Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Financial Data by Business Segment

Our financial data by segment is presented in the tables below and has been updated to reflect the change in our segment composition. We do not present asset information for our segments as this information is not used to allocate resources.


	Three Months Ended March 31, 2026
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	17,287	$	2,634	$	6,134	$	2,092	$	2,331	$	30,478
Intersegment revenue(a)	35		6		1,146		1,334		—		2,521
	17,323		2,640		7,280		3,426		2,331		32,998
Reconciliation of Revenue
Other revenue(b)											1,021
Eliminations(a)											(2,562)
Total consolidated revenue											$	31,457

Less segment expenses:(c)
Programming and production	3,787				6,304		2,236
Marketing and promotion					404		373
Other(d)	7,102		1,163		997		262		1,780
Segment Adjusted EBITDA(e)	$	6,434	$	1,476	$	(426)	$	555	$	551	$	8,590

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(208)
Corporate and other(b)(e)											(210)
Eliminations											(171)
Depreciation											(2,333)
Amortization											(1,533)
Interest expense											(1,094)
Investment and other income (loss), net											(309)
Income before income taxes											$	2,733


	Three Months Ended March 31, 2025
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	17,629	$	2,490	$	3,498	$	2,001	$	1,876	$	27,494
Intersegment revenue(a)	37		6		1,028		825		—		1,896
	17,665		2,496		4,527		2,826		1,876		29,390
Reconciliation of Revenue
Versant revenue											1,769
Other revenue(b)											917
Eliminations(a)											(2,189)
Total consolidated revenue											$	29,887

Less segment expenses:(c)
Programming and production	4,107				3,283		1,901
Marketing and promotion					306		392
Other(d)	6,716		1,074		830		259		1,463
Segment Adjusted EBITDA(e)	$	6,842	$	1,422	$	107	$	274	$	413	$	9,058

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(195)
Versant											834
Corporate and other(b)(e)											(223)
Eliminations											33
Depreciation											(2,231)
Amortization											(1,618)
Interest expense											(1,050)
Investment and other income (loss), net											(116)
Income before income taxes											$	4,492

(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. Amounts in 2025 also include intersegment revenue transactions between our segments and Versant.

(b)Includes the operations of our Sky-branded video services and television networks in Germany; the results of our regional sports networks; and Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania. Corporate and other also includes overhead and personnel costs for Corporate. The three months ended March 31, 2026 and 2025 include $51 million and $22 million, respectively, of transaction and transaction-related costs associated with the Separation.

(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 are acting as the principal in the advertising representation arrangement; 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.

COMCAST CORP 10-Q