1 billion, respectively. As of September 30, 2025, our remaining unfunded capital commitment was $1.3 billion.
Hulu
In June 2025, we sold our 33% interest in Hulu following the finalization of a third-party appraisal of Hulu’s fair value performed pursuant to the terms of our put right exercised in November 2023. We received total cash proceeds of $9.6 billion for our interest, consisting of $439 million in the second quarter of 2025 and a $9.2 billion advance received in the fourth
quarter of 2023. The advance represented our guaranteed share of Hulu’s minimum equity value pursuant to the terms of our put right and was reduced by $557 million in 2023 for our share of prior capital calls. Upon the sale of our interest in Hulu in the second quarter of 2025, we recorded a receivable of $792 million relating to our right to receive 50% of the estimated future tax benefits resulting from the transaction and we recognized a pre-tax gain of $9.4 billion.
The gain on the sale of our investment in Hulu is presented in “other income (loss), net” within “investment and other income (loss), net” in our condensed consolidated statement of income. The additional proceeds received in the current year period are presented in “proceeds from sales of businesses and investments” in investing activities in our condensed consolidated statement of cash flows. The receivable relating to our right to receive estimated future tax benefits is presented in “other current assets” and “other noncurrent assets, net” in our condensed consolidated balance sheet.
Other Investments
Other investments also includes certain short-term instruments. We had no short-term instruments as of September 30, 2025 and December 31, 2024. There were no proceeds from or purchases of short-term instruments for the nine months ended September 30, 2025. Proceeds from short-term instruments were $632 million and purchases of short-term instruments were $443 million for the nine months ended September 30, 2024.
Consolidated Variable Interest Entity
Universal Beijing Resort
We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of September 30, 2025, Universal Beijing Resort had $3.5 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement. As of December 31, 2024, Universal Beijing Resort had $3.4 billion of debt outstanding, including $3.0 billion principal amount of a term loan outstanding under the debt financing agreement.
As of September 30, 2025, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.4 billion and $7.2 billion, respectively. As of December 31, 2024, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.3 billion and $7.0 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.