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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current Assets:    
Cash and cash equivalents $ 1,627 $ 3,274
Receivables, net 6,178 6,615
Programming and other inventory 1,655 1,461
Prepaid expenses and other current assets 1,560 1,970
Total current assets 11,020 13,320
Property and equipment, net 2,216 2,195
Programming and other inventory 15,641 15,028
Goodwill 2,034 1,600
Intangible assets, net 5,649 6,238
Operating lease assets 1,033 1,126
Deferred income tax assets, net 1,347 1,282
Advance consideration for WBD acquisition 2,800 0
Other assets 2,671 2,553
Total Assets 44,411 43,342
Current Liabilities:    
Accounts payable 511 906
Accrued expenses 2,158 2,077
Participants’ share and royalties payable 2,606 2,646
Accrued programming and production costs 1,801 1,832
Deferred revenues 1,486 1,355
Debt 665 433
Other current liabilities 1,373 1,350
Total current liabilities 10,600 10,599
Long-term debt 14,491 13,225
Participants’ share and royalties payable 1,437 1,361
Pension and postretirement benefit obligations 1,169 1,185
Deferred income tax liabilities, net 68 85
Operating lease liabilities 1,046 1,150
Programming obligations 581 400
Other liabilities 2,209 2,450
Commitments and contingencies (Note 14)
Parent stockholders’ equity:    
Additional paid-in capital 13,307 13,386
Accumulated deficit (1,544) (1,753)
Accumulated other comprehensive income 7 59
Total Parent stockholders’ equity 11,771 11,693
Noncontrolling interests 1,039 1,194
Total Equity 12,810 12,887
Total Liabilities and Equity 44,411 43,342
Class A Common Stock    
Parent stockholders’ equity:    
Common stock, value, issued 0 0
Class B Common Stock    
Parent stockholders’ equity:    
Common stock, value, issued $ 1 $ 1