filings.toolsItem 1. FINANCIAL STATEMENTS
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Item 1. FINANCIAL STATEMENTS
Comcast Corporation
Condensed Consolidated Statements of Income
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (in millions, except per share data) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Revenue | $ | 30,313 | $ | 29,688 | $ | 60,199 | $ | 59,746 | |||||||||||||||
| Costs and Expenses: | |||||||||||||||||||||||
| Programming and production | 7,576 | 7,961 | 15,991 | 16,784 | |||||||||||||||||||
| Marketing and promotion | 2,168 | 1,922 | 4,239 | 3,940 | |||||||||||||||||||
| Other operating and administrative | 10,422 | 9,630 | 20,314 | 19,487 | |||||||||||||||||||
| Depreciation | 2,349 | 2,153 | 4,580 | 4,328 | |||||||||||||||||||
| Amortization | 1,805 | 1,387 | 3,423 | 2,762 | |||||||||||||||||||
| Total costs and expenses | 24,320 | 23,053 | 48,548 | 47,301 | |||||||||||||||||||
| Operating income | 5,992 | 6,635 | 11,650 | 12,445 | |||||||||||||||||||
| Interest expense | (1,105) | (1,026) | (2,155) | (2,028) | |||||||||||||||||||
| Investment and other income (loss), net | 9,760 | (434) | 9,644 | (137) | |||||||||||||||||||
| Income before income taxes | 14,647 | 5,175 | 19,139 | 10,280 | |||||||||||||||||||
| Income tax expense | (3,603) | (1,336) | (4,799) | (2,663) | |||||||||||||||||||
| Net income | 11,044 | 3,839 | 14,340 | 7,616 | |||||||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests | (79) | (89) | (158) | (169) | |||||||||||||||||||
| Net income attributable to Comcast Corporation | $ | 11,123 | $ | 3,929 | $ | 14,498 | $ | 7,785 | |||||||||||||||
| Basic earnings per common share attributable to Comcast Corporation shareholders | $ | 2.99 | $ | 1.01 | $ | 3.87 | $ | 1.98 | |||||||||||||||
| Diluted earnings per common share attributable to Comcast Corporation shareholders | $ | 2.98 | $ | 1.00 | $ | 3.86 | $ | 1.97 |
See accompanying notes to condensed consolidated financial statements.
Comcast Corporation
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Net income | $ | 11,044 | $ | 3,839 | $ | 14,340 | $ | 7,616 | |||||||||||||||
| Other comprehensive income (loss), net of tax (expense) benefit: | |||||||||||||||||||||||
| Currency translation adjustments, net of deferred taxes of $124, $(22), $198 and $(43) | 1,762 | (130) | 2,710 | (567) | |||||||||||||||||||
| Cash flow hedges: | |||||||||||||||||||||||
| Deferred gains (losses), net of deferred taxes of $(15), $0, $(15), and $(2) | 18 | 6 | (3) | 25 | |||||||||||||||||||
| Realized (gains) losses reclassified to net income, net of deferred taxes of $13, $1, $19 and $0 | (47) | (5) | (67) | (4) | |||||||||||||||||||
| Employee benefit obligations and other, net of deferred taxes of $2, $3, $20 and $8 | (8) | (12) | (64) | (36) | |||||||||||||||||||
| Other comprehensive income (loss) | 1,724 | (142) | 2,576 | (582) | |||||||||||||||||||
| Comprehensive income | 12,768 | 3,698 | 16,916 | 7,034 | |||||||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests | (79) | (89) | (158) | (169) | |||||||||||||||||||
| Less: Other comprehensive income (loss) attributable to noncontrolling interests | 3 | — | 7 | (13) | |||||||||||||||||||
| Comprehensive income attributable to Comcast Corporation | $ | 12,845 | $ | 3,787 | $ | 17,067 | $ | 7,217 |
See accompanying notes to condensed consolidated financial statements.
Comcast Corporation
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| Six Months Ended June 30, | |||||||||||
| (in millions) | 2025 | 2024 | |||||||||
| Operating Activities | |||||||||||
| Net income | $ | 14,340 | $ | 7,616 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 8,003 | 7,091 | |||||||||
| Share-based compensation | 703 | 689 | |||||||||
| Noncash interest expense (income), net | 253 | 218 | |||||||||
| Net (gain) loss on investment activity and other | (9,390) | 391 | |||||||||
| Deferred income taxes | 2,556 | 240 | |||||||||
| Changes in operating assets and liabilities, net of effects of acquisitions and divestitures: | |||||||||||
| Current and noncurrent receivables, net | 1,023 | 750 | |||||||||
| Film and television costs, net | 188 | 23 | |||||||||
| Accounts payable and accrued expenses related to trade creditors | 34 | (648) | |||||||||
| Other operating assets and liabilities | (1,602) | (3,798) | |||||||||
| Net cash provided by operating activities | 16,109 | 12,572 | |||||||||
| Investing Activities | |||||||||||
| Capital expenditures | (4,930) | (5,354) | |||||||||
| Cash paid for intangible assets | (1,257) | (1,341) | |||||||||
| Construction of Universal Beijing Resort | (3) | (109) | |||||||||
| Acquisitions, net of cash acquired | (1,279) | — | |||||||||
| Proceeds from sales of businesses and investments | 659 | 557 | |||||||||
| Purchases of investments | (1,132) | (706) | |||||||||
| Other | 39 | 73 | |||||||||
| Net cash provided by (used in) investing activities | (7,903) | (6,879) | |||||||||
| Financing Activities | |||||||||||
| Proceeds from borrowings | 2,494 | 3,266 | |||||||||
| Repurchases and repayments of debt | (1,856) | (1,911) | |||||||||
| Repurchases of common stock under repurchase program and employee plans | (4,066) | (4,930) | |||||||||
| Dividends paid | (2,462) | (2,418) | |||||||||
| Other | 9 | 175 | |||||||||
| Net cash provided by (used in) financing activities | (5,881) | (5,817) | |||||||||
| Impact of foreign currency on cash, cash equivalents and restricted cash | 46 | (17) | |||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | 2,371 | (141) | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 7,377 | 6,282 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 9,748 | $ | 6,141 | |||||||
See accompanying notes to condensed consolidated financial statements.
Comcast Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
| (in millions, except share data) | June 30, 2025 | December 31, 2024 | |||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ | 9,687 | $ | 7,322 | |||||||
| Receivables, net | 13,040 | 13,661 | |||||||||
| Other current assets | 6,309 | 5,817 | |||||||||
| Total current assets | 29,036 | 26,801 | |||||||||
| Film and television costs | 12,640 | 12,541 | |||||||||
| Investments | 8,463 | 8,647 | |||||||||
| Property and equipment, net of accumulated depreciation of $61,311 and $59,534 | 64,025 | 62,548 | |||||||||
| Goodwill | 61,812 | 58,209 | |||||||||
| Franchise rights | 59,365 | 59,365 | |||||||||
| Other intangible assets, net of accumulated amortization of $37,964 and $33,994 | 24,612 | 25,599 | |||||||||
| Other noncurrent assets, net | 13,897 | 12,501 | |||||||||
| Total assets | $ | 273,850 | $ | 266,211 | |||||||
| Liabilities and Equity | |||||||||||
| Current Liabilities: | |||||||||||
| Accounts payable and accrued expenses related to trade creditors | $ | 11,826 | $ | 11,321 | |||||||
| Deferred revenue | 4,031 | 3,507 | |||||||||
| Accrued expenses and other current liabilities | 10,215 | 10,679 | |||||||||
| Current portion of debt | 5,720 | 4,907 | |||||||||
| Advance on sale of investment | — | 9,167 | |||||||||
| Total current liabilities | 31,792 | 39,581 | |||||||||
| Noncurrent portion of debt | 95,808 | 94,186 | |||||||||
| Deferred income taxes | 27,692 | 25,227 | |||||||||
| Other noncurrent liabilities | 21,100 | 20,942 | |||||||||
| Commitments and contingencies | |||||||||||
| Redeemable noncontrolling interests | 231 | 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, 4,561,297,163 and 4,651,093,045; outstanding, 3,688,506,135 and 3,778,302,017 | 46 | 47 | |||||||||
| Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375 | — | — | |||||||||
| Additional paid-in capital | 37,797 | 38,102 | |||||||||
| Retained earnings | 66,000 | 56,972 | |||||||||
| Treasury stock, 872,791,028 Class A common shares | (7,517) | (7,517) | |||||||||
| Accumulated other comprehensive income (loss) | 525 | (2,043) | |||||||||
| Total Comcast Corporation shareholders’ equity | 96,851 | 85,560 | |||||||||
| Noncontrolling interests | 376 | 477 | |||||||||
| Total equity | 97,228 | 86,038 | |||||||||
| Total liabilities and equity | $ | 273,850 | $ | 266,211 |
See accompanying notes to condensed consolidated financial statements.
Comcast Corporation
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
| (in millions, except per share data) | 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Redeemable Noncontrolling Interests | |||||||||||||||||
| Balance, beginning of period | $ | 244 | $ | 243 | $ | 237 | $ | 241 | |||||||||
| Contributions from (distributions to) noncontrolling interests, net | 2 | 2 | 4 | (8) | |||||||||||||
| Net income (loss) | (15) | (9) | (11) | 3 | |||||||||||||
| Balance, end of period | $ | 231 | $ | 236 | $ | 231 | $ | 236 | |||||||||
| Class A Common Stock | |||||||||||||||||
| Balance, beginning of period | $ | 46 | $ | 48 | $ | 47 | $ | 48 | |||||||||
| Repurchases of common stock under repurchase program and employee plans | — | (1) | (1) | (1) | |||||||||||||
| Balance, end of period | $ | 46 | $ | 47 | $ | 46 | $ | 47 | |||||||||
| Additional Paid-In Capital | |||||||||||||||||
| Balance, beginning of period | $ | 37,832 | $ | 38,274 | $ | 38,102 | $ | 38,533 | |||||||||
| Share-based compensation | 295 | 287 | 640 | 610 | |||||||||||||
| Repurchases of common stock under repurchase program and employee plans | (389) | (428) | (1,053) | (1,074) | |||||||||||||
| Issuances of common stock under employee plans | 62 | 70 | 111 | 132 | |||||||||||||
| Other | (3) | — | (3) | 1 | |||||||||||||
| Balance, end of period | $ | 37,797 | $ | 38,203 | $ | 37,797 | $ | 38,203 | |||||||||
| Retained Earnings | |||||||||||||||||
| Balance, beginning of period | $ | 57,473 | $ | 53,425 | $ | 56,972 | $ | 52,892 | |||||||||
| Repurchases of common stock under repurchase program and employee plans | (1,347) | (1,825) | (2,967) | (3,906) | |||||||||||||
| Dividends declared | (1,248) | (1,222) | (2,503) | (2,465) | |||||||||||||
| Net income | 11,123 | 3,929 | 14,498 | 7,785 | |||||||||||||
| Balance, end of period | $ | 66,000 | $ | 54,308 | $ | 66,000 | $ | 54,308 | |||||||||
| Treasury Stock at Cost | |||||||||||||||||
| Balance, beginning and end of period | $ | (7,517) | $ | (7,517) | $ | (7,517) | $ | (7,517) | |||||||||
| Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
| Balance, beginning of period | $ | (1,197) | $ | (1,680) | $ | (2,043) | $ | (1,253) | |||||||||
| Other comprehensive income (loss) | 1,722 | (142) | 2,569 | (569) | |||||||||||||
| Balance, end of period | $ | 525 | $ | (1,822) | $ | 525 | $ | (1,822) | |||||||||
| Noncontrolling Interests | |||||||||||||||||
| Balance, beginning of period | $ | 418 | $ | 500 | $ | 477 | $ | 523 | |||||||||
| Other comprehensive income (loss) | 3 | — | 7 | (13) | |||||||||||||
| Contributions from (distributions to) noncontrolling interests, net | 20 | 66 | 39 | 147 | |||||||||||||
| Net income (loss) | (64) | (81) | (147) | (172) | |||||||||||||
| Balance, end of period | $ | 376 | $ | 485 | $ | 376 | $ | 485 | |||||||||
| Total equity | $ | 97,228 | $ | 83,704 | $ | 97,228 | $ | 83,704 | |||||||||
| Cash dividends declared per common share | $ | 0.33 | $ | 0.31 | $ | 0.66 | $ | 0.62 |
See accompanying notes to condensed consolidated financial statements.
Comcast Corporation
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1: Condensed Consolidated Financial Statements
Basis of Presentation
We have prepared these unaudited condensed consolidated financial statements based on SEC rules that permit reduced disclosure for interim periods. These financial statements include all adjustments that are necessary for a fair presentation of our consolidated results of operations, cash flows and financial condition for the periods shown, including normal, recurring accruals and other items. The consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year.
The year-end condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles in the United States (“GAAP”). For a more complete discussion of our accounting policies and certain other information, refer to our consolidated financial statements included in our 2024 Annual Report on Form 10-K.
In November 2024, we announced our intention to create Versant Media Group, Inc. (“Versant”), a new independent publicly traded company comprised of select cable television networks along with complementary digital assets through a tax-free spin-off. We are targeting to complete the spin-off around the end of 2025, subject to the satisfaction of customary conditions, including obtaining final approval from our Board of Directors, satisfactory completion of Versant financings, receipt of tax opinions and receipt of any regulatory approvals. There can be no assurance that a separation transaction will occur, or, if one does, of its terms or timing. The condensed consolidated financial statements and related notes do not reflect the proposed spin-off.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current period presentation. Refer to Note 3 for a discussion of the changes in our presentation of disaggregated revenue.
Recent Accounting Pronouncements
Income Tax Disclosures
In December 2023, the Financial Accounting Standards Board (“FASB”) issued updated accounting guidance related to income tax disclosures. The updated accounting guidance, among other things, requires additional disclosure primarily related to the income tax rate reconciliation and income taxes paid. We will adopt the updated accounting guidance in our Annual Report on Form 10-K for the year ending December 31, 2025.
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 in our Annual Report on Form 10-K for the year ending December 31, 2027.
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 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.
Comcast Corporation
| Three Months Ended June 30, 2025 | ||||||||||||||||||||
| (in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total | ||||||||||||||
| Revenue from external customers | $ | 17,793 | $ | 2,569 | $ | 5,202 | $ | 1,733 | $ | 2,349 | $ | 29,646 | ||||||||
| Intersegment revenue(a) | 21 | 6 | 1,238 | 700 | — | 1,965 | ||||||||||||||
| 17,814 | 2,575 | 6,440 | 2,432 | 2,349 | 31,611 | |||||||||||||||
| Reconciliation of Revenue | ||||||||||||||||||||
| Other revenue(b) | 717 | |||||||||||||||||||
| Eliminations(a) | (2,015) | |||||||||||||||||||
| Total consolidated revenue | $ | 30,313 | ||||||||||||||||||
| Less segment expenses:(c) | ||||||||||||||||||||
| Programming and production | 3,998 | 3,551 | 1,661 | |||||||||||||||||
| Marketing and promotion | 304 | 452 | ||||||||||||||||||
| Other(d) | 6,734 | 1,131 | 1,102 | 234 | 1,691 | |||||||||||||||
| Segment Adjusted EBITDA(e) | $ | 7,082 | $ | 1,444 | $ | 1,482 | $ | 85 | $ | 658 | $ | 10,751 | ||||||||
| Reconciliation of total segment Adjusted EBITDA | ||||||||||||||||||||
| Media, Studios and Theme Parks headquarters and other(f) | (263) | |||||||||||||||||||
| Corporate and other(b)(e) | (419) | |||||||||||||||||||
| Eliminations | 77 | |||||||||||||||||||
| Depreciation | (2,349) | |||||||||||||||||||
| Amortization | (1,805) | |||||||||||||||||||
| Interest expense | (1,105) | |||||||||||||||||||
| Investment and other income (loss), net | 9,760 | |||||||||||||||||||
| Income before income taxes | $ | 14,647 |
Comcast Corporation
| Three Months Ended June 30, 2024 | ||||||||||||||||||||
| (in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total | ||||||||||||||
| Revenue from external customers | $ | 17,794 | $ | 2,416 | $ | 5,190 | $ | 1,657 | $ | 1,974 | $ | 29,030 | ||||||||
| Intersegment revenue(a) | 30 | 6 | 1,134 | 597 | 1 | 1,768 | ||||||||||||||
| 17,824 | 2,421 | 6,324 | 2,253 | 1,975 | 30,798 | |||||||||||||||
| Reconciliation of revenue | ||||||||||||||||||||
| Other revenue(b) | 715 | |||||||||||||||||||
| Eliminations(a) | (1,825) | |||||||||||||||||||
| Total consolidated revenue | $ | 29,688 | ||||||||||||||||||
| Less segment expenses:(c) | ||||||||||||||||||||
| Programming and production | 4,248 | 3,595 | 1,499 | |||||||||||||||||
| Marketing and promotion | 287 | 394 | ||||||||||||||||||
| Other(d) | 6,472 | 1,041 | 1,087 | 236 | 1,343 | |||||||||||||||
| Total segment Adjusted EBITDA(e) | $ | 7,103 | $ | 1,380 | $ | 1,356 | $ | 124 | $ | 632 | $ | 10,594 | ||||||||
| Reconciliation of total segment Adjusted EBITDA | ||||||||||||||||||||
| Media, Studios and Theme Parks headquarters and other(f) | (198) | |||||||||||||||||||
| Corporate and other(b)(e) | (257) | |||||||||||||||||||
| Eliminations | 36 | |||||||||||||||||||
| Depreciation | (2,153) | |||||||||||||||||||
| Amortization | (1,387) | |||||||||||||||||||
| Interest expense | (1,026) | |||||||||||||||||||
| Investment and other income (loss), net | (434) | |||||||||||||||||||
| Income before income taxes | $ | 5,175 |
Comcast Corporation
| Six Months Ended June 30, 2025 | ||||||||||||||||||||
| (in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total | ||||||||||||||
| Revenue from external customers | $ | 35,399 | $ | 5,059 | $ | 10,438 | $ | 3,733 | $ | 4,225 | $ | 58,855 | ||||||||
| Intersegment revenue(a) | 58 | 11 | 2,443 | 1,525 | 1 | 4,037 | ||||||||||||||
| 35,457 | 5,071 | 12,880 | 5,259 | 4,226 | 62,892 | |||||||||||||||
| Reconciliation of Revenue | ||||||||||||||||||||
| Other revenue(b) | 1,469 | |||||||||||||||||||
| Eliminations(a) | (4,162) | |||||||||||||||||||
| Total consolidated revenue | $ | 60,199 | ||||||||||||||||||
| Less segment expenses:(c) | ||||||||||||||||||||
| Programming and production | 8,105 | 7,563 | 3,559 | |||||||||||||||||
| Marketing and promotion | 627 | 844 | ||||||||||||||||||
| Other(d) | 13,351 | 2,205 | 2,204 | 472 | 3,139 | |||||||||||||||
| Segment Adjusted EBITDA(e) | $ | 14,000 | $ | 2,866 | $ | 2,486 | $ | 383 | $ | 1,087 | $ | 20,823 | ||||||||
| Reconciliation of total segment Adjusted EBITDA | ||||||||||||||||||||
| Media, Studios and Theme Parks headquarters and other(f) | (517) | |||||||||||||||||||
| Corporate and other(b)(e) | (755) | |||||||||||||||||||
| Eliminations | 103 | |||||||||||||||||||
| Depreciation | (4,580) | |||||||||||||||||||
| Amortization | (3,423) | |||||||||||||||||||
| Interest expense | (2,155) | |||||||||||||||||||
| Investment and other income (loss), net | 9,644 | |||||||||||||||||||
| Income before income taxes | $ | 19,139 |
Comcast Corporation
| Six Months Ended June 30, 2024 | ||||||||||||||||||||
| (in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total | ||||||||||||||
| Revenue from external customers | $ | 35,624 | $ | 4,817 | $ | 10,412 | $ | 3,561 | $ | 3,953 | $ | 58,368 | ||||||||
| Intersegment revenue(a) | 68 | 12 | 2,283 | 1,435 | 1 | 3,798 | ||||||||||||||
| 35,692 | 4,829 | 12,695 | 4,996 | 3,954 | 62,166 | |||||||||||||||
| Reconciliation of revenue | ||||||||||||||||||||
| Other revenue(b) | 1,494 | |||||||||||||||||||
| Eliminations(a) | (3,914) | |||||||||||||||||||
| Total consolidated revenue | $ | 59,746 | ||||||||||||||||||
| Less segment expenses:(c) | ||||||||||||||||||||
| Programming and production | 8,654 | 7,735 | 3,358 | |||||||||||||||||
| Marketing and promotion | 601 | 825 | ||||||||||||||||||
| Other(d) | 13,083 | 2,083 | 2,177 | 445 | 2,690 | |||||||||||||||
| Total segment Adjusted EBITDA(e) | $ | 13,955 | $ | 2,746 | $ | 2,182 | $ | 367 | $ | 1,264 | $ | 20,514 | ||||||||
| Reconciliation of total segment Adjusted EBITDA | ||||||||||||||||||||
| Media, Studios and Theme Parks headquarters and other(f) | (442) | |||||||||||||||||||
| Corporate and other(b)(e) | (580) | |||||||||||||||||||
| Eliminations | 43 | |||||||||||||||||||
| Depreciation | (4,328) | |||||||||||||||||||
| Amortization | (2,762) | |||||||||||||||||||
| Interest expense | (2,028) | |||||||||||||||||||
| Investment and other income (loss), net | (137) | |||||||||||||||||||
| Income before income taxes | $ | 10,280 |
(a)Our most significant intersegment revenue transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming, and content licensing revenue in Studios for licenses of owned content to Media.
(b)Includes the operations of our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Wells Fargo Center arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture with Charter Communications. Corporate and other also includes overhead and personnel costs for Corporate.
(c)The significant expense categories and amounts align with the segment-level information that is regularly provided to our chief operating decision maker. Intersegment expenses are included in the amounts shown.
(d)Other for each segment primarily includes:
Residential Connectivity & Platforms and Business Services Connectivity: technical and support; direct product costs; marketing and promotion; customer service; administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; bad debt; and other business, headquarters and support costs, including building and office expenses, taxes and billing costs necessary to operate the Residential Connectivity & Platforms and Business Services Connectivity segments. Our chief operating decision maker uses aggregate expense information to manage the operations of the Business Services Connectivity segment.
Media and Studios: salaries, employee benefits, rent and other overhead expenses.
Theme Parks: theme park operations, including repairs and maintenance and related administrative expenses; food, beverage and merchandise costs; labor costs; and sales and marketing costs. Our chief operating decision maker uses aggregate expense information to manage the operations of the Theme Parks segment.
(e)We use Adjusted EBITDA as the measure of profit or loss for our segments. 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.
Comcast Corporation
Note 3: Revenue
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (in millions) | 2025 | 2024(a) | 2025 | 2024(a) | |||||||||||||||||||
| Domestic broadband | $ | 6,530 | $ | 6,429 | $ | 13,088 | $ | 12,875 | |||||||||||||||
| Domestic wireless | 1,195 | 1,019 | 2,318 | 1,991 | |||||||||||||||||||
| International connectivity | 1,219 | 1,056 | 2,351 | 2,090 | |||||||||||||||||||
| Total residential connectivity | 8,945 | 8,505 | 17,758 | 16,956 | |||||||||||||||||||
| Video | 6,722 | 7,013 | 13,440 | 14,117 | |||||||||||||||||||
| Advertising | 935 | 993 | 1,816 | 1,944 | |||||||||||||||||||
| Other | 1,213 | 1,313 | 2,443 | 2,675 | |||||||||||||||||||
| Total Residential Connectivity & Platforms Segment | 17,814 | 17,824 | 35,457 | 35,692 | |||||||||||||||||||
| Total Business Services Connectivity Segment | 2,575 | 2,421 | 5,071 | 4,829 | |||||||||||||||||||
| Domestic advertising | 1,848 | 1,991 | 3,734 | 4,016 | |||||||||||||||||||
| Domestic distribution | 2,812 | 2,764 | 5,734 | 5,670 | |||||||||||||||||||
| International networks | 1,266 | 1,102 | 2,429 | 2,123 | |||||||||||||||||||
| Other | 514 | 467 | 983 | 887 | |||||||||||||||||||
| Total Media Segment | 6,440 | 6,324 | 12,880 | 12,695 | |||||||||||||||||||
| Content licensing | 1,805 | 1,714 | 3,979 | 3,815 | |||||||||||||||||||
| Theatrical | 284 | 237 | 570 | 567 | |||||||||||||||||||
| Other | 343 | 302 | 709 | 614 | |||||||||||||||||||
| Total Studios Segment | 2,432 | 2,253 | 5,259 | 4,996 | |||||||||||||||||||
| Total Theme Parks Segment | 2,349 | 1,975 | 4,226 | 3,954 | |||||||||||||||||||
| Other revenue | 717 | 715 | 1,469 | 1,494 | |||||||||||||||||||
| Eliminations(b) | (2,015) | (1,825) | (4,162) | (3,914) | |||||||||||||||||||
| Total revenue | $ | 30,313 | $ | 29,688 | $ | 60,199 | $ | 59,746 |
(a)Beginning in the first quarter of 2025, commission revenue from the sale of certain direct to consumer (“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.
Condensed Consolidated Balance Sheets
The table below summarizes our accounts receivable and other balances that are not separately presented in our condensed consolidated balance sheets that relate to the recognition of revenue and collection of the related cash.
| (in millions) | June 30, 2025 | December 31, 2024 | |||||||||
| Receivables, gross | $ | 13,772 | $ | 14,399 | |||||||
| Less: Allowance for credit losses | 732 | 738 | |||||||||
| Receivables, net | $ | 13,040 | $ | 13,661 | |||||||
| Noncurrent receivables, net (included in other noncurrent assets, net) | $ | 1,778 | $ | 1,853 | |||||||
| Noncurrent deferred revenue (included in other noncurrent liabilities) | $ | 719 | $ | 665 | |||||||
Our accounts receivables include amounts not yet billed related to equipment installment plans, as summarized in the table below.
| (in millions) | June 30, 2025 | December 31, 2024 | |||||||||
| Receivables, net | $ | 1,953 | $ | 1,827 | |||||||
| Noncurrent receivables, net (included in other noncurrent assets, net) | 1,238 | 1,225 | |||||||||
| Total | $ | 3,190 | $ | 3,052 |
Comcast Corporation
Note 4: Programming and Production Costs
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Video distribution programming | $ | 2,511 | $ | 2,879 | $ | 5,170 | $ | 5,899 | |||||||||||||||
| Film and television content: | |||||||||||||||||||||||
| Owned(a) | 2,230 | 2,215 | 4,887 | 4,776 | |||||||||||||||||||
| Licensed, including sports rights | 2,474 | 2,570 | 5,279 | 5,494 | |||||||||||||||||||
| Other | 361 | 298 | 656 | 615 | |||||||||||||||||||
| Total programming and production costs | $ | 7,576 | $ | 7,961 | $ | 15,991 | $ | 16,784 |
(a) Amount includes amortization of owned content of $1.8 billion and $4.0 billion for the three and six months ended June 30, 2025, respectively, and $1.8 billion and $4.0 billion for the three and six months ended June 30, 2024, respectively, as well as participations and residuals expenses.
Capitalized Film and Television Costs
| (in millions) | June 30, 2025 | December 31, 2024 | |||||||||
| Owned: | |||||||||||
| In production and in development | $ | 3,041 | $ | 3,342 | |||||||
| Completed, not released | 609 | 209 | |||||||||
| Released, less amortization | 4,073 | 4,545 | |||||||||
| 7,723 | 8,095 | ||||||||||
| Licensed, including sports advances | 4,917 | 4,446 | |||||||||
| Film and television costs | $ | 12,640 | $ | 12,541 |
Note 5: Debt
As of June 30, 2025, our debt had a carrying value of $101.5 billion and an estimated fair value of $93.3 billion. As of December 31, 2024, our debt had a carrying value of $99.1 billion and an estimated fair value of $89.8 billion. 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.
Note 6: 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 will enhance our ability to serve and provide connectivity solutions to enterprise customers. Nitel’s results of operations are included in our condensed consolidated results of operations since the date of acquisition and are reported in our Business Services Connectivity segment. We have recorded a preliminary estimate of Nitel’s assets and liabilities with approximately $1.1 billion recorded to goodwill and the remainder primarily attributed to customer relationship intangible assets. These estimates are not yet final and are subject to change. The acquisition was not material to our consolidated results of operations.
Comcast Corporation
Note 7: Investments and Variable Interest Entities
Investment and Other Income (Loss), Net
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Equity in net income (losses) of investees, net | $ | (29) | $ | (444) | $ | (222) | $ | (286) | |||||||||||||||
| Realized and unrealized gains (losses) on equity securities, net | 136 | (89) | 112 | (141) | |||||||||||||||||||
| Other income (loss), net | 9,652 | 99 | 9,754 | 290 | |||||||||||||||||||
| Investment and other income (loss), net | $ | 9,760 | $ | (434) | $ | 9,644 | $ | (137) |
The amount of unrealized gains (losses), net recognized in the three months ended June 30, 2025 and 2024 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(7) million and $(70) million, respectively. The amount of unrealized gains (losses), net recognized in the six months ended June 30, 2025 and 2024 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(30) million and $(141) million, respectively.
Investments
| (in millions) | June 30, 2025 | December 31, 2024 | |||||||||
| Equity method | $ | 7,122 | $ | 7,252 | |||||||
| Marketable equity securities | 17 | 11 | |||||||||
| Nonmarketable equity securities | 1,190 | 1,221 | |||||||||
| Other investments | 162 | 184 | |||||||||
| Total investments | 8,491 | 8,668 | |||||||||
| Less: Current investments | 27 | 21 | |||||||||
| Noncurrent investments | $ | 8,463 | $ | 8,647 |
Equity Me****thod Investments
The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statements of cash flows in the six months ended June 30, 2025 and 2024 was $69 million and $66 million, respectively.
Atairos
Atairos is a variable interest entity (“VIE”) that 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. For the six months ended June 30, 2025 and 2024, we made cash capital contributions totaling $103 million and $26 million, respectively. As of June 30, 2025 and December 31, 2024, our investment, inclusive of advances classified within other investments, was $5.0 billion and $5.1 billion, respectively. As of June 30, 2025, our remaining unfunded capital commitment was $1.3 billion.
Hulu
In June 2025, we sold our 33% interest in Hulu following the finalization of a third-party appraisal of Hulu’s fair value performed pursuant to the terms of our put right exercised in November 2023. We received total cash proceeds of $9.6 billion for our interest, consisting of $439 million in the second quarter of 2025 and a $9.2 billion advance received in the fourth quarter of 2023. The advance represented our guaranteed share of Hulu’s minimum equity value pursuant to the terms of our put right and was reduced by $557 million in 2023 for our share of prior capital calls. Upon the sale of our interest in Hulu in the second quarter of 2025, we recorded a receivable of $792 million relating to our right to receive 50% of the estimated future tax benefits resulting from the transaction and we recognized a pre-tax gain of $9.4 billion.
The gain on the sale of our investment in Hulu is presented in “other income (loss), net” within “investment and other income (loss), net” in our condensed consolidated statement of income. The additional proceeds received in the current year period are presented in “proceeds from sales of businesses and investments” in investing activities in our condensed consolidated statement of cash flows. The receivable relating to our right to receive estimated future tax benefits is presented in “other current assets” and “other noncurrent assets, net” in our condensed consolidated balance sheet.
Comcast Corporation
Other Investments
Other investments also includes certain short-term instruments. We had no short-term instruments as of June 30, 2025 and December 31, 2024. There were no proceeds from or purchases of short-term instruments for the six months ended June 30, 2025. Proceeds from short-term instruments were $514 million and purchases of short-term instruments were $373 million for the six months ended June 30, 2024.
Consolidated Variable Interest Entity
Universal Beijing Resort
We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of June 30, 2025, Universal Beijing Resort had $3.5 billion of debt outstanding, including $3.1 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.
As of June 30, 2025, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.3 billion and $7.1 billion, respectively. As of December 31, 2024, our condensed 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 8: Equity and Share-Based Compensation
Weighted-Average Common Shares Outstanding
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Weighted-average number of common shares outstanding – basic | 3,720 | 3,905 | 3,744 | 3,932 | |||||||||||||||||||
| Effect of dilutive securities | 7 | 15 | 12 | 24 | |||||||||||||||||||
| Weighted-average number of common shares outstanding – diluted | 3,727 | 3,920 | 3,756 | 3,956 | |||||||||||||||||||
| Antidilutive securities | 250 | 228 | 234 | 195 |
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. 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.
Accumulated Other Comprehensive Income (Loss)
| (in millions) | June 30, 2025 | December 31, 2024 | |||||||||
| Cumulative translation adjustments | $ | 229 | $ | (2,474) | |||||||
| Deferred gains (losses) on cash flow hedges | 36 | 106 | |||||||||
| Unrecognized gains (losses) on employee benefit obligations and other | 261 | 325 | |||||||||
| Accumulated other comprehensive income (loss), net of deferred taxes | $ | 525 | $ | (2,043) |
Share-Based Compensation
Our share-based compensation plans consist primarily of awards of restricted share units (“RSUs”) and stock options to certain employees and directors as part of our long-term incentive compensation structure. Additionally, through our employee stock purchase plans, employees are able to purchase shares of our common stock at a discount through payroll deductions.
In March 2025, we granted 40 million RSUs and 1 million stock options under our annual management awards program. The weighted-average fair values associated with these grants were $35.78 per RSU and $7.21 per stock option. During the three months ended June 30, 2025 and 2024, share-based compensation expense recognized in our condensed consolidated statements of income was $268 million and $261 million, respectively. During the six months ended June 30, 2025 and 2024, share-based compensation expense recognized in our condensed consolidated statements of income was $589 million and
Comcast Corporation
$564 million, respectively. As of June 30, 2025, we had unrecognized pretax compensation expense of $2.7 billion related to unvested RSUs and unvested stock options.
Note 9: Supplemental Financial Information
Cash Payments for Interest and Income Taxes
| Six Months Ended June 30, | |||||||||||
| (in millions) | 2025 | 2024 | |||||||||
| Interest | $ | 1,803 | $ | 1,813 | |||||||
| Income taxes(a) | $ | 2,085 | $ | 4,568 |
(a) Cash payments for income taxes for the six months ended June 30, 2025 include $334 million related to the purchase of third-party transferable tax credits.
Noncash Activities
During the six months ended June 30, 2025:
-
we acquired $2.0 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 paid in July 2025
During the six months ended June 30, 2024:
-
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 $0.31 per common share paid in July 2024
Cash, Cash Equivalents and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the condensed consolidated balance sheets to the total of the amounts reported in our condensed consolidated statements of cash flows.
| (in millions) | June 30, 2025 | December 31, 2024 | |||||||||
| Cash and cash equivalents | $ | 9,687 | $ | 7,322 | |||||||
| Restricted cash included in other current assets and other noncurrent assets, net | 60 | 55 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 9,748 | $ | 7,377 |
Note 10: Commitments and Contingencies
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.
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