Comcast Corporation

07/23/2026 | Press release | Distributed by Public on 07/23/2026 13:11

Quarterly Report for Quarter Ending June 30, 2026 (Form 10-Q)

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 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. Refer to Note 2 for information on our segments, including a description of the segment composition change implemented in the first quarter of 2026. All amounts are presented under the updated segment structure.
The Versant Separation occurred on January 2, 2026. The results of Versant are included in our consolidated results of operations for the three and six months ended June 30, 2025 and are excluded from our segment operating results (see Note 2). The sale of our Sky operations in Germany was completed on May 31, 2026; its results are included in our consolidated results of operations through the date of sale (see Note 6) and are excluded from our segment operating results.
In June 2026, we announced our intention to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky. The NBCUniversal Spin-off is expected to be completed in mid-2027, subject to the satisfaction of customary conditions. There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing. The discussion and analysis that follows includes the results of the businesses proposed to be included in the NBCUniversal Spin-off and does not reflect or give effect to what our results of operations and financial condition may be following the NBCUniversal Spin-off, if consummated.
Consolidated Operating Results
Three Months Ended
June 30, 		Change Six Months Ended
June 30, 		Change
(in millions, except per share data) 2026 2025 % 2026 2025 %
Revenue $ 29,940 $ 30,313 (1.2) % $ 61,396 $ 60,199 2.0 %
Costs and Expenses:
Programming and production 8,389 7,576 10.7 19,273 15,991 20.5
Marketing and promotion 2,258 2,168 4.1 4,422 4,239 4.3
Other operating and administrative 10,445 10,422 0.2 20,853 20,314 2.7
Depreciation 2,391 2,349 1.8 4,724 4,580 3.1
Amortization 1,297 1,805 (28.2) 2,829 3,423 (17.3)
Total costs and expenses 24,780 24,320 1.9 52,101 48,548 7.3
Operating income
5,160 5,992 (13.9) 9,296 11,650 (20.2)
Interest expense (1,052) (1,105) (4.8) (2,146) (2,155) (0.4)
Investment and other income (loss), net 503 9,760 (94.8) 195 9,644 (98.0)
Income before income taxes
4,612 14,647 (68.5) 7,345 19,139 (61.6)
Income tax expense
(1,194) (3,603) (66.9) (1,899) (4,799) (60.4)
Net income
3,419 11,044 (69.0) 5,445 14,340 (62.0)
Less: Net income (loss) attributable to noncontrolling interests (107) (79) 34.8 (254) (158) 60.6
Net income attributable to Comcast Corporation
$ 3,526 $ 11,123 (68.3) % $ 5,699 $ 14,498 (60.7) %
Basic earnings per common share attributable to Comcast Corporation shareholders
$ 0.99 $ 2.99 (66.9) % $ 1.59 $ 3.87 (58.9) %
Diluted earnings per common share attributable to Comcast Corporation shareholders
$ 0.99 $ 2.98 (66.9) % $ 1.59 $ 3.86 (58.9) %
Weighted-average number of common shares outstanding - basic
3,564 3,720 (4.2) % 3,580 3,744 (4.4) %
Weighted-average number of common shares outstanding - diluted
3,570 3,727 (4.2) % 3,593 3,756 (4.3) %
Adjusted EBITDA(a)
$ 8,902 $ 10,283 (13.4) % $ 16,831 $ 19,815 (15.1) %
(a)Adjusted EBITDA is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section on page 29 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.
Consolidated revenue decreased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to the Versant Separation and a decrease in the Connectivity & Platforms business, partially offset by an increase in the Content & Experiences business.
Consolidated revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in the Content & Experiences business, partially offset by a decrease due to the Versant Separation and a decrease in the Connectivity & Platforms business. 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, increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in the Content & Experiences business, partially offset by a decrease due to the Versant Separation and a decrease in the Connectivity & Platforms business.
Consolidated costs and expenses, excluding depreciation and amortization expense, increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in the Content & Experiences business, partially offset by a decrease due to the Versant Separation. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading "Segment Operating Results."
Consolidated depreciation and amortization expense decreased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to lower amortization of customer relationships and other agreements and rights due to the Versant Separation and an impairment of certain long-lived assets in the prior year period.
Consolidated depreciation and amortization expense decreased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to lower amortization of customer relationships and other agreements and rights due to the Versant Separation, partially offset by increased depreciation due to the opening of Epic Universe in May 2025 and increased impairments of certain long-lived assets in the current year period compared to the prior year period.
Amortization expense from acquisition-related intangible assets totaled $525 million and $1.1 billion for the three and six months ended June 30, 2026, respectively, and $810 million and $1.6 billion for the three and six months ended June 30, 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 decreased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to a decrease in average debt outstanding. Consolidated interest expense was consistent for the six months ended June 30, 2026 compared to the same period in 2025.
Consolidated investment and other income (loss), net decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025.
Three Months Ended
June 30, 		Six Months Ended
June 30,
(in millions) 2026 2025 2026 2025
Equity in net income (losses) of investees, net $ 285 $ (29) $ (106) $ (222)
Realized and unrealized gains (losses) on equity securities, net (13) 136 (18) 112
Other income (loss), net 232 9,652 319 9,754
Total investment and other income (loss), net $ 503 $ 9,760 $ 195 $ 9,644
The changes in equity in net income (losses) of investees, net for the three and six months ended June 30, 2026 compared to the same periods in 2025 were 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 $341 million and $7 million for the three and six months ended June 30, 2026, respectively, and $(26) million and $(194) million for the three and six months ended June 30, 2025, respectively.
The changes in realized and unrealized gains (losses) on equity securities, net for the three and six months ended June 30, 2026 were primarily due to a gain on the sale of a nonmarketable security in the prior year periods.
The changes in other income (loss), net for the three and six months ended June 30, 2026 primarily resulted from a $9.4 billion gain from the sale of our interest in Hulu in the prior year periods.
Consolidated income tax expense for the three and six months ended June 30, 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 decreases in income tax expense for the three and six months ended June 30, 2026 compared to the same periods in 2025 were primarily driven by lower domestic income before income taxes.
Consolidated net income (loss) attributable to noncontrolling interests changed for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to Universal Beijing Resort. Consolidated net income (loss) attributable to noncontrolling interests changed for the six months ended June 30, 2026 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 Ended
June 30, 		Change
Constant Currency Change(b)
Six Months Ended
June 30, 		Change
Constant Currency Change(b)
(in millions) 2026 2025 % % 2026 2025 % %
Revenue
Residential Connectivity & Platforms $ 17,124 $ 17,839 (4.0) % (4.3) % $ 34,446 $ 35,504 (3.0) % (3.9) %
Business Services Connectivity 2,671 2,575 3.7 3.7 5,311 5,071 4.7 4.7
Total Connectivity & Platforms revenue $ 19,795 $ 20,414 (3.0) % (3.2) % $ 39,757 $ 40,575 (2.0) % (2.8) %
Adjusted EBITDA
Residential Connectivity & Platforms $ 6,448 $ 7,006 (8.0) % (8.0) % $ 12,882 $ 13,848 (7.0) % (7.3) %
Business Services Connectivity 1,516 1,444 5.0 5.0 2,992 2,866 4.4 4.4
Total Connectivity & Platforms Adjusted EBITDA $ 7,964 $ 8,450 (5.7) % (5.8) % $ 15,875 $ 16,714 (5.0) % (5.3) %
Adjusted EBITDA Margin(a)
Residential Connectivity & Platforms 37.7 % 39.3 % (160) bps (150) bps 37.4 % 39.0 % (160) bps (130) bps
Business Services Connectivity 56.7 56.1 60 bps 60 bps 56.3 56.5 (20) bps (20) bps
Total Connectivity & Platforms Adjusted EBITDA margin 40.2 % 41.4 % (120) bps (110) bps 39.9 % 41.2 % (130) bps (100) 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 29 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)
June 30, Three Months Ended
June 30, 		Six Months Ended
June 30,
(in thousands) 2026 2025 2026 2025 2026 2025
Residential Connectivity & Platforms Customer Relationships(a)
Domestic Residential Connectivity & Platforms customer relationships 30,179 30,746 (166) (223) (261) (427)
International Residential Connectivity & Platforms customer relationships(b)
17,539 17,573 (64) (102) 40 (113)
Total Residential Connectivity & Platforms customer relationships(b)
47,718 48,318 (230) (325) (221) (540)
Domestic Residential Broadband
Domestic broadband residential customers 28,486 28,989 (167) (201) (233) (384)
Domestic residential passings(c)
59,443 58,356
Domestic broadband residential penetration of residential passings(d)
47.9 % 49.7 %
Domestic Wireless
Domestic wireless lines(e)
10,187 8,527 448 378 883 701
Domestic Video
Domestic video customers 10,668 11,771 (280) (325) (601) (751)
(a)Residential Connectivity & Platforms customer relationships generally represent the number of residential customers 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)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 periods has been recast on a comparable basis.
(c)Connectivity & Platforms domestic residential passings are considered passings if we can connect them to our network in the United States without further extending the transmission lines. The number of domestic 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 Ended
June 30, 		Change
Constant Currency Change(g)
Six Months Ended
June 30, 		Change
Constant Currency Change(g)
(in millions) 2026 2025 % % 2026 2025 % %
Costs and Expenses
Programming(a)
$ 3,698 $ 3,998 (7.5) % (7.9) % $ 7,485 $ 8,105 (7.7) % (9.1) %
Technical and support(b)
1,913 1,918 (0.3) (0.5) 3,881 3,854 0.7 (0.2)
Direct product costs(c)
1,992 1,829 8.9 8.4 3,954 3,454 14.5 12.3
Marketing and promotion(d)
1,311 1,249 5.0 4.7 2,647 2,491 6.3 5.3
Customer service(e)
671 677 (0.9) (1.1) 1,347 1,359 (0.9) (1.7)
Other(f)
2,245 2,293 (2.1) (2.3) 4,568 4,598 (0.7) (1.5)
Total Connectivity & Platforms costs and expenses $ 11,831 $ 11,965 (1.1) % (1.5) % $ 23,883 $ 23,862 0.1 % (1.2) %
(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 are acting as the 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 29 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.
Residential Connectivity & Platforms Segment Results of Operations
Three Months Ended
June 30, 		Change
Constant Currency Change(a)
Six Months Ended
June 30, 		Change
Constant Currency Change(a)
(in millions) 2026
2025(b)
% % 2026
2025(b)
% %
Revenue
Domestic broadband $ 6,280 $ 6,649 (5.5) % (5.5) % $ 12,618 $ 13,327 (5.3) % (5.3) %
Domestic wireless service 1,007 882 14.2 14.2 1,984 1,732 14.6 14.6
Domestic convergence revenue 7,287 7,530 (3.2) (3.2) 14,602 15,059 (3.0) (3.0)
Domestic wireless equipment 404 313 28.8 28.8 821 587 40.0 40.0
International connectivity 1,246 1,219 2.2 1.3 2,486 2,351 5.7 1.7
Total residential connectivity 8,937 9,063 (1.4) (1.5) 17,910 17,997 (0.5) (1.0)
Video 6,092 6,605 (7.8) (8.2) 12,347 13,206 (6.5) (7.9)
Advertising 962 951 1.1 0.7 1,913 1,850 3.4 1.8
Other 1,133 1,219 (7.0) (7.2) 2,277 2,452 (7.1) (8.1)
Total revenue 17,124 17,839 (4.0) (4.3) 34,446 35,504 (3.0) (3.9)
Costs and Expenses
Programming 3,698 3,998 (7.5) (7.9) 7,485 8,105 (7.7) (9.1)
Other 6,977 6,835 2.1 1.7 14,079 13,551 3.9 2.6
Total costs and expenses 10,676 10,834 (1.5) (1.8) 21,564 21,657 (0.4) (1.8)
Adjusted EBITDA $ 6,448 $ 7,006 (8.0) % (8.0) % $ 12,882 $ 13,848 (7.0) % (7.3) %
(a)Constant currency is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section on page 29 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 2026, commission revenue from the sale of certain DTC streaming services is presented in domestic 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. Domestic 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.
Residential Connectivity & Platforms Segment - Revenue
Domestic broadband revenue primarily consists of revenue from sales of broadband services to residential customers in the United States, including equipment and installation services. Domestic broadband revenue also includes commission revenue from the sale of DTC streaming services that a customer is entitled to receive through a broadband service offering, as well as revenue from streaming devices available to our broadband customers.
Domestic broadband revenue decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025 due to decreases in average rates and declines in the number of domestic broadband customers.
Domestic wireless service revenue primarily consists of revenue from sales of wireless services to residential customers in the United States.
Domestic wireless service revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 due to increases in the number of customer lines.
Domestic wireless equipment revenue primarily consists of revenue from sales of wireless devices, including handsets, tablets and smart watches, to residential customers in the United States.
Domestic wireless equipment revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 due to increases in device sales.
International connectivity revenue primarily consists of revenue from sales of broadband services, including equipment and installation services, wireless services and wireless devices to residential customers in the United Kingdom and Italy.
International connectivity revenue increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in wireless revenue, reflecting higher equipment and services revenue, as well as the positive impact of foreign currency.
International connectivity revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to the positive impact of foreign currency, an increase in broadband revenue primarily reflecting higher average rates, and an increase in wireless revenue reflecting higher equipment and services revenue.
Video revenue primarily consists of revenue from sales of video services to residential and business customers across the Connectivity & Platforms markets, including equipment and installation services. Video revenue includes pay-per-view and other transactional revenue and franchise fees, and revenue from sales of certain hardware, including Sky Glass smart televisions. Video revenue also includes commission revenue from sales of DTC streaming services that a customer is entitled to receive through a video service offering.
Video revenue decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to declines in the overall number of video customers. The decrease for the six months ended June 30, 2026 was partially offset by the positive impact of foreign currency.
Advertising revenue primarily consists of revenue from sales of advertising across our platforms in the Connectivity & Platforms markets, including advertising as part of our distribution agreements with cable networks in the United States, and advertising on Sky-branded entertainment television networks and on our digital properties. Advertising also includes revenue where we enter into representation agreements under which we sell advertising on behalf of third parties and from our advanced advertising businesses.
Advertising revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to higher domestic political advertising and increases in revenue from our advanced advertising business, partially offset by lower domestic nonpolitical advertising and lower international advertising. The increase for the six months ended June 30, 2026 also includes the positive impact of foreign currency.
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 and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to decreases in residential wireline voice revenue driven by declines in the number of customers.
Residential Connectivity & Platforms Segment - Costs and Expenses
Programming expenses decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to declines in the number of domestic video subscribers. The decrease for the six months ended June 30, 2026 is partially offset by the impact of foreign currency.
Other expenses increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to increased direct product costs mainly due to growth in our domestic wireless business, increased spending on marketing and promotion, and the impact of foreign currency.
Other expenses increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to increased direct product costs mainly due to growth in our domestic wireless business, the impact of foreign currency, and increased spending on marketing and promotion.
Business Services Connectivity Segment Results of Operations
Three Months Ended
June 30, 		Change Six Months Ended
June 30, 		Change
(in millions) 2026 2025 % 2026 2025 %
Revenue $ 2,671 $ 2,575 3.7 % $ 5,311 $ 5,071 4.7 %
Costs and expenses 1,155 1,131 2.1 2,319 2,205 5.2
Adjusted EBITDA $ 1,516 $ 1,444 5.0 % $ 2,992 $ 2,866 4.4 %
Business services connectivity revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to increases in revenue from enterprise solutions offerings. The increase in enterprise solutions offerings for the six months ended June 30, 2026 reflects the April 2025 acquisition of Nitel.
Business services connectivity costs and expenses increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to increases in marketing and promotion expenses and increases in direct product costs. The increase in direct product costs for the six months ended June 30, 2026 reflects the April 2025 acquisition of Nitel.
Content & Experiences Results of Operations
Three Months Ended
June 30, 		Change Six Months Ended
June 30, 		Change
(in millions) 2026 2025 % 2026 2025 %
Revenue
Media $ 5,691 $ 4,543 25.3 % $ 12,970 $ 9,069 43.0 %
Studios 3,040 2,432 25.0 6,466 5,259 23.0
Theme Parks 2,413 2,349 2.7 4,744 4,226 12.3
Headquarters and Other 18 9 112.4 33 20 69.8
Eliminations (435) (604) 27.9 (1,546) (1,298) (19.1)
Total Content & Experiences revenue $ 10,728 $ 8,730 22.9 % $ 22,668 $ 17,275 31.2 %
Adjusted EBITDA
Media $ 708 $ 683 3.7 % $ 282 $ 790 (64.3) %
Studios 202 61 NM 757 335 125.9
Theme Parks 609 641 (5.1) 1,159 1,055 9.9
Headquarters and Other (214) (201) (6.7) (423) (396) (6.8)
Eliminations 25 56 55.0 (115) 70 NM
Total Content & Experiences Adjusted EBITDA $ 1,329 $ 1,241 7.1 % $ 1,661 $ 1,854 (10.4) %
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, Super Bowl and FIFA World Cup in the current year period 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 Universal United Kingdom Resort, a theme park and resort with a projected opening date in 2031.
Media Segment Results of Operations
Three Months Ended
June 30, 		Change Six Months Ended
June 30, 		Change
(in millions) 2026 2025 % 2026 2025 %
Revenue
Domestic advertising $ 2,163 $ 1,395 55.0 % $ 5,616 $ 2,863 96.2 %
Domestic distribution 1,993 1,632 22.1 4,276 3,299 29.6
International networks 1,330 1,254 6.1 2,621 2,403 9.1
Other 204 261 (21.9) 457 505 (9.5)
Total revenue 5,691 4,543 25.3 12,970 9,069 43.0
Costs and Expenses
Programming and production 3,699 2,759 34.1 10,003 6,042 65.6
Marketing and promotion 289 285 1.6 694 591 17.3
Other 994 816 21.8 1,991 1,646 21.0
Total costs and expenses 4,983 3,860 29.1 % 12,688 8,279 53.3 %
Adjusted EBITDA $ 708 $ 683 3.7 % $ 282 $ 790 (64.3) %
Media Segment - Revenue
Revenue increased for the three months ended June 30, 2026 compared to the same period in 2025, including the impact of the FIFA World Cup in the second quarter of 2026. Revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to the Milan Cortina Olympics, Super Bowl and FIFA World Cup. Excluding incremental revenue associated with these events, revenue for the three and six months ended June 30, 2026 increased primarily due to increases in domestic distribution, domestic advertising and international networks revenue.
Three Months Ended
June 30, 		Change Six Months Ended
June 30, 		Change
(in millions) 2026 2025 % 2026 2025 %
Total revenue $ 5,691 $ 4,543 25.3 % $ 12,970 $ 9,069 43.0 %
Olympics, Super Bowl, and FIFA World Cup 440 - NM 2,618 - NM
Total revenue, excluding Olympics, Super Bowl and FIFA World Cup $ 5,250 $ 4,543 15.6 % 10,352 9,069 14.1 %
Total domestic advertising revenue $ 2,163 $ 1,395 55.0 % $ 5,616 $ 2,863 96.2 %
Olympics, Super Bowl, and FIFA World Cup 440 - NM 2,357 - NM
Domestic advertising revenue, excluding Olympics, Super Bowl and FIFA World Cup $ 1,723 $ 1,395 23.5 % 3,259 2,863 13.8 %
Total domestic distribution revenue $ 1,993 $ 1,632 22.1 % $ 4,276 $ 3,299 29.6 %
Olympics - - NM 262 - NM
Domestic distribution revenue, excluding Olympics $ 1,993 $ 1,632 22.1 % $ 4,014 $ 3,299 21.7 %
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 June 30, 2026 compared to the same period in 2025, including the impact of the FIFA World Cup. Excluding the incremental revenue associated with this event, domestic advertising revenue increased for the three months ended June 30, 2026 primarily due to an increase in revenue at our linear television networks and an increase in revenue at Peacock.
Domestic advertising revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to the Milan Cortina Olympics, Super Bowl and FIFA World Cup. Excluding the incremental revenue associated with these events, domestic advertising revenue increased for the six months ended June 30, 2026 primarily due to an increase in revenue at Peacock and an increase 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 June 30, 2026 compared to the same period in 2025 primarily due to an increase in revenue at Peacock driven by higher average rates and an increase in paid subscribers 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.
Domestic distribution revenue increased for the six months ended June 30, 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 six months ended June 30, 2026 primarily due to an increase in revenue at Peacock driven by higher average rates and an increase in paid subscribers 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 and six months ended June 30, 2026 compared to the same periods 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 $1.9 billion and $4.0 billion related to Peacock for the three and six months ended June 30, 2026, respectively, including amounts related to the FIFA World Cup for the three months ended June 30, 2026 and to the Milan Cortina Olympics, Super Bowl, and FIFA World Cup for the six months ended June 30, 2026. Media segment total revenue included $1.2 billion and $2.5 billion related to Peacock for the three and six months ended June 30, 2025, respectively. Peacock revenue includes advertising, distribution and other revenue for our Peacock DTC streaming service, as well as distribution and advertising revenue from NBC Sports Network due to shared programming. We had 48 million and 41 million paid subscribers of Peacock as of June 30, 2026 and 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.
Media Segment - Costs and Expenses
Programming and production costs primarily consists of the amortization of owned and licensed content, including sports rights, direct production costs, production overhead, on-air talent costs and costs associated with the distribution of our television networks to multichannel video providers.
Programming and production costs increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to the impact of NBA rights and costs associated with the FIFA World Cup in the current year period.
Programming and production costs increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to costs associated with the Milan Cortina Olympics, Super Bowl and FIFA World Cup and an increase due to the impact of NBA rights in the current year period.
Marketing and promotion expenses primarily consists of the costs associated with promoting Peacock and our television networks.
Marketing and promotion expenses increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to higher costs associated with the FIFA World Cup, partially offset by lower costs related to marketing for Peacock.
Marketing and promotion expenses increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to higher costs associated with the Milan Cortina Olympics and FIFA World Cup, and higher costs related to marketing for Peacock.
Other expenses primarily consists of salaries, employee benefits, rent and other overhead expenses.
Other expenses increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in costs related to Peacock.
Other expenses increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to an increase in costs related to Peacock and increases in costs related to the Milan Cortina Olympics and Super Bowl.
* * *
Media segment total costs and expenses included $1.7 billion and $4.2 billion related to Peacock for the three and six months ended June 30, 2026, respectively, including amounts related to the FIFA World Cup for the three months ended June 30, 2026 and to the Milan Cortina Olympics, Super Bowl, and FIFA World Cup for the six months ended June 30, 2026. Media segment total costs and expenses included $1.3 billion and $2.8 billion related to Peacock for the three and six months ended June 30, 2025, respectively.
Studios Segment Results of Operations
Three Months Ended
June 30, 		Change Six Months Ended
June 30, 		Change
(in millions) 2026 2025 % 2026 2025 %
Revenue
Content licensing $ 1,799 $ 1,805 (0.3) % $ 4,772 $ 3,979 19.9 %
Theatrical 972 284 NM 1,088 570 90.8
Other 269 343 (21.5) 605 709 (14.7)
Total revenue 3,040 2,432 25.0 6,466 5,259 23.0
Costs and Expenses
Programming and production 2,047 1,664 23.0 4,282 3,564 20.2
Marketing and promotion 545 452 20.6 918 844 8.7
Other 247 256 (3.5) 509 515 (1.2)
Total costs and expenses 2,839 2,372 19.7 5,709 4,923 16.0
Adjusted EBITDA $ 202 $ 61 NM $ 757 $ 335 125.9 %
Percentage changes that are considered not meaningful are denoted with NM.
Studios Segment - Revenue
Content licensing revenue was consistent for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to the timing of when content was made available by our film studios, offset by the timing of when content was made available by our television studios under licensing agreements.
Content licensing revenue increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to the timing of when content was made available by our television studios under licensing agreements, mostly driven by a renewed licensing agreement for content exclusively available for streaming on Peacock in the current year period.
Theatrical revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to higher revenue from recent releases, including The Super Mario Galaxy Movie, Obsession and the international distribution of Michael, compared to revenue from releases impacting the prior year period.
Studios Segment - Costs and Expenses
Programming and production costs increased for the three months ended June 30, 2026 compared to the same period in 2025 primarily due to higher costs associated with theatrical releases.
Programming and production costs increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to higher costs associated with the renewed licensing agreement for content exclusively available for streaming on Peacock and higher costs associated with theatrical releases.
Marketing and promotion expenses increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to increased spending on recent and upcoming theatrical film releases.
Theme Parks Segment Results of Operations
Three Months Ended
June 30, 		Change Six Months Ended
June 30, 		Change
(in millions) 2026 2025 % 2026 2025 %
Revenue $ 2,413 $ 2,349 2.7 % $ 4,744 $ 4,226 12.3 %
Costs and expenses 1,805 1,708 5.7 3,584 3,171 13.0
Adjusted EBITDA $ 609 $ 641 (5.1) % $ 1,159 $ 1,055 9.9 %
Theme parks segment revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to higher revenue at our theme parks in Orlando driven by the opening of Epic Universe in May 2025, partially offset by decreases at our international theme parks.
Theme parks segment costs and expenses increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to operating costs associated with our domestic theme parks, including Epic Universe.
Content & Experiences Headquarters, Other and Eliminations
Headquarters and Other Results of Operations
Three Months Ended
June 30, 		Change Six Months Ended
June 30, 		Change
(in millions) 2026 2025 % 2026 2025 %
Revenue $ 18 $ 9 112.4 % $ 33 $ 20 69.8 %
Costs and expenses 233 210 11.0 456 415 9.7
Adjusted EBITDA $ (214) $ (201) (6.7) % $ (423) $ (396) (6.8) %
Headquarters and Other expenses primarily consist of overhead, personnel and other costs necessary to operate the Content & Experiences business.
Eliminations
Three Months Ended
June 30, 		Change Six Months Ended
June 30, 		Change
(in millions) 2026 2025 % 2026 2025 %
Revenue $ (435) $ (604) (27.9) % $ (1,546) $ (1,298) 19.1 %
Costs and expenses (460) (660) (30.2) (1,431) (1,368) 4.6
Adjusted EBITDA $ 25 $ 56 (55.0) % $ (115) $ 70 NM
Percentage changes that are considered not meaningful are denoted with 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. The six months ended June 30, 2026 includes 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.
Corporate, Other and Eliminations
Corporate and Other Results of Operations
Three Months Ended
June 30, 		Change Six Months Ended
June 30, 		Change
(in millions) 2026 2025
%
2026 2025
%
Revenue $ 368 $ 322 14.5 % $ 793 $ 712 11.4 %
Costs and expenses 742 609 21.9 1,411 1,194 18.2
Adjusted EBITDA $ (374) $ (287) (30.2) % $ (618) $ (482) (28.2) %
Corporate and Other primarily consists of overhead and personnel costs; our regional sports networks; and Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania.
Corporate and Other revenue increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily due to increases in revenue from our corporate functions and Comcast Spectacor, partially offset by decreases from our regional sports networks.
Corporate and Other costs and expenses increased for the three and six months ended June 30, 2026 compared to the same periods in 2025 primarily driven by higher costs related to our corporate functions, including marketing associated with the Milan Cortina Olympics for the six months ended June 30, 2026.
Eliminations
Three Months Ended
June 30, 		Change Six Months Ended
June 30, 		Change
(in millions) 2026 2025 % 2026 2025 %
Revenue $ (1,324) $ (1,217) 8.8 % $ (2,758) $ (2,448) 12.7 %
Costs and expenses (1,327) (1,237) 7.3 (2,731) (2,481) 10.1
Adjusted EBITDA $ 3 $ 20 (83.4) % $ (27) $ 33 NM
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 segment. Eliminations of transactions between segments within Content & Experiences are presented separately. Amounts are affected by the periodic broadcast of the Olympic Games, including the Milan Cortina Olympics in the first quarter of 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.
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.
Reconciliation from Net Income Attributable to Comcast Corporation to Adjusted EBITDA
Three Months Ended
June 30, 		Six Months Ended
June 30,
(in millions) 2026 2025 2026 2025
Net income attributable to Comcast Corporation
$ 3,526 $ 11,123 $ 5,699 $ 14,498
Net income (loss) attributable to noncontrolling interests (107) (79) (254) (158)
Income tax expense 1,194 3,603 1,899 4,799
Interest expense 1,052 1,105 2,146 2,155
Investment and other (income) loss, net (503) (9,760) (195) (9,644)
Depreciation 2,391 2,349 4,724 4,580
Amortization 1,297 1,805 2,829 3,423
Transaction costs(a)
- 36 51 55
Transaction-related costs(a)
- 75 - 77
Other adjustments(b)
55 26 (68) 29
Adjusted EBITDA $ 8,902 $ 10,283 $ 16,831 $ 19,815
(a)Transaction costs are incremental costs directly related to effectuating the Versant Separation and primarily include advisory, legal and audit fees, as well as legal entity separation costs. Transaction-related costs are incremental costs incurred related to the Versant Separation, including costs that reflect strategic decisions about how the stand-alone Versant business will be structured or operated, which may be different than if it remained part of Comcast. Transaction-related costs primarily include certain separation-related employee compensation, severance and retention bonuses; IT separation and implementation costs; and other one-time costs.
(b)Amounts represent the impact of certain other events, gains, losses or other charges that are excluded from Adjusted EBITDA. The three and six months ended June 30, 2026 include certain share-based compensation expenses and costs related to our investment portfolio. The six months ended June 30, 2026 also include a gain related to a legal settlement. The three and six months ended June 30, 2025 include 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.
Reconciliation of Connectivity & Platforms Constant Currency
Three Months Ended June 30, 2025 Six Months Ended June 30, 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 $ 17,839 $ 45 $ 17,884 $ 35,504 $ 346 $ 35,851
Business Services Connectivity 2,575 - 2,575 5,071 2 5,073
Total Connectivity & Platforms revenue $ 20,414 $ 45 $ 20,459 $ 40,575 $ 348 $ 40,923
Adjusted EBITDA
Residential Connectivity & Platforms $ 7,006 $ 4 $ 7,010 $ 13,848 $ 42 $ 13,890
Business Services Connectivity 1,444 - 1,444 2,866 (1) 2,865
Total Connectivity & Platforms Adjusted EBITDA $ 8,450 $ 4 $ 8,454 $ 16,714 $ 41 $ 16,755
Adjusted EBITDA Margin
Residential Connectivity & Platforms 39.3 % (10) bps 39.2 % 39.0 % (30) bps 38.7 %
Business Services Connectivity 56.1 - bps 56.1 56.5 - bps 56.5
Total Connectivity & Platforms Adjusted EBITDA margin 41.4 % (10) bps 41.3 % 41.2 % (30) bps 40.9 %
Three Months Ended June 30, 2025 Six Months Ended June 30, 2025
(in millions) As Reported Effects of Foreign Currency Constant Currency Amounts As Reported Effects of Foreign Currency Constant Currency Amounts
Costs and Expenses
Programming $ 3,998 $ 18 $ 4,016 $ 8,105 $ 128 $ 8,233
Technical and support 1,918 5 1,923 3,854 35 3,888
Direct product costs 1,829 8 1,837 3,454 67 3,522
Marketing and promotion 1,249 4 1,252 2,491 24 2,515
Customer service 677 1 679 1,359 11 1,370
Other 2,293 5 2,298 4,598 42 4,640
Total Connectivity & Platforms costs and expenses $ 11,965 $ 41 $ 12,006 $ 23,862 $ 307 $ 24,168
Reconciliation of Residential Connectivity & Platforms Constant Currency
Three Months Ended June 30, 2025 Six Months Ended June 30, 2025
(in millions)
As Reported Effects of Foreign Currency Constant Currency Amounts As Reported Effects of Foreign Currency Constant Currency Amounts
Revenue
Domestic broadband $ 6,649 $ - $ 6,649 $ 13,327 $ - $ 13,327
Domestic wireless service 882 - 882 1,732 - 1,732
Domestic convergence revenue 7,530 - 7,530 15,059 - 15,059
Domestic wireless equipment 313 - 313 587 - 587
International connectivity 1,219 10 1,230 2,351 94 2,445
Total residential connectivity 9,063 10 9,074 17,997 94 18,091
Video 6,605 28 6,634 13,206 197 13,403
Advertising 951 4 955 1,850 30 1,880
Other 1,219 3 1,222 2,452 26 2,478
Total revenue 17,839 45 17,884 35,504 346 35,851
Costs and Expenses
Programming 3,998 18 4,016 8,105 128 8,233
Other 6,835 22 6,858 13,551 176 13,728
Total costs and expenses 10,834 41 10,874 21,657 304 21,961
Adjusted EBITDA $ 7,006 $ 4 $ 7,010 $ 13,848 $ 42 $ 13,890
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
Six Months Ended
June 30,
(in billions) 2026 2025
Cash provided by operating activities $ 15.0 $ 16.1
Cash used in investing activities $ (6.5) $ (7.9)
Cash used in financing activities $ (11.3) $ (5.9)
(in billions) June 30,
2026 		December 31,
2025
Cash and cash equivalents $ 7.7 $ 9.5
Restricted cash included in other current assets and other noncurrent assets, net $ 0.1 $ 1.1
Debt
$ 90.4 $ 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 June 30, 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 June 30, 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
Six Months Ended
June 30,
(in millions) 2026 2025
Operating income $ 9,296 $ 11,650
Depreciation and amortization 7,553 8,003
Noncash share-based compensation 786 703
Changes in operating assets and liabilities (369) (614)
Payments of interest (1,836) (1,803)
Payments of income taxes (559) (2,085)
Proceeds from investments and other 112 254
Net cash provided by operating activities $ 14,983 $ 16,109
The variance in changes in operating assets and liabilities for the six months ended June 30, 2026 compared to the same period in 2025 was primarily related to the timing of amortization and related payments for our film and television costs, including the timing of sports, and the timing of third-party transferable tax credits purchases, partially offset by increases in accounts receivable, including the impact of our broadcast of the FIFA World Cup, and decreases in deferred revenue.
Payments of income taxes decreased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to the timing of third-party transferable tax credit purchases and additional deductions allowed under legislation enacted in 2025.
Legislation signed into law in 2025 in the United States is expected to significantly reduce our payments of income taxes over the next several years, with variability across the years, primarily due to additional depreciation deductions.
Proceeds from investments and other decreased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to a gain on a legal settlement in the current year period, with the related proceeds included in investing activities.
Investing Activities
Net cash used in investing activities decreased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to the acquisition of Nitel in 2025, the purchase of an equity method investment in the prior year period, proceeds from a legal settlement in the current year period and proceeds from the sale of our Sky operations in Germany in the current year period (see Note 6). These decreases were partially offset by additional proceeds received in the prior year period for the sale of our interest in Hulu, an increase in capital expenditures and proceeds from the sale of a nonmarketable security in the prior year period. Capital expenditures increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to increased spending by the Connectivity & Platforms businesses primarily on scalable infrastructure and customer premise equipment, partially offset by decreased spending by the Content & Experiences businesses. The decreased spending by Content & Experiences was driven by the opening of Epic Universe in 2025, partially offset by increased spending on the development of other destinations and experiences.
In July 2026, we entered into an agreement to acquire the ITV Media & Entertainment business from ITV plc for total consideration of up to £1.6 billion, subject to customary adjustments, including cash of £1.2 billion, noncash consideration valued at approximately £0.2 billion and variable consideration of up to £0.2 billion. The acquisition is expected to close in the second half of 2027, subject to various conditions and approvals.
Financing Activities
Net cash used in financing activities increased for the six months ended June 30, 2026 compared to the same period in 2025 primarily due to higher repurchases and repayments of debt, cash transferred to Versant, net in the current year period and lower proceeds from borrowings, partially offset by lower repurchases of common stock under our share repurchase program and employee plans in the current year period.
In the fourth quarter of 2025, Versant incurred $1.0 billion of indebtedness from the issuance of certain notes and on January 2, 2026, before the Distribution, Versant borrowed $2.0 billion of indebtedness from certain credit facilities. Versant's $3.0 billion aggregate principal amount of indebtedness ceased to be consolidated indebtedness of Comcast in connection with the Versant Separation. On the Versant 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.
For the six months ended June 30, 2026, we made debt repayments of $7.3 billion, including the early purchase of $4.1 billion of senior notes maturing between January 2027 and June 2029, as well as $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.
Share Repurchases and Dividends
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. During the six months ended June 30, 2026, we repurchased a total of 76 million shares of our Class A common stock for $2.2 billion under this share repurchase program. We did not purchase any shares outside of this program. As of June 30, 2026, we had $6.7 billion remaining under the authorization. In connection with the proposed NBCUniversal Spin-off, we have suspended our share repurchase program as of the beginning of the third quarter of 2026.
In addition, we paid $347 million and $345 million for the six months ended June 30, 2026 and 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 2026, our Board of Directors approved a dividend consistent with the prior year of $1.32 per share on an annualized basis. During the six months ended June 30, 2026, we paid dividends of $2.4 billion. In May 2026, our Board of Directors approved our second quarter dividend of $0.33 per share, which was paid in July 2026. 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.
Debt and Guarantee Structure
(in billions) June 30,
2026 		December 31,
2025
Debt Subject to Cross-Guarantees
Comcast $ 86.3 $ 93.3
NBCUniversal(a)
1.6 1.6
Comcast Cable(a)
0.3 0.9
88.2 95.8
Debt Subject to One-Way Guarantees
Sky 2.7 2.7
Other(a)
0.1 0.1
2.8 2.9
Debt Not Guaranteed
Universal Beijing Resort(b)
3.7 3.6
Other(c)
1.4 2.5
5.1 6.1
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net (5.8) (5.9)
Total debt $ 90.4 $ 98.9
(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 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 Versant 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 June 30, 2026 and December 31, 2025, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $119 billion and $107 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $15 billion and $14 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.
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 32% of our equity interests in Comcast Cable and NBCUniversal, respectively.
As of June 30, 2026 and December 31, 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 $84 billion and $71 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $11 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.
We believe our estimates associated with the valuation and impairment testing of goodwill are critical in the preparation of our consolidated financial statements. We assessed goodwill for impairment in connection with the Versant Separation and our change in segment composition in the first quarter of 2026. Based on our assessment, no impairment was required, and the estimated fair values of our reporting units substantially exceeded their carrying values.
Changes in market conditions, laws and regulations, and key assumptions made in future quantitative assessments, such as expected cash flows, competitive factors, discount rates, and value indications from market transactions, including the proposed NBCUniversal Spin-off, could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge.
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.
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