0001628280-26-004994 | 10-K | XBRL Viewer

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Investments and Variable Interest Entities - Schedule of Investments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Investments [Abstract]
Equity method	$ 6,674	$ 7,252
Nonmarketable equity securities	1,049	1,221
Other investments	244	195
Total investments	7,966	8,668
Less: Current investments	14	21
Noncurrent investments	$ 7,952	$ 8,647

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Tax Credit Carryforward [Line Items]
Federal	$ (89)	$ 6,011	$ 4,208
State	380	742	596
Foreign	464	342	302
Cash payments for income taxes	755	7,096	$ 5,107
Payment for purchases of transferable tax credits	600	$ 1,700
JAPAN
Tax Credit Carryforward [Line Items]
Foreign	$ 229

Debt - Pre-Tax Gains (Losses) Related to Net Investment Hedges (Details) - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Effect of net investment hedges	$ (1.0)	$ 0.9	$ 0.3

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

Goodwill



(in billions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Balance, December 31, 2023
Goodwill	$	34.5	$	2.2	$	21.9	$	3.7	$	5.4	$	67.8
Accumulated impairment losses	(6.3)		—		(2.2)		—		—		(8.5)
	$	28.2	$	2.2	$	19.7	$	3.7	$	5.4	$	59.3
Foreign currency translation and other	(0.4)		—		(0.2)		—		(0.5)		(1.0)
Balance, December 31, 2024
Goodwill	$	33.9	$	2.2	$	21.7	$	3.7	$	5.0	$	66.4
Accumulated impairment losses	(6.1)		—		(2.2)		—		—		(8.2)
	$	27.8	$	2.2	$	19.5	$	3.7	$	5.0	$	58.2
Acquisitions	—		1.1		—		—		—		1.1
Foreign currency translation and other	1.5		—		0.5		—		—		2.1
Balance, December 31, 2025
Goodwill	$	36.0	$	3.4	$	22.4	$	3.7	$	5.0	$	70.6
Accumulated impairment losses	(6.7)		—		(2.4)		—		—		(9.0)
	$	29.3	$	3.4	$	20.1	$	3.7	$	5.0	$	61.5

Summary of intangible assets


Intangible Assets
		2025				2024
December 31 (in billions)	Weighted-Average Original Useful Life as of December 31, 2025	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Indefinite-Lived Intangible Assets:
Franchise rights	N/A	$	59.4			$	59.4
FCC licenses	N/A	2.8				2.8
Total		$	62.2			$	62.2

Finite-Lived Intangible Assets:
Customer relationships	13 years	$	21.4	$	(17.9)	$	20.5	$	(15.1)
Software	5 years	25.8		(18.1)		24.9		(16.2)
Other agreements and rights	28 years	11.8		(3.4)		11.4		(2.7)
Total		$	59.0	$	(39.4)	$	56.8	$	(34.0)

Amortization of intangible assets

The table below presents the estimated amortization expense of our customer relationships and other agreements and rights, including trade names and intellectual property rights.


Estimated Amortization Expense
(in billions)
2026	$	2.8
2027	$	0.6
2028	$	0.6
2029	$	0.6
2030	$	0.5

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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+ Details

Debt - Schedule of Debt Outstanding (Details) $ in Millions, € in Billions, ¥ in Billions, £ in Billions	Dec. 31, 2025 USD ($)	Dec. 31, 2025 GBP (£)	Dec. 31, 2025 EUR (€)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 GBP (£)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 CNY (¥)
Debt Instrument [Line Items]
Finance lease obligations and other	$ 2,100				$ 1,900
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net	(5,900)				(6,000)
Total debt	98,900				99,100
Less: Current portion	5,958				4,907
Noncurrent portion of debt	$ 92,979				$ 94,186
Term loans
Debt Instrument [Line Items]
Interest rate	2.50%	2.50%	2.50%	2.50%	3.20%	3.20%	3.20%	3.20%
Long-term debt, gross	$ 3,200				$ 3,100
Senior Notes
Debt Instrument [Line Items]
Interest rate	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%
Denominated Senior Notes and Term Loans Member
Debt Instrument [Line Items]
Aggregate principal amount		£ 3.3	€ 8.0	¥ 22.3		£ 3.3	€ 8.5	¥ 22.3
Senior notes with maturities of 5 years or less, at face value \| Senior Notes
Debt Instrument [Line Items]
Interest rate	3.30%	3.30%	3.30%	3.30%	3.40%	3.40%	3.40%	3.40%
Long-term debt, gross	$ 25,400				$ 26,700
Senior notes with maturities between 5 and 10 years, at face value \| Senior Notes
Debt Instrument [Line Items]
Interest rate	4.20%	4.20%	4.20%	4.20%	3.60%	3.60%	3.60%	3.60%
Long-term debt, gross	$ 18,700				$ 18,100
Senior notes with maturities greater than 10 years, at face value \| Senior Notes
Debt Instrument [Line Items]
Interest rate	3.80%	3.80%	3.80%	3.80%	3.90%	3.90%	3.90%	3.90%
Long-term debt, gross	$ 55,400				$ 55,400

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Note 3: Revenue


Year ended December 31 (in millions)	2025		2024(a)		2023(a)
Domestic broadband	$	25,837	$	25,660	$	24,999
Domestic wireless	4,967		4,273		3,664
International connectivity	4,963		4,503		3,918
Total residential connectivity	35,767		34,435		32,580
Video	26,387		27,791		29,576
Advertising	3,712		4,089		3,969
Other	4,838		5,259		5,820
Total Residential Connectivity & Platforms Segment	70,704		71,574		71,946

Total Business Services Connectivity Segment	10,237		9,701		9,255

Domestic advertising	8,382		10,008		8,600
Domestic distribution	11,613		11,826		10,663
International networks	4,977		4,282		4,109
Other	2,118		2,031		1,983
Total Media Segment	27,090		28,148		25,355

Content licensing	8,199		8,063		8,231
Theatrical	1,621		1,693		2,079
Other	1,465		1,335		1,315
Total Studios Segment	11,286		11,092		11,625

Total Theme Parks Segment	9,836		8,617		8,947

Other revenue	3,090		2,982		2,827
Eliminations(b)	(8,535)		(8,383)		(8,383)
Total revenue	$	123,707	$	123,731	$	121,572

(a)Beginning in the first quarter of 2025, commission revenue from the sale of certain DTC streaming services and revenue related to certain equipment are presented in video revenue. Previously, these amounts were presented in domestic broadband and international connectivity. Prior periods have been reclassified to reflect the current year presentation.

(b)See Note 2 for additional information on intersegment revenue transactions.

We operate primarily in the United States but also in select international markets. The table below summarizes our consolidated revenue from customers in certain geographic locations.


Year ended December 31 (in millions)	2025		2024		2023
United States	$	95,143	$	96,237	$	94,375
United Kingdom	15,182		14,194		13,364
Other	13,382		13,300		13,833
Total revenue	$	123,707	$	123,731	$	121,572

Residential Connectivity & Platforms Segment

Residential Connectivity & Platforms generates revenue from customers that subscribe to our residential broadband and wireless connectivity services, residential and business video services and residential wireline voice services in the United States, the United Kingdom and Italy. We offer these services individually and as bundled services at a discounted rate.

Subscription rates and related charges vary according to the services and features customers receive, and customers are typically billed in advance and pay on a monthly basis. Revenue from customers that purchase bundled services at a discounted rate is allocated between the separate services based on the respective stand-alone selling prices. The stand-alone selling prices are determined based on the current prices at which we separately sell the services. Significant judgment is used to determine performance obligations that should be accounted for separately and the allocation of revenue when services are combined in a bundle.

While a portion of our customers are subject to contracts for their services, which are typically 1 month to 24 months in length, based on our evaluation of the terms of these contracts, we recognize revenue for these services primarily on a basis that is consistent with our customers that are not subject to contracts and recognize revenue as the services are provided on a monthly basis. Installation fees for these customers are deferred and recognized as revenue over the period of benefit to the customer, which is less than a year. Certain international customers are under contracts, with terms typically ranging from rolling monthly to 24 months, depending on the service, and may only discontinue service in accordance with the terms of their contracts. We recognize revenue for these customers as the services are provided over the contract period. At any given time, the amount of future revenue to be earned from these customers related to existing agreements is equal to approximately 10% of our annual Residential Connectivity & Platforms revenue and will generally be recognized within 24 months. Sales commissions are generally expensed as incurred, as the related period of benefit is less than a year. Sales commissions for the international customers under contract are generally deferred and recognized over the respective contract terms.

Our services generally involve customer premise equipment, such as wireless gateways and set-top boxes, that are generally considered part of our services for revenue recognition. We recognize revenue from the sale of devices, including wireless devices and Sky Glass smart televisions, when they are transferred to the customer. Under an equipment installment plan, customers typically have the option to finance wireless devices interest-free over 24 to 36 months for domestic customers and finance wireless devices and Sky Glass smart televisions interest free over 24 to 48 months for international customers. Equipment installment plan receivables under these arrangements are recorded net of imputed interest when the devices are transferred to the customer.

We also have arrangements to sell certain DTC streaming services to our customers. We have concluded we are the sales agent in these arrangements, and we record net commission revenue as earned, which is generally as customers are billed on a monthly basis, within video revenue.

Under the terms of our domestic cable franchise agreements, we are generally required to pay the cable franchising authority an amount based on gross video revenue. We generally pass these and other similar fees through to our domestic customers and classify these fees in the respective Residential Connectivity & Platforms services revenue, with the corresponding costs included in other operating and administrative expenses.

Advertising

Revenue is generated from the sale of advertising and technology, tools and solutions relating to advertising businesses. As part of distribution agreements with domestic cable networks, we generally receive an allocation of scheduled advertising time that we sell to advertisers. In addition, we generate revenue from the sale of advertising on our owned Sky-branded entertainment television networks and our digital platforms. In most cases, the available advertising units are sold by our sales force. We also enter into representation agreements under which we sell advertising on behalf of third parties. Since we are acting as the principal in these arrangements, we record the advertising that is sold in advertising revenue and the fees paid to the third parties in other operating and administrative expenses. In some cases, we work with representation firms as an extension of our sales force to sell a portion of the advertising units allocated to us and record the revenue net of agency commissions.

We have determined that a contract exists for our advertising sales arrangements once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and scheduled. Advertisements are generally aired or delivered within one year once all terms and conditions are agreed upon. Revenue from these arrangements is recognized in the period in which advertisements are aired or delivered. Payment terms vary by contract, although terms generally require payment within 30 to 60 days from when advertisements are aired or delivered. We also provide technology, tools, data-driven services and marketplace solutions to customers in the media industry to facilitate the more effective engagement of advertisers with their target audiences and recognize revenue when these services are provided.

Business Services Connectivity Segment

Business Services Connectivity generates revenue from customers who subscribe to a variety of our products and services that are offered to businesses. Our connectivity service offerings for small business locations in the United States primarily include broadband, wireline voice and wireless services that are similar to those provided to our residential customers and include certain other features specific to businesses. Our enterprise solutions offerings for medium-sized customers and larger enterprises also include ethernet network services, advanced voice services and a software-defined networking product. We also have certain business connectivity service offerings in the United Kingdom.

We recognize revenue as the services are provided over the contract period. Substantially all of our customers are initially under contracts, with terms typically ranging from 2 years for small and medium-sized businesses to up to 5 years for larger enterprises. Customers with contracts may only discontinue service in accordance with the terms of their contracts. At any given time, the amount of future revenue to be earned related to fixed pricing under existing agreements is equal to approximately half of our annual Business Services Connectivity segment revenue, of which the substantial majority will be recognized within 2 years. Customers under contract typically pay on a monthly basis. Installation revenue and sales commissions are generally deferred and recognized over the respective contract terms.

Media Segment

Advertising

Media generates revenue from the sale of advertising on our linear television networks, Peacock and other digital properties.

We have determined that a contract exists for our advertising sales once all terms and conditions are agreed upon, typically when the number of advertising units is specifically identified and scheduled. Advertisements are generally aired or delivered within one year, once all terms and conditions are agreed upon. Revenue is recognized, net of agency commissions, in the period in which advertisements are aired or delivered and payment occurs thereafter, with payment generally required within 30 days. In some instances, we guarantee audience ratings for the advertisements. To the extent there is a shortfall in contracts where the ratings were guaranteed, a portion of the revenue is deferred until the shortfall is settled, typically by providing additional advertising units generally within one year of the original airing.

Distribution

Media generates revenue from the distribution of television programming in the United States and internationally to traditional multichannel video providers, such as our Residential Connectivity & Platforms segment, and to virtual multichannel video providers that offer streamed linear television networks. This revenue includes amounts under NBC and Telemundo retransmission consent agreements, and we also receive associated fees from NBC-affiliated and Telemundo-affiliated local broadcast television stations. We also receive subscription fees for our Peacock DTC streaming service either directly from customers or from companies who sell Peacock to customers on our behalf. We have determined that we are principal in these arrangements and in the event we do not have transparency into the pricing charged by a company selling Peacock on our behalf, the amount of revenue recognized is limited to the fees receivable from that company pursuant to our arrangement.

Monthly fees received under distribution agreements with multichannel video providers are generally under multiyear agreements with revenue based on the number of subscribers receiving the programming on our television networks and a per subscriber fee, although revenue for certain of our television networks is based on a fixed fee. Payment terms and conditions vary by contract type, although terms generally include payment within 60 days. These arrangements are accounted for as licenses of functional intellectual property and revenue is recognized as programming is provided.

Studios Segment

Content Licensing

Studios generates revenue from the worldwide licensing of our owned film and television content to television networks and DTC streaming service providers, as well as through video on demand services provided by multichannel video providers and other service providers. Our agreements generally include fixed pricing and span multiple years. For example, following a film’s theatrical release, Studios may license the exhibition rights of a film to different customers over multiple successive distribution windows.

We recognize revenue when the content is delivered and available for use by the licensee. When the term of an existing agreement is renewed or extended, we recognize revenue when the licensed content becomes available under the renewal or extension. Payment terms and conditions vary by contract type, although payments are generally collected over the license term. The amount of future revenue to be earned related to fixed pricing under existing third-party agreements at any given time equals approximately one-half year to 1 year of annual Studios content licensing revenue, which is the segment with the largest portion of this future revenue. The majority of this revenue will be recognized within 2 years. This amount may fluctuate from period to period depending on the timing of the releases and the availability of content under existing agreements and may not represent the total revenue expected to be recognized as it does not include revenue from future agreements or from variable pricing or optional purchases under existing agreements.

For our agreements that include variable pricing, such as pricing based on the number of subscribers to a DTC streaming service sold by our customers, we generally recognize revenue as our customers sell to their subscribers.

Theatrical

Studios generates revenue from the worldwide distribution of our produced and acquired films for exhibition in movie theaters. Our arrangements with exhibitors generally entitle us to a percentage of ticket sales. We recognize revenue as the films are viewed and exhibited in theaters and payment generally occurs within 30 days after exhibition.

Theme Parks Segment

Theme Parks generates revenue primarily from guest spending at our Universal theme parks in Orlando, Florida; Hollywood, California; Osaka, Japan; and Beijing, China and at our other destinations and experiences. Guest spending includes ticket sales and in-park spending on food, beverages and merchandise. We also generate revenue from our consumer products business. Additionally, we license the right to use the Universal Studios brand name and other intellectual property and provide other services to third parties, including the party that owns and operates the Universal Studios Singapore theme park on Sentosa Island, Singapore. We recognize revenue from ticket sales when the tickets are used, generally within a year from the date of purchase. For annual passes, we generally recognize revenue on a straight-line basis over the period the pass is available to be used. We recognize revenue from in-park spending and consumer products at the point of sale.

Consolidated Balance Sheets

The table below summarizes our accounts receivable, other balances that are not separately presented in our consolidated balance sheets that relate to the recognition of revenue and collection of the related cash, and deferred costs associated with our contracts with customers.


December 31 (in millions)	2025		2024
Receivables, gross	$	14,582	$	14,399
Less: Allowance for credit losses	713		738
Receivables, net	$	13,869	$	13,661
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,924	$	1,853
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)(a)	$	1,350	$	1,184
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	621	$	665

(a) Amortization of contract acquisition and fulfillment costs totaled $733 million, $716 million and $692 million in 2025, 2024 and 2023, respectively, included in marketing and promotion and other operating and administrative expenses.


Changes in Allowance for Credit Losses
(in millions)	2025		2024		2023
Beginning balance	$	738	$	698	$	736
Current-period provision for expected credit losses	698		747		775
Write-offs charged against the allowance, net of recoveries and other	(722)		(707)		(812)
Ending balance	$	713	$	738	$	698

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


December 31 (in millions)	2025		2024
Receivables, net	$	2,096	$	1,827
Noncurrent receivables, net (included in other noncurrent assets, net)	1,395		1,225

Total	$	3,491	$	3,052

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of common stock outstanding


Shares of Common Stock Outstanding
(in millions)	Class A	Class B
Balance, December 31, 2022	4,211	9
Stock compensation plans	14	—
Repurchases and retirements of common stock	(262)	—
Employee stock purchase plans	7	—


Balance, December 31, 2023	3,969	9
Stock compensation plans	14	—
Repurchases and retirements of common stock	(212)	—
Employee stock purchase plans	6	—
Balance, December 31, 2024	3,778	9
Stock compensation plans	14	—
Repurchases and retirements of common stock	(205)	—
Employee stock purchase plans	8	—
Balance, December 31, 2025	3,595	9

Schedule of weighted average common shares outstanding


Weighted-Average Common Shares Outstanding
Year ended December 31 (in millions)	2025	2024	2023
Weighted-average number of common shares outstanding – basic	3,699	3,885	4,122
Effect of dilutive securities	10	24	25
Weighted-average number of common shares outstanding – diluted	3,709	3,908	4,148
Antidilutive securities	237	184	169

Schedule of accumulated other comprehensive income (loss)

The table below summarizes the amount of pre-tax gains (losses) related to net investment hedges recognized in the cumulative translation adjustments component of other comprehensive income (loss).


Year ended December 31 (in billions)	2025		2024		2023
Effect of net investment hedges	$	(1.0)	$	0.9	$	0.3


Accumulated Other Comprehensive Income (Loss)
December 31 (in millions)	2025		2024
Cumulative translation adjustments	$	(247)	$	(2,474)

Deferred gains (losses) on cash flow hedges	44		106
Unrecognized gains (losses) on employee benefit obligations and other	195		325


Accumulated other comprehensive income (loss), net of deferred taxes	$	(8)	$	(2,043)

Debt - Narrative (Details) - USD ($)	3 Months Ended
Debt - Narrative (Details) - USD ($)	Dec. 31, 2025	Jan. 02, 2026	Oct. 31, 2025	Dec. 31, 2024	May 31, 2024
Debt Instrument [Line Items]
Total fair value of debt	$ 90,300,000,000			$ 89,800,000,000
Unused irrevocable standby letters of credit and bank guarantees	313,000,000
Commercial paper
Debt Instrument [Line Items]
Long-term debt, gross	0			0
Revolving Credit Facilities
Debt Instrument [Line Items]
Long-term debt, gross	0			$ 0
Senior Notes \| Senior Secured Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 1,000,000,000.0		$ 1,000,000,000
Stated interest rate (as a percent)	7.25%		7.25%
Senior Notes \| Senior Secured Notes \| Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount		$ 3,000,000,000
Revolving Credit Facilities \| Line of Credit
Debt Instrument [Line Items]
Borrowing margin for LIBOR based borrowings	0.875%
Revolving Credit Facilities \| Line of Credit \| Revolving Credit Facility Due May 17, 2029
Debt Instrument [Line Items]
Current borrowing capacity					$ 11,800,000,000
Maximum borrowing capacity of revolving credit facilities					$ 14,800,000,000
Amounts available under revolving credit facilities	$ 11,800,000,000
Revolving Credit Facilities \| Line of Credit \| Versant Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity of revolving credit facilities			$ 750,000,000
Secured Debt \| Line of Credit \| Term A Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount			$ 1,000,000,000
Secured Debt \| Line of Credit \| Term B Loan Facility \| Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount		$ 1,000,000,000

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of recognized share-based compensation expense



Year ended December 31 (in millions)	2025		2024		2023
Share-based compensation expense	$	1,108	$	1,069	$	1,021
Related income tax benefit	$	181	$	222	$	203

Schedule of stock option and restricted share units activity


Stock Options and Restricted Share Units
As of December 31, 2025, unless otherwise stated (in millions, except per share data)	Stock Options		RSUs
Awards granted during 2025	1		46
Weighted-average exercise price of awards granted during 2025	$	35.98
Stock options outstanding and unvested RSUs	204		78
Weighted-average exercise price of stock options outstanding	$	41.93
Weighted-average fair value at grant date of unvested RSUs			$	37.71

Schedule of stock option and restricted share units weighted-average fair value and significant assumptions

The table below presents the weighted-average fair value on the date of grant of RSUs and stock options awarded under our various plans and the related weighted-average valuation assumptions.


Year ended December 31	2025			2024			2023
RSUs fair value	$	34.49		$	42.23		$	37.14
Stock options fair value	$	7.21		$	9.93		$	8.41
Stock Option Valuation Assumptions:
Dividend yield	3.7		%	2.9		%	3.2		%
Expected volatility	25.3		%	24.8		%	26.2		%
Risk-free interest rate	4.0		%	4.2		%	4.2		%
Expected option life (in years)	5.9			5.1			5.9

Share-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation


Note 13: Share-Based Compensation



Year ended December 31 (in millions)	2025		2024		2023
Share-based compensation expense	$	1,108	$	1,069	$	1,021
Related income tax benefit	$	181	$	222	$	203

Our share-based compensation plans consist primarily of awards of RSUs and stock options to certain employees and directors as part of our long-term incentive compensation structure. Awards generally vest over a period of 5 years and, in the case of stock options, have a 10 year term. RSUs include performance stock units awarded to certain senior executives with vesting after 3 years based upon the achievement of certain performance conditions. These performance stock units are not material to our consolidated results of operations in any period presented. As of December 31, 2025, virtually all of our stock options outstanding were net settled stock options, which result in fewer shares being issued and no cash proceeds being received by us when the options are exercised. Additionally, eligible employees may purchase shares of our common stock at a discount under our employee stock purchase plans.


Stock Options and Restricted Share Units
As of December 31, 2025, unless otherwise stated (in millions, except per share data)	Stock Options		RSUs
Awards granted during 2025	1		46
Weighted-average exercise price of awards granted during 2025	$	35.98
Stock options outstanding and unvested RSUs	204		78
Weighted-average exercise price of stock options outstanding	$	41.93
Weighted-average fair value at grant date of unvested RSUs			$	37.71

The cost associated with our share-based compensation is based on an award’s estimated fair value at the date of grant and is recognized over the period in which any related services are provided. RSUs are primarily valued based on the closing price of our common stock on the date of grant and are discounted for the lack of dividends, if any, during the vesting period. We use the Black-Scholes option pricing model to estimate the fair value of stock option awards.

The table below presents the weighted-average fair value on the date of grant of RSUs and stock options awarded under our various plans and the related weighted-average valuation assumptions.


Year ended December 31	2025			2024			2023
RSUs fair value	$	34.49		$	42.23		$	37.14
Stock options fair value	$	7.21		$	9.93		$	8.41
Stock Option Valuation Assumptions:
Dividend yield	3.7		%	2.9		%	3.2		%
Expected volatility	25.3		%	24.8		%	26.2		%
Risk-free interest rate	4.0		%	4.2		%	4.2		%
Expected option life (in years)	5.9			5.1			5.9

As of December 31, 2025, we had unrecognized pre-tax compensation expense of $2.1 billion related to unvested RSUs and unvested stock options that will be recognized over a weighted-average period of approximately 1.5 years.

Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ 26,766	$ 19,615	$ 22,164
Foreign	(1,000)	(942)	(1,686)
Income before income taxes	$ 25,766	$ 18,673	$ 20,478

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events


Note 16: Subsequent Events

On January 2, 2026, we completed the previously announced separation of Versant into an independent, publicly traded company with its Class A common stock listed on The Nasdaq Stock Market LLC under the ticker symbol “VSNT.” The Versant business is comprised of certain of our former cable television networks, including MS NOW (formerly MSNBC), CNBC, USA Network, Golf Channel, E!, SYFY and Oxygen, and complementary digital platforms, including GolfNow, Fandango, Rotten Tomatoes and SportsEngine.

The Separation was structured to qualify as a tax-free spin-off for U.S. federal income tax purposes and achieved through the transfer of assets and liabilities comprising the Versant business to Versant and its subsidiaries, followed by the distribution on January 2, 2026 of 100% of the shares of Versant common stock to Comcast shareholders in which each Comcast shareholder received 1 share of Versant common stock for every 25 shares of Comcast common stock owned as of the close of business on the record date of December 16, 2025. Because the Versant business was not historically operated as a distinct business unit or division of Comcast, we undertook a series of corporate reorganization transactions in anticipation of the Separation.

As part of the Separation, we entered into a Separation and Distribution Agreement, a Tax Matters Agreement, a Transition Services Agreement, an Employee Matters Agreement and several other agreements with Versant to effect the Separation and provide a framework for our relationship with Versant after the Separation.

Following the Separation, Comcast does not beneficially own any equity interest in Versant and will no longer consolidate the results of the Versant business into our consolidated financial results. The results of operations and cash flows for the Versant business are included in our consolidated statements of income and statements of cash flows through the Separation date.

On the Separation date, Versant distributed to us $2.25 billion of cash, which was funded by the net proceeds from the issuance of the Notes and a portion of the proceeds of Versant’s borrowings under the Term A Loan Facility and Term B Loan Facility (see Note 6). The proceeds from the distribution, together with cash on hand, were used for the redemption on January 15, 2026 of all outstanding amounts of our 3.15% Notes due March 2026, including accrued and unpaid interest, totaling approximately $2.1 billion and all outstanding amounts of our 5.35% Notes due November 2027, including accrued and unpaid interest, totaling approximately $650 million.

Investments and Variable Interest Entities - Narrative (Details) $ in Millions, ¥ in Billions		1 Months Ended	3 Months Ended		12 Months Ended
	Oct. 31, 2020 USD ($)	Nov. 30, 2020 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2025 JPY (¥)
Schedule of Equity Method Investments [Line Items]
Unrealized gains (losses) recognized					$ (159)	$ (288)	$ (140)
Additional distributions from equity method investments					226	297	217
Advance on sale of investment					0	0	8,610
Other investments					244	195
Debt and lease obligation					98,900	99,100
Consolidated variable interest entity's assets included in condensed consolidated balance sheet					272,631	266,211
Short-Term Instruments
Schedule of Equity Method Investments [Line Items]
Other investments					$ 0
Other Investments
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of short-term investments						702	560
Payments to acquire short-term investments						443	506
Variable Interest Entity, Primary Beneficiary \| Universal Beijing Resort
Schedule of Equity Method Investments [Line Items]
Ownership percentage in variable interest entity					30.00%				30.00%
Debt and lease obligation					$ 3,600	3,400
Consolidated variable interest entity's assets included in condensed consolidated balance sheet					7,400	7,300
Consolidated variable interest entity's liabilities the balance sheet					7,300	7,000
Variable Interest Entity, Primary Beneficiary \| Universal Beijing Resort \| Term loans
Schedule of Equity Method Investments [Line Items]
Maximum borrowing capacity of revolving credit facilities					4,200				¥ 29.7
Debt and lease obligation					3,200	3,000
Atairos
Schedule of Equity Method Investments [Line Items]
Term of agreement	12 years	16 years 6 months
Funding commitment	$ 5,000	$ 4,500
Maximum amount of annual capital calls		$ 400
Management fee funding commitment					$ 40
Percent of losses					99.00%				99.00%
Percentage of residual returns					86.00%				86.00%
Cash capital contributions for equity method investments					$ 130	73	$ 145
Equity method investments					4,700	$ 5,100
Atairos \| Minimum
Schedule of Equity Method Investments [Line Items]
Funding commitment by management company investors					50
Atairos \| Maximum
Schedule of Equity Method Investments [Line Items]
Funding commitment by management company investors					100
Atairos \| Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Unfunded capital commitment					$ 1,300
Hulu
Schedule of Equity Method Investments [Line Items]
Ownership percentage								33.00%
Fair market value assessment floor for put and call option								$ 27,500
Ownership percentage representing fair market value floor for put and call option								100.00%
Advance on sale of investment				$ 8,600
Advance on sale of investment, gross				9,200
Outstanding capital calls				$ 557
Proceeds from sale of equity method investments			$ 439
Cash receivable related to receive portion of estimated future tax benefits from equity investment			$ 792
Right to receive share of estimated future tax benefits from sale of equity method investment, percent			0.50
Equity method investment, realized gain (loss) on disposal			$ 9,400
Proceeds from collateralized obligation								$ 5,200
Equity method investment, future tax benefits shared				50.00%			50.00%

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes


Note 5: Income Taxes


Income (Loss) Before Income Taxes
Year ended December 31 (in millions)	2025		2024		2023

Domestic	$	26,766	$	19,615	$	22,164
Foreign	(1,000)		(942)		(1,686)
	$	25,766	$	18,673	$	20,478


Components of Income Tax Expense
Year ended December 31 (in millions)	2025		2024		2023
Current Expense (Benefit):
Federal	$	2,286	$	2,194	$	6,270
State	720		1,115		1,591
Foreign	427		389		249
	3,432		3,698		8,110
Deferred Expense (Benefit):
Federal	2,420		(599)		(2,126)
State	539		(49)		(468)
Foreign	(285)		(253)		(145)
	2,674		(902)		(2,739)
Income tax expense (benefit)	$	6,106	$	2,796	$	5,371

Our income tax expense (benefit) differs from the federal statutory amount because of the effect of the items detailed in the table below.


	2025				2024				2023
Year ended December 31 (in millions)	Amount		%		Amount		%		Amount		%
Federal tax at statutory rate	$	5,411	21.0	%	$	3,921	21.0	%	$	4,300	21.0	%
State and local income tax, net of federal income tax effect(a)	710		2.8	%	338		1.8	%	426		2.1	%
Foreign tax effects	353		1.4	%	364		2.0	%	461		2.3	%

Effect of cross-border tax laws	(81)		(0.3)	%	(95)		(0.5)	%	(88)		(0.4)	%
Tax credits	(280)		(1.1)	%	(328)		(1.8)	%	(280)		(1.4)	%
Nontaxable or nondeductible items	141		0.6	%	55		0.3	%	90		0.4	%
Changes in unrecognized tax benefits	281		1.1	%	476		2.6	%	459		2.2	%
Other
Internal corporate reorganization	(174)		(0.7)	%	(1,920)		(10.3)	%	—		—	%
Other adjustments	(254)		(1.0)	%	(16)		(0.1)	%	3		—	%
Effective tax rate	$	6,106	23.7	%	$	2,796	15.0	%	$	5,371	26.2	%

(a) The majority of the tax effect in this category was attributable to state taxes in Illinois, Florida, New Jersey, New York and Pennsylvania in 2025; California, Illinois and New Jersey in 2024; and California, Illinois, Massachusetts, New Jersey and New York in 2023.

We base our provision for income taxes on our current period income, changes in our deferred income tax assets and liabilities, income tax rates, changes in estimates of our uncertain tax positions, tax planning opportunities available in the jurisdictions in which we operate and excess tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statements of income. We recognize deferred tax assets and liabilities when there are temporary differences between the financial reporting basis and tax basis of our assets and liabilities and for the expected benefits of using net operating loss carryforwards. When a change in the tax rate or tax law has an impact on deferred taxes, we apply the change based on the years in which the temporary differences are expected to reverse. We record the change in our consolidated financial statements in the period of enactment.

The determination of the income tax consequences of a business combination includes identifying the tax basis of assets and liabilities acquired and any contingencies associated with uncertain tax positions assumed or resulting from the business combination. Deferred tax assets and liabilities related to temporary differences of an acquired entity are recorded as of the date of the business combination and are based on our estimate of the ultimate tax basis that will be accepted by the various tax authorities. We record liabilities for contingencies associated with prior tax returns filed by the acquired entity based on criteria set forth in the appropriate accounting guidance. We adjust the deferred tax accounts and the liabilities periodically to reflect any revised estimated tax basis and any estimated settlements with the various tax authorities. The effects of these adjustments are recorded to income tax expense.

From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty. In these cases, we evaluate our tax position using the recognition threshold and the measurement attribute in accordance with the accounting guidance related to uncertain tax positions. Examples of these transactions include business acquisitions and dispositions, including consideration paid or received in connection with these transactions, certain financing transactions, and the allocation of income among state and local tax jurisdictions. Significant judgment is required in assessing and estimating the tax consequences of these transactions. We determine whether it is more likely than not that a tax position will be sustained on examination, including the resolution of any related appeals or litigation processes, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to be recognized in our consolidated financial statements. We classify interest and penalties, if any, associated with our uncertain tax positions as a component of income tax expense (benefit).

Impact of Federal Legislation

In 2025, legislation was signed into law in the United States that, among other things, provided 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 reinstated 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. The legislation resulted in a reduction of our income taxes payable of $1.4 billion and a corresponding increase of our net deferred tax liability. There is no material impact to our income tax expense or effective tax rate.


Components of Net Deferred Tax Liability
December 31 (in millions)	2025		2024
Deferred Tax Assets:
Net operating loss and other loss carryforwards(a)	$	5,278	$	4,415
Advance on sale of investment (see Note 8)	—		2,437

Nondeductible accruals and other	4,493		4,232
Less: Valuation allowance(a)	5,271		4,498
	4,500		6,586
Deferred Tax Liabilities:
Property and equipment and intangible assets	29,561		28,590
Investments	563		934
Debt	1,880		2,055



Other	147		125
	32,152		31,704
Net deferred tax liability	$	27,652	$	25,118

(a)Includes net operating loss and other loss carryforwards of $2.1 billion related to assets classified as held for sale as of December 31, 2025, for which a full valuation allowance is recognized.


Changes in our Valuation Allowance for Deferred Tax Assets
(in millions)	2025		2024		2023
Beginning balance	$	4,498	$	3,679	$	3,295
Additions charged to income tax expense and other accounts	848		910		469
Deductions from reserves	(75)		(91)		(84)
Ending balance	$	5,271	$	4,498	$	3,679

Changes in our net deferred tax liability in 2025 that were not recorded as deferred income tax expense (benefit) are primarily related to a decrease of $121 million associated with items included in other comprehensive income (loss).

As of December 31, 2025, net operating loss and other carryforwards primarily reflects foreign net operating loss carryforwards of $14.0 billion, which primarily relate to our foreign operations in Europe and the majority of which can be carried forward indefinitely. The determination of the realization of the foreign net operating loss carryforwards is dependent on our subsidiaries’ taxable income or loss, redetermination from taxing authorities, and foreign laws that can change from year to year and impact the amount of such carryforwards. We recognize a valuation allowance if we determine it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. As of December 31, 2025 and 2024, our valuation allowance was primarily related to our foreign net operating loss carryforwards.

During 2024, we completed an internal corporate reorganization related to certain foreign subsidiaries, which resulted in a federal net capital loss of $9.1 billion as of December 31, 2024. This capital loss could be carried back and applied against capital gains recognized on our prior federal income tax returns for 2021 through 2023, and as a result, we recognized an income tax benefit and a corresponding refund receivable of $1.9 billion in 2024. In 2025, we received the federal income tax refund as a result of carrying back this capital loss. Deferred federal income tax has not been recognized on the excess of the financial reporting basis over the tax basis in foreign subsidiaries resulting from the reorganization where indefinite reversal criteria have been met. Any liabilities would be recognized upon a taxable disposition of such subsidiaries; however, the determination of the amount of any unrecognized deferred income tax liabilities is not practicable.

Net current federal tax receivables of $2.0 billion were included in other current assets within our consolidated balance sheet as of December 31, 2024. There were no net current federal tax receivables as of December 31, 2025.


Cash Payments for Income Taxes
Year ended December 31 (in millions)	2025		2024		2023
Federal(a)(b)	$	(89)	$	6,011	$	4,208
State	380		742		596
Foreign(c)	464		342		302
Cash payments for income taxes	$	755	$	7,096	$	5,107

(a)Includes $0.6 billion and $1.7 billion for 2025 and 2024, respectively, related to the purchase of third-party transferable tax credits.

(b)Changes in other operating assets and liabilities in the consolidated statements of cash flows included a decrease in current tax receivables for the year ended in December 31, 2025, an increase in current tax receivables and a decrease in current taxes payable for the year ended December 31, 2024, and an increase in current taxes payable for the year ended December 31, 2023.

(c)The year ended December 31, 2025 includes payments of $229 million for Japan.

Uncertain Tax Positions


Reconciliation of Unrecognized Tax Benefits
(in millions)	2025		2024		2023
Gross unrecognized tax benefits, January 1	$	2,865	$	2,593	$	2,161
Additions based on tax positions related to the current year	297		396		546
Additions based on tax positions related to prior years	9		201		1

Reductions for tax positions of prior years	(95)		(268)		(43)
Reductions due to expiration of statutes of limitations	(94)		(29)		(56)
Settlements with tax authorities and other	(55)		(28)		(15)
Gross unrecognized tax benefits, December 31	$	2,927	$	2,865	$	2,593

Our gross unrecognized tax benefits include both amounts related to positions for which we have recorded liabilities for potential payment obligations and those for which tax has been assessed and paid. The amounts exclude the federal benefits on state tax positions that were recorded to deferred income taxes. If we were to recognize our gross unrecognized tax benefits in the future, $2.3 billion would impact our effective tax rate and the remaining amount would increase our deferred income tax liability. The amount and timing of the recognition of any such tax benefit is dependent on the completion of examinations of our tax filings by the various tax authorities and the expiration of statutes of limitations. Accrued interest and penalties associated with our liability for uncertain tax positions were not material in any period presented.

The IRS has completed its examination of our income tax returns for all years through 2022. Various states are examining our state tax returns and the tax years of those tax returns currently under examination vary by state, with most of the periods relating to tax years 2011 and forward. Various foreign jurisdictions are examining our tax returns and the tax years of those tax returns currently under examination vary by country, with most of the periods relating to tax years 2017 and forward.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Income Taxes - Components of Net Deferred Tax Liability (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets:
Net operating loss and other loss carryforwards	$ 5,278	$ 4,415
Advance on sale of investment (see Note 8)	0	2,437
Nondeductible accruals and other	4,493	4,232
Less: Valuation allowance	5,271	4,498	$ 3,679	$ 3,295
Total deferred tax assets, net of valuation allowance	4,500	6,586
Deferred Tax Liabilities:
Property and equipment and intangible assets	29,561	28,590
Investments	563	934
Debt	1,880	2,055
Other	147	125
Total deferred tax liabilities	32,152	31,704
Net deferred tax liability	27,652	$ 25,118
Net operating loss and other loss carryforwards, allowance	$ 2,100

Share-Based Compensation - Recognized Share-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 1,108	$ 1,069	$ 1,021
Related income tax benefit	$ 181	$ 222	$ 203

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Financial data by business segment

Our financial data by segment is presented in the tables below. We do not present asset information for our segments as this information is not used to allocate resources.


	Year Ended December 31, 2025
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	70,599	$	10,214	$	22,168	$	8,080	$	9,835	$	120,896
Intersegment revenue(a)	104		23		4,922		3,205		1		8,256
	70,704		10,237		27,090		11,286		9,836		129,152
Reconciliation of Revenue
Other revenue(b)											3,090
Eliminations(a)											(8,535)
Total consolidated revenue											$	123,707

Less segment expenses:(c)
Programming and production	$	16,007			$	17,866	$	7,441
Marketing and promotion					1,463		1,773
Other(d)	28,044		4,512		4,565		973		6,756
Segment Adjusted EBITDA(e)	$	26,653	$	5,725	$	3,196	$	1,099	$	3,080	$	39,753

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(1,095)
Corporate and other(b)(e)(g)											(1,975)
Eliminations											200
Depreciation											(9,327)
Amortization											(6,884)
Interest expense											(4,409)
Investment and other income (loss), net											9,503
Income before income taxes											$	25,766


	Year Ended December 31, 2024
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	71,401	$	9,678	$	23,463	$	7,832	$	8,615	$	120,990
Intersegment revenue(a)	173		23		4,685		3,259		1		8,142
	71,574		9,701		28,148		11,092		8,617		129,132
Reconciliation of Revenue
Other revenue(b)											2,982
Eliminations(a)											(8,383)
Total consolidated revenue											$	123,731

Less segment expenses:(c)
Programming and production	$	16,881			$	18,968	$	7,257
Marketing and promotion					1,473		1,483
Other(d)	27,355		4,201		4,577		947		5,668
Segment Adjusted EBITDA(e)	$	27,338	$	5,500	$	3,130	$	1,404	$	2,949	$	40,322

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(831)
Corporate and other(b)(e)(g)											(1,346)
Eliminations											(47)
Depreciation											(8,729)
Amortization											(6,072)
Interest expense											(4,134)
Investment and other income (loss), net											(490)
Income before income taxes											$	18,673


	Year Ended December 31, 2023
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	71,739	$	9,233	$	20,734	$	8,308	$	8,948	$	118,962
Intersegment revenue(a)	207		22		4,621		3,317		(1)		8,166
	71,946		9,255		25,355		11,625		8,947		127,128
Reconciliation of Revenue
Other revenue(b)											2,827
Eliminations(a)											(8,383)
Total consolidated revenue											$	121,572

Less segment expenses:(c)
Programming and production	$	18,067			$	16,921	$	7,958
Marketing and promotion					1,389		1,579
Other(d)	26,932		3,964		4,091		818		5,602
Segment Adjusted EBITDA(e)	$	26,948	$	5,291	$	2,955	$	1,269	$	3,345	$	39,808

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(946)
Corporate and other(b)(e)											(1,318)
Eliminations											105
Depreciation											(8,854)
Amortization											(5,482)
Interest expense											(4,087)
Investment and other income (loss), net											1,252
Income before income taxes											$	20,478

(a)Our most significant intersegment revenue transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming, and content licensing revenue in Studios for licenses of owned content to Media. Revenue for licenses of content from Studios to Media is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses in Media are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period.

(b)Includes the operations of our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture with Charter Communications. Corporate and other also includes overhead and personnel costs for Corporate.

(c)The significant expense categories and amounts align with the segment-level information that is regularly provided to our chief operating decision maker. Intersegment expenses are included in the amounts shown.

(d)Other for each segment primarily includes:

Residential Connectivity & Platforms and Business Services Connectivity: technical and support expenses; direct product costs; marketing and promotion expenses; customer service expenses; administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; bad debt; and other business, headquarters and support costs, including building and office expenses, taxes and billing costs necessary to operate the Residential Connectivity & Platforms and Business Services Connectivity segments. Our chief operating decision maker uses aggregate expense information to manage the operations of the Business Services Connectivity segment.

Media and Studios: salaries, employee benefits, rent and other overhead expenses.

Theme Parks: theme park operations, including repairs and maintenance and related administrative expenses; food, beverage and merchandise costs; labor costs; and sales and marketing costs. Our chief operating decision maker uses aggregate expense information to manage the operations of the Theme Parks segment.

(e)We use Adjusted EBITDA as the measure of profit or loss for our segments. For each of our segments, our chief operating decision maker uses Adjusted EBITDA to measure operational strength and performance, assist in the evaluation of underlying trends, and allocate resources in the annual budget and forecasting process. Adjusted EBITDA is also a significant performance measure in our annual incentive compensation programs. From time to time we may report the impact of certain events, gains, losses or other charges related to our segments within Corporate and other.

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

(g)The years ended December 31, 2025 and 2024 include $483 million and $7 million, respectively, of transaction and transaction-related costs associated with the Separation of Versant.

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	5
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Summary of operating lease assets and liabilities


Operating Lease Assets and Liabilities Recorded in our Consolidated Balance Sheets
December 31 (in millions)	2025		2024
Other noncurrent assets, net	$	5,287	$	5,524
Accrued expenses and other current liabilities	$	686	$	751
Other noncurrent liabilities	$	5,410	$	5,569

Summary of future minimum rental commitments for operating leases under the new guidance


Future Minimum Lease Commitments for Operating Leases
(in millions)	December 31, 2025
2026	$	889
2027	840
2028	703
2029	494
2030	382
Thereafter	6,337
Total future minimum lease payments	9,646
Less: imputed interest	(3,549)
Total liability	$	6,097

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Treasury stock (in shares)	919,026,355	919,026,355
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,513,794,607 and 4,697,328,372; outstanding, 3,594,768,252 and 3,778,302,017
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	7,500,000,000	7,500,000,000
Common stock, shares issued (in shares)	4,513,794,607	4,697,328,372
Common stock, shares outstanding (in shares)	3,594,768,252	3,778,302,017
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	9,444,375	9,444,375
Common stock, shares outstanding (in shares)	9,444,375	9,444,375

Programming and Production Costs - Programming and Production Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Other Industries [Abstract]
Video distribution programming	$ 10,008	$ 11,428	$ 12,460
Film, Monetized on Its Own, Amortization Expense, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total programming and production costs	Total programming and production costs	Total programming and production costs
Film and television content:
Owned	$ 9,891	$ 9,617	$ 10,224
Licensed, including sports rights	13,611	14,668	12,619
Other	1,440	1,314	1,459
Total programming and production costs	34,951	37,026	36,762
Amortization of owned film and television costs	$ 8,000	$ 7,800	$ 7,800

Income Taxes - Changes in the Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Changes In The Valuation Allowance For Deferred Tax Assets, Valuation Allowance [Roll Forward]
Beginning balance	$ 4,498	$ 3,679	$ 3,295
Additions charged to income tax expense and other accounts	848	910	469
Deductions from reserves	(75)	(91)	(84)
Ending balance	$ 5,271	$ 4,498	$ 3,679

Equity - Changes in Common Stock (Details) - shares	12 Months Ended
Equity - Changes in Common Stock (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, outstanding at beginning of period (in shares)	3,778,302,017	3,969,000,000	4,211,000,000
Stock compensation plans (in shares)	14,000,000	14,000,000	14,000,000
Repurchases and retirements of common stock (in shares)	(205,000,000)	(212,000,000)	(262,000,000)
Employee stock purchase plans (in shares)	8,000,000	6,000,000	7,000,000
Common stock, outstanding at end of period (in shares)	3,594,768,252	3,778,302,017	3,969,000,000
Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, outstanding at beginning of period (in shares)	9,444,375	9,000,000	9,000,000
Stock compensation plans (in shares)	0	0	0
Repurchases and retirements of common stock (in shares)	0	0	0
Employee stock purchase plans (in shares)	0	0	0
Common stock, outstanding at end of period (in shares)	9,444,375	9,444,375	9,000,000

Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Gross balance, beginning of period	$ 66,400	$ 67,800
Accumulated impairment loss beginning of period	(8,200)	(8,500)
Balance, beginning of period	58,209	59,300
Foreign currency translation and other	2,100	(1,000)
Acquisitions	1,100
Gross balance, ending of period	70,600	66,400
Accumulated impairment loss end of period	(9,000)	(8,200)
Balance, end of period	61,502	58,209
Operating Segments \| Residential Connectivity & Platforms
Goodwill [Roll Forward]
Gross balance, beginning of period	33,900	34,500
Accumulated impairment loss beginning of period	(6,100)	(6,300)
Balance, beginning of period	27,800	28,200
Foreign currency translation and other	1,500	(400)
Acquisitions	0
Gross balance, ending of period	36,000	33,900
Accumulated impairment loss end of period	(6,700)	(6,100)
Balance, end of period	29,300	27,800
Operating Segments \| Business Services Connectivity
Goodwill [Roll Forward]
Gross balance, beginning of period	2,200	2,200
Accumulated impairment loss beginning of period	0	0
Balance, beginning of period	2,200	2,200
Foreign currency translation and other	0	0
Acquisitions	1,100
Gross balance, ending of period	3,400	2,200
Accumulated impairment loss end of period	0	0
Balance, end of period	3,400	2,200
Operating Segments \| Media
Goodwill [Roll Forward]
Gross balance, beginning of period	21,700	21,900
Accumulated impairment loss beginning of period	(2,200)	(2,200)
Balance, beginning of period	19,500	19,700
Foreign currency translation and other	500	(200)
Acquisitions	0
Gross balance, ending of period	22,400	21,700
Accumulated impairment loss end of period	(2,400)	(2,200)
Balance, end of period	20,100	19,500
Operating Segments \| Studios
Goodwill [Roll Forward]
Gross balance, beginning of period	3,700	3,700
Accumulated impairment loss beginning of period	0	0
Balance, beginning of period	3,700	3,700
Foreign currency translation and other	0	0
Acquisitions	0
Gross balance, ending of period	3,700	3,700
Accumulated impairment loss end of period	0	0
Balance, end of period	3,700	3,700
Operating Segments \| Theme Parks
Goodwill [Roll Forward]
Gross balance, beginning of period	5,000	5,400
Accumulated impairment loss beginning of period	0	0
Balance, beginning of period	5,000	5,400
Foreign currency translation and other	0	(500)
Acquisitions	0
Gross balance, ending of period	5,000	5,000
Accumulated impairment loss end of period	0	0
Balance, end of period	$ 5,000	$ 5,000

Supplemental Financial Information - Cash Payments for Interest and Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash Payments for Interest and Income Taxes
Interest	$ 3,871	$ 3,657	$ 3,711

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Jan. 15, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-32871
Entity Registrant Name	COMCAST CORPORATION
Entity Tax Identification Number	27-0000798
Entity Incorporation, State or Country Code	PA
Entity Address, Address Line One	One Comcast Center
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103-2838
City Area Code	215
Local Phone Number	286-1700
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 130,745
Documents Incorporated by Reference	Comcast Corporation – Part III – The registrant’s definitive Proxy Statement for its annual meeting of shareholders.
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Fiscal Year Focus	2025
Entity Central Index Key	0001166691
Class A
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock, $0.01 par value
Trading Symbol	CMCSA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		3,588,401,619
0.000% Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	0.000% Notes due 2026
Trading Symbol	CMCS26
Security Exchange Name	NASDAQ
0.250% Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	0.250% Notes due 2027
Trading Symbol	CMCS27
Security Exchange Name	NASDAQ
1.500% Notes due 2029
Document Information [Line Items]
Title of 12(b) Security	1.500% Notes due 2029
Trading Symbol	CMCS29
Security Exchange Name	NASDAQ
0.250% Notes due 2029
Document Information [Line Items]
Title of 12(b) Security	0.250% Notes due 2029
Trading Symbol	CMCS29A
Security Exchange Name	NASDAQ
0.750% Notes due 2032
Document Information [Line Items]
Title of 12(b) Security	0.750% Notes due 2032
Trading Symbol	CMCS32
Security Exchange Name	NASDAQ
3.250% Notes due 2032
Document Information [Line Items]
Title of 12(b) Security	3.250% Notes due 2032
Trading Symbol	CMCS32A
Security Exchange Name	NASDAQ
1.875% Notes due 2036
Document Information [Line Items]
Title of 12(b) Security	1.875% Notes due 2036
Trading Symbol	CMCS36
Security Exchange Name	NASDAQ
3.550% Notes due 2036
Document Information [Line Items]
Title of 12(b) Security	3.550% Notes due 2036
Trading Symbol	CMCS36A
Security Exchange Name	NASDAQ
1.250% Notes due 2040
Document Information [Line Items]
Title of 12(b) Security	1.250% Notes due 2040
Trading Symbol	CMCS40
Security Exchange Name	NASDAQ
5.250% Notes due 2040
Document Information [Line Items]
Title of 12(b) Security	5.250% Notes due 2040
Trading Symbol	CMCS40A
Security Exchange Name	NASDAQ
5.50% Notes due 2029
Document Information [Line Items]
Title of 12(b) Security	5.50% Notes due 2029
Trading Symbol	CCGBP29
Security Exchange Name	NYSE
2.0% Exchangeable Subordinated Debentures due 2029
Document Information [Line Items]
Title of 12(b) Security	2.0% Exchangeable Subordinated Debentures due 2029
Trading Symbol	CCZ
Security Exchange Name	NYSE
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,444,375

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment


Note 9: Property and Equipment


December 31 (in billions)	Weighted-Average Original Useful Life as of December 31, 2025	2025		2024
Distribution systems	11 years	$	50.9	$	47.8
Customer premise equipment	6 years	21.8		23.2
Buildings, theme park infrastructure and leasehold improvements	30 years	26.9		22.1
Other equipment	13 years	22.1		18.1
Construction in process	N/A	2.4		8.6
Land	N/A	2.3		2.2
Property and equipment, at cost		126.4		122.1
Less: Accumulated depreciation		60.8		59.5
Property and equipment, net		$	65.7	$	62.5


Property and Equipment by Geographic Location
December 31 (in billions)	2025		2024
United States	$	55.9	$	52.6
Other	9.8		10.0
Property and equipment, net	$	65.7	$	62.5

Property and equipment are stated at cost. We capitalize improvements that extend asset lives and expense repairs and maintenance costs as incurred. We record depreciation using the straight-line method over the asset’s estimated useful life. For assets that are sold or retired, we remove the applicable cost and accumulated depreciation and, unless the gain or loss on disposition is presented separately, we recognize it as a component of depreciation expense. Capital expenditures for the construction of Universal Beijing Resort are presented separately in our consolidated statements of cash flows.

We capitalize the costs associated with the construction of and improvements to our HFC network, including scalable infrastructure and line extensions; costs associated with acquiring and deploying new customer premise equipment; and certain costs associated with installation of our services, including the customer’s connection to our network, in accordance with accounting guidance related to property and equipment as well as for cable television companies. Costs capitalized include all

direct costs for labor and materials, as well as various indirect costs. Costs incurred in connection with subsequent disconnects, and reconnects of previously deployed customer premise equipment, are expensed as they are incurred.

We evaluate the recoverability of our property and equipment whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of depreciation expense.

Certain of our cable franchise agreements and lease agreements contain provisions requiring us to restore facilities or remove property in the event that the franchise or lease agreement is not renewed. We expect to continually renew our cable franchise agreements and therefore cannot reasonably estimate liabilities associated with such agreements. A remote possibility exists that franchise agreements could be terminated unexpectedly, which could result in us incurring significant expense in complying with restoration or removal provisions. We do not have any material liabilities related to asset retirement obligations recorded in our consolidated financial statements.

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Billions	Dec. 31, 2025	Dec. 31, 2024
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 62.2	$ 62.2
Estimated Amortization Expense
Gross Carrying Amount	59.0	56.8
Accumulated Amortization	(39.4)	(34.0)
Franchise rights
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	59.4	59.4
FCC licenses
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2.8	2.8
Customer relationships
Estimated Amortization Expense
Weighted-average original useful life	13 years
Gross Carrying Amount	$ 21.4	20.5
Accumulated Amortization	$ (17.9)	(15.1)
Software
Estimated Amortization Expense
Weighted-average original useful life	5 years
Gross Carrying Amount	$ 25.8	24.9
Accumulated Amortization	$ (18.1)	(16.2)
Other agreements and rights
Estimated Amortization Expense
Weighted-average original useful life	28 years
Gross Carrying Amount	$ 11.8	11.4
Accumulated Amortization	$ (3.4)	$ (2.7)

Programming and Production Costs (Tables)

12 Months Ended

Dec. 31, 2025

Other Industries [Abstract]

Programming and production cost


Year ended December 31 (in millions)	2025		2024		2023
Video distribution programming	$	10,008	$	11,428	$	12,460
Film and television content:
Owned(a)	9,891		9,617		10,224
Licensed, including sports rights	13,611		14,668		12,619
Other	1,440		1,314		1,459
Total programming and production costs	$	34,951	$	37,026	$	36,762

(a) Amount includes amortization of owned content of $8.0 billion, $7.8 billion and $7.8 billion for the year ended December 31, 2025, 2024 and 2023, respectively, as well as participations and residuals expenses.

Capitalized film and television costs

Capitalized Film and Television Costs


December 31 (in millions)	2025		2024
Owned:
In production and in development	$	2,896	$	3,342
Completed, not released	84		209
Released, less amortization	4,571		4,545
	7,551		8,095
Licensed, including sports advances	4,663		4,446



Film and television costs	$	12,214	$	12,541

Estimated future amortization expense for capitalized film and television costs and programming rights

The table below summarizes estimated future amortization expense for the capitalized film and television costs recorded in our consolidated balance sheets as of December 31, 2025.


(in millions)	Owned		Licensed
Completed, not released:
2026	$	52

Released and licensed content:
2026	$	2,261	$	3,280
2027	$	824	$	672
2028	$	182	$	382

Schedule of accrued participation liabilities due in next operating cycle

The following table summarizes the amount of accrued participation and residual liabilities that we expect to pay during the upcoming operating cycle.


December 31 (in millions)	2025		2024
Current portion of accrued participations and residuals	$	1,537	$	1,444

Debt - Impact of Hedged Foreign Currency Debt and Intercompany Loans (Details) - Foreign Currency Denominated Debt Obligations and Intercompany Funding Arrangements Denominated in a Currency Other Than Functional - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument, Redemption [Line Items]
Foreign currency transaction gains (losses)	$ (0.3)	$ 0.0	$ (0.2)
Derivative gains (losses)	$ 0.4	$ 0.1	$ 0.3

Share-Based Compensation - Stock Options and Restricted Share Units (Details) shares in Millions	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	1
Weighted-average exercise price of awards granted during the year (in dollars per share) \| $ / shares	$ 35.98
Stock options outstanding and unvested (in shares)	204
Weighted-average exercise price of shares outstanding (in dollars per share) \| $ / shares	$ 41.93
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	46
Awards nonvested (in shares)	78
Weighted-average fair value at grant date of nonvested awards (in dollars per share) \| $ / shares	$ 37.71

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Currency translation adjustments, deferred taxes	$ 208	$ (137)	$ (29)
Deferred gains (losses) on cash flow hedges, deferred taxes	(14)	(4)	8
Realized (gains) losses on cash flow hedges, deferred taxes	15	(1)	38
Employee benefit obligations, deferred taxes	$ 36	$ (9)	$ (2)

Equity - Weighted Average Common Shares Outstanding (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity [Abstract]
Weighted-average number of common shares outstanding – basic (in shares)	3,699	3,885	4,122
Effect of dilutive securities (in shares)	10	24	25
Weighted-average number of common shares outstanding – diluted (in shares)	3,709	3,908	4,148
Antidilutive securities (in shares)	237	184	169

Significant Transactions (Details) - USD ($) $ in Millions	1 Months Ended
Significant Transactions (Details) - USD ($) $ in Millions	Apr. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Asset Acquisition [Line Items]
Goodwill		$ 61,502	$ 58,209	$ 59,300
Discontinued Operations, Disposed of by Sale
Asset Acquisition [Line Items]
Disposal group, including discontinued operations, assets		892
Disposal group, including discontinued operation, liabilities		$ 848
Nitel
Asset Acquisition [Line Items]
Payments to acquire business	$ 1,300
Goodwill	$ 1,100

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Supplemental Financial Information - Noncash Investing and Financing Activities (Details) - USD ($) $ / shares in Units, $ in Billions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Property and equipment and intangible assets accrued but not yet paid	$ 1.9	$ 2.8	$ 2.1
Dividends payable	$ 1.2	$ 1.2	$ 1.2
Dividends payable (in dollars per share)	$ 0.33	$ 0.31	$ 0.29

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt


Note 6: Debt


Debt Outstanding
December 31 (in billions)	Weighted-Average Interest Rate as of December 31, 2025(a)		Weighted-Average Interest Rate as of December 31, 2024(a)		2025(b)		2024(b)


Term loans	2.5	%	3.2	%	$	3.2	$	3.1
Senior notes with maturities of 5 years or less, at face value	3.3	%	3.4	%	25.4		26.7
Senior notes with maturities between 5 and 10 years, at face value	4.2	%	3.6	%	18.7		18.1
Senior notes with maturities greater than 10 years, at face value	3.8	%	3.9	%	55.4		55.4
Finance lease obligations and other					2.1		1.9
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net					(5.9)		(6.0)
Total debt					98.9		99.1
Less: Current portion					6.0		4.9
Noncurrent portion of debt					$	93.0	$	94.2

(a)Represents the weighted-average interest rates based on the stated coupon rate. The weighted-average effective interest rate for total debt, including the effects of amortization of debt issuance costs, premiums, discounts and fair value adjustments for acquisition accounting and excluding finance lease obligations and the effects of our derivative financial instruments, was 4.0% as of both December 31, 2025 and 2024.

(b)As of December 31, 2025, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £3.3 billion, €8.0 billion and ¥22.3 billion RMB. As of December 31, 2024, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £3.3 billion, €8.5 billion and ¥22.3 billion RMB.

Our senior notes are unsubordinated and unsecured obligations and are subject to parent and/or subsidiary guarantees. As of December 31, 2025 and 2024, substantially all of our debt obligations were fixed-rate debt and our debt had an estimated fair value of $90.3 billion and $89.8 billion, respectively. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.


Principal Maturities of Term Loans and Senior Notes
(in billions)
2026	$	5.8
2027	$	4.9
2028	$	5.6
2029	$	4.7
2030	$	4.8

Revolving Credit Facility and Commercial Paper Program

In May 2024, we entered into a new $11.8 billion revolving credit facility with a syndicate of banks, due May 17, 2029, that may be used for general corporate purposes. We may increase the commitments under the facility up to a total of $14.8 billion, as well as extend the expiration date to no later than May 17, 2031, subject to the approval of the lenders. The interest rate consists of a benchmark rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of December 31, 2025, the borrowing margin for borrowings based on the Adjusted Term SOFR Rate, as defined in the agreement, was 0.875%. The facility requires that we maintain a certain financial ratio based on debt and EBITDA, as defined in the agreement. In connection with our entry into the new credit facility, we terminated our prior credit facility dated as of March 30, 2021. Our commercial paper program is supported by this revolving credit facility and provides a lower cost source of borrowing to fund short-term working capital requirements. As of December 31, 2025 and 2024, we had no borrowings outstanding under this revolving credit facility or our commercial paper program. As of December 31, 2025, amounts available under this revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.8 billion.

Letters of Credit and Bank Guarantees

As of December 31, 2025, we and certain of our subsidiaries had undrawn irrevocable standby letters of credit and bank guarantees totaling $313 million to cover potential fundings under various agreements.

Versant Financing

In October 2025, Versant entered into a credit agreement with respect to a $1.0 billion senior secured Term A Loan Facility due January 2031 and a $750 million Revolving Credit Facility due January 2031. As of December 31, 2025, the Term A Loan Facility was not funded and the Versant Revolving Credit Facility was undrawn. 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. As of December 31, 2025, the net proceeds from the Notes issuance, plus accrued and unpaid interest, were held in an escrow account and reported as restricted cash within our consolidated balance sheet due to a special mandatory redemption provision that would have required the Notes to be redeemed if the Separation of Versant from Comcast had not been consummated by March 2, 2026.

On January 2, 2026, before the Distribution, Versant entered into a credit agreement with respect to a $1.0 billion Term B Loan Facility due January 2031, and each of the Term A Loan Facility and the Term B Loan Facility was funded. Versant’s $3.0 billion aggregate principal amount of indebtedness consisting of the Notes and borrowings under the Term A Loan Facility and Term B Loan Facility ceased to be consolidated indebtedness of Comcast in connection with the Separation. See Note 16 for additional information on the Separation.

Derivatives and Hedging

We use financial instruments designated as hedging instruments primarily to manage exposures to (1) foreign exchange rate fluctuations resulting from certain foreign currency denominated debt obligations and intercompany funding arrangements and from the consolidation of our foreign operations; and (2) interest rate risk relating to our debt. Our objective is to manage the financial and operational exposure arising from these risks by offsetting gains and losses on underlying exposures with gains and losses on the instruments used to hedge them.


		December 31, 2025				December 31, 2024
(in billions)	Designation	Notional		Net Derivative Asset (Liability)		Notional		Net Derivative Asset (Liability)
Foreign Exchange Risk
Foreign Currency Denominated Debt
Cross-currency swaps	Fair value hedge	$	2.1	$	0.1	$	1.9	$	(0.1)
Cross-currency swaps	Cash flow hedge	0.8		(0.2)		0.8		(0.2)
Intercompany Loans
Foreign currency forwards	Fair value hedge	1.5		—		1.7		0.1
Net Investments in Foreign Subsidiaries
Foreign currency denominated debt(a)	Net investment hedge	7.3				7.3
Cross-currency swaps	Net investment hedge	1.0		0.2		1.7		0.4
Interest Rate Risk
Fixed-to-variable interest rate swaps	Fair value hedge	$	2.5	$	(0.1)	$	2.5	$	(0.2)

(a)Our foreign currency denominated debt designated as net investment hedges are non-derivative instruments and amount shown is the value of debt designated as a hedge.

The fair value of our derivative financial instruments are primarily measured using Level 2 inputs using a market-based approach. Net cash received or paid related to our derivative instruments is classified in our consolidated statements of cash flows based on the objective of the instrument and the classifications of the applicable underlying cash flows.

Changes in the fair value of derivative instruments accounted for as fair value hedges are primarily recorded within earnings and changes in the fair value of cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) until the hedged items affect earnings. The earnings impacts are recorded within the same line item as the item being hedged. The table below summarizes the impact of our hedged foreign currency denominated debt and intercompany loans and the associated derivative contracts on the other income (loss) component of investment and other income (loss).


Year ended December 31 (in billions)	2025		2024		2023
Foreign currency transaction gains (losses)	$	(0.3)	$	—	$	(0.2)
Derivative gains (losses)	$	0.4	$	0.1	$	0.3

Transaction gains and losses resulting from currency movements on debt and changes in the fair value of cross-currency swaps designated as net investment hedges are recorded within the currency translation adjustments component of accumulated other comprehensive income (loss). The table below summarizes the amount of pre-tax gains (losses) related to net investment hedges recognized in the cumulative translation adjustments component of other comprehensive income (loss).


Year ended December 31 (in billions)	2025		2024		2023
Effect of net investment hedges	$	(1.0)	$	0.9	$	0.3

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments and Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Investment and other income (loss), net


Investment and Other Income (Loss), Net
Year ended December 31 (in millions)	2025		2024		2023
Equity in net income (losses) of investees, net	$	(591)	$	(680)	$	789
Realized and unrealized gains (losses) on equity securities, net	(20)		(313)		(130)
Other income (loss), net	10,114		502		592
Investment and other income (loss), net	$	9,503	$	(490)	$	1,252

Investment summary


Investments
December 31 (in millions)	2025		2024
Equity method	$	6,674	$	7,252
Nonmarketable equity securities	1,049		1,221
Other investments	244		195
Total investments	7,966		8,668
Less: Current investments	14		21
Noncurrent investments	$	7,952	$	8,647

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment Information - Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 123,707	$ 123,731	$ 121,572
Programming and production	34,951	37,026	36,762
Marketing and promotion	8,862	8,073	7,971
Other operating and administrative	43,013	40,533	39,190
Depreciation	(9,327)	(8,729)	(8,854)
Amortization	(6,884)	(6,072)	(5,482)
Interest expense	(4,409)	(4,134)	(4,087)
Investment and other income (loss), net	9,503	(490)	1,252
Income before income taxes	25,766	18,673	20,478
Operating Segments
Segment Reporting Information [Line Items]
Revenue	129,152	129,132	127,128
Adjusted EBITDA	39,753	40,322	39,808
Operating Segments \| External Customers
Segment Reporting Information [Line Items]
Revenue	120,896	120,990	118,962
Operating Segments \| Intersegment Customers
Segment Reporting Information [Line Items]
Revenue	8,256	8,142	8,166
Headquarters/Corporate and Other
Segment Reporting Information [Line Items]
Revenue	3,090	2,982	2,827
Headquarters/Corporate and Other \| Media, Studios and Theme Parks headquarters and other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(1,095)	(831)	(946)
Headquarters/Corporate and Other \| Corporate and other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(1,975)	(1,346)	(1,318)
Consolidation, Eliminations
Segment Reporting Information [Line Items]
Revenue	(8,535)	(8,383)	(8,383)
Adjusted EBITDA	200	(47)	105
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Segment Reporting Information [Line Items]
Transaction and transaction-related costs	483	7
Residential Connectivity & Platforms \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	70,704	71,574	71,946
Programming and production	16,007	16,881	18,067
Other	28,044	27,355	26,932
Adjusted EBITDA	26,653	27,338	26,948
Residential Connectivity & Platforms \| Operating Segments \| External Customers
Segment Reporting Information [Line Items]
Revenue	70,599	71,401	71,739
Residential Connectivity & Platforms \| Operating Segments \| Intersegment Customers
Segment Reporting Information [Line Items]
Revenue	104	173	207
Business Services Connectivity \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	10,237	9,701	9,255
Other	4,512	4,201	3,964
Adjusted EBITDA	5,725	5,500	5,291
Business Services Connectivity \| Operating Segments \| External Customers
Segment Reporting Information [Line Items]
Revenue	10,214	9,678	9,233
Business Services Connectivity \| Operating Segments \| Intersegment Customers
Segment Reporting Information [Line Items]
Revenue	23	23	22
Media \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	27,090	28,148	25,355
Programming and production	17,866	18,968	16,921
Marketing and promotion	1,463	1,473	1,389
Other	4,565	4,577	4,091
Adjusted EBITDA	3,196	3,130	2,955
Media \| Operating Segments \| External Customers
Segment Reporting Information [Line Items]
Revenue	22,168	23,463	20,734
Media \| Operating Segments \| Intersegment Customers
Segment Reporting Information [Line Items]
Revenue	4,922	4,685	4,621
Studios \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	11,286	11,092	11,625
Programming and production	7,441	7,257	7,958
Marketing and promotion	1,773	1,483	1,579
Other	973	947	818
Adjusted EBITDA	1,099	1,404	1,269
Studios \| Operating Segments \| External Customers
Segment Reporting Information [Line Items]
Revenue	8,080	7,832	8,308
Studios \| Operating Segments \| Intersegment Customers
Segment Reporting Information [Line Items]
Revenue	3,205	3,259	3,317
Theme Parks \| Operating Segments
Segment Reporting Information [Line Items]
Revenue	9,836	8,617	8,947
Other	6,756	5,668	5,602
Adjusted EBITDA	3,080	2,949	3,345
Theme Parks \| Operating Segments \| External Customers
Segment Reporting Information [Line Items]
Revenue	9,835	8,615	8,948
Theme Parks \| Operating Segments \| Intersegment Customers
Segment Reporting Information [Line Items]
Revenue	$ 1	$ 1	$ (1)

Subsequent Events (Details) - USD ($) $ in Millions	12 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 15, 2026	Jan. 02, 2026
Subsequent Event [Line Items]
Revenue	$ 123,707	$ 123,731	$ 121,572
Operating Income (Loss)	20,672	23,297	23,314
Assets	272,631	266,211
Goodwill	61,502	58,209	$ 59,300
Cash and cash equivalents	$ 9,481	$ 7,322
Subsequent Event \| 3.15% Notes due March 2026
Subsequent Event [Line Items]
Stated interest rate (as a percent)				3.15%
Debt instrument, redemption price, amount				$ 2,100
Subsequent Event \| 5.35% Notes due November 2027
Subsequent Event [Line Items]
Stated interest rate (as a percent)				5.35%
Debt instrument, redemption price, amount				$ 650
Subsequent Event \| Versant
Subsequent Event [Line Items]
Cash and cash equivalents					$ 2,250

Revenue - Narrative (Details)	12 Months Ended
Revenue - Narrative (Details)	Dec. 31, 2025
Residential Connectivity & Platforms \| Minimum
Revenue [Line Items]
Term of contract	1 month
Residential Connectivity & Platforms \| Maximum
Revenue [Line Items]
Term of contract	24 months
Term of sales commission	1 year
Residential Connectivity & Platforms \| Certain International Customers Under Contract \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue [Line Items]
Timing period of recognition	24 months
Residential Connectivity & Platforms \| Certain International Customers Under Contract \| Maximum
Revenue [Line Items]
Term of contract	24 months
Backlog as percent of annual revenue (in percent)	10.00%
Residential Connectivity & Platforms \| International connectivity \| Minimum \| International Customer
Revenue [Line Items]
Imputed interest free over period	24 months
Residential Connectivity & Platforms \| International connectivity \| Maximum \| International Customer
Revenue [Line Items]
Imputed interest free over period	48 months
Residential Connectivity & Platforms \| Video \| Minimum \| International Customer
Revenue [Line Items]
Imputed interest free over period	24 months
Residential Connectivity & Platforms \| Video \| Maximum \| International Customer
Revenue [Line Items]
Imputed interest free over period	48 months
Residential Connectivity & Platforms \| Domestic wireless \| Minimum \| Domestic Customer
Revenue [Line Items]
Imputed interest free over period	24 months
Residential Connectivity & Platforms \| Domestic wireless \| Maximum \| Domestic Customer
Revenue [Line Items]
Imputed interest free over period	36 months
Business Services Connectivity
Revenue [Line Items]
Backlog as percent of annual revenue (in percent)	50.00%
Studios \| Content licensing \| Minimum
Revenue [Line Items]
Backlog as percent of annual revenue (in percent)	50.00%
Studios \| Content licensing \| Maximum
Revenue [Line Items]
Backlog as percent of annual revenue (in percent)	100.00%

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 19,660	$ 15,877	$ 15,107
Other comprehensive income (loss), net of tax (expense) benefit:
Currency translation adjustments, net of deferred taxes of $208, $(137) and $(29)	2,236	(895)	1,478
Cash flow hedges:
Deferred gains (losses), net of deferred taxes of $(14), $(4) and $8	(7)	57	16
Realized (gains) losses reclassified to net income, net of deferred taxes of $15, $(1) and $38	(55)	(1)	(158)
Employee benefit obligations and other, net of deferred taxes of $36, $(9) and $(2)	(129)	31	3
Other comprehensive income (loss)	2,044	(807)	1,338
Comprehensive income (loss)	21,704	15,070	16,445
Less: Net income (loss) attributable to noncontrolling interests	(338)	(315)	(282)
Less: Other comprehensive income (loss) attributable to noncontrolling interests	9	(17)	(19)
Comprehensive income attributable to Comcast Corporation	$ 22,033	$ 15,402	$ 16,746

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Philadelphia, Pennsylvania

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our management, with involvement and input from our Board of Directors, performs an annual enterprise-wide risk management (“ERM”) assessment to identify and manage key existing and emerging risks for our company. Our ERM process assesses the characteristics and circumstances of the evolving business environment at the time and seeks to identify both the potential impacts to our company of a particular risk and the velocity with which the risk may manifest (e.g., rapidly in less than three months or more slowly in more than twelve months). Our executive management team has the overall responsibility for, and oversight of, our ERM process, and an ERM steering committee manages the process, with one or more senior business executives then monitoring and managing each of the identified risks. Cybersecurity is among the risks identified for Board-level oversight as a result of our most recent ERM assessment, with our Audit Committee of the Board overseeing our policies, practices and assessments with respect to cybersecurity. Network and information systems and other technologies, including those that are related to our network management, customer service operations and programming delivery and are embedded in our products and services, are critical to our business activities. We frequently obtain certain confidential, proprietary and/or personal information about our customers, personnel and vendors, which in many cases is provided or made available to third-party vendors who agree to protect it. As a result, we have multiple layers of security designed to detect and block cybersecurity events, as well as a dedicated team of cybersecurity personnel, who assist our CISOs in helping to assess, identify, monitor, detect and manage cybersecurity risks, threats, vulnerabilities and incidents. In the normal course, we engage assessors, consultants and other third parties to assist in various cyber-related matters. For example, an outside consulting firm conducts a National Institute of Standards and Technology and International Organization for Standardization-based cybersecurity capability maturity assessment every three years, which is reviewed with the Audit Committee, and our security teams leverage third-party advisors, as appropriate. We also perform penetration tests, data recovery testing, security audits and risk assessments throughout the year. Our cybersecurity program also incorporates intelligence sharing capabilities about emerging threats within the telecommunications industry and other industries through collaboration with peer companies and specialized consultants and through public-private partnerships with government intelligence agencies. We hold cybersecurity trainings for our employees and request that key vendors do the same. However, while we develop and maintain systems, and operate programs that seek to prevent security incidents from occurring, these systems and programs must be constantly monitored and updated in the face of sophisticated and rapidly evolving attempts to overcome our security measures and protections. The occurrence of both intentional and unintentional incidents has caused, and could cause in the future, a variety of adverse business impacts. See “Item 1A: Risk Factors” above for additional information on risks related our business, including, for example, risks related to cyber attacks, information and system breaches, and technology disruptions and failures; our reliance on using and protecting certain intellectual property rights; keeping pace with technological developments; legal and regulatory developments; and obtaining hardware, software and operational support from third-party vendors.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our management, with involvement and input from our Board of Directors, performs an annual enterprise-wide risk management (“ERM”) assessment to identify and manage key existing and emerging risks for our company. Our ERM process assesses the characteristics and circumstances of the evolving business environment at the time and seeks to identify both the potential impacts to our company of a particular risk and the velocity with which the risk may manifest (e.g., rapidly in less than three months or more slowly in more than twelve months).
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board and/or our Audit Committee receive regular updates throughout the year on cybersecurity. Each of our Board and Audit Committee separately receives an annual report on cybersecurity matters and related risk exposures from our primary businesses’ Chief Information Security Officers (“CISOs”) and Chief Technology Officers or other similar officers (“CTOs”). Our Audit Committee also receives regular updates on our cybersecurity posture throughout the year, as appropriate. When covered during an Audit Committee meeting, the chair of the Audit Committee reports on its discussion to the full Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board and/or our Audit Committee receive regular updates throughout the year on cybersecurity. Each of our Board and Audit Committee separately receives an annual report on cybersecurity matters and related risk exposures from our primary businesses’ Chief Information Security Officers (“CISOs”) and Chief Technology Officers or other similar officers (“CTOs”). Our Audit Committee also receives regular updates on our cybersecurity posture throughout the year, as appropriate.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board and/or our Audit Committee receive regular updates throughout the year on cybersecurity. Each of our Board and Audit Committee separately receives an annual report on cybersecurity matters and related risk exposures from our primary businesses’ Chief Information Security Officers (“CISOs”) and Chief Technology Officers or other similar officers (“CTOs”). Our Audit Committee also receives regular updates on our cybersecurity posture throughout the year, as appropriate. When covered during an Audit Committee meeting, the chair of the Audit Committee reports on its discussion to the full Board.
Cybersecurity Risk Role of Management [Text Block]	The Board and/or our Audit Committee receive regular updates throughout the year on cybersecurity. Each of our Board and Audit Committee separately receives an annual report on cybersecurity matters and related risk exposures from our primary businesses’ Chief Information Security Officers (“CISOs”) and Chief Technology Officers or other similar officers (“CTOs”). Our Audit Committee also receives regular updates on our cybersecurity posture throughout the year, as appropriate. When covered during an Audit Committee meeting, the chair of the Audit Committee reports on its discussion to the full Board. In addition to this Board-level oversight, our Cybersecurity Leadership Council (“CLC”) oversees our cybersecurity strategy and is responsible for overseeing and managing our cybersecurity risks. The CLC includes our Chief Financial Officer (“CFO”), Chief Legal Officer, head of Internal Audit, Chief Privacy and Data Strategy Officer, and lead internal securities counsel, as well as the CISOs, CTOs, CFOs and General Counsels of our primary businesses. Given the complex and varied nature of our businesses, the Connectivity & Platforms and Content & Experiences businesses each have a dedicated CISO whom we believe is appropriately qualified to assess and manage cybersecurity risks. The Connectivity & Platforms CISO has served in various roles in product security and privacy at our company since 2016 and held various leadership and technical positions in Fortune 500 companies before joining our company. The Content & Experiences CISO has served in various roles in information security at our company since 2018 and held various roles in managing security operation center service portfolios and information security before joining our company. The CLC conducts regular meetings throughout the year during which CISOs provide updates and report on meaningful cybersecurity risks, threats, incidents and vulnerabilities in accordance with the CLC’s reporting framework, as well as related priorities, mitigation and remediation activities, financial and employee resource levels, regulatory compliance, technology trends and third-party provider risks. To help inform this reporting framework, our primary businesses maintain incident response plans and other policies and procedures designed to respond to, mitigate and remediate cybersecurity incidents according to a defined set of severity ratings based on the potential impact to our business, information technology systems, network or data, including data held or information technology services provided by third-party vendors or other service providers.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Each of our Board and Audit Committee separately receives an annual report on cybersecurity matters and related risk exposures from our primary businesses’ Chief Information Security Officers (“CISOs”) and Chief Technology Officers or other similar officers (“CTOs”).
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	In addition to this Board-level oversight, our Cybersecurity Leadership Council (“CLC”) oversees our cybersecurity strategy and is responsible for overseeing and managing our cybersecurity risks. The CLC includes our Chief Financial Officer (“CFO”), Chief Legal Officer, head of Internal Audit, Chief Privacy and Data Strategy Officer, and lead internal securities counsel, as well as the CISOs, CTOs, CFOs and General Counsels of our primary businesses. Given the complex and varied nature of our businesses, the Connectivity & Platforms and Content & Experiences businesses each have a dedicated CISO whom we believe is appropriately qualified to assess and manage cybersecurity risks. The Connectivity & Platforms CISO has served in various roles in product security and privacy at our company since 2016 and held various leadership and technical positions in Fortune 500 companies before joining our company. The Content & Experiences CISO has served in various roles in information security at our company since 2018 and held various roles in managing security operation center service portfolios and information security before joining our company.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Board and/or our Audit Committee receive regular updates throughout the year on cybersecurity. Each of our Board and Audit Committee separately receives an annual report on cybersecurity matters and related risk exposures from our primary businesses’ Chief Information Security Officers (“CISOs”) and Chief Technology Officers or other similar officers (“CTOs”). Our Audit Committee also receives regular updates on our cybersecurity posture throughout the year, as appropriate. When covered during an Audit Committee meeting, the chair of the Audit Committee reports on its discussion to the full Board. In addition to this Board-level oversight, our Cybersecurity Leadership Council (“CLC”) oversees our cybersecurity strategy and is responsible for overseeing and managing our cybersecurity risks. The CLC includes our Chief Financial Officer (“CFO”), Chief Legal Officer, head of Internal Audit, Chief Privacy and Data Strategy Officer, and lead internal securities counsel, as well as the CISOs, CTOs, CFOs and General Counsels of our primary businesses. Given the complex and varied nature of our businesses, the Connectivity & Platforms and Content & Experiences businesses each have a dedicated CISO whom we believe is appropriately qualified to assess and manage cybersecurity risks. The Connectivity & Platforms CISO has served in various roles in product security and privacy at our company since 2016 and held various leadership and technical positions in Fortune 500 companies before joining our company. The Content & Experiences CISO has served in various roles in information security at our company since 2018 and held various roles in managing security operation center service portfolios and information security before joining our company. The CLC conducts regular meetings throughout the year during which CISOs provide updates and report on meaningful cybersecurity risks, threats, incidents and vulnerabilities in accordance with the CLC’s reporting framework, as well as related priorities, mitigation and remediation activities, financial and employee resource levels, regulatory compliance, technology trends and third-party provider risks. To help inform this reporting framework, our primary businesses maintain incident response plans and other policies and procedures designed to respond to, mitigate and remediate cybersecurity incidents according to a defined set of severity ratings based on the potential impact to our business, information technology systems, network or data, including data held or information technology services provided by third-party vendors or other service providers.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and equipment


December 31 (in billions)	Weighted-Average Original Useful Life as of December 31, 2025	2025		2024
Distribution systems	11 years	$	50.9	$	47.8
Customer premise equipment	6 years	21.8		23.2
Buildings, theme park infrastructure and leasehold improvements	30 years	26.9		22.1
Other equipment	13 years	22.1		18.1
Construction in process	N/A	2.4		8.6
Land	N/A	2.3		2.2
Property and equipment, at cost		126.4		122.1
Less: Accumulated depreciation		60.8		59.5
Property and equipment, net		$	65.7	$	62.5

Property and equipment by geographic location


Property and Equipment by Geographic Location
December 31 (in billions)	2025		2024
United States	$	55.9	$	52.6
Other	9.8		10.0
Property and equipment, net	$	65.7	$	62.5

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies


Note 1: Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements include all entities in which we have a controlling voting interest and variable interest entities (“VIEs”) required to be consolidated, including Universal Beijing Resort (see Note 8).

We translate assets and liabilities of our foreign operations where the functional currency is the local currency into U.S. dollars at the exchange rate as of the balance sheet date and translate revenue and expenses using average periodic exchange rates. The related translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in our consolidated balance sheets. Any foreign currency transaction gains or losses are included in our consolidated statements of income in investment and other income (loss), net. For disclosures containing future amounts where the functional currency is the local currency, we translate the amounts into U.S. dollars at the exchange rates as of the balance sheet date.

On January 2, 2026 (the “Separation date”), we completed the previously announced separation of Versant into an independent publicly traded company comprised of select cable television networks and complementary digital platforms through a tax-free spin-off (the “Separation”). As the Separation occurred after December 31, 2025, the consolidated financial statements and related notes do not reflect the Separation. See Note 16 for additional information.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation. Refer to Note 3 for a discussion of the changes in our presentation of disaggregated revenue and Note 12 for a discussion of the changes in our presentation of treasury shares.

Accounting Policies

Our consolidated financial statements are prepared in accordance with GAAP, which require us to select accounting policies, including in certain cases industry-specific policies, and make estimates that affect the reported amount of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. Actual results could differ from these estimates. The following accounting policies are specific to the industries in which we operate:

•capitalization and amortization of film and television costs (see Note 4)

•costs for connecting customers to our HFC network (see Note 9)

Information on other accounting policies and methods that we use in the preparation of our consolidated financial statements are included, where applicable, in their respective footnotes that follow. Below is a discussion of accounting policies and methods used in our consolidated financial statements that are not presented within other footnotes.

Advertising Expenses

Advertising costs are expensed as incurred.

Fair Value Measurements

The accounting guidance related to fair value measurements establishes a hierarchy based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below.

•Level 1: Values are determined using quoted market prices for identical financial instruments in an active market.

•Level 2: Values are determined using quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

•Level 3: Values are determined using models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

We use this three-tier fair value hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments (see Note 8); on a non-recurring basis, such as for acquisitions (see Note 7) and impairment testing (see Note 10); and for disclosure purposes, such as for debt (see Note 6). Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation and classification within the fair value hierarchy.

Recent Accounting Pronouncements

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued updated accounting guidance related to disclosures about certain costs and expenses. The updated accounting guidance, among other things, requires quantitative disclosures for employee compensation, selling expenses and purchases of inventory. The updated guidance is effective beginning with our Annual Report on Form 10-K for the year ending December 31, 2027. We are currently evaluating the impact the adoption of the new accounting guidance will have on our disclosures.

Internal-Use Software

In September 2025, the FASB updated the accounting guidance related to internal-use software. The updated guidance eliminates references to software project stages and clarifies that capitalization of internal-use software costs should begin once management authorizes and commits to funding a software project and it is probable that the project will be completed and used as intended. The updated guidance is effective for us as of January 1, 2028, and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

Government Grants

In December 2025, the FASB issued new accounting guidance on the recognition, measurement and presentation of government grants received by business entities. The new guidance defines government grants, clarifies their scope and provides a recognition threshold under which a grant is recognized when it is probable the entity will comply with the grant’s conditions and that the grant will be received. The updated guidance is effective for us as of January 1, 2029, and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements.

Interim Reporting

In December 2025, the FASB issued updated accounting guidance on interim reporting. The updated guidance establishes a principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity, as well as clarifies the applicability of interim disclosure requirements. The guidance does not change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. The guidance is effective for us beginning in interim periods after January 1, 2028, with early adoption permitted. We are currently evaluating the impact the adoption of the new accounting guidance will have on our disclosures.

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Additional Paid-In Capital	Retained Earnings	Treasury Stock at Cost	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Class A Common Stock	Class B Common Stock
Balance, beginning of year at Dec. 31, 2022	$ 411
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions from (distributions to) noncontrolling interests, net	(24)
Other	(171)
Net income (loss)	25
Balance, end of year at Dec. 31, 2023	241
Balance, beginning of year at Dec. 31, 2022		$ 39,412	$ 51,609	$ (7,517)	$ (2,611)	$ 684	$ 51	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		1,063
Repurchases of common stock under repurchase program and employee plans		(2,086)	(9,309)				(2)
Issuances of common stock under employee plans		272
Dividends declared			(4,795)
Other comprehensive income (loss)	1,338				1,358	(19)
Contributions from (distributions to) noncontrolling interests, net						166
Other		(127)	(1)
Net income (loss)			15,388			(307)
Balance, end of year at Dec. 31, 2023	$ 83,226	38,533	52,892	(7,517)	(1,253)	523	48	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per common share (in dollars per share)	$ 1.16
Contributions from (distributions to) noncontrolling interests, net	$ (13)
Other	0
Net income (loss)	9
Balance, end of year at Dec. 31, 2024	237
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		1,169
Repurchases of common stock under repurchase program and employee plans		(1,841)	(7,251)				(2)
Issuances of common stock under employee plans		240
Dividends declared			(4,862)
Other comprehensive income (loss)	(807)				(790)	(17)
Contributions from (distributions to) noncontrolling interests, net						295
Other		2
Net income (loss)			16,192			(324)
Balance, end of year at Dec. 31, 2024	$ 86,038	38,102	56,972	(7,517)	(2,043)	477	47	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per common share (in dollars per share)	$ 1.24
Contributions from (distributions to) noncontrolling interests, net	$ 2
Other	0
Net income (loss)	(15)
Balance, end of year at Dec. 31, 2025	224
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		1,212
Repurchases of common stock under repurchase program and employee plans		(1,843)	(5,311)				(2)
Issuances of common stock under employee plans		230
Dividends declared			(4,983)
Other comprehensive income (loss)	2,044				2,035	9
Contributions from (distributions to) noncontrolling interests, net						96
Other		8				(11)
Net income (loss)			19,998			(323)
Balance, end of year at Dec. 31, 2025	$ 97,151	$ 37,709	$ 66,675	$ (7,517)	$ (8)	$ 249	$ 45	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared per common share (in dollars per share)	$ 1.32

Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Employee Benefit Plans


Note 11: Employee Benefit Plans

Deferred Compensation Plans


As of and for the year ended December 31 (in millions)	2025		2024		2023
Benefit obligation	$	5,097	$	4,812	$	4,507
Interest expense	$	374	$	370	$	341

We maintain unfunded, nonqualified deferred compensation plans for certain members of management and nonemployee directors. The amount of compensation deferred by each participant is based on participant elections. Participant accounts are credited with income primarily based on a fixed annual rate. Participants are eligible to receive distributions from their account based on elected deferral periods that are consistent with the plans and applicable tax law.

We have purchased life insurance policies to recover a portion of the future payments related to our deferred compensation plans. As of December 31, 2025 and 2024, the cash surrender value of these policies, which is recorded to other noncurrent assets, net, was $662 million and $566 million, respectively.

Pension and Postretirement Benefit Plans

We sponsor several 401(k) defined contribution retirement plans that allow eligible employees to contribute a portion of their compensation through payroll deductions in accordance with specified plan guidelines. We make contributions to the plans that include matching a percentage of the employees’ contributions up to certain limits. In 2025, 2024 and 2023, expenses related to these plans totaled $662 million, $661 million and $650 million, respectively.

We participate in various multiemployer benefit plans, including pension and postretirement benefit plans, that cover some of our employees and temporary employees who are represented by labor unions. We also participate in other multiemployer benefit plans that provide health and welfare and retirement savings benefits to active and retired participants. If we cease to be obligated to make contributions or were to otherwise withdraw from participation in any of these plans, applicable law would require us to fund our allocable share of the unfunded vested benefits, which is known as a withdrawal liability. In addition, actions taken by other participating employers may lead to adverse changes in the financial condition of one of these plans, which could result in an increase in our withdrawal liability. Total contributions we made to multiemployer benefit plans and any potential withdrawal liabilities were not material in any of the periods presented.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Revenue - Revenue by Geographic Location (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 123,707	$ 123,731	$ 121,572
United States
Disaggregation of Revenue [Line Items]
Revenue	95,143	96,237	94,375
United Kingdom
Disaggregation of Revenue [Line Items]
Revenue	15,182	14,194	13,364
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 13,382	$ 13,300	$ 13,833

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Revenue - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivables, gross	$ 14,582	$ 14,399
Less: Allowance for credit losses	713	738	$ 698	$ 736
Receivables, net	13,869	13,661
Noncurrent receivables, net (included in other noncurrent assets, net)	1,924	1,853
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)	1,350	1,184
Noncurrent deferred revenue (included in other noncurrent liabilities)	621	665
Amortization of contract acquisition and fulfillment costs	$ 733	$ 716	$ 692

Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 126,400	$ 122,100
Less: Accumulated depreciation	60,800	59,500
Property and equipment, net	65,680	62,548
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	55,900	52,600
Other
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 9,800	10,000
Distribution systems
Property, Plant and Equipment [Line Items]
Weighted-average original useful life	11 years
Property and equipment, at cost	$ 50,900	47,800
Customer premise equipment
Property, Plant and Equipment [Line Items]
Weighted-average original useful life	6 years
Property and equipment, at cost	$ 21,800	23,200
Buildings, theme park infrastructure and leasehold improvements
Property, Plant and Equipment [Line Items]
Weighted-average original useful life	30 years
Property and equipment, at cost	$ 26,900	22,100
Other equipment
Property, Plant and Equipment [Line Items]
Weighted-average original useful life	13 years
Property and equipment, at cost	$ 22,100	18,100
Construction in process
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	2,400	8,600
Land
Property, Plant and Equipment [Line Items]
Property and equipment, at cost	$ 2,300	$ 2,200

Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Equity


Note 12: Equity

Common Stock

In the aggregate, holders of our Class A common stock have 662/3% of the voting power of our common stock and holders of our Class B common stock have 331/3% of the voting power of our common stock, which percentage is generally non-dilutable under the terms of our articles of incorporation. Each share of our Class B common stock is entitled to 15 votes. The number of votes held by each share of our Class A common stock depends on the number of shares of Class A and Class B common stock outstanding at any given time. The 331/3% aggregate voting power of our Class B common stock cannot be diluted by additional issuances of any other class of common stock. Our Class B common stock is convertible, share for share, into Class A common stock, subject to certain restrictions.

We present excise tax payments related to repurchases of common stock within repurchases of common stock under repurchase program and employee plans in the consolidated statements of cash flows.


Shares of Common Stock Outstanding
(in millions)	Class A	Class B
Balance, December 31, 2022	4,211	9
Stock compensation plans	14	—
Repurchases and retirements of common stock	(262)	—
Employee stock purchase plans	7	—


Balance, December 31, 2023	3,969	9
Stock compensation plans	14	—
Repurchases and retirements of common stock	(212)	—
Employee stock purchase plans	6	—
Balance, December 31, 2024	3,778	9
Stock compensation plans	14	—
Repurchases and retirements of common stock	(205)	—
Employee stock purchase plans	8	—
Balance, December 31, 2025	3,595	9


Weighted-Average Common Shares Outstanding
Year ended December 31 (in millions)	2025	2024	2023
Weighted-average number of common shares outstanding – basic	3,699	3,885	4,122
Effect of dilutive securities	10	24	25
Weighted-average number of common shares outstanding – diluted	3,709	3,908	4,148
Antidilutive securities	237	184	169

Weighted-average common shares outstanding used in calculating diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive.

Treasury Stock

On December 15, 2025, we amended our Amended and Restated Articles of Incorporation (the “Articles”) in connection with the Separation of Versant by designating a new Class A Equivalent Preferred Stock (the “Preferred Stock”) and entering into an agreement with certain of our wholly-owned subsidiaries pursuant to which we issued 872,791.0278 shares of Preferred Stock, which was classified as treasury stock, in exchange for an aggregate 872,791,028 shares of Class A Common Stock held by such subsidiaries. This exchange was designed to ensure that our subsidiaries did not receive shares of Versant Class A Common stock in connection with the Separation. On January 9, 2026, all of the shares of Preferred Stock were automatically redeemed in exchange for 919,026,355 shares of our Class A Common Stock and no Preferred Stock is currently outstanding. On January 30, 2026, we amended the Articles to eliminate the provisions that had designated the Preferred Stock. As a result, the 872,791.0278 shares of Preferred Stock held as of December 31, 2025 are presented on a post-Separation basis as 919,026,355 shares of Class A Common Stock and classified as treasury stock in all periods presented in our consolidated balance sheets.


Accumulated Other Comprehensive Income (Loss)
December 31 (in millions)	2025		2024
Cumulative translation adjustments	$	(247)	$	(2,474)

Deferred gains (losses) on cash flow hedges	44		106
Unrecognized gains (losses) on employee benefit obligations and other	195		325


Accumulated other comprehensive income (loss), net of deferred taxes	$	(8)	$	(2,043)

- Definition

The entire disclosure for equity.

+ References

+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Income Taxes [Line Items]
Decrease to income taxes payable	$ 1,400
Increase to deferred tax liability	1,400
Deferred tax liability attributable to temporary differences in other comprehensive income (loss)	121
Income taxes receivable, federal, current		$ 2,000
Unrecognized tax benefits that would impact effective tax rate	2,300
Capital Loss Carryforward, Internal Corporate Reorganization
Income Taxes [Line Items]
Tax credit carryforward		9,100
Income taxes receivable		1,900
Internal corporate reorganization		$ 1,900
Foreign Tax Jurisdiction
Income Taxes [Line Items]
Operating loss carryforwards	$ 14,000

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 123,707	$ 123,731	$ 121,572
Operating Segments
Disaggregation of Revenue [Line Items]
Revenue	129,152	129,132	127,128
Operating Segments \| Residential Connectivity & Platforms
Disaggregation of Revenue [Line Items]
Revenue	70,704	71,574	71,946
Operating Segments \| Residential Connectivity & Platforms \| Domestic broadband
Disaggregation of Revenue [Line Items]
Revenue	25,837	25,660	24,999
Operating Segments \| Residential Connectivity & Platforms \| Domestic wireless
Disaggregation of Revenue [Line Items]
Revenue	4,967	4,273	3,664
Operating Segments \| Residential Connectivity & Platforms \| International connectivity
Disaggregation of Revenue [Line Items]
Revenue	4,963	4,503	3,918
Operating Segments \| Residential Connectivity & Platforms \| Total residential connectivity
Disaggregation of Revenue [Line Items]
Revenue	35,767	34,435	32,580
Operating Segments \| Residential Connectivity & Platforms \| Video
Disaggregation of Revenue [Line Items]
Revenue	26,387	27,791	29,576
Operating Segments \| Residential Connectivity & Platforms \| Advertising
Disaggregation of Revenue [Line Items]
Revenue	3,712	4,089	3,969
Operating Segments \| Residential Connectivity & Platforms \| Other
Disaggregation of Revenue [Line Items]
Revenue	4,838	5,259	5,820
Operating Segments \| Business Services Connectivity
Disaggregation of Revenue [Line Items]
Revenue	10,237	9,701	9,255
Operating Segments \| Media
Disaggregation of Revenue [Line Items]
Revenue	27,090	28,148	25,355
Operating Segments \| Media \| Other
Disaggregation of Revenue [Line Items]
Revenue	2,118	2,031	1,983
Operating Segments \| Media \| Domestic advertising
Disaggregation of Revenue [Line Items]
Revenue	8,382	10,008	8,600
Operating Segments \| Media \| Domestic distribution
Disaggregation of Revenue [Line Items]
Revenue	11,613	11,826	10,663
Operating Segments \| Media \| International networks
Disaggregation of Revenue [Line Items]
Revenue	4,977	4,282	4,109
Operating Segments \| Studios
Disaggregation of Revenue [Line Items]
Revenue	11,286	11,092	11,625
Operating Segments \| Studios \| Other
Disaggregation of Revenue [Line Items]
Revenue	1,465	1,335	1,315
Operating Segments \| Studios \| Content licensing
Disaggregation of Revenue [Line Items]
Revenue	8,199	8,063	8,231
Operating Segments \| Studios \| Theatrical
Disaggregation of Revenue [Line Items]
Revenue	1,621	1,693	2,079
Operating Segments \| Theme Parks
Disaggregation of Revenue [Line Items]
Revenue	9,836	8,617	8,947
Headquarters/Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue	3,090	2,982	2,827
Consolidation, Eliminations
Disaggregation of Revenue [Line Items]
Revenue	$ (8,535)	$ (8,383)	$ (8,383)

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 9,481	$ 7,322
Receivables, net	13,869	13,661
Other current assets	6,217	5,817
Total current assets	29,567	26,801
Film and television costs	12,214	12,541
Investments	7,952	8,647
Property and equipment, net	65,680	62,548
Goodwill	61,502	58,209
Franchise rights	59,365	59,365
Other intangible assets, net	22,474	25,599
Other noncurrent assets, net	13,877	12,501
Total assets	272,631	266,211
Current Liabilities:
Accounts payable and accrued expenses related to trade creditors	11,058	11,321
Deferred revenue	4,097	3,507
Accrued expenses and other current liabilities	12,410	10,679
Current portion of debt	5,958	4,907
Advance on sale of investment	0	9,167
Total current liabilities	33,524	39,581
Noncurrent portion of debt	92,979	94,186
Deferred income taxes	27,788	25,227
Other noncurrent liabilities	20,965	20,942
Commitments and contingencies
Redeemable noncontrolling interests	224	237
Equity:
Preferred stock—authorized, 20,000,000 shares; issued, zero	0	0
Additional paid-in capital	37,709	38,102
Retained earnings	66,675	56,972
Treasury stock, common, value	(7,517)	(7,517)
Accumulated other comprehensive income (loss)	(8)	(2,043)
Total Comcast Corporation shareholders’ equity	96,903	85,560
Noncontrolling interests	249	477
Total equity	97,151	86,038
Total liabilities and equity	$ 272,631	$ 266,211
Treasury stock (in shares)	919,026,355	919,026,355
Class A common stock, $0.01 par value—authorized, 7,500,000,000 shares; issued, 4,513,794,607 and 4,697,328,372; outstanding, 3,594,768,252 and 3,778,302,017
Equity:
Common stock	$ 45	$ 47
Common stock, shares outstanding (in shares)	3,594,768,252	3,778,302,017
Class B common stock, $0.01 par value—authorized, 75,000,000 shares; issued and outstanding, 9,444,375
Equity:
Common stock	$ 0	$ 0
Common stock, shares outstanding (in shares)	9,444,375	9,444,375

Investments and Variable Interest Entities

12 Months Ended

Dec. 31, 2025

Investments [Abstract]

Investments and Variable Interest Entities


Note 8: Investments and Variable Interest Entities


Investment and Other Income (Loss), Net
Year ended December 31 (in millions)	2025		2024		2023
Equity in net income (losses) of investees, net	$	(591)	$	(680)	$	789
Realized and unrealized gains (losses) on equity securities, net	(20)		(313)		(130)
Other income (loss), net	10,114		502		592
Investment and other income (loss), net	$	9,503	$	(490)	$	1,252

The amount of unrealized gains (losses), net recognized in 2025, 2024 and 2023 that related to equity securities still held as of the end of each reporting period was $(159) million, $(288) million and $(140) million, respectively.


Investments
December 31 (in millions)	2025		2024
Equity method	$	6,674	$	7,252
Nonmarketable equity securities	1,049		1,221
Other investments	244		195
Total investments	7,966		8,668
Less: Current investments	14		21
Noncurrent investments	$	7,952	$	8,647

Equity Method

We use the equity method to account for investments in which we have the ability to exercise significant influence over the investee’s operating and financial policies, or in which we hold a partnership or limited liability company interest in an entity with specific ownership accounts, unless we have virtually no influence over the investee’s operating and financial policies. Equity method investments are recorded at cost and are adjusted to recognize our share, based on percentage ownership or other contractual basis, of the investee’s net income or loss after the date of investment; amortization of the recorded investment that exceeds our share of the book value of the investee’s net assets; additional contributions made and dividends or other distributions received; and impairments resulting from other-than-temporary declines in fair value. For some investments, we record our share of the investee’s net income or loss one quarter in arrears due to the timing of our receipt of such information. Gains or losses on the sale of equity method investments are recorded to other income (loss), net. If an equity method investee were to issue additional securities that would change our proportionate share of the entity, we would recognize the change, if any, as a gain or loss to other income (loss), net. Cash distributions received from equity method investments are considered returns on investment and are presented within operating activities in the consolidated statements of cash flows to the extent of cumulative equity in net income of the investee. Additional distributions are presented as investing activities. Distributions presented within operating activities totaled $226 million, $297 million and $217 million in 2025, 2024 and 2023, respectively.

Atairos

On January 1, 2016, we established Atairos Group, Inc., a strategic company focused on investing in and operating companies in a range of industries and business sectors, both domestically and internationally. Atairos is controlled by management companies led by our former CFO through interests that carry all of the voting rights. We are the only third-party investor in Atairos.

In November 2020, we amended our agreement with Atairos, which primarily extended the investment term of the agreement from up to 12 years to up to 16.5 years, extended the period in which capital can be recycled to the full investment period and decreased our commitment to fund Atairos from up to $5 billion to up to $4.5 billion in the aggregate at any one time, subject to certain offsets, with the maximum amount of annual capital calls reduced to $400 million, plus certain amounts previously distributed. In addition, we have separately committed to fund Atairos $40 million annually for a management fee, subject to certain adjustments. The management company investors have committed to fund from $50 million to $100 million, with at least $40 million to be funded by our former CFO, subject to his continued role with Atairos. Our economic interests do not carry voting rights and obligate us to absorb approximately 99% of any losses and they provide us the right to receive approximately 86% of any residual returns in Atairos, in either case on a cumulative basis.

We have concluded that Atairos is a VIE, that we do not have the power to direct the activities that most significantly impact the economic performance of Atairos as we have no voting rights and only certain consent rights, and that we are not a related party with our former CFO or the management companies. We therefore do not consolidate Atairos and account for our investment as an equity method investment. Certain distributions retained by Atairos on our behalf are accounted for as advances and classified within other investments. Atairos may pledge our remaining unfunded capital commitment as security to lenders in connection with certain financing arrangements. This has no effect on our funding commitments. There are no other liquidity arrangements, guarantees or other financial commitments between Comcast and Atairos, and therefore our maximum risk of financial loss is our investment balance and our remaining unfunded capital commitment of $1.3 billion as of December 31, 2025.

Atairos follows investment company accounting and records its investments at their fair values each reporting period, with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. In 2025, 2024 and 2023, we made cash capital contributions totaling $130 million, $73 million, and $145 million, respectively, to Atairos. As of December 31, 2025 and 2024, our investment, inclusive of advances classified within other investments, was $4.7 billion and $5.1 billion, respectively.

Hulu and Collateralized Obligation

In 2019, we entered into a series of agreements with The Walt Disney Company and certain of its subsidiaries, whereby we relinquished our board seats and substantially all voting rights associated with our investment in Hulu, and Disney assumed full operational control. Concurrent with these agreements, we also acquired additional ownership interest in Hulu previously held by AT&T. Following these transactions, our interest was approximately 33% and we had the right, but not the obligation, to fund our proportionate share of future equity capital calls. The agreements included put and call provisions regarding our ownership interest in Hulu, pursuant to which, as early as January 2024, we could require Disney to buy, and Disney could require us to sell our interest, in either case, for fair value at that future time subject to a minimum equity value of $27.5 billion for 100% of the equity of Hulu. In the third quarter of 2023, we amended these agreements and agreed, among other things, that

the put/call provisions regarding our interest could be exercised in November 2023 (in addition to subsequent periods) and that we would fund our share of prior equity capital calls if the put/call was exercised in November 2023.

In November 2023, we exercised our put right requiring Disney to purchase our interest in Hulu. As a result, in the fourth quarter of 2023, Disney paid us $8.6 billion, representing $9.2 billion for our share of Hulu’s minimum equity value, less $557 million for our share of prior capital calls. Additional proceeds for any excess of the fair value of our interest over the $9.2 billion minimum equity value would be due following final determination of Hulu’s fair value pursuant to a third-party appraisal process. In connection with the transaction, Disney also agreed to share with us 50% of the estimated future tax benefits resulting from the purchase of our interest in Hulu. Because we continued to hold our interest in Hulu, the $9.2 billion payment from Disney was treated as an advance on the sale of our interest in our consolidated balance sheet as of December 31, 2024. The receipt of the minimum proceeds resulted in a tax gain in 2023.

In June 2025, we sold our interest in Hulu and received an additional $439 million from Disney. We recognized a pre-tax gain of $9.4 billion and we also recorded a receivable of $792 million within other current assets and other noncurrent assets, net, relating to our right to receive 50% of the estimated future tax benefits resulting from the transaction.

In 2019, we entered into a financing arrangement with a syndicate of banks whereby we received proceeds of $5.2 billion under a term loan facility, which was fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. The term loan was due at the earlier of March 2024 or upon receipt of the proceeds under the put/call provisions and was repaid in the fourth quarter of 2023. The repayment is presented in the caption “repayment of collateralized obligation” within financing activities in our consolidated statements of cash flows.

Nonmarketable Equity Securities

We classify investments without readily determinable fair values that are not accounted for under the equity method as nonmarketable equity securities. The accounting guidance requires nonmarketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. We generally apply the measurement alternative, adjusting the investments for observable price changes of identical or similar investments of the same issuer, to our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities primarily based on Level 2 inputs that are derived from observable price changes of similar securities adjusted for insignificant differences in rights and obligations. The changes in value are recorded in realized and unrealized gains (losses) on equity securities, net.

Other Investments

Other investments include marketable equity securities, which are investments with readily determinable fair values that are not accounted for under the equity method. The carrying values of marketable equity securities are primarily presented in other current assets, and the changes in fair value between measurement dates are recorded in realized and unrealized gains (losses) on equity securities, net. The fair values of our marketable equity securities are based on Level 1 inputs that use quoted market prices.

Other investments also includes certain short-term instruments with maturities over three months when purchased, such as commercial paper, certificates of deposit and U.S. government obligations, that are generally accounted for at amortized cost. The carrying amounts of these investments approximate their fair values, which are primarily based on Level 2 inputs that use interest rates for instruments with similar terms and remaining maturities. We had no short-term instruments as of December 31, 2025 and December 31, 2024. There were no proceeds from or purchases of short-term instruments in 2025. Proceeds from short-term instruments in 2024 and 2023 were $702 million and $560 million, respectively. Purchases of short-term instruments in 2024 and 2023 were $443 million and $506 million, respectively.

Impairment Testing of Investments

We review our investment portfolio, other than our marketable equity securities, each reporting period to determine whether there are identified events or circumstances that would indicate there is a decline in the fair value. For our nonpublic investments, if there are no identified events or circumstances that would have a significant adverse effect on the fair value of the investment, then the fair value is not estimated. For our equity method investments, if an investment is deemed to have experienced an other-than-temporary decline below its cost basis, we reduce the carrying amount of the investment to its quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. For our nonmarketable equity securities, we record the impairment to realized and unrealized gains (losses) on equity securities, net. For our equity method investments, we record the impairment to other income (loss), net.

Consolidated Variable Interest Entity

Universal Beijing Resort

In 2018, we entered into an agreement with a consortium of Chinese state-owned companies to build and operate a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”), which opened in September 2021. We own a 30% interest in Universal Beijing Resort and the construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. The debt financing, which is being provided by a syndicate of Chinese financial institutions, contains certain covenants and a maximum borrowing limit of ¥29.7 billion RMB (approximately $4.2 billion). The debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. As of December 31, 2025, Universal Beijing Resort had $3.6 billion of debt outstanding, including $3.2 billion principal amount of a term loan outstanding under the debt financing agreement. As of December 31, 2024, Universal Beijing Resort had $3.4 billion of debt outstanding, including $3.0 billion principal amount of a term loan outstanding under the debt financing agreement.

We have concluded that Universal Beijing Resort is a VIE based on its governance structure, and we consolidate it because we have the power to direct activities that most significantly impact its economic performance. There are no liquidity arrangements, guarantees or other financial commitments between us and Universal Beijing Resort, and therefore our maximum risk of financial loss is our 30% interest. Universal Beijing Resort’s results of operations are reported in our Theme Parks segment. Our consolidated statements of cash flows includes the costs of construction and related borrowings in the “construction of Universal Beijing Resort” and “proceeds from borrowings” captions, respectively, and equity contributions from the noncontrolling interests are included in other financing activities.

As of December 31, 2025, our consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.4 billion and $7.3 billion, respectively. As of December 31, 2024, our consolidated balance sheet included assets and liabilities of Universal Beijing Resort totaling $7.3 billion and $7.0 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense inclusive of short-term and variable lease expenses	$ 1,200	$ 1,200	$ 1,200
Weighted average remaining lease term for operating leases	18 years	17 years
Weighted average discount rate used to calculate operating lease liabilities	4.20%	4.20%
Cash payments for operating leases	$ 1,000	$ 1,000	$ 963
Carrying value of contractual obligation	1,100
Contractual value of a potential obligation	$ 1,900

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of income before income taxes


Income (Loss) Before Income Taxes
Year ended December 31 (in millions)	2025		2024		2023

Domestic	$	26,766	$	19,615	$	22,164
Foreign	(1,000)		(942)		(1,686)
	$	25,766	$	18,673	$	20,478

Schedule for the components of income tax expense


Components of Income Tax Expense
Year ended December 31 (in millions)	2025		2024		2023
Current Expense (Benefit):
Federal	$	2,286	$	2,194	$	6,270
State	720		1,115		1,591
Foreign	427		389		249
	3,432		3,698		8,110
Deferred Expense (Benefit):
Federal	2,420		(599)		(2,126)
State	539		(49)		(468)
Foreign	(285)		(253)		(145)
	2,674		(902)		(2,739)
Income tax expense (benefit)	$	6,106	$	2,796	$	5,371

Schedule of items that effect income tax expense

Our income tax expense (benefit) differs from the federal statutory amount because of the effect of the items detailed in the table below.


	2025				2024				2023
Year ended December 31 (in millions)	Amount		%		Amount		%		Amount		%
Federal tax at statutory rate	$	5,411	21.0	%	$	3,921	21.0	%	$	4,300	21.0	%
State and local income tax, net of federal income tax effect(a)	710		2.8	%	338		1.8	%	426		2.1	%
Foreign tax effects	353		1.4	%	364		2.0	%	461		2.3	%

Effect of cross-border tax laws	(81)		(0.3)	%	(95)		(0.5)	%	(88)		(0.4)	%
Tax credits	(280)		(1.1)	%	(328)		(1.8)	%	(280)		(1.4)	%
Nontaxable or nondeductible items	141		0.6	%	55		0.3	%	90		0.4	%
Changes in unrecognized tax benefits	281		1.1	%	476		2.6	%	459		2.2	%
Other
Internal corporate reorganization	(174)		(0.7)	%	(1,920)		(10.3)	%	—		—	%
Other adjustments	(254)		(1.0)	%	(16)		(0.1)	%	3		—	%
Effective tax rate	$	6,106	23.7	%	$	2,796	15.0	%	$	5,371	26.2	%

Schedule of the components of net deferred tax liability


Components of Net Deferred Tax Liability
December 31 (in millions)	2025		2024
Deferred Tax Assets:
Net operating loss and other loss carryforwards(a)	$	5,278	$	4,415
Advance on sale of investment (see Note 8)	—		2,437

Nondeductible accruals and other	4,493		4,232
Less: Valuation allowance(a)	5,271		4,498
	4,500		6,586
Deferred Tax Liabilities:
Property and equipment and intangible assets	29,561		28,590
Investments	563		934
Debt	1,880		2,055



Other	147		125
	32,152		31,704
Net deferred tax liability	$	27,652	$	25,118

(a)Includes net operating loss and other loss carryforwards of $2.1 billion related to assets classified as held for sale as of December 31, 2025, for which a full valuation allowance is recognized.

Schedule of changes in the valuation allowance for deferred tax assets


Changes in our Valuation Allowance for Deferred Tax Assets
(in millions)	2025		2024		2023
Beginning balance	$	4,498	$	3,679	$	3,295
Additions charged to income tax expense and other accounts	848		910		469
Deductions from reserves	(75)		(91)		(84)
Ending balance	$	5,271	$	4,498	$	3,679

Schedule of cash payments for interest and income taxes


Cash Payments for Income Taxes
Year ended December 31 (in millions)	2025		2024		2023
Federal(a)(b)	$	(89)	$	6,011	$	4,208
State	380		742		596
Foreign(c)	464		342		302
Cash payments for income taxes	$	755	$	7,096	$	5,107

(a)Includes $0.6 billion and $1.7 billion for 2025 and 2024, respectively, related to the purchase of third-party transferable tax credits.

(c)The year ended December 31, 2025 includes payments of $229 million for Japan.


Cash Payments for Interest
Year ended December 31 (in millions)	2025		2024		2023
Interest	$	3,871	$	3,657	$	3,711

Schedule of unrecognized tax benefits


Reconciliation of Unrecognized Tax Benefits
(in millions)	2025		2024		2023
Gross unrecognized tax benefits, January 1	$	2,865	$	2,593	$	2,161
Additions based on tax positions related to the current year	297		396		546
Additions based on tax positions related to prior years	9		201		1

Reductions for tax positions of prior years	(95)		(268)		(43)
Reductions due to expiration of statutes of limitations	(94)		(29)		(56)
Settlements with tax authorities and other	(55)		(28)		(15)
Gross unrecognized tax benefits, December 31	$	2,927	$	2,865	$	2,593

Significant Transactions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Significant Transactions


Note 7: Significant Transactions

Acquisitions

In April 2025, we acquired Nitel, a network-as-a-service managed service provider, for total cash consideration of $1.3 billion. The acquisition has enhanced our ability to serve and provide connectivity solutions to enterprise customers. Nitel’s results of operations are included in our consolidated results of operations since the date of acquisition and are reported in our Business Services Connectivity segment. We have recorded Nitel’s assets and liabilities at their estimated fair values with approximately $1.1 billion recorded to goodwill and the remainder primarily attributed to customer relationship intangible assets. The acquisition was not material to our consolidated results of operations.

Assets Held For Sale

In 2025, we entered into an agreement with RTL Group to sell our Sky operations in Germany, subject to various conditions and approvals, and we expect the sale to be completed in 2026. The related assets and liabilities are presented as held for sale as of December 31, 2025, with $892 million of assets included in other current assets and $848 million of liabilities included in accrued expenses and other current liabilities within our consolidated balance sheet. The fair value less cost to sell exceeded the carrying value of the assets and liabilities held for sale as of December 31, 2025.

Programming and Production Costs - Capitalized Film and Television Costs (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Owned:
In production and in development	$ 2,896	$ 3,342
Completed, not released	84	209
Released, less amortization	4,571	4,545
Owned:	7,551	8,095
Licensed, including sports advances	4,663	4,446
Film and television costs	$ 12,214	$ 12,541

Employee Benefit Plans - Deferred Compensation Plans (Details) - Deferred Compensation Plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Benefit obligation	$ 5,097	$ 4,812	$ 4,507
Interest expense	$ 374	$ 370	$ 341

Programming and Production Costs - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Government Assistance [Line Items]
Future minimum commitments for sports rights	$ 2,600
Production Tax Incentives - Film and Television
Government Assistance [Line Items]
Government Assistance, Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Film and television costs
Capitalized film and television cost	$ 516	$ 455
Production Tax Incentives - Programming and Production Costs
Other Industries [Abstract]
Production tax incentive	$ 696	652	$ 578
Government Assistance [Line Items]
Government Assistance, Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration]	Programming and production
Production tax incentive	$ 696	652	$ 578
Production Tax Incentives - Receivable
Government Assistance [Line Items]
Production tax incentives receivable	$ 2,300	$ 2,200
Government Assistance, Asset, Statement of Financial Position [Extensible Enumeration]	Other noncurrent assets, net

Equity - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), net of deferred taxes	$ 97,151	$ 86,038	$ 83,226
Cumulative translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), net of deferred taxes	(247)	(2,474)
Deferred gains (losses) on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), net of deferred taxes	44	106
Unrecognized gains (losses) on employee benefit obligations and other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), net of deferred taxes	195	325
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), net of deferred taxes	$ (8)	$ (2,043)	$ (1,253)	$ (2,611)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Debt - Foreign Exchange and Interest Rate Risk (Details) - USD ($) $ in Billions	Dec. 31, 2025	Dec. 31, 2024
Cross-currency swaps \| Fair value hedge
Derivatives, Fair Value [Line Items]
Notional	$ 2.1	$ 1.9
Net Derivative Asset (Liability)	0.1	(0.1)
Cross-currency swaps \| Cash flow hedge
Derivatives, Fair Value [Line Items]
Notional	0.8	0.8
Net Derivative Asset (Liability)	(0.2)	(0.2)
Cross-currency swaps \| Net investment hedge
Derivatives, Fair Value [Line Items]
Amount of net investment in foreign subsidiaries hedged	1.0	1.7
Net Derivative Asset (Liability)	0.2	0.4
Foreign currency forwards \| Fair value hedge
Derivatives, Fair Value [Line Items]
Notional	1.5	1.7
Net Derivative Asset (Liability)	0.0	0.1
Foreign currency denominated debt \| Net investment hedge
Derivatives, Fair Value [Line Items]
Amount of net investment in foreign subsidiaries hedged	7.3	7.3
Fixed-to-variable interest rate swaps \| Fair value hedge
Derivatives, Fair Value [Line Items]
Notional	2.5	2.5
Net Derivative Asset (Liability)	$ (0.1)	$ (0.2)

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Activities
Net income	$ 19,660	$ 15,877	$ 15,107
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,210	14,802	14,336
Share-based compensation	1,288	1,288	1,241
Noncash interest expense (income), net	488	464	316
Net (gain) loss on investment activity and other	(8,853)	1,088	(768)
Deferred income taxes	2,674	(902)	(2,739)
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Current and noncurrent receivables, net	(135)	136	(996)
Film and television costs, net	338	290	(260)
Accounts payable and accrued expenses related to trade creditors	(20)	(758)	(520)
Other operating assets and liabilities	1,994	(4,611)	2,784
Net cash provided by operating activities	33,643	27,673	28,501
Investing Activities
Capital expenditures	(11,750)	(12,181)	(12,242)
Cash paid for intangible assets	(2,658)	(2,949)	(3,298)
Construction of Universal Beijing Resort	(11)	(116)	(137)
Acquisitions, net of cash acquired	(1,306)	(119)	0
Proceeds from sales of businesses and investments	670	771	661
Advance on sale of investment	0	0	8,610
Purchases of investments	(1,302)	(1,082)	(1,313)
Other	199	6	558
Net cash provided by (used in) investing activities	(16,157)	(15,670)	(7,161)
Financing Activities
Proceeds from (repayments of) short-term borrowings, net	0	0	(660)
Proceeds from borrowings	3,494	6,268	6,052
Repurchases and repayments of debt	(5,740)	(3,573)	(4,015)
Repayment of collateralized obligation	0	0	(5,175)
Repurchases of common stock under repurchase program and employee plans	(7,155)	(9,103)	(11,291)
Dividends paid	(4,894)	(4,814)	(4,766)
Other	(50)	339	5
Net cash provided by (used in) financing activities	(14,346)	(10,883)	(19,850)
Impact of foreign currency on cash, cash equivalents and restricted cash	42	(26)	9
Increase (decrease) in cash, cash equivalents and restricted cash	3,182	1,095	1,500
Cash, cash equivalents and restricted cash, beginning of year	7,377	6,282	4,782
Cash, cash equivalents and restricted cash, end of year	$ 10,559	$ 7,377	$ 6,282

Consolidated Statement of Income - USD ($) $ in Millions	12 Months Ended
Consolidated Statement of Income - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 123,707	$ 123,731	$ 121,572
Costs and Expenses:
Programming and production	34,951	37,026	36,762
Marketing and promotion	8,862	8,073	7,971
Other operating and administrative	43,013	40,533	39,190
Depreciation	9,327	8,729	8,854
Amortization	6,884	6,072	5,482
Total costs and expenses	103,035	100,434	98,258
Operating income	20,672	23,297	23,314
Interest expense	(4,409)	(4,134)	(4,087)
Investment and other income (loss), net	9,503	(490)	1,252
Income before income taxes	25,766	18,673	20,478
Income tax expense	(6,106)	(2,796)	(5,371)
Net income	19,660	15,877	15,107
Less: Net income (loss) attributable to noncontrolling interests	(338)	(315)	(282)
Net income attributable to Comcast Corporation	$ 19,998	$ 16,192	$ 15,388
Basic earnings per common share attributable to Comcast Corporation shareholders (in dollars per share)	$ 5.41	$ 4.17	$ 3.73
Diluted earnings per common share attributable to Comcast Corporation shareholders (in dollars per share)	$ 5.39	$ 4.14	$ 3.71

Investments and Variable Interest Entities - Investment and Other Income (Loss), Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments [Abstract]
Equity in net income (losses) of investees, net	$ (591)	$ (680)	$ 789
Realized and unrealized gains (losses) on equity securities, net	(20)	(313)	(130)
Other income (loss), net	10,114	502	592
Investment and other income (loss), net	$ 9,503	$ (490)	$ 1,252

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Deferred compensation plans


As of and for the year ended December 31 (in millions)	2025		2024		2023
Benefit obligation	$	5,097	$	4,812	$	4,507
Interest expense	$	374	$	370	$	341

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies


Note 15: Commitments and Contingencies

Licensed Content

We have significant fixed-price purchase obligations related to long-term agreements for licensed content. Refer to Note 4 for additional information.

Leases

Our leases consist primarily of real estate, vehicles and other equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally use our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less.

For our operating leases recorded in the balance sheets, lease expense is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs. In 2025, 2024 and 2023, operating lease expenses, inclusive of short-term and variable lease expenses, recognized in our consolidated statements of income were each $1.2 billion.


Operating Lease Assets and Liabilities Recorded in our Consolidated Balance Sheets
December 31 (in millions)	2025		2024
Other noncurrent assets, net	$	5,287	$	5,524
Accrued expenses and other current liabilities	$	686	$	751
Other noncurrent liabilities	$	5,410	$	5,569


Future Minimum Lease Commitments for Operating Leases
(in millions)	December 31, 2025
2026	$	889
2027	840
2028	703
2029	494
2030	382
Thereafter	6,337
Total future minimum lease payments	9,646
Less: imputed interest	(3,549)
Total liability	$	6,097

The weighted-average remaining lease terms for operating leases and the weighted-average discount rates used to calculate our operating lease liabilities as of December 31, 2025 were 18 years and 4.2%, respectively, and as of December 31, 2024 were 17 years and 4.2%, respectively.

In 2025, 2024 and 2023, cash payments for operating leases recorded in the consolidated balance sheets were $1.0 billion, $1.0 billion and $963 million, respectively. Lease assets and liabilities associated with operating leases entered into or modified were not material in any period presented.

Contractual Obligation

We are party to a contractual obligation that involves an interest held by a third party in the revenue of certain theme parks. The arrangement provides the counterparty with the right to periodic payments associated with current period revenue which are recorded as an operating expense, and beginning in June 2017, the option to require NBCUniversal to purchase the interest for cash in an amount based on a contractual formula. The contractual formula is based on an average of specified historical theme park revenue at the time of exercise, which amount could be significantly higher than our carrying value. As of December 31, 2025, our carrying value was $1.1 billion, and the estimated value of the contractual obligation was $1.9 billion based on inputs to the contractual formula as of that date.

Contingencies

We are subject to legal proceedings and claims that arise in the ordinary course of our business. While the amount of ultimate liability with respect to such proceedings and claims is not expected to materially affect our results of operations, cash flows or financial position, any such legal proceedings or claims could be time-consuming and injure our reputation.

Share-Based Compensation - Narrative (Details) $ in Billions	12 Months Ended
	Dec. 31, 2025 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years	5 years
Unrecognized pretax compensation expense on nonvested awards	$ 2.1
Unrecognized pretax compensation expense on nonvested awards, weighted average period of recognition (in years)	1 year 6 months
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period from grant date that an equity-based award expires	10 years
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of debt outstanding


Debt Outstanding
December 31 (in billions)	Weighted-Average Interest Rate as of December 31, 2025(a)		Weighted-Average Interest Rate as of December 31, 2024(a)		2025(b)		2024(b)


Term loans	2.5	%	3.2	%	$	3.2	$	3.1
Senior notes with maturities of 5 years or less, at face value	3.3	%	3.4	%	25.4		26.7
Senior notes with maturities between 5 and 10 years, at face value	4.2	%	3.6	%	18.7		18.1
Senior notes with maturities greater than 10 years, at face value	3.8	%	3.9	%	55.4		55.4
Finance lease obligations and other					2.1		1.9
Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net					(5.9)		(6.0)
Total debt					98.9		99.1
Less: Current portion					6.0		4.9
Noncurrent portion of debt					$	93.0	$	94.2

Principal maturities of term loans and senior notes


Principal Maturities of Term Loans and Senior Notes
(in billions)
2026	$	5.8
2027	$	4.9
2028	$	5.6
2029	$	4.7
2030	$	4.8

Schedule of derivative instruments


		December 31, 2025				December 31, 2024
(in billions)	Designation	Notional		Net Derivative Asset (Liability)		Notional		Net Derivative Asset (Liability)
Foreign Exchange Risk
Foreign Currency Denominated Debt
Cross-currency swaps	Fair value hedge	$	2.1	$	0.1	$	1.9	$	(0.1)
Cross-currency swaps	Cash flow hedge	0.8		(0.2)		0.8		(0.2)
Intercompany Loans
Foreign currency forwards	Fair value hedge	1.5		—		1.7		0.1
Net Investments in Foreign Subsidiaries
Foreign currency denominated debt(a)	Net investment hedge	7.3				7.3
Cross-currency swaps	Net investment hedge	1.0		0.2		1.7		0.4
Interest Rate Risk
Fixed-to-variable interest rate swaps	Fair value hedge	$	2.5	$	(0.1)	$	2.5	$	(0.2)

(a)Our foreign currency denominated debt designated as net investment hedges are non-derivative instruments and amount shown is the value of debt designated as a hedge.

Derivative instruments, gain (loss)

The table below summarizes the impact of our hedged foreign currency denominated debt and intercompany loans and the associated derivative contracts on the other income (loss) component of investment and other income (loss).


Year ended December 31 (in billions)	2025		2024		2023
Foreign currency transaction gains (losses)	$	(0.3)	$	—	$	(0.2)
Derivative gains (losses)	$	0.4	$	0.1	$	0.3

Schedule of accumulated other comprehensive income (loss)

The table below summarizes the amount of pre-tax gains (losses) related to net investment hedges recognized in the cumulative translation adjustments component of other comprehensive income (loss).


Year ended December 31 (in billions)	2025		2024		2023
Effect of net investment hedges	$	(1.0)	$	0.9	$	0.3


Accumulated Other Comprehensive Income (Loss)
December 31 (in millions)	2025		2024
Cumulative translation adjustments	$	(247)	$	(2,474)

Deferred gains (losses) on cash flow hedges	44		106
Unrecognized gains (losses) on employee benefit obligations and other	195		325


Accumulated other comprehensive income (loss), net of deferred taxes	$	(8)	$	(2,043)

Programming and Production Costs

12 Months Ended

Dec. 31, 2025

Other Industries [Abstract]

Programming and Production Costs


Note 4: Programming and Production Costs


Year ended December 31 (in millions)	2025		2024		2023
Video distribution programming	$	10,008	$	11,428	$	12,460
Film and television content:
Owned(a)	9,891		9,617		10,224
Licensed, including sports rights	13,611		14,668		12,619
Other	1,440		1,314		1,459
Total programming and production costs	$	34,951	$	37,026	$	36,762

Video Distribution Programming Expenses

We incur programming expenses related to the license of the rights to distribute or integrate third-party programmed television networks, platforms and related content included in video services we sell to end consumers. Programming is generally acquired under multiyear distribution agreements, with fees typically based on the number of customers receiving the television network programming and a per subscriber fee. Significant judgment is used to allocate the consideration paid under our programming distribution agreements to the rights and services received, which is generally based on estimated relative value. When the agreement includes access to a DTC streaming service and it is made available to our customers, the allocated consideration is netted against video revenue. Programming distribution arrangements are accounted for as executory contracts with expenses generally recognized based on the rates in the agreements, and the arrangements are not subject to impairment.

Film and Television Content

We incur costs related to the production of owned content and the license of the rights to use content owned by third parties and sports rights on our owned television networks and digital properties, which are described as owned and licensed content, respectively. We have determined that the predominant monetization strategy for the substantial majority of our content is on an individual basis.

Capitalized Film and Television Costs


December 31 (in millions)	2025		2024
Owned:
In production and in development	$	2,896	$	3,342
Completed, not released	84		209
Released, less amortization	4,571		4,545
	7,551		8,095
Licensed, including sports advances	4,663		4,446



Film and television costs	$	12,214	$	12,541

Production tax incentives reduced capitalized owned film and television costs by $516 million and $455 million as of December 31, 2025 and 2024, respectively, and resulted in a reduction of programming and production costs of $696 million, $652 million and $578 million in 2025, 2024 and 2023, respectively. We have receivables related to our production tax incentives of $2.3 billion and $2.2 billion as of December 31, 2025 and 2024, respectively, a majority of which are reflected in other noncurrent assets in our consolidated balance sheets.

The table below summarizes estimated future amortization expense for the capitalized film and television costs recorded in our consolidated balance sheets as of December 31, 2025.


(in millions)	Owned		Licensed
Completed, not released:
2026	$	52

Released and licensed content:
2026	$	2,261	$	3,280
2027	$	824	$	672
2028	$	182	$	382

We have future minimum commitments for licensed content that are not recognized in our consolidated balance sheet as of December 31, 2025 totaling $2.6 billion.

The following table summarizes the amount of accrued participation and residual liabilities that we expect to pay during the upcoming operating cycle.


December 31 (in millions)	2025		2024
Current portion of accrued participations and residuals	$	1,537	$	1,444

Capitalization and Recognition of Film and Television Content

We capitalize costs for owned film and television content, including direct costs, production overhead, print costs, development costs and interest, as well as acquired libraries. Amortization for owned content predominantly monetized on an individual basis and accrued costs associated with participations and residuals payments are recorded using the individual film forecast computation method, which recognizes the costs in the same ratio as the associated ultimate revenue. Estimates of ultimate revenue and total costs are based on anticipated release patterns and distribution strategies, public acceptance and historical results for similar productions. Amortization for content predominantly monetized with other owned or licensed content is recorded based on estimated usage. We do not capitalize costs related to the distribution of a film in movie theaters or the licensing or sale of a film or television production, which primarily include costs associated with marketing and distribution.

We capitalize the costs of licensed content when the license period begins, the content is made available for use and the costs of the licenses are known. Licensed content is amortized as the associated programs are used, incorporating estimated viewing patterns.

Owned and licensed content are presented as noncurrent assets in film and television costs. We present amortization of owned and licensed content and accrued costs associated with participations and residuals payments in programming and production costs.

Film and television productions may be eligible for tax incentives from certain state, local or foreign jurisdictions. These incentives generally provide for transferable or redeemable tax credits upon meeting established levels of qualified production spending within a participating jurisdiction. We record a receivable for a production tax incentive program when there is a reasonable assurance of collection with a corresponding reduction of capitalized film and television costs, and the related amortization.

We may enter into co-financing arrangements with third parties to jointly finance or distribute certain of our film productions. These arrangements can take various forms, but in most cases involve the grant of an economic interest in a film to an investor who owns an undivided copyright interest in the film. The number of investors and the terms of these arrangements can vary, although investors generally assume the full risks and rewards of ownership proportionate to their ownership in the film. We account for the proceeds received from the investor under these arrangements as a reduction of our capitalized film costs and the investor’s interest in the profit or loss of the film is recorded as either a charge or a benefit, respectively, in programming and production costs. The investor’s interest in the profit or loss of a film is recorded each period using the individual film forecast computation method.

When an event or a change in circumstance occurs that was known or knowable as of the balance sheet date and that indicates the fair value of either owned or licensed content is less than the unamortized costs in the balance sheet, we determine the fair value and record an impairment charge to the extent the unamortized costs exceed the fair value. Owned content is assessed either individually or in identified film groups, for content predominantly monetized on an individual basis or with other content, respectively. The substantial majority of our owned content is evaluated for impairment on an individual title basis. Licensed content that is not part of a film group is generally assessed in packages, channels or dayparts. A daypart is an aggregation of programs broadcast during a particular time of day or programs of a similar type. Licensed content is tested for impairment primarily on a channel, network or platform basis, with the exception of our broadcast networks and owned local broadcast television stations, which are tested on a daypart basis. Estimated fair values of owned and licensed content are generally based on Level 3 inputs including analysis of market participant estimates of future cash flows. We record charges related to impairments or content that is substantively abandoned to programming and production costs.

Sports Rights

We recognize the costs of multiyear, live-event sports rights as the rights are used over the contract term based on estimated relative value. Estimated relative value is generally based on the terms of the contract and the nature of and potential revenue generation of the deliverables within the contract. Sports rights are accounted for as executory contracts and are not subject to impairment. When cash payments, including advanced payments, exceed the relative value of the sports rights delivered, we recognize an asset in licensed content. Production costs incurred in advance of airing are also presented in licensed content.

Share-Based Compensation - Restricted Share Units and Stock Option Fair Value (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option fair value (in dollars per share)	$ 7.21	$ 9.93	$ 8.41
Stock Option Valuation Assumptions:
Dividend yield	3.70%	2.90%	3.20%
Expected volatility	25.30%	24.80%	26.20%
Risk-free interest rate	4.00%	4.20%	4.20%
Expected option life	5 years 10 months 24 days	5 years 1 month 6 days	5 years 10 months 24 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs fair value (in dollars per share)	$ 34.49	$ 42.23	$ 37.14

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Federal Statutory (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]	FLORIDA, ILLINOIS, NEW JERSEY, NEW YORK, PENNSYLVANIA	CALIFORNIA, ILLINOIS, NEW JERSEY	CALIFORNIA, ILLINOIS, MASSACHUSETTS, NEW JERSEY, NEW YORK
Amount
Federal tax at statutory rate	$ 5,411	$ 3,921	$ 4,300
State and local income tax, net of federal income tax effect	710	338	426
Foreign tax effects	353	364	461
Effect of cross-border tax laws	(81)	(95)	(88)
Tax credits	(280)	(328)	(280)
Nontaxable or nondeductible items	141	55	90
Changes in unrecognized tax benefits	281	476	459
Other
Income tax expense (benefit)	$ 6,106	$ 2,796	$ 5,371
%
Federal tax at statutory rate	21.00%	21.00%	21.00%
State and local income tax, net of federal income tax effect	2.80%	1.80%	2.10%
Foreign tax effects	1.40%	2.00%	2.30%
Effect of cross-border tax laws	(0.30%)	(0.50%)	(0.40%)
Tax credits	(1.10%)	(1.80%)	(1.40%)
Nontaxable or nondeductible items	0.60%	0.30%	0.40%
Changes in unrecognized tax benefits	1.10%	2.60%	2.20%
Other
Effective tax rate	23.70%	15.00%	26.20%
Internal corporate reorganization
Other
Other adjustments	$ (174)	$ (1,920)	$ 0
Other
Other adjustments	(0.70%)	(10.30%)	0.00%
Other adjustments
Other
Other adjustments	$ (254)	$ (16)	$ 3
Other
Other adjustments	(1.00%)	(0.10%)	0.00%

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information


Note 2: Segment Information

We are a global media and technology company with five segments: Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios and Theme Parks. Our segments align to our primary business operations and how our Chairman and Chief Executive Officer, the chief operating decision maker, reviews our operating results. See Note 3 for a description of the various products and services within each segment.

Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. Transactions between our segments generally include intercompany profit consistent with third-party transactions. The Residential Connectivity & Platforms and the Business Services Connectivity segments use certain shared infrastructure, including our network in the United States, and each segment is presented with its direct costs and an allocation of shared costs, as well as revenue from its customers.

Our financial data by segment is presented in the tables below. We do not present asset information for our segments as this information is not used to allocate resources.


	Year Ended December 31, 2025
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	70,599	$	10,214	$	22,168	$	8,080	$	9,835	$	120,896
Intersegment revenue(a)	104		23		4,922		3,205		1		8,256
	70,704		10,237		27,090		11,286		9,836		129,152
Reconciliation of Revenue
Other revenue(b)											3,090
Eliminations(a)											(8,535)
Total consolidated revenue											$	123,707

Less segment expenses:(c)
Programming and production	$	16,007			$	17,866	$	7,441
Marketing and promotion					1,463		1,773
Other(d)	28,044		4,512		4,565		973		6,756
Segment Adjusted EBITDA(e)	$	26,653	$	5,725	$	3,196	$	1,099	$	3,080	$	39,753

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(1,095)
Corporate and other(b)(e)(g)											(1,975)
Eliminations											200
Depreciation											(9,327)
Amortization											(6,884)
Interest expense											(4,409)
Investment and other income (loss), net											9,503
Income before income taxes											$	25,766


	Year Ended December 31, 2024
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	71,401	$	9,678	$	23,463	$	7,832	$	8,615	$	120,990
Intersegment revenue(a)	173		23		4,685		3,259		1		8,142
	71,574		9,701		28,148		11,092		8,617		129,132
Reconciliation of Revenue
Other revenue(b)											2,982
Eliminations(a)											(8,383)
Total consolidated revenue											$	123,731

Less segment expenses:(c)
Programming and production	$	16,881			$	18,968	$	7,257
Marketing and promotion					1,473		1,483
Other(d)	27,355		4,201		4,577		947		5,668
Segment Adjusted EBITDA(e)	$	27,338	$	5,500	$	3,130	$	1,404	$	2,949	$	40,322

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(831)
Corporate and other(b)(e)(g)											(1,346)
Eliminations											(47)
Depreciation											(8,729)
Amortization											(6,072)
Interest expense											(4,134)
Investment and other income (loss), net											(490)
Income before income taxes											$	18,673


	Year Ended December 31, 2023
(in millions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Revenue from external customers	$	71,739	$	9,233	$	20,734	$	8,308	$	8,948	$	118,962
Intersegment revenue(a)	207		22		4,621		3,317		(1)		8,166
	71,946		9,255		25,355		11,625		8,947		127,128
Reconciliation of Revenue
Other revenue(b)											2,827
Eliminations(a)											(8,383)
Total consolidated revenue											$	121,572

Less segment expenses:(c)
Programming and production	$	18,067			$	16,921	$	7,958
Marketing and promotion					1,389		1,579
Other(d)	26,932		3,964		4,091		818		5,602
Segment Adjusted EBITDA(e)	$	26,948	$	5,291	$	2,955	$	1,269	$	3,345	$	39,808

Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)											(946)
Corporate and other(b)(e)											(1,318)
Eliminations											105
Depreciation											(8,854)
Amortization											(5,482)
Interest expense											(4,087)
Investment and other income (loss), net											1,252
Income before income taxes											$	20,478

(d)Other for each segment primarily includes:

Media and Studios: salaries, employee benefits, rent and other overhead expenses.

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

(g)The years ended December 31, 2025 and 2024 include $483 million and $7 million, respectively, of transaction and transaction-related costs associated with the Separation of Versant.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets


Note 10: Goodwill and Intangible Assets

Goodwill



(in billions)	Residential Connectivity & Platforms		Business Services Connectivity		Media		Studios		Theme Parks		Total
Balance, December 31, 2023
Goodwill	$	34.5	$	2.2	$	21.9	$	3.7	$	5.4	$	67.8
Accumulated impairment losses	(6.3)		—		(2.2)		—		—		(8.5)
	$	28.2	$	2.2	$	19.7	$	3.7	$	5.4	$	59.3
Foreign currency translation and other	(0.4)		—		(0.2)		—		(0.5)		(1.0)
Balance, December 31, 2024
Goodwill	$	33.9	$	2.2	$	21.7	$	3.7	$	5.0	$	66.4
Accumulated impairment losses	(6.1)		—		(2.2)		—		—		(8.2)
	$	27.8	$	2.2	$	19.5	$	3.7	$	5.0	$	58.2
Acquisitions	—		1.1		—		—		—		1.1
Foreign currency translation and other	1.5		—		0.5		—		—		2.1
Balance, December 31, 2025
Goodwill	$	36.0	$	3.4	$	22.4	$	3.7	$	5.0	$	70.6
Accumulated impairment losses	(6.7)		—		(2.4)		—		—		(9.0)
	$	29.3	$	3.4	$	20.1	$	3.7	$	5.0	$	61.5

Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from anticipated synergies and intangible assets acquired that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and other agreements. We assess the recoverability of our goodwill annually, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value. We test goodwill for impairment at the reporting unit level. To determine our reporting units, we evaluate the components one level below the segment level and we aggregate the components if they have similar economic characteristics. We evaluate the determination of our reporting units used to test for impairment periodically or whenever events or substantive changes in circumstances occur. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.


Intangible Assets
		2025				2024
December 31 (in billions)	Weighted-Average Original Useful Life as of December 31, 2025	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Indefinite-Lived Intangible Assets:
Franchise rights	N/A	$	59.4			$	59.4
FCC licenses	N/A	2.8				2.8
Total		$	62.2			$	62.2

Finite-Lived Intangible Assets:
Customer relationships	13 years	$	21.4	$	(17.9)	$	20.5	$	(15.1)
Software	5 years	25.8		(18.1)		24.9		(16.2)
Other agreements and rights	28 years	11.8		(3.4)		11.4		(2.7)
Total		$	59.0	$	(39.4)	$	56.8	$	(34.0)

Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets consist primarily of our cable franchise rights. Our cable franchise rights represent the values we attributed to agreements with state and local authorities that allow access to homes and businesses in cable service areas acquired in business combinations. We do not amortize our cable franchise rights because we have determined that they meet the definition of indefinite-lived intangible assets since there are no legal, regulatory, contractual, competitive, economic or other factors that limit the period over which these rights will contribute to our cash flows. We reassess this determination periodically or whenever events or substantive changes in circumstances occur.

We assess the recoverability of our cable franchise rights and other indefinite-lived intangible assets annually, or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired. We evaluate the unit of account used to test for impairment of our cable franchise rights and other indefinite-lived intangible assets periodically or whenever events or substantive changes in circumstances occur to ensure impairment testing is performed at an appropriate level. The assessment of recoverability may first consider qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. When performing a quantitative assessment, we estimate the fair value of our cable franchise rights and other indefinite-lived intangible assets. If the fair value of our cable franchise rights or other indefinite-lived intangible assets were less than the carrying amount, we would recognize an impairment charge for the difference between the estimated fair value and the carrying value of the assets. Unless presented separately, the impairment charge is included as a component of amortization expense.

Finite-Lived Intangible Assets

Finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations, software, trade names and intellectual property rights. Our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement.

The table below presents the estimated amortization expense of our customer relationships and other agreements and rights, including trade names and intellectual property rights.


Estimated Amortization Expense
(in billions)
2026	$	2.8
2027	$	0.6
2028	$	0.6
2029	$	0.6
2030	$	0.5

We capitalize direct development costs associated with internal-use software, including external direct costs of material and services and payroll costs for employees devoting time to these software projects. We also capitalize costs associated with arrangements that constitute the purchase of, or convey a license to, software licenses. We generally amortize them on a straight-line basis over a period not to exceed five years. We expense maintenance and training costs, as well as costs incurred during the preliminary stage of a project, as they are incurred. We capitalize initial operating system software costs and amortize them over the life of the associated hardware.

We evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Gross unrecognized tax benefits, January 1	$ 2,865	$ 2,593	$ 2,161
Additions based on tax positions related to the current year	297	396	546
Additions based on tax positions related to prior years	9	201	1
Reductions for tax positions of prior years	(95)	(268)	(43)
Reductions due to expiration of statutes of limitations	(94)	(29)	(56)
Settlements with tax authorities and other	(55)	(28)	(15)
Gross unrecognized tax benefits, December 31	$ 2,927	$ 2,865	$ 2,593

Supplemental Financial Information (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of cash payments for interest and income taxes


Cash Payments for Income Taxes
Year ended December 31 (in millions)	2025		2024		2023
Federal(a)(b)	$	(89)	$	6,011	$	4,208
State	380		742		596
Foreign(c)	464		342		302
Cash payments for income taxes	$	755	$	7,096	$	5,107

(a)Includes $0.6 billion and $1.7 billion for 2025 and 2024, respectively, related to the purchase of third-party transferable tax credits.

(c)The year ended December 31, 2025 includes payments of $229 million for Japan.


Cash Payments for Interest
Year ended December 31 (in millions)	2025		2024		2023
Interest	$	3,871	$	3,657	$	3,711

Schedule of cash, cash equivalents and restricted cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets to the total of the amounts reported in our consolidated statements of cash flows.


December 31 (in millions)	2025		2024
Cash and cash equivalents	$	9,481	$	7,322
Restricted cash included in other current assets and other noncurrent assets, net(a)	1,078		55
Cash, cash equivalents and restricted cash, end of year	$	10,559	$	7,377

(a)Restricted cash in other current assets as of December 31, 2025 includes the net proceeds from Versant’s issuance of $1.0 billion aggregate principal amount of 7.25% senior secured notes, plus accrued and unpaid interest, which were held in an escrow account due to a special mandatory redemption if the Separation of Versant from Comcast had not been consummated by March 2, 2026. These funds were transferred to Versant upon Separation on January 2, 2026 (see Notes 6 and 16).

Revenue - Receivables Not Yet Billed (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Condensed Consolidated Balance Sheet [Line Items]
Receivables, net	$ 13,869	$ 13,661
Noncurrent receivables, net (included in other noncurrent assets, net)	1,924	1,853
Unbilled Revenues \| Notes Receivable \| Equipment Installment Plan
Condensed Consolidated Balance Sheet [Line Items]
Receivables, net	2,096	1,827
Noncurrent receivables, net (included in other noncurrent assets, net)	1,395	1,225
Total	$ 3,491	$ 3,052

Debt - Debt Maturities (Details) $ in Billions	Dec. 31, 2025 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2026	$ 5.8
2027	4.9
2028	5.6
2029	4.7
2030	$ 4.8

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current Expense (Benefit):
Federal	$ 2,286	$ 2,194	$ 6,270
State	720	1,115	1,591
Foreign	427	389	249
Current income tax expense (benefit)	3,432	3,698	8,110
Deferred Expense (Benefit):
Federal	2,420	(599)	(2,126)
State	539	(49)	(468)
Foreign	(285)	(253)	(145)
Deferred income tax expense (benefit)	2,674	(902)	(2,739)
Income tax expense (benefit)	$ 6,106	$ 2,796	$ 5,371

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Commitments and Contingencies - Summary of Future Minimum Rental Commitments for Operating Leases (Details) $ in Millions	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 889
2027	840
2028	703
2029	494
2030	382
Thereafter	6,337
Total future minimum lease payments	9,646
Less: imputed interest	(3,549)
Total liability	$ 6,097

Commitments and Contingencies - Summary of Operating Lease Assets and Liabilities Recorded in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other noncurrent assets, net	Other noncurrent assets, net
Other noncurrent assets, net	$ 5,287	$ 5,524
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Accrued expenses and other current liabilities	$ 686	$ 751
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other noncurrent liabilities	Other noncurrent liabilities
Other noncurrent liabilities	$ 5,410	$ 5,569

Revenue - Changes in the Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 738	$ 698	$ 736
Current-period provision for expected credit losses	698	747	775
Write-offs charged against the allowance, net of recoveries and other	(722)	(707)	(812)
Ending balance	$ 713	$ 738	$ 698

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements include all entities in which we have a controlling voting interest and variable interest entities (“VIEs”) required to be consolidated, including Universal Beijing Resort (see Note 8).
Foreign Currency Translation	We translate assets and liabilities of our foreign operations where the functional currency is the local currency into U.S. dollars at the exchange rate as of the balance sheet date and translate revenue and expenses using average periodic exchange rates. The related translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in our consolidated balance sheets. Any foreign currency transaction gains or losses are included in our consolidated statements of income in investment and other income (loss), net. For disclosures containing future amounts where the functional currency is the local currency, we translate the amounts into U.S. dollars at the exchange rates as of the balance sheet date.
Reclassifications	Certain prior year amounts have been reclassified to conform to the current year presentation. Refer to Note 3 for a discussion of the changes in our presentation of disaggregated revenue and Note 12 for a discussion of the changes in our presentation of treasury shares.
Use of Estimates	Our consolidated financial statements are prepared in accordance with GAAP, which require us to select accounting policies, including in certain cases industry-specific policies, and make estimates that affect the reported amount of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and contingent liabilities. Actual results could differ from these estimates. The following accounting policies are specific to the industries in which we operate: •capitalization and amortization of film and television costs (see Note 4) •costs for connecting customers to our HFC network (see Note 9)
Advertising Expenses	Advertising costs are expensed as incurred.
Fair Value Measurements	The accounting guidance related to fair value measurements establishes a hierarchy based on the types of inputs used for the various valuation techniques. The levels of the hierarchy are described below. •Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. •Level 2: Values are determined using quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. •Level 3: Values are determined using models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. We use this three-tier fair value hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments (see Note 8); on a non-recurring basis, such as for acquisitions (see Note 7) and impairment testing (see Note 10); and for disclosure purposes, such as for debt (see Note 6). Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation and classification within the fair value hierarchy.
Recent Accounting Pronouncements	Disaggregation of Income Statement Expenses In November 2024, the FASB issued updated accounting guidance related to disclosures about certain costs and expenses. The updated accounting guidance, among other things, requires quantitative disclosures for employee compensation, selling expenses and purchases of inventory. The updated guidance is effective beginning with our Annual Report on Form 10-K for the year ending December 31, 2027. We are currently evaluating the impact the adoption of the new accounting guidance will have on our disclosures. Internal-Use Software In September 2025, the FASB updated the accounting guidance related to internal-use software. The updated guidance eliminates references to software project stages and clarifies that capitalization of internal-use software costs should begin once management authorizes and commits to funding a software project and it is probable that the project will be completed and used as intended. The updated guidance is effective for us as of January 1, 2028, and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements. Government Grants In December 2025, the FASB issued new accounting guidance on the recognition, measurement and presentation of government grants received by business entities. The new guidance defines government grants, clarifies their scope and provides a recognition threshold under which a grant is recognized when it is probable the entity will comply with the grant’s conditions and that the grant will be received. The updated guidance is effective for us as of January 1, 2029, and early adoption is permitted. We are currently in the process of determining the impact that the updated accounting guidance will have on our consolidated financial statements. Interim Reporting In December 2025, the FASB issued updated accounting guidance on interim reporting. The updated guidance establishes a principle requiring entities to disclose events occurring after the end of the most recent annual reporting period that have a material impact on the entity, as well as clarifies the applicability of interim disclosure requirements. The guidance does not change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. The guidance is effective for us beginning in interim periods after January 1, 2028, with early adoption permitted. We are currently evaluating the impact the adoption of the new accounting guidance will have on our disclosures.
Video Distribution Programming Expenses	Video Distribution Programming Expenses We incur programming expenses related to the license of the rights to distribute or integrate third-party programmed television networks, platforms and related content included in video services we sell to end consumers. Programming is generally acquired under multiyear distribution agreements, with fees typically based on the number of customers receiving the television network programming and a per subscriber fee. Significant judgment is used to allocate the consideration paid under our programming distribution agreements to the rights and services received, which is generally based on estimated relative value. When the agreement includes access to a DTC streaming service and it is made available to our customers, the allocated consideration is netted against video revenue. Programming distribution arrangements are accounted for as executory contracts with expenses generally recognized based on the rates in the agreements, and the arrangements are not subject to impairment.
Film and Television Content	Film and Television Content We incur costs related to the production of owned content and the license of the rights to use content owned by third parties and sports rights on our owned television networks and digital properties, which are described as owned and licensed content, respectively. We have determined that the predominant monetization strategy for the substantial majority of our content is on an individual basis. We capitalize costs for owned film and television content, including direct costs, production overhead, print costs, development costs and interest, as well as acquired libraries. Amortization for owned content predominantly monetized on an individual basis and accrued costs associated with participations and residuals payments are recorded using the individual film forecast computation method, which recognizes the costs in the same ratio as the associated ultimate revenue. Estimates of ultimate revenue and total costs are based on anticipated release patterns and distribution strategies, public acceptance and historical results for similar productions. Amortization for content predominantly monetized with other owned or licensed content is recorded based on estimated usage. We do not capitalize costs related to the distribution of a film in movie theaters or the licensing or sale of a film or television production, which primarily include costs associated with marketing and distribution. We capitalize the costs of licensed content when the license period begins, the content is made available for use and the costs of the licenses are known. Licensed content is amortized as the associated programs are used, incorporating estimated viewing patterns. Owned and licensed content are presented as noncurrent assets in film and television costs. We present amortization of owned and licensed content and accrued costs associated with participations and residuals payments in programming and production costs. Film and television productions may be eligible for tax incentives from certain state, local or foreign jurisdictions. These incentives generally provide for transferable or redeemable tax credits upon meeting established levels of qualified production spending within a participating jurisdiction. We record a receivable for a production tax incentive program when there is a reasonable assurance of collection with a corresponding reduction of capitalized film and television costs, and the related amortization. We may enter into co-financing arrangements with third parties to jointly finance or distribute certain of our film productions. These arrangements can take various forms, but in most cases involve the grant of an economic interest in a film to an investor who owns an undivided copyright interest in the film. The number of investors and the terms of these arrangements can vary, although investors generally assume the full risks and rewards of ownership proportionate to their ownership in the film. We account for the proceeds received from the investor under these arrangements as a reduction of our capitalized film costs and the investor’s interest in the profit or loss of the film is recorded as either a charge or a benefit, respectively, in programming and production costs. The investor’s interest in the profit or loss of a film is recorded each period using the individual film forecast computation method. When an event or a change in circumstance occurs that was known or knowable as of the balance sheet date and that indicates the fair value of either owned or licensed content is less than the unamortized costs in the balance sheet, we determine the fair value and record an impairment charge to the extent the unamortized costs exceed the fair value. Owned content is assessed either individually or in identified film groups, for content predominantly monetized on an individual basis or with other content, respectively. The substantial majority of our owned content is evaluated for impairment on an individual title basis. Licensed content that is not part of a film group is generally assessed in packages, channels or dayparts. A daypart is an aggregation of programs broadcast during a particular time of day or programs of a similar type. Licensed content is tested for impairment primarily on a channel, network or platform basis, with the exception of our broadcast networks and owned local broadcast television stations, which are tested on a daypart basis. Estimated fair values of owned and licensed content are generally based on Level 3 inputs including analysis of market participant estimates of future cash flows. We record charges related to impairments or content that is substantively abandoned to programming and production costs. Sports Rights We recognize the costs of multiyear, live-event sports rights as the rights are used over the contract term based on estimated relative value. Estimated relative value is generally based on the terms of the contract and the nature of and potential revenue generation of the deliverables within the contract. Sports rights are accounted for as executory contracts and are not subject to impairment. When cash payments, including advanced payments, exceed the relative value of the sports rights delivered, we recognize an asset in licensed content. Production costs incurred in advance of airing are also presented in licensed content.
Income Tax Disclosures	We base our provision for income taxes on our current period income, changes in our deferred income tax assets and liabilities, income tax rates, changes in estimates of our uncertain tax positions, tax planning opportunities available in the jurisdictions in which we operate and excess tax benefits or deficiencies that arise when the tax consequences of share-based compensation differ from amounts previously recognized in the statements of income. We recognize deferred tax assets and liabilities when there are temporary differences between the financial reporting basis and tax basis of our assets and liabilities and for the expected benefits of using net operating loss carryforwards. When a change in the tax rate or tax law has an impact on deferred taxes, we apply the change based on the years in which the temporary differences are expected to reverse. We record the change in our consolidated financial statements in the period of enactment. The determination of the income tax consequences of a business combination includes identifying the tax basis of assets and liabilities acquired and any contingencies associated with uncertain tax positions assumed or resulting from the business combination. Deferred tax assets and liabilities related to temporary differences of an acquired entity are recorded as of the date of the business combination and are based on our estimate of the ultimate tax basis that will be accepted by the various tax authorities. We record liabilities for contingencies associated with prior tax returns filed by the acquired entity based on criteria set forth in the appropriate accounting guidance. We adjust the deferred tax accounts and the liabilities periodically to reflect any revised estimated tax basis and any estimated settlements with the various tax authorities. The effects of these adjustments are recorded to income tax expense. From time to time, we engage in transactions in which the tax consequences may be subject to uncertainty. In these cases, we evaluate our tax position using the recognition threshold and the measurement attribute in accordance with the accounting guidance related to uncertain tax positions. Examples of these transactions include business acquisitions and dispositions, including consideration paid or received in connection with these transactions, certain financing transactions, and the allocation of income among state and local tax jurisdictions. Significant judgment is required in assessing and estimating the tax consequences of these transactions. We determine whether it is more likely than not that a tax position will be sustained on examination, including the resolution of any related appeals or litigation processes, based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to be recognized in our consolidated financial statements. We classify interest and penalties, if any, associated with our uncertain tax positions as a component of income tax expense (benefit). Impact of Federal Legislation In 2025, legislation was signed into law in the United States that, among other things, provided 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 reinstated 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. The legislation resulted in a reduction of our income taxes payable of $1.4 billion and a corresponding increase of our net deferred tax liability. There is no material impact to our income tax expense or effective tax rate.
Investments	Equity Method We use the equity method to account for investments in which we have the ability to exercise significant influence over the investee’s operating and financial policies, or in which we hold a partnership or limited liability company interest in an entity with specific ownership accounts, unless we have virtually no influence over the investee’s operating and financial policies. Equity method investments are recorded at cost and are adjusted to recognize our share, based on percentage ownership or other contractual basis, of the investee’s net income or loss after the date of investment; amortization of the recorded investment that exceeds our share of the book value of the investee’s net assets; additional contributions made and dividends or other distributions received; and impairments resulting from other-than-temporary declines in fair value. For some investments, we record our share of the investee’s net income or loss one quarter in arrears due to the timing of our receipt of such information. Gains or losses on the sale of equity method investments are recorded to other income (loss), net. If an equity method investee were to issue additional securities that would change our proportionate share of the entity, we would recognize the change, if any, as a gain or loss to other income (loss), net. Cash distributions received from equity method investments are considered returns on investment and are presented within operating activities in the consolidated statements of cash flows to the extent of cumulative equity in net income of the investee. Nonmarketable Equity Securities We classify investments without readily determinable fair values that are not accounted for under the equity method as nonmarketable equity securities. The accounting guidance requires nonmarketable equity securities to be recorded at cost and adjusted to fair value at each reporting period. However, the guidance allows for a measurement alternative, which is to record the investments at cost, less impairment, if any, and subsequently adjust for observable price changes of identical or similar investments of the same issuer. We generally apply the measurement alternative, adjusting the investments for observable price changes of identical or similar investments of the same issuer, to our nonmarketable equity securities. When an observable event occurs, we estimate the fair values of our nonmarketable equity securities primarily based on Level 2 inputs that are derived from observable price changes of similar securities adjusted for insignificant differences in rights and obligations. The changes in value are recorded in realized and unrealized gains (losses) on equity securities, net. We review our investment portfolio, other than our marketable equity securities, each reporting period to determine whether there are identified events or circumstances that would indicate there is a decline in the fair value. For our nonpublic investments, if there are no identified events or circumstances that would have a significant adverse effect on the fair value of the investment, then the fair value is not estimated. For our equity method investments, if an investment is deemed to have experienced an other-than-temporary decline below its cost basis, we reduce the carrying amount of the investment to its quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. For our nonmarketable equity securities, we record the impairment to realized and unrealized gains (losses) on equity securities, net. For our equity method investments, we record the impairment to other income (loss), net.
Property and Equipment	Property and equipment are stated at cost. We capitalize improvements that extend asset lives and expense repairs and maintenance costs as incurred. We record depreciation using the straight-line method over the asset’s estimated useful life. For assets that are sold or retired, we remove the applicable cost and accumulated depreciation and, unless the gain or loss on disposition is presented separately, we recognize it as a component of depreciation expense. Capital expenditures for the construction of Universal Beijing Resort are presented separately in our consolidated statements of cash flows. We capitalize the costs associated with the construction of and improvements to our HFC network, including scalable infrastructure and line extensions; costs associated with acquiring and deploying new customer premise equipment; and certain costs associated with installation of our services, including the customer’s connection to our network, in accordance with accounting guidance related to property and equipment as well as for cable television companies. Costs capitalized include all direct costs for labor and materials, as well as various indirect costs. Costs incurred in connection with subsequent disconnects, and reconnects of previously deployed customer premise equipment, are expensed as they are incurred. We evaluate the recoverability of our property and equipment whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of depreciation expense. Certain of our cable franchise agreements and lease agreements contain provisions requiring us to restore facilities or remove property in the event that the franchise or lease agreement is not renewed. We expect to continually renew our cable franchise agreements and therefore cannot reasonably estimate liabilities associated with such agreements. A remote possibility exists that franchise agreements could be terminated unexpectedly, which could result in us incurring significant expense in complying with restoration or removal provisions. We do not have any material liabilities related to asset retirement obligations recorded in our consolidated financial statements.
Goodwill	Goodwill is calculated as the excess of the consideration transferred over the identifiable net assets acquired in a business combination and represents the future economic benefits expected to arise from anticipated synergies and intangible assets acquired that do not qualify for separate recognition, including increased footprint, assembled workforce, noncontractual relationships and other agreements. We assess the recoverability of our goodwill annually, or more frequently whenever events or substantive changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value. We test goodwill for impairment at the reporting unit level. To determine our reporting units, we evaluate the components one level below the segment level and we aggregate the components if they have similar economic characteristics. We evaluate the determination of our reporting units used to test for impairment periodically or whenever events or substantive changes in circumstances occur. The assessment of recoverability may first consider qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.
Indefinite-Lived Intangible Assets	Indefinite-lived intangible assets consist primarily of our cable franchise rights. Our cable franchise rights represent the values we attributed to agreements with state and local authorities that allow access to homes and businesses in cable service areas acquired in business combinations. We do not amortize our cable franchise rights because we have determined that they meet the definition of indefinite-lived intangible assets since there are no legal, regulatory, contractual, competitive, economic or other factors that limit the period over which these rights will contribute to our cash flows. We reassess this determination periodically or whenever events or substantive changes in circumstances occur. We assess the recoverability of our cable franchise rights and other indefinite-lived intangible assets annually, or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired. We evaluate the unit of account used to test for impairment of our cable franchise rights and other indefinite-lived intangible assets periodically or whenever events or substantive changes in circumstances occur to ensure impairment testing is performed at an appropriate level. The assessment of recoverability may first consider qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. A quantitative assessment is performed if the qualitative assessment results in a more-likely-than-not determination or if a qualitative assessment is not performed. When performing a quantitative assessment, we estimate the fair value of our cable franchise rights and other indefinite-lived intangible assets. If the fair value of our cable franchise rights or other indefinite-lived intangible assets were less than the carrying amount, we would recognize an impairment charge for the difference between the estimated fair value and the carrying value of the assets. Unless presented separately, the impairment charge is included as a component of amortization expense.
Finite-Lived Intangible Assets	Finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations, software, trade names and intellectual property rights. Our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement. We capitalize direct development costs associated with internal-use software, including external direct costs of material and services and payroll costs for employees devoting time to these software projects. We also capitalize costs associated with arrangements that constitute the purchase of, or convey a license to, software licenses. We generally amortize them on a straight-line basis over a period not to exceed five years. We expense maintenance and training costs, as well as costs incurred during the preliminary stage of a project, as they are incurred. We capitalize initial operating system software costs and amortize them over the life of the associated hardware. We evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows were less than the carrying amount of the asset group, we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value. Unless presented separately, the impairment charge is included as a component of amortization expense.
Postretirement and Pension Benefits	We sponsor several 401(k) defined contribution retirement plans that allow eligible employees to contribute a portion of their compensation through payroll deductions in accordance with specified plan guidelines. We make contributions to the plans that include matching a percentage of the employees’ contributions up to certain limits.We participate in various multiemployer benefit plans, including pension and postretirement benefit plans, that cover some of our employees and temporary employees who are represented by labor unions. We also participate in other multiemployer benefit plans that provide health and welfare and retirement savings benefits to active and retired participants. If we cease to be obligated to make contributions or were to otherwise withdraw from participation in any of these plans, applicable law would require us to fund our allocable share of the unfunded vested benefits, which is known as a withdrawal liability. In addition, actions taken by other participating employers may lead to adverse changes in the financial condition of one of these plans, which could result in an increase in our withdrawal liability.
Earnings Per Share	Weighted-average common shares outstanding used in calculating diluted earnings per common share attributable to Comcast Corporation shareholders (“diluted EPS”) considers the impact of potentially dilutive securities using the treasury stock method. Our potentially dilutive securities include potential common shares related to our stock options and our restricted share units (“RSUs”). Diluted EPS excludes the impact of potential common shares related to our stock options in periods in which the combination of the option exercise price and the associated unrecognized compensation expense is greater than the average market price of our common stock. Antidilutive securities represent the number of potential common shares related to share-based compensation awards that were excluded from diluted EPS because their effect would have been antidilutive. Treasury Stock On December 15, 2025, we amended our Amended and Restated Articles of Incorporation (the “Articles”) in connection with the Separation of Versant by designating a new Class A Equivalent Preferred Stock (the “Preferred Stock”) and entering into an agreement with certain of our wholly-owned subsidiaries pursuant to which we issued 872,791.0278 shares of Preferred Stock, which was classified as treasury stock, in exchange for an aggregate 872,791,028 shares of Class A Common Stock held by such subsidiaries. This exchange was designed to ensure that our subsidiaries did not receive shares of Versant Class A Common stock in connection with the Separation. On January 9, 2026, all of the shares of Preferred Stock were automatically redeemed in exchange for 919,026,355 shares of our Class A Common Stock and no Preferred Stock is currently outstanding. On January 30, 2026, we amended the Articles to eliminate the provisions that had designated the Preferred Stock. As a result, the 872,791.0278 shares of Preferred Stock held as of December 31, 2025 are presented on a post-Separation basis as 919,026,355 shares of Class A Common Stock and classified as treasury stock in all periods presented in our consolidated balance sheets.
Share-Based Compensation	The cost associated with our share-based compensation is based on an award’s estimated fair value at the date of grant and is recognized over the period in which any related services are provided. RSUs are primarily valued based on the closing price of our common stock on the date of grant and are discounted for the lack of dividends, if any, during the vesting period. We use the Black-Scholes option pricing model to estimate the fair value of stock option awards.
Leases	Our leases consist primarily of real estate, vehicles and other equipment. We determine if an arrangement is a lease at inception. Lease assets and liabilities are recognized upon commencement of the lease based on the present value of the future minimum lease payments over the lease term. The lease term includes options to extend the lease when it is reasonably certain that we will exercise that option. We generally use our incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments. The lease asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Lease assets and liabilities are not recorded for leases with an initial term of one year or less. For our operating leases recorded in the balance sheets, lease expense is based on the future minimum lease payments recognized on a straight-line basis over the term of the lease plus any variable lease costs.

Supplemental Financial Information

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Financial Information


Note 14: Supplemental Financial Information


Cash Payments for Interest
Year ended December 31 (in millions)	2025		2024		2023
Interest	$	3,871	$	3,657	$	3,711

Noncash Activities

During 2025:

•we acquired $1.9 billion of property and equipment and intangible assets that were accrued but unpaid

•we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.33 per common share to be paid in February 2026

During 2024:

•we acquired $2.8 billion of property and equipment and intangible assets that were accrued but unpaid

•we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.31 per common share paid in January 2025

During 2023:

•we acquired $2.1 billion of property and equipment and intangible assets that were accrued but unpaid

•we recorded a liability of $1.2 billion for a quarterly cash dividend of $0.29 per common share paid in January 2024

Cash, Cash Equivalents and Restricted Cash


December 31 (in millions)	2025		2024
Cash and cash equivalents	$	9,481	$	7,322
Restricted cash included in other current assets and other noncurrent assets, net(a)	1,078		55
Cash, cash equivalents and restricted cash, end of year	$	10,559	$	7,377

Our cash equivalents consist primarily of money market funds and U.S. government obligations, as well as commercial paper and certificates of deposit with maturities of three months or less when purchased. The carrying amounts of our cash equivalents approximate their fair values, which are primarily based on Level 1 inputs.

Equity - Narrative (Details)	12 Months Ended
Equity - Narrative (Details)	Dec. 31, 2025 vote shares	Jan. 09, 2026 shares	Dec. 15, 2025 shares	Dec. 31, 2024 shares
Class of Stock [Line Items]
Number of votes entitled of each class B common stock \| vote	15
Preferred stock, shares issued (in shares)	0		872,791.0278	0
Treasury stock (in shares)	919,026,355		872,791,028	919,026,355
Pro Forma
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	872,791.0278
Subsequent Event
Class of Stock [Line Items]
Treasury stock (in shares)		919,026,355
Class A
Class of Stock [Line Items]
Voting power	66.66%
Class B
Class of Stock [Line Items]
Voting power	33.33%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Programming and Production Costs - Summary of Accrued Participations and Residual Liabilities Expected to Pay (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Other Industries [Abstract]
Current portion of accrued participations and residuals	$ 1,537	$ 1,444

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Cash surrender value of life insurance policies	$ 662	$ 566
Expenses related to retirement investment plans	$ 662	$ 661	$ 650

Supplemental Financial Information - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Jan. 02, 2026	Dec. 31, 2025	Oct. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Cash and cash equivalents		$ 9,481,000,000		$ 7,322,000,000
Restricted cash included in other current assets and other noncurrent assets, net(a)		1,078,000,000		55,000,000
Cash, cash equivalents and restricted cash, end of year		10,559,000,000		$ 7,377,000,000	$ 6,282,000,000	$ 4,782,000,000
Senior Secured Notes \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 1,000,000,000.0	$ 1,000,000,000
Stated interest rate (as a percent)		7.25%	7.25%
Senior Secured Notes \| Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Aggregate principal amount	$ 3,000,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Programming and Production Costs - Estimated Future Amortization Expense for Capitalized Film and Television Costs (Details) $ in Millions	Dec. 31, 2025 USD ($)
Completed, not released:
Owned, year one	$ 52
Released and licensed content:
Owned, year one	2,261
Owned, year two	824
Owned, year three	182
Released and licensed content:
Licensed, year one	3,280
Licensed, year two	672
Licensed, year three	$ 382

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue


Year ended December 31 (in millions)	2025		2024(a)		2023(a)
Domestic broadband	$	25,837	$	25,660	$	24,999
Domestic wireless	4,967		4,273		3,664
International connectivity	4,963		4,503		3,918
Total residential connectivity	35,767		34,435		32,580
Video	26,387		27,791		29,576
Advertising	3,712		4,089		3,969
Other	4,838		5,259		5,820
Total Residential Connectivity & Platforms Segment	70,704		71,574		71,946

Total Business Services Connectivity Segment	10,237		9,701		9,255

Domestic advertising	8,382		10,008		8,600
Domestic distribution	11,613		11,826		10,663
International networks	4,977		4,282		4,109
Other	2,118		2,031		1,983
Total Media Segment	27,090		28,148		25,355

Content licensing	8,199		8,063		8,231
Theatrical	1,621		1,693		2,079
Other	1,465		1,335		1,315
Total Studios Segment	11,286		11,092		11,625

Total Theme Parks Segment	9,836		8,617		8,947

Other revenue	3,090		2,982		2,827
Eliminations(b)	(8,535)		(8,383)		(8,383)
Total revenue	$	123,707	$	123,731	$	121,572

(b)See Note 2 for additional information on intersegment revenue transactions.

We operate primarily in the United States but also in select international markets. The table below summarizes our consolidated revenue from customers in certain geographic locations.


Year ended December 31 (in millions)	2025		2024		2023
United States	$	95,143	$	96,237	$	94,375
United Kingdom	15,182		14,194		13,364
Other	13,382		13,300		13,833
Total revenue	$	123,707	$	123,731	$	121,572

Schedule of receivables, net


December 31 (in millions)	2025		2024
Receivables, gross	$	14,582	$	14,399
Less: Allowance for credit losses	713		738
Receivables, net	$	13,869	$	13,661
Noncurrent receivables, net (included in other noncurrent assets, net)	$	1,924	$	1,853
Contract acquisition and fulfillment costs (included in other noncurrent assets, net)(a)	$	1,350	$	1,184
Noncurrent deferred revenue (included in other noncurrent liabilities)	$	621	$	665

Changes in the allowance for doubtful accounts


Changes in Allowance for Credit Losses
(in millions)	2025		2024		2023
Beginning balance	$	738	$	698	$	736
Current-period provision for expected credit losses	698		747		775
Write-offs charged against the allowance, net of recoveries and other	(722)		(707)		(812)
Ending balance	$	713	$	738	$	698

Other balance sheet accounts

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


December 31 (in millions)	2025		2024
Receivables, net	$	2,096	$	1,827
Noncurrent receivables, net (included in other noncurrent assets, net)	1,395		1,225

Total	$	3,491	$	3,052

Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) $ in Billions	Dec. 31, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 2.8
2027	0.6
2028	0.6
2029	0.6
2030	$ 0.5