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Additional Financial Information
 12 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Additional Financial Information ADDITIONAL FINANCIAL INFORMATION
Interest Expense, net
The following table sets forth the components of Interest expense, net included in the Statements of Operations:
For the years ended June 30,
202620252024
(in millions)
Interest expense$(401)$(403)$(405)
Interest income127 176 189 
Total interest expense, net$(274)$(227)$(216)
Non-Operating Other, net
The following table sets forth the components of Non-operating other, net included in the Statements of Operations:
For the years ended June 30,
202620252024
(in millions)
Net (losses) gains on investments in equity securities(a)
$(761)$449 $(189)
Gain on sale of assets(b)
— — 166 
Other(12)(11)(24)
Total non-operating other, net$(773)$438 $(47)
(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 6—Fair Value), and for the year ended June 30, 2024, the losses related to the Company’s investment in a live streaming mobile platform.
(b)
See Note 3—Acquisitions, Disposals and Other Transactions.
Other Non-Current Assets
The following table sets forth the components of Other non-current assets included in the Balance Sheets:
As of June 30,
20262025
(in millions)
Investments(a)
$965 $1,621 
Operating lease assets851 814 
Inventories, net845 742 
Grantor Trust assets244 246 
Other322 309 
Total other non-current assets$3,227 $3,732 
(a)
Includes investments accounted for at fair value on a recurring basis of $467 million and $1.2 billion as of June 30, 2026 and 2025, respectively (See Note 6—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 June 30,
20262025
(in millions)
Accrued expenses$1,204 $1,081 
Programming payable801 1,070 
Deferred revenue272 299 
Operating lease liabilities45 41 
Other current liabilities345 406 
Total accounts payable, accrued expenses and other current liabilities$2,667 $2,897 
Other Liabilities
The following table sets forth the components of Other liabilities included in the Balance Sheets:
As of June 30,
20262025
(in millions)
Non-current operating lease liabilities$917 $822 
Accrued non-current pension/postretirement liabilities263 276 
Other non-current liabilities215 243 
Total other liabilities$1,395 $1,341 
Redeemable Noncontrolling Interests
Put rights held by minority shareholders in consolidated companies are recorded by the Company as redeemable noncontrolling interests. Redeemable noncontrolling interests held in the entertainment production company and digital media company were determined in accordance with the related contractual redemption terms. Redeemable noncontrolling interests held at fair value were determined using discounted cash flow analysis and market-based valuation approach methodologies. Significant unobservable inputs used in the fair
value measurements of the Company’s redeemable noncontrolling interests are EBITDA (as defined in Note 17—Segment Information) projections, discount rates, long-term growth rates and multiples. Significant changes in these long-term assumptions may result in a significantly different value.
The put right held by the Credible minority interest shareholder was exercised in December 2024 and was settled during fiscal 2026. The put right held by the entertainment production company’s minority shareholder will become exercisable in fiscal 2029. The put right held by the digital media company’s minority shareholders will become exercisable in fiscal 2030.
The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:
For the years ended June 30,
202620252024
(in millions)
Beginning of year$288 $242 $213 
Acquisitions(a)
— 27 — 
Net income (loss)5 (1)(1)
Redemption of noncontrolling interests(208)— — 
Accretion and redemption value adjustments1 20 30 
End of year$86 $288 $242 
(a)
See Note 3—Acquisitions, Disposals and Other Transactions.
Future Performance Obligations
As of June 30, 2026, approximately $6 billion of revenues are expected to be recognized primarily over the next one to three years. The Company’s most significant remaining performance obligations relate to distribution contracts, content licensing contracts with fixed fees and sports advertising contracts. The amount disclosed does not include (i) revenues related to performance obligations that are part of a contract whose original expected duration is one year or less, (ii) revenues that are in the form of sales- or usage-based royalties and (iii) revenues related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice.
Supplemental Information
The following table summarizes supplemental information on the Statements of Cash Flows:
For the years ended June 30,
202620252024
(in millions)
Supplemental cash flow information
Cash paid for interest$(440)$(402)$(398)
Cash paid for income taxes
Federal$(245)$(394)$(207)
State(77)(113)(18)
Foreign(13)(8)(7)
Total cash paid for income taxes$(335)$(515)$(232)