Comcast Corporation

04/23/2026 | Press release | Distributed by Public on 04/23/2026 13:10

Quarterly Report for Quarter Ending March 31, 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 Separation of Versant occurred on January 2, 2026. The results of Versant are included in our consolidated results of operations for the three months ended March 31, 2025 and are excluded from our segment operating results (see Note 2).
Consolidated Operating Results
Three Months Ended
March 31, 		Change
(in millions, except per share data) 2026 2025 %
Revenue $ 31,457 $ 29,887 5.3 %
Costs and Expenses:
Programming and production 10,884 8,415 29.3
Marketing and promotion 2,164 2,071 4.5
Other operating and administrative 10,408 9,893 5.2
Depreciation 2,333 2,231 4.6
Amortization 1,533 1,618 (5.3)
Total costs and expenses 27,321 24,228 12.8
Operating income
4,135 5,658 (26.9)
Interest expense (1,094) (1,050) 4.2
Investment and other income (loss), net (309) (116) (165.8)
Income before income taxes
2,733 4,492 (39.2)
Income tax expense
(706) (1,196) (41.0)
Net income
2,027 3,296 (38.5)
Less: Net income (loss) attributable to noncontrolling interests (147) (79) 86.6
Net income attributable to Comcast Corporation
$ 2,174 $ 3,375 (35.6) %
Basic earnings per common share attributable to Comcast Corporation shareholders
$ 0.60 $ 0.90 (32.5) %
Diluted earnings per common share attributable to Comcast Corporation shareholders
$ 0.60 $ 0.89 (32.6) %
Weighted-average number of common shares outstanding - basic
3,597 3,768 (4.5) %
Weighted-average number of common shares outstanding - diluted
3,617 3,784 (4.4) %
Adjusted EBITDA(a)
$ 7,929 $ 9,532 (16.8) %
(a)Adjusted EBITDA 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 Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.
Consolidated revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to increases in the Content & Experiences business and in Corporate and Other, partially offset by a decrease due to the Separation in 2026 and a decrease in the Connectivity & Platforms business. Consolidated revenue for the three months ended March 31, 2025 includes the results of Versant. 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 March 31, 2026 compared to the same period in 2025 primarily due to increases in the Content & Experiences business, in Corporate and Other and in the Connectivity and Platforms business, partially offset by a decrease due to the Separation in 2026. Consolidated costs and expenses for the three months ended March 31, 2025 includes the results of Versant.
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 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 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
(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 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)
March 31, Three Months Ended
March 31,
(in thousands) 2026 2025 2026 2025
Residential Connectivity & Platforms Customer Relationships(a)
Domestic Residential Connectivity & Platforms customer relationships 30,345 30,969 (94) (204)
International Residential Connectivity & Platforms customer relationships(b)
17,603 17,674 104 (11)
Total Residential Connectivity & Platforms customer relationships(b)
47,948 48,643 10 (215)
Domestic Residential Broadband
Domestic broadband residential customers 28,654 29,190 (65) (183)
Domestic residential passings(c)
59,164 58,063
Domestic broadband residential penetration of residential passings(d)
48.4 % 50.3 %
Domestic Wireless
Domestic wireless lines(e)
9,739 8,148 435 323
Domestic Video
Domestic video customers 10,948 12,096 (322) (427)
(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 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 Ended
March 31, 		Change
Constant Currency Change(g)
(in millions) 2026 2025 % %
Costs and Expenses
Programming(a)
$ 3,787 $ 4,107 (7.8) % (10.2) %
Technical and support(b)
1,968 1,935 1.7 0.2
Direct product costs(c)
1,962 1,625 20.7 16.5
Marketing and promotion(d)
1,337 1,242 7.6 5.9
Customer service(e)
676 682 (1.0) (2.3)
Other(f)
2,323 2,305 0.8 (0.8)
Total Connectivity & Platforms costs and expenses $ 12,052 $ 11,897 1.3 % (0.9) %
(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 25 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
March 31, 		Change
Constant Currency Change(a)
(in millions) 2026
2025(b)
% %
Revenue
Domestic broadband $ 6,338 $ 6,679 (5.1) % (5.1) %
Domestic wireless service 977 850 15.0 15.0
Domestic convergence revenue 7,315 7,529 (2.8) (2.8)
Domestic wireless equipment 418 273 52.9 52.9
International connectivity 1,240 1,132 9.5 2.0
Total residential connectivity 8,973 8,933 0.4 (0.5)
Video 6,256 6,600 (5.2) (7.6)
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 3,787 4,107 (7.8) (10.2)
Other 7,102 6,716 5.7 3.4
Total costs and expenses 10,889 10,823 0.6 (1.8)
Adjusted EBITDA $ 6,434 $ 6,842 (6.0) % (6.5) %
(a)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.
(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 sales. 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 months ended March 31, 2026 compared to the same period in 2025 due to a decrease in average rates and a decline 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 months ended March 31, 2026 compared to the same period in 2025 due to an increase 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 months ended March 31, 2026 compared to the same period in 2025 due to an increase in the number of 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 March 31, 2026 compared to the same period in 2025 primarily due to the positive impact of foreign currency and an increase in broadband revenue resulting from an increase in average rates.
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 the sale of DTC streaming services that a customer is entitled to receive through a video service offering.
Video revenue decreased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to a decline in the overall number of video customers, partially offset by the positive impact of foreign currency.
Advertising revenue primarily consists of revenue from the sale 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 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 Ended
March 31, 		Change
(in millions) 2026 2025 %
Revenue $ 2,640 $ 2,496 5.8 %
Costs and expenses 1,163 1,074 8.3
Adjusted EBITDA $ 1,476 $ 1,422 3.8 %
Business services connectivity 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 enterprise solutions offerings, including the results from Nitel, which was acquired in April 2025.
Business services connectivity costs and expenses increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to an increase in direct product costs, which include the results from Nitel, and an increase in marketing and promotion expenses.
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 Ended
March 31, 		Change
(in millions) 2026 2025 %
Revenue
Domestic advertising $ 3,453 $ 1,468 135.3 %
Domestic distribution 2,283 1,667 37.0
International networks 1,291 1,148 12.4
Other 253 244 3.9
Total revenue 7,280 4,527 60.8
Costs and Expenses
Programming and production 6,304 3,283 92.0
Marketing and promotion 404 306 32.0
Other 997 830 20.2
Total costs and expenses 7,706 4,420 74.4 %
Adjusted EBITDA $ (426) $ 107 NM
Percentage changes that are considered not meaningful are denoted with NM.
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 $2.1 billion related to Peacock for the three months ended March 31, 2026, including amounts related to the Milan Cortina Olympics and Super Bowl. Media segment total revenue included $1.2 billion related to Peacock for the three months ended March 31, 2025. 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 46 million and 41 million paid subscribers of Peacock as of March 31, 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 March 31, 2026 compared to the same period in 2025 primarily due to costs associated with the Milan Cortina Olympics and Super Bowl 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 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 $2.5 billion related to Peacock for the three months ended March 31, 2026, including amounts related to the Milan Cortina Olympics and Super Bowl. Media segment total costs and expenses included $1.4 billion related to Peacock for the three months ended March 31, 2025.
Studios Segment Results of Operations
Three Months Ended
March 31, 		Change
(in millions) 2026 2025 %
Revenue
Content licensing $ 2,973 $ 2,174 36.8 %
Theatrical 117 286 (59.2)
Other 336 366 (8.2)
Total revenue 3,426 2,826 21.2
Costs and Expenses
Programming and production 2,236 1,901 17.6
Marketing and promotion 373 392 (4.9)
Other 262 259 1.1
Total costs and expenses 2,871 2,552 12.5
Adjusted EBITDA $ 555 $ 274 102.4 %
Studios Segment - Revenue
Content licensing revenue increased for the three months ended March 31, 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 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.
Studios Segment - Costs and Expenses
Programming and production costs increased for the three months ended March 31, 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.
Marketing and promotion expenses decreased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to decreased spending on recent and upcoming theatrical film releases in the current year period.
Theme Parks Segment Results of Operations
Three Months Ended
March 31, 		Change
(in millions) 2026 2025 %
Revenue $ 2,331 $ 1,876 24.2 %
Costs and expenses 1,780 1,463 21.6
Adjusted EBITDA $ 551 $ 413 33.3 %
Theme parks segment revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 due to higher revenue at our theme parks in Orlando driven by the opening of Epic Universe in May 2025.
Theme parks segment costs and expenses increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to operating costs associated with Epic Universe.
Content & Experiences Headquarters, Other and Eliminations
Headquarters and Other Results of Operations
Three Months Ended
March 31, 		Change
(in millions) 2026 2025 %
Revenue $ 15 $ 11 35.9 %
Costs and expenses 223 206 8.4
Adjusted EBITDA $ (208) $ (195) (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
March 31, 		Change
(in millions) 2026 2025 %
Revenue $ (1,111) $ (694) 60.0 %
Costs and expenses (970) (708) 37.0
Adjusted EBITDA $ (140) $ 14 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. 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.
Corporate, Other and Eliminations
Corporate and Other Results of Operations
Three Months Ended
March 31, 		Change
(in millions) 2026 2025
%
Revenue $ 1,006 $ 906 11.0 %
Costs and expenses 1,288 1,105 16.6
Adjusted EBITDA $ (283) $ (198) (42.6) %
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.
Corporate and Other revenue increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily driven by an increase from Sky operations in Germany primarily due to the positive impact of foreign currency, partially offset by a decrease from our regional sports 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 Ended
March 31, 		Change
(in millions) 2026 2025 %
Revenue $ (1,452) $ (1,244) 16.7 %
Costs and expenses (1,421) (1,256) 13.1 %
Adjusted EBITDA $ (31) $ 12 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 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
March 31,
(in millions) 2026 2025
Net income attributable to Comcast Corporation
$ 2,174 $ 3,375
Net income (loss) attributable to noncontrolling interests (147) (79)
Income tax expense 706 1,196
Interest expense 1,094 1,050
Investment and other (income) loss, net 309 116
Depreciation 2,333 2,231
Amortization 1,533 1,618
Transaction costs(a)
51 20
Transaction-related costs(a)
- 2
Other adjustments(b)
(123) 3
Adjusted EBITDA $ 7,929 $ 9,532
(a)Transaction costs are incremental costs directly related to effectuating the 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 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 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 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.
Reconciliation of Connectivity & Platforms Constant Currency
Three months ended March 31, 2025
(in millions) As Reported Effects of Foreign Currency Constant Currency Amounts
Revenue
Residential Connectivity & Platforms $ 17,665 $ 301 $ 17,966
Business Services Connectivity 2,496 2 2,497
Total Connectivity & Platforms revenue $ 20,161 $ 303 $ 20,464
Adjusted EBITDA
Residential Connectivity & Platforms $ 6,842 $ 37 $ 6,879
Business Services Connectivity 1,422 - 1,422
Total Connectivity & Platforms Adjusted EBITDA $ 8,264 $ 37 $ 8,301
Adjusted EBITDA Margin
Residential Connectivity & Platforms 38.7 % (40) bps 38.3 %
Business Services Connectivity 57.0 (10) bps 56.9
Total Connectivity & Platforms Adjusted EBITDA margin 41.0 % (40) bps 40.6 %
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 March 31, 2025
(in millions)
As Reported Effects of Foreign Currency Constant Currency Amounts
Revenue
Domestic broadband $ 6,679 $ - $ 6,679
Domestic wireless service 850 - 850
Domestic convergence revenue 7,529 - 7,529
Domestic wireless equipment 273 - 273
International connectivity 1,132 84 1,215
Total residential connectivity 8,933 84 9,017
Video 6,600 169 6,769
Advertising 899 26 924
Other 1,233 23 1,256
Total revenue 17,665 301 17,966
Costs and Expenses
Programming 4,107 110 4,217
Other 6,716 154 6,870
Total costs and expenses 10,823 264 11,087
Adjusted EBITDA $ 6,842 $ 37 $ 6,879
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
Three Months Ended
March 31,
(in billions) 2026 2025
Cash provided by operating activities $ 6.9 $ 8.3
Cash used in investing activities $ (2.9) $ (3.0)
Cash used in financing activities $ (5.0) $ (4.1)
(in billions) March 31,
2026 		December 31,
2025
Cash and cash equivalents $ 9.5 $ 9.5
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 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
Three Months Ended
March 31,
(in millions) 2026 2025
Operating income $ 4,135 $ 5,658
Depreciation and amortization 3,865 3,849
Noncash share-based compensation 427 382
Changes in operating assets and liabilities (515) (636)
Payments of interest (727) (674)
Payments of income taxes (249) (400)
Proceeds from investments and other (45) 115
Net cash provided by operating activities $ 6,891 $ 8,294
The variance in changes in operating assets and liabilities for the three months ended March 31, 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, partially offset by increases in accounts receivable and decreases in deferred revenue, which included the impacts of our broadcasts of the Olympics and Super Bowl.
Payments of interest increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to decreased capitalized interest driven by the opening of Epic Universe.
Payments of income taxes decreased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to decreased third-party transferable tax credits purchased in the current year period.
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 three months ended March 31, 2026 compared to the same period in 2025 primarily due to a gain on a legal settlement in the current year period.
Investing Activities
Net cash used in investing activities decreased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to proceeds from a legal settlement and cash from derivative settlements in the current year period, partially offset by an increase in capital expenditures and an increase in purchases of investments. Capital expenditures increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to increased spending by the Connectivity & Platforms businesses primarily on customer premise equipment, scalable infrastructure and support capital, partially offset by decreased spending driven by the opening of Epic Universe in 2025.
In 2025, we entered into an agreement with RTL Group to sell our Sky operations in Germany, subject to various conditions and approvals, and we expect the sale to be completed in 2026. The related assets and liabilities are presented as held for sale as of March 31, 2026 and December 31, 2025 (see Note 6).
Financing Activities
Net cash used in financing activities increased for the three months ended March 31, 2026 compared to the same period in 2025 primarily due to higher repurchases and repayments of debt, partially offset by impacts from the Versant transaction and 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 Separation. 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.
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.
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 three months ended March 31, 2026, we repurchased a total of 42 million shares of our Class A common stock for $1.3 billion under this 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 authorization in the open market or in private transactions, subject to market and other conditions.
In addition, we paid $242 million and $219 million for the three months ended March 31, 2026 and 2025, respectively, related to employee taxes associated with the administration of our share-based compensation plans.
In January 2026, our Board of Directors approved a dividend consistent with the prior year of $1.32 per share on an annualized basis and approved our first quarter dividend of $0.33 per share, which was paid in April 2026. During the three months ended March 31, 2026, we paid dividends of $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.
Debt and Guarantee Structure
(in billions) March 31,
2026 		December 31,
2025
Debt Subject to Cross-Guarantees
Comcast $ 90.4 $ 93.3
NBCUniversal(a)
1.6 1.6
Comcast Cable(a)
0.5 0.9
92.5 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)
3.6 3.6
Other(c)
1.5 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 $ 94.6 $ 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 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 March 31, 2026 and December 31, 2025, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $112 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 March 31, 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 $76 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 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.
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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