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REVENUES
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
The following tables present the Company’s revenues disaggregated by revenue source (in millions).
Three Months Ended September 30, 2025
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$2,317 $2 $2,387 $(4)$4,702 
Advertising235 — 1,186 (14)1,407 
Content79 3,111 217 (758)2,649 
Other2 208 93 (16)287 
Total$2,633 $3,321 $3,883 $(792)$9,045 
Three Months Ended September 30, 2024
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$2,320 $6 $2,598 $(4)$4,920 
Advertising205 1 1,490 (14)1,682 
Content107 2,463 833 (682)2,721 
Other2 210 89 (1)300 
Total$2,634 $2,680 $5,010 $(701)$9,623 
Nine Months Ended September 30, 2025
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$7,056 $4 $7,422 $(9)$14,473 
Advertising754 1 4,897 (49)5,603 
Content269 8,841 884 (3,008)6,986 
Other3 590 257 (76)774 
Total$8,082 $9,436 $13,460 $(3,142)$27,836 
Nine Months Ended September 30, 2024
StreamingStudiosGlobal Linear NetworksCorporate and Inter-segment EliminationsTotal
Revenues:
Distribution$6,707 $14 $8,070 $(7)$14,784 
Advertising620 5 5,691 (56)6,260 
Content329 7,323 1,396 (1,660)7,388 
Other6 608 250 (2)862 
Total$7,662 $7,950 $15,407 $(1,725)$29,294 
Contract Liabilities and Contract Assets
The following table presents contract liabilities on the consolidated balance sheets (in millions).
CategoryBalance Sheet LocationSeptember 30, 2025December 31, 2024
Contract liabilitiesDeferred revenues$1,649 $1,569 
Contract liabilitiesOther noncurrent liabilities227 206 
For the nine months ended September 30, 2025 and 2024, respectively, revenues of $1,205 million and $1,542 million were recognized that were included in deferred revenues as of December 31, 2024 and December 31, 2023, respectively. Contract assets were not material as of September 30, 2025 and December 31, 2024.
Remaining Performance Obligations
The following table presents a summary of revenue expected to be recognized from remaining performance obligations by contract type (in millions).
Contract TypeSeptember 30, 2025Duration
Distribution - fixed price or minimum guarantee$1,916 
Through 2030
Content licensing and sports sublicensing5,089 
Through 2032
Brand licensing3,548 
Through 2052
Advertising943 
Through 2032
Other139 
Through 2029
Total$11,635 
The value of unsatisfied performance obligations disclosed above does not include: (i) contracts involving variable consideration for which revenues are recognized in accordance with the sales or usage-based royalty exception, which typically have a similar duration as the contracts disclosed above, and (ii) contracts with an original expected length of one year or less, such as most advertising contracts; however for content licensing revenues, including revenues associated with the licensing of theatrical and television product for television and streaming services, the Company has included all contracts regardless of duration.