COMCAST CORP
For the period ended Sep 30, 2025. Filed Oct 30, 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.
Sep 30, 2025 · Filed Oct 30, 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 2025-06-30; filed 2025-07-31.
0001166691-25-000036
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001166691-25-000054
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 153 previous paragraphs and 156 current paragraphs.
90 unchanged; 58 reworded; 7 added; 5 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 26 previous and 27 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
Domestic broadband revenue remained consistent for the three months ended September 30, 2025 compared to the same period in 2024 due to an increase in average rates, offset by a decline in the number of domestic broadband customers.
Current report
Revenue decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to the Paris Olympics in the third quarter of 2024. Excluding incremental revenue associated with the Paris Olympics, revenue for the three months ended September 30, 2025 increased primarily due to increases in international networks, domestic advertising and domestic distribution revenue. Excluding incremental revenue associated with the Paris Olympics, revenue for the nine months ended September 30, 2025 increased primarily due to increases in international networks and domestic distribution revenue, partially offset by a decrease in domestic advertising revenue.
Current report
Domestic advertising revenue decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to the Paris Olympics in the third quarter of 2024. Excluding the incremental revenue associated with this event, domestic advertising revenue increased for the three months ended September 30, 2025 primarily due to an increase in revenue at Peacock, and it decreased for the nine months ended September 30, 2025 primarily due to a decrease in revenue at our linear television networks, partially offset by an increase in revenue at Peacock.
Current report
Corporate and Other costs and expenses remained consistent for the nine months ended September 30, 2025 primarily due to our corporate functions and higher costs at Xumo in the current year period, offset by marketing associated with the Paris Olympics in the prior year period.
Current report
Payments of interest increased for the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to increased debt balances following debt issuances in the current year period, decreased capitalized interest driven by the opening of Epic Universe and higher weighted-average interest rates.
Current report
In October 2025, we completed debt exchange transactions and concurrent tender offers. We issued $1.2 billion aggregate principal amount of new 5.17% senior notes due 2037 and made cash payments of approximately $0.8 billion in exchange for $1.9 billion aggregate principal amount of certain series of outstanding senior notes with maturities ranging from 2027 to 2029 and a weighted-average interest rate of 4.01%. These transactions will not have a material impact on our interest expense or on our overall weighted-average interest rate or weighted-average maturity for our total outstanding debt.
Current report
Additionally, in October 2025, in anticipation of the separation of Versant, Versant entered into a credit agreement with respect to a $1.0 billion senior secured term A loan facility due January 2031 (the “Term A Loan Facility”) and a $750 million revolving credit facility due January 2031 (the “Versant Revolving Credit Facility”). Versant also intends to enter into a credit agreement with respect to a $1.0 billion term B loan facility due January 2031 (the “Term B Loan Facility”). The Versant Revolving Credit Facility is expected to be undrawn on the separation date, the Term A Loan Facility will be funded on the separation date, and the Term B Loan Facility is expected to be funded on the separation date. In October 2025, Versant also entered into an indenture pursuant to which Versant issued $1.0 billion aggregate principal amount of 7.25% senior secured notes due January 2031 (the “Notes”). The Notes are subject to a special mandatory redemption at a price of 100% of the principal amount, plus accrued and unpaid interest, if the separation of Versant from Comcast is not consummated by March 2, 2026. The net proceeds from the offering of the Notes were deposited in an escrow account in favor of the trustee, together with certain additional cash contributed by Comcast. On the separation date, Versant intends to use a portion of the proceeds of such indebtedness to make a cash payment of approximately $2.25 billion to Comcast.
Removed paragraphs (5)
Previous report
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 report
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.
Previous report
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 report
Corporate and other revenue decreased for the six months ended June 30, 2025 compared to the same period in 2024 primarily due to a decrease in revenue from Comcast Spectacor, partially offset by an increase from Sky operations in Germany, which includes the positive impact of foreign currency and an underlying increase in revenue.
Previous report
Corporate and Other costs and expenses decreased for thesix months ended June 30, 2025 primarily due to lower costs related to Sky operations in Germany, partially offset by higher costs at Xumo.
Reworded paragraphs (58)
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. 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.
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 platforms proposed to be included in the separation of Versant and does not reflect or give effect to what our results of operations and financial condition may be following the separation, if consummated.
Previous 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.”
Current wording
Consolidated revenue decreased for the three months ended September 30, 2025 compared to the same period in 2024 primarily due to a decrease in the Content & Experiences business, partially offset by an increase in Corporate and Other. Consolidated revenue remained consistent for the nine months ended September 30, 2025 compared to the same period in 2024. Revenue for our segments and other businesses is discussed separately below under the heading “Segment Operating Results.”
Previous 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.”
Current wording
Consolidated costs and expenses, excluding depreciation and amortization expense, decreased for the three months ended September 30, 2025 compared to the same period in 2024 primarily due to a decrease in the Content & Experiences business, partially offset by increases in the Connectivity and Platforms business and in Corporate and Other. Consolidated costs and expenses, excluding depreciation and amortization expense, decreased for the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to a decrease in the Content & Experiences business. Costs and expenses for our segments and our corporate operations and other businesses are discussed separately below under the heading “Segment Operating Results.” Consolidated costs and expenses for the three and nine months ended September 30, 2025 also increased due to transaction and transaction-related costs associated with the proposed separation of Versant that are excluded from Adjusted EBITDA and our segment operating results.
Previous 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.
Current wording
Consolidated depreciation and amortization expense increased for the three months ended September 30, 2025 compared to the same periods in 2024 primarily due to increased depreciation due to the opening of Epic Universe in May 2025. Consolidated depreciation and amortization expense increased for the nine months ended September 30, 2025 primarily due to increased amortization of certain acquisition-related intangible assets related to the linear media business, increased depreciation due to the opening of Epic Universe in May 2025 and impairments of certain long-lived assets in the current year period.
Previous 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.
Current wording
Amortization expense from acquisition-related intangible assets totaled$824 million and $2.4 billion for the three and nine months ended September 30, 2025, respectively, and $817 million and$1.9 billion for the three and nine months ended September 30, 2024, respectively. Amounts primarily relate to customer relationship intangible assets recorded in connection with the Sky transaction in 2018 and the NBCUniversal transaction in 2011.
Previous 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.
Current wording
Consolidated interest expense increased for the three and nine months ended September 30, 2025 primarily due to decreases in capitalized interest driven by the opening of Epic Universe, as well as increases in average debt outstanding and higher weighted-average interest rates in the current year periods.
Previous 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.
Current wording
Consolidated investment and other income (loss), netincreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024.
Previous 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.
Current wording
The change in equity in net income (losses) of investees, net for the three months ended September 30, 2025 compared to the same period in 2024 was primarily due to our investment in Atairos. The change in equity in net income (losses) of investees, net for the nine months ended September 30, 2025 compared to the same period in 2024 was primarily due to our investments in Atairos and Hulu. The income (losses) at Atairos were driven by fair value adjustments on its underlying investments with income (loss) of $16 million and $(178) million for the three and nine months ended September 30, 2025, respectively, and $(93) million and $(289) million for the three and nine months ended September 30, 2024, respectively.
Previous 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.
Current wording
The change in realized and unrealized gains (losses) on equity securi ties, net for the three months ended September 30, 2025 was primarily due to higher net unrealized losses on nonmarketable securities in the current year period. The change in realized and unrealized gains (losses) on equity securi ties, net for the nine months ended September 30, 2025 was primarily due to a gain on the sale of a nonmarketable security in the current year period and due to higher net unrealized losses on nonmarketable and marketable securities in the prior year period.
Previous 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).
Current wording
The change in other income (loss), net for the three months ended September 30, 2025 primarily resulted from a gain on the sale of an equity method investment in the current year period. The change in other income (loss), net for the nine months ended September 30, 2025 primarily resulted from a $9.4 billion gain from the sale of our interest in Hulu in the current year period (see Note 7).
Previous 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.
Current wording
Consolidated income tax expense for the three and nine months ended September 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 decrease in income tax expense for the three months ended September 30, 2025 compared to the same period in 2024 was primarily driven by lower domestic income before income taxes. The increase in income tax expense for the nine months ended September 30, 2025 compared to the same period in 2024 was primarily driven by higher domestic income before income taxes.
Previous 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.
Current wording
Consolidated net income (loss) attributable to noncontrolling interests changed for thethree and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to Universal Beijing Resort. The change for thenine months ended September 30, 2025 is also due to our regional sports networks.
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 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.
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. In 2025, we simplified our broadband pricing structure and began offering a free wireless line for one year to new and existing domestic broadband customers, which we expect to improve customer retention and strengthen our ability to compete for new customers, but will negatively impact average domestic broadband revenue per customer. We also expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses, as well as continued declines in other revenue related to declines in wireline voice revenue. We are also focused on growing our Business Services Connectivity segment revenue by offering competitive services, including enterprise solutions.
Previous wording
(b)Technical and support expenses primarily consists of costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning.
Current wording
(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.
Previous wording
(c)Direct product costs primarily consists 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.
Current wording
(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.
Previous wording
(d)Marketing and promotion expenses primarily consists of the costs associated with attracting new customers and promoting our service offerings.
Current wording
(d)Marketing and promotion expenses primarily consist of the costs associated with attracting new customers and promoting our service offerings.
Previous wording
(e)Customer service expenses primarily consists of the personnel and other costs associated with customer service and certain selling activities.
Current wording
(e)Customer service expenses primarily consist of the personnel and other costs associated with customer service and certain selling activities.
Previous wording
(f)Other expenses primarily consists of administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; bad debt; building and office expenses, taxes and billing costs; and other business, headquarters and support costs necessary to operate the Connectivity & Platforms business.
Current wording
(f)Other expenses primarily consist of administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; bad debt; building and office expenses, taxes and billing costs; and other business, headquarters and support costs necessary to operate the Connectivity & Platforms business.
Previous 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.
Current wording
Domestic broadband revenue increased for the nine months ended September 30, 2025 compared to the same period in 2024 due to an increase in average rates, partially offset by a decline in the number of domestic broadband customers.
Previous 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.
Current wording
Domestic wireless revenue increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 due to increases in the number of customer lines and device sales.
Previous 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.
Current wording
International connectivity revenue increased for the three and nine months ended September 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 nine months ended September 30, 2025 include the positive impact of foreign currency.
Previous 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.
Current wording
Video revenue decreased for thethree and nine months ended September 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 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.
Current wording
Advertising revenue decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to lower domestic political and nonpolitical advertising.
Previous 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.
Current wording
Other revenue decreased for the three and nine months ended September 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 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.
Current wording
Programming expenses decreased for thethree and nine months ended September 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 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 wording
Other expenses increased for the three months ended September 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, partially offset by a decrease in fees paid to third-party channels relating to advertising sales.
Previous 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.
Current wording
Other expenses increased for the nine months ended September 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 franchise and other regulatory fees and a decrease in fees paid to third-party channels relating to advertising sales.
Previous 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.
Current wording
Business services connectivity revenue increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to increases in revenue from enterprise solutions offerings, including the results from Nitel, which was acquired in April 2025.
Previous 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.
Current wording
Business services connectivity costs and expenses increased for the three and nine months ended September 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 operate our Media segment as a combined television and streaming business. We expect that the number of subscribers and audience ratings at our linear television networks will continue to decline as a result of the competitive environment and shifting video consumption patterns, which we aim to mitigate over time by growth in paid subscribers and advertising revenue at Peacock. We expect to continue to incur significant costs related to content and marketing at Peacock. Revenue and programming expenses are also impacted by the timing of certain sporting events, including our acquisition of NBA rights, which begin in the fourth quarter of 2025.
Current wording
We operate our Media segment as a combined television and streaming business. We expect that the number of subscribers and audience ratings at our linear television networks will continue to decline as a result of the competitive environment and shifting video consumption patterns, which we aim to mitigate over time by growth in paid subscribers and advertising revenue at Peacock. We expect to continue to incur significant costs related to content and marketing at Peacock. Revenue and programming expenses are also impacted by the timing of certain sporting events, including the Paris Olympics in the third quarter of 2024, and our acquisition of NBA rights, which begin in the fourth quarter of 2025.
Previous 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.
Current wording
Domestic distribution revenue decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to the Paris Olympics in the third quarter of 2024. Excluding the incremental revenue associated with this event, domestic distribution revenue increased for the three and nine months ended September 30, 2025 primarily due to increases in revenue at Peacock, partially offset by decreases in revenue at our linear television networks. The decreases at our linear television networks were primarily due to declines in the number of subscribers, partially offset by contractual rate increases.
Previous 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.
Current wording
International networks revenue increased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to increases in revenue associated with the distribution of sports networks and the positive impact of foreign currency.
Previous 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.
Current wording
Media segment total revenue included $1.4 billion and $3.8 billion related to Peacock for the three and nine months ended September 30, 2025, respectively. Media segment total revenue included $1.5 billion and $3.6 billion related to Peacock for the three and nine months ended September 30, 2024, respectively, including amounts related to the Paris Olympics. We had 41 million and 36 million paid subscribers of Peacock as of September 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 the availability of Peacock through a third-party’s bundled service offering.
Previous 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.
Current wording
Programming and production costs decreased for the nine months ended September 30, 2025 compared to the same period in 2024 primarily due to costs associated with the Paris Olympics in the prior year period, a decrease in other sports programming costs at our domestic television networks, mainly reflecting lower sports volumes compared to the prior year period, and lower programming costs at Peacock. These decreases were partially offset by an increase in sports programming costs for our international television networks and an increase in entertainment content costs for our domestic television networks.
Previous 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.
Current wording
Marketing and promotion expenses decreased for the three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to costs associated with the Paris Olympics in the prior year periods and lower costs related to marketing for Peacock.
Previous 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.
Current wording
Media segment total costs and expenses included $1.6 billion and $4.4 billion related to Peacock for thethree and nine months ended September 30, 2025, respectively. Media segment total costs and expenses included $1.9 billion and $5.0 billion related to Peacock for thethree and nine months ended September 30, 2024, respectively, including amounts related to the Paris Olympics.
Previous 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.
Current wording
Content licensing revenue increased for the three and nine months ended September 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 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 wording
Theatrical revenue increased forthe three and nine months ended September 30, 2025 compared to the same periods in 2024 primarily due to higher revenue from an increased number of releases in the current year periods. Recent releases include Jurassic World Rebirthforthe three and nine months ended September 30, 2025 and How to Train Your Dragonforthe nine months ended September 30, 2025.
Previous 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.
Current wording
Programming and production costs increased for the three and nine months ended September 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 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.
Current wording
Marketing and promotion expenses increased for thethree and nine months ended September 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.
Showing the first 40 of 58 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Programming and production costs decreased for the three months ended September 30, 2025 compared to the same period in 2024 primarily due to costs associated with the Paris Olympics in the prior year period and a decrease in other sports programming costs at our domestic television networks, mainly reflecting lower sports volumes compared to the prior year period. These decreases were partially offset by an increase in sports programming costs for our international television networks.