UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2025~~2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to



Commission File Number	Exact Name of Registrant; State of Incorporation; Address and Telephone Number of Principal Executive Offices	I.R.S. Employer Identification No.
001-32871	COMCAST CORPORATION	27-0000798

Pennsylvania

One Comcast Center

Philadelphia, PA 19103-2838

(215) 286-1700

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.01 par value

CMCSA

The Nasdaq Stock Market LLC

0.000% Notes due 2026

CMCS26

The Nasdaq Stock Market LLC

0.250% Notes due 2027

CMCS27

The Nasdaq Stock Market LLC

1.500% Notes due 2029

CMCS29

The Nasdaq Stock Market LLC

0.250% Notes due 2029

CMCS29A

The Nasdaq Stock Market LLC

0.750% Notes due 2032

CMCS32

The Nasdaq Stock Market LLC

3.250% Notes due 2032

CMCS32A

The Nasdaq Stock Market LLC

1.875% Notes due 2036

CMCS36

The Nasdaq Stock Market LLC

3.550% Notes due 2036

CMCS36A

The Nasdaq Stock Market LLC

1.250% Notes due 2040

CMCS40

The Nasdaq Stock Market LLC

5.250% Notes due 2040

CMCS40A

The Nasdaq Stock Market LLC

5.50% Notes due 2029

CCGBP29

New York Stock Exchange

2.0% Exchangeable Subordinated Debentures due 2029

CCZ

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

As of ~~October~~April 15, ~~2025~~2026, there were 3,~~634~~562,~~450~~784,~~130~~182 shares of Comcast Corporation Class A common stock and 9,444,375 shares of Class B common stock outstanding.

TABLE OF CONTENTS

		PageNumber
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Consolidated Statements of Income (Unaudited)	1
	Condensed Consolidated Statements of Comprehensive Income (Unaudited)	2
	Condensed Consolidated Statements of Cash Flows (Unaudited)	3
	Condensed Consolidated Balance Sheets (Unaudited)	4
	Condensed Consolidated Statements of Changes in Equity (Unaudited)	5
	Notes to Condensed Consolidated Financial Statements (Unaudited)	6
	Note 1: Condensed Consolidated Financial Statements	6
	Note 2: Segment Information	67
	Note 3: Revenue	9
	Note 4: Programming and Production Costs	10
	Note 5: Debt	10
	Note 6: Significant Transactions	1110
	Note 7: Investments and Variable Interest Entities	11
	Note 8: Equity and Share-Based Compensation	12
	Note 8: Goodwill and Intangible Assets	12
	Note 9: Supplemental Financial Information	13
	Note 9: Equity and Share-Based Compensation	13
	Note 10: Commitments and Contingencies	13
	Note 10: Supplemental Financial Information	13
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
	Note 11: Commitments and Contingencies	14
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	31
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 6.	Exhibits	32
SIGNATURES		33

Explanatory Note

This Quarterly Report on Form 10-Q is for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026. This Quarterly Report on Form 10-Q modifies and supersedes documents filed before it. The U.S. Securities and Exchange Commission (“SEC”) allows us to “incorporate by reference” information that we file with it, which means that we can disclose important information to you by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report on Form 10-Q. In addition, information that we file with the SEC in the future will automatically update and supersede information contained in this Quarterly Report on Form 10-Q. Unless indicated otherwise, throughout this Quarterly Report on Form 10-Q, we refer to Comcast and its consolidated subsidiaries as “Comcast,” “we,” “us” and “our.”

Numerical information in this report is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. These may include estimates, projections and statements relating to our business plans, objectives and expected operating results, which are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements are generally identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “would,” “will,” “continue,” “will likely result” and similar expressions. In evaluating these statements, you should consider various factors, including the risks and uncertainties we describe in the “Risk Factors” sections of our Forms 10-K and 10-Q and in other reports we file with the SEC.

Any of these factors could cause our actual results to differ materially from those expressed or implied by our forward-looking statements, which could adversely affect our businesses, results of operations or financial condition. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise.

Our businesses may be affected by, among other things, the following:

•our businesses operate in highly competitive and dynamic industries, and our businesses and results of operations could be adversely affected if we do not compete effectively

•changes in consumer behavior continue to adversely affect our businesses and challenge existing business models

•a decline in advertisers’ expenditures or changes in advertising markets could negatively impact our businesses

•our success depends on consumer acceptance of our content, and our businesses may be adversely affected if our content fails to achieve sufficient consumer acceptance

•programming expenses for our video services are increasing on a per subscriber basis, which could adversely affect our video businesses

•the loss of programming distribution agreements, or the renewal of these agreements on less favorable terms, could adversely affect our businesses

•our businesses depend on using and protecting certain intellectual property rights and on not infringing, misappropriating or otherwise violating the intellectual property rights of others

•we may be unable to obtain necessary hardware, software and operational support

•our businesses depend on keeping pace with technological developments

•a cyber attack, information or security breach, or technology disruption or failure may negatively impact our ability to conduct our business or result in the misuse of confidential information, all of which could adversely affect our business, reputation ~~and~~or results of operations

•weak economic conditions may have a negative impact on our businesses

•acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated

•we face risks relating to doing business internationally that could adversely affect our businesses

•natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations

•the loss of key management personnel or popular on-air and creative talent could have an adverse effect on our businesses

•labor disputes, whether involving employees or sports organizations, may disrupt our operations and adversely affect our businesses

•if the Separation does not qualify as non-taxable, we and/or holders of our common stock could be subject to significant tax liability

•we are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses

•unfavorable litigation or governmental investigation results could require us to pay significant amounts or lead to onerous operating procedures

•our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and Co-CEO has considerable influence over our company through his beneficial ownership of our Class B common stock

Table of Contents

PART I: FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS

Comcast Corporation

Condensed Consolidated Statements of Income

(Unaudited)

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(in millions, except per share data)

~~2025~~

~~2024~~

~~2025~~2026

~~2024~~2025

Revenue

~~31,198~~

~~32,070~~

9131,~~397~~457

9129,~~817~~887

Costs and Expenses:

Programming and production

~~8,655~~

~~10,216~~

2410,~~646~~884

278,~~000~~415

Marketing and promotion

~~2,196~~

~~1,989~~

62,~~435~~164

52,~~929~~071

Other operating and administrative

~~10,795~~

~~10,128~~

3110,~~109~~408

299,~~615~~893

Depreciation

~~2,353~~

~~2,219~~

62,~~934~~333

62,~~548~~231

Amortization

~~1,666~~

~~1,659~~

51,~~089~~533

41,~~421~~618

Total costs and expenses

~~25,665~~

~~26,211~~

7427,~~213~~321

7324,~~512~~228

Operating income

~~5,534~~

~~5,859~~

174,~~184~~135

185,~~304~~658

Interest expense

~~(1,128)~~

~~(1,037)~~

(31,~~283~~094)

(31,~~065~~050)

Investment and other income (loss), net

~~(3)~~

~~9,705~~(309)

(~~140~~116)

Income before income taxes

~~4,468~~

~~4,819~~

232,~~607~~733

154,~~099~~492

Income tax expense

~~(1,218)~~

~~(1,243)~~

(~~6,017~~706)

(31,~~906~~196)

Net income

~~3,249~~

~~3,576~~

172,~~590~~027

113,~~192~~296

Less: Net income (loss) attributable to noncontrolling interests

~~(83)~~

~~(53)~~

(~~241~~147)

(~~222~~79)

Net income attributable to Comcast Corporation

~~3,332~~

~~3,629~~

172,~~830~~174

113,~~415~~375

Basic earnings per common share attributable to Comcast Corporation shareholders

~~0.91~~

~~0.94~~

40.7960

20.9290

Diluted earnings per common share attributable to Comcast Corporation shareholders

~~0.90~~

~~0.94~~

40.7860

20.9089

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
			Three Months EndedMarch 31,
(in millions)	~~2025~~		~~2024~~		~~2025~~2026		~~2024~~2025
Net income	$	~~3,249~~	$	~~3,576~~	$	172,~~590~~027	$	113,~~192~~296
Other comprehensive income (loss), net of tax (expense) benefit:
Currency translation adjustments, net of deferred taxes of $4, $(31), $202 and $(74)	(590)		1,889		2,120		1,322
Currency translation adjustments, net of deferred taxes of $(31) and $74					(405)		948
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $3, $3, $(12), and $1	(12)		(19)		(15)		5
Deferred gains (losses), net of deferred taxes of $(2) and $1					14		(20)
Realized (gains) losses reclassified to net income, net of deferred taxes of $(6), $11, $13 and $11	21		(35)		(46)		(39)
Realized (gains) losses reclassified to net income, net of deferred taxes of $(2) and $5					7		(20)
Employee benefit obligations and other, net of deferred taxes of $10, $2, $30 and $10	(33)		(6)		(97)		(42)
Employee benefit obligations and other, net of deferred taxes of $6 and $18					(7)		(56)
Other comprehensive income (loss)	~~(613)~~		~~1,829~~		~~1,962~~(389)		~~1,247~~851
Comprehensive income	~~2,636~~		~~5,405~~		191,~~552~~638		124,~~439~~147
Less: Net income (loss) attributable to noncontrolling interests	~~(83)~~		~~(53)~~		(~~241~~147)		(~~222~~79)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	2		15		92		24
Comprehensive income attributable to Comcast Corporation	$	~~2,716~~	$	~~5,443~~	$	191,783	$	124,~~660~~222

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
(in millions)	~~2025~~2026		~~2024~~2025
Operating Activities
Net income	$	172,~~590~~027	$	113,~~192~~296
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	123,~~023~~865		103,~~969~~849
Share-based compensation	~~1,014~~427		~~983~~382
Noncash interest expense (income), net	~~359~~134		~~331~~130
Net (gain) loss on investment activity and other	~~(9,282)~~263		~~620~~231
Deferred income taxes	~~3,250~~730		~~123~~(43)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	~~716~~(1,376)		74935
Film and television costs, net	~~(168)~~375		(~~287~~123)
Accounts payable and accrued expenses related to trade creditors	~~(135)~~1,119		(~~906~~35)
Other operating assets and liabilities	(~~566~~673)		(~~3,505~~327)
Net cash provided by operating activities	246,~~802~~891		198,~~593~~294
Investing Activities
Capital expenditures	(82,~~001~~351)		(82,~~267~~252)
Cash paid for intangible assets	(~~1,934~~639)		(~~2,043~~622)
Construction of Universal Beijing Resort	~~(3)~~—		(~~111~~2)
Acquisitions, net of cash acquired	(1,279)		—
Proceeds from sales of businesses and investments	32		43
Proceeds from sales of businesses and investments	644		689
Purchases of investments	(237)		(145)
Purchases of investments	(1,226)		(934)
Other	276		19
Other	80		108
Net cash provided by (used in) investing activities	(2,919)		(2,958)
Net cash provided by (used in) investing activities	(11,720)		(10,559)
Financing Activities
Proceeds from borrowings	21,~~494~~990		~~6,268~~—
Repurchases and repayments of debt	(43,~~366~~182)		(~~2,433~~636)
Repurchases of common stock under repurchase program and employee plans	(51,~~618~~502)		(62,~~920~~240)
Dividends paid	(31,~~685~~248)		(31,~~624~~224)
Other	51		250
Cash transferred to Versant, net	(750)		—
Net cash provided by (used in) financing activities	(11,124)		(6,459)
Other	(316)		24
Impact of foreign currency on cash, cash equivalents and restricted cash	35		21
Net cash provided by (used in) financing activities	(5,008)		(4,075)
Increase (decrease) in cash, cash equivalents and restricted cash	1,994		2,596
Impact of foreign currency on cash, cash equivalents and restricted cash	(6)		14
Cash, cash equivalents and restricted cash, beginning of period	7,377		6,282
Increase (decrease) in cash, cash equivalents and restricted cash	(1,042)		1,275
Cash, cash equivalents and restricted cash, end of period	$	9,371	$	8,878
Cash, cash equivalents and restricted cash, beginning of period	10,559		7,377
Cash, cash equivalents and restricted cash, end of period	$	9,517	$	8,652

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions, except share data)	~~September~~March 3031,~~2025~~2026		December 31,~~2024~~2025
Assets
Current Assets:
Cash and cash equivalents	$	9,~~325~~468	$	79,~~322~~481
Receivables, net	1314,~~214~~078		13,~~661~~869
Other current assets	65,~~319~~275		56,~~817~~217
Total current assets	28,~~857~~822		2629,~~801~~567
Film and television costs	1211,~~959~~047		12,~~541~~214
Investments	87,~~324~~450		87,~~647~~952
Property and equipment, net of accumulated depreciation of $61,772 and $59,534	64,773		62,548
Property and equipment, net of accumulated depreciation of $61,274 and $60,754	65,472		65,680
Goodwill	6153,~~406~~374		5861,~~209~~502
Franchise rights	59,365		59,365
Other intangible assets, net of accumulated amortization of $39,023 and $33,994	23,379		25,599
Other intangible assets, net of accumulated amortization of $31,234 and $39,362	20,418		22,474
Other noncurrent assets, net	1314,~~932~~054		1213,~~501~~877
Total assets	$	~~272~~260,~~995~~002	$	~~266~~272,~~211~~631
Liabilities and Equity
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	$	11,~~689~~977	$	11,~~321~~058
Deferred revenue	4,~~218~~006		34,~~507~~097
Accrued expenses and other current liabilities	1011,~~942~~932		1012,~~679~~410
Current portion of debt	5,~~852~~394		45,~~907~~958
Advance on sale of investment	—		9,167
Total current liabilities	33,308		33,524
Total current liabilities	32,702		39,581
Noncurrent portion of debt	89,218		92,979
Noncurrent portion of debt	93,211		94,186
Deferred income taxes	28,227		27,788
Deferred income taxes	28,357		25,227
Other noncurrent liabilities	20,708		20,965
Other noncurrent liabilities	21,089		20,942
Commitments and contingencies
Redeemable noncontrolling interests	~~220~~205		~~237~~224
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, 4,517,861,156 and 4,651,093,045; outstanding, 3,645,070,128 and 3,778,302,017	45		47
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,486,450,788 and 4,513,794,607; outstanding, 3,567,424,433 and 3,594,768,252	45		45
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375	—		—
Additional paid-in capital	37,~~768~~543		3837,~~102~~709
Retained earnings	6658,~~875~~602		5666,~~972~~675
Treasury stock, 872,791,028 Class A common shares	(7,517)		(7,517)
Treasury stock, 919,026,355 Class A common shares	(7,517)		(7,517)
Accumulated other comprehensive income (loss)	(90399)		(~~2,043~~8)
Total Comcast Corporation shareholders’ equity	9788,~~081~~274		8596,~~560~~903
Noncontrolling interests	~~335~~61		~~477~~249
Total equity	9788,~~416~~335		8697,~~038~~151
Total liabilities and equity	$	~~272~~260,~~995~~002	$	~~266~~272,~~211~~631

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Comcast Corporation

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

	Three Months EndedSeptember 30,					Nine Months EndedSeptember 30,
					Three Months EndedMarch 31,
(in millions, except per share data)	~~2025~~		~~2024~~			~~2025~~2026		~~2024~~2025
Redeemable Noncontrolling Interests
Balance, beginning of period	$	~~231~~	$	~~236~~		$	~~237~~224	$	~~241~~237
Contributions from (distributions to) noncontrolling interests, net	~~(1)~~		~~(3)~~			317		~~(11)~~3
Net income (loss)	(10)		(9)			(21)		(6)
Other						5		—
Balance, end of period	$	220	$	224		$	220	$	224
Net income (loss)						(40)		4
Balance, end of period						$	205	$	244
Class A Common Stock
Balance, beginning of period	$	46	$	47		$	4745	$	4847
Repurchases of common stock under repurchase program and employee plans	—		—			~~(1)~~—		~~(1)~~—
Balance, end of period	$	45	$	47		$	45	$	4746
Class B Common Stock
Balance, beginning and end of period	$	—	$	—		$	—	$	—
Additional Paid-In Capital
Balance, beginning of period	$	~~37,797~~	$	~~38,203~~		$	3837,~~102~~709	$	38,~~533~~102
Share-based compensation	~~296~~		~~272~~			~~936~~409		~~882~~345
Repurchases of common stock under repurchase program and employee plans	~~(378)~~		~~(389)~~			(~~1,431~~591)		(~~1,462~~664)
Issuances of common stock under employee plans	52		61			~~163~~17		~~193~~50
Other	—		—			(2)		2
Balance, end of period						$	37,543	$	37,832
Balance, end of period	$	37,768	$	38,147		$	37,768	$	38,147
Retained Earnings
Balance, beginning of period	$	~~66,000~~	$	~~54,308~~		$	5666,~~972~~675	$	5256,~~892~~972
Repurchases of common stock under repurchase program and employee plans	~~(1,206)~~		~~(1,625)~~			(~~4,172~~947)		(51,~~531~~620)
Dividends declared	~~(1,252)~~		~~(1,205)~~			(31,~~755~~188)		(31,~~670~~254)
Other	—		(1)			—		(1)
Separation of Versant (see Note 6)						(8,111)		—
Net income	~~3,332~~		~~3,629~~			172,~~830~~174		113,~~415~~375
Balance, end of period	$	~~66,875~~	$	~~55,105~~		$	6658,~~875~~602	$	5557,~~105~~473
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	$	~~525~~	$	~~(1,822)~~		$	(~~2,043~~8)	$	(12,~~253~~043)
Other comprehensive income (loss)	~~(616)~~		~~1,814~~			~~1,953~~(391)		~~1,245~~847
Balance, end of period	$	~~(90)~~	$	~~(8)~~		$	(90399)	$	(81,197)
Noncontrolling Interests
Balance, beginning of period	$	~~376~~	$	~~485~~		$	~~477~~249	$	~~523~~477
Other comprehensive income (loss)	2		15			92		24
Contributions from (distributions to) noncontrolling interests, net	30		89			6927		~~236~~20
Net income (loss)	(73)		(44)			(220)		(216)
Separation of Versant (see Note 6)						(110)		—
Balance, end of period	$	335	$	544		$	335	$	544
Net income (loss)						(107)		(83)
Total equity	$	97,416	$	86,318		$	97,416	$	86,318
Balance, end of period						$	61	$	418
Cash dividends declared per common share	$	0.33	$	0.31		$	0.99	$	0.93
Total equity						$	88,335	$	87,056
Cash dividends declared per common share						$	0.33	$	0.33

See accompanying notes to condensed consolidated financial statements.

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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~~2025 Annual Report on Form 10-K.

InOn ~~November~~January ~~2024~~2, 2026 (the “Separation date”), we ~~announced~~completed ~~our~~the ~~intention~~previously toannounced ~~create~~separation of Versant Media Group, Inc. (“Versant”), ainto ~~new,~~an independent, publicly traded company comprised of ~~certain~~select cable television networks and complementary digital platforms through a tax-free spin-off. ~~We are targeting to complete~~ (the ~~separation~~“Separation”). inThe ~~early~~Separation ~~2026,~~did ~~subject~~not tomeet the ~~satisfaction~~criteria ofto ~~customary~~be ~~conditions,~~presented ~~including~~as ~~obtaining~~a ~~final~~discontinued ~~approval from our Board of Directors~~operation, ~~satisfactory~~and ~~completion of~~ Versant’s ~~financings,~~results ~~receipt~~are ofincluded ~~tax~~in ~~opinions~~our ~~and~~results ~~receipt~~ of ~~any~~operations ~~regulatory~~for ~~approvals.~~the ~~There~~three ~~can~~months beended ~~no assurance that a separation transaction will occur~~March 31, ~~or, if one does, of its terms or timing~~2025. ~~The~~See ~~condensed~~Note ~~consolidated~~6 ~~financial~~for ~~statements~~additional ~~and related notes do not reflect the proposed separation~~information.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation. ~~Refer~~See toNote 2 for a discussion of the changes in our presentation of segment operating results. See 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 inwith 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.

~~Note~~Government ~~2: Segment Information~~Grants

WeIn ~~are~~December a2025, ~~global~~the ~~media~~FASB issued new accounting guidance on the recognition, measurement and ~~technology~~presentation ~~company~~of ~~with~~government ~~five~~grants ~~segments:~~received ~~Residential~~by ~~Connectivity~~business &entities. ~~Platforms~~The new guidance defines government grants, ~~Business~~clarifies ~~Services~~their ~~Connectivity~~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, ~~Media~~2029, ~~Studios~~ and ~~Theme~~early ~~Parks~~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.

~~Our~~Interim ~~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.~~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 as of January 1, 2028, and early adoption is permitted. We are currently evaluating the impact the adoption of the new accounting guidance will have on our disclosures.

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	Three Months Ended September 30, 2025
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	17,582	$	2,570	$	5,347	$	2,294	$	2,717	$	30,509
Intersegment revenue(a)	19		6		1,242		706		—		1,974
	17,601		2,576		6,589		3,000		2,717		32,483
Reconciliation of Revenue
Other revenue(b)											752
Eliminations(a)											(2,036)
Total consolidated revenue											$	31,198
Less segment expenses:(c)
Programming and production	3,952				4,297		1,959
Marketing and promotion					321		436
Other(d)	7,095		1,122		1,140		240		1,759
Segment Adjusted EBITDA(e)	$	6,554	$	1,454	$	832	$	365	$	958	$	10,163
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(271)
Corporate and other(b)(e)											(388)
Eliminations											50
Depreciation											(2,353)
Amortization											(1,666)
Interest expense											(1,128)
Investment and other income (loss), net											61
Income before income taxes											$	4,468

Note 2: Segment Information

	Three Months Ended September 30, 2024
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	17,807	$	2,419	$	6,926	$	1,993	$	2,289	$	31,434
Intersegment revenue(a)	59		6		1,305		833		—		2,203
	17,866		2,425		8,231		2,826		2,289		33,637
Reconciliation of Revenue
Other revenue(b)											686
Eliminations(a)											(2,253)
Total consolidated revenue											$	32,070
Less segment expenses:(c)
Programming and production	4,102				5,917		1,818
Marketing and promotion					470		301
Other(d)	6,860		1,034		1,194		240		1,442
Segment Adjusted EBITDA(e)	$	6,904	$	1,391	$	650	$	468	$	847	$	10,259
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(200)
Corporate and other(b)(e)											(300)
Eliminations											(21)
Depreciation											(2,219)
Amortization											(1,659)
Interest expense											(1,037)
Investment and other income (loss), net											(3)
Income before income taxes											$	4,819

We are a global media and technology company with five segments: Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios and Theme Parks. Beginning in the first quarter of 2026, we updated the composition of our segments to align with the segment-level information that is regularly provided to our Co-Chief Executive Officers, who are the chief operating decision maker, including (1) adjusting the Media segment to exclude the historical results of Versant; (2) reclassifying the results of our regional sports networks to Corporate and other from the Media segment; (3) reclassifying the results of Xumo, our streaming platform joint venture with Charter Communications, to the Residential Connectivity & Platforms segment from Corporate and other; (4) reclassifying certain shared expenses into the related Media, Studios and Theme Parks segments from Media, Studios and Theme Parks headquarters and other; and (5) adjusting the Media segment and Versant for the effects of the commercial services agreement (see Note 6).

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 and other businesses 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 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

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	Nine Months Ended September 30, 2025
	Three Months Ended March 31, 2025
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	5217,~~981~~629	$	72,~~629~~490	$	153,~~785~~498	$	62,~~027~~001	$	61,~~942~~876	$	8927,~~364~~494
Intersegment revenue(a)	7637		176		31,~~685~~028		~~2,231~~825		1—		61,~~011~~896
	53,057		7,647		19,470		8,258		6,943		95,375
	17,665		2,496		4,527		2,826		1,876		29,390
Reconciliation of Revenue
Other revenue(b)											2,221
Versant revenue											1,769
Eliminations(a)											(6,198)
Other revenue(b)											917
Total consolidated revenue											$	91,397
Eliminations(a)											(2,189)
Total consolidated revenue											$	29,887
Less segment expenses:(c)
Programming and production	124,~~057~~107				113,~~860~~283		51,~~519~~901
Marketing and promotion					~~947~~306		~~1,280~~392
Other(d)	206,~~446~~716		31,~~327~~074		~~3,344~~830		~~711~~259		41,~~898~~463
Segment Adjusted EBITDA(e)	$	206,~~554~~842	$	41,~~320~~422	$	~~3,318~~107	$	~~749~~274	$	~~2,045~~413	$	309,~~985~~058
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(~~789~~195)
Corporate and other(b)(e)											(1,142)
Versant											834
Eliminations											153
Corporate and other(b)(e)											(223)
Depreciation											(6,934)
Eliminations											33
Amortization											(5,089)
Depreciation											(2,231)
Interest expense											(3,283)
Amortization											(1,618)
Investment and other income (loss), net											9,705
Interest expense											(1,050)
Income before income taxes											$	23,607
Investment and other income (loss), net											(116)
Income before income taxes											$	4,492

	Nine Months Ended September 30, 2024
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	53,431	$	7,236	$	17,338	$	5,555	$	6,242	$	89,802
Intersegment revenue(a)	127		17		3,588		2,268		1		6,001
	53,558		7,253		20,926		7,822		6,243		95,803
Reconciliation of Revenue
Other revenue(b)											2,181
Eliminations(a)											(6,167)
Total consolidated revenue											$	91,817
Less segment expenses:(c)
Programming and production	12,756				13,652		5,176
Marketing and promotion					1,071		1,126
Other(d)	19,943		3,117		3,371		685		4,132
Segment Adjusted EBITDA(e)	$	20,859	$	4,137	$	2,832	$	835	$	2,111	$	30,774
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(642)
Corporate and other(b)(e)											(881)
Eliminations											22
Depreciation											(6,548)
Amortization											(4,421)
Interest expense											(3,065)
Investment and other income (loss), net											(140)
Income before income taxes											$	15,099

(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.

8(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.

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(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~~are ~~advertising~~acting onas ~~their~~the ~~behalf~~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. ~~From~~For ~~time~~each of our segments, our chief operating decision maker uses Adjusted EBITDA to ~~time~~measure weoperational ~~may~~strength ~~report~~and performance, assist in the ~~impact~~evaluation of ~~certain~~underlying ~~events~~trends, ~~gains,~~and ~~losses~~allocate orresources ~~other~~in ~~charges~~the ~~related~~annual tobudget ~~our~~and ~~segments~~forecasting ~~within~~process. ~~Corporate~~Adjusted ~~and~~EBITDA ~~other.~~is ~~The~~also ~~three~~a ~~and~~significant ~~nine~~performance ~~months~~measure ~~ended~~in ~~September~~our ~~30,~~annual ~~2025~~incentive ~~includes~~compensation ~~$116~~programs. ~~million~~From ~~and~~time ~~$248~~to ~~million~~time, ~~respectively,~~we may report the impact of ~~transaction~~certain ~~and~~events, ~~transaction-related~~gains, ~~costs~~losses ~~associated~~or ~~with~~other charges related to our ~~proposed~~segments ~~separation~~within ofCorporate ~~Versant~~and other.

(f)Includes overhead, personnel costs and other costs necessary to operate the Media, Studios and Theme Parks segments.

~~Note 3: Revenue~~8

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
(in millions)	2025		2024(a)		2025		2024(a)
Domestic broadband	$	6,433	$	6,400	$	19,521	$	19,276
Domestic wireless	1,246		1,093		3,565		3,084
International connectivity	1,275		1,150		3,626		3,240
Total residential connectivity	8,954		8,644		26,712		25,599
Video	6,591		6,938		20,031		21,055
Advertising	864		987		2,680		2,931
Other	1,192		1,298		3,635		3,973
Total Residential Connectivity & Platforms Segment	17,601		17,866		53,057		53,558
Total Business Services Connectivity Segment	2,576		2,425		7,647		7,253
Domestic advertising	1,964		3,347		5,698		7,363
Domestic distribution	2,841		3,272		8,575		8,942
International networks	1,252		1,070		3,681		3,193
Other	532		542		1,516		1,429
Total Media Segment	6,589		8,231		19,470		20,926
Content licensing	2,035		1,865		6,014		5,680
Theatrical	639		611		1,209		1,178
Other	326		350		1,035		964
Total Studios Segment	3,000		2,826		8,258		7,822
Total Theme Parks Segment	2,717		2,289		6,943		6,243
Other revenue	752		686		2,221		2,181
Eliminations(b)	(2,036)		(2,253)		(6,198)		(6,167)
Total revenue	$	31,198	$	32,070	$	91,397	$	91,817

(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.

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Note 3: Revenue


	Three Months Ended March 31,
(in millions)		2026		2025(a)
Domestic broadband		$	6,338	$	6,679
Domestic wireless service		977		850
Domestic wireless equipment		418		273
International connectivity		1,240		1,132
Video		6,256		6,600
Advertising		951		899
Other		1,143		1,233
Total Residential Connectivity & Platforms Segment		17,323		17,665

Total Business Services Connectivity Segment		2,640		2,496

Domestic advertising		3,453		1,468
Domestic distribution		2,283		1,667
International networks		1,291		1,148
Other		253		244
Total Media Segment		7,280		4,527

Content licensing		2,973		2,174
Theatrical		117		286
Other		336		366
Total Studios Segment		3,426		2,826

Total Theme Parks Segment		2,331		1,876

Versant revenue(b)		—		1,769
Other revenue		1,021		917
Eliminations(c)		(2,562)		(2,189)
Total revenue		$	31,457	$	29,887

(a) Beginning in the first quarter of 2026, commission revenue from the sale of certain direct to consumer (“DTC”) streaming services is presented in broadband revenue or video revenue based on whether a customer is entitled to receive the DTC streaming service through a broadband or video service offering. Broadband revenue also includes revenue from streaming devices available to our broadband customers. Previously, all of these amounts were in video revenue. Prior periods have been reclassified to reflect the current year presentation.

(b) Includes the historical results of operations of the Versant business, primarily including domestic distribution revenue, domestic advertising revenue and other revenue generated from digital properties.

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)	~~September~~March 3031,~~2025~~2026		December 31,~~2024~~2025
Receivables, gross	$	14,~~030~~775	$	14,~~399~~582
Less: Allowance for credit losses	~~817~~697		~~738~~713
Receivables, net	$	1314,~~214~~078	$	13,~~661~~869
Noncurrent receivables, net (included in other noncurrent assets, net)	$	12,~~810~~240	$	1,~~853~~924
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	~~724~~660	$	~~665~~621

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

(in millions)	~~September~~March 3031,~~2025~~2026		December 31,~~2024~~2025
Receivables, net	$	12,~~955~~045	$	12,~~827~~096
Noncurrent receivables, net (included in other noncurrent assets, net)	1,~~216~~434		1,~~225~~395
Total	$	3,~~172~~479	$	3,~~052~~491

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Note 4: Programming and Production Costs

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(in millions)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Video distribution programming

2,~~467~~381

2,~~783~~659

~~7,637~~

~~8,682~~

Film and television content:

Owned(a)

2,~~551~~561

2,~~111~~656

~~7,438~~

~~6,888~~

Licensed, including sports rights

35,~~262~~589

42,~~991~~804

~~8,540~~

~~10,484~~

Other

~~375~~352

~~330~~295

~~1,031~~

~~946~~

Total programming and production costs

810,~~655~~884

108,~~216~~415

~~24,646~~

~~27,000~~

(a) Amount includes amortization of owned content of $2.0 billion and $62.02 billion for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025,~~2026 ~~respectively,~~ and ~~$1.6 billion and $5.6 billion for the three and nine months ended September 30~~2025, ~~2024,~~ respectively, as well as participations and residuals expenses.

Capitalized Film and Television Costs

(in millions)	~~September~~March 3031,~~2025~~2026		December 31,~~2024~~2025
Owned:
In production and in development	$	2,~~899~~830	$	32,~~342~~896
Completed, not released	~~526~~231		~~209~~84
Released, less amortization	34,~~962~~215		4,~~545~~571
	7,386		8,095
	7,277		7,551
Licensed, including sports advances	53,~~573~~770		4,~~446~~663
Film and television costs	$	1211,~~959~~047	$	12,~~541~~214

Note 5: Debt

As of ~~September~~March 3031, ~~2025~~2026, our debt had a carrying value of $9994.16 billion and an estimated fair value of $9184.76 billion. As of December 31, ~~2024~~2025, our debt had a carrying value of $9998.19 billion and an estimated fair value of $8990.83 billion. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market ~~value~~prices 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

Separation of Versant

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 under the ticker symbol “VSNT.” The Versant business is comprised of select cable television networks, including MS NOW, 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 (the “Distribution”). 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. Assets of approximately $12.5 billion, including approximately $7.7 billion of goodwill and $1.4 billion of other intangible assets, net of accumulated amortization, and liabilities of approximately $4.3 billion, including $3.0 billion of indebtedness from the issuance of certain notes and borrowings from a Term A loan facility and Term B loan facility, associated with the Versant business were distributed through retained earnings as of the Separation date. Following the Separation, we do not beneficially own any equity interest in Versant and no longer consolidate the results of the Versant business into our consolidated financial results.

On the Separation date, Versant distributed to us $2.25 billion of cash, which was funded by the $3.0 billion of prior indebtedness, resulting in a net cash distribution of $750 million to Versant in the first quarter of 2026. The proceeds from the $2.25 billion 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

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~~Note~~outstanding 6:amounts ~~Significant~~of ~~Transactions~~our 5.35% Notes due November 2027, including accrued and unpaid interest, totaling approximately $650 million.

~~Acquisitions~~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. Pursuant to a commercial services agreement with Versant, we will sell domestic linear and related digital advertising inventory on their behalf for approximately two years, and we record net commission revenue as earned.

InAssets ~~April~~Held ~~2025,~~For we acquired Nitel, a network-as-a-service managed service provider, for total cash consideration of $1.3 billion. The acquisition enhances 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.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 continue to be presented as held for sale, consisting of $863 million of assets and $784 million of liabilities as of March 31, 2026 and $892 million of assets and $848 million of liabilities as of December 31, 2025, which are included in other current assets and accrued expenses and other current liabilities within our condensed consolidated balance sheet. The fair value less cost to sell exceeded the carrying value of the assets and liabilities held for sale as of March 31, 2026 and December 31, 2025.

Note 7: Investments and Variable Interest Entities

Investment and Other Income (Loss), Net

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(in millions)

~~2025~~

~~2024~~

~~2025~~2026

~~2024~~2025

Equity in net income (losses) of investees, net

~~(90)~~

~~(152)~~

(~~312~~391)

(~~438~~194)

Realized and unrealized gains (losses) on equity securities, net

~~(60)~~

~~(22)~~

52(5)

(~~163~~24)

Other income (loss), net

~~212~~

~~171~~

~~9,966~~87

~~461~~102

Investment and other income (loss), net

~~(3)~~

~~9,705~~(309)

(~~140~~116)

The amount of unrealized gains (losses), net recognized infor the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 that related to ~~marketable and nonmarketable~~ equity securities still held as of the end of each reporting period was $(5511) million and $(~~15) million, respectively. The amount of unrealized gains (losses), net recognized in the nine months ended September~~ 30~~, 2025 and 2024 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(85~~) million ~~and $(117) million~~, respectively.

Investments

(in millions)	~~September~~March 3031,~~2025~~2026		December 31,~~2024~~2025
Equity method	$	76,~~016~~491	$	76,~~252~~674
Marketable equity securities	11		11
Nonmarketable equity securities	817		1,049
Nonmarketable equity securities	1,129		1,221
Other investments	160		244
Other investments	190		184
Total investments	7,467		7,966
Total investments	8,346		8,668
Less: Current investments	18		14
Less: Current investments	22		21
Noncurrent investments	$	7,450	$	7,952
Noncurrent investments	$	8,324	$	8,647

Equity Method 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 ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 was $~~113~~35 million and $~~244~~27 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 ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, we made cash capital contributions totaling $~~117~~116 million and $6013 million, respectively, to Atairos. As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, our investment, inclusive of advances classified within other investments, was $54.05 billion and $54.17 billion, respectively. As of ~~September~~March 3031, ~~2025~~2026, our remaining unfunded capital commitment was $1.32 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

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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.

Other Investments

Other investments also includes certain short-term instruments. We had no short-term instruments as of September 30, 2025 and December 31, 2024. There were no proceeds from or purchases of short-term instruments for the nine months ended September 30, 2025. Proceeds from short-term instruments were $632 million and purchases of short-term instruments were $443 million for the nine months ended September 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 ~~September~~March 3031, ~~2025,~~2026 ~~Universal~~and ~~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~~2025, Universal Beijing Resort had $3.46 billion of debt outstanding, including $3.02 billion principal amount of a term loan outstanding under the debt financing agreement.

As of ~~September~~March 3031, ~~2025~~2026, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.46 billion and $7.26 billion, respectively. As of December 31, ~~2024~~2025, our condensed consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.34 billion and $7.03 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~~Goodwill and ~~Share-Based~~Intangible ~~Compensation~~Assets

~~Weighted-Average Common Shares Outstanding~~Goodwill

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
(in millions)	2025	2024		2025	2024
Weighted-average number of common shares outstanding – basic	3,679	3,861		3,722	3,908
Effect of dilutive securities	10	18		11	22
Weighted-average number of common shares outstanding – diluted	3,689	3,880		3,733	3,930
Antidilutive securities	223	188		230	193

The changes in the carrying amount of goodwill by segment for the three months ended March 31, 2026 are presented in the table below.

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.


(in billions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
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
Separation of Versant (see Note 6)	—		—		(7.7)		—		—		(7.7)
Foreign currency translation and other	(0.2)		—		(0.1)		—		(0.1)		(0.4)
Balance, March 31, 2026
Goodwill	$	35.7	$	3.4	$	13.7	$	3.7	$	4.9	$	61.4
Accumulated impairment losses	(6.6)		—		(1.4)		—		—		$	(8.0)
	$	29.1	$	3.4	$	12.3	$	3.7	$	4.9	$	53.4

~~Accumulated~~Intangible ~~Other Comprehensive Income (Loss)~~Assets

(in millions)	September 30,2025		December 31,2024
Cumulative translation adjustments	$	(364)	$	(2,474)
Deferred gains (losses) on cash flow hedges	45		106
Unrecognized gains (losses) on employee benefit obligations and other	228		325
Accumulated other comprehensive income (loss), net of deferred taxes	$	(90)	$	(2,043)

In connection with the Separation, customer relationships decreased by a gross carrying amount of $9.0 billion and related accumulated amortization of $7.9 billion and other agreements and rights decreased by a gross carrying amount of $0.7 billion and related accumulated amortization of $0.5 billion.

The table below presents the estimated amortization expense of our customer relationships and other agreements and rights, including trade names, intellectual property rights and certain Federal Communications Commission (“FCC”) broadcast licenses. Beginning in the first quarter of 2026, we began amortizing certain FCC broadcast licenses with a gross carrying value of $0.6 billion, which were previously accounted for as indefinite-lived intangible assets.


Estimated Amortization Expense
(in billions)
Remaining nine months of 2026	$	1.3
2027	$	0.7
2028	$	0.7
2029	$	0.7
2030	$	0.6

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Note 9: Equity and Share-Based Compensation

Weighted-Average Common Shares Outstanding


	Three Months Ended March 31,
(in millions)		2026	2025
Weighted-average number of common shares outstanding – basic		3,597	3,768
Effect of dilutive securities		20	16
Weighted-average number of common shares outstanding – diluted		3,617	3,784

Antidilutive securities		247	218

Accumulated Other Comprehensive Income (Loss)


(in millions)	March 31, 2026		December 31, 2025
Cumulative translation adjustments	$	(653)	$	(247)

Deferred gains (losses) on cash flow hedges	65		44
Unrecognized gains (losses) on employee benefit obligations and other	188		195

Accumulated other comprehensive income (loss), net of deferred taxes	$	(399)	$	(8)

Share-Based Compensation

Our share-based compensation plans consist primarily of awards of restricted share units (“RSUs”), and prior to 2026, the plans had included grants of stock options, to certain employees and directors as part of our long-term incentive compensation structure. RSUs granted during 2026 generally vest over a period of 3 years and RSUs granted prior to 2026 generally vest over a period of 5 years. 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~~February ~~2025~~2026, we granted 4049 million RSUs ~~and 1 million stock options~~ under our annual management awards program. The weighted-average fair ~~values~~value associated with these grants ~~were~~was $3529.7860 per RSU ~~and $7~~.21 ~~per stock option.~~ During the three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024, share-based compensation expense recognized in our condensed consolidated statements of income was $269 million and $247 million, respectively. During the nine months ended September 30,~~ 2025 ~~and 2024~~, share-based compensation expense recognized in our condensed consolidated statements of income was $~~859~~377 million and $~~811~~321 million, respectively. As of ~~September~~March 3031, ~~2025~~2026, we had unrecognized ~~pretax~~pre-tax compensation expense of $23.41 billion related to unvested RSUs and unvested stock options.

Note 910: Supplemental Financial Information

Cash Payments for Interest and Income Taxes

	Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
(in millions)	~~2025~~2026		~~2024~~2025
Interest	$	~~2,682~~727	$	~~2,503~~674
Income taxes(a)	$	~~2,378~~249	$	~~5,988~~400

(a) Cash payments for income taxes for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 include $~~470~~52 million and $~~1.2~~220 ~~billion~~million related to the purchase of third-party transferable tax credits, respectively.

Noncash Activities

During the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026:

•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 $0.33 per common share paid in ~~October~~April ~~2025~~2026

During the ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025:

•we acquired $2.41 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 $0.3133 per common share paid in ~~October~~April ~~2024~~2025

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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)	~~September~~March 3031,~~2025~~2026		December 31,~~2024~~2025
Cash and cash equivalents	$	9,~~325~~468	$	79,~~322~~481
Restricted cash included in other current assets and other noncurrent assets, net	46		55
Restricted cash included in other current assets and other noncurrent assets, net(a)	48		1,078
Cash, cash equivalents and restricted cash, end of period	$	9,~~371~~517	$	710,~~377~~559

~~Note~~(a)Restricted ~~10:~~cash ~~Commitments~~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 ~~Contingencies~~unpaid interest, which were held in an escrow account due to a special mandatory redemption if the Separation did not consummate by March 2, 2026. These funds were transferred to Versant on the Separation date (see Note 6).

Note 11: 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.

1314

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ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion is provided as a supplement to, and should be read in conjunction with, the condensed consolidated financial statements and related notes (“Notes”) included in this Quarterly Report on Form 10-Q and our ~~2024~~2025 Annual Report on Form 10-K.

Overview

We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. We present the operations of (1) our Connectivity & Platforms business in two segments: Residential Connectivity & Platforms and Business Services Connectivity; and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks. ~~The~~Refer ~~discussion~~to ~~and~~Note ~~analysis~~2 ~~that~~for ~~follows~~information ~~includes~~on ~~the~~our ~~results~~segments, ofincluding ~~the~~a ~~cable~~description ~~television~~of ~~networks~~the ~~and~~segment ~~complementary~~composition ~~digital~~change ~~platforms~~implemented ~~proposed to be included~~ in the ~~separation~~first ofquarter ~~Versant and does not reflect or give effect to what our results~~ of ~~operations~~2026. ~~and~~All ~~financial~~amounts ~~condition~~are ~~may~~presented beunder ~~following~~ the ~~separation,~~updated ifsegment ~~consummated~~structure.

AThe ~~substantial~~Separation ~~portion~~ of ~~our~~Versant ~~revenue~~occurred ~~comes~~on ~~from~~January ~~customers~~2, ~~whose spending patterns may be affected by prevailing economic conditions~~2026. ~~Uncertain~~The ~~economic~~results ~~conditions, including as a result~~ of ~~geopolitical~~Versant ~~dynamics,~~are ~~changes~~included in ~~trade policies and foreign exchange rates could adversely affect demand for~~ our ~~products~~consolidated ~~or services and have a negative impact on our~~ results of operations. ~~For~~for athe ~~discussion~~three ofmonths ~~these~~ended ~~factors~~March ~~and other risks~~31, ~~refer~~2025 toand ~~Risk~~are ~~Factors~~excluded infrom ~~Item 1A of~~ our ~~2024~~segment ~~Annual~~operating ~~Report~~results on(see ~~Form~~Note ~~10-K~~2).

Consolidated Operating Results

Three Months EndedSeptember 30,

Change

Nine Months EndedSeptember 30,

Change

Three Months EndedMarch 31,

Change

(in millions, except per share data)

~~2025~~

~~2024~~

~~2025~~2026

~~2024~~2025

Revenue

~~31,198~~

~~32,070~~

~~(2.7)~~

9131,~~397~~457

9129,~~817~~887

~~(0.~~5).3

Costs and Expenses:

Programming and production

~~8,655~~

~~10,216~~

~~(15.3)~~

2410,~~646~~884

278,~~000~~415

(829.7)3

Marketing and promotion

~~2,196~~

~~1,989~~

~~10.4~~

62,~~435~~164

52,~~929~~071

84.5

Other operating and administrative

~~10,795~~

~~10,128~~

~~6.6~~

3110,~~109~~408

299,~~615~~893

5.02

Depreciation

~~2,353~~

~~2,219~~

~~6.0~~

62,~~934~~333

62,~~548~~231

54.96

Amortization

~~1,666~~

~~1,659~~

~~0.4~~

51,~~089~~533

41,~~421~~618

15(5.13)

Total costs and expenses

~~25,665~~

~~26,211~~

~~(2.1)~~

7427,~~213~~321

7324,~~512~~228

112.08

Operating income

~~5,534~~

~~5,859~~

~~(5.5)~~

174,~~184~~135

185,~~304~~658

(626.19)

Interest expense

~~(1,128)~~

~~(1,037)~~

~~8.7~~

(31,~~283~~094)

(31,~~065~~050)

74.12

Investment and other income (loss), net

~~(3)~~

~~9,705~~(309)

(~~140~~116)

NM(165.8)

Income before income taxes

~~4,468~~

~~4,819~~

~~(7.3)~~

232,~~607~~733

154,~~099~~492

56(39.32)

Income tax expense

~~(1,218)~~

~~(1,243)~~

~~(2.0)~~

(~~6,017~~706)

(31,~~906~~196)

54(41.0)

Net income

~~3,249~~

~~3,576~~

~~(9.1)~~

172,~~590~~027

113,~~192~~296

57(38.25)

Less: Net income (loss) attributable to noncontrolling interests

~~(83)~~

~~(53)~~

~~55.3~~

(~~241~~147)

(~~222~~79)

886.46

Net income attributable to Comcast Corporation

~~3,332~~

~~3,629~~

~~(8.2)~~

172,~~830~~174

113,~~415~~375

56(35.26)

Basic earnings per common share attributable to Comcast Corporation shareholders

~~0.91~~

~~0.94~~

~~(3.7)~~

40.7960

20.9290

64(32.05)

Diluted earnings per common share attributable to Comcast Corporation shareholders

~~0.90~~

~~0.94~~

~~(3.4)~~

40.7860

20.9089

64(32.56)

Weighted-average number of common shares outstanding – basic

~~3,679~~

~~3,861~~

~~(4.7)~~

3,~~722~~597

3,~~908~~768

(4.85)

Weighted-average number of common shares outstanding – diluted

~~3,689~~

~~3,880~~

~~(4.9)~~

3,~~733~~617

3,~~930~~784

(54.04)

Adjusted EBITDA(a)

~~9,669~~

~~9,735~~

~~(0.7)~~

297,~~484~~929

299,~~261~~532

0(16.8)

~~Percentage~~(a)Adjusted ~~changes~~EBITDA ~~that~~is ~~are~~a ~~considered~~non-GAAP ~~not~~financial ~~meaningful~~measure. ~~are~~Refer ~~denoted~~to ~~with~~the NM“Non-GAAP Financial Measures” section on page 25 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.

~~(a)Adjusted~~Consolidated ~~EBITDA~~revenue isincreased afor ~~non-GAAP~~the ~~financial~~three ~~measure.~~months ~~Refer~~ended March 31, 2026 compared to the ~~“Non-GAAP~~same ~~Financial~~period ~~Measures”~~in ~~section~~2025 onprimarily ~~page~~due 24to ~~for~~increases ~~additional~~in ~~information~~the Content & Experiences business and in Corporate and Other, ~~including~~partially ~~our~~offset ~~definition~~by a decrease due to the Separation in 2026 and ~~our~~a ~~use~~decrease ofin ~~Adjusted~~the ~~EBITDA~~Connectivity & Platforms business. Consolidated revenue for the three months ended March 31, ~~and~~2025 includes the results of Versant. Revenue for aour ~~reconciliation~~segments ~~from~~and ~~net~~other ~~income~~businesses ~~attributable~~is todiscussed ~~Comcast~~separately ~~Corporation~~below tounder ~~Adjusted~~the ~~EBITDA~~heading “Segment Operating Results.”

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Consolidated revenue decreased for the three months ended September 30, 2025 compared to the same period in 2024 primarily due to a decrease in the Content & Experiences business, partially offset by an increase in Corporate and Other. Consolidated revenue remained consistent for the nine months ended September 30, 2025 compared to the same period in 2024. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”

Consolidated costs and expenses, excluding depreciation and amortization expense, decreased for the three months ended September 30, 2025 compared to the same period in 2024 primarily due to a decrease in the Content & Experiences business, partially offset by increases in the Connectivity and Platforms business and in Corporate and Other. Consolidated costs and expenses, excluding depreciation and amortization expense, decreased for the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to a decrease in the Content & Experiences business. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.” Consolidated costs and expenses for the three and nine months ended September 30, 2025 also increased due to transaction and transaction-related costs associated with the proposed separation of Versant that are excluded from Adjusted EBITDA and our segment operating results.

Consolidated depreciation and amortization expense increased for the three months ended September 30, 2025 compared to the same periods in 2024 primarily due to increased depreciation due to the opening of Epic Universe in May 2025. Consolidated depreciation and amortization expense increased for the nine months ended September 30, 2025 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business, increased depreciation due to the opening of Epic Universe in May 2025 and impairments of certain long-lived assets in the current year period.

Amortization expense from acquisition-related intangible assets totaled $824 million and $2.4 billion for the three and nine months ended September 30, 2025, respectively, and $817 million and $1.9 billion for the three and nine months ended September 30, 2024, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.

Consolidated interest expense increased for the three and nine months ended September 30, 2025 primarily due to decreases in capitalized interest driven by the opening of Epic Universe, as well as increases in average debt outstanding and higher weighted-average interest rates in the current year periods.

Consolidated investment and other income (loss), net increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024.

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
(in millions)	2025		2024		2025		2024
Equity in net income (losses) of investees, net	$	(90)	$	(152)	$	(312)	$	(438)
Realized and unrealized gains (losses) on equity securities, net	(60)		(22)		52		(163)
Other income (loss), net	212		171		9,966		461
Total investment and other income (loss), net	$	61	$	(3)	$	9,705	$	(140)

The change in equity in net income (losses) of investees, net for the three months ended September 30, 2025 compared to the same period in 2024 was primarily due to our investment in Atairos. The change in equity in net income (losses) of investees, net for the nine months ended September 30, 2025 compared to the same period in 2024 was primarily due to our investments in Atairos and Hulu. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $16 million and $(178) million for the three and nine months ended September 30, 2025, respectively, and $(93) million and $(289) million for the three and nine months ended September 30, 2024, respectively.

The change in realized and unrealized gains (losses) on equity securities, net for the three months ended September 30, 2025 was primarily due to higher net unrealized losses on nonmarketable securities in the current year period. The change in realized and unrealized gains (losses) on equity securities, net for the nine months ended September 30, 2025 was primarily due to a gain on the sale of a nonmarketable security in the current year period and due to higher net unrealized losses on nonmarketable and marketable securities in the prior year period.

The change in other income (loss), net for the three months ended September 30, 2025 primarily resulted from a gain on the sale of an equity method investment in the current year period. The change in other income (loss), net for the nine months ended September 30, 2025 primarily resulted from a $9.4 billion gain from the sale of our interest in Hulu in the current year period (see Note 7).

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Consolidated ~~income~~costs ~~tax~~and expenses, excluding depreciation and amortization expense, increased for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 ~~and~~compared ~~2024~~to ~~reflects~~the ansame ~~effective~~period ~~income~~in ~~tax~~2025 ~~rate~~primarily ~~that~~due ~~differs~~to ~~from~~increases in the ~~federal~~Content ~~statutory~~& ~~rate~~Experiences ~~due~~business, toin ~~state~~Corporate and ~~foreign~~Other ~~income taxes~~ and ~~adjustments associated with uncertain tax positions. The decrease~~ in ~~income~~the ~~tax~~Connectivity ~~expense~~and ~~for~~Platforms ~~the~~business, ~~three~~partially ~~months~~offset ~~ended~~by ~~September 30,~~a ~~2025~~decrease ~~compared~~due to the ~~same~~Separation ~~period~~ in ~~2024 was primarily driven by lower domestic income before income taxes~~2026. ~~The~~Consolidated ~~increase~~costs inand ~~income~~expenses ~~tax expense~~ for the ~~nine~~three months ended ~~September~~March 3031, 2025 ~~compared~~includes to the ~~same~~results ~~period~~of ~~in 2024 was primarily driven by higher domestic income before income taxes~~Versant.

~~Consolidated~~Costs ~~net~~and ~~income~~expenses ~~(loss) attributable to noncontrolling interests changed~~ for ~~the~~our ~~three~~segments and ~~nine~~our ~~months~~corporate ~~ended~~operations ~~September 30,~~and ~~2025~~other ~~compared~~businesses toare ~~the~~discussed ~~same~~separately ~~periods~~below inunder ~~2024 primarily due to Universal Beijing Resort. The change for~~ the ~~nine~~heading ~~months~~“Segment ~~ended~~Operating ~~September 30, 2025 is also due to our regional sports networks~~Results.”

Consolidated depreciation and amortization expense remained consistent with the prior year period for the three months ended March 31, 2026 primarily driven by increased depreciation due to the opening of Epic Universe in May 2025 and impairments of certain long-lived assets in the current year period, partially offset by lower amortization of customer relationships and other agreements and rights due to the Separation.

Amortization expense from acquisition-related intangible assets totaled $528 million and $789 million for the three months ended March 31, 2026 and 2025, respectively. Amounts primarily relate to intangible assets, including customer relationships and other agreements and rights, recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.

Consolidated interest expense increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to decreases in capitalized interest driven by the opening of Epic Universe.

Consolidated investment and other income (loss), net decreased for the three months ended March 31, 2026 compared to the same period in 2025.


	Three Months Ended March 31,
(in millions)		2026		2025
Equity in net income (losses) of investees, net		$	(391)	$	(194)
Realized and unrealized gains (losses) on equity securities, net		(5)		(24)
Other income (loss), net		87		102
Total investment and other income (loss), net		$	(309)	$	(116)

The change in equity in net income (losses) of investees, net for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to our investment in Atairos. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $(335) million and $(169) million for the three months ended March 31, 2026 and 2025, respectively.

The change in realized and unrealized gains (losses) on equity securities, net for the three months ended March 31, 2026 was primarily due to higher net unrealized losses on nonmarketable securities in the prior year period.

The change in other income (loss), net for the three months ended March 31, 2026 primarily resulted from foreign exchange remeasurement gains in the prior year period.

Consolidated income tax expense for the three months ended March 31, 2026 and 2025 reflects an effective income tax rate that differs from the federal statutory rate due to state and foreign income taxes and adjustments associated with uncertain tax positions. The decrease in income tax expense for the three months ended March 31, 2026 compared to the same period in 2025 was primarily driven by lower domestic income before income taxes.

Consolidated net income (loss) attributable to noncontrolling interests changed for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to our regional sports networks and Universal Beijing Resort.

Segment Operating Results

Our segment operating results are presented based on how we assess operating performance and internally report financial information. See Note 2 for additional information on our segments.

Connectivity & Platforms Results of Operations

	Three Months EndedSeptember 30,						Change		Constant Currency Change(b)		Nine Months EndedSeptember 30,						Change		Constant Currency Change(b)
(in millions)	2025			2024			%		%		2025			2024			%		%
Revenue
Residential Connectivity & Platforms	$	17,601		$	17,866		(1.5)	%	(2.4)	%	$	53,057		$	53,558		(0.9)	%	(1.6)	%
Business Services Connectivity	2,576			2,425			6.2		6.2		7,647			7,253			5.4		5.4
Total Connectivity & Platforms revenue	$	20,176		$	20,291		(0.6)	%	(1.4)	%	$	60,704		$	60,812		(0.2)	%	(0.7)	%
Adjusted EBITDA
Residential Connectivity & Platforms	$	6,554		$	6,904		(5.1)	%	(5.4)	%	$	20,554		$	20,859		(1.5)	%	(1.7)	%
Business Services Connectivity	1,454			1,391			4.5		4.5		4,320			4,137			4.4		4.4
Total Connectivity & Platforms Adjusted EBITDA	$	8,008		$	8,295		(3.5)	%	(3.7)	%	$	24,874		$	24,996		(0.5)	%	(0.7)	%
Adjusted EBITDA Margin(a)
Residential Connectivity & Platforms	37.2		%	38.6		%	(140) bps		(120) bps		38.7		%	38.9		%	(20) bps		(10) bps
Business Services Connectivity	56.4			57.4			(100) bps		(90) bps		56.5			57.0			(50) bps		(50) bps
Total Connectivity & Platforms Adjusted EBITDA margin	39.7		%	40.9		%	(120) bps		(100) bps		41.0		%	41.1		%	(10) bps		0 bps

(a)Our Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue. We believe this metric is useful particularly as we continue to focus on growing our higher-margin businesses and improving overall operating cost management. The changes reflect the year-over-year basis point changes in the rounded Adjusted EBITDA margins.

(b)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 24 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. Our customer relationship additions/(losses) continue to be negatively impacted by an increasingly competitive environment. We are focused on increasing our residential connectivity revenue. In 2025, we simplified our broadband pricing structure and began offering a free wireless line for one year to new and existing domestic broadband customers, which we expect to improve customer retention and strengthen our ability to compete for new customers, but will negatively impact average domestic broadband revenue per customer. We also expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses, as well as continued declines in other revenue related to declines in wireline voice revenue. We are also focused on growing our Business Services Connectivity segment revenue by offering competitive services, including enterprise solutions.

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Connectivity & Platforms Results of Operations


	Three Months Ended March 31,							Change	Constant Currency Change(b)
(in millions)		2026			2025				%		%
Revenue
Residential Connectivity & Platforms		$	17,323		$	17,665			(1.9)	%	(3.6)	%
Business Services Connectivity		2,640			2,496				5.8		5.7
Total Connectivity & Platforms revenue		$	19,962		$	20,161			(1.0)	%	(2.5)	%
Adjusted EBITDA
Residential Connectivity & Platforms		$	6,434		$	6,842			(6.0)	%	(6.5)	%
Business Services Connectivity		1,476			1,422				3.8		3.9
Total Connectivity & Platforms Adjusted EBITDA		$	7,910		$	8,264			(4.3)	%	(4.7)	%
Adjusted EBITDA Margin(a)
Residential Connectivity & Platforms		37.1		%	38.7		%		(160) bps		(120) bps
Business Services Connectivity		55.9			57.0				(110) bps		(100) bps
Total Connectivity & Platforms Adjusted EBITDA margin		39.6		%	41.0		%		(140) bps		(100) bps

(b)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 25 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of residential and business passings. Our customer relationship additions/(losses) continue to be negatively impacted by an increasingly competitive environment. We are focused on increasing our residential connectivity revenue. In 2025, we simplified our broadband pricing structure and began offering a free wireless line for one year to new and existing domestic broadband customers, which we expect will improve customer retention and strengthen our ability to compete for new customers, but will negatively impact average domestic broadband revenue per customer. We also expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses, as well as continued declines in other revenue related to declines in wireline voice revenue. We are also focused on growing our Business Services Connectivity segment revenue by offering competitive services, including enterprise solutions, and driving higher adoption of our advanced solutions.

Connectivity & Platforms Customer Metrics

					~~Net Additions / (Losses)~~		Net Additions / (Losses)
	September 30,				Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
	March 31,					Three Months EndedMarch 31,
(in thousands)	~~2025~~2026		~~2024~~2025		~~2025~~	~~2024~~	~~2025~~2026	~~2024~~2025
Customer Relationships
Residential Connectivity & Platforms Customer Relationships(a)
Domestic Residential Connectivity & Platforms customer relationships(a)	30,642		31,324		(103)	(103)	(530)	(324)
Domestic Residential Connectivity & Platforms customer relationships	30,345		30,969				(94)	(204)
International Residential Connectivity & Platforms customer relationships(a)	17,603		17,716		(95)	78	(208)	(131)
International Residential Connectivity & Platforms customer relationships(b)	17,603		17,674				104	(11)
Business Services Connectivity customer relationships(b)(c)	2,702		2,627		(11)	(4)	(48)	(14)
Total Residential Connectivity & Platforms customer relationships(b)	47,948		48,643				10	(215)
Total Connectivity & Platforms customer relationships	50,947		51,667		(210)	(29)	(786)	(469)
Domestic Residential Broadband
Domestic Broadband
Domestic broadband residential customers	28,654		29,190				(65)	(183)
Residential customers	28,897		29,504		(91)	(79)	(475)	(244)
Domestic residential passings(c)	59,164		58,063
Business customers(b)(c)	2,538		2,477		(13)	(8)	(54)	(28)
Domestic broadband residential penetration of residential passings(d)	48.4	%	50.3	%
Total domestic broadband customers	31,436		31,981		(104)	(87)	(530)	(272)
Domestic Wireless
Total domestic wireless lines(d)	8,941		7,519		414	319	1,115	930
Domestic wireless lines(e)	9,739		8,148				435	323
Domestic Video
Total domestic video customers	11,515		12,834		(257)	(365)	(1,008)	(1,272)
Domestic video customers	10,948		12,096				(322)	(427)
Domestic homes and businesses passed(e)	64,639		63,355
Domestic broadband penetration of homes and businesses passed(f)	48.2	%	50.3	%

(a)Residential Connectivity & Platforms customer relationships generally represent the number of residential ~~customer~~customers ~~locations~~ that subscribe to at least one of our services. International Residential Connectivity & Platforms customer relationships represent customers receiving Sky services in the United Kingdom and Italy. Because each of our services includes a variety of product tiers, which may change from time to time, net additions or losses in any one period will ~~reflect a mix of customers at various tiers.~~

(b)Business Services Connectivity customer metrics are generally counted based on the number of connections receiving services, including connections within our network in the United States, as well as connections outside of our network both in the United States and internationally. Certain arrangements whereby third parties provide connectivity services leveraging our network are also generally counted based on the number of connections served.

(c)Beginning in the second quarter of 2025, Business Services Connectivity customer relationships and Domestic Broadband Business customers include connections from the acquisition of Nitel and other conforming changes, resulting in an increase of 124,000 Business Services Connectivity customer relationships and 123,000 domestic broadband business customers as of April 1, 2025. Because these adjustments were made as of April 1, 2025, they are not reflected in prior period customer metrics or in net additions/(losses) in prior and current year periods.

(d)Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines.

(e)Connectivity & Platforms domestic homes and businesses are considered passed if we can connect them to our network in the United States without further extending the transmission lines. Homes and businesses passed is an estimate based on the best available information.

(f)Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed.

	Three Months EndedSeptember 30,				Change		Constant Currency Change(a)		Nine Months EndedSeptember 30,				Change		Constant Currency Change(a)
	2025		2024		%		%		2025		2024		%		%
Average monthly total Connectivity & Platforms revenue per customer relationship	$	131.74	$	130.87	0.7	%	(0.2)	%	$	131.54	$	130.19	1.0	%	0.5	%
Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship	$	52.29	$	53.50	(2.3)	%	(2.5)	%	$	53.90	$	53.51	0.7	%	0.5	%

(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 24 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

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~~Average~~reflect ~~monthly~~a ~~total~~mix ~~revenue per customer relationship is impacted by rate adjustments and changes in the types and levels~~ of ~~services received by our residential and business~~ customers, asat ~~well~~various ~~as changes in advertising and other revenue and in foreign currency exchange rates~~tiers. While revenue from our individual service offerings is also impacted by changes in the allocation of revenue among services sold in a bundle, the allocation does not impact average monthly total revenue per customer relationship. Each of our services has a different contribution to Adjusted EBITDA margin. We use average monthly Adjusted EBITDA per customer relationship to evaluate the profitability of our customer base across our service offerings. We believe both metrics are useful to understand the trends in our business, and average monthly Adjusted EBITDA per customer relationship is useful particularly as we continue to focus on growing our higher-margin businesses.

(b)Total Residential Connectivity & Platforms customer relationships and International Residential Connectivity & Platforms customer relationships were updated in the first quarter of 2026 due to a conforming change in methodology, resulting in a decrease of 125,000 customers. There was no impact to net additions and information for the prior period has been recast on a comparable basis.

(c)Connectivity & Platforms domestic residential passings are considered passed if we can connect them to our network in the United States without further extending the transmission lines. The number of residential passings is an estimate based on the best available information.

(d)Penetration is calculated by dividing the number of domestic broadband residential customers located within our network by the number of domestic residential passings.

(e)Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines.

Connectivity & Platforms — Supplemental Costs and Expenses Information

Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our network in the United States. Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments includes each segment’s direct costs and an allocation of shared costs.

Three Months EndedSeptember 30,

Change

Constant Currency Change(g)

Nine Months EndedSeptember 30,

Change

Constant Currency Change(g)

Three Months EndedMarch 31,

Change

Constant Currency Change(g)

(in millions)

~~2025~~

~~2024~~

~~2025~~2026

~~2024~~2025

Costs and Expenses

Programming(a)

~~3,952~~

~~4,102~~

~~(3.7)~~

~~(4.9)~~

123,~~057~~787

124,~~756~~107

(57.58)

(610.32)

Technical and support(b)

~~1,959~~

~~1,908~~

~~2.7~~

~~1.7~~

51,~~689~~968

51,~~712~~935

(01.4)7

(0.9)2

Direct product costs(c)

~~1,911~~

~~1,675~~

~~14.1~~

~~11.8~~

51,~~365~~962

41,~~705~~625

1420.07

1216.45

Marketing and promotion(d)

~~1,318~~

~~1,234~~

~~6.8~~

~~5.8~~

31,~~779~~337

31,~~547~~242

67.56

5.9

Customer service(e)

~~704~~

~~680~~

~~3.5~~

~~2.7~~

~~2,059~~676

~~2,072~~682

(01.60)

(1.2.3)

Other(f)

~~2,324~~

~~2,395~~

~~(3.0)~~

~~(3.8)~~

62,~~881~~323

72,~~023~~305

~~(2.~~0).8

(20.78)

Total Connectivity & Platforms costs and expenses

~~12,169~~

~~11,996~~

~~1.4~~

~~0.2~~

3512,~~830~~052

3511,~~816~~897

—1.3

(0.89)

(a)Programming expenses, which represent our most significant operating expense, are the fees we incur to provide video services to our customers, and primarily include fees related to the distribution of television network programming and fees charged for retransmission of the signals from local broadcast television stations. These expenses also include the costs of content on the Sky-branded entertainment television networks, including amortization of licensed content.

(b)Technical and support expenses primarily consist of costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning.

(c)Direct product costs primarily consist of access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold, including wireless devices and Sky Glass smart televisions.

(d)Marketing and promotion expenses primarily consist of the costs associated with attracting new customers and promoting our service offerings.

(e)Customer service expenses primarily consist of the personnel and other costs associated with customer service and certain selling activities.

(f)Other expenses primarily consist of administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we ~~sell~~are ~~advertising~~acting onas ~~their~~the ~~behalf~~principal in the advertising representation arrangement; bad debt; building and office expenses, taxes and billing costs; and other business, headquarters and support costs necessary to operate the Connectivity & Platforms business.

(g)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 2425 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

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Residential Connectivity & Platforms Segment Results of Operations

	Three Months EndedSeptember 30,				Change		Constant Currency Change(a)		Nine Months EndedSeptember 30,					Change		Constant Currency Change(a)
							Three Months EndedMarch 31,				Change	Constant Currency Change(a)
(in millions)	~~2025~~		~~2024(b)~~		%		%		~~2025~~2026			~~2024~~2025(b)		%		%
Revenue
Domestic broadband	$	~~6,433~~	$	~~6,400~~	~~0.5~~	%	~~0.5~~	%	$	196,~~521~~338		$	196,~~276~~679	1(5.31)	%	1(5.31)	%
Domestic wireless	1,246		1,093		14.0		14.0		3,565			3,084		15.6		15.6
Domestic wireless service									977			850		15.0		15.0
International connectivity	1,275		1,150		10.8		6.7		3,626			3,240		11.9		8.7
Domestic convergence revenue									7,315			7,529		(2.8)		(2.8)
Total residential connectivity	8,954		8,644		3.6		3.1		26,712			25,599		4.3		4.0
Domestic wireless equipment									418			273		52.9		52.9
Video	6,591		6,938		(5.0)		(6.3)		20,031			21,055		(4.9)		(5.7)
International connectivity									1,240			1,132		9.5		2.0
Advertising	864		987		(12.5)		(13.6)		2,680			2,931		(8.6)		(9.5)
Total residential connectivity									8,973			8,933		0.4		(0.5)
Other	1,192		1,298		(8.2)		(9.1)		3,635			3,973		(8.5)		(9.2)
Video									6,256			6,600		(5.2)		(7.6)
Total revenue	17,601		17,866		(1.5)		(2.4)		53,057			53,558		(0.9)		(1.6)
Advertising									951			899		5.8		2.9
Other									1,143			1,233		(7.2)		(8.9)
Total revenue									17,323			17,665		(1.9)		(3.6)
Costs and Expenses
Programming	~~3,952~~		~~4,102~~		~~(3.7)~~		~~(4.9)~~		123,~~057~~787			124,~~756~~107		(57.58)		(610.32)
Other	~~7,095~~		~~6,860~~		~~3.4~~		~~2.1~~		207,~~446~~102			196,~~943~~716		2.5.7		13.64
Total costs and expenses	~~11,047~~		~~10,962~~		~~0.8~~		~~(0.5)~~		3210,~~503~~889			3210,~~699~~823		(0.6)		(1.58)
Adjusted EBITDA	$	~~6,554~~	$	~~6,904~~	~~(5.1)~~	%	~~(5.4)~~	%	$	206,~~554~~434		$	206,~~859~~842	(16.50)	%	(16.75)	%

(a)Constant currency is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 2425 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.

(b)Beginning in the first quarter of ~~2025~~2026, commission revenue from the sale of certain ~~direct to consumer (“~~DTC”) streaming services ~~and~~is presented in domestic broadband revenue ~~related~~or video revenue based on whether a customer is entitled to ~~certain~~receive ~~equipment~~the ~~are~~DTC ~~presented~~streaming inservice through a broadband or video service offering. Domestic broadband revenue also includes revenue from streaming devices available to our broadband customers. Previously, all of these amounts were ~~presented~~ in ~~domestic~~video ~~broadband and international connectivity~~revenue. Prior periods have been reclassified to reflect the current year presentation.

Residential Connectivity & Platforms Segment – Revenue

Domestic broadband revenue ~~remained~~primarily ~~consistent~~consists ~~for~~of ~~the~~revenue ~~three~~from ~~months~~sales ~~ended~~of ~~September 30~~broadband services to residential customers in the United States, ~~2025~~including ~~compared~~equipment toand installation sales. Domestic broadband revenue also includes commission revenue from the ~~same~~sale ~~period~~of inDTC ~~2024~~streaming ~~due~~services that a customer is entitled to anreceive ~~increase~~through ina ~~average~~broadband ~~rates~~service offering, ~~offset~~as bywell aas ~~decline~~revenue infrom ~~the~~streaming ~~number~~devices ofavailable ~~domestic~~to our broadband customers.

Domestic broadband revenue ~~increased~~decreased for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 compared to the same period in ~~2024~~2025 due to ana ~~increase~~decrease in average rates, ~~partially~~and ~~offset by~~ a decline in the number of domestic broadband customers.

Domestic wireless service revenue ~~increased~~primarily ~~for~~consists ~~the~~of ~~three~~revenue ~~and~~from ~~nine~~sales ~~months~~of ~~ended~~wireless ~~September 30,~~services ~~2025 compared~~ to ~~the~~residential ~~same~~customers ~~periods~~ in ~~2024 due to increases in~~ the ~~number~~United ~~of customer lines and device sales~~States.

~~International~~Domestic ~~connectivity~~wireless service revenue increased for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 compared to the same ~~periods~~period in ~~2024~~2025 due to ~~increases~~an inincrease ~~broadband revenue resulting from increases~~ in ~~average rates and increases in wireless revenue resulting from increases in~~ the ~~sale~~number of ~~wireless~~customer ~~services~~lines. ~~The increases for the three and nine months ended September 30, 2025 include the positive impact of foreign currency.~~

~~Video~~Domestic wireless equipment revenue ~~decreased~~primarily ~~for~~consists ~~the~~of ~~three~~revenue ~~and~~from ~~nine~~sales ~~months~~of ~~ended~~wireless ~~September 30~~devices, ~~2025~~including ~~compared~~handsets, totablets ~~the~~and ~~same~~smart ~~periods~~watches, ~~in 2024 due~~ to ~~declines~~residential ~~in the overall number of video~~ customers, ~~partially offset by overall increases~~ in ~~average rates and~~ the ~~positive~~United ~~impact of foreign currency~~States.

~~Advertising~~Domestic wireless equipment revenue ~~decreased~~increased for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 compared to the same ~~periods~~period in ~~2024~~2025 ~~primarily~~ due to ~~lower~~an ~~domestic~~increase ~~political~~in ~~and~~the ~~nonpolitical~~number ~~advertising~~of device sales.

~~Other~~International connectivity revenue ~~decreased~~primarily ~~for~~consists ~~the~~of ~~three~~revenue ~~and~~from ~~nine~~sales ~~months~~of ~~ended~~broadband ~~September 30~~services, ~~2025~~including ~~compared~~equipment toand ~~the~~installation ~~same~~services, ~~periods~~wireless inservices ~~2024~~and ~~primarily~~wireless ~~due~~devices to ~~decreases in~~ residential ~~wireline~~customers ~~voice revenue driven by declines~~ in the ~~number~~United ofKingdom ~~customers.~~and Italy.

~~Residential~~International ~~Connectivity~~connectivity &revenue ~~Platforms~~increased ~~Segment~~for –the ~~Costs~~three months ended March 31, 2026 compared to the same period in 2025 primarily due to the positive impact of foreign currency and ~~Expenses~~an increase in broadband revenue resulting from an increase in average rates.

~~Programming~~Video ~~expenses~~revenue ~~decreased~~primarily ~~for~~consists ~~the~~of ~~three~~revenue ~~and~~from ~~nine~~sales ~~months~~of ~~ended~~video ~~September 30,~~services ~~2025~~to ~~compared~~residential toand business customers across the ~~same~~Connectivity ~~periods~~& inPlatforms ~~2024~~markets, ~~primarily~~including ~~due~~equipment toand ~~declines~~installation inservices. ~~the~~Video ~~number~~revenue ofincludes ~~domestic~~pay-per-view ~~video~~and ~~subscribers,~~other ~~partially~~transactional ~~offset~~revenue byand ~~rate~~franchise ~~increases~~fees, ~~under~~and ~~our~~revenue ~~domestic~~from ~~programming~~sales ~~contracts~~of certain hardware, ~~increases~~including inSky ~~programming~~Glass ~~expenses~~smart ~~for~~televisions. ~~our~~Video ~~international~~revenue ~~sports~~also ~~networks~~includes ~~and~~commission revenue from the ~~impact~~sale of ~~foreign~~DTC ~~currency~~streaming services that a customer is entitled to receive through a video service offering.

~~Other~~Video ~~expenses~~revenue ~~increased~~decreased for the three months ended ~~September~~March 3031, ~~2025~~2026 compared to the same period in ~~2024~~2025 primarily due to ~~increased~~a ~~direct~~decline ~~product~~in ~~costs,~~ the ~~impact~~overall number of ~~foreign~~video ~~currency and increased spending on marketing and promotion~~customers, partially offset by athe ~~decrease~~positive inimpact ~~fees~~of ~~paid~~foreign ~~to third-party channels relating to advertising sales~~currency.

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~~Other~~Advertising ~~expenses~~revenue ~~increased~~primarily ~~for~~consists of revenue from the ~~nine~~sale ~~months~~of ~~ended~~advertising ~~September 30,~~across ~~2025~~our ~~compared~~platforms toin the ~~same~~Connectivity ~~period~~& inPlatforms ~~2024~~markets, ~~primarily~~including ~~due~~advertising toas ~~increased~~part ~~direct~~of ~~product~~our ~~costs~~distribution agreements with cable networks in the United States, ~~increased~~and ~~spending~~advertising on ~~marketing~~Sky-branded ~~and~~entertainment ~~promotion,~~television networks and ~~the~~on ~~impact~~our ofdigital ~~foreign~~properties. ~~currency,~~Advertising ~~partially~~also ~~offset~~includes byrevenue ~~lower~~where ~~franchise~~we ~~and~~enter ~~other~~into ~~regulatory~~representation ~~fees~~agreements ~~and~~under awhich ~~decrease~~we insell ~~fees~~advertising ~~paid~~on tobehalf of third~~-party~~ ~~channels~~parties ~~relating~~and tofrom our advanced advertising ~~sales~~businesses.

Advertising revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to an increase in revenue from our advanced advertising business, the positive impact from foreign currency and higher domestic political advertising.

Other revenue primarily consists of revenue in the Connectivity & Platforms markets from sales of wireline voice services to residential customers; our residential security and automation services businesses; the licensing of our technology platforms to other multichannel video providers; the distribution of certain of our Sky-branded entertainment television networks to third-party video service providers; commissions from electronic retailing networks; and certain billing and collection fees.

Other revenue decreased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to a decrease in residential wireline voice revenue driven by a decline in the number of customers.

Residential Connectivity & Platforms Segment – Costs and Expenses

Programming expenses decreased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to a decline in the number of domestic video subscribers, partially offset by the impact of foreign currency.

Other expenses increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to increased direct product costs, the impact of foreign currency and increased spending on marketing and promotion.

Business Services Connectivity Segment Results of Operations

Three Months EndedSeptember 30,

Change

Nine Months EndedSeptember 30,

Change

Three Months EndedMarch 31,

Change

(in millions)

~~2025~~

~~2024~~

~~2025~~2026

~~2024~~2025

Revenue

~~2,576~~

~~2,425~~

~~6.2~~

72,~~647~~640

72,~~253~~496

5.48

Costs and expenses

~~1,122~~

~~1,034~~

~~8.5~~

31,~~327~~163

31,~~117~~074

68.73

Adjusted EBITDA

~~1,454~~

~~1,391~~

~~4.5~~

41,~~320~~476

41,~~137~~422

43.48

Business services connectivity revenue increased for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 compared to the same ~~periods~~period in ~~2024~~2025 primarily due to ~~increases~~an increase in revenue from enterprise solutions offerings, including the results from Nitel, which was acquired in April 2025.

Business services connectivity costs and expenses increased for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 compared to the same ~~periods~~period in ~~2024~~2025 primarily due to ~~increases~~an increase in direct product costs, which ~~includes~~include the results from Nitel, and an increase in marketing and promotion expenses.

Content & Experiences Results of Operations

	Three Months EndedSeptember 30,				Change		Nine Months EndedSeptember 30,				Change
(in millions)	2025		2024		%		2025		2024		%
Revenue
Media	$	6,589	$	8,231	(19.9)	%	$	19,470	$	20,926	(7.0)	%
Studios	3,000		2,826		6.1		8,258		7,822		5.6
Theme Parks	2,717		2,289		18.7		6,943		6,243		11.2
Headquarters and Other	15		11		40.9		35		32		7.5
Eliminations	(580)		(758)		23.4		(1,883)		(1,994)		5.6
Total Content & Experiences revenue	$	11,742	$	12,599	(6.8)	%	$	32,823	$	33,030	(0.6)	%
Adjusted EBITDA
Media	$	832	$	650	28.0	%	$	3,318	$	2,832	17.2	%
Studios	365		468		(21.9)		749		835		(10.4)
Theme Parks	958		847		13.1		2,045		2,111		(3.1)
Headquarters and Other	(271)		(200)		(35.5)		(789)		(642)		(22.9)
Eliminations	69		38		81.8		140		108		29.6
Total Content & Experiences Adjusted EBITDA	$	1,953	$	1,802	8.4	%	$	5,462	$	5,244	4.2	%

We operate our Media segment as a combined television and streaming business. We expect that the number of subscribers and audience ratings at our linear television networks will continue to decline as a result of the competitive environment and shifting video consumption patterns, which we aim to mitigate over time by growth in paid subscribers and advertising revenue at Peacock. We expect to continue to incur significant costs related to content and marketing at Peacock. Revenue and programming expenses are also impacted by the timing of certain sporting events, including the Paris Olympics in the third quarter of 2024, and our acquisition of NBA rights, which begin in the fourth quarter of 2025.

Our Studios segment generates revenue primarily from third parties and from licensing content to our Media segment. While results of operations for our Studios segment are not impacted, results for our total Content & Experiences business may be impacted as the Studios segment licenses content to the Media segment, including for Peacock, rather than licensing the content to third parties.

We continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, including Epic Universe in Orlando, which opened in May 2025, as well as in new destinations and experiences, which we believe will have a positive impact on attendance and guest spending at our theme parks.

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Content & Experiences Results of Operations


	Three Months Ended March 31,					Change
(in millions)		2026		2025			%
Revenue
Media		$	7,280	$	4,527		60.8	%
Studios		3,426		2,826			21.2
Theme Parks		2,331		1,876			24.2
Headquarters and Other		15		11			35.9
Eliminations		(1,111)		(694)			(60.0)
Total Content & Experiences revenue		$	11,940	$	8,546		39.7	%
Adjusted EBITDA
Media		$	(426)	$	107		NM
Studios		555		274			102.4
Theme Parks		551		413			33.3
Headquarters and Other		(208)		(195)			(6.8)
Eliminations		(140)		14			NM
Total Content & Experiences Adjusted EBITDA		$	331	$	614		(46.0)	%

Percentage changes that are considered not meaningful are denoted with NM.

We operate our Media segment as a combined television and streaming business. We expect that the number of subscribers and audience ratings at our linear television networks will continue to decline as a result of the competitive environment and shifting video consumption patterns, which we aim to mitigate over time by growth in both paid subscribers and advertising revenue at Peacock. We expect to continue to incur significant costs related to content and marketing at Peacock. Revenue and programming expenses are also impacted by the timing of certain sporting events, including the Milan Cortina Olympics and Super Bowl in the first quarter of 2026 and the NBA season beginning in the fourth quarter of 2025.

Our Studios segment generates revenue primarily from third parties and from licensing content to our Media segment. While the results of operations for our Studios segment are not impacted, results for our total Content & Experiences business may be impacted as the Studios segment licenses content to the Media segment, including for Peacock, rather than licensing the content to third parties.

We continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, including Epic Universe in Orlando, which opened in May 2025, as well as in new destinations and experiences, including a Universal theme park and resort in the United Kingdom with a projected opening date in 2031, subject to various approvals.

Media Segment Results of Operations

Three Months EndedSeptember 30,

Change

Nine Months EndedSeptember 30,

Change

Three Months EndedMarch 31,

Change

(in millions)

~~2025~~

~~2024~~

~~2025~~2026

~~2024~~2025

Revenue

Domestic advertising

~~1,964~~

~~3,347~~

~~(41.3)~~

53,~~698~~453

71,~~363~~468

~~(22~~135.6)3

Domestic distribution

~~2,841~~

~~3,272~~

~~(13.1)~~

82,~~575~~283

81,~~942~~667

(437.1)0

International networks

~~1,252~~

~~1,070~~

~~17.0~~

31,~~681~~291

31,~~193~~148

1512.34

Other

~~532~~

~~542~~

~~(1.8)~~

~~1,516~~253

~~1,429~~244

63.19

Total revenue

~~6,589~~

~~8,231~~

~~(19.9)~~

197,~~470~~280

204,~~926~~527

(760.0)8

Costs and Expenses

Programming and production

~~4,297~~

~~5,917~~

~~(27.4)~~

116,~~860~~304

133,~~652~~283

~~(13~~92.1)0

Marketing and promotion

~~321~~

~~470~~

~~(31.9)~~

~~947~~404

~~1,071~~306

~~(11~~32.6)0

Other

~~1,140~~

~~1,194~~

~~(4.5)~~

~~3,344~~997

~~3,371~~830

(020.8)2

Total costs and expenses

~~5,758~~

~~7,581~~

~~(24.1)~~

167,~~152~~706

184,~~094~~420

~~(10~~74.7)4

Adjusted EBITDA

~~832~~

~~650~~

~~28.0~~

~~3,318~~(426)

~~2,832~~107

~~17.2~~NM

~~Media~~Percentage ~~Segment~~changes –that ~~Revenue~~are considered not meaningful are denoted with NM.

Revenue decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to the Paris Olympics in the third quarter of 2024. Excluding incremental revenue associated with the Paris Olympics, revenue for the three months ended September 30, 2025 increased primarily due to increases in international networks, domestic advertising and domestic distribution revenue. Excluding incremental revenue associated with the Paris Olympics, revenue for the nine months ended September 30, 2025 increased primarily due to increases in international networks and domestic distribution revenue, partially offset by a decrease in domestic advertising revenue.

	Three Months EndedSeptember 30,				Change			Nine Months EndedSeptember 30,					Change
(in millions)	2025		2024			%			2025		2024			%
Total revenue	$	6,589	$	8,231		(19.9)	%		$	19,470	$	20,926		(7.0)	%
Olympics	—		1,906			(100.0)%			—		1,906			(100.0)%
Total revenue, excluding Olympics	$	6,589	$	6,325		4.2	%		$	19,470	$	19,020		2.4	%
Total domestic advertising revenue	$	1,964	$	3,347		(41.3)	%		$	5,698	$	7,363		(22.6)	%
Olympics	—		1,432			(100.0)%			—		1,432			(100.0)%
Domestic advertising revenue, excluding Olympics	$	1,964	$	1,915		2.6	%		$	5,698	$	5,931		(3.9)	%
Total domestic distribution revenue	$	2,841	$	3,272		(13.1)	%		$	8,575	$	8,942		(4.1)	%
Olympics	—		473			(100.0)%			—		473			(100.0)%
Domestic distribution revenue, excluding Olympics	$	2,841	$	2,798		1.5	%		$	8,575	$	8,468		1.3	%

Domestic advertising revenue decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to the Paris Olympics in the third quarter of 2024. Excluding the incremental revenue associated with this event, domestic advertising revenue increased for the three months ended September 30, 2025 primarily due to an increase in revenue at Peacock, and it decreased for the nine months ended September 30, 2025 primarily due to a decrease in revenue at our linear television networks, partially offset by an increase in revenue at Peacock.

Domestic distribution revenue decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to the Paris Olympics in the third quarter of 2024. Excluding the incremental revenue associated with this event, domestic distribution revenue increased for the three and nine months ended September 30, 2025 primarily due to increases in revenue at Peacock, partially offset by decreases in revenue at our linear television networks. The decreases at our linear television networks were primarily due to declines in the number of subscribers, partially offset by contractual rate increases.

International networks revenue increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to increases in revenue associated with the distribution of sports networks and the positive impact of foreign currency.

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Media Segment – Revenue

Revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to the Milan Cortina Olympics and Super Bowl in the first quarter of 2026. Excluding incremental revenue associated with these events, revenue for the three months ended March 31, 2026 increased primarily due to increases in domestic distribution, international networks and domestic advertising revenue.


	Three Months Ended March 31,			Change
(in millions)		2026		2025		%
Total revenue		$	7,280	$	4,527	60.8	%
Olympics and Super Bowl		2,178		—		NM
Total revenue, excluding Olympics and Super Bowl		5,102		4,527		12.7	%
Total domestic advertising revenue		$	3,453	$	1,468	135.3	%
Olympics and Super Bowl		1,917		—		NM
Domestic advertising revenue, excluding Olympics and Super Bowl		1,536		1,468		4.7	%
Total domestic distribution revenue		$	2,283	$	1,667	37.0	%
Olympics		262		—		NM
Domestic distribution revenue, excluding Olympics		2,021		1,667		21.3	%

Percentage changes that are considered not meaningful are denoted with NM.

Domestic advertising revenue primarily consists of revenue generated from sales of advertising on our linear television networks operating predominantly in the United States and on Peacock.

Domestic advertising revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to the Milan Cortina Olympics and Super Bowl in the first quarter of 2026. Excluding the incremental revenue associated with these events, domestic advertising revenue increased for the three months ended March 31, 2026 primarily due to an increase in revenue at Peacock, partially offset by a decrease in revenue at our linear television networks.

Domestic distribution revenue primarily consists of revenue generated from Peacock subscription fees and from the distribution of our television networks operating predominantly in the United States to traditional and virtual multichannel video providers, and from NBC-affiliated and Telemundo-affiliated local broadcast television stations.

Domestic distribution revenue increased for the three months ended March 31, 2026 compared to the same period in 2025, including the impact of the Milan Cortina Olympics in the first quarter of 2026. Excluding the incremental revenue associated with this event, domestic distribution revenue increased for the three months ended March 31, 2026 primarily due to an increase in revenue at Peacock driven by an increase in paid subscribers and higher average rates compared to the prior year period, partially offset by a decrease in revenue at our linear television networks. The decrease at our linear television networks was primarily due to a decline in the number of subscribers, partially offset by contractual rate increases.

International networks revenue primarily consists of revenue generated by our networks operating predominantly outside the United States, including the Sky Sports networks in the United Kingdom and Italy. This revenue primarily results from the distribution of our television networks to traditional and virtual multichannel video providers and other platforms, as well as sales of advertising. A significant portion of this revenue comes from the Residential Connectivity & Platforms segment.

International networks revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to the positive impact of foreign currency.

Other revenue primarily consists of revenue generated from the licensing of our owned content and revenue generated from the commission earned from our commercial services agreement with Versant.

* * *

Media segment total revenue included $12.41 billion ~~and $3.8 billion~~ related to Peacock for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, ~~respectively~~including amounts related to the Milan Cortina Olympics and Super Bowl. Media segment total revenue included $1.52 billion ~~and $3.6 billion~~ related to Peacock for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025. Peacock revenue includes advertising, ~~respectively~~distribution and other revenue for our Peacock DTC streaming service, ~~including~~as ~~amounts~~well ~~related~~as todistribution ~~the~~and ~~Paris~~advertising ~~Olympics~~revenue from NBC Sports Network due to shared programming. We had 4146 million and 3641 million paid subscribers of Peacock as of ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, respectively. Peacock paid subscribers represent customers from which we recognize distribution revenue from the Peacock service, including both customers that pay us directly and customers receiving the service through arrangements with companies who sell Peacock on our behalf. In these arrangements, paid subscribers are counted based on the terms of the arrangement when the related revenue is recognized. As a result, certain customers are counted when they activate their account, while other customers are counted when the Peacock service is made available to them as part of their bundled service offering regardless of whether it is activated. ~~The increase in paid subscribers in 2025 is mainly due to the availability of Peacock through a third-party’s bundled service offering.~~

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Media Segment – Costs and Expenses

Programming and production costs ~~decreased~~primarily ~~for~~consists of the ~~three~~amortization ~~months~~of ~~ended~~owned ~~September 30~~and licensed content, ~~2025~~including ~~compared~~sports torights, ~~the~~direct ~~same~~production ~~period~~costs, inproduction ~~2024~~overhead, ~~primarily~~on-air ~~due~~talent tocosts and costs associated with the ~~Paris~~distribution ~~Olympics~~of ~~in the prior year period and a decrease in other sports programming costs at~~ our ~~domestic~~ television networks, ~~mainly reflecting lower sports volumes compared~~ to ~~the~~multichannel ~~prior~~video ~~year period~~providers. ~~These decreases were partially offset by an increase in sports programming costs for our international television networks.~~

Programming and production costs ~~decreased~~increased for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 compared to the same period in ~~2024~~2025 primarily due to costs associated with the ~~Paris~~Milan Cortina Olympics inand ~~the~~Super ~~prior~~Bowl ~~year period, a decrease in other sports programming costs at our domestic television networks, mainly reflecting lower sports volumes compared to the prior year period,~~ and ~~lower programming costs at Peacock. These decreases were partially offset by~~ an increase indue ~~sports~~to ~~programming~~the ~~costs~~impact ~~for~~of ~~our~~NBA ~~international~~rights ~~television networks and an increase~~ in ~~entertainment~~the ~~content~~current ~~costs~~year ~~for our domestic television networks~~period.

Marketing and promotion expenses ~~decreased~~primarily ~~for~~consists ~~the~~of ~~three and nine months ended September 30, 2025 compared to~~ the ~~same periods in 2024 primarily due to~~ costs associated with ~~the~~promoting ~~Paris~~Peacock ~~Olympics in the prior year periods~~ and ~~lower~~our ~~costs~~television ~~related to marketing for Peacock~~networks.

Marketing and promotion expenses increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to higher costs related to marketing for Peacock and higher costs associated with the Milan Cortina Olympics.

Other expenses primarily consists of salaries, employee benefits, rent and other overhead expenses.

Other expenses increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to an increase in costs related to the Milan Cortina Olympics and Super Bowl and an increase in costs related to Peacock.

* * *

Media segment total costs and expenses included $12.65 billion ~~and $4.4 billion~~ related to Peacock for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026, ~~respectively~~including amounts related to the Milan Cortina Olympics and Super Bowl. Media segment total costs and expenses included $1.94 billion ~~and $5.0 billion~~ related to Peacock for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024, respectively, including amounts related to the Paris Olympics~~2025.

Studios Segment Results of Operations

Three Months EndedSeptember 30,

Change

Nine Months EndedSeptember 30,

Change

Three Months EndedMarch 31,

Change

(in millions)

~~2025~~

~~2024~~

~~2025~~2026

~~2024~~2025

Revenue

Content licensing

~~2,035~~

~~1,865~~

~~9.1~~

62,~~014~~973

52,~~680~~174

536.98

Theatrical

~~639~~

~~611~~

~~4.6~~

~~1,209~~117

~~1,178~~286

2(59.72)

Other

~~326~~

~~350~~

~~(6.9)~~

~~1,035~~336

~~964~~366

7(8.42)

Total revenue

~~3,000~~

~~2,826~~

~~6.1~~

83,~~258~~426

72,~~822~~826

521.62

Costs and Expenses

Programming and production

~~1,959~~

~~1,818~~

~~7.8~~

52,~~519~~236

51,~~176~~901

617.6

Marketing and promotion

~~436~~

~~301~~

~~44.8~~

~~1,280~~373

~~1,126~~392

13(4.79)

Other

~~240~~

~~(0.1)~~

~~711~~262

~~685~~259

31.81

Total costs and expenses

~~2,635~~

~~2,359~~

~~11.7~~

72,~~510~~871

62,~~987~~552

712.5

Adjusted EBITDA

~~365~~

~~468~~

~~(21.9)~~

~~749~~555

~~835~~274

~~(10~~102.4)

Studios Segment – Revenue

Content licensing revenue increased for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 compared to the same ~~periods~~period in ~~2024~~2025 primarily due to the timing of when content was made available by our television studios under licensing agreements, ~~partially~~mostly ~~offset~~driven by ~~the~~a ~~timing~~renewed oflicensing ~~when~~agreement for content ~~was~~exclusively ~~made~~ available byfor ~~our~~streaming ~~film~~on ~~studios~~Peacock in the current year period.

22Theatrical revenue decreased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to higher revenue from releases impacting the prior year period, including Dog Man and Nosferatu, compared to revenue from recent releases impacting the current year period.

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Theatrical revenue increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to higher revenue from an increased number of releases in the current year periods. Recent releases include Jurassic World Rebirth for the three and nine months ended September 30, 2025 and How to Train Your Dragon for the nine months ended September 30, 2025.

Studios Segment – Costs and Expenses

Programming and production costs increased for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 compared to the same ~~periods~~period in ~~2024~~2025 primarily due to higher costs associated with ~~content~~the renewed licensing ~~sales~~agreement for content exclusively available for streaming on Peacock.

Marketing and promotion expenses ~~increased~~decreased for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 compared to the same ~~periods~~period in ~~2024~~2025 primarily due to ~~increased~~decreased spending on recent and upcoming theatrical film releases in the current year ~~periods~~period.

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Theme Parks Segment Results of Operations

Three Months EndedSeptember 30,

Change

Nine Months EndedSeptember 30,

Change

Three Months EndedMarch 31,

Change

(in millions)

~~2025~~

~~2024~~

~~2025~~2026

~~2024~~2025

Revenue

~~2,717~~

~~2,289~~

~~18.7~~

62,~~943~~331

61,~~243~~876

1124.2

Costs and expenses

~~1,759~~

~~1,442~~

~~22.0~~

41,~~898~~780

41,~~132~~463

1821.56

Adjusted EBITDA

~~958~~

~~847~~

~~13.1~~

~~2,045~~551

~~2,111~~413

(333.1)3

Theme parks segment revenue increased for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 compared to the same ~~periods~~period in ~~2024~~2025 ~~driven by our domestic theme parks,~~ due to higher revenue at our theme parks in Orlando driven by the opening of Epic Universe in May 2025. ~~The increase at our domestic theme parks for the nine months ended September 30, 2025 also includes a partial offset driven by lower revenue at our theme park in Hollywood.~~

Theme parks segment costs and expenses increased for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 compared to the same ~~periods~~period in ~~2024~~2025 primarily due to operating costs associated with Epic Universe.

Content & Experiences Headquarters, Other and Eliminations

Headquarters and Other Results of Operations

	Three Months EndedSeptember 30,				Change			Nine Months EndedSeptember 30,				Change
							Three Months EndedMarch 31,			Change
(in millions)	~~2025~~		~~2024~~		%			~~2025~~2026		~~2024~~2025		%
Revenue	$	15	$	11	~~40.9~~	%		$	3515	$	3211	735.59	%
Costs and expenses	~~287~~		~~211~~		~~35.8~~			~~824~~223		~~675~~206		228.14
Adjusted EBITDA	$	~~(271)~~	$	~~(200)~~	~~(35.5)~~	%		$	(~~789~~208)	$	(~~642~~195)	(226.98)	%

Headquarters and Other expenses primarily consist of overhead, personnel and other costs necessary to operate the Content & Experiences business.

Eliminations

	Three Months EndedSeptember 30,				Change			Nine Months EndedSeptember 30,				Change
							Three Months EndedMarch 31,			Change
(in millions)	~~2025~~		~~2024~~		%			~~2025~~2026		~~2024~~2025		%
Revenue	$	~~(580)~~	$	~~(758)~~	~~(23.4)~~	%		$	(1,~~883~~111)	$	(~~1,994~~694)	(560.6)0	%
Costs and expenses	~~(649)~~		~~(796)~~		~~(18.4)~~			(~~2,022~~970)		(~~2,101~~708)		(337.8)0
Adjusted EBITDA	$	69	$	38	~~(81.8)~~	%		$	(140)	$	~~108~~14	~~(29.6)~~NM	%

~~Amounts~~Percentage ~~represent~~changes ~~eliminations~~that ofare ~~transactions~~considered ~~between~~not ~~segments~~meaningful ~~in our Content & Experiences business, the most significant being content licensing between the Studios and Media segments, which~~ are ~~affected~~denoted bywith ~~the timing of recognition of content licenses~~NM.

Amounts represent eliminations of transactions between segments in our Content & Experiences business, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses. Current year period amounts include the impact of a renewed licensing agreement for content exclusively available for streaming on Peacock.

Eliminations increase or decrease to the extent that additional content is made available to our other segments within the Content & Experiences business. Refer to Note 2 for additional information on transactions between our segments.

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Corporate, Other and Eliminations

Corporate and Other Results of Operations

Three Months EndedSeptember 30,

Change

Nine Months EndedSeptember 30,

Change

Three Months EndedMarch 31,

Change

(in millions)

~~2025~~

~~2024~~

~~2025~~2026

~~2024~~2025

Revenue

~~736~~

~~675~~

~~9.0~~

21,~~186~~006

~~2,148~~906

111.70

Costs and expenses

~~1,009~~

~~978~~

~~3.2~~

31,~~051~~288

31,~~040~~105

016.46

Adjusted EBITDA

~~(273)~~

~~(302)~~

~~9.8~~

(~~866~~283)

(~~892~~198)

3(42.06)

Corporate and Other primarily consists of overhead and personnel costs; Sky-branded video services and television networks in Germany; our regional sports networks; and Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania~~; and Xumo, our consolidated streaming platform joint venture~~.

Corporate and Other revenue increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily driven by increases from Sky operations in Germany, which include the positive impact of foreign currency and underlying increases in revenue. The increase for the nine months ended September 30, 2025 is partially offset by a decrease in revenue from Comcast Spectacor. 24

~~Corporate~~Table and Other costs and expenses increased for the three months ended September 30, 2025 compared to the same period in 2024 primarily due to our corporate functions and higher costs related to Sky operations in Germany primarily due to the impact of ~~foreign currency, partially offset by marketing associated with the Paris Olympics in the prior year period.~~Contents

Corporate and Other ~~costs~~revenue ~~and~~increased ~~expenses remained consistent~~ for the ~~nine~~three months ended ~~September~~March 3031, 2026 compared to the same period in 2025 primarily ~~due~~driven toby ~~our~~an ~~corporate~~increase ~~functions~~from ~~and~~Sky ~~higher~~operations ~~costs~~in atGermany ~~Xumo~~primarily indue to the ~~current~~positive ~~year~~impact ~~period~~of foreign currency, partially offset by ~~marketing~~a ~~associated~~decrease ~~with~~from ~~the~~our ~~Paris~~regional ~~Olympics~~sports ~~in the prior year period~~networks.

Corporate and Other costs and expenses increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily driven by higher costs related to Sky operations in Germany, which include the impact of foreign currency and an underlying increase in costs and expenses, as well as higher costs related to our corporate functions, which include marketing associated with the Milan Cortina Olympics.

Eliminations

Three Months EndedSeptember 30,

Change

Nine Months EndedSeptember 30,

Change

Three Months EndedMarch 31,

Change

(in millions)

~~2025~~

~~2024~~

~~2025~~2026

~~2024~~2025

Revenue

~~(1,456)~~

~~(1,495)~~

~~(2.6)~~

(41,~~315~~452)

(41,~~174~~244)

316.47

Costs and expenses

~~(1,437)~~

~~(1,436)~~

—

(41,~~328~~421)

(41,~~088~~256)

513.91

Adjusted EBITDA

~~(19)~~

~~(59)~~

~~(67.3)~~

13(31)

~~(86)~~12

Percentage changes that are considered not meaningful are denoted with NM.

Amounts represent eliminations of transactions between our Connectivity & Platforms, Content & Experiences and other businesses, the most significant being distribution of television network programming between the Media segment and the Residential Connectivity & Platforms ~~segments~~segment. ~~Prior~~Eliminations ~~year~~of ~~amounts~~transactions ~~reflect~~between ansegments ~~increase~~within ~~associated~~Content ~~with~~& ~~the~~Experiences ~~Paris~~are ~~Olympics~~presented separately. ~~Eliminations~~Amounts are affected by the periodic broadcast of ~~transactions~~the ~~between~~Olympic ~~segments~~Games, ~~within~~including ~~Content~~the &Milan ~~Experiences~~Cortina ~~are~~Olympics ~~presented~~in ~~separately~~2026. Refer to Note 2 for additional information on transactions between our segments.

Non-GAAP Financial Measures

Consolidated Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure and is the primary basis used to measure the operational strength and performance of our businesses as well as to assist in the evaluation of underlying trends in our businesses. This measure eliminates the significant level of noncash depreciation and amortization expense that results from the capital-intensive nature of certain of our businesses and from intangible assets recognized in business combinations. It is also unaffected by our capital and tax structures, and by our investment activities, including the results of entities that we do not consolidate, as our management excludes these results when evaluating our operating performance. Our management and Board of Directors use this financial measure to evaluate our consolidated operating performance and the operating performance of our operating segments and to allocate resources and capital to our operating segments. It is also a significant performance measure in our annual incentive compensation programs. Additionally, we believe that Adjusted EBITDA is useful to investors because it is one of the bases for comparing our operating performance with that of other companies in our industries, although our measure of Adjusted EBITDA may not be directly comparable to similar measures used by other companies.

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We define Adjusted EBITDA as net income attributable to Comcast Corporation before net income (loss) attributable to noncontrolling interests, income tax expense, investment and other income (loss), net, interest expense, depreciation and amortization expense, and other operating gains and losses (such as impairment charges related to fixed and intangible assets and gains or losses on the sale of long-lived assets), if any. From time to time, we may exclude from Adjusted EBITDA the impact of certain events, gains, losses or other charges (such as significant legal settlements) that affect the period-to-period comparability of our operating performance.

We reconcile consolidated Adjusted EBITDA to net income attributable to Comcast Corporation. This measure should not be considered a substitute for operating income (loss), net income (loss), net income (loss) attributable to Comcast Corporation, or net cash provided by operating activities that we have reported in accordance with GAAP.

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Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

(in millions)

~~2025~~

~~2024~~

~~2025~~2026

~~2024~~2025

Net income attributable to Comcast Corporation

~~3,332~~

~~3,629~~

172,~~830~~174

113,~~415~~375

Net income (loss) attributable to noncontrolling interests

~~(83)~~

~~(53)~~

(~~241~~147)

(~~222~~79)

Income tax expense

~~1,218~~

~~1,243~~

~~6,017~~706

31,~~906~~196

Interest expense

~~1,128~~

~~1,037~~

31,~~283~~094

31,~~065~~050

Investment and other (income) loss, net

~~(61)~~

~~(9,705)~~309

~~140~~116

Depreciation

~~2,353~~

~~2,219~~

62,~~934~~333

62,~~548~~231

Amortization

~~1,666~~

~~1,659~~

51,~~089~~533

41,~~421~~618

Adjustments(a)

116

(2)

277

(11)

Transaction costs(a)

Adjusted EBITDA

9,669

9,735

29,484

29,261

Transaction-related costs(a)

—

Other adjustments(b)

(123)

Adjusted EBITDA

7,929

9,532

(a)Amounts represent the impact of certain events, gains, losses or other charges that are excluded from Adjusted EBITDA. For the periods presented, Adjusted EBITDA excludes transaction and transaction-related costs associated with the proposed separation of Versant, as well as other operating and administrative expenses related to our investment portfolio. Transaction costs are incremental costs directly related to effectuating the ~~proposed~~Separation ~~separation~~ and primarily include ~~legal~~advisory, ~~audit~~legal and ~~advisory~~audit fees, as well as legal entity separation costs. Transaction-related costs are incremental costs incurred inrelated ~~anticipation~~to of the ~~separation~~Separation, including costs that reflect strategic decisions about how the standalone Versant business will be structured or operated, which may be different than if it remained part of Comcast. Transaction-related costs primarily include certain ~~spin~~separation-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs.

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
(in millions)	2025		2024		2025		2024
Transaction-related costs	$	90	$	—	$	166	$	—
Transaction costs	26		—		82		—
Costs related to our investment portfolio	—		(2)		29		(11)
Total Adjustments	$	116	$	(2)	$	277	$	(11)

(b)Amounts represent the impact of certain other events, gains, losses or other charges that are excluded from Adjusted EBITDA. The three months ended March 31, 2026 includes a gain related to a legal settlement, certain share-based compensation expenses and costs related to our investment portfolio. The three months ended March 31, 2025 includes certain costs related to our investment portfolio.

Constant Currency

Constant currency and constant currency growth rates are non-GAAP financial measures that present our results of operations excluding the estimated effects of foreign currency exchange rate fluctuations. Certain of our businesses, including Connectivity & Platforms, have operations outside the United States that are conducted in local currencies. As a result, the comparability of the financial results reported in U.S. dollars is affected by changes in foreign currency exchange rates. In our Connectivity & Platforms business, we use constant currency and constant currency growth rates to evaluate the underlying performance of the businesses, and we believe they are helpful for investors because such measures present operating results on a comparable basis year over year to allow the evaluation of their underlying performance.

Constant currency and constant currency growth rates are calculated by comparing the results for each comparable prior year period adjusted to reflect the average exchange rates from each current year period presented rather than the actual exchange rates that were in effect during the respective periods.

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Reconciliation of Connectivity & Platforms Constant Currency

	Three Months Ended September 30, 2024								Nine Months Ended September 30, 2024
						Three months ended March 31, 2025
(in millions)	~~As Reported~~			~~Effects of Foreign Currency~~		~~Constant Currency Amounts~~			As Reported			Effects of Foreign Currency		Constant Currency Amounts
Revenue
Residential Connectivity & Platforms	$	~~17,866~~		$	~~167~~	$	~~18,033~~		$	5317,~~558~~665		$	~~340~~301	$	5317,~~898~~966
Business Services Connectivity	~~2,425~~			1		~~2,425~~			72,~~253~~496			2		72,~~255~~497
Total Connectivity & Platforms revenue	$	~~20,291~~		$	~~168~~	$	~~20,458~~		$	6020,~~812~~161		$	~~342~~303	$	6120,~~153~~464
Adjusted EBITDA
Residential Connectivity & Platforms	$	~~6,904~~		$	24	$	~~6,928~~		$	206,~~859~~842		$	5537	$	206,~~914~~879
Business Services Connectivity	~~1,391~~			—		~~1,391~~			41,~~137~~422			~~(1)~~—		41,~~136~~422
Total Connectivity & Platforms Adjusted EBITDA	$	~~8,295~~		$	23	$	~~8,318~~		$	248,~~996~~264		$	5537	$	258,~~050~~301
Adjusted EBITDA Margin
Residential Connectivity & Platforms	~~38.6~~		%	~~(20) bps~~		~~38.4~~		%	38.97		%	(1040) bps		38.83		%
Business Services Connectivity	~~57.4~~			~~(10) bps~~		~~57.3~~			57.0			-(10) bps		5756.09
Total Connectivity & Platforms Adjusted EBITDA margin	~~40.9~~		%	~~(20) bps~~		~~40.7~~		%	41.10		%	(1040) bps		4140.06		%

	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	As Reported		Effects of Foreign Currency		Constant Currency Amounts		As Reported		Effects of Foreign Currency		Constant Currency Amounts
Average monthly total Connectivity & Platforms revenue per customer relationship	$	130.87	$	1.08	$	131.95	$	130.19	$	0.73	$	130.92
Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship	$	53.50	$	0.15	$	53.65	$	53.51	$	0.12	$	53.63

	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
(in millions)	As Reported		Effects of Foreign Currency		Constant Currency Amounts		As Reported		Effects of Foreign Currency		Constant Currency Amounts
Costs and Expenses
Programming	$	4,102	$	53	$	4,156	$	12,756	$	105	$	12,862
Technical and support	1,908		17		1,926		5,712		31		5,743
Direct product costs	1,675		34		1,710		4,705		70		4,775
Marketing and promotion	1,234		12		1,246		3,547		22		3,569
Customer service	680		6		686		2,072		12		2,084
Other	2,395		22		2,417		7,023		47		7,070
Total Connectivity & Platforms costs and expenses	$	11,996	$	144	$	12,140	$	35,816	$	287	$	36,103

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	Three months ended March 31, 2025
(in millions)		As Reported		Effects of Foreign Currency		Constant Currency Amounts
Costs and Expenses
Programming		$	4,107	$	110	$	4,217
Technical and support		1,935		30		1,965
Direct product costs		1,625		60		1,685
Marketing and promotion		1,242		21		1,263
Customer service		682		10		692
Other		2,305		36		2,342
Total Connectivity & Platforms costs and expenses		$	11,897	$	266	$	12,163

Reconciliation of Residential Connectivity & Platforms Constant Currency

	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
					Three months ended March 31, 2025
(in millions)	~~As Reported~~		~~Effects of Foreign Currency~~		~~Constant Currency Amounts~~		As Reported		Effects of Foreign Currency		Constant Currency Amounts
Revenue
Domestic broadband	$	~~6,400~~	$	—	$	~~6,400~~	$	196,~~276~~679	$	—	$	196,~~276~~679
Domestic wireless	1,093		—		1,093		3,084		—		3,084
Domestic wireless service							850		—		850
International connectivity	1,150		44		1,194		3,240		95		3,334
Domestic convergence revenue							7,529		—		7,529
Total residential connectivity	8,644		44		8,688		25,599		95		25,694
Domestic wireless equipment							273		—		273
Video	6,938		97		7,034		21,055		187		21,242
International connectivity							1,132		84		1,215
Advertising	987		12		999		2,931		29		2,959
Total residential connectivity							8,933		84		9,017
Other	1,298		14		1,312		3,973		30		4,003
Video							6,600		169		6,769
Total revenue	17,866		167		18,033		53,558		340		53,898
Advertising							899		26		924
Other							1,233		23		1,256
Total revenue							17,665		301		17,966
Costs and Expenses
Programming	~~4,102~~		53		~~4,156~~		124,~~756~~107		~~105~~110		124,~~862~~217
Other	~~6,860~~		90		~~6,950~~		196,~~943~~716		~~179~~154		206,~~123~~870
Total costs and expenses	~~10,962~~		~~143~~		~~11,105~~		3210,~~699~~823		~~285~~264		3211,~~984~~087
Adjusted EBITDA	$	~~6,904~~	$	24	$	~~6,928~~	$	206,~~859~~842	$	5537	$	206,~~914~~879

Other Adjustments

From time to time, we present adjusted information, such as revenue, to exclude the impact of certain events, gains, losses or other charges. This adjusted information is a non-GAAP financial measure. We believe, among other things, that the adjusted information may help investors evaluate our ongoing operations and can assist in making meaningful period-over-period comparisons.

Liquidity and Capital Resources

	Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
(in billions)	~~2025~~2026		~~2024~~2025
Cash provided by operating activities	$	246.89	$	198.63
Cash used in investing activities	$	(112.79)	$	(103.60)
Cash used in financing activities	$	(115.10)	$	(64.51)

(in billions)	~~September~~March 3031,~~2025~~2026		December 31,~~2024~~2025
Cash and cash equivalents	$	9.35	$	79.35
Debt	$	99.1	$	99.1
Restricted cash included in other current assets and other noncurrent assets, net	$	—	$	1.1
Debt	$	94.6	$	98.9

Our businesses generate significant cash flows from operating activities. We believe that we will be able to continue to meet our current and long-term liquidity and capital requirements, including fixed charges, through our cash flows from operating activities; existing cash, cash equivalents and investments; available borrowings under our existing credit facility; and our ability to obtain future external financing. We anticipate that we will continue to use a substantial portion of our cash flows from operating activities in repaying our debt obligations, funding our capital expenditures and cash paid for intangible assets, investing in business opportunities, and returning capital to shareholders.

We maintain significant availability under our revolving credit facility and our commercial paper program to meet our short-term liquidity requirements. Our commercial paper program generally provides a lower-cost source of borrowing to fund our short-term working capital requirements. As of September 30, 2025, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.8 billion.

Our revolving credit facility contains a financial covenant pertaining to leverage, which is the ratio of debt to EBITDA, as defined in the agreement. Compliance with this financial covenant is tested on a quarterly basis. As of September 30, 2025, we met this financial covenant, and we expect to remain in compliance with this financial covenant.

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We maintain significant availability under our revolving credit facility and our commercial paper program to meet our short-term liquidity requirements. Our commercial paper program generally provides a lower-cost source of borrowing to fund our short-term working capital requirements. As of March 31, 2026, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.8 billion.

Our revolving credit facility contains a financial covenant pertaining to leverage, which is the ratio of debt to EBITDA, as defined in the agreement. Compliance with this financial covenant is tested on a quarterly basis. As of March 31, 2026, we met this financial covenant, and we expect to remain in compliance with this financial covenant.

Operating Activities

Components of Net Cash Provided by Operating Activities

	Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
(in millions)	~~2025~~2026		~~2024~~2025
Operating income	$	174,~~184~~135	$	185,~~304~~658
Depreciation and amortization	123,~~023~~865		103,~~969~~849
Noncash share-based compensation	~~1,014~~427		~~983~~382
Changes in operating assets and liabilities	(~~783~~515)		(~~2,652~~636)
Payments of interest	(~~2,682~~727)		(~~2,503~~674)
Payments of income taxes	(~~2,378~~249)		(~~5,988~~400)
Proceeds from investments and other	~~423~~(45)		~~480~~115
Net cash provided by operating activities	$	246,~~802~~891	$	198,~~593~~294

The variance in changes in operating assets and liabilities for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 compared to the same period in ~~2024~~2025 was primarily related to ~~decreases in receivables,~~ the timing of amortization and related payments for our film and television costs, including the timing of sports, ~~the~~partially ~~timing~~offset ofby ~~our~~increases in accounts ~~payable,~~receivable and ~~increases~~decreases in deferred revenue, which ~~includes~~included the ~~impact~~impacts of ~~the~~our ~~Paris~~broadcasts ~~Olympics,~~of ~~partially~~the ~~offset~~Olympics byand ~~increases~~Super ~~in inventory~~Bowl.

Payments of interest increased for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 compared to the same period in ~~2024~~2025 primarily due to ~~increased debt balances following debt issuances in the current year period,~~ decreased capitalized interest driven by the opening of Epic Universe ~~and higher weighted-average interest rates~~.

Payments of income taxes decreased for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 compared to the same period in ~~2024~~2025 primarily due to ~~higher~~decreased ~~payments~~third-party intransferable ~~the prior year period relating to the preceding~~ tax ~~year,~~credits ~~primarily~~purchased ~~driven by the taxable gain recognized on our investment~~ in ~~Hulu, and additional deductions allowed under new legislation effective in~~ the current year period. ~~The decreases were partially offset by the timing of transferable tax credit purchases.~~

OnLegislation ~~July 4, 2025, legislation was~~ signed into law in ~~the~~2025 ~~United States that reduced payments of income taxes beginning~~ in the ~~third~~United ~~quarter~~States ofis ~~2025.~~expected ~~The legislation will continue~~ to significantly reduce our payments of income taxes over the next several years, with variability across the years~~. Among other things~~, ~~this~~primarily ~~legislation~~due provides 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~~additional ~~40%~~depreciation ~~and 20%~~ deductions ~~that would have applied in 2025 and 2026, respectively, under prior law~~. The legislation also reinstates 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.

WeProceeds ~~expect~~from toinvestments ~~receive~~and aother ~~federal~~decreased ~~income~~for ~~tax refund in~~ the ~~current~~three ~~year~~months asended aMarch 31, ~~result~~2026 ofcompared ~~carrying~~to ~~back~~the asame ~~capital~~period ~~loss~~in ~~created~~2025 primarily asdue ~~part~~to of a ~~2024~~gain ~~internal~~on ~~corporate~~a ~~reorganization~~legal tosettlement ~~offset capital gains recognized~~ in ~~our~~the ~~federal~~current ~~income~~year ~~tax returns for 2021 through 2023~~period.

Investing Activities

Net cash used in investing activities ~~increased~~decreased for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 compared to the same period in ~~2024~~2025 primarily due to ~~the~~proceeds ~~acquisition~~from ofa ~~Nitel~~legal insettlement ~~2025, the purchase of an equity method investment in the current year period~~ and ~~proceeds~~cash from ~~the~~derivative ~~maturity~~settlements ~~of short-term investments~~ in the ~~prior~~current year period, partially offset by ~~purchases~~an ofincrease ~~short-term investments~~ in ~~the prior year period, $439 million of additional proceeds received in the current year period for the sale of our interest in Hulu (see Note 7), decreased~~ capital expenditures and ~~proceeds~~an ~~from~~increase ~~the~~in ~~sale~~purchases of ~~a nonmarketable security in the current year period~~investments. Capital expenditures ~~decreased~~increased for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 compared to the same period in ~~2024~~2025 primarily ~~reflecting~~due ~~decreased~~to ~~spending on Epic Universe driven by the opening in 2025, partially offset by~~ increased spending by the Connectivity & Platforms businesses primarily on customer premise equipment, scalable infrastructure and ~~line~~support ~~extensions~~capital, partially offset by decreased spending driven by the opening of Epic Universe in 2025.

~~Financing~~In ~~Activities~~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 March 31, 2026 and December 31, 2025 (see Note 6).

Net cash used in financing activities increased for the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to lower proceeds from borrowings and increased repurchases and repayments of debt in the current year period, partially offset by lower repurchases of common stock in the current year period.

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InFinancing May 2025, we issued $2.5 billion aggregate principal amount of fixed-rate senior notes, which have maturities ranging between 2032 and 2055 and a weighted-average interest rate of 5.51%. The net proceeds from this issuance were intended for the early redemption of all outstanding amounts of our $1.5 billion aggregate principal amount of 3.375% Notes due August 2025, which was completed in June 2025, and for general corporate purposes.Activities

~~For~~Net cash used in financing activities increased for the ~~nine~~three months ended ~~September~~March 3031, 2026 compared to the same period in 2025, weprimarily ~~made~~due ~~debt~~to higher repurchases and repayments of ~~$4.4 billion~~debt, ~~including~~partially ~~$2.6~~offset ~~billion~~by ofimpacts ~~3.950%~~from ~~Notes~~the ~~due~~Versant ~~October~~transaction ~~2025~~ and ~~$1.2~~lower ~~billion~~repurchases of ~~3.375%~~common ~~Notes~~stock ~~due~~under ~~August~~our ~~2025,~~share asrepurchase ~~well~~program asand ~~$419~~employee ~~million~~plans ~~principal~~in ~~amount~~the ofcurrent ~~notes~~year ~~due at maturity~~period.

In ~~October~~the ~~2025,~~fourth wequarter ~~completed~~of ~~debt~~2025, ~~exchange~~Versant ~~transactions~~incurred ~~and concurrent tender offers. We issued~~ $1.20 billion ~~aggregate~~of ~~principal~~indebtedness ~~amount~~from ofthe ~~new~~issuance ~~5.17%~~of ~~senior~~certain notes ~~due~~and ~~2037~~on ~~and~~January ~~made~~2, ~~cash~~2026, ~~payments~~before ofthe ~~approximately~~Distribution, Versant borrowed $02.80 billion inof ~~exchange~~indebtedness ~~for~~from certain credit facilities. Versant’s $13.90 billion aggregate principal amount of ~~certain~~indebtedness ~~series~~ceased to be consolidated indebtedness of ~~outstanding~~Comcast ~~senior~~in ~~notes~~connection with ~~maturities~~the ~~ranging~~Separation. ~~from~~On ~~2027~~the toSeparation ~~2029~~date, ~~and~~Versant adistributed ~~weighted-average~~to ~~interest~~us ~~rate~~$2.25 billion of ~~4.01%.~~cash, ~~These~~which ~~transactions~~was ~~will~~funded ~~not~~by ~~have~~the a$3.0 ~~material~~billion ~~impact~~of onprior ~~our~~indebtedness, ~~interest~~resulting ~~expense~~in ora onnet ~~our~~cash ~~overall~~distribution ~~weighted-average~~of ~~interest~~$750 ~~rate~~million orto ~~weighted-average~~Versant ~~maturity~~in ~~for~~the ~~our~~first ~~total~~quarter ~~outstanding~~of ~~debt~~2026.

For the three months ended March 31, 2026, we made debt repayments of $3.2 billion, including $2.1 billion of 3.150% Notes due March 2026 and $629 million of 5.350% Notes due November 2027, which were paid using the proceeds from the distribution from Versant, together with cash on hand. We also made debt repayments of $418 million principal amount of notes due at maturity.

We have made, and may from time to time in the future make, optional repayments on our debt obligations, which may include repurchases or exchanges of our outstanding public notes and debentures, depending on various factors, such as market conditions. Any such repurchases may be effected through privately negotiated transactions, market transactions, tender offers, redemptions or otherwise. In particular, we may repurchase varying amounts of our outstanding public notes and debentures with short to medium term maturities through privately negotiated or market transactions. See Notes 5 and 7 for additional information on our financing activities.

Additionally, in October 2025, in anticipation of the separation of Versant, Versant entered into a credit agreement with respect to a $1.0 billion senior secured term A loan facility due January 2031 (the “Term A Loan Facility”) and a $750 million revolving credit facility due January 2031 (the “Versant Revolving Credit Facility”). Versant also intends to enter into a credit agreement with respect to a $1.0 billion term B loan facility due January 2031 (the “Term B Loan Facility”). The Versant Revolving Credit Facility is expected to be undrawn on the separation date, the Term A Loan Facility will be funded on the separation date, and the Term B Loan Facility is expected to be funded on the separation date. In October 2025, 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 (the “Notes”). The Notes are subject to a special mandatory redemption at a price of 100% of the principal amount, plus accrued and unpaid interest, if the separation of Versant from Comcast is not consummated by March 2, 2026. The net proceeds from the offering of the Notes were deposited in an escrow account in favor of the trustee, together with certain additional cash contributed by Comcast. On the separation date, Versant intends to use a portion of the proceeds of such indebtedness to make a cash payment of approximately $2.25 billion to Comcast.

Share Repurchases and Dividends

~~During the nine months ended September 30, 2025, we repurchased a total of 152 million shares of our Class A common stock for $5.3 billion.~~ In January 2025, our Board of Directors terminated the existing share repurchase program authorization and approved a new share repurchase program authorization of $15.0 billion, which has no expiration date. AsDuring ofthe ~~September~~three months ended March 3031, ~~2025~~2026, we ~~had~~repurchased a total of 42 million shares of our Class A common stock for $101.43 billion ~~remaining~~ under ~~the~~this ~~authorization~~share repurchase program. We did not purchase any shares outside of this program. As of March 31, 2026, we had $7.6 billion remaining under the authorization. We expect to repurchase additional shares of our Class A common stock under this ~~new~~ authorization in the open market or in private transactions, subject to market and other conditions.

In addition, we paid $~~356~~242 million and $~~328~~219 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, respectively, related to employee taxes associated with the administration of our share-based compensation plans ~~and excise taxes related to share repurchases~~.

In January ~~2025~~2026, our Board of Directors approved a ~~6.5%~~dividend ~~increase~~consistent inwith ~~our~~the ~~dividend~~prior toyear of $1.32 per share on an annualized basis. ~~During~~and ~~the~~approved ~~nine~~our ~~months~~first ~~ended~~quarter ~~September 30,~~dividend ~~2025, we paid dividends~~ of $30.~~7 billion.~~33 Inper ~~July 2025~~share, ~~our~~which ~~Board~~was ofpaid ~~Directors~~in ~~approved~~April ~~our~~2026. ~~third~~During ~~quarter~~the ~~dividend~~three ofmonths ~~$0.33~~ended ~~per~~March 31, ~~share~~2026, ~~which~~we ~~was~~ paid individends ~~October~~of ~~2025~~$1.2 billion. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.

Guarantee Structure

Our debt is primarily issued at Comcast, although we also have debt at certain of our subsidiaries as a result of acquisitions and other issuances. A substantial amount of this debt is subject to guarantees by Comcast and by certain subsidiaries that we have put in place to simplify our capital structure. We believe this guarantee structure provides liquidity benefits to debt investors and helps to simplify credit analysis with respect to relative value considerations of guaranteed subsidiary debt.

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Debt and Guarantee Structure

(in billions)	~~September~~March 3031,~~2025~~2026		December 31,~~2024~~2025
Debt Subject to Cross-Guarantees
Comcast	$	9390.94	$	9493.63
NBCUniversal(a)	1.6		1.6
Comcast Cable(a)	0.95		0.9
	96.5		97.1
	92.5		95.8
Debt Subject to One-Way Guarantees
Sky	32.37		32.07
Other(a)	0.1		0.1
	3.4		3.1
	2.8		2.9
Debt Not Guaranteed
Universal Beijing Resort(b)	3.56		3.46
Other	1.5		1.4
Other(c)	1.5		2.5
	5.0		4.8
	5.1		6.1
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net	(5.98)		(65.09)
Total debt	$	9994.16	$	9998.19

(a)NBCUniversal Media, LLC (“NBCUniversal”), Comcast Cable Communications, LLC (“Comcast Cable”) and Comcast Holdings Corporation (“Comcast Holdings”), which is included within other debt subject to one-way guarantees, are each consolidated subsidiaries subject to the periodic reporting requirements of the SEC. The guarantee structures and related disclosures in this section, together with Exhibit 22 to our ~~2024~~2025 Annual Report on Form 10-K, satisfy these reporting obligations.

(b)Universal Beijing Resort debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. See Note 7 for additional information.

(c)Other as of December 31, 2025 includes $1.0 billion aggregate principal amount of 7.25% fixed-rate senior secured notes due January 2031 issued by Versant which was secured by the assets of Versant. Subsequent to December 31, 2025, the notes ceased to be our contractual obligation due to the completion of the Separation.

Cross-Guarantees

Comcast, NBCUniversal and Comcast Cable (the “Guarantors”) fully and unconditionally, jointly and severally, guarantee each other’s debt securities. NBCUniversal and Comcast Cable also guarantee other borrowings of Comcast, including its revolving credit facility. These guarantees rank equally with all other general unsecured and unsubordinated obligations of the respective Guarantors. However, the obligations of the Guarantors under the guarantees are structurally subordinated to the indebtedness and other liabilities of their respective non-guarantor subsidiaries. The obligations of each Guarantor are limited to the maximum amount that would not render such Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of U.S. and non-U.S. law. Each Guarantor’s obligations will remain in effect until all amounts payable with respect to the guaranteed securities have been paid in full. However, a guarantee by NBCUniversal or Comcast Cable of Comcast’s debt securities, or by NBCUniversal of Comcast Cable’s debt securities, will terminate upon a disposition of such Guarantor entity or all or substantially all of its assets.

The Guarantors are each holding companies that principally hold investments in, borrow from and lend to non-guarantor subsidiary operating companies; issue and service third-party debt obligations; repurchase shares and pay dividends; and engage in certain corporate and headquarters activities. The Guarantors are generally dependent on non-guarantor subsidiary operating companies to fund these activities.

As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $~~103~~112 billion and $88107 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $1415 billion ~~for~~and ~~both~~$14 ~~periods~~billion, respectively. This financial information is that of the Guarantors presented on a combined basis with intercompany balances between the Guarantors eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries. The underlying net assets of the non-guarantor subsidiaries are significantly in excess of the Guarantor obligations. Excluding investments in non-guarantor subsidiaries, external debt and the noncurrent notes payable and receivable with non-guarantor subsidiaries, the Guarantors do not have material assets, liabilities or results of operations.

One-Way Guarantees

Comcast provides full and unconditional guarantees of certain debt issued by Sky Limited (“Sky”), including all of its senior notes, and other consolidated subsidiaries not subject to the periodic reporting requirements of the SEC.

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Comcast also provides a full and unconditional guarantee of $138 million principal amount of subordinated debt issued by Comcast Holdings. Comcast’s obligations under this guarantee are subordinated and subject, in right of payment, to the prior payment in full of all of Comcast’s senior indebtedness, including debt guaranteed by Comcast on a senior basis, and are structurally subordinated to the indebtedness and other liabilities of its non-guarantor subsidiaries (for purposes of this Comcast Holdings discussion, Comcast Cable and NBCUniversal are included within the non-guarantor subsidiary group). Comcast’s obligations as guarantor will remain in effect until all amounts payable with respect to the guaranteed debt have been paid in full. However, the guarantee will terminate upon a disposition of Comcast Holdings or all or substantially all of its assets. Comcast Holdings is a consolidated subsidiary holding company that directly or indirectly holds 100% and approximately 3732% of our equity interests in Comcast Cable and NBCUniversal, respectively.

As of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of $6976 billion and $5371 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $1011 billion for both periods. This financial information is that of Comcast and Comcast Holdings presented on a combined basis with intercompany balances between Comcast and Comcast Holdings eliminated. The combined financial information excludes financial information of non-guarantor subsidiaries of Comcast and Comcast Holdings. The underlying net assets of the non-guarantor subsidiaries of Comcast and Comcast Holdings are significantly in excess of the obligations of Comcast and Comcast Holdings. Excluding investments in non-guarantor subsidiaries, external debt, and the noncurrent notes payable and receivable with non-guarantor subsidiaries, Comcast and Comcast Holdings do not have material assets, liabilities or results of operations.

Critical Accounting Estimates

The preparation of our condensed consolidated financial statements requires us to make estimates that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. We base our judgments on our historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making estimates about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

~~For~~We abelieve ~~more~~our ~~complete~~estimates ~~discussion~~associated ofwith the ~~accounting~~valuation ~~estimates~~and ~~that~~impairment wetesting ~~have~~of ~~identified~~goodwill asare critical in the preparation of our ~~condensed~~ consolidated financial statements,. ~~please~~We ~~refer~~assessed togoodwill ~~our~~for ~~Management’s~~impairment ~~Discussion~~in connection with the Separation and ~~Analysis~~our change in segment composition in the first quarter of ~~Financial~~2026. ~~Condition~~Based on our assessment, no impairment was required, and ~~Results~~the ofestimated ~~Operations~~fair invalues of our ~~2024~~reporting ~~Annual~~units ~~Report~~substantially onexceeded ~~Form~~their ~~10-K~~carrying values.

For a more complete discussion of the accounting estimates that we have identified as critical in the preparation of our condensed consolidated financial statements, please refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2025 Annual Report on Form 10-K.

ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We have evaluated the information required under this item that was disclosed in our ~~2024~~2025 Annual Report on Form 10-K and there have been no material changes to this information.

ITEM 4: CONTROLS AND PROCEDURES

Conclusions regarding disclosure controls and procedures

Our principal executive and principal financial officers, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15, such disclosure controls and procedures were effective.

Changes in internal control over financial reporting

There were no changes in internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II: OTHER INFORMATION

ITEM 1: LEGAL PROCEEDINGS

See Note 1011 included in this Quarterly Report on Form 10-Q for a discussion of legal proceedings.

ITEM 1A: RISK FACTORS

There have been no material changes from the risk factors previously disclosed in Item 1A of our ~~2024~~2025 Annual Report on Form 10-K.

ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The table below summarizes Comcast’s common stock repurchases during the three months ended ~~September~~March 3031, ~~2025~~2026.

Period	TotalNumber ofSharesPurchased	AveragePricePerShare		Total Number ofShares Purchasedas Part of PubliclyAnnounced Authorization	Total DollarAmountPurchasedUnder the Publicly AnnouncedAuthorization		Maximum DollarValue of Shares ThatMay Yet BePurchased Under the Publicly AnnouncedAuthorization(a)
July 1-31, 2025	14,168,226	$	34.87	14,168,226	$	493,999,618	$	11,481,195,960
January 1-31, 2026	13,290,646	$	28.59	13,290,646	$	380,016,602	$	8,486,251,152
August 1-31, 2025	19,135,489	$	32.92	19,135,489	$	629,954,553	$	10,851,241,407
February 1-28, 2026	12,149,783	$	31.28	12,149,783	$	380,000,287	$	8,106,250,866
September 1-30, 2025	12,711,247	$	32.81	12,711,247	$	416,999,698	$	10,434,241,708
March 1-31, 2026	16,672,330	$	29.96	16,672,330	$	499,581,496	$	7,606,669,370
Total	4642,~~014~~112,~~962~~759	$	3329.4991	4642,~~014~~112,~~962~~759	$	1,~~540~~259,~~953~~598,~~870~~384	$	107,~~434~~606,~~241~~669,~~708~~370

(a)In January ~~2024, our Board~~ of ~~Directors approved a new share repurchase authorization of $15 billion, which had no expiration date. In January of~~ 2025, our Board of Directors ~~terminated the existing program and~~ approved a new share repurchase authorization of $15 billion ~~effective as of January 31~~, ~~2025,~~ which has no expiration date. We expect to repurchase additional shares of our Class A common stock under this authorization, in the open market or in private transactions, subject to market and other conditions.

ITEM 6: EXHIBITS

ExhibitNo.						Description
4.1						Registration Rights Agreement, dated as of October 2, 2025 (incorporated by reference to Exhibit 4.2 to Comcast's Current Report on Form 8-K filed on October 2, 2025).
31						Certification of Co-Chief Executive Officers and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
4.2						Registration Rights Agreement, dated as of October 9, 2025 (incorporated by reference to Exhibit 4.2 to Comcast's Current Report on Form 8-K filed on October 9, 2025).
32						Certification of Co-Chief Executive Officers and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
10.1*						Comcast Corporation Non-Employee Director Compensation Plan, as amended and restated effective July 23, 2025.
101						The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the three months ended March 31, 2026, filed with the Securities and Exchange Commission on April 23, 2026, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statements of Income; (ii) the Condensed Consolidated Statements of Comprehensive Income; (iii) the Condensed Consolidated Statements of Cash Flows; (iv) the Condensed Consolidated Balance Sheets; (v) the Condensed Consolidated Statements of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.
31						Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32						Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101						The following financial statements from Comcast Corporation’s Quarterly Report on Form 10-Q for the nine months ended September 30, 2025, filed with the Securities and Exchange Commission on October 30, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statements of Income; (ii) the Condensed Consolidated Statements of Comprehensive Income; (iii) the Condensed Consolidated Statements of Cash Flows; (iv) the Condensed Consolidated Balance Sheets; (v) the Condensed Consolidated Statements of Changes in Equity; and (vi) the Notes to Condensed Consolidated Financial Statements.
104						Cover Page Interactive Data File (embedded within the iXBRL document).
*						Constitutes a management contract or compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


						COMCAST CORPORATION

By:						/s/ DANIEL C. MURDOCK
						Daniel C. Murdock Executive Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer)

Date: ~~October~~April 3023, ~~2025~~2026

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