COMCAST CORP
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 31, 2025
CMCSA$24.39-2.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-24.
0001166691-25-000021
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0001166691-25-000036
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 147 previous paragraphs and 153 current paragraphs.
89 unchanged; 55 reworded; 7 added; 3 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 25 previous and 26 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
(c)Beginning in the second quarter of 2025, Business Services Connectivity customer relationships and Domestic Broadband Business customers include connections from the acquisition of Nitel and other conforming changes, resulting in an increase of 124,000 Business Services Connectivity customer relationships and 123,000 domestic broadband business customers as of April 1, 2025. Because these adjustments were made as of April 1, 2025, they are not reflected in prior period customer metrics or in net additions / (losses) in prior and current year periods.
Current report
Theatrical revenue increased forthe three months ended June 30, 2025 compared to the same period in 2024 primarily due to higher revenue from recent releases, including How to Train Your Dragon.
Current report
Theme parks segment costs and expenses increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to operating costs associated with Epic Universe.
Current report
Corporate and Other revenue was consistent forthe three months ended June 30, 2025 compared to the same period in 2024 primarily driven by an increase from Sky operations in Germany, which includes the positive impact of foreign currency partially offset by an underlying decrease in revenue, offset by a decrease in revenue from Comcast Spectacor.
Current report
Corporate and Other costs and expenses increased for thethree months ended June 30, 2025 compared to the same period in 2024 primarily due to higher costs related to Sky operations in Germany, which includes the impact of foreign currency partially offset by lower underlying costs, and an increase related to corporate functions.
Current report
Additionally, on July 4, 2025, legislation was signed into law in the United States, which is expected to significantly reduce our payments of income taxes beginning in the second half of 2025. Among other things, this legislation provides for immediate deduction of 100% of the costs of qualified property, including significant portions of our capital expenditures and film and television production costs, acquired and placed into service after January 19, 2025, compared to the 40% and 20% deductions that would have applied in 2025 and 2026, respectively, under prior law. The legislation also reinstates the immediate deduction of domestic research and development expenses, retroactive to 2022, repealing the prior requirement to capitalize and amortize such costs over five years. We are continuing to determine the impact the legislation will have on our consolidated financial statements.
Current report
In May 2025, we issued $2.5 billion aggregate principal amount of fixed-rate senior notes, which have maturities ranging between 2032 and 2055 and a weighted-average interest rate of 5.51%. The net proceeds from this issuance were intended for the early redemption of all outstanding amounts of our $1.5 billion aggregate principal amount of 3.375% Notes due August 2025, which was completed in June 2025, and for general corporate purposes.
Removed paragraphs (3)
Previous report
Theme parks segment costs and expenses increased for thethree months ended March 31, 2025 compared to the same period in 2024 primarily due to preopening costs for Epic Universe ahead of the scheduled opening in May 2025.
Previous report
The decrease in payments of interest for the three months ended March 31, 2025 compared to the same period in 2024 was primarily due to the timing of interest payments on outstanding debt in the prior year period.
Previous report
In the fourth quarter of 2023, we exercised our put right requiring Disney to purchase our interest in Hulu and received $8.6 billion, representing $9.2 billion for our share of Hulu’s minimum equity value presented as an advance on the sale of our investment in our condensed consolidated balance sheet, less $557 million for our share of prior capital calls. We expect to receive additional proceeds for the sale of our interest in Hulu following the final determination of Hulu’s fair value pursuant to a third-party appraisal process, at which time we will recognize the sale of our interest.
Reworded paragraphs (55)
Previous wording
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.
Current wording
We are a global media and technology company with two primary businesses: Connectivity & Platforms and Content & Experiences. We present the operations of (1) our Connectivity & Platforms business in two segments: Residential Connectivity & Platforms and Business Services Connectivity; and (2) our Content & Experiences business in three segments: Media, Studios and Theme Parks. The discussion and analysis that follows includes the results of the cable television networks and complementary digital assets proposed to be included in the spin-off and does not reflect or give effect to what our results of operations and financial condition may be following the spin-off, if consummated.
Previous wording
Consolidated revenue remained consistent for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to decreases in the Connectivity & Platforms business and Corporate and Other, offset by an increase in the Content & Experiences business. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”
Current wording
Consolidated revenue increased for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to an increase in the Content & Experiences business. Consolidated revenue remained consistent for the six months ended June 30, 2025 compared to the same period in 2024 driven by an increase in the Content & Experiences business, offset by a decrease in Corporate and Other. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”
Previous wording
Consolidated costs and expenses, excluding depreciation and amortization expense, decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to decreases in the Connectivity & Platforms business and Corporate and Other, partially offset by an increase in the Content & Experiences business. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”
Current wording
Consolidated costs and expenses, excluding depreciation and amortization expense, increased for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to increases in the Content & Experiences business and in Corporate and Other. Consolidated costs and expenses, excluding depreciation and amortization expense, remained consistent for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to an increase in the Content & Experiences business, partially offset by a decrease in Corporate and Other. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.”
Previous wording
Consolidated depreciation and amortization expense increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business.
Current wording
Consolidated depreciation and amortization expense increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business, impairments of certain long-lived assets in the current year period and increased depreciation due to the opening of Epic Universe in May 2025.
Previous wording
Amortization expense from acquisition-related intangible assets totaled$789 millionand $569 million for the three months ended March 31, 2025 and 2024, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.
Current wording
Amortization expense from acquisition-related intangible assets totaled$810 million and $1.6 billion for the three and six months ended June 30, 2025, respectively, and $563 million and$1.1 billion for the three and six months ended June 30, 2024, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.
Previous wording
Consolidated interest expense increased for the three months ended March 31, 2025 primarily due to an increase in average debt outstanding and higher weighted-average interest rates in the current year period.
Current wording
Consolidated interest expense increased for the three and six months ended June 30, 2025 primarily due to an increase in average debt outstanding and higher weighted-average interest rates in the current year periods, as well as decreased capitalized interest.
Previous wording
Consolidated investment and other income (loss), netdecreased for the three months ended March 31, 2025 compared to the same period in 2024.
Current wording
Consolidated investment and other income (loss), netincreased for the three and six months ended June 30, 2025 compared to the same periods in 2024.
Previous wording
The change in equity in net income (losses) of investees, net 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 $(169) million and $195 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
The change in equity in net income (losses) of investees, net for the three months ended June 30, 2025 compared to the same period in 2024 was primarily due to our investments in Atairos and Hulu. The change in equity in net income (losses) of investees, net for the six months ended June 30, 2025 compared to the same period in 2024 was primarily due to our investment in Hulu. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $(26) million and $(194) million for the three and six months ended June 30, 2025, respectively, and $(391) million and $(196) million for the three and six months ended June 30, 2024, respectively.
Previous wording
The change in realized and unrealized gains (losses) on equity securities, net for thethree months ended March 31, 2025 was primarily due to lower losses on nonmarketable securities in the current year period.
Current wording
The change in realized and unrealized gains (losses) on equity securi ties, net for the three and six months ended June 30, 2025 was primarily due to a gain on the sale of a nonmarketable security in the current year periods and by higher net unrealized losses on nonmarketable and marketable securities in the prior year periods.
Previous wording
The change in other income (loss), net for the three months ended March 31, 2025 primarily resulted from a gain related to an equity method investment and from higher income from insurance contracts in the prior year period.
Current wording
The change in other income (loss), net for the three and six months ended June 30, 2025 primarily resulted from a $9.4 billion gain from the sale of our interest in Hulu in the current year period (see Note 7).
Previous wording
Consolidated income tax expense for the three months ended March 31, 2025 and 2024 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, 2025 compared to the same period in 2024 was primarily driven by lower domestic income before income taxes.
Current wording
Consolidated income tax expense for the three and six months ended June 30, 2025 and 2024 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 increase in income tax expense for the three and six months ended June 30, 2025 compared to the same periods in 2024 were primarily driven by higher domestic income before income taxes.
Previous wording
Consolidated net income (loss) attributable to noncontrolling interests is consistent for the three months ended March 31, 2025 compared to the same period in 2024.
Current wording
Consolidated net income (loss) attributable to noncontrolling interests changed for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to Universal Beijing Resort. Consolidated net income (loss) attributable to noncontrolling interests changed for thesix months ended June 30, 2025 compared to the same period in 2024 primarily due to Universal Beijing Resort, partially offset by our regional sports networks and Xumo.
Previous wording
We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. Our customer relationship additions/(losses) continue to be negatively impacted by an increasingly competitive environment. We are focused on increasing our residential connectivity revenue through growth in average domestic broadband revenue per customer, as well as growth in domestic wireless and international connectivity revenue. At the same time, we 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. We also expect 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.
Current wording
We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs. We also continue to invest in our network to support higher-speed broadband offerings and to expand the number of homes and businesses passed. Our customer relationship additions/(losses) continue to be negatively impacted by an increasingly competitive environment. We are focused on increasing our residential connectivity revenue through growth in domestic broadband, domestic wireless and international connectivity revenue. At the same time, we 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. We also expect 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.
Previous wording
(b)Business Services Connectivity customer metrics are gener ally counted based on the number of locations receiving services, including locations within our network in the United States, as well as locations outside of our network both in the United States and internationally. Certain arrangements whereby third parties provide connectivity services leveraging our network are also generally counted based on the number of locations served.
Current wording
(b)Business Services Connectivity customer metrics are generally counted based on the number of connections receiving services, including connections within our network in the United States, as well as connections outside of our network both in the United States and internationally. Certain arrangements whereby third parties provide connectivity services leveraging our network are also generally counted based on the number of connections served.
Previous wording
(c)Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines.
Current wording
(d)Domestic wireless lines represent the number of residential and business customers’ wireless devices. An individual customer relationship may have multiple wireless lines.
Previous wording
(d)Connectivity & Platforms domestic homes and businesses are considered passed if we can connect them to our network in the United States without further extending the transmission lines. Homes and businesses passed is an estimate based on the best available information.
Current wording
(e)Connectivity & Platforms domestic homes and businesses are considered passed if we can connect them to our network in the United States without further extending the transmission lines. Homes and businesses passed is an estimate based on the best available information.
Previous wording
(e)Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed.
Current wording
(f)Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed.
Previous wording
Domestic broadband revenue increased for the three months ended March 31, 2025 compared to the same period in 2024 due to an increase in average rates, which offset a decline in the number of domestic broadband customers.
Current wording
Domestic broadband revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 due to increases in average rates, partially offset by declines in the number of domestic broadband customers.
Previous wording
Domestic wireless revenue increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to an increase in the number of customer lines and device sales.
Current wording
Domestic wireless revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to increases in the number of customer lines and increases in device sales.
Previous wording
International connectivity revenue increased for the three months ended March 31, 2025 compared to the same period in 2024 due to an increase in broadband revenue resulting from an increase in average rates and an increase in wireless revenue resulting from an increase in the sale of wireless services.
Current wording
International connectivity revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 due to increases in broadband revenue resulting from increases in average rates and increases in wireless revenue resulting from increases in the sale of wireless services. The increases for the three and six months ended June 30, 2025 include the positive impact of foreign currency.
Previous wording
Video revenue decreased for thethree months ended March 31, 2025 compared to the same period in 2024 due to a decline in the overall number of video customers, partially offset by an overall increase in average rates.
Current wording
Video revenue decreased for thethree and six months ended June 30, 2025 compared to the same periods in 2024 due to declines in the overall number of video customers, partially offset by overall increases in average rates and the positive impact of foreign currency.
Previous wording
Advertising revenue decreased for the three months ended March 31, 2025 compared to the same period in 2024 due to lower international advertising and lower domestic political and nonpolitical advertising.
Current wording
Advertising revenue decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024 due to lower domestic nonpolitical and political advertising and lower international advertising, partially offset by the positive impact of foreign currency.
Previous wording
Other revenue decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to a decrease in residential wireline voice revenue driven by a decline in the number of customers.
Current wording
Other revenue decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to decreases in residential wireline voice revenue driven by declines in the number of customers.
Previous wording
Programming expenses decreased for thethree months ended March 31, 2025 compared to the same period in 2024 primarily due to a decline in the number of domestic video subscribers, partially offset by rate increases under our domestic programming contracts and an increase in programming expenses for our international sports networks.
Current wording
Programming expenses decreased for thethree and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to declines in the number of domestic video subscribers, partially offset by rate increases under our domestic programming contracts, increases in programming expenses for our international sports networks and the impact of foreign currency.
Previous wording
Other expenses remained consistent for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to increased direct product costs and increased spending on marketing and promotion, offset by lower technical and support and customer service expenses.
Current wording
Other expenses increased for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to increased direct product costs, increased spending on marketing and promotion and the impact of foreign currency, partially offset by lower technical and support expenses.
Previous wording
Business services connectivity revenue increased for the three months ended March 31, 2025 compared to the same period in 2024 due to an increase in revenue from enterprise solutions offerings and from higher average rates from small business customers.
Current wording
Business services connectivity revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 due to increases in revenue from enterprise solutions offerings, including the results from Nitel, which was acquired in April 2025, and from higher average rates from small business customers.
Previous wording
Business services connectivity costs and expenses increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to an increase in direct product costs.
Current wording
Business services connectivity costs and expenses increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to increases in direct product costs, which includes the results from Nitel.
Previous wording
We continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, including Epic Universe in Orlando, which is scheduled to open in May 2025, as well as in new destinations and experiences, which we believe will have a positive impact on attendance and guest spending at our theme parks.
Current wording
We continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, including Epic Universe in Orlando, which opened in May 2025, as well as in new destinations and experiences, which we believe will have a positive impact on attendance and guest spending at our theme parks.
Previous wording
Domestic advertising revenue decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to a decrease in revenue at our linear television networks, partially offset by an increase in revenue at Peacock.
Current wording
Domestic advertising revenue decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to decreases in revenue at our linear television networks.
Previous wording
Domestic distribution revenue remained consistent for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to an increase in revenue at Peacock, offset by a decrease in revenue at our linear television networks.
Current wording
Domestic distribution revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to increases in revenue at Peacock, partially offset by decreases in revenue at our linear television networks. The decreases at our networks were primarily due to declines in the number of subscribers, partially offset by contractual rate increases.
Previous wording
International networks revenue increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to an increase in revenue associated with the distribution of sports networks.
Current wording
International networks revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to increases in revenue associated with the distribution of sports networks and the positive impact of foreign currency.
Previous wording
Media segment total revenue included $1.2 billion and $1.1 billion related to Peacock for the three months ended March 31, 2025 and 2024, respectively. We had 41 million and 34 million paid subscribers of Peacock as of March 31, 2025 and 2024, respectively. Peacock paid subscribers represent customers from which we recognize distribution revenue, including both customers that pay us directly and customers receiving the service through arrangements with companies who sell Peacock on our behalf. In these arrangements, paid subscribers are counted based on the terms of the arrangement when the related revenue is recognized. As a result, certain customers are counted when they activate their account, while other customers are counted when the Peacock service is made available to them as part of their bundled service offering regardless of whether it is activated. The increase in paid subscribers in 2025 is mainly due to availability of Peacock through a third-party’s bundled service offering.
Current wording
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. Media segment total revenue included $1.0 billion and $2.1 billion related to Peacock for the three and six months ended June 30, 2024, respectively. We had 41 million and 33 million paid subscribers of Peacock as of June 30, 2025 and 2024, respectively. Peacock paid subscribers represent customers from which we recognize distribution revenue, including both customers that pay us directly and customers receiving the service through arrangements with companies who sell Peacock on our behalf. In these arrangements, paid subscribers are counted based on the terms of the arrangement when the related revenue is recognized. As a result, certain customers are counted when they activate their account, while other customers are counted when the Peacock service is made available to them as part of their bundled service offering regardless of whether it is activated. The increase in paid subscribers in 2025 is mainly due to availability of Peacock through a third-party’s bundled service offering.
Previous wording
Programming and production costs decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to lower sports programming costs at Peacock and our domestic television networks, mainly reflecting lower sports volumes compared to the prior year period. This decrease was partially offset by an increase in entertainment content costs for our domestic television networks and an increase in sports programming costs for our international television networks.
Current wording
Programming and production costs decreased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to lower sports programming costs at our domestic television networks, mainly reflecting lower sports volumes compared to the prior year periods, and lower programming costs at Peacock, partially offset by increases in entertainment content costs for our domestic television networks and increases in sports programming costs for our international television networks. The decrease for the three months ended June 30, 2025 was also partially offset by the impact of foreign currency.
Previous wording
Marketing and promotion expenses increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to higher costs related to marketing for entertainment programming, partially offset by decreased spending on marketing at Peacock.
Current wording
Marketing and promotion expenses increased for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to higher costs related to marketing for Peacock.
Previous wording
Media segment total costs and expenses included $1.4 billion and $1.7 billion related to Peacock for thethree months ended March 31, 2025 and 2024, respectively.
Current wording
Media segment total costs and expenses included $1.3 billion and $2.8 billion related to Peacock for thethree and six months ended June 30, 2025, respectively. Media segment total costs and expenses included $1.4 billion and $3.1 billion related to Peacock for thethree and six months ended June 30, 2024, respectively.
Previous wording
Content licensing revenue increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to the timing of when content was made available by our film and television studios.
Current wording
Content licensing revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to the timing of when content was made available by our television studios under licensing agreements, partially offset by the timing of when content was made available by our film studios.
Previous wording
Theatrical revenue decreased forthe three months ended March 31, 2025 compared to the same period in 2024 primarily due to higher revenue from releases in the prior year period, including Kung Fu Panda 4 and Migration, compared to revenue from recent releases impacting the current year period, including Dog Manand Nosferatu.
Current wording
Theatrical revenue was consistentforthesix months ended June 30, 2025 compared to the same period in 2024 primarily due to revenue from recent releases impacting the current year period, including How to Train Your Dragon, offset by revenue from releases impacting the prior year period, including Kung Fu Panda 4.
Previous wording
Programming and production costs increased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to higher costs associated with content licensing sales.
Current wording
Programming and production costs increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to higher costs associated with content licensing sales.
Previous wording
Marketing and promotion expenses decreased for thethree months ended March 31, 2025 compared to the same period in 2024 primarily due to decreased spending on recent and upcoming theatrical film releases in the current year period.
Current wording
Marketing and promotion expenses increased for thethree and six months ended June 30, 2025 compared to the same periods in 2024 primarily due to increased spending on recent and upcoming theatrical film releases in the current year periods.
Previous wording
Theme parks segment revenue decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to decreased attendance at our domestic theme parks.
Current wording
Theme parks segment revenue increased for the three and six months ended June 30, 2025 compared to the same periods in 2024 driven by our domestic theme parks, due to higher revenue at our theme park in Orlando driven by the opening of Epic Universe in May 2025, and by our international theme parks, which include the positive impact from foreign currency. The increase at our domestic theme parks for the six months ended June 30, 2025 also includes a partial offset driven by lower revenue at our theme park in Hollywood.
Showing the first 40 of 55 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Other expenses increased for the three months ended June 30, 2025 compared to the same period in 2024 primarily due to increased direct product costs, the impact of foreign currency and increased spending on marketing and promotion.
Current report — wording carried from elsewhere
Marketing and promotion expenses increased forthesix months ended June 30, 2025 compared to the same period in 2024 primarily due to higher costs related to marketing for entertainment programming.