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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We are a global media and technology company with five segments: Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios and Theme Parks.
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.
Three Months Ended September 30, 2025
(in millions)
Residential Connectivity & Platforms
Business Services Connectivity
Media
Studios
Theme Parks
Total
Revenue from external customers
$17,582 $2,570 $5,347 $2,294 $2,717 $30,509 
Intersegment revenue(a)
19 6 1,242 706 — 1,974 
17,601 2,576 6,589 3,000 2,717 32,483 
Reconciliation of Revenue
Other revenue(b)
752 
Eliminations(a)
(2,036)
Total consolidated revenue$31,198 
Less segment expenses:(c)
Programming and production3,952 4,297 1,959 
Marketing and promotion321 436 
Other(d)
7,095 1,122 1,140 240 1,759 
Segment Adjusted EBITDA(e)
$6,554 $1,454 $832 $365 $958 $10,163 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)
(271)
Corporate and other(b)(e)
(388)
Eliminations
50 
Depreciation(2,353)
Amortization(1,666)
Interest expense(1,128)
Investment and other income (loss), net61 
Income before income taxes
$4,468 
Three Months Ended September 30, 2024
(in millions)
Residential Connectivity & Platforms
Business Services Connectivity
Media
Studios
Theme Parks
Total
Revenue from external customers$17,807 $2,419 $6,926 $1,993 $2,289 $31,434 
Intersegment revenue(a)
59 6 1,305 833 — 2,203 
17,866 2,425 8,231 2,826 2,289 33,637 
Reconciliation of Revenue
Other revenue(b)
686 
Eliminations(a)
(2,253)
Total consolidated revenue$32,070 
Less segment expenses:(c)
Programming and production
4,102 5,917 1,818 
Marketing and promotion
470 301 
Other(d)
6,860 1,034 1,194 240 1,442 
Segment Adjusted EBITDA(e)
$6,904 $1,391 $650 $468 $847 $10,259 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)
(200)
Corporate and other(b)(e)
(300)
Eliminations
(21)
Depreciation(2,219)
Amortization(1,659)
Interest expense(1,037)
Investment and other income (loss), net(3)
Income before income taxes
$4,819 
Nine Months Ended September 30, 2025
(in millions)
Residential Connectivity & Platforms
Business Services Connectivity
Media
Studios
Theme Parks
Total
Revenue from external customers
$52,981 $7,629 $15,785 $6,027 $6,942 $89,364 
Intersegment revenue(a)
76 17 3,685 2,231 1 6,011 
53,057 7,647 19,470 8,258 6,943 95,375 
Reconciliation of Revenue
Other revenue(b)
2,221 
Eliminations(a)
(6,198)
Total consolidated revenue$91,397 
Less segment expenses:(c)
Programming and production12,057 11,860 5,519 
Marketing and promotion947 1,280 
Other(d)
20,446 3,327 3,344 711 4,898 
Segment Adjusted EBITDA(e)
$20,554 $4,320 $3,318 $749 $2,045 $30,985 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)
(789)
Corporate and other(b)(e)
(1,142)
Eliminations
153 
Depreciation(6,934)
Amortization(5,089)
Interest expense(3,283)
Investment and other income (loss), net9,705 
Income before income taxes
$23,607 
Nine Months Ended September 30, 2024
(in millions)
Residential Connectivity & Platforms
Business Services Connectivity
Media
Studios
Theme Parks
Total
Revenue from external customers$53,431 $7,236 $17,338 $5,555 $6,242 $89,802 
Intersegment revenue(a)
127 17 3,588 2,268 1 6,001 
53,558 7,253 20,926 7,822 6,243 95,803 
Reconciliation of Revenue
Other revenue(b)
2,181 
Eliminations(a)
(6,167)
Total consolidated revenue$91,817 
Less segment expenses:(c)
Programming and production
12,756 13,652 5,176 
Marketing and promotion
1,071 1,126 
Other(d)
19,943 3,117 3,371 685 4,132 
Segment Adjusted EBITDA(e)
$20,859 $4,137 $2,832 $835 $2,111 $30,774 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)
(642)
Corporate and other(b)(e)
(881)
Eliminations
22 
Depreciation(6,548)
Amortization(4,421)
Interest expense(3,065)
Investment and other income (loss), net(140)
Income before income taxes
$15,099 
(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.
(b)Includes the operations of our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile 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. 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. The three and nine months ended September 30, 2025 includes $116 million and $248 million, respectively, of transaction and transaction-related costs associated with our proposed separation of Versant.
(f)Includes overhead, personnel costs and other costs necessary to operate the Media, Studios and Theme Parks segments.