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REVENUES (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables present the Company’s revenues disaggregated by revenue source (in millions).

			Three Months Ended September 30, 2025
			Streaming						Studios						Global Linear Networks						Corporate and Inter-segment Eliminations						Total
Revenues:
Distribution			$	2,317					$	2					$	2,387					$	(4)					$	4,702
Advertising			235						—						1,186						(14)						1,407
Content			79						3,111						217						(758)						2,649
Other			2						208						93						(16)						287
Total			$	2,633					$	3,321					$	3,883					$	(792)					$	9,045

																																	Three Months Ended September 30, 2024
																																	Streaming						Studios						Global Linear Networks						Corporate and Inter-segment Eliminations						Total
Revenues:
Distribution																																	$	2,320					$	6					$	2,598					$	(4)					$	4,920
Advertising																																	205						1						1,490						(14)						1,682
Content																																	107						2,463						833						(682)						2,721
Other																																	2						210						89						(1)						300
Total																																	$	2,634					$	2,680					$	5,010					$	(701)					$	9,623

			Nine Months Ended September 30, 2025
			Streaming						Studios						Global Linear Networks						Corporate and Inter-segment Eliminations						Total
Revenues:
Distribution			$	7,056					$	4					$	7,422					$	(9)					$	14,473
Advertising			754						1						4,897						(49)						5,603
Content			269						8,841						884						(3,008)						6,986
Other			3						590						257						(76)						774
Total			$	8,082					$	9,436					$	13,460					$	(3,142)					$	27,836

			Nine Months Ended September 30, 2024
			Streaming						Studios						Global Linear Networks						Corporate and Inter-segment Eliminations						Total
Revenues:
Distribution			$	6,707					$	14					$	8,070					$	(7)					$	14,784
Advertising			620						5						5,691						(56)						6,260
Content			329						7,323						1,396						(1,660)						7,388
Other			6						608						250						(2)						862
Total			$	7,662					$	7,950					$	15,407					$	(1,725)					$	29,294

Schedule of Contract Liabilities

The following table presents contract liabilities on the consolidated balance sheets (in millions).

Category						Balance Sheet Location						September 30, 2025						December 31, 2024
Contract liabilities						Deferred revenues						$	1,649					$	1,569
Contract liabilities						Other noncurrent liabilities						227						206

Schedule of Remaining Performance Obligations by Contract Type

The following table presents a summary of revenue expected to be recognized from remaining performance obligations by contract type (in millions).

Contract Type

September 30, 2025

Duration

Distribution - fixed price or minimum guarantee

$

1,916

Through 2030

Content licensing and sports sublicensing

5,089

Through 2032

Brand licensing

3,548

Through 2052

Advertising

943

Through 2032

Other

139

Through 2029

Total

$

11,635

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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- Definition

Tabular disclosure of expected timing for satisfying remaining performance obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(1)
-SubTopic 10
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

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