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Additional Financial Information
 6 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Additional Financial Information ADDITIONAL FINANCIAL INFORMATION
Restructuring, Impairment and Other Corporate Matters
The following table sets forth the components of Restructuring, impairment and other corporate matters included in the Statements of Operations:
For the three months ended December 31,
For the six months ended December 31,
2025202420252024
(in millions)
Restructuring charges$(5)$(3)$(7)$(11)
Other corporate matters
Legal settlement costs(a)
(4)(90)(10)(97)
U.K. Newspaper Matters Indemnity(b)
(1)(13)(2)(19)
Other(a)
(4)(64)13 (69)
Total restructuring, impairment and other corporate matters$(14)$(170)$(6)$(196)
(a)
Primarily related to the discontinuation of Venu Sports for the three and six months ended December 31, 2024.
(b)
See Note 8—Commitments and Contingencies under the heading "U.K. Newspaper Matters Indemnity."
Interest Expense, net
The following table sets forth the components of Interest expense, net included in the Statements of Operations:
For the three months ended December 31,
For the six months ended December 31,
2025202420252024
(in millions)
Interest expense$(120)$(117)$(220)$(219)
Interest income22 37 72 89 
Total interest expense, net$(98)$(80)$(148)$(130)
Non-Operating Other, net
The following table sets forth the components of Non-operating other, net included in the Statements of Operations:
For the three months ended December 31,
For the six months ended December 31,
2025202420252024
(in millions)
Net (losses) gains on investments in equity securities(a)
$(158)$83 $(280)$319 
Other(3)(2)(6)(5)
Total non-operating other, net$(161)$81 $(286)$314 
(a)
Net (losses) gains on investments in equity securities includes the (losses) gains related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value).
Other Non-Current Assets
The following table sets forth the components of Other non-current assets included in the Balance Sheets:
 
As of
December 31,
2025
As of
June 30,
2025
 (in millions)
Investments(a)
$1,489 $1,621 
Inventories, net923 742 
Operating lease assets837 814 
Grantor Trust assets236 246 
Other311 309 
Total other non-current assets$3,796 $3,732 
(a)
Includes investments accounted for at fair value on a recurring basis of $955 million and $1.2 billion as of December 31, 2025 and June 30, 2025, respectively (See Note 4—Fair Value).
Accounts Payable, Accrued Expenses and Other Current Liabilities
The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets:
As of
December 31,
2025
As of
June 30,
2025
(in millions)
Accrued expenses$1,013 $1,081 
Programming payable752 1,070 
Deferred revenue318 299 
Operating lease liabilities42 41 
Other current liabilities291 406 
Total accounts payable, accrued expenses and other current liabilities$2,416 $2,897 
Other Liabilities
The following table sets forth the components of Other liabilities included in the Balance Sheets:
As of
December 31,
2025
As of
June 30,
2025
(in millions)
Non-current operating lease liabilities$849 $822 
Accrued non-current pension/postretirement liabilities264 276 
Other non-current liabilities216 243 
Total other liabilities$1,329 $1,341 
Redeemable Noncontrolling Interests
Put rights held by minority shareholders in consolidated companies are recorded by the Company as redeemable noncontrolling interests. The put right held by the Credible Labs Inc. (“Credible”) minority interest shareholder was exercised in December 2024 and was settled during the six months ended December 31, 2025. The put right held by the entertainment production company’s minority shareholder will become
exercisable in fiscal 2027. The put right held by the digital media company’s minority shareholders will become exercisable in fiscal 2030.
The changes in redeemable noncontrolling interests were as follows:
For the three months ended December 31,
For the six months ended December 31,
2025202420252024
(in millions)
Beginning of period$(81)$(202)$(288)$(242)
Net (income) loss(3)(1)(4)1 
Redemption of noncontrolling interests— — 208 — 
Accretion and redemption value adjustments
— 3 — 41 
End of period$(84)$(200)$(84)$(200)
Future Performance Obligations
As of December 31, 2025, approximately $6.3 billion of revenues are expected to be recognized primarily over the next one to three years. The Company’s most significant remaining performance obligations relate to distribution contracts, content licensing contracts with fixed fees and sports advertising contracts. The amount disclosed does not include (i) revenues related to performance obligations that are part of a contract whose original expected duration is one year or less, (ii) revenues that are in the form of sales- or usage-based royalties and (iii) revenues related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice.
Supplemental Information
The following table summarizes supplemental information on the Statements of Cash Flows:
For the six months ended December 31,
 20252024
 (in millions)
Supplemental cash flow information
Cash paid for interest$(218)$(217)
Cash paid for income taxes$(252)$(222)