Item 8. Comcast Corporation Financial Statements and Supplementary Data

Index			Page
Management’s Report on Internal Control Over Financial Reporting			59
Report of Independent Registered Public Accounting Firm			60
Consolidated Statements of Income			62
Consolidated Statements of Comprehensive Income			63
Consolidated Statements of Cash Flows			64
Consolidated Balance Sheets			65
Consolidated Statements of Changes in Equity			66
Notes to Consolidated Financial Statements			67
Note 1: Summary of Significant Accounting Policies			67
Note 2: Segment Information			68
Note 3: Revenue			71
Note 4: Programming and Production Costs			74
Note 5: Income Taxes			77
Note 6: Debt			80
Note 7: Significant Transactions			82
Note 8: Investments and Variable Interest Entities			82
Note 9: Property and Equipment			85
Note 10: Goodwill and Intangible Assets			86
Note 11: Employee Benefit Plans			88
Note 12: Equity			88
Note 13: Share-Based Compensation			90
Note 14: Supplemental Financial Information			90
Note 15: Commitments and Contingencies			91
Note 16: Subsequent Events			92

Comcast 2025 Annual Report on Form 10-K			58

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Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining an adequate system of internal control over financial reporting. Our system of internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance and may not prevent or detect misstatements. Further, because of changes in conditions, effectiveness of internal control over financial reporting may vary over time.

Our management conducted an evaluation of the effectiveness of the system of internal control over financial reporting based on the framework in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management concluded that the system of internal control over financial reporting was effective as of December 31, 2025. The effectiveness of internal control over financial reporting has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report, which is included herein.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

Comcast Corporation

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Comcast Corporation and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, cash flows, and changes in equity for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “financial statements”). We also have audited the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

Basis for Opinions

The Company’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on these financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

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Report of Independent Registered Public Accounting Firm

Revenue — Refer to Note 3 to the financial statements.

Critical Audit Matter Description

The Company’s Residential Connectivity & Platforms segment generates revenue from customers that subscribe to broadband and wireless connectivity services, video services and wireline voice services. These services are offered to customers individually and as bundled services at a discounted rate.

The processing and recording of revenue are reliant upon multiple information technology (IT) systems.

Given the volume of data and the number of IT systems, subjective auditor judgment was involved in evaluating the sufficiency of audit evidence over revenue recognition for bundled services within the Residential Connectivity & Platforms segment, including the involvement of professionals with expertise in IT to identify, test, and evaluate the Company’s systems and automated controls used in processing revenue transactions.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the judgments necessary to determine the appropriate recognition and processing of Residential Connectivity & Platforms segment revenue included the following, among others:

• We tested the effectiveness of controls in the revenue recognition processes, including those in place to (a) establish revenue recognition accounting policies for bundled services, (b) record revenue, including any related discounts, in accordance with the established accounting policies, and (c) reconcile the various systems to the Company’s general ledger.

• With the assistance of our IT specialists, we:

◦Identified the relevant systems and databases used to process revenue transactions and tested the relevant IT controls over each of those systems and databases.

◦Performed testing of automated business controls over revenue from domestic residential and business customers.

• We tested the allocation of revenue for bundled services by selecting a sample of subscriber invoices, evaluating management’s determination of the transaction price and the distinct performance obligations, and recalculating the allocation of transaction price to each performance obligation based on the respective stand-alone selling prices.

• We tested the accuracy and completeness of the subscriber information used in our audit procedures by selecting a sample of the subscribers, and for those selections agreeing the selected subscriber information to supporting documentation.

• We developed expectations of residential connectivity and video revenue at a disaggregated level using historical amounts, changes in stand-alone selling prices and current year subscriber volumes, and we compared those estimates to revenue recognized by the Company. For domestic residential revenue from subscribers, we also assessed the revenue recorded by comparing cash receipts, adjusted for reconciling items, to revenue recognized by the Company.

/s/ Deloitte & Touche LLP

Philadelphia, Pennsylvania

February 3, 2026

We have served as the Company’s auditor since 1963.

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Comcast Corporation

Consolidated Statements of Income

Year ended December 31 (in millions, except per share data)			2025						2024						2023
Revenue			$	123,707					$	123,731					$	121,572
Costs and Expenses:
Programming and production			34,951						37,026						36,762
Marketing and promotion			8,862						8,073						7,971
Other operating and administrative			43,013						40,533						39,190
Depreciation			9,327						8,729						8,854
Amortization			6,884						6,072						5,482
Total costs and expenses			103,035						100,434						98,258
Operating income			20,672						23,297						23,314
Interest expense			(4,409)						(4,134)						(4,087)
Investment and other income (loss), net			9,503						(490)						1,252
Income before income taxes			25,766						18,673						20,478
Income tax expense			(6,106)						(2,796)						(5,371)
Net income			19,660						15,877						15,107
Less: Net income (loss) attributable to noncontrolling interests			(338)						(315)						(282)
Net income attributable to Comcast Corporation			$	19,998					$	16,192					$	15,388
Basic earnings per common share attributable to Comcast Corporation shareholders			$	5.41					$	4.17					$	3.73
Diluted earnings per common share attributable to Comcast Corporation shareholders			$	5.39					$	4.14					$	3.71

See accompanying notes to consolidated financial statements.

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Comcast Corporation

Consolidated Statements of Comprehensive Income

Year ended December 31 (in millions)			2025						2024						2023
Net income			$	19,660					$	15,877					$	15,107
Other comprehensive income (loss), net of tax (expense) benefit:
Currency translation adjustments, net of deferred taxes of $208, $(137) and $(29)			2,236						(895)						1,478
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $(14), $(4) and $8			(7)						57						16
Realized (gains) losses reclassified to net income, net of deferred taxes of $15, $(1) and $38			(55)						(1)						(158)
Employee benefit obligations and other, net of deferred taxes of $36, $(9) and $(2)			(129)						31						3
Other comprehensive income (loss)			2,044						(807)						1,338
Comprehensive income (loss)			21,704						15,070						16,445
Less: Net income (loss) attributable to noncontrolling interests			(338)						(315)						(282)
Less: Other comprehensive income (loss) attributable to noncontrolling interests			9						(17)						(19)
Comprehensive income attributable to Comcast Corporation			$	22,033					$	15,402					$	16,746

See accompanying notes to consolidated financial statements.

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Comcast Corporation

Consolidated Statements of Cash Flows

Year ended December 31 (in millions)			2025						2024						2023
Operating Activities
Net income			$	19,660					$	15,877					$	15,107
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			16,210						14,802						14,336
Share-based compensation			1,288						1,288						1,241
Noncash interest expense (income), net			488						464						316
Net (gain) loss on investment activity and other			(8,853)						1,088						(768)
Deferred income taxes			2,674						(902)						(2,739)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net			(135)						136						(996)
Film and television costs, net			338						290						(260)
Accounts payable and accrued expenses related to trade creditors			(20)						(758)						(520)
Other operating assets and liabilities			1,994						(4,611)						2,784
Net cash provided by operating activities			33,643						27,673						28,501
Investing Activities
Capital expenditures			(11,750)						(12,181)						(12,242)
Cash paid for intangible assets			(2,658)						(2,949)						(3,298)
Construction of Universal Beijing Resort			(11)						(116)						(137)
Acquisitions, net of cash acquired			(1,306)						(119)						—
Proceeds from sales of businesses and investments			670						771						661
Advance on sale of investment			—						—						8,610
Purchases of investments			(1,302)						(1,082)						(1,313)
Other			199						6						558
Net cash provided by (used in) investing activities			(16,157)						(15,670)						(7,161)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net			—						—						(660)
Proceeds from borrowings			3,494						6,268						6,052
Repurchases and repayments of debt			(5,740)						(3,573)						(4,015)
Repayment of collateralized obligation			—						—						(5,175)
Repurchases of common stock under repurchase program and employee plans			(7,155)						(9,103)						(11,291)
Dividends paid			(4,894)						(4,814)						(4,766)
Other			(50)						339						5
Net cash provided by (used in) financing activities			(14,346)						(10,883)						(19,850)
Impact of foreign currency on cash, cash equivalents and restricted cash			42						(26)						9
Increase (decrease) in cash, cash equivalents and restricted cash			3,182						1,095						1,500
Cash, cash equivalents and restricted cash, beginning of year			7,377						6,282						4,782
Cash, cash equivalents and restricted cash, end of year			$	10,559					$	7,377					$	6,282

See accompanying notes to consolidated financial statements.

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Comcast Corporation

Consolidated Balance Sheets

December 31 (in millions, except share data)			2025						2024
Assets
Current Assets:
Cash and cash equivalents			$	9,481					$	7,322
Receivables, net			13,869						13,661
Other current assets			6,217						5,817
Total current assets			29,567						26,801
Film and television costs			12,214						12,541
Investments			7,952						8,647
Property and equipment, net			65,680						62,548
Goodwill			61,502						58,209
Franchise rights			59,365						59,365
Other intangible assets, net			22,474						25,599
Other noncurrent assets, net			13,877						12,501
Total assets			$	272,631					$	266,211
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors			$	11,058					$	11,321
Deferred revenue			4,097						3,507
Accrued expenses and other current liabilities			12,410						10,679
Current portion of debt			5,958						4,907
Advance on sale of investment			—						9,167
Total current liabilities			33,524						39,581
Noncurrent portion of debt			92,979						94,186
Deferred income taxes			27,788						25,227
Other noncurrent liabilities			20,965						20,942
Commitments and contingencies
Redeemable noncontrolling interests			224						237
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero			—						—
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,513,794,607 and 4,697,328,372; outstanding, 3,594,768,252 and 3,778,302,017			45						47
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375			—						—
Additional paid-in capital			37,709						38,102
Retained earnings			66,675						56,972
Treasury stock, 919,026,355 Class A common shares			(7,517)						(7,517)
Accumulated other comprehensive income (loss)			(8)						(2,043)
Total Comcast Corporation shareholders’ equity			96,903						85,560
Noncontrolling interests			249						477
Total equity			97,151						86,038
Total liabilities and equity			$	272,631					$	266,211

See accompanying notes to consolidated financial statements.

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Comcast Corporation

Consolidated Statements of Changes in Equity

(in millions, except per share data)			2025						2024						2023
Redeemable Noncontrolling Interests
Balance, beginning of year			$	237					$	241					$	411
Contributions from (distributions to) noncontrolling interests, net			2						(13)						(24)
Other			—						—						(171)
Net income (loss)			(15)						9						25
Balance, end of year			$	224					$	237					$	241
Class A Common Stock
Balance, beginning of year			$	47					$	48					$	51
Repurchases of common stock under repurchase program and employee plans			(2)						(2)						(2)
Balance, end of year			$	45					$	47					$	48
Class B Common Stock
Balance, beginning and end of year			$	—					$	—					$	—
Additional Paid-In Capital
Balance, beginning of year			$	38,102					$	38,533					$	39,412
Share-based compensation			1,212						1,169						1,063
Repurchases of common stock under repurchase program and employee plans			(1,843)						(1,841)						(2,086)
Issuances of common stock under employee plans			230						240						272
Other			8						2						(127)
Balance, end of year			$	37,709					$	38,102					$	38,533
Retained Earnings
Balance, beginning of year			$	56,972					$	52,892					$	51,609
Repurchases of common stock under repurchase program and employee plans			(5,311)						(7,251)						(9,309)
Dividends declared			(4,983)						(4,862)						(4,795)
Other			—						—						(1)
Net income			19,998						16,192						15,388
Balance, end of year			$	66,675					$	56,972					$	52,892
Treasury Stock at Cost
Balance, beginning and end of year			$	(7,517)					$	(7,517)					$	(7,517)
Accumulated Other Comprehensive Income (Loss)
Balance, beginning of year			$	(2,043)					$	(1,253)					$	(2,611)
Other comprehensive income (loss)			2,035						(790)						1,358
Balance, end of year			$	(8)					$	(2,043)					$	(1,253)
Noncontrolling Interests
Balance, beginning of year			$	477					$	523					$	684
Other comprehensive income (loss)			9						(17)						(19)
Contributions from (distributions to) noncontrolling interests, net			96						295						166
Other			(11)						—						—
Net income (loss)			(323)						(324)						(307)
Balance, end of year			$	249					$	477					$	523
Total equity			$	97,151					$	86,038					$	83,226
Cash dividends declared per common share			$	1.32					$	1.24					$	1.16

See accompanying notes to consolidated financial statements.

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Comcast Corporation

Notes to Consolidated Financial Statements

Note 1: Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements include all entities in which we have a controlling voting interest and variable interest entities (“VIEs”) required to be consolidated, including Universal Beijing Resort (see Note 8).

We translate assets and liabilities of our foreign operations where the functional currency is the local currency into U.S. dollars at the exchange rate as of the balance sheet date and translate revenue and expenses using average periodic exchange rates. The related translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in our consolidated balance sheets. Any foreign currency transaction gains or losses are included in our consolidated statements of income in investment and other income (loss), net. For disclosures containing future amounts where the functional currency is the local currency, we translate the amounts into U.S. dollars at the exchange rates as of the balance sheet date.

On January 2, 2026 (the “Separation date”), we completed the previously announced separation of Versant into an independent publicly traded company comprised of select cable television networks and complementary digital platforms through a tax-free spin-off (the “Separation”). As the Separation occurred after December 31, 2025, the consolidated financial statements and related notes do not reflect the Separation. See Note 16 for additional information.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation. Refer to Note 3 for a discussion of the changes in our presentation of disaggregated revenue and Note 12 for a discussion of the changes in our presentation of treasury shares.

Accounting Policies

Our consolidated financial statements are prepared in accordance with GAAP, which require us to select accounting policies, including in certain cases industry-specific policies, and make estimates that affect the reported amount of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. Actual results could differ from these estimates. The following accounting policies are specific to the industries in which we operate:

• capitalization and amortization of film and television costs (see Note 4)

• costs for connecting customers to our HFC network (see Note 9)

Information on other accounting policies and methods that we use in the preparation of our consolidated financial statements are included, where applicable, in their respective footnotes that follow. Below is a discussion of accounting policies and methods used in our consolidated financial statements that are not presented within other footnotes.

Advertising Expenses

Advertising costs are expensed as incurred.

Fair Value Measurements

The accounting guidance related to fair value measurements establishes a hierarchy based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below.

• Level 1: Values are determined using quoted market prices for identical financial instruments in an active market.

• Level 2: Values are determined using quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

• Level 3: Values are determined using models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

We use this three-tier fair value hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments (see Note 8); on a non-recurring basis, such as for acquisitions (see Note 7) and impairment testing (see Note 10); and for disclosure purposes, such as for debt (see Note 6). Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation and classification within the fair value hierarchy.

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Comcast Corporation

Recent Accounting Pronouncements

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued updated accounting guidance related to disclosures about certain costs and expenses. The updated accounting guidance, among other things, requires quantitative disclosures for employee compensation, selling expenses and purchases of inventory. The updated guidance is effective beginning with our Annual Report on Form 10-K for the year ending December 31, 2027. We are currently evaluating the impact the adoption of the new accounting guidance will have on our disclosures.

Internal-Use Software

In September 2025, the FASB updated the accounting guidance related to internal-use software. The updated guidance eliminates references to software project stages and clarifies that capitalization of internal-use software costs should begin once management authorizes and commits to funding a software project and it is probable that the project will be completed and used as intended. The updated guidance is effective for us as of January 1, 2028, and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

Government Grants

In December 2025, the FASB issued new accounting guidance on the recognition, measurement and presentation of government grants received by business entities. The new guidance defines government grants, clarifies their scope and provides a recognition threshold under which a grant is recognized when it is probable the entity will comply with the grant’s conditions and that the grant will be received. The updated guidance is effective for us as of January 1, 2029, and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

Interim Reporting

In December 2025, the FASB issued updated accounting guidance on interim reporting. The updated guidance establishes a principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity, as well as clarifies the applicability of interim disclosure requirements. The guidance does not change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. The guidance is effective for us beginning in interim periods after January 1, 2028, with early adoption permitted. We are currently evaluating the impact the adoption of the new accounting guidance will have on our disclosures.

Note 2: 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 segments align to our primary business operations and how our Chairman and Chief Executive Officer, the chief operating decision maker, reviews our operating results. See Note 3 for a description of the various products and services within each segment.

Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. Transactions between our segments generally include intercompany profit consistent with third-party transactions. The Residential Connectivity & Platforms and the Business Services Connectivity segments use certain shared infrastructure, including our network in the United States, and each segment is presented with its direct costs and an allocation of shared costs, as well as revenue from its customers.

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.

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Comcast Corporation

			Year Ended December 31, 2025
(in millions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks			Total
Revenue from external customers			$	70,599		$	10,214		$	22,168		$	8,080		$	9,835		$	120,896
Intersegment revenue(a)			104			23			4,922			3,205			1			8,256
			70,704			10,237			27,090			11,286			9,836			129,152
Reconciliation of Revenue
Other revenue(b)																		3,090
Eliminations(a)																		(8,535)
Total consolidated revenue																		$	123,707
Less segment expenses:(c)
Programming and production			$	16,007					$	17,866		$	7,441
Marketing and promotion									1,463			1,773
Other(d)			28,044			4,512			4,565			973			6,756
Segment Adjusted EBITDA(e)			$	26,653		$	5,725		$	3,196		$	1,099		$	3,080		$	39,753
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)																		(1,095)
Corporate and other(b)(e)(g)																		(1,975)
Eliminations																		200
Depreciation																		(9,327)
Amortization																		(6,884)
Interest expense																		(4,409)
Investment and other income (loss), net																		9,503
Income before income taxes																		$	25,766

			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)(g)																		(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

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			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

(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 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 expenses; direct product costs; marketing and promotion expenses; customer service expenses; 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)The years ended December 31, 2025 and 2024 include $483 million and $7 million, respectively, of transaction and transaction-related costs associated with the Separation of Versant.

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Note 3: Revenue

Year ended December 31 (in millions)			2025						2024(a)						2023(a)
Domestic broadband			$	25,837					$	25,660					$	24,999
Domestic wireless			4,967						4,273						3,664
International connectivity			4,963						4,503						3,918
Total residential connectivity			35,767						34,435						32,580
Video			26,387						27,791						29,576
Advertising			3,712						4,089						3,969
Other			4,838						5,259						5,820
Total Residential Connectivity & Platforms Segment			70,704						71,574						71,946
Total Business Services Connectivity Segment			10,237						9,701						9,255
Domestic advertising			8,382						10,008						8,600
Domestic distribution			11,613						11,826						10,663
International networks			4,977						4,282						4,109
Other			2,118						2,031						1,983
Total Media Segment			27,090						28,148						25,355
Content licensing			8,199						8,063						8,231
Theatrical			1,621						1,693						2,079
Other			1,465						1,335						1,315
Total Studios Segment			11,286						11,092						11,625
Total Theme Parks Segment			9,836						8,617						8,947
Other revenue			3,090						2,982						2,827
Eliminations(b)			(8,535)						(8,383)						(8,383)
Total revenue			$	123,707					$	123,731					$	121,572

(a)Beginning in the first quarter of 2025, commission revenue from the sale of certain DTC streaming services and revenue related to certain equipment are presented in video revenue. Previously, these amounts were presented in domestic broadband and international connectivity. Prior periods have been reclassified to reflect the current year presentation.

(b)See Note 2 for additional information on intersegment revenue transactions.

We operate primarily in the United States but also in select international markets. The table below summarizes our consolidated revenue from customers in certain geographic locations.

Year ended December 31 (in millions)			2025						2024						2023
United States			$	95,143					$	96,237					$	94,375
United Kingdom			15,182						14,194						13,364
Other			13,382						13,300						13,833
Total revenue			$	123,707					$	123,731					$	121,572

Residential Connectivity & Platforms Segment

Residential Connectivity & Platforms generates revenue from customers that subscribe to our residential broadband and wireless connectivity services, residential and business video services and residential wireline voice services in the United States, the United Kingdom and Italy. We offer these services individually and as bundled services at a discounted rate.

Subscription rates and related charges vary according to the services and features customers receive, and customers are typically billed in advance and pay on a monthly basis. Revenue from customers that purchase bundled services at a discounted rate is allocated between the separate services based on the respective stand-alone selling prices. The stand-alone selling prices are determined based on the current prices at which we separately sell the services. Significant judgment is used to determine performance obligations that should be accounted for separately and the allocation of revenue when services are combined in a bundle.

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While a portion of our customers are subject to contracts for their services, which are typically 1 month to 24 months in length, based on our evaluation of the terms of these contracts, we recognize revenue for these services primarily on a basis that is consistent with our customers that are not subject to contracts and recognize revenue as the services are provided on a monthly basis. Installation fees for these customers are deferred and recognized as revenue over the period of benefit to the customer, which is less than a year. Certain international customers are under contracts, with terms typically ranging from rolling monthly to 24 months, depending on the service, and may only discontinue service in accordance with the terms of their contracts. We recognize revenue for these customers as the services are provided over the contract period. At any given time, the amount of future revenue to be earned from these customers related to existing agreements is equal to approximately 10% of our annual Residential Connectivity & Platforms revenue and will generally be recognized within 24 months. Sales commissions are generally expensed as incurred, as the related period of benefit is less than a year. Sales commissions for the international customers under contract are generally deferred and recognized over the respective contract terms.

Our services generally involve customer premise equipment, such as wireless gateways and set-top boxes, that are generally considered part of our services for revenue recognition. We recognize revenue from the sale of devices, including wireless devices and Sky Glass smart televisions, when they are transferred to the customer. Under an equipment installment plan, customers typically have the option to finance wireless devices interest-free over 24 to 36 months for domestic customers and finance wireless devices and Sky Glass smart televisions interest free over 24 to 48 months for international customers. Equipment installment plan receivables under these arrangements are recorded net of imputed interest when the devices are transferred to the customer.

We also have arrangements to sell certain DTC streaming services to our customers. We have concluded we are the sales agent in these arrangements, and we record net commission revenue as earned, which is generally as customers are billed on a monthly basis, within video revenue.

Under the terms of our domestic cable franchise agreements, we are generally required to pay the cable franchising authority an amount based on gross video revenue. We generally pass these and other similar fees through to our domestic customers and classify these fees in the respective Residential Connectivity & Platforms services revenue, with the corresponding costs included in other operating and administrative expenses.

Advertising

Revenue is generated from the sale of advertising and technology, tools and solutions relating to advertising businesses. As part of distribution agreements with domestic cable networks, we generally receive an allocation of scheduled advertising time that we sell to advertisers. In addition, we generate revenue from the sale of advertising on our owned Sky-branded entertainment television networks and our digital platforms. In most cases, the available advertising units are sold by our sales force. We also enter into representation agreements under which we sell advertising on behalf of third parties. Since we are acting as the principal in these arrangements, we record the advertising that is sold in advertising revenue and the fees paid to the third parties in other operating and administrative expenses. In some cases, we work with representation firms as an extension of our sales force to sell a portion of the advertising units allocated to us and record the revenue net of agency commissions.

We have determined that a contract exists for our advertising sales arrangements once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and scheduled. Advertisements are generally aired or delivered within one year once all terms and conditions are agreed upon. Revenue from these arrangements is recognized in the period in which advertisements are aired or delivered. Payment terms vary by contract, although terms generally require payment within 30 to 60 days from when advertisements are aired or delivered. We also provide technology, tools, data-driven services and marketplace solutions to customers in the media industry to facilitate the more effective engagement of advertisers with their target audiences and recognize revenue when these services are provided.

Business Services Connectivity Segment

Business Services Connectivity generates revenue from customers who subscribe to a variety of our products and services that are offered to businesses. Our connectivity service offerings for small business locations in the United States primarily include broadband, wireline voice and wireless services that are similar to those provided to our residential customers and include certain other features specific to businesses. Our enterprise solutions offerings for medium-sized customers and larger enterprises also include ethernet network services, advanced voice services and a software-defined networking product. We also have certain business connectivity service offerings in the United Kingdom.

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We recognize revenue as the services are provided over the contract period. Substantially all of our customers are initially under contracts, with terms typically ranging from 2 years for small and medium-sized businesses to up to 5 years for larger enterprises. Customers with contracts may only discontinue service in accordance with the terms of their contracts. At any given time, the amount of future revenue to be earned related to fixed pricing under existing agreements is equal to approximately half of our annual Business Services Connectivity segment revenue, of which the substantial majority will be recognized within 2 years. Customers under contract typically pay on a monthly basis. Installation revenue and sales commissions are generally deferred and recognized over the respective contract terms.

Media Segment

Advertising

Media generates revenue from the sale of advertising on our linear television networks, Peacock and other digital properties.

We have determined that a contract exists for our advertising sales once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and scheduled. Advertisements are generally aired or delivered within one year, once all terms and conditions are agreed upon. Revenue is recognized, net of agency commissions, in the period in which advertisements are aired or delivered and payment occurs thereafter, with payment generally required within 30 days. In some instances, we guarantee audience ratings for the advertisements. To the extent there is a shortfall in contracts where the ratings were guaranteed, a portion of the revenue is deferred until the shortfall is settled, typically by providing additional advertising units generally within one year of the original airing.

Distribution

Media generates revenue from the distribution of television programming in the United States and internationally to traditional multichannel video providers, such as our Residential Connectivity & Platforms segment, and to virtual multichannel video providers that offer streamed linear television networks. This revenue includes amounts under NBC and Telemundo retransmission consent agreements, and we also receive associated fees from NBC-affiliated and Telemundo-affiliated local broadcast television stations. We also receive subscription fees for our Peacock DTC streaming service either directly from customers or from companies who sell Peacock to customers on our behalf. We have determined that we are principal in these arrangements and in the event we do not have transparency into the pricing charged by a company selling Peacock on our behalf, the amount of revenue recognized is limited to the fees receivable from that company pursuant to our arrangement.

Monthly fees received under distribution agreements with multichannel video providers are generally under multiyear agreements with revenue based on the number of subscribers receiving the programming on our television networks and a per subscriber fee, although revenue for certain of our television networks is based on a fixed fee. Payment terms and conditions vary by contract type, although terms generally include payment within 60 days. These arrangements are accounted for as licenses of functional intellectual property and revenue is recognized as programming is provided.

Studios Segment

Content Licensing

Studios generates revenue from the worldwide licensing of our owned film and television content to television networks and DTC streaming service providers, as well as through video on demand services provided by multichannel video providers and other service providers. Our agreements generally include fixed pricing and span multiple years. For example, following a film’s theatrical release, Studios may license the exhibition rights of a film to different customers over multiple successive distribution windows.

We recognize revenue when the content is delivered and available for use by the licensee. When the term of an existing agreement is renewed or extended, we recognize revenue when the licensed content becomes available under the renewal or extension. Payment terms and conditions vary by contract type, although payments are generally collected over the license term. The amount of future revenue to be earned related to fixed pricing under existing third-party agreements at any given time equals approximately one-half year to 1 year of annual Studios content licensing revenue, which is the segment with the largest portion of this future revenue. The majority of this revenue will be recognized within 2 years. This amount may fluctuate from period to period depending on the timing of the releases and the availability of content under existing agreements and may not represent the total revenue expected to be recognized as it does not include revenue from future agreements or from variable pricing or optional purchases under existing agreements.

For our agreements that include variable pricing, such as pricing based on the number of subscribers to a DTC streaming service sold by our customers, we generally recognize revenue as our customers sell to their subscribers.

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Theatrical

Studios generates revenue from the worldwide distribution of our produced and acquired films for exhibition in movie theaters. Our arrangements with exhibitors generally entitle us to a percentage of ticket sales. We recognize revenue as the films are viewed and exhibited in theaters and payment generally occurs within 30 days after exhibition.

Theme Parks Segment

Theme Parks generates revenue primarily from guest spending at our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China and at our other destinations and experiences. Guest spending includes ticket sales and in-park spending on food, beverages and merchandise. We also generate revenue from our consumer products business. Additionally, we license the right to use the Universal Studios brand name and other intellectual property and provide other services to third parties, including the party that owns and operates the Universal Studios Singapore theme park on Sentosa Island, Singapore. We recognize revenue from ticket sales when the tickets are used, generally within a year from the date of purchase. For annual passes, we generally recognize revenue on a straight-line basis over the period the pass is available to be used. We recognize revenue from in-park spending and consumer products at the point of sale.

Consolidated Balance Sheets

The table below summarizes our accounts receivable, other balances that are not separately presented in our consolidated balance sheets that relate to the recognition of revenue and collection of the related cash, and deferred costs associated with our contracts with customers.

December 31 (in millions)			2025						2024
Receivables, gross			$	14,582					$	14,399
Less: Allowance for credit losses			713						738
Receivables, net			$	13,869					$	13,661
Noncurrent receivables, net (included in other noncurrent assets, net)			$	1,924					$	1,853
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)(a)			$	1,350					$	1,184
Noncurrent deferred revenue (included in other noncurrent liabilities)			$	621					$	665

(a) Amortization of contract acquisition and fulfillment costs totaled $733 million, $716 million and $692 million in 2025, 2024 and 2023, respectively, included in marketing and promotion and other operating and administrative expenses.

Changes in Allowance for Credit Losses
(in millions)			2025						2024						2023
Beginning balance			$	738					$	698					$	736
Current-period provision for expected credit losses			698						747						775
Write-offs charged against the allowance, net of recoveries and other			(722)						(707)						(812)
Ending balance			$	713					$	738					$	698

Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below.

December 31 (in millions)			2025						2024
Receivables, net			$	2,096					$	1,827
Noncurrent receivables, net (included in other noncurrent assets, net)			1,395						1,225
Total			$	3,491					$	3,052

Note 4: Programming and Production Costs

Year ended December 31 (in millions)			2025						2024						2023
Video distribution programming			$	10,008					$	11,428					$	12,460
Film and television content:
Owned(a)			9,891						9,617						10,224
Licensed, including sports rights			13,611						14,668						12,619
Other			1,440						1,314						1,459
Total programming and production costs			$	34,951					$	37,026					$	36,762

(a) Amount includes amortization of owned content of $8.0 billion, $7.8 billion and $7.8 billion for the year ended December 31, 2025, 2024 and 2023, respectively, as well as participations and residuals expenses.

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Video Distribution Programming Expenses

We incur programming expenses related to the license of the rights to distribute or integrate third-party programmed television networks, platforms and related content included in video services we sell to end consumers. Programming is generally acquired under multiyear distribution agreements, with fees typically based on the number of customers receiving the television network programming and a per subscriber fee. Significant judgment is used to allocate the consideration paid under our programming distribution agreements to the rights and services received, which is generally based on estimated relative value. When the agreement includes access to a DTC streaming service and it is made available to our customers, the allocated consideration is netted against video revenue. Programming distribution arrangements are accounted for as executory contracts with expenses generally recognized based on the rates in the agreements, and the arrangements are not subject to impairment.

Film and Television Content

We incur costs related to the production of owned content and the license of the rights to use content owned by third parties and sports rights on our owned television networks and digital properties, which are described as owned and licensed content, respectively. We have determined that the predominant monetization strategy for the substantial majority of our content is on an individual basis.

Capitalized Film and Television Costs

December 31 (in millions)			2025						2024
Owned:
In production and in development			$	2,896					$	3,342
Completed, not released			84						209
Released, less amortization			4,571						4,545
			7,551						8,095
Licensed, including sports advances			4,663						4,446
Film and television costs			$	12,214					$	12,541

Production tax incentives reduced capitalized owned film and television costs by $516 million and $455 million as of December 31, 2025 and 2024, respectively, and resulted in a reduction of programming and production costs of $696 million, $652 million and $578 million in 2025, 2024 and 2023, respectively. We have receivables related to our production tax incentives of $2.3 billion and $2.2 billion as of December 31, 2025 and 2024, respectively, a majority of which are reflected in other noncurrent assets in our consolidated balance sheets.

The table below summarizes estimated future amortization expense for the capitalized film and television costs recorded in our consolidated balance sheets as of December 31, 2025.

(in millions)																		Owned						Licensed
Completed, not released:
2026																		$	52
Released and licensed content:
2026																		$	2,261					$	3,280
2027																		$	824					$	672
2028																		$	182					$	382

We have future minimum commitments for licensed content that are not recognized in our consolidated balance sheet as of December 31, 2025 totaling $2.6 billion.

The following table summarizes the amount of accrued participation and residual liabilities that we expect to pay during the upcoming operating cycle.

December 31 (in millions)			2025						2024
Current portion of accrued participations and residuals			$	1,537					$	1,444

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Capitalization and Recognition of Film and Television Content

We capitalize costs for owned film and television content, including direct costs, production overhead, print costs, development costs and interest, as well as acquired libraries. Amortization for owned content predominantly monetized on an individual basis and accrued costs associated with participations and residuals payments are recorded using the individual film forecast computation method, which recognizes the costs in the same ratio as the associated ultimate revenue. Estimates of ultimate revenue and total costs are based on anticipated release patterns and distribution strategies, public acceptance and historical results for similar productions. Amortization for content predominantly monetized with other owned or licensed content is recorded based on estimated usage. We do not capitalize costs related to the distribution of a film in movie theaters or the licensing or sale of a film or television production, which primarily include costs associated with marketing and distribution.

We capitalize the costs of licensed content when the license period begins, the content is made available for use and the costs of the licenses are known. Licensed content is amortized as the associated programs are used, incorporating estimated viewing patterns.

Owned and licensed content are presented as noncurrent assets in film and television costs. We present amortization of owned and licensed content and accrued costs associated with participations and residuals payments in programming and production costs.

Film and television productions may be eligible for tax incentives from certain state, local or foreign jurisdictions. These incentives generally provide for transferable or redeemable tax credits upon meeting established levels of qualified production spending within a participating jurisdiction. We record a receivable for a production tax incentive program when there is a reasonable assurance of collection with a corresponding reduction of capitalized film and television costs, and the related amortization.

We may enter into co-financing arrangements with third parties to jointly finance or distribute certain of our film productions. These arrangements can take various forms, but in most cases involve the grant of an economic interest in a film to an investor who owns an undivided copyright interest in the film. The number of investors and the terms of these arrangements can vary, although investors generally assume the full risks and rewards of ownership proportionate to their ownership in the film. We account for the proceeds received from the investor under these arrangements as a reduction of our capitalized film costs and the investor’s interest in the profit or loss of the film is recorded as either a charge or a benefit, respectively, in programming and production costs. The investor’s interest in the profit or loss of a film is recorded each period using the individual film forecast computation method.

When an event or a change in circumstance occurs that was known or knowable as of the balance sheet date and that indicates the fair value of either owned or licensed content is less than the unamortized costs in the balance sheet, we determine the fair value and record an impairment charge to the extent the unamortized costs exceed the fair value. Owned content is assessed either individually or in identified film groups, for content predominantly monetized on an individual basis or with other content, respectively. The substantial majority of our owned content is evaluated for impairment on an individual title basis. Licensed content that is not part of a film group is generally assessed in packages, channels or dayparts. A daypart is an aggregation of programs broadcast during a particular time of day or programs of a similar type. Licensed content is tested for impairment primarily on a channel, network or platform basis, with the exception of our broadcast networks and owned local broadcast television stations, which are tested on a daypart basis. Estimated fair values of owned and licensed content are generally based on Level 3 inputs including analysis of market participant estimates of future cash flows. We record charges related to impairments or content that is substantively abandoned to programming and production costs.

Sports Rights

We recognize the costs of multiyear, live-event sports rights as the rights are used over the contract term based on estimated relative value. Estimated relative value is generally based on the terms of the contract and the nature of and potential revenue generation of the deliverables within the contract. Sports rights are accounted for as executory contracts and are not subject to impairment. When cash payments, including advanced payments, exceed the relative value of the sports rights delivered, we recognize an asset in licensed content. Production costs incurred in advance of airing are also presented in licensed content.

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Note 5: Income Taxes

Income (Loss) Before Income Taxes
Year ended December 31 (in millions)			2025						2024						2023
Domestic			$	26,766					$	19,615					$	22,164
Foreign			(1,000)						(942)						(1,686)
			$	25,766					$	18,673					$	20,478

Components of Income Tax Expense
Year ended December 31 (in millions)			2025						2024						2023
Current Expense (Benefit):
Federal			$	2,286					$	2,194					$	6,270
State			720						1,115						1,591
Foreign			427						389						249
			3,432						3,698						8,110
Deferred Expense (Benefit):
Federal			2,420						(599)						(2,126)
State			539						(49)						(468)
Foreign			(285)						(253)						(145)
			2,674						(902)						(2,739)
Income tax expense (benefit)			$	6,106					$	2,796					$	5,371

Our income tax expense (benefit) differs from the federal statutory amount because of the effect of the items detailed in the table below.

			2025									2024									2023
Year ended December 31 (in millions)			Amount			%						Amount			%						Amount			%
Federal tax at statutory rate			$	5,411		21.0		%				$	3,921		21.0		%				$	4,300		21.0		%
State and local income tax, net of federal income tax effect(a)			710			2.8		%				338			1.8		%				426			2.1		%
Foreign tax effects			353			1.4		%				364			2.0		%				461			2.3		%
Effect of cross-border tax laws			(81)			(0.3)		%				(95)			(0.5)		%				(88)			(0.4)		%
Tax credits			(280)			(1.1)		%				(328)			(1.8)		%				(280)			(1.4)		%
Nontaxable or nondeductible items			141			0.6		%				55			0.3		%				90			0.4		%
Changes in unrecognized tax benefits			281			1.1		%				476			2.6		%				459			2.2		%
Other
Internal corporate reorganization			(174)			(0.7)		%				(1,920)			(10.3)		%				—			—		%
Other adjustments			(254)			(1.0)		%				(16)			(0.1)		%				3			—		%
Effective tax rate			$	6,106		23.7		%				$	2,796		15.0		%				$	5,371		26.2		%

(a) The majority of the tax effect in this category was attributable to state taxes in Illinois, Florida, New Jersey, New York and Pennsylvania in 2025; California, Illinois and New Jersey in 2024; and California, Illinois, Massachusetts, New Jersey and New York in 2023.

We base our provision for income taxes on our current period income, changes in our deferred income tax assets and liabilities, income tax rates, changes in estimates of our uncertain tax positions, tax planning opportunities available in the jurisdictions in which we operate and excess tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statements of income. We recognize deferred tax assets and liabilities when there are temporary differences between the financial reporting basis and tax basis of our assets and liabilities and for the expected benefits of using net operating loss carryforwards. When a change in the tax rate or tax law has an impact on deferred taxes, we apply the change based on the years in which the temporary differences are expected to reverse. We record the change in our consolidated financial statements in the period of enactment.

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The determination of the income tax consequences of a business combination includes identifying the tax basis of assets and liabilities acquired and any contingencies associated with uncertain tax positions assumed or resulting from the business combination. Deferred tax assets and liabilities related to temporary differences of an acquired entity are recorded as of the date of the business combination and are based on our estimate of the ultimate tax basis that will be accepted by the various tax authorities. We record liabilities for contingencies associated with prior tax returns filed by the acquired entity based on criteria set forth in the appropriate accounting guidance. We adjust the deferred tax accounts and the liabilities periodically to reflect any revised estimated tax basis and any estimated settlements with the various tax authorities. The effects of these adjustments are recorded to income tax expense.

From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty. In these cases, we evaluate our tax position using the recognition threshold and the measurement attribute in accordance with the accounting guidance related to uncertain tax positions. Examples of these transactions include business acquisitions and dispositions, including consideration paid or received in connection with these transactions, certain financing transactions, and the allocation of income among state and local tax jurisdictions. Significant judgment is required in assessing and estimating the tax consequences of these transactions. We determine whether it is more likely than not that a tax position will be sustained on examination, including the resolution of any related appeals or litigation processes, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to be recognized in our consolidated financial statements. We classify interest and penalties, if any, associated with our uncertain tax positions as a component of income tax expense (benefit).

Impact of Federal Legislation

In 2025, legislation was signed into law in the United States that, among other things, provided for immediate deduction of 100% of the costs of qualified property, including significant portions of our capital expenditures and film and television production costs, acquired and placed into service after January 19, 2025, compared to the 40% and 20% deductions that would have applied in 2025 and 2026, respectively, under prior law. The legislation also reinstated the immediate deduction of domestic research and development expenses, retroactive to 2022, repealing the prior requirement to capitalize and amortize such costs over five years. The legislation resulted in a reduction of our income taxes payable of $1.4 billion and a corresponding increase of our net deferred tax liability. There is no material impact to our income tax expense or effective tax rate.

Components of Net Deferred Tax Liability
December 31 (in millions)			2025						2024
Deferred Tax Assets:
Net operating loss and other loss carryforwards(a)			$	5,278					$	4,415
Advance on sale of investment (see Note 8)			—						2,437
Nondeductible accruals and other			4,493						4,232
Less: Valuation allowance(a)			5,271						4,498
			4,500						6,586
Deferred Tax Liabilities:
Property and equipment and intangible assets			29,561						28,590
Investments			563						934
Debt			1,880						2,055
Other			147						125
			32,152						31,704
Net deferred tax liability			$	27,652					$	25,118

(a)Includes net operating loss and other loss carryforwards of $2.1 billion related to assets classified as held for sale as of December 31, 2025, for which a full valuation allowance is recognized.

Changes in our Valuation Allowance for Deferred Tax Assets
(in millions)			2025						2024						2023
Beginning balance			$	4,498					$	3,679					$	3,295
Additions charged to income tax expense and other accounts			848						910						469
Deductions from reserves			(75)						(91)						(84)
Ending balance			$	5,271					$	4,498					$	3,679

Changes in our net deferred tax liability in 2025 that were not recorded as deferred income tax expense (benefit) are primarily related to a decrease of $121 million associated with items included in other comprehensive income (loss).

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As of December 31, 2025, net operating loss and other carryforwards primarily reflects foreign net operating loss carryforwards of $14.0 billion, which primarily relate to our foreign operations in Europe and the majority of which can be carried forward indefinitely. The determination of the realization of the foreign net operating loss carryforwards is dependent on our subsidiaries’ taxable income or loss, redetermination from taxing authorities, and foreign laws that can change from year to year and impact the amount of such carryforwards. We recognize a valuation allowance if we determine it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. As of December 31, 2025 and 2024, our valuation allowance was primarily related to our foreign net operating loss carryforwards.

During 2024, we completed an internal corporate reorganization related to certain foreign subsidiaries, which resulted in a federal net capital loss of $9.1 billion as of December 31, 2024. This capital loss could be carried back and applied against capital gains recognized on our prior federal income tax returns for 2021 through 2023, and as a result, we recognized an income tax benefit and a corresponding refund receivable of $1.9 billion in 2024. In 2025, we received the federal income tax refund as a result of carrying back this capital loss. Deferred federal income tax has not been recognized on the excess of the financial reporting basis over the tax basis in foreign subsidiaries resulting from the reorganization where indefinite reversal criteria have been met. Any liabilities would be recognized upon a taxable disposition of such subsidiaries; however, the determination of the amount of any unrecognized deferred income tax liabilities is not practicable.

Net current federal tax receivables of $2.0 billion were included in other current assets within our consolidated balance sheet as of December 31, 2024. There were no net current federal tax receivables as of December 31, 2025.

Cash Payments for Income Taxes
Year ended December 31 (in millions)			2025			2024			2023
Federal(a)(b)			$	(89)		$	6,011		$	4,208
State			380			742			596
Foreign(c)			464			342			302
Cash payments for income taxes			$	755		$	7,096		$	5,107

(a)Includes $0.6 billion and $1.7 billion for 2025 and 2024, respectively, related to the purchase of third-party transferable tax credits.

(b)Changes in other operating assets and liabilities in the consolidated statements of cash flows included a decrease in current tax receivables for the year ended in December 31, 2025, an increase in current tax receivables and a decrease in current taxes payable for the year ended December 31, 2024, and an increase in current taxes payable for the year ended December 31, 2023.

(c)The year ended December 31, 2025 includes payments of $229 million for Japan.

Uncertain Tax Positions

Reconciliation of Unrecognized Tax Benefits
(in millions)			2025						2024						2023
Gross unrecognized tax benefits, January 1			$	2,865					$	2,593					$	2,161
Additions based on tax positions related to the current year			297						396						546
Additions based on tax positions related to prior years			9						201						1
Reductions for tax positions of prior years			(95)						(268)						(43)
Reductions due to expiration of statutes of limitations			(94)						(29)						(56)
Settlements with tax authorities and other			(55)						(28)						(15)
Gross unrecognized tax benefits, December 31			$	2,927					$	2,865					$	2,593

Our gross unrecognized tax benefits include both amounts related to positions for which we have recorded liabilities for potential payment obligations and those for which tax has been assessed and paid. The amounts exclude the federal benefits on state tax positions that were recorded to deferred income taxes. If we were to recognize our gross unrecognized tax benefits in the future, $2.3 billion would impact our effective tax rate and the remaining amount would increase our deferred income tax liability. The amount and timing of the recognition of any such tax benefit is dependent on the completion of examinations of our tax filings by the various tax authorities and the expiration of statutes of limitations. Accrued interest and penalties associated with our liability for uncertain tax positions were not material in any period presented.

The IRS has completed its examination of our income tax returns for all years through 2022. Various states are examining our state tax returns and the tax years of those tax returns currently under examination vary by state, with most of the periods relating to tax years 2011 and forward. Various foreign jurisdictions are examining our tax returns and the tax years of those tax returns currently under examination vary by country, with most of the periods relating to tax years 2017 and forward.

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Note 6: Debt

Debt Outstanding
December 31 (in billions)			Weighted-Average Interest Rate as of December 31, 2025**(a)**						Weighted-Average Interest Rate as of December 31, 2024(a)						2025**(b)**			2024(b)
Term loans			2.5		%				3.2		%				$	3.2		$	3.1
Senior notes with maturities of 5 years or less, at face value			3.3		%				3.4		%				25.4			26.7
Senior notes with maturities between 5 and 10 years, at face value			4.2		%				3.6		%				18.7			18.1
Senior notes with maturities greater than 10 years, at face value			3.8		%				3.9		%				55.4			55.4
Finance lease obligations and other															2.1			1.9
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net															(5.9)			(6.0)
Total debt															98.9			99.1
Less: Current portion															6.0			4.9
Noncurrent portion of debt															$	93.0		$	94.2

(a)Represents the weighted-average interest rates based on the stated coupon rate. The weighted-average effective interest rate for total debt, including the effects of amortization of debt issuance costs, premiums, discounts and fair value adjustments for acquisition accounting and excluding finance lease obligations and the effects of our derivative financial instruments, was 4.0% as of both December 31, 2025 and 2024.

(b)As of December 31, 2025, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £3.3 billion, €8.0 billion and ¥22.3 billion RMB. As of December 31, 2024, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £3.3 billion, €8.5 billion and ¥22.3 billion RMB.

Our senior notes are unsubordinated and unsecured obligations and are subject to parent and/or subsidiary guarantees. As of December 31, 2025 and 2024, substantially all of our debt obligations were fixed-rate debt and our debt had an estimated fair value of $90.3 billion and $89.8 billion, respectively. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.

Principal Maturities of Term Loans and Senior Notes
(in billions)
2026			$	5.8
2027			$	4.9
2028			$	5.6
2029			$	4.7
2030			$	4.8

Revolving Credit Facility and Commercial Paper Program

In May 2024, we entered into a new $11.8 billion revolving credit facility with a syndicate of banks, due May 17, 2029, that may be used for general corporate purposes. We may increase the commitments under the facility up to a total of $14.8 billion, as well as extend the expiration date to no later than May 17, 2031, subject to the approval of the lenders. The interest rate consists of a benchmark rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of December 31, 2025, the borrowing margin for borrowings based on the Adjusted Term SOFR Rate, as defined in the agreement, was 0.875%. The facility requires that we maintain a certain financial ratio based on debt and EBITDA, as defined in the agreement. In connection with our entry into the new credit facility, we terminated our prior credit facility dated as of March 30, 2021. Our commercial paper program is supported by this revolving credit facility and provides a lower cost source of borrowing to fund short-term working capital requirements. As of December 31, 2025 and 2024, we had no borrowings outstanding under this revolving credit facility or our commercial paper program. As of December 31, 2025, amounts available under this revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.8 billion.

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Letters of Credit and Bank Guarantees

As of December 31, 2025, we and certain of our subsidiaries had undrawn irrevocable standby letters of credit and bank guarantees totaling $313 million to cover potential fundings under various agreements.

Versant Financing

In October 2025, Versant entered into a credit agreement with respect to a $1.0 billion senior secured Term A Loan Facility due January 2031 and a $750 million Revolving Credit Facility due January 2031. As of December 31, 2025, the Term A Loan Facility was not funded and the Versant Revolving Credit Facility was undrawn. Versant also entered into an indenture pursuant to which Versant issued $1.0 billion aggregate principal amount of 7.25% senior secured Notes due January 2031. As of December 31, 2025, the net proceeds from the Notes issuance, plus accrued and unpaid interest, were held in an escrow account and reported as restricted cash within our consolidated balance sheet due to a special mandatory redemption provision that would have required the Notes to be redeemed if the Separation of Versant from Comcast had not been consummated by March 2, 2026.

On January 2, 2026, before the Distribution, Versant entered into a credit agreement with respect to a $1.0 billion Term B Loan Facility due January 2031, and each of the Term A Loan Facility and the Term B Loan Facility was funded. Versant’s $3.0 billion aggregate principal amount of indebtedness consisting of the Notes and borrowings under the Term A Loan Facility and Term B Loan Facility ceased to be consolidated indebtedness of Comcast in connection with the Separation. See Note 16 for additional information on the Separation.

Derivatives and Hedging

We use financial instruments designated as hedging instruments primarily to manage exposures to (1) foreign exchange rate fluctuations resulting from certain foreign currency denominated debt obligations and intercompany funding arrangements and from the consolidation of our foreign operations; and (2) interest rate risk relating to our debt. Our objective is to manage the financial and operational exposure arising from these risks by offsetting gains and losses on underlying exposures with gains and losses on the instruments used to hedge them.

						December 31, 2025						December 31, 2024
(in billions)			Designation			Notional			Net Derivative Asset (Liability)			Notional			Net Derivative Asset (Liability)
Foreign Exchange Risk
Foreign Currency Denominated Debt
Cross-currency swaps			Fair value hedge			$	2.1		$	0.1		$	1.9		$	(0.1)
Cross-currency swaps			Cash flow hedge			0.8			(0.2)			0.8			(0.2)
Intercompany Loans
Foreign currency forwards			Fair value hedge			1.5			—			1.7			0.1
Net Investments in Foreign Subsidiaries
Foreign currency denominated debt(a)			Net investment hedge			7.3						7.3
Cross-currency swaps			Net investment hedge			1.0			0.2			1.7			0.4
Interest Rate Risk
Fixed-to-variable interest rate swaps			Fair value hedge			$	2.5		$	(0.1)		$	2.5		$	(0.2)

(a)Our foreign currency denominated debt designated as net investment hedges are non-derivative instruments and amount shown is the value of debt designated as a hedge.

The fair value of our derivative financial instruments are primarily measured using Level 2 inputs using a market-based approach. Net cash received or paid related to our derivative instruments is classified in our consolidated statements of cash flows based on the objective of the instrument and the classifications of the applicable underlying cash flows.

Changes in the fair value of derivative instruments accounted for as fair value hedges are primarily recorded within earnings and changes in the fair value of cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) until the hedged items affect earnings. The earnings impacts are recorded within the same line item as the item being hedged. The table below summarizes the impact of our hedged foreign currency denominated debt and intercompany loans and the associated derivative contracts on the other income (loss) component of investment and other income (loss).

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Year ended December 31 (in billions)			2025						2024						2023
Foreign currency transaction gains (losses)			$	(0.3)					$	—					$	(0.2)
Derivative gains (losses)			$	0.4					$	0.1					$	0.3

Transaction gains and losses resulting from currency movements on debt and changes in the fair value of cross-currency swaps designated as net investment hedges are recorded within the currency translation adjustments component of accumulated other comprehensive income (loss). The table below summarizes the amount of pre-tax gains (losses) related to net investment hedges recognized in the cumulative translation adjustments component of other comprehensive income (loss).

Year ended December 31 (in billions)			2025						2024						2023
Effect of net investment hedges			$	(1.0)					$	0.9					$	0.3

Note 7: Significant Transactions

Acquisitions

In April 2025, we acquired Nitel, a network-as-a-service managed service provider, for total cash consideration of $1.3 billion. The acquisition has enhanced our ability to serve and provide connectivity solutions to enterprise customers. Nitel’s results of operations are included in our consolidated results of operations since the date of acquisition and are reported in our Business Services Connectivity segment. We have recorded Nitel’s assets and liabilities at their estimated fair values with approximately $1.1 billion recorded to goodwill and the remainder primarily attributed to customer relationship intangible assets. The acquisition was not material to our consolidated results of operations.

Assets Held For Sale

In 2025, we entered into an agreement with RTL Group to sell our Sky operations in Germany, subject to various conditions and approvals, and we expect the sale to be completed in 2026. The related assets and liabilities are presented as held for sale as of December 31, 2025, with $892 million of assets included in other current assets and $848 million of liabilities included in accrued expenses and other current liabilities within our consolidated balance sheet. The fair value less cost to sell exceeded the carrying value of the assets and liabilities held for sale as of December 31, 2025.

Note 8: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net
Year ended December 31 (in millions)			2025						2024						2023
Equity in net income (losses) of investees, net			$	(591)					$	(680)					$	789
Realized and unrealized gains (losses) on equity securities, net			(20)						(313)						(130)
Other income (loss), net			10,114						502						592
Investment and other income (loss), net			$	9,503					$	(490)					$	1,252

The amount of unrealized gains (losses), net recognized in 2025, 2024 and 2023 that related to equity securities still held as of the end of each reporting period was $(159) million, $(288) million and $(140) million, respectively.

Investments
December 31 (in millions)			2025						2024
Equity method			$	6,674					$	7,252
Nonmarketable equity securities			1,049						1,221
Other investments			244						195
Total investments			7,966						8,668
Less: Current investments			14						21
Noncurrent investments			$	7,952					$	8,647

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Equity Method

We use the equity method to account for investments in which we have the ability to exercise significant influence over the investee’s operating and financial policies, or in which we hold a partnership or limited liability company interest in an entity with specific ownership accounts, unless we have virtually no influence over the investee’s operating and financial policies. Equity method investments are recorded at cost and are adjusted to recognize our share, based on percentage ownership or other contractual basis, of the investee’s net income or loss after the date of investment; amortization of the recorded investment that exceeds our share of the book value of the investee’s net assets; additional contributions made and dividends or other distributions received; and impairments resulting from other-than-temporary declines in fair value. For some investments, we record our share of the investee’s net income or loss one quarter in arrears due to the timing of our receipt of such information. Gains or losses on the sale of equity method investments are recorded to other income (loss), net. If an equity method investee were to issue additional securities that would change our proportionate share of the entity, we would recognize the change, if any, as a gain or loss to other income (loss), net. Cash distributions received from equity method investments are considered returns on investment and are presented within operating activities in the consolidated statements of cash flows to the extent of cumulative equity in net income of the investee. Additional distributions are presented as investing activities. Distributions presented within operating activities totaled $226 million, $297 million and $217 million in 2025, 2024 and 2023, respectively.

Atairos

On January 1, 2016, we established Atairos Group, Inc., a strategic company focused on investing in and operating companies in a range of industries and business sectors, both domestically and internationally. Atairos is controlled by management companies led by our former CFO through interests that carry all of the voting rights. We are the only third-party investor in Atairos.

In November 2020, we amended our agreement with Atairos, which primarily extended the investment term of the agreement from up to 12 years to up to 16.5 years, extended the period in which capital can be recycled to the full investment period and decreased our commitment to fund Atairos from up to $5 billion to up to $4.5 billion in the aggregate at any one time, subject to certain offsets, with the maximum amount of annual capital calls reduced to $400 million, plus certain amounts previously distributed. In addition, we have separately committed to fund Atairos $40 million annually for a management fee, subject to certain adjustments. The management company investors have committed to fund from $50 million to $100 million, with at least $40 million to be funded by our former CFO, subject to his continued role with Atairos. Our economic interests do not carry voting rights and obligate us to absorb approximately 99% of any losses and they provide us the right to receive approximately 86% of any residual returns in Atairos, in either case on a cumulative basis.

We have concluded that Atairos is a VIE, that we do not have the power to direct the activities that most significantly impact the economic performance of Atairos as we have no voting rights and only certain consent rights, and that we are not a related party with our former CFO or the management companies. We therefore do not consolidate Atairos and account for our investment as an equity method investment. Certain distributions retained by Atairos on our behalf are accounted for as advances and classified within other investments. Atairos may pledge our remaining unfunded capital commitment as security to lenders in connection with certain financing arrangements. This has no effect on our funding commitments. There are no other liquidity arrangements, guarantees or other financial commitments between Comcast and Atairos, and therefore our maximum risk of financial loss is our investment balance and our remaining unfunded capital commitment of $1.3 billion as of December 31, 2025.

Atairos follows investment company accounting and records its investments at their fair values each reporting period, with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. In 2025, 2024 and 2023, we made cash capital contributions totaling $130 million, $73 million, and $145 million, respectively, to Atairos. As of December 31, 2025 and 2024, our investment, inclusive of advances classified within other investments, was $4.7 billion and $5.1 billion, respectively.

Hulu and Collateralized Obligation

In 2019, we entered into a series of agreements with The Walt Disney Company and certain of its subsidiaries, whereby we relinquished our board seats and substantially all voting rights associated with our investment in Hulu, and Disney assumed full operational control. Concurrent with these agreements, we also acquired additional ownership interest in Hulu previously held by AT&T. Following these transactions, our interest was approximately 33% and we had the right, but not the obligation, to fund our proportionate share of future equity capital calls. The agreements included put and call provisions regarding our ownership interest in Hulu, pursuant to which, as early as January 2024, we could require Disney to buy, and Disney could require us to sell our interest, in either case, for fair value at that future time subject to a minimum equity value of $27.5 billion for 100% of the equity of Hulu. In the third quarter of 2023, we amended these agreements and agreed, among other things, that

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the put/call provisions regarding our interest could be exercised in November 2023 (in addition to subsequent periods) and that we would fund our share of prior equity capital calls if the put/call was exercised in November 2023.

In November 2023, we exercised our put right requiring Disney to purchase our interest in Hulu. As a result, in the fourth quarter of 2023, Disney paid us $8.6 billion, representing $9.2 billion for our share of Hulu’s minimum equity value, less $557 million for our share of prior capital calls. Additional proceeds for any excess of the fair value of our interest over the $9.2 billion minimum equity value would be due following final determination of Hulu’s fair value pursuant to a third-party appraisal process. In connection with the transaction, Disney also agreed to share with us 50% of the estimated future tax benefits resulting from the purchase of our interest in Hulu. Because we continued to hold our interest in Hulu, the $9.2 billion payment from Disney was treated as an advance on the sale of our interest in our consolidated balance sheet as of December 31, 2024. The receipt of the minimum proceeds resulted in a tax gain in 2023.

In June 2025, we sold our interest in Hulu and received an additional $439 million from Disney. We recognized a pre-tax gain of $9.4 billion and we also recorded a receivable of $792 million within other current assets and other noncurrent assets, net, relating to our right to receive 50% of the estimated future tax benefits resulting from the transaction.

In 2019, we entered into a financing arrangement with a syndicate of banks whereby we received proceeds of $5.2 billion under a term loan facility, which was fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. The term loan was due at the earlier of March 2024 or upon receipt of the proceeds under the put/call provisions and was repaid in the fourth quarter of 2023. The repayment is presented in the caption “repayment of collateralized obligation” within financing activities in our consolidated statements of cash flows.

Nonmarketable Equity Securities

We classify investments without readily determinable fair values that are not accounted for under the equity method as nonmarketable equity securities. The accounting guidance requires nonmarketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. We generally apply the measurement alternative, adjusting the investments for observable price changes of identical or similar investments of the same issuer, to our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities primarily based on Level 2 inputs that are derived from observable price changes of similar securities adjusted for insignificant differences in rights and obligations. The changes in value are recorded in realized and unrealized gains (losses) on equity securities, net.

Other Investments

Other investments include marketable equity securities, which are investments with readily determinable fair values that are not accounted for under the equity method. The carrying values of marketable equity securities are primarily presented in other current assets, and the changes in fair value between measurement dates are recorded in realized and unrealized gains (losses) on equity securities, net. The fair values of our marketable equity securities are based on Level 1 inputs that use quoted market prices.

Other investments also includes certain short-term instruments with maturities over three months when purchased, such as commercial paper, certificates of deposit and U.S. government obligations, that are generally accounted for at amortized cost. The carrying amounts of these investments approximate their fair values, which are primarily based on Level 2 inputs that use interest rates for instruments with similar terms and remaining maturities. We had no short-term instruments as of December 31, 2025 and December 31, 2024. There were no proceeds from or purchases of short-term instruments in 2025. Proceeds from short-term instruments in 2024 and 2023 were $702 million and $560 million, respectively. Purchases of short-term instruments in 2024 and 2023 were $443 million and $506 million, respectively.

Impairment Testing of Investments

We review our investment portfolio, other than our marketable equity securities, each reporting period to determine whether there are identified events or circumstances that would indicate there is a decline in the fair value. For our nonpublic investments, if there are no identified events or circumstances that would have a significant adverse effect on the fair value of the investment, then the fair value is not estimated. For our equity method investments, if an investment is deemed to have experienced an other-than-temporary decline below its cost basis, we reduce the carrying amount of the investment to its quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. For our nonmarketable equity securities, we record the impairment to realized and unrealized gains (losses) on equity securities, net. For our equity method investments, we record the impairment to other income (loss), net.

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Consolidated Variable Interest Entity

Universal Beijing Resort

In 2018, we entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”), which opened in September 2021. We own a 30% interest in Universal Beijing Resort and the construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. The debt financing, which is being provided by a syndicate of Chinese financial institutions, contains certain covenants and a maximum borrowing limit of ¥29.7 billion RMB (approximately $4.2 billion). The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. As of December 31, 2025, Universal Beijing Resort had $3.6 billion of debt outstanding, including $3.2 billion principal amount of a term loan outstanding under the debt financing agreement. As of December 31, 2024, Universal Beijing Resort had $3.4 billion of debt outstanding, including $3.0 billion principal amount of a term loan outstanding under the debt financing agreement.

We have concluded that Universal Beijing Resort is a VIE based on its governance structure, and we consolidate it because we have the power to direct activities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees or other financial commitments between us and Universal Beijing Resort, and therefore our maximum risk of financial loss is our 30% interest. Universal Beijing Resort’s results of operations are reported in our Theme Parks segment. Our consolidated statements of cash flows includes the costs of construction and related borrowings in the “construction of Universal Beijing Resort” and “proceeds from borrowings” captions, respectively, and equity contributions from the noncontrolling interests are included in other financing activities.

As of December 31, 2025, our consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.4 billion and $7.3 billion, respectively. As of December 31, 2024, our consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.3 billion and $7.0 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.

Note 9: Property and Equipment

December 31 (in billions)			Weighted-Average Original Useful Life as of December 31, 2025						2025						2024
Distribution systems			11 years						$	50.9					$	47.8
Customer premise equipment			6 years						21.8						23.2
Buildings, theme park infrastructure and leasehold improvements			30 years						26.9						22.1
Other equipment			13 years						22.1						18.1
Construction in process			N/A						2.4						8.6
Land			N/A						2.3						2.2
Property and equipment, at cost									126.4						122.1
Less: Accumulated depreciation									60.8						59.5
Property and equipment, net									$	65.7					$	62.5

Property and Equipment by Geographic Location
December 31 (in billions)			2025						2024
United States			$	55.9					$	52.6
Other			9.8						10.0
Property and equipment, net			$	65.7					$	62.5

Property and equipment are stated at cost. We capitalize improvements that extend asset lives and expense repairs and maintenance costs as incurred. We record depreciation using the straight-line method over the asset’s estimated useful life. For assets that are sold or retired, we remove the applicable cost and accumulated depreciation and, unless the gain or loss on disposition is presented separately, we recognize it as a component of depreciation expense. Capital expenditures for the construction of Universal Beijing Resort are presented separately in our consolidated statements of cash flows.

We capitalize the costs associated with the construction of and improvements to our HFC network, including scalable infrastructure and line extensions; costs associated with acquiring and deploying new customer premise equipment; and certain costs associated with installation of our services, including the customer’s connection to our network, in accordance with accounting guidance related to property and equipment as well as for cable television companies. Costs capitalized include all

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direct costs for labor and materials, as well as various indirect costs. Costs incurred in connection with subsequent disconnects, and reconnects of previously deployed customer premise equipment, are expensed as they are incurred.

We evaluate the recoverability of our property and equipment whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of depreciation expense.

Certain of our cable franchise agreements and lease agreements contain provisions requiring us to restore facilities or remove property in the event that the franchise or lease agreement is not renewed. We expect to continually renew our cable franchise agreements and therefore cannot reasonably estimate liabilities associated with such agreements. A remote possibility exists that franchise agreements could be terminated unexpectedly, which could result in us incurring significant expense in complying with restoration or removal provisions. We do not have any material liabilities related to asset retirement obligations recorded in our consolidated financial statements.

Note 10: Goodwill and Intangible Assets

Goodwill

(in billions)			Residential Connectivity & Platforms			Business Services Connectivity			Media			Studios			Theme Parks						Total
Balance, December 31, 2023
Goodwill			$	34.5		$	2.2		$	21.9		$	3.7		$	5.4					$	67.8
Accumulated impairment losses			(6.3)			—			(2.2)			—			—						(8.5)
			$	28.2		$	2.2		$	19.7		$	3.7		$	5.4					$	59.3
Foreign currency translation and other			(0.4)			—			(0.2)			—			(0.5)						(1.0)
Balance, December 31, 2024
Goodwill			$	33.9		$	2.2		$	21.7		$	3.7		$	5.0					$	66.4
Accumulated impairment losses			(6.1)			—			(2.2)			—			—						(8.2)
			$	27.8		$	2.2		$	19.5		$	3.7		$	5.0					$	58.2
Acquisitions			—			1.1			—			—			—						1.1
Foreign currency translation and other			1.5			—			0.5			—			—						2.1
Balance, December 31, 2025
Goodwill			$	36.0		$	3.4		$	22.4		$	3.7		$	5.0					$	70.6
Accumulated impairment losses			(6.7)			—			(2.4)			—			—						(9.0)
			$	29.3		$	3.4		$	20.1		$	3.7		$	5.0					$	61.5

Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from anticipated synergies and intangible assets acquired that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and other agreements. We assess the recoverability of our goodwill annually, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value. We test goodwill for impairment at the reporting unit level. To determine our reporting units, we evaluate the components one level below the segment level and we aggregate the components if they have similar economic characteristics. We evaluate the determination of our reporting units used to test for impairment periodically or whenever events or substantive changes in circumstances occur. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.

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Intangible Assets
						2025						2024
December 31 (in billions)			Weighted-Average Original Useful Life as of December 31, 2025			Gross Carrying Amount			Accumulated Amortization			Gross Carrying Amount			Accumulated Amortization
Indefinite-Lived Intangible Assets:
Franchise rights			N/A			$	59.4					$	59.4
FCC licenses			N/A			2.8						2.8
Total						$	62.2					$	62.2
Finite-Lived Intangible Assets:
Customer relationships			13 years			$	21.4		$	(17.9)		$	20.5		$	(15.1)
Software			5 years			25.8			(18.1)			24.9			(16.2)
Other agreements and rights			28 years			11.8			(3.4)			11.4			(2.7)
Total						$	59.0		$	(39.4)		$	56.8		$	(34.0)

Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets consist primarily of our cable franchise rights. Our cable franchise rights represent the values we attributed to agreements with state and local authorities that allow access to homes and businesses in cable service areas acquired in business combinations. We do not amortize our cable franchise rights because we have determined that they meet the definition of indefinite-lived intangible assets since there are no legal, regulatory, contractual, competitive, economic or other factors that limit the period over which these rights will contribute to our cash flows. We reassess this determination periodically or whenever events or substantive changes in circumstances occur.

We assess the recoverability of our cable franchise rights and other indefinite-lived intangible assets annually, or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired. We evaluate the unit of account used to test for impairment of our cable franchise rights and other indefinite-lived intangible assets periodically or whenever events or substantive changes in circumstances occur to ensure impairment testing is performed at an appropriate level. The assessment of recoverability may first consider qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. When performing a quantitative assessment, we estimate the fair value of our cable franchise rights and other indefinite-lived intangible assets. If the fair value of our cable franchise rights or other indefinite-lived intangible assets were less than the carrying amount, we would recognize an impairment charge for the difference between the estimated fair value and the carrying value of the assets. Unless presented separately, the impairment charge is included as a component of amortization expense.

Finite-Lived Intangible Assets

Finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations, software, trade names and intellectual property rights. Our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement.

The table below presents the estimated amortization expense of our customer relationships and other agreements and rights, including trade names and intellectual property rights.

Estimated Amortization Expense
(in billions)
2026			$	2.8
2027			$	0.6
2028			$	0.6
2029			$	0.6
2030			$	0.5

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We capitalize direct development costs associated with internal-use software, including external direct costs of material and services and payroll costs for employees devoting time to these software projects. We also capitalize costs associated with arrangements that constitute the purchase of, or convey a license to, software licenses. We generally amortize them on a straight-line basis over a period not to exceed five years. We expense maintenance and training costs, as well as costs incurred during the preliminary stage of a project, as they are incurred. We capitalize initial operating system software costs and amortize them over the life of the associated hardware.

We evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.

Note 11: Employee Benefit Plans

Deferred Compensation Plans

As of and for the year ended December 31 (in millions)			2025			2024			2023
Benefit obligation			$	5,097		$	4,812		$	4,507
Interest expense			$	374		$	370		$	341

We maintain unfunded, nonqualified deferred compensation plans for certain members of management and nonemployee directors. The amount of compensation deferred by each participant is based on participant elections. Participant accounts are credited with income primarily based on a fixed annual rate. Participants are eligible to receive distributions from their account based on elected deferral periods that are consistent with the plans and applicable tax law.

We have purchased life insurance policies to recover a portion of the future payments related to our deferred compensation plans. As of December 31, 2025 and 2024, the cash surrender value of these policies, which is recorded to other noncurrent assets, net, was $662 million and $566 million, respectively.

Pension and Postretirement Benefit Plans

We sponsor several 401(k) defined contribution retirement plans that allow eligible employees to contribute a portion of their compensation through payroll deductions in accordance with specified plan guidelines. We make contributions to the plans that include matching a percentage of the employees’ contributions up to certain limits. In 2025, 2024 and 2023, expenses related to these plans totaled $662 million, $661 million and $650 million, respectively.

We participate in various multiemployer benefit plans, including pension and postretirement benefit plans, that cover some of our employees and temporary employees who are represented by labor unions. We also participate in other multiemployer benefit plans that provide health and welfare and retirement savings benefits to active and retired participants. If we cease to be obligated to make contributions or were to otherwise withdraw from participation in any of these plans, applicable law would require us to fund our allocable share of the unfunded vested benefits, which is known as a withdrawal liability. In addition, actions taken by other participating employers may lead to adverse changes in the financial condition of one of these plans, which could result in an increase in our withdrawal liability. Total contributions we made to multiemployer benefit plans and any potential withdrawal liabilities were not material in any of the periods presented.

Note 12: Equity

Common Stock

In the aggregate, holders of our Class A common stock have 662/3% of the voting power of our common stock and holders of our Class B common stock have 331/3% of the voting power of our common stock, which percentage is generally non-dilutable under the terms of our articles of incorporation. Each share of our Class B common stock is entitled to 15 votes. The number of votes held by each share of our Class A common stock depends on the number of shares of Class A and Class B common stock outstanding at any given time. The 331/3% aggregate voting power of our Class B common stock cannot be diluted by additional issuances of any other class of common stock. Our Class B common stock is convertible, share for share, into Class A common stock, subject to certain restrictions.

We present excise tax payments related to repurchases of common stock within repurchases of common stock under repurchase program and employee plans in the consolidated statements of cash flows.

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Shares of Common Stock Outstanding
(in millions)			Class A												Class B
Balance, December 31, 2022			4,211												9
Stock compensation plans			14												—
Repurchases and retirements of common stock			(262)												—
Employee stock purchase plans			7												—
Balance, December 31, 2023			3,969												9
Stock compensation plans			14												—
Repurchases and retirements of common stock			(212)												—
Employee stock purchase plans			6												—
Balance, December 31, 2024			3,778												9
Stock compensation plans			14												—
Repurchases and retirements of common stock			(205)												—
Employee stock purchase plans			8												—
Balance, December 31, 2025			3,595												9

Weighted-Average Common Shares Outstanding
Year ended December 31 (in millions)			2025			2024			2023
Weighted-average number of common shares outstanding – basic			3,699			3,885			4,122
Effect of dilutive securities			10			24			25
Weighted-average number of common shares outstanding – diluted			3,709			3,908			4,148
Antidilutive securities			237			184			169

Weighted-average common shares outstanding used in calculating diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive.

Treasury Stock

On December 15, 2025, we amended our Amended and Restated Articles of Incorporation (the “Articles”) in connection with the Separation of Versant by designating a new Class A Equivalent Preferred Stock (the “Preferred Stock”) and entering into an agreement with certain of our wholly-owned subsidiaries pursuant to which we issued 872,791.0278 shares of Preferred Stock, which was classified as treasury stock, in exchange for an aggregate 872,791,028 shares of Class A Common Stock held by such subsidiaries. This exchange was designed to ensure that our subsidiaries did not receive shares of Versant Class A Common stock in connection with the Separation. On January 9, 2026, all of the shares of Preferred Stock were automatically redeemed in exchange for 919,026,355 shares of our Class A Common Stock and no Preferred Stock is currently outstanding. On January 30, 2026, we amended the Articles to eliminate the provisions that had designated the Preferred Stock. As a result, the 872,791.0278 shares of Preferred Stock held as of December 31, 2025 are presented on a post-Separation basis as 919,026,355 shares of Class A Common Stock and classified as treasury stock in all periods presented in our consolidated balance sheets.

Accumulated Other Comprehensive Income (Loss)
December 31 (in millions)			2025						2024
Cumulative translation adjustments			$	(247)					$	(2,474)
Deferred gains (losses) on cash flow hedges			44						106
Unrecognized gains (losses) on employee benefit obligations and other			195						325
Accumulated other comprehensive income (loss), net of deferred taxes			$	(8)					$	(2,043)

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Note 13: Share-Based Compensation

Year ended December 31 (in millions)			2025						2024						2023
Share-based compensation expense			$	1,108					$	1,069					$	1,021
Related income tax benefit			$	181					$	222					$	203

Our share-based compensation plans consist primarily of awards of RSUs and stock options to certain employees and directors as part of our long-term incentive compensation structure. Awards generally vest over a period of 5 years and, in the case of stock options, have a 10 year term. RSUs include performance stock units awarded to certain senior executives with vesting after 3 years based upon the achievement of certain performance conditions. These performance stock units are not material to our consolidated results of operations in any period presented. As of December 31, 2025, virtually all of our stock options outstanding were net settled stock options, which result in fewer shares being issued and no cash proceeds being received by us when the options are exercised. Additionally, eligible employees may purchase shares of our common stock at a discount under our employee stock purchase plans.

Stock Options and Restricted Share Units
As of December 31, 2025, unless otherwise stated (in millions, except per share data)			Stock Options						RSUs
Awards granted during 2025			1						46
Weighted-average exercise price of awards granted during 2025			$	35.98
Stock options outstanding and unvested RSUs			204						78
Weighted-average exercise price of stock options outstanding			$	41.93
Weighted-average fair value at grant date of unvested RSUs									$	37.71

The cost associated with our share-based compensation is based on an award’s estimated fair value at the date of grant and is recognized over the period in which any related services are provided. RSUs are primarily valued based on the closing price of our common stock on the date of grant and are discounted for the lack of dividends, if any, during the vesting period. We use the Black-Scholes option pricing model to estimate the fair value of stock option awards.

The table below presents the weighted-average fair value on the date of grant of RSUs and stock options awarded under our various plans and the related weighted-average valuation assumptions.

Year ended December 31			2025						2024						2023
RSUs fair value			$	34.49					$	42.23					$	37.14
Stock options fair value			$	7.21					$	9.93					$	8.41
Stock Option Valuation Assumptions:
Dividend yield			3.7		%				2.9		%				3.2		%
Expected volatility			25.3		%				24.8		%				26.2		%
Risk-free interest rate			4.0		%				4.2		%				4.2		%
Expected option life (in years)			5.9						5.1						5.9

As of December 31, 2025, we had unrecognized pre-tax compensation expense of $2.1 billion related to unvested RSUs and unvested stock options that will be recognized over a weighted-average period of approximately 1.5 years.

Note 14: Supplemental Financial Information

Cash Payments for Interest
Year ended December 31 (in millions)			2025			2024			2023
Interest			$	3,871		$	3,657		$	3,711

Noncash Activities

During 2025:

• we acquired $1.9 billion of property and equipment and intangible assets that were accrued but unpaid

• we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.33 per common share to be paid in February 2026

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During 2024:

• we acquired $2.8 billion of property and equipment and intangible assets that were accrued but unpaid

• we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.31 per common share paid in January 2025

During 2023:

• we acquired $2.1 billion of property and equipment and intangible assets that were accrued but unpaid

• we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.29 per common share paid in January 2024

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets to the total of the amounts reported in our consolidated statements of cash flows.

December 31 (in millions)			2025			2024
Cash and cash equivalents			$	9,481		$	7,322
Restricted cash included in other current assets and other noncurrent assets, net(a)			1,078			55
Cash, cash equivalents and restricted cash, end of year			$	10,559		$	7,377

(a)Restricted cash in other current assets as of December 31, 2025 includes the net proceeds from Versant’s issuance of $1.0 billion aggregate principal amount of 7.25% senior secured notes, plus accrued and unpaid interest, which were held in an escrow account due to a special mandatory redemption if the Separation of Versant from Comcast had not been consummated by March 2, 2026. These funds were transferred to Versant upon Separation on January 2, 2026 (see Notes 6 and 16).

Our cash equivalents consist primarily of money market funds and U.S. government obligations, as well as commercial paper and certificates of deposit with maturities of three months or less when purchased. The carrying amounts of our cash equivalents approximate their fair values, which are primarily based on Level 1 inputs.

Note 15: Commitments and Contingencies

Licensed Content

We have significant fixed-price purchase obligations related to long-term agreements for licensed content. Refer to Note 4 for additional information.

Leases

Our leases consist primarily of real estate, vehicles and other equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally use our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less.

For our operating leases recorded in the balance sheets, lease expense is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. In 2025, 2024 and 2023, operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our consolidated statements of income were each $1.2 billion.

Operating Lease Assets and Liabilities Recorded in our Consolidated Balance Sheets
December 31 (in millions)			2025						2024
Other noncurrent assets, net			$	5,287					$	5,524
Accrued expenses and other current liabilities			$	686					$	751
Other noncurrent liabilities			$	5,410					$	5,569

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Future Minimum Lease Commitments for Operating Leases
(in millions)						December 31, 2025
2026						$	889
2027						840
2028						703
2029						494
2030						382
Thereafter						6,337
Total future minimum lease payments						9,646
Less: imputed interest						(3,549)
Total liability						$	6,097

The weighted-average remaining lease terms for operating leases and the weighted-average discount rates used to calculate our operating lease liabilities as of December 31, 2025 were 18 years and 4.2%, respectively, and as of December 31, 2024 were 17 years and 4.2%, respectively.

In 2025, 2024 and 2023, cash payments for operating leases recorded in the consolidated balance sheets were $1.0 billion, $1.0 billion and $963 million, respectively. Lease assets and liabilities associated with operating leases entered into or modified were not material in any period presented.

Contractual Obligation

We are party to a contractual obligation that involves an interest held by a third party in the revenue of certain theme parks. The arrangement provides the counterparty with the right to periodic payments associated with current period revenue which are recorded as an operating expense, and beginning in June 2017, the option to require NBCUniversal to purchase the interest for cash in an amount based on a contractual formula. The contractual formula is based on an average of specified historical theme park revenue at the time of exercise, which amount could be significantly higher than our carrying value. As of December 31, 2025, our carrying value was $1.1 billion, and the estimated value of the contractual obligation was $1.9 billion based on inputs to the contractual formula as of that date.

Contingencies

We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such proceedings and claims is not expected to materially affect our results of operations, cash flows or financial position, any such legal proceedings or claims could be time-consuming and injure our reputation.

Note 16: Subsequent Events

On January 2, 2026, we completed the previously announced separation of Versant into an independent, publicly traded company with its Class A common stock listed on The Nasdaq Stock Market LLC under the ticker symbol “VSNT.” The Versant business is comprised of certain of our former cable television networks, including MS NOW (formerly MSNBC), CNBC, USA Network, Golf Channel, E!, SYFY and Oxygen, and complementary digital platforms, including GolfNow, Fandango, Rotten Tomatoes and SportsEngine.

The Separation was structured to qualify as a tax-free spin-off for U.S. federal income tax purposes and achieved through the transfer of assets and liabilities comprising the Versant business to Versant and its subsidiaries, followed by the distribution on January 2, 2026 of 100% of the shares of Versant common stock to Comcast shareholders in which each Comcast shareholder received 1 share of Versant common stock for every 25 shares of Comcast common stock owned as of the close of business on the record date of December 16, 2025. Because the Versant business was not historically operated as a distinct business unit or division of Comcast, we undertook a series of corporate reorganization transactions in anticipation of the Separation.

As part of the Separation, we entered into a Separation and Distribution Agreement, a Tax Matters Agreement, a Transition Services Agreement, an Employee Matters Agreement and several other agreements with Versant to effect the Separation and provide a framework for our relationship with Versant after the Separation.

Following the Separation, Comcast does not beneficially own any equity interest in Versant and will no longer consolidate the results of the Versant business into our consolidated financial results. The results of operations and cash flows for the Versant business are included in our consolidated statements of income and statements of cash flows through the Separation date.

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On the Separation date, Versant distributed to us $2.25 billion of cash, which was funded by the net proceeds from the issuance of the Notes and a portion of the proceeds of Versant’s borrowings under the Term A Loan Facility and Term B Loan Facility (see Note 6). The proceeds from the distribution, together with cash on hand, were used for the redemption on January 15, 2026 of all outstanding amounts of our 3.15% Notes due March 2026, including accrued and unpaid interest, totaling approximately $2.1 billion and all outstanding amounts of our 5.35% Notes due November 2027, including accrued and unpaid interest, totaling approximately $650 million.

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