Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

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.


	Year Ended December 31, 2024
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	71,401	$	9,678	$	23,463	$	7,832	$	8,615	$	120,990
Intersegment revenue(a)	173		23		4,685		3,259		1		8,142
	71,574		9,701		28,148		11,092		8,617		129,132
Reconciliation of Revenue
Other revenue(b)											2,982
Eliminations(a)											(8,383)
Total consolidated revenue											$	123,731

Less segment expenses:(c)
Programming and production	$	16,881			$	18,968	$	7,257
Marketing and promotion					1,473		1,483
Other(d)	27,355		4,201		4,577		947		5,668
Segment Adjusted EBITDA(e)	$	27,338	$	5,500	$	3,130	$	1,404	$	2,949	$	40,322

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(831)
Corporate and other(b)(e)											(1,346)
Eliminations											(47)
Depreciation											(8,729)
Amortization											(6,072)
Interest expense											(4,134)
Investment and other income (loss), net											(490)
Income before income taxes											$	18,673


	Year Ended December 31, 2023
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	71,739	$	9,233	$	20,734	$	8,308	$	8,948	$	118,962
Intersegment revenue(a)	207		22		4,621		3,317		(1)		8,166
	71,946		9,255		25,355		11,625		8,947		127,128
Reconciliation of Revenue
Other revenue(b)											2,827
Eliminations(a)											(8,383)
Total consolidated revenue											$	121,572

Less segment expenses:(c)
Programming and production	$	18,067			$	16,921	$	7,958
Marketing and promotion					1,389		1,579
Other(d)	26,932		3,964		4,091		818		5,602
Segment Adjusted EBITDA(e)	$	26,948	$	5,291	$	2,955	$	1,269	$	3,345	$	39,808

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(946)
Corporate and other(b)(e)											(1,318)
Eliminations											105
Depreciation											(8,854)
Amortization											(5,482)
Interest expense											(4,087)
Investment and other income (loss), net											1,252
Income before income taxes											$	20,478


	Year Ended December 31, 2022
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	72,177	$	8,798	$	22,147	$	8,294	$	7,541	$	118,957
Intersegment revenue(a)	208		21		4,572		3,963		1		8,765
	72,386		8,819		26,719		12,257		7,541		127,722
Reconciliation of Revenue
Other revenue(b)											2,737
Eliminations(a)											(9,032)
Total consolidated revenue											$	121,427

Less segment expenses:(c)
Programming and production	$	18,500			$	17,650	$	8,778
Marketing and promotion					1,520		1,699
Other(d)	27,775		3,759		3,951		819		4,858
Segment Adjusted EBITDA(e)	$	26,111	$	5,060	$	3,598	$	961	$	2,683	$	38,414

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(881)
Corporate and other(b)(e)											(1,021)
Eliminations											(66)
Depreciation											(8,724)
Amortization											(5,097)
Goodwill and long-lived asset impairments(g)											(8,583)
Interest expense											(3,896)
Investment and other income (loss), net											(861)
Income before income taxes											$	9,284

(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. Revenue for licenses of content from Studios to Media is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses in Media are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period.

(b)Includes the operations of our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center 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. For each of our segments, our chief operating decision maker uses Adjusted EBITDA to measure operational strength and performance, assist in the evaluation of underlying trends, and allocate resources in the annual budget and forecasting process. Adjusted EBITDA is also a significant performance measure in our annual incentive compensation programs. 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.

(f)Includes overhead, personnel costs and other costs necessary to operate the Media, Studios and Theme Parks segments.

(g)Refer to Note 9 for a discussion of impairment charges in 2022 related to goodwill and long-lived assets.