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Comcast

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Comcast Corporation, formerly known as Comcast Holdings, is an American multinational mass media, telecommunications, and entertainment conglomerate. Comcast’s corporate headquarters is at the Comcast Center in Philadelphia, while NBCUniversal, Comcast’s New York operations and other major Comcast assets is headquartered at 30 Rockefeller Plaza in Midtown Manhattan in New York City. The company was ranked 51st in the Forbes Global 2000 in 2023.

What changed in Comcast's 10-K — 2024 vs 2025

Top changes in Comcast's 2025 10-K

367 paragraphs added · 354 removed · 302 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

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As part of our domestic and international broadband services, we offer to customers our advanced, proprietary wireless gateways that combine an internet modem with a Wi-Fi router to deliver reliable internet speeds and enhanced coverage through an in-and-out-of-home Wi-Fi network. In addition, customers may personalize and manage their Wi-Fi network and connected devices with our mobile apps and online portal.
As part of our domestic and international broadband services, we offer customers our advanced, proprietary wireless gateways that combine an internet modem with a Wi-Fi router to deliver reliable internet speeds and enhanced coverage through an in-and-out-of-home Wi-Fi network. In addition, customers may personalize and manage their Wi-Fi network and connected devices with our mobile apps and online portal.
Domestic broadband-deployment funding initiatives at the federal and state levels may result in other service providers deploying subsidized internet access within our footprint. The availability of these and other offerings could negatively impact the demand for our domestic broadband services.
Domestic broadband-deployment funding initiatives at federal and state levels may result in other service providers deploying subsidized internet access within our footprint. The availability of these and other offerings could negatively impact the demand for our domestic broadband services.
Advertising We compete for the sale of advertising with digital properties , including an increasing number of ad-supported DTC streaming service providers and other online content providers, such as social networking platforms and user-generated content providers, as well as with t elevision networks and stations, and all other advertising platforms.
Advertising We compete for the sale of advertising with digital properties , including an increasing number of ad-supported DTC streaming service providers, and other online content providers, such as social networking platforms and user-generated content providers, as well as with t elevision networks and stations, and with all other advertising platforms.
Similar to seasonal and cyclical variations in our Media segment, advertising revenue is subject to cyclical patterns and changes in viewership levels, driven by timing of the winter holiday season, political campaigns, sports seasons and when programming is aired.
Similar to seasonal and cyclical variations in our Media segment, advertising revenue is subject to cyclical patterns and changes in viewership levels, driven by the timing of the winter holiday season, political campaigns, sports seasons and when programming is aired.
We receive fees from the d istribution of our television networks to traditional multichannel video providers, such as our Residential Connectivity & Platforms segment, and virtual multichannel video providers that offer streamed linear television networks.
We receive fees from the d istribution of our television networks to traditional multichannel video providers, such as our Residential Connectivity & Platforms segment, and from virtual multichannel video providers that offer streamed linear television networks.
We also generate revenue from the sale of physical and digital home entertainment products, as well as the production and licensing of live stage plays and the distribution of content produced by third parties. Film Studios Our film studios develop, produce, acquire, market and distribute filmed entertainment worldwide.
We also generate revenue from the sale of physical and digital home entertainment products, as well as from the production and licensing of live stage plays and from the distribution of content produced by third parties. Film Studios Our film studios develop, produce, acquire, market and distribute filmed entertainment worldwide.
In certain cases, we have also entered into film co-financing arrangements with third party studios and non-studio entities 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 inter est in a film to an investor.
In certain cases, we have also entered into film co-financing arrangements with third-party studios and non-studio entities to jointly finance or distribute certain of our film productions. These arrangements can take various forms, but in most cases involve the grant of economic inter est in a film to an investor.
Additionally, it is increasingly challenging to accurately measure fragmented audiences. Our domestic cable networks and international networks compete primarily with other cable networks and programming providers for carriage by multichannel video providers and DTC streaming service providers.
Additionally, it is increasingly challenging to accurately measure fragmented audiences. Our domestic cable networks and international networks compete primarily with other cable networks and programming providers for carriage by multichannel video providers and with DTC streaming service providers.
We also compete with other major film and television studios and other producers of entertainment content for the exhibition of content in theaters, on demand, on television networks, and on DTC streaming services. Theme Parks Our theme parks compete with other multi-park entertainment companies as well as other providers of entertainment, tourism, recreational activities and lodging.
We also compete with other major film and television studios and other producers of entertainment content for the exhibition of content in theaters, on demand, on television networks and on DTC streaming services. Theme Parks Our theme parks compete with other multi-park entertainment companies as well as with other providers of entertainment, tourism, recreational activities and lodging.
FCC regulations also require cable operators to carry programming transmitted by certain local broadcast television stations (“must-carry” requirement) or to negotiate a “retransmission consent” agreement with certain other stations that will frequently involve payments from cable operators to the station; govern program access by preventing cable networks affiliated with cable operators from favoring affiliated cable operators over competing multichannel video providers; grant licenses to broadcast television stations for 8-year cycles, which may not be renewed on favorable terms, or at all; limit local and national television ownership, as well as foreign ownership in a broadcast television station; and regulate children’s programming.
FCC regulations also require cable operators to carry programming transmitted by certain local broadcast television stations (“must-carry” requirement) or to negotiate a “retransmission consent” agreement with certain other stations that will frequently involve payments from cable operators to the station; govern program access by preventing cable networks affiliated with cable operators from favoring affiliated cable operators over competing multichannel video providers; grant licenses to broadcast television stations for 8-year cycles, which may not be renewed on favorable terms, or at all; limit local and national broadcast television ownership, as well as foreign ownership in a broadcast television station; and regulate children’s programming.
Competition Residential Connectivity & Platforms Broadband We compete with a number of companies, many with significant financial resources, that offer internet services, including: • wireline telecommunications companies • wireless telecommunications companies • municipal broadband networks and power companies • satellite broadband providers Certain wireline telecommunications companies, such as AT&T, Frontier, Lumen and Verizon in the United States and BT and Virgin Media O2 in the United Kingdom, have built and are continuing to build fiber-based wireline network infrastructure further into their networks, which enables them to provide data transmission speeds that exceed those that can be provided with traditional copper digital subscriber line (“DSL”) technology, and are offering services with these higher speeds in many of our service areas.
Competition Residential Connectivity & Platforms Broadband We compete with a number of companies, many with significant financial resources, that offer internet services, including: • wireline telecommunications companies • wireless telecommunications companies • municipal broadband networks and power companies • satellite broadband providers Certain wireline telecommunications companies, such as AT&T, Lumen and Verizon in the United States and BT and Virgin Media O2 in the United Kingdom, have built and are continuing to build fiber-based wireline network infrastructure further into their networks, which enables them to provide data transmission speeds that exceed those that can be provided with traditional copper digital subscriber line (“DSL”) technology, and are offering services with these higher speeds in many of our service areas.
Financial Benefits • We focus on attracting and retaining employees by providing compensation and benefits packages that are competitive within the applicable market, taking into account the job position’s location and responsibilities. • We provide competitive financial benefits such as a 401(k) retirement plan in the United States with a company match and other retirement arrangements internationally. • We have employee stock purchase plans in the United States, United Kingdom, India and several other European countries where most of our full-time and part-time employees can purchase our stock at a discount. • We generally grant stock-based awards on an annual basis to a meaningful portion of our employees, with over 24,000 employees receiving such awards in 2024 . • We offer financial literacy training and counseling to support employees in making their own financial decisions.
Financial Benefits • We focus on attracting and retaining employees by providing compensation and benefits packages that are competitive within the applicable market, taking into account the job position’s location and responsibilities. • We provide competitive financial benefits such as a 401(k) retirement plan in the United States with a company match and other retirement arrangements internationally. • We have employee stock purchase plans in the United States, the United Kingdom, India and several other European countries where most of our full-time and part-time employees can purchase our stock at a discount. • We generally grant stock-based awards on an annual basis to a meaningful portion of our employees, with over 24,000 employees receiving such awards in 2025. • We offer financial literacy training and counseling to support employees in making their own financial decisions.
Description of Our Businesses Connectivity & Platforms Business Residential Connectivity & Platforms Segment Our Residential Connectivity & Platforms segment primarily includes: • Residential broadband and wireless services (collectively, “Residential Connectivity”) • Residential and business video services, Sky-branded entertainment television networks and advertising We offer services to customers individually and as bundled services at a discounted rate.
Description of Our Businesses Connectivity & Platforms Business Residential Connectivity & Platforms Segment Our Residential Connectivity & Platforms segment primarily includes: • Residential broadband and wireless services (collectively, “Residential Connectivity”) • Residential and business video services, advertising, residential voice services, and Sky-branded entertainment television networks We offer services to customers individually and as bundled services at a discounted rate.
The FCC or other regulatory authorities may adopt new or different regulations for MVNOs and/or mobile broadband providers in the future, which could adversely affect our wireless phone service offering or our business generally. Voice We provide voice services using VoIP technology.
The FCC or other regulatory authorities may adopt new or different regulations for MVNOs and/or mobile broadband providers in the future, which could adversely affect our wireless service offering or our business generally. Voice We provide voice services using VoIP technology.
We also offer video services in the United Kingdom and Italy over a broadband connection without the need for a satellite dish. These services have an operating system similar to Sky Q and are offered to customers through Sky Stream, which leverages a streaming device and Wi-Fi, or to customers that purchase our Sky Glass smart televisions.
Our video services are also offered in the United Kingdom and Italy over a broadband connection without the need for a satellite dish. These services have an operating system similar to Sky Q and are offered to customers through Sky Stream, which leverages a streaming device and Wi-Fi, or to customers that purchase our Sky Glass smart televisions.
Universal Beijing Resort is owned by us and a consortium of Chinese state-owned companies (see Note 7 to the consolidated financial statements included in this Annual Report on Form 10-K). Our Theme Parks segment properties are primarily owned by us, although certain properties are leased, including land in Beijing, China and Osaka, Japan.
Universal Beijing Resort is owned by us and a consortium of Chinese state-owned companies (see Note 8 to the consolidated financial statements included in this Annual Report on Form 10-K). Our Theme Parks segment properties are primarily owned by us, although certain properties are leased, including land in Beijing, China and Osaka, Japan.
Programming To offer video services, Residential Connectivity & Platforms licenses substantial amounts of linear television programming from third parties and from our Media segment.
Programming To offer video services, Residential Connectivity & Platforms licenses substantial amounts of linear television programming from both third parties and our Media segment.
Broadband customers have access to our expanding network of secure Wi-Fi hotspots. Wireless We offer wireless services for wireless handsets, tablets and smart watches (“wireless devices”) to residential customers in the United States and the United Kingdom using mobile virtual network operator (“MVNO”) rights.
Broadband customers have access to our network of Wi-Fi hotspots. Wireless We offer wireless services for wireless handsets, tablets and smart watches (“wireless devices”) to residential customers in the United States and the United Kingdom using mobile virtual network operator (“MVNO”) rights.
In particular, unauthorized copying, distribution and piracy of programming and films over the internet, through devices, software and websites, counterfeit DVDs/Blu-rays and through other platforms interfere with the market for copyrighted works and present challenges for our content businesses.
In particular, unauthorized copying, distribution and piracy of programming and films over the internet, through devices, software and websites, on counterfeit DVDs/Blu-rays, through AI and through other platforms interfere with the market for copyrighted works and present challenges for our content businesses.
These platforms are based on our global technology platform and integrate linear television networks, owned and third-party DTC streaming services and other internet-based apps, and on demand programming into a unified experience with voice-activated remote control search and interactive features. We also continue to focus on leveraging our own cloud network services to deliver video and advanced search capabilities.
These platforms are based on our global technology platform and integrate linear television networks, DTC streaming services and other internet-based apps, and on demand programming into a unified experience with voice-activated remote-control search and interactive features. We also continue to focus on leveraging our own cloud network services to deliver video and advanced search capabilities.
The related operating plant and equipment used to provide our video and connectivity services include leased satellite system signal receiving, encoding and decoding devices, and owned and leased headends and distribution networks, including coaxial, fiber-optic cables and other related equipment.
The related operating plant and equipment used to provide our video and connectivity services includes leased satellite system signal receiving, encoding and decoding devices, and owned and leased headends and distribution networks, including coaxial, fiber-optic cables and other related equipment.
Customers may either bring their own device or purchase devices from us with the option to pay upfront or finance the purchase interest-free over 24 months for domestic customers and over 24 to 48 months for international customers.
Customers may either bring their own wireless device or purchase wireless devices from us with the option to pay upfront or finance the purchase interest-free over 24 to 36 months for domestic customers and over 24 to 48 months for international customers.
Business Services Connectivity Business Services Connectivity primarily competes with wireline telecommunications companies and wide area network managed service providers. Competition for our connectivity services for small business customers is generally similar to the Residential Connectivity & Platforms segment.
Business Services Connectivity Business Services Connectivity primarily competes with wireline telecommunications companies and wide area network managed service providers. Competition for our connectivity services for small business customers is generally similar to that in the Residential Connectivity & Platforms segment.
Content & Experiences Business Media Segment We operate our Media segment as a combined television and streaming business, which primarily includes: • NBCUniversal’s national and regional cable networks • NBC and Telemundo broadcast networks and owned local broadcast television stations • Peacock DTC streaming service • International television networks, including Sky Sports networks in the United Kingdom and Italy We distribute a wide variety of programming on our linear television networks and streaming services to appeal to consumers with varying preferences across demographics and geographic areas.
Content & Experiences Business Media Segment We operate our Media segment as a combined television and streaming business, which primarily includes: • NBCUniversal’s national and regional cable networks • NBC and Telemundo broadcast networks and owned local broadcast television stations • Peacock DTC streaming service • International television networks, including Sky Sports networks in the United Kingdom and Italy We distribute a wide variety of programming on our linear television networks, Peacock and other digital properties to appeal to consumers with varying preferences across demographics and geographic areas.
The willingness of advertisers to purchase advertising from us may be adversely affected by lower audience ratings and viewership at the related networks, stations or digital properties. Declines in audience ratings can be caused by increased competition for the leisure time of viewers and by audience fragmentation resulting from the increasing number and forms of entertainment choices available.
The willingness of advertisers to purchase advertising from us may be adversely affected by lower audience ratings and viewership at the related networks, stations or digital properties. Declining audience ratings can be caused by increased competition for the leisure time of viewers and by audience fragmentation resulting from the increasing number and forms of entertainment choices available.
For example, Congress has approved tens of billions of dollars in new funding for broadband deployment and adoption initiatives, and may consider other proposals that address communications issues, including whether it should rewrite the Communications Act to account for changes in the communications marketplace.
For example, Congress has approved tens of billions of dollars in funding for broadband deployment and adoption initiatives, and it may from time to time consider other proposals that address communications issues, including whether it should rewrite the Communications Act to account for changes in the communications marketplace.
These forward-looking statements are generally identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions.
These forward-looking statements are generally identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “potential,” “strategy,” “future,” “opportunity,” “commit,” “plan,” “goal,” “may,” “should,” “could,” “would,” “will,” “continue,” “will likely result” and similar expressions.
Throughout the year, our senior executive management team, as well as a broader array of executives throughout our businesses, make presentations to the Board and its committees and interact with our directors informally outside of regularly scheduled Board meetings, which provides directors with meaningful insight into our current pool of talent, what attracts and retains our executives, and our company culture. • We promote a culture that embraces equal opportunity for all. • Comcast has nine voluntary employee resource groups with more than 36,000 members in 240 chapters across the U.S.
Throughout the year, our senior executive management team, as well as a broader array of executives throughout our businesses, make presentations to the Board and its committees and interact with our directors informally outside of regularly scheduled Board meetings, which provides directors with meaningful insight into our current pool of talent, what attracts and retains our executives, and our company culture. • We promote a culture that embraces equal opportunity for all. • Comcast has nine voluntary employee resource groups that are open to all with more than 36,000 members in 240 chapters across the United States.
Human Capital Resources As of December 31, 2024, we had approximately 182,000 full-time and part-time employees calculated on a full-time equivalent basis. Approximately 30% of our employees were located in over 30 countries outside the United States, with larger workforce concentrations in the United Kingdom, Western Europe, East Asia and South Asia.
Human Capital Resources As of December 31, 2025, we had approximately 179,000 full-time and part-time employees calculated on a full-time equivalent basis. Approximately 30% of our employees were located in over 30 countries outside the United States, with larger workforce concentrations in the United Kingdom, Western Europe, East Asia and South Asia.
The fees associated with these distribution agreements are generally based on the number of subscribers receiving the television network programming and a per subscriber fee, although programming expenses for certain television networks are based on a fixed fee.
The fees associated with distribution agreements from programmers are generally based on the number of subscribers receiving the television network programming and a per subscriber fee, although programming expenses for certain television networks are based on a fixed fee.
Video We compete with a number of companies offering video services in the Connectivity & Platforms markets, including: • DTC streaming service providers and aggregators, including: ◦ subscription-based services, such as Disney+ and Netflix, that offer online services that enable internet streaming and downloading of movies, television shows and other video programming ◦ virtual multichannel video providers, such as Hulu + Live TV and YouTube TV, that offer streamed linear television networks ◦ free ad-supported television services 5 Comcast 2024 Annual Report on Form 10-K Table of Contents ◦ companies that offer streaming devices that access and integrate streaming content • direct broadcast satellite (“DBS”) providers that transmit satellite signals to substantially all households in the Connectivity & Platforms markets to provide video programming and other information similar to our video services • companies that have built and continue to build fiber-based networks that provide video services similar to ours and provide bundled offerings that include wireless and/or broadband services • other providers that build and operate communications systems and services in the same areas that we serve, including traditional providers of linear television programming • a broad array of other online content providers, such as social networking platforms and user-generated content providers • other companies, such as broadcast television stations, that provide multiple free-to-air networks Similar to the competitive environment in our Media segment, our Sky-branded entertainment television networks compete for the distribution of our television network programming to third-party video service providers and for viewers’ attention and audience share.
Video We compete with a number of companies offering video services in the Connectivity & Platforms markets, including: • DTC streaming service providers and aggregators, including: ◦ subscription-based services, such as Disney+ and Netflix, that offer online services that enable internet streaming and downloading of movies, television shows and other video programming ◦ virtual multichannel video providers, such as Hulu + Live TV and YouTube TV, that offer streamed linear television networks ◦ free ad-supported television services ◦ companies that offer streaming devices that access and integrate streaming content • direct broadcast satellite (“DBS”) providers that transmit satellite signals to substantially all households in the United States to provide video programming and other information similar to our video services • companies that have built and continue to build fiber-based networks that provide video services similar to ours and provide bundled offerings that include wireless and/or broadband services • other providers that build and operate communications systems and services in the same areas that we serve, including traditional providers of linear television programming • a broad array of other online content providers, such as social networking platforms and user-generated content providers • other companies, such as broadcast television stations, that provide multiple free-to-air networks Similar to the competitive environment in our Media segment, our Sky-branded entertainment television networks compete for the distribution of our television network programming to third-party video service providers and for viewers’ attention and audience share.
Macroeconomic conditions and other factors may also result in shifting consumer preferences toward other types of destinations, experiences and products. Seasonality and Cyclicality Revenue and costs and expenses in our Media segment are cyclical as a result of our periodic broadcasts of major sporting events, such as the Olympic Games and the Super Bowl.
Macroeconomic conditions and other factors, including changes in currency exchange rates, may also result in shifting consumer preferences toward other types of destinations, experiences and products. Seasonality and Cyclicality Revenue and costs and expenses in our Media segment are cyclical as a result of our periodic broadcasts of major sporting events, such as the Olympic Games and the Super Bowl.
We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. 17 Comcast 2024 Annual Report on Form 10-K Table of Contents
We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise. Comcast 2025 Annual Report on Form 10-K 18 Table of Contents
The table below presents a summary of these and certain other sports rights: Television and/or Streaming Rights Market Rights Expiration NBA and WNBA (a) United States, United Kingdom and Italy 2035-36 NBA season and 2036 WNBA season NFL (b) United States 2033-34 season Summer and Winter Olympic Games United States 2032 English Premier League United Kingdom, Italy and United States 2028-29, 2027-28 and 2027-28 seasons, respectively PGA Tour and other golf events United States Between 2026 and 2031 NASCAR (c) United States 2031 Big Ten football and basketball United States 2029-30 season World Wrestling Entertainment (“WWE”) United States 2029 on television and 2026 on Peacock Formula One United Kingdom and Italy 2029 and 2027, respectively England and Wales Cricket Board United Kingdom 2028 English Football League United Kingdom 2028-29 season Serie A Italy 2028-29 season FIFA World Cup (Spanish-language) United States 2026 Certain professional sports teams through our Regional Sports Networks Certain regions in the United States Between 2027 and 2040 Comcast 2024 Annual Report on Form 10-K 8 Table of Contents (a) Beginning with the 2025-26 NBA season and 2026 WNBA season, includes the rights to produce and distribute across our networks and on Peacock a specified number of NBA and WNBA regular season and playoff games, the NBA All-Star game and NBA All-Star Saturday Night each season, as well as six NBA Conference Finals series and three WNBA Finals series over the term of the agreements.
Television and/or Streaming Rights Market Rights Expiration NBA and WNBA (a) United States, United Kingdom and Italy 2035-36 NBA season and 2036 WNBA season NFL (b) United States 2033-34 season Summer and Winter Olympic Games United States 2036 English Premier League United Kingdom, Italy and United States 2028-29, 2027-28 and 2027-28 seasons, respectively PGA Tour and other golf events United States Between 2028 and 2032 NASCAR (c) United States 2031 Big Ten football and basketball United States 2029-30 season Formula One United Kingdom and Italy 2029 and 2027, respectively World Wrestling Entertainment (“WWE”) United States 2029 England and Wales Cricket Board United Kingdom 2028 Serie A Italy 2028-29 season English Football League United Kingdom 2028-29 season MLB United States 2028 season FIFA World Cup (Spanish-language) United States 2026 Certain professional sports teams through our Regional Sports Networks Certain regions in the United States Between 2027 and 2040 (a) Beginning with the 2025-26 NBA season and 2026 WNBA season, includes the rights to produce and distribute across our networks and on Peacock a specified number of NBA and WNBA regular season and playoff games, the NBA All-Star game and NBA All-Star Saturday Night each season, as well as six NBA Conference Finals series and three WNBA Finals series over the term of the agreements.
The NBC owned local broadcast television stations include stations in 8 of the top 10 general markets and collectively reached approximately 35 million U.S. television households as of December 31, 2024, representing approximately 28% of U.S. television households.
The NBC owned local broadcast television stations include stations in 8 of the top 10 general markets and collectively reached approximately 36 million U.S. television households as of December 31, 2025 , representing approximately 28% of U.S. television households.
Our domestic NOW TV service is only offered to qualifying residential broadband customers and includes monthly access to a variety of linear television networks; entertainment and movie programming; integrated access to free streaming channels from Xumo Play, NBC and Sky; and access to the ad-supported tier of Peacock.
Our domestic NOW TV service, which is only offered to qualifying residential broadband customers, includes monthly access to a variety of linear television networks and other programming; integrated access to free streaming channels from Xumo Play, NBC and Sky; and access to an ad-supported tier of Peacock.
The map below highlights our domestic network footprint and the markets where we had 250,000 or more domestic residential broadband customers as of December 31, 2024. Our international broadband services primarily include fiber-to-the-cabinet offerings, and increasingly fiber-to-the-premises offerings.
The map below highlights our domestic network footprint by zip code and the markets where we had 250,000 or more domestic residential broadband customers as of December 31, 2025. Our international broadband services primarily include fiber-to-the-premises and fiber-to-the-cabinet offerings.
Hispanic television households through 122 affiliated stations, including our 30 owned Telemundo local broadcast television stations, and our national feed. The Telemundo owned local broadcast television stations include stations in all of the top 20 U.S. Hispanic markets and collectively reached approximately 71% of U.S. Hispanic television households as of December 31, 2024.
Hispanic television households through 124 stations, including our 30 owned Telemundo local broadcast television stations, 94 affiliated stations and distribution of our national feed. The Telemundo owned local broadcast television stations include stations in all of the top 20 U.S. Hispanic markets and collectively reached approximately 71% of U.S. Hispanic television households as of December 31, 2025.
Wireless We compete with national and regional wireless service providers in the United States, including AT&T, T-Mobile and Verizon, and wireless service providers in the United Kingdom that offer wireless service on both a stand-alone basis and with other services as bundled offerings.
Wireless We compete with national and regional wireless service providers in the United States, and with wireless service providers in the United Kingdom, that offer wireless service on both a stand-alone basis and with other services as bundled offerings.
Domestic advertising revenue is generally higher in the second and fourth quarters of each year and in even-numbered years due to increases in advertising in the spring and in the period leading up to and including the winter holiday season, and advertising related to candidates running for political office and issue-oriented advertising, respectively.
Domestic advertising revenue is generally highest in the fourth quarter of each year due to increases in advertising in the period leading up to and including the winter holiday season, and in even-numbered years due to advertising related to candidates running for political office and issue-oriented advertising.
Our Connectivity & Platforms business also pursues technology initiatives related to broadband and wireless services that leverage our global technology platform. We provide our customers with in-and-out-of-home Wi-Fi, the ability to manage their Wi-Fi network and connected home with our mobile apps and online portal, advanced security technology, and other features.
Our Connectivity & Platforms businesses also focus on technology initiatives related to broadband and wireless services that leverage our global technology platform, including providing our customers with in-and-out-of-home Wi-Fi, the ability to manage their Wi-Fi network and connected home with our mobile apps and online portal, advanced security technology, and other features.
Seasonality and Cyclicality Results in our Residential Connectivity & Platforms segment are impacted by the seasonal nature of residential customers receiving our services, including in college and vacation markets in the United States, and by the timing of the European football seasons in our international markets, which generally result in negative impacts to net customer relationship additions/(losses) in the second quarter of each year.
Comcast 2025 Annual Report on Form 10-K 6 Table of Contents Seasonality and Cyclicality Results in our Residential Connectivity & Platforms segment are impacted by the seasonal nature of residential customers receiving our services, including in college and vacation markets in the United States, and by the timing of the European football seasons in our international markets, which generally result in negative impacts to net customer relationship additions/(losses) in the second quarter of each year.
We also typically owe “participations” payments to creative talent, to third parties under co-financing agreements and to other parties involved in content production, which are generally based on the financial performance of the content. 9 Comcast 2024 Annual Report on Form 10-K Table of Contents Television Studios Our television studios develop, produce and distribute original content, including scripted and unscripted television series.
We also typically owe “participations” payments to creative talent, to third parties under co-financing agreements and to other parties involved in content production, which are generally based on the financial performance of the content. Television Studios Our television studios develop, produce and distribute original content, including scripted and unscripted television series.
Certain companies that offer DSL service have increased data transmission speeds, lowered prices or created bundled services to compete with our broadband services. Various wireless companies are offering internet services using a variety of technologies, including 5G fixed wireless networks and 4G and 5G wireless broadband services.
Certain companies that offer DSL services have increased data transmission speeds, lowered prices or created bundled services to compete with our broadband services. Various wireless companies, such as AT&T, T-Mobile and Verizon, offer internet services using a variety of wireless technologies, including 5G fixed wireless networks and 4G and 5G wireless broadband services.
In Europe, major sports rights, which are significant to our international networks, are usually tendered through a competitive auction process, with the winning bidder or bidders acquiring rights over a 3 to 5 year period. Studios Segment Our Studios segment primarily includes our NBCUniversal and Sky film and television studio production and distribution operations.
In Europe, major sports rights, which are significant to our international networks, are usually tendered through a competitive auction process, with the winning bidder or bidders acquiring rights over a 3 to 5 year period. 9 Comcast 2025 Annual Report on Form 10-K Table of Contents Studios Segment Our Studios segment primarily includes our NBCUniversal and Sky film and television studio production and distribution operations.
Comcast 2024 Annual Report on Form 10-K 10 Table of Contents Media competes for the sale of advertising with digital properties, including an increasing number of ad-supported DTC streaming service providers and other online content, such as social networking platforms and user-generated content, as well as with other television networks and stations, and all other advertising platforms.
Media competes for the sale of advertising with digital properties, including an increasing number of ad-supported DTC streaming service providers and other online content, such as social networking platforms and user-generated content, as well as with other television networks and stations, and with all other advertising platforms.
The ad-free tier also allows customers to download and watch select programming offline and provides customers with a live stream of their local NBC affiliate stations. We offer Peacock in the United States directly to customers or through arrangements with third parties and our Residential Connectivity & Platforms segment, which offer Peacock to customers on our behalf.
The ad-free tier also allows customers to download and watch select programming offline. We offer Peacock in the United States directly to customers or through arrangements with third parties and our Residential Connectivity & Platforms segment, which offer Peacock to customers on our behalf.
Our television studios produce content primarily under the following names: • Universal Television • Universal Content Productions • Universal Television Alternative Studio • Universal International Studios • Sky Studios Our original content is primarily initially licensed to linear television networks and DTC streaming service providers, including those in our Media and Residential Connectivity & Platforms segments.
Our television studios produce content primarily under the following names: • Universal Television • Universal Content Productions • Universal Television Alternative Studio • Universal International Studios • Sky Studios Comcast 2025 Annual Report on Form 10-K 10 Table of Contents Our original content is primarily initially licensed to linear television networks and DTC streaming service providers, including those in our Media and Residential Connectivity & Platforms segments.
Universal Orlando Resort also includes Universal CityWalk Orlando, a dining, retail and entertainment complex, and features on-site themed hotels in which we own a noncontrolling interest, and will include an additional theme park, Epic Universe, that is expected to open in May 2025. • Universal Studios Hollywood : Includes the Universal Studios Hollywood theme park located in Hollywood, California and Universal CityWalk Hollywood, a dining, retail and entertainment complex. • Universal Studios Japan : Includes the Universal Studios Japan theme park located in Osaka, Japan. • Universal Beijing Resort : Includes the Universal Studios Beijing theme park, as well as Universal CityWalk Beijing, a dining, retail and entertainment complex, and on-site themed hotels, all of which are located in Beijing, China.
Universal Orlando Resort also includes Universal CityWalk Orlando, a dining, retail and entertainment complex, and features on-site themed hotels in which we own a noncontrolling interest. • Universal Studios Hollywood : Includes the Universal Studios Hollywood theme park located in Hollywood, California and Universal CityWalk Hollywood, a dining, retail and entertainment complex. • Universal Studios Japan : Includes the Universal Studios Japan theme park located in Osaka, Japan. • Universal Beijing Resort : Includes the Universal Studios Beijing theme park, as well as Universal CityWalk Beijing, a dining, retail and entertainment complex, and on-site themed hotels, all of which are located in Beijing, China.
Our domestic broadcast networks compete with the other broadcast networks in markets across the United States to secure affiliations with independently owned local broadcast television stations, which are necessary to ensure the effective distribution of broadcast network programming to a nationwide audience.
Our domestic broadcast networks compete with the other broadcast networks in markets across the United States to secure affiliations with 11 Comcast 2025 Annual Report on Form 10-K Table of Contents independently owned local broadcast television stations, which are necessary to ensure the effective distribution of broadcast network programming to a nationwide audience.
In addition to broadcasting the NBC network’s national programming, local broadcast television stations deliver local news, weather, and investigative and consumer reporting. 7 Comcast 2024 Annual Report on Form 10-K Table of Contents Telemundo The Telemundo network, a Spanish-language broadcast network, features original entertainment, news, live specials and sports programming that reaches viewers in over 96% of all U.S.
In addition to broadcasting the NBC network’s national programming, local broadcast television stations deliver local news, weather, and investigative and consumer reporting. Telemundo The Telemundo network, a Spanish-language broadcast network, features original entertainment, news, live specials and sports programming that reaches viewers in 96% of U.S.
Additionally, certain of our agreements include the rights to offer such programming through multiple delivery platforms, such as through our on demand services, online portal, mobile apps, the Xumo Stream Box, and our NOW and NOW TV streaming services.
Some agreements also include rights to offer such programming through multiple delivery platforms, such as through our on demand services, online portal, mobile apps, the Xumo Stream Box, or our NOW and NOW TV streaming services. Certain distribution agreements also include access to the programmer’s DTC streaming service.
Our international video packages also include Sky-branded entertainment television networks that offer entertainment, premium movie and free-to-air programming, as well as Sky Sports networks that are part of our Media segment.
Our international video packages also include Sky-branded entertainment television networks that offer entertainment, premium movie and free-to-air programming, as well as Sky Sports networks which are part of our Media segment. We also offer certain bundled DTC streaming services to our domestic and international broadband customers.
Comcast 2024 Annual Report on Form 10-K 16 Table of Contents Caution Concerning Forward-Looking Statements This Annual Report on Form 10-K includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934.
The information posted on our websites is not incorporated into our SEC filings. 17 Comcast 2025 Annual Report on Form 10-K Table of Contents Caution Concerning Forward-Looking Statements This Annual Report on Form 10-K includes statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934.
Theme Parks Segment Our Theme Parks segment primarily includes the operations of the following Universal theme parks: • Universal Orlando Resort : Includes two theme parks, Universal Studios Florida and Islands of Adventure, and our water park, Volcano Bay, all of which are located in Orlando, Florida.
Theme Parks Segment Our Theme Parks segment primarily includes the operations of the following Universal theme parks: • Universal Orlando Resort : Includes three theme parks, Universal Studios Florida, Islands of Adventure, and our newest theme park, Epic Universe, which opened in May 2025, as well as our water park, Volcano Bay, all of which are located in Orlando, Florida.
Comcast 2024 Annual Report on Form 10-K 4 Table of Contents The programming on our Sky-branded entertainment television networks includes content licensed from third parties and from our Studios segment, including certain original content. Our most significant agreements for the licensing of film and television entertainment content include exclusive rights with Paramount, Warner Bros. and our Studios segment.
The programming on our Sky-branded entertainment television networks includes content licensed from both third parties and our Studios segment, including certain original content, and the most significant agreements for the licensing of film and television entertainment content include rights with Paramount, Warner Bros. and our Studios segment, certain of which are exclusive rights.
Comcast 2024 Annual Report on Form 10-K 12 Table of Contents We, from time to time, participate in broadband-deployment funding initiatives at the federal and state levels and may also become subject to additional broadband-related commitments as a condition of receiving federal or state broadband funding.
We, from time to time, participate in broadband-deployment funding initiatives at the federal and state levels and may also become subject to additional broadband-related commitments as a condition of receiving federal or state broadband funding.
Comcast 2024 Annual Report on Form 10-K 6 Table of Contents R evenue is primarily generated from the sale of advertising and from the distribution of our television and streaming programming. We sell advertising on our linear television networks, Peacock and other digital properties.
R evenue is primarily generated from the sale of advertising and from the distribution of our television and streaming programming. We sell advertising on our linear television networks, Peacock and other digital properties.
Households as of December 31, 2024 (in millions) (a) Description of Programming USA Network 66 General entertainment and sports E! 65 Entertainment and pop culture Syfy 65 Genre-based entertainment MSNBC 65 News, political commentary and information Bravo 65 Lifestyle entertainment CNBC 64 Business and financial news Oxygen 62 True crime Golf Channel 54 Golf competition and golf entertainment Universal Kids 43 Children’s entertainment Universo 16 Spanish-language entertainment CNBC World 16 Global financial news (a) Household data is based on information from The Nielsen Company as of December 31, 2024 using its Cable Coverage Universe Estimates report and dynamic ad insertion est imates.
Households as of December 31, 2025 (in millions) (a) Description of Programming USA Network 60 General entertainment and sports E! 59 Entertainment and pop culture Syfy 59 Genre-based entertainment MS NOW 59 News, political commentary and information Bravo 59 Lifestyle entertainment CNBC 59 Business and financial news Oxygen 60 True crime Golf Channel 49 Golf competition and golf entertainment Universo 13 Spanish-language entertainment CNBC World 14 Global financial news NBC Sports Network (b) General sports (a) Household data is based on information from The Nielsen Company as of December 31, 2025, using its Cable Coverage Universe Estimates report and dynamic ad insertion estimates.
Federal agencies have considered adopting new regulations for communications services, including broadband, although it is uncertain whether those initiatives will continue under the new Administration. States and localities are increasingly proposing new regulations impacting communications services, including broader regulation of broadband networks. Regulators in various international jurisdictions are similarly considering changes to telecommunications and media requirements.
Federal agencies have considered adopting new regulations for communications services, including broadband, from time to time. States and localities are increasingly proposing new regulations impacting communications services, including broader regulation of broadband networks. Regulators in various international jurisdictions are similarly considering changes to telecommunications and media requirements.
Xumo is focused on developing and offering a streaming platform on a variety of devices, including Xumo TV smart televisions, which have an operating system that leverages our global technology platform, and also operates the Xumo Play streaming service. Legislation and Regulation Our businesses are subject to various federal, state, local, and international laws and regulations.
Xumo is focused on developing and offering a streaming platform on a variety of devices, including Xumo TV smart televisions, which have an operating system that leverages our global technology platform, and also operates the Xumo Play streaming service.
Our Connectivity & Platforms business engineering teams continue to focus on technology initiatives to develop and deploy next-generation media, content delivery, content aggregation and streaming platforms that support X1, Sky Q, NOW, Sky Stream, Sky Glass, Xumo and our cloud DVR technology.
Comcast 2025 Annual Report on Form 10-K 4 Table of Contents Our Connectivity & Platforms business engineering teams continue to focus on technology initiatives to develop and deploy next-generation media, content delivery, content aggregation and streaming platforms that support X1, Sky Q, NOW, Sky Stream, Sky Glass and Xumo.
Our customer service teams provide primarily 24/7 call-answering capability and other services, and also offer our services to residential and business customers.
Our customer service teams provide primarily 24/7 call-answering capability and other services.
Video and Media We are subject to laws and regulations that apply to the cable services we provide through our Residential Connectivity & Platforms business and to our cable networks and local broadcast television stations in our Media business.
We cannot predict how successful any of those efforts will be and how they might affect our businesses. Video and Media We are subject to laws and regulations that apply to the cable services we provide through our Residential Connectivity & Platforms business and to our cable networks and local broadcast television stations in our Media business.
We have invested and will continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, as well as in new destinations and experiences, such as Epic Universe; Universal Kids Resort, a smaller-scale theme park in Frisco, Texas expected to open in 2026; and Universal Horror Unleashed, a year-round horror entertainment experience in Las Vegas, Nevada expected to open in 2025.
We have invested and expect to continue to invest significantly in existing and new theme park attractions, hotels and infrastructure, as well as in new destinations and experiences, such as Universal Horror Unleashed, a year-round horror entertainment experience with locations in Las Vegas, Nevada, which opened in August 2025, and in Chicago, Illinois, expected to open in 2027; Universal Kids Resort, a smaller-scale theme park in Frisco, Texas expected to open in 2026; and a Universal theme park and resort in the United Kingdom with a projected opening date in 2031, subject to various approvals.
We also offer monthly access to our network of Wi-Fi hotspots. 1 Comcast 2024 Annual Report on Form 10-K Table of Contents We continue to evolve and enhance our domestic network capabilities, including deploying technology in select markets that will enable us to deliver multigigabit symmetrical broadband speeds (i.e., comparable upstream and downstream speeds), as described in the Network and Technology discussion below.
We continue to evolve and enhance our domestic network capabilities, including deploying technology in select markets that will enable us to deliver multigigabit symmetrical broadband speeds (i.e., comparable upstream and downstream speeds), as described in the Network and Technology discussion below.
There can be no assurance that a separation transaction will occur, or, if one does occur, of its terms or timing. For additional information on our businesses and segments, refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 2 to the consolidated financial statements included in this Annual Report on Form 10-K.
For additional information on our businesses and segments, refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 2 to the consolidated financial statements included in this Annual Report on Form 10-K.
State regulatory commissions and legislatures in other jurisdictions may continue to consider imposing regulatory requirements on our voice services as long as the regulatory classification of VoIP remains unsettled at the federal level. 13 Comcast 2024 Annual Report on Form 10-K Table of Contents Spectrum Allocations The FCC, the Department of Commerce’s National Telecommunications and Information Administration, and other federal agencies have taken, and in some cases are preparing to take, steps to evaluate and potentially modify certain spectrum allocations and rules to make available additional spectrum that likely will be used for licensed and/or unlicensed commercial services, including 5G and Wi-Fi services, which could impact our businesses.
Comcast 2025 Annual Report on Form 10-K 14 Table of Contents Spectrum Allocations The FCC, the Department of Commerce’s National Telecommunications and Information Administration and other federal agencies have taken steps to evaluate and modify certain spectrum allocations and rules to make available additional spectrum that likely will be used for licensed and/or unlicensed commercial services, including 5G and Wi-Fi services, which could impact our businesses.
Employee Engagement • We seek to create an engaged workforce through proactive listening and constructive dialogue, including through employee engagement surveys, as well as through employee resource groups. 15 Comcast 2024 Annual Report on Form 10-K Table of Contents • We are committed to creating an environment that encourages employees to ask questions, raise concerns and speak up about a workplace issue or suspected illegal or unethical conduct.
Comcast 2025 Annual Report on Form 10-K 16 Table of Contents • We are committed to creating an environment that encourages employees to ask questions, raise concerns and speak up about a workplace issue or suspected illegal or unethical conduct.
We offer domestic customers services on an unlimited data plan, on shared data plans or per gigabyte of data used. In 2024, we began offering prepaid unlimited data plans marketed under the NOW brand. We offer international customers services on various gigabyte plans or an unlimited data plan.
We offer services to domestic customers through unlimited data plans. We also offer prepaid unlimited data plans marketed under the NOW brand. We offer services to international customers through various gigabyte plans or an unlimited data plan.
We cannot predict the outcome of any such disputes or associated litigation. The FCC and Congress have previously considered proposals that would require companies that own multiple cable networks to make each of their networks available individually when negotiating distribution agreements with MVPDs and potentially with DTC streaming and other OTT service providers.
The FCC and Congress have previously considered proposals that would require companies that own multiple cable networks to make each of their networks available individually when negotiating distribution agreements with MVPDs and potentially with DTC streaming service providers. We currently offer our cable networks on a packaged basis (in “tiers”) and, in various cases, individually.
International Networks We operate a diversified portfolio of international television networks, including premium sports networks under the Sky Sports brand in the United Kingdom and Italy, with a majority of networks dedicated to a specific sport, such as European football. We also operate several NBCUniversal international television networks globally, including CNBC International, Studio Universal, Telemundo International and Universal TV.
Comcast 2025 Annual Report on Form 10-K 8 Table of Contents International Networks We operate a diversified portfolio of international television networks, including premium sports networks under the Sky Sports brand in the United Kingdom and Italy, with a majority of networks dedicated to a specific sport, such as European football.
We currently offer our cable networks on a packaged basis (in “tiers”) and, in various cases, individually. We have been involved in program access disputes at the FCC and may be subject to new complaints in the future. Furthermore, certain states and localities have adopted laws to impose franchise or other fees on DTC streaming services.
We have been involved in program access disputes at the FCC and may be subject to new complaints in the future. Furthermore, certain states and localities have adopted laws to impose franchise or other fees on DTC streaming services. To date, courts have invalidated those laws, but we cannot predict the outcome of any future litigation.
In 2024, we began offering prepaid domestic broadband services with downstream speeds of up to 200 megabits per second marketed under the NOW brand.
We also offer prepaid domestic broadband services with downstream speeds of up to 200 megabits per second marketed under the NOW brand and offer monthly access to our network of Wi-Fi hotspots.
We also have certain business connectivity service offerings in the United Kingdom. Our domestic broadband offerings have a range of service levels, including fiber-based services that deliver symmetrical speeds ranging up to 100 gigabits per second.
Our domestic broadband offerings have a range of service levels, including fiber-based services that deliver symmetrical speeds ranging up to 100 gigabits per second, with up to 400 gigabits per second for certain customers. Our domestic wireless services are offered to business customers over Verizon’s wireless network and beginning in 2026, we will also use T-Mobile’s wireless network.
We cannot predict the timing or outcome of these spectrum allocation actions. Additional commercial spectrum could impact current marketplace dynamics, including the ability of wireless providers to compete with our services.
U.S. legislation signed into law in July 2025 restored the FCC’s spectrum auction authority until September 2034. We cannot predict the timing or outcome of these spectrum allocation actions. Additional commercial spectrum could impact current marketplace dynamics, including distribution of video content and the ability of wireless providers to compete with our services.
We offer a range of video packages from basic linear service to full linear service, which typically include free-to-air networks and a range of other linear television networks including premium, sports and news networks.
Our video packages range from a basic to full linear service and typically include free-to-air networks, a variety of other linear television networks including premium, sports and news networks, and certain direct-to-consumer streaming services (“DTC streaming services”) such as Peacock, Disney+ and Netflix.
Residential Connectivity Broadband We offer broadband services in the United States over our hybrid fiber-optic and coaxial (“HFC”) network, as well as through direct fiber-to-the-premises connections for certain customers, and internationally in the United Kingdom and Italy by leveraging networks owned by third-party telecommunications providers.
Residential Connectivity Broadband We offer broadband services in the United States over our hybrid fiber-optic and coaxial (“HFC”) network, as well as through direct fiber-to-the-premises connections for certain customers, and internationally in the United Kingdom and Italy by leveraging networks owned by third-party telecommunications providers. 1 Comcast 2025 Annual Report on Form 10-K Table of Contents Our domestic broadband offerings have a range of service levels, including up to gigabit-plus downstream speeds that we offer across nearly our entire footprint.
We offer Xumo Stream Box (formerly Flex) devices to our domestic customers. The Xumo Stream Box provides access to and integration of streaming content and music from certain internet-based apps, including direct-to-consumer streaming services (“DTC streaming services”) such as Peacock, Disney+ and Netflix, and certain pay-per-view and video on demand programming that is available over the internet.
We also offer Xumo Stream Box devices to our domestic broadband customers. The Xumo Stream Box provides access to and integration of content from internet-based apps and pay-per-view and video on demand programming that is available over the internet, similar to the integrated content provided through our X1 platform.
Revenue in Theme Parks fluctuates with changes in theme park attendance that typically result from the seasonal nature of vacation travel and weather variations, local entertainment offerings and the opening of new attractions, as well as with changes in currency exchange rates.
Revenue in Theme Parks fluctuates with changes in theme park attendance that typically result from the seasonal nature of vacation travel and weather variations, local entertainment offerings and the opening of new attractions. Our theme parks generally experience peak attendance during the spring holiday period, the summer months when schools are closed and the winter holiday season.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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They must compete to obtain talent, popular content (including sports programming), advertising and other resources required to successfully operate their businesses. This competition has further intensified as certain DTC streaming service providers have commissioned, and may continue to commission, high-cost programming and acquire live sports programming rights to attract viewers at significant costs.
They must compete to obtain talent, popular content (including sports programming), advertising and other resources required to successfully operate their businesses. This competition has further intensified as certain DTC streaming service providers have commissioned, and may continue to commission, high-cost programming and acquire live sports rights to attract viewers at significant costs.
Greater constraints on the use of arbitration to resolve certain of these disputes could adversely affect our business. We also spend substantial resources complying with various regulatory and government standards, including any related investigations and litigation.
We also spend substantial resources complying with various regulatory and government standards, including any related investigations and litigation. Greater constraints on the use of arbitration to resolve certain of these disputes also could adversely affect our business.
In connection with such acquisitions and strategic initiatives, we may incur significant or unanticipated expenses, fail to realize anticipated benefits and synergies, have difficulty incorporating an acquired or new line of business, disrupt relationships with current and new employees, customers and vendors, incur significant debt, divert the attention of management from our current operations, or have to delay or not proceed with announced transactions or initiatives.
In connection with such acquisitions and strategic initiatives, we may incur significant or unanticipated expenses and dyssynergies, fail to realize anticipated benefits and synergies, have difficulty incorporating an acquired or new line of business, disrupt relationships with current and new employees, customers and vendors, incur significant debt, divert the attention of management from our current operations, or have to delay or not proceed with announced transactions or initiatives.
Brian L. Roberts, our chairman and CEO, beneficially owns all of the outstanding shares of our Class B common stock and, accordingly, has considerable influence over our company and the potential ability to transfer effective control by selling the Class B common stock, which could be at a premium.
Brian L. Roberts, our chairman and Co-CEO, beneficially owns all of the outstanding shares of our Class B common stock and, accordingly, has considerable influence over our company and the potential ability to transfer effective control by selling the Class B common stock, which could be at a premium.
For example, Congress has approved tens of billions of dollars in new funding for broadband deployment and adoption initiatives, and may from time to time consider other proposals that address communications issues, including whether it should rewrite the Communications Act to account for changes in the communications marketplace.
For example, Congress has approved tens of billions of dollars in funding for broadband deployment and adoption initiatives, and it may from time to time consider other proposals that address communications issues, including whether it should rewrite the Communications Act to account for changes in the communications marketplace.
Broadband-deployment funding initiatives at the federal and state level may result in other service providers deploying new subsidized internet access networks within our footprint, and in cases where we receive subsidies, may impose constraints on how we conduct our businesses.
Domestic broadband-deployment funding initiatives at the federal and state level may result in other service providers deploying new subsidized internet access networks within our footprint, and in cases where we receive subsidies, may impose constraints on how we conduct our businesses.
There are risks inherent in doing business internationally, including global financial market turmoil; economic volatility and global economic slowdown; currency exchange rate fluctuations and inflationary pressures; geopolitical risks, including acts of terror and war; requirements of local laws and customs relating to the publication and distribution of content and the display and sale of advertising; import or export restrictions, tariffs, sanctions and trade regulations; difficulties in developing, staffing and managing foreign operations; issues related to occupational safety and adherence to diverse local labor laws and regulations; and potentially adverse tax developments.
There are risks inherent in doing business internationally, including global financial market turmoil; economic volatility and global economic slowdown; currency exchange rate fluctuations and inflationary pressures; geopolitical risks, including acts of terror and war; requirements of local laws and customs relating to the publication and distribution of content and the display and sale of advertising; changes in import or export restrictions, tariffs, sanctions and trade policies and regulations; difficulties in developing, staffing and managing foreign operations; issues related to occupational safety and adherence to diverse local labor laws and regulations; and potentially adverse tax developments.
In addition, our broadcast television networks depend on their ability to secure and maintain network affiliation agreements with third-party local broadcast television stations in the markets where we do not own the affiliated local broadcast television station.
In addition, our broadcast television stations depend on their ability to secure and maintain network affiliation agreements with third-party local broadcast television stations in the markets where we do not own the affiliated local broadcast television station.
If any U.S. or international laws intended to combat piracy and protect intellectual property rights are repealed or weakened or are not adequately enforced, or if the legal system fails to adapt to new technologies that facilitate piracy, we may be unable to effectively protect our rights, the value of our intellectual property may be negatively impacted and our costs of enforcing our rights may increase.
If any U.S. or foreign laws intended to combat piracy and protect intellectual property rights are repealed or weakened or are not adequately enforced, or if the legal system fails to adapt to new technologies that facilitate piracy, we may be unable to effectively protect our rights, the value of our intellectual property may be negatively impacted and our costs of enforcing our rights may increase.
These potentially material transactions include mergers or consolidations involving us, transactions (such as a sale of all or substantially all of our assets) or issuances of securities that require shareholder approval, transactions that result in any person or group owning shares representing more than 10% of the combined voting power of the resulting or surviving corporation, issuances of Class B common stock or securities exercisable or convertible into Class B common stock, and amendments to our articles of incorporation or by-laws that would limit the rights of holders of our Class B common stock.
These potentially material transactions include mergers or consolidations involving us, transactions (such as a sale of all or substantially all of our assets) or issuances of securities that require shareholder approval, transactions that result in any person or group owning shares representing more than 10% of the combined voting power of the resulting or surviving corporation, issuances of Class B common stock or securities exercisable or convertible into Class B common stock, and amendments to our articles of incorporation or bylaws that would limit the rights of holders of our Class B common stock.
We have invested, and will continue to invest, substantial amounts in content, such as the production of films and original content for television networks and streaming services, and in the creation of new theme parks and theme park attractions, before learning the extent to which they will earn consumer acceptance.
We have invested, and will continue to invest, substantial amounts in content, such as sports rights, the production of films and original content for television networks and streaming services, and in the creation of new theme parks and theme park attractions, before learning the extent to which they will earn consumer acceptance.
Lower audience ratings and reduced viewership, which many of our linear television networks have experienced, and likely will continue to experience, as well as the level of popularity of Peacock, affect advertisers’ willingness to purchase advertising from us and the rates paid.
In addition, lower audience ratings and reduced viewership, which many of our linear television networks have experienced, and likely will continue to experience, as well as the level of popularity of Peacock, affect advertisers’ willingness to purchase advertising from us and the rates paid.
Incidents can be caused inadvertently by us or our third-party vendors, such as process breakdowns, human error, software or hardware failures or vulnerabilities in security architecture or system design. Cyber threats and attacks are constantly evolving and are growing in sophistication and frequency, which increases the difficulty of detecting and successfully defending against them.
Incidents can be caused inadvertently by us or our third-party vendors due to factors such as process breakdowns, human error, software or hardware failures or vulnerabilities in security architecture or system design. Cyber threats and attacks are constantly evolving and are growing in sophistication and frequency, which increases the difficulty of detecting and successfully defending against them.
For a more extensive discussion of the significant risks associated with the regulation of our businesses, see “—We are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses” below and Item 1: Business and refer to the “Legislation and Regulation” discussion within that section. • Our wireless and voice services compete with both telecommunications and wireless telecommunication providers. • Competition for video services consists primarily of DTC streaming service providers and aggregators, DBS providers and telecommunications companies. • Business Services Connectivity primarily competes with wireline telecommunications companies and wide area network managed service providers. • Our businesses in Content & Experiences, as well as our video business, face substantial and increasing competition from providers of similar types of entertainment, sports, news and information content, as well as from other forms of entertainment, including from social networking and user-generated content, as well as tourism, recreational activities and lodging.
For a more extensive discussion of the significant risks associated with the regulation of our businesses, see “—We are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses” below and Item 1: Business and refer to the “Legislation and Regulation” discussion within that section. • Our wireless and voice services compete with both telecommunications and wireless telecommunication providers. • Competition for video services consists primarily of DTC streaming service providers and aggregators, DBS providers and telecommunications companies. • Business Services Connectivity primarily competes with wireline telecommunications companies and wide area network managed service providers. • Our businesses in Content & Experiences, as well as our video business, face substantial and increasing competition from providers of similar types of entertainment, sports, news and information content, as well as from other forms of entertainment, including from social networking and user-generated content or technologies such as AI that can rapidly produce large volumes of content, as well as tourism, recreational activities and lodging.
For a more detailed description of the competition facing our businesses, see Item 1: Business and refer to the “Competition” discussion within that section. • Connectivity & Platforms’ broadband services compete primarily against wireline telecommunications companies, including many that are increasing deployment of fiber-based networks; wireless telecommunications companies offering internet services (using a variety of technologies, including 5G fixed wireless networks and 4G and 5G wireless broadband services); electric cooperatives and municipalities in the United States that own and operate their own broadband networks; and DBS and newer satellite broadband providers.
For a more detailed description of the competition facing our businesses, see Item 1: Business and refer to the “Competition” discussions within that section. • Connectivity & Platforms’ broadband services compete primarily against wireline telecommunications companies, including many that are increasing deployment of fiber-based networks; wireless telecommunications companies offering internet services (using a variety of wireless technologies, including 5G fixed wireless networks and 4G and 5G wireless broadband services); municipalities and power companies in the United States that own and operate their own broadband networks; and satellite broadband providers.
For all of these types of arrangements, our ability to renew agreements on acceptable terms may be affected by evolving market dynamics and industry consolidation. There can be no assurance that any of these agreements will be entered into or renewed in the future on similar terms.
For all of these types of arrangements, our ability to renew agreements on acceptable terms and/or in a timely manner may be affected by evolving market dynamics, government regulations and industry consolidation. There can be no assurance that any of these agreements will be entered into or renewed in the future on similar terms.
We are subject from time to time to a number of lawsuits both in the United States and in foreign countries, including claims relating to competition, intellectual property rights (including patents), employment and labor matters, personal injury and property damage, free speech, customer privacy, regulatory requirements, advertising, marketing and selling practices, and credit and collection issues.
We are subject from time to time to a number of lawsuits both in the United States and in foreign countries, including claims relating to competition, intellectual property rights (including copyrights, trademarks and patents), employment and labor matters, personal injury and property damage, defamation, disparagement, libel, free speech, negligence, customer privacy, regulatory requirements, advertising, marketing and selling practices, and credit and collection issues.
Despite our efforts, we expect that we will continue to experience such incidents in the future, and there can be no assurance that any such incident will not have an adverse effect on our business, reputation or results of operations. Refer to Item 1C: Cybersecurity for additional information.
Despite our efforts, we expect that we will continue to experience such incidents in the future, and there can be no assurance that any such incident will not have an adverse effect on our business, reputation or results of operations. Refer to Item 1C: Cybersecurity for additional information. Weak economic conditions may have a negative impact on our businesses.
Acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated. From time to time, we make acquisitions and investments and may pursue other strategic initiatives, such as the proposed Spin-off.
Acquisitions and other strategic initiatives present many risks, and we may not realize the financial and strategic goals that we had contemplated. From time to time, we make acquisitions and investments and may pursue other strategic initiatives, such as the Separation of Versant.
The inability to enter into or renew some or all of these contracts on acceptable terms could reduce the reach of our programming, which could adversely affect our results of operations and businesses. 19 Comcast 2024 Annual Report on Form 10-K Table of Contents We also create content for licensing to third parties and to our linear television networks or Peacock.
The inability to enter into or renew some or all of these contracts on acceptable terms could reduce the reach of our programming, which could adversely affect our results of operations and businesses. We also create content for licensing to third parties and to our linear television networks or Peacock.
The inability to enter into or renew some or all of these agreements could reduce our revenues and the reach of our programming, which could adversely affect our businesses. Our businesses depend on using and protecting certain intellectual property rights and on not infringing, misappropriating or otherwise violating the intellectual property rights of others.
The inability to enter into or renew some or all of these agreements could reduce our revenues and the reach of our programming, which could adversely affect our businesses. 21 Comcast 2025 Annual Report on Form 10-K Table of Contents Our businesses depend on using and protecting certain intellectual property rights and on not infringing, misappropriating or otherwise violating the intellectual property rights of others.
Our businesses depend on keeping pace with technological developments. Our success is, to a large extent, dependent on our ability to acquire, develop, adopt and leverage new and existing technologies, and our competitors’ use of certain types of technology, including AI, and equipment may provide them with a competitive advantage.
Our success is, to a large extent, dependent on our ability to acquire, develop, adopt and leverage new and existing technologies, such as AI, and our competitors’ use of certain types of technology and equipment may provide them with a competitive advantage.
State legislative and regulatory initiatives can create a patchwork of different and/or conflicting state requirements, such as with respect to privacy and Open Internet/net neutrality regulations, that can affect our businesses and ability to effectively compete.
State legislative and regulatory initiatives can create a patchwork of different and/or conflicting state requirements, such as with respect to privacy and Open Internet/net neutrality regulations, that can affect our businesses and ability to effectively compete. Legislative and regulatory activity has increased in recent years, particularly with respect to broadband networks.
Comcast 2024 Annual Report on Form 10-K 20 Table of Contents In addition, intellectual property constitutes a significant part of the value of our businesses, and our success is highly dependent on protecting the intellectual property rights of the content we create or acquire against third-party misappropriation, reproduction or infringement.
In addition, intellectual property constitutes a significant part of the value of our businesses, and our success is highly dependent on protecting the intellectual property rights of the content we create or acquire against third-party misappropriation, reproduction or infringement.
If any of these events occur or our conduct does not comply with such laws and regulations, our businesses may be adversely affected. 23 Comcast 2024 Annual Report on Form 10-K Table of Contents Natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations.
If any of these events occur or our conduct does not comply with such laws and regulations, our businesses may be adversely affected. Natural disasters, severe weather and other uncontrollable events could adversely affect our business, reputation and results of operations.
For example, some of these constituencies may have their own, and some have conflicting, environmental, social and governance priorities, which may present risks to our reputation and brands if these constituencies perceive misalignment. Changes in consumer behavior continue to adversely affect our businesses and challenge existing business models.
For example, some of these constituencies may have their own, and some have conflicting environmental and social priorities, which may present risks to our reputation and brands if these constituencies perceive misalignment. 19 Comcast 2025 Annual Report on Form 10-K Table of Contents Changes in consumer behavior continue to adversely affect our businesses and challenge existing business models.
The occurrence of any of these events could have an adverse effect on our business and results of operations. We face risks relating to doing business internationally that could adversely affect our businesses. We operate our businesses worldwide.
The occurrence of any of these events could have an adverse effect on our business and results of operations. Comcast 2025 Annual Report on Form 10-K 24 Table of Contents We face risks relating to doing business internationally that could adversely affect our businesses. We operate our businesses worldwide.
Comcast 2024 Annual Report on Form 10-K 18 Table of Contents The number of entertainment choices available to consumers, including DTC streaming service providers and aggregators, social networking and user-generated content platforms, and gaming and virtual reality products and services, continue to increase, intensify audience fragmentation and disaggregate how content traditionally has been distributed to and viewed by consumers.
The number of entertainment choices available to consumers, including DTC streaming service providers and aggregators, social networking and user-generated content platforms, and gaming and virtual reality products and services, continues to increase, intensify audience fragmentation and disaggregate how content traditionally has been distributed to and viewed by consumers.
We obtain a significant portion of our content from third parties, such as movie studios, television production companies, sports organizations and other suppliers, sometimes on an exclusive basis. Competition for popular content, particularly for sports programming, is intense.
Comcast 2025 Annual Report on Form 10-K 20 Table of Contents We obtain a significant portion of our content from third parties, such as movie studios, television production companies, sports organizations and other suppliers, sometimes on an exclusive basis. Competition for popular content, particularly for sports rights, is intense.
Federal agencies have considered adopting new regulations for communications services, including broadband, although it is uncertain whether those initiatives will continue under the new Administration. States and localities are increasingly proposing new regulations impacting communications services, including broader regulation of broadband networks. Regulators in various international jurisdictions are similarly considering changes to telecommunications and media requirements.
Federal agencies have considered adopting new regulations for communications services, including broadband, from time to time. States and localities are increasingly proposing new regulations impacting communications services, including broader regulation of broadband networks. Regulators in various international jurisdictions are similarly considering changes to telecommunications and media requirements.
Our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and CEO has considerable influence over our company through his beneficial ownership of our Class B common stock.
Comcast 2025 Annual Report on Form 10-K 26 Table of Contents Our Class B common stock has substantial voting rights and separate approval rights over several potentially material transactions, and our Chairman and Co-CEO has considerable influence over our company through his beneficial ownership of our Class B common stock.
Weak economic conditions in the United States, in Europe or globally could adversely affect demand for any of our products and services and have a negative impact on our results of operations.
A substantial portion of our revenue comes from customers whose spending patterns may be affected by prevailing economic conditions. Weak economic conditions in the United States, in Europe or globally could adversely affect demand for any of our products and services and have a negative impact on our results of operations.
The legal landscape for new technologies, including AI, remains uncertain, and legal developments could impact our ability to protect against unauthorized third-party use, misappropriation, reproduction or infringement or impact our ability to deploy new technologies. Our use or adoption of new and emerging technologies may also increase our exposure to intellectual property claims.
The legal landscape for new technologies, including AI, remains uncertain, and legal developments could impact our ability to protect our intellectual property against uses by unauthorized third parties, including generative AI developers, misappropriation, reproduction or infringement or impact our ability to deploy new technologies.
Repercussions of these incidents, some of which we have experienced in the past, could include litigation or cause regulators to impose significant fines or other remedial measures, including with respect to relevant customer privacy rules, or otherwise have an adverse effect on our company.
Repercussions of these incidents have in the past included and may in the future include legal proceedings or significant regulatory fines, oversight or other remedial measures, including with respect to relevant consumer privacy rules, or otherwise have an adverse effect on our company.
In the United States in particular, the Communications Act and FCC rules and regulations affect significant aspects of our communications businesses.
Our businesses are subject to various federal, state, local and foreign laws and regulations. In the United States in particular, the Communications Act and FCC regulations and policies affect significant aspects of our communications businesses.
There can be no assurance that we will renew our collective bargaining agreements as they expire or that we can renew them on favorable terms or without any work stoppages in the future. In addition, labor disputes in sports organizations with which we have programming rights agreements of varying scope and duration could have an adverse effect on our businesses.
There can be no assurance that we will renew our collective bargaining agreements as they expire or that we can renew them on favorable terms or without any work stoppages in the future.
While we develop and maintain systems, and operate programs that seek to prevent security incidents from occurring, these efforts are costly and must be constantly monitored and updated in the face of sophisticated and rapidly evolving attempts to overcome our security measures and protections.
Due to the complexity and interconnectedness of our systems and those of our third-party vendors, the process of enhancing our protective measures can itself create a risk of systems disruptions and security issues. 23 Comcast 2025 Annual Report on Form 10-K Table of Contents While we develop and maintain systems, and operate programs that seek to prevent security incidents from occurring, these efforts are costly and must be constantly monitored and updated in the face of sophisticated and rapidly evolving attempts to overcome our security measures and protections.
Risks Related to Legal, Regulatory and Governance Matters We are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses. Our businesses are subject to various federal, state, local and federal laws and regulations.
If the failure to qualify is caused by any action taken by Versant, Versant is required to indemnify us for any resulting tax liabilities. Risks Related to Legal, Regulatory and Governance Matters We are subject to regulation by federal, state, local and foreign authorities, which impose additional costs and restrictions on our businesses.
We also may generate less revenue or incur increased costs if changes in our competitors’ product offerings require that we offer certain services or enhancements at a lower or no cost to our customers or that we increase our research and development expenditures. 21 Comcast 2024 Annual Report on Form 10-K Table of Contents A cyber attack, information or security breach, or technology disruption or failure may negatively impact our ability to conduct our business or result in the misuse of confidential information, all of which could adversely affect our business, reputation and results of operations.
We also may generate less revenue or incur increased costs if changes in our competitors’ product offerings require that we offer certain services or enhancements at a lower or no cost to our customers or that we increase our research and development expenditures.
The number of subscribers to our television networks has been, and likely will continue to be, reduced as a result of fewer subscribers to multichannel video providers as the media distribution business model changes.
The number of subscribers to our television networks has decreased, and likely will continue to decrease, as a result of reduced viewing of linear television. If our networks do not attract sufficient viewers, both new and existing multichannel video providers may be reluctant to distribute our networks or may decide to distribute our networks with significantly less favorable terms.
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Due to the complexity and interconnectedness of our systems and those of our third-party vendors, the process of enhancing our protective measures can itself create a risk of systems disruptions and security issues.
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The popularity of many of these content distribution platforms has changed, and we expect will continue to change, consumers’ expectations of video content, video aggregation services and the value of our video services, their willingness to pay for such content and services, their perception of quality entertainment and their tolerance for commercial interruptions.
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Comcast 2024 Annual Report on Form 10-K 22 Table of Contents Weak economic conditions may have a negative impact on our businesses. A substantial portion of our revenue comes from customers whose spending patterns may be affected by prevailing economic conditions.
Added
Our use or adoption of new and emerging technologies may also increase our exposure to intellectual property claims.
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Comcast 2024 Annual Report on Form 10-K 24 Table of Contents Legislative and regulatory activity has increased in recent years, particularly with respect to broadband networks.
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Comcast 2025 Annual Report on Form 10-K 22 Table of Contents Our businesses depend on keeping pace with technological developments.
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We may incur significant expenses defending any such suit or government charge and may be required to pay amounts or otherwise change our operations in ways that could adversely impact our businesses, results of operations or financial condition.
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A cyber attack, information or security breach, or technology disruption or failure may negatively impact our ability to conduct our business or result in the misuse of confidential information, all of which could adversely affect our business, reputation or results of operations.
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In addition, labor disputes in sports organizations with which we have programming rights agreements of varying scope and duration could have an adverse effect on our businesses. 25 Comcast 2025 Annual Report on Form 10-K Table of Contents If the Separation does not qualify as non-taxable, we and/or holders of our common stock could be subject to significant tax liability.
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We have received an opinion of Davis Polk & Wardwell LLP that the Separation qualified as non-taxable for U.S. federal income tax purposes. Notwithstanding the opinion, the IRS or a court could determine that the Separation should be treated as taxable.
Added
If the Separation does not qualify as non-taxable, we and/or holders of our common stock could be subject to substantial U.S. and/or applicable non-U.S. taxes as a result, and we could incur significant liabilities under applicable law.
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Adverse outcomes in any lawsuits or investigations could result in significant monetary damages or injunctive relief that could adversely affect our businesses, results of operations or financial condition.
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In addition, regardless of the ultimate merit or outcome of such lawsuits, investigations or claims, these proceedings may have an adverse impact on our business as a result of legal costs, diversion of the attention of management and other personnel, harm to our reputation and other factors.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Given the complex and varied nature of our businesses, the Connectivity & Platforms and Content & Experiences businesses each have a dedicated CISO who we believe is appropriately qualified to assess and manage cybersecurity risks.
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.
Comcast 2024 Annual Report on Form 10-K 26 Table of Contents 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.
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 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.
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. 27 Comcast 2025 Annual Report on Form 10-K Table of Contents 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.
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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.
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We hold cybersecurity trainings for our employees and request that key vendors do the same.

Item 2. Properties

Properties — owned and leased real estate

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Refer to Item 1: Business: Studios Segment and Theme Parks Segment for information on properties used in those respective segment operations. We also own or lease additional offices, studios, production facilities, screening rooms, retail operations, warehouse space, satellite transmission receiving facilities and data centers in numerous locations in the United States and around the world.
Refer to Item 1: Business: Studios Segment and Theme Parks Segment for information on properties used in the operations of those respective segments. We also own or lease additional offices, studios, production facilities, screening rooms, retail operations, warehouse space, satellite transmission receiving facilities and data centers in numerous locations in the United States and around the world.
Other principal locations supporting our Media segment operations include our leased Telemundo headquarters and production facilities in Miami, Florida, as well as our Universal City location in Los Angeles, California, our owned CNBC headquarters and production facilities located in Englewood Cliffs, New Jersey and our leased NBC Sports headquarters and production facilities in Stamford, Connecticut.
Comcast 2025 Annual Report on Form 10-K 28 Table of Contents Other principal locations supporting our Media segment operations include our leased Telemundo headquarters and production facilities in Miami, Florida, as well as our owned Universal City location in Los Angeles, California, our leased NBC Sports headquarters and production facilities in Stamford, Connecticut, and our owned CNBC headquarters and production facilities located in Englewood Cliffs, New Jersey which is owned by Versant following the Separation on January 2, 2026.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Refer to Liquidity and Capital Resources in Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Share Repurchases The table below summarizes Comcast’s common stock repurchases during 2024.
Refer to Liquidity and Capital Resources in Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Share Repurchases The table below summarizes Comcast’s common stock repurchases during 2025.
The Class B common stock can be converted, on a share for share basis, into Class A common stock. Holders Record holder s as of January 15, 2025 are presented in the table below.
The Class B common stock can be converted, on a share for share basis, into Class A common stock. Holders Record holder s as of January 15, 2026 are presented in the table below.
Comcast 2024 Annual Report on Form 10-K 28 Table of Contents Stock Performance Graph The following graph compares the annual percentage change in the cumulative total shareholder return on Comcast’s Class A common stock during the five years ended December 31, 2024 with the cumulative total returns on the Standard & Poor’s 500 Stock Index and a select peer group consisting of us and other companies engaged in the transmission and distribution and media industries.
Comcast 2025 Annual Report on Form 10-K 30 Table of Contents Stock Performance Graph The following graph compares the annual percentage change in the cumulative total shareholder return on Comcast’s Class A common stock during the five years ended December 31, 2025 with the cumulative total returns on the Standard & Poor’s 500 Stock Index and a select peer group consisting of us and other companies engaged in the transmission and distribution and media industries.
Stock Class Record Holders Class A Common Stock 303,127 Class B Common Stock 1 Holders of Class A common stock in the aggregate hold 66 2 / 3 % of the combined voting power of our common stock.
Stock Class Record Holders Class A Common Stock 286,748 Class B Common Stock 1 Holders of Class A common stock in the aggregate hold 66 2 / 3 % of the combined voting power of our common stock.
The comparison assumes $100 was invested on December 31, 2019 in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends.
Discovery Inc. and The Walt Disney Company. The comparison assumes $100 was invested on December 31, 2020 in our Class A common stock and in each of the following indices and assumes the reinvestment of dividends.
This peer group consists of our Class A common stock and the common stock of AT&T Inc., Charter Communications, Inc., Fox Corp. (Class A), Lumen Technologies, Inc., Paramount Global (Class B), T-Mobile US, Inc., Verizon Communications Inc., Warner Bros. Discovery Inc. and The Walt Disney Company.
This peer group consists of our Class A common stock and the common stock of AT&T Inc., Charter Communications, Inc., Fox Corp. (Class A), Lumen Technologies, Inc., Paramount Skydance Corporation (Class B) (formerly Paramount Global prior to the merger with Skydance Media on August 7, 2025), T-Mobile US, Inc., Verizon Communications Inc., Warner Bros.
In January 2025, our Board of Directors terminated this existing program and approved a new program authorization of $15 billion, which has no expiration date. We expect to repurchase additional shares of our Class A common stock under this authorization in the open market or in private transactions, subject to market and other conditions.
We expect to repurchase additional shares of our Class A common stock under this authorization, in the open market or in private transactions, subject to market and other conditions.
Comparison of 5 Year Cumulative Total Return 2020 2021 2022 2023 2024 Comcast Class A $ 119 $ 117 $ 83 $ 107 $ 95 S&P 500 Stock Index $ 118 $ 152 $ 125 $ 157 $ 197 Peer Group $ 112 $ 103 $ 79 $ 87 $ 103
Comparison of 5 Year Cumulative Total Return 2021 2022 2023 2024 2025 Comcast Class A $ 98 $ 70 $ 90 $ 79 $ 66 S&P 500 Stock Index $ 129 $ 105 $ 133 $ 166 $ 196 Peer Group $ 92 $ 71 $ 78 $ 92 $ 96
Removed
Period Total Number of Shares Purchased Average Price Per Share Total Number of Shares Purchased as Part of Publicly Announced Authorization Total Dollar Amount Purchased Under the Publicly Announced Authorization Maximum Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Authorization (a) First Quarter 2024 55,961,536 $ 43.03 55,961,536 $ 2,408,046,377 $ 13,186,952,831 Second Quarter 2024 56,381,926 $ 39.29 56,381,926 $ 2,214,999,556 $ 10,971,953,275 Third Quarter 2024 49,913,271 $ 39.44 49,913,271 $ 1,968,792,051 $ 9,003,161,225 October 1-31, 2024 16,562,668 $ 41.66 16,562,668 $ 689,999,638 $ 8,313,161,586 November 1-30, 2024 12,943,713 $ 43.26 12,943,713 $ 559,999,640 $ 7,753,161,946 December 1-31, 2024 20,002,768 $ 39.89 20,002,768 $ 797,999,685 $ 6,955,162,262 Total 211,765,882 $ 40.80 211,765,882 $ 8,639,836,946 $ 6,955,162,262 (a) In September 2022, our Board of Directors ap proved a share repurchase program authorization of $20 billion and in January 2024, our Board of Directors terminated the existing program and approved a new program authorization of $15 billion effective as of January 26, 2024, which had no expiration date.
Added
Period Total Number of Shares Purchased Average Price Per Share Total Number of Shares Purchased as Part of Publicly Announced Authorization Total Dollar Amount Purchased Under the Publicly Announced Authorization Maximum Dollar Value of Shares That May Yet Be Purchased Under the Publicly Announced Authorization (a) First Quarter 2025 56,218,710 $ 35.94 56,218,710 2,020,441,339 $ 13,630,195,971 Second Quarter 2025 49,283,221 $ 34.49 49,283,221 1,700,000,362 $ 11,930,195,608 Third Quarter 2025 46,014,962 $ 33.49 46,014,962 1,540,953,870 $ 10,389,241,739 October 1-31, 2025 26,229,159 $ 29.70 26,229,159 778,980,958 $ 9,610,260,781 November 1-30, 2025 21,614,618 $ 27.25 21,614,618 588,995,965 $ 9,021,264,815 December 1-31, 2025 5,715,904 $ 27.12 5,715,904 154,997,061 $ 8,866,267,754 Total 205,076,574 $ 33.08 205,076,574 $ 6,784,369,555 $ 8,866,267,754 (a) I n January 2024, our Board of Directors approved a new share repurchase authorization of $15 billion, which had no expiration date.
Added
In January 2025, our Board of Directors terminated the existing program and approved a new share repurchase authorization of $15 billion effective as of January 31, 2025, which has no expiration date.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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(f) Other expenses primarily consists of administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; bad debt; building and office expenses, taxes and billing costs; and other business, headquarters and support costs necessary to operate the Connectivity & Platforms business. (g) Constant currency is a non-GAAP financial measure.
(f) Other expenses primarily consist of administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; bad debt; building and office expenses, taxes and billing costs; and other business, headquarters and support costs necessary to operate the Connectivity & Platforms business. (g) Constant currency is a non-GAAP financial measure.
(c) Direct product costs primarily consists of access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold, including wireless devices and Sky Glass smart televisions. (d) Marketing and promotion expenses primarily consists of the costs associated with attracting new customers and promoting our service offerings.
(c) Direct product costs primarily consist of access fees related to using wireless and broadband networks owned by third parties to deliver our services and costs of products sold, including wireless devices and Sky Glass smart televisions. (d) Marketing and promotion expenses primarily consist of the costs associated with attracting new customers and promoting our service offerings.
These expenses also include the costs of content on the Sky-branded entertainment television networks, including amortization of licensed content. (b) Technical and support expenses primarily consists of costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning.
These expenses also include the costs of content on the Sky-branded entertainment television networks, including amortization of licensed content. (b) Technical and support expenses primarily consist of costs for labor to complete service call and installation activities; and costs for network operations and satellite transmission, product development, fulfillment and provisioning.
Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs.
Refer to the “Non-GAAP Financial Measures” section on page 46 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts. We continue to focus on growing our higher-margin connectivity businesses while managing overall operating costs.
The guarantee structures and related disclosures in this section, together with Exhibit 22, satisfy these reporting obligations. (b) Universal Beijing Resort debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. See Note 7 for additional information.
The guarantee structures and related disclosures in this section, together with Exhibit 22, satisfy these reporting obligations. (b) Universal Beijing Resort debt financing is secured by the assets of Universal Beijing Resort and the equity interests of the investors. See Note 8 for additional information.
(d) Connectivity & Platforms domestic homes and businesses are considered passed if we can connect them to our network in the United States without further extending the transmission lines. Homes and businesses passed is an estimate based on the best available information.
(e) Connectivity & Platforms domestic homes and businesses are considered passed if we can connect them to our network in the United States without further extending the transmission lines. Homes and businesses passed is an estimate based on the best available information.
(a) Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.
(a) Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section on page 46 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliation from net income attributable to Comcast Corporation to Adjusted EBITDA.
Domestic wireless revenue primarily consists of revenue from sales of wireless services and devices, including handsets, tablets and smart watches, to residential customers in the United States. Domestic wireless revenue increased in 2024 primarily due to an increase in the number of customer lines and device sales.
Domestic wireless revenue primarily consists of revenue from sales of wireless services and devices, including handsets, tablets and smart watches, to residential customers in the United States. Domestic wireless revenue increased in 2025 primarily due to an increase in the number of customer lines and device sales.
Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliat ion from net income attributable to Comcast Corporation to Adjusted EBITDA.
Refer to the “Non-GAAP Financial Measures” section on page 46 for additional information, including our definition and our use of Adjusted EBITDA, and for a reconciliat ion from net income attributable to Comcast Corporation to Adjusted EBITDA.
Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA charts are not presented on the same scale. 2024 Revenue and Adjusted EBITDA Segment Contribution (a) Revenue Adjusted EBITDA (a) Charts exclude the results of Content & Experiences Headquarters and Other, Corporate and Other, and eliminations.
Revenue, Net Income Attributable to Comcast Corporation and Adjusted EBITDA charts are not presented on the same scale. 2025 Revenue and Adjusted EBITDA Segment Contribution (a) Revenue Adjusted EBITDA (a) Charts exclude the results of Content & Experiences Headquarters and Other, Corporate and Other, and eliminations.
Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2023 Annual Report on Form 10-K for management’s discussion and analysis of our financial condition and results of operations for fiscal year 2022, including comparison to fiscal year 2023.
Refer to Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report on Form 10-K for management’s discussion and analysis of our financial condition and results of operations for fiscal year 2024, including comparison to fiscal year 2023.
We expect that the number of subscribers and audience ratings at our linear television networks will continue to decline as a result of the competitive environment and shifting video consumption patterns, which we aim to mitigate over time by continued growth in paid subscribers and advertising revenue at Peacock.
We expect that the number of subscribers and audience ratings at our remaining linear television networks will continue to decline as a result of the competitive environment and shifting video consumption patterns, which we aim to mitigate over time by growth in both paid subscribers and advertising revenue at Peacock.
Management has discussed the development and selection of these critical accounting estimates with the Audit Committee of our Board of Directors, and the Audit Committee has reviewed the related disclosures below. See also Notes 4 and 9.
Management has discussed the development and selection of these critical accounting estimates with the Audit Committee of our Board of Directors, and the Audit Committee has reviewed the related disclosures below. See also Notes 4 and 10.
Refer to the “Non-GAAP Financial Measure” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.
Refer to the “Non-GAAP Financial Measure” section on page 46 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.
Refer to the “Non-GAAP Financial Measures” section on page 44 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.
Refer to the “Non-GAAP Financial Measures” section on page 46 for additional information, including our definition and our use of constant currency, and for a reconciliation of constant currency amounts.
Excluding incremental revenue associated with this event, domestic distribution revenue increased in 2024 primarily due to an increase in Peacock paid subscribers, partially offset by a decrease in revenue at our linear television networks. The decrease at our networks was primarily due to a decline in the number of subscribers, partially offset by contractual rate increases.
Excluding incremental revenue associated with this event, domestic distribution revenue increased in 2025 primarily due to an increase in revenue at Peacock, partially offset by a decrease in revenue at our linear television networks. The decrease at our linear television networks was primarily due to a decline in the number of subscribers, partially offset by contractual rate increases.
As of December 31, 2024, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $ 11.8 billion.
As of December 31, 2025, amounts available under our revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $ 11.8 billion.
Comcast Holdings is a consolidated subsidiary holding company that directly or indirectly holds 100% and approximately 37% of our equity interests in Comcast Cable and NBCUniversal, respectively.
Comcast Holdings is a consolidated subsidiary holding company that directly or indirectly holds 100% and approximately 32% of our equity interests in Comcast Cable and NBCUniversal, respectively.
Our revenue from distribution agreements is generally based on the number of subscribers receiving the programming on our television networks and a per subscriber fee. Distribution revenue also includes Peacock subscription fees. Domestic distribution revenue increased in 2024, including the impact of the Paris Olympics in 2024.
Our revenue from distribution agreements is generally based on the number of subscribers receiving the programming on our television networks and a per subscriber fee. Distribution revenue also includes Peacock subscription fees. Domestic distribution revenue decreased in 2025, including the impact of the Paris Olympics in 2024.
Domesti c advertising revenue primarily consists of revenue generated from sales of advertising on our linear television networks, Peacock and other digital properties operating predominantly in the United States. Domestic advertising revenue increased in 2024 primarily due to the Paris Olympics in 2024.
Domesti c advertising revenue primarily consists of revenue generated from sales of advertising on our linear television networks, Peacock and other digital properties operating predominantly in the United States. Domestic advertising revenue decreased in 2025 primarily due to the Paris Olympics in 2024.
Comcast 2024 Annual Report on Form 10-K 32 Table of Contents Consolidated Revenue The following graph illustrates the contributions to the change in consolidated revenue made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including eliminations. (a) Graph is presented using a truncated scale.
Comcast 2025 Annual Report on Form 10-K 34 Table of Contents Consolidated Revenue The following graph illustrates the contributions to the change in consolidated revenue made by our Connectivity & Platforms and Content & Experiences businesses, as well as by Corporate and Other activities, including eliminations. (a) Graph is presented using a truncated scale.
As of December 31, 2024, we met this financial covenant, and we expect to remain in compliance with this financial covenant and other covenants related to our debt.
As of December 31, 2025, we met this financial covenant and other covenants related to our debt, and we expect to remain in compliance with this financial covenant and other covenants related to our debt.
Refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Comcast 2024 Annual Report on Form 10-K 30 Table of Contents 2024 Developments Connectivity & Platforms (a) Content & Experiences (a)(b) (a) Revenue and Adjusted EBITDA charts are not presented on the same scale.
Refer to our Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. Comcast 2025 Annual Report on Form 10-K 32 Table of Contents 2025 Developments Connectivity & Platforms (a) Content & Experiences (a)(b) (a) Revenue and Adjusted EBITDA charts are not presented on the same scale.
Comcast 2024 Annual Report on Form 10-K 46 Table of Contents W e are subject to customary covenants and restrictions set forth in agreements related to debt issued at Comcast and certain of our subsidiaries, including the indentures governing our public debt securities and the credit agreement governing the Comcast revolving credit facility.
Comcast 2025 Annual Report on Form 10-K 48 Table of Contents W e are subject to customary covenants and restrictions set forth in agreements related to debt issued at Comcast and certain of our subsidiaries, including the indentures governing our public debt securities and the credit agreement governing the Comcast revolving credit facility.
We have funded and expect to continue to be able to fund our programming and production obligations with the cash generated from our operations. As of December 31, 2024 , approximately 37% of cash payments related to our programming and production obligations are due after five years, of which the vast majority related to multiyear sports rights agreements.
We have funded and expect to continue to be able to fund our programming and production obligations with the cash generated from our operations. As of December 31, 2025 , approximately 36% of cash payments related to our programming and production obligations are due after five years, of which the vast majority related to multiyear sports rights agreements.
At the same time, we expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses. We also expect continued declines in other revenue related to declines in wireline voice revenue.
We also expect continued declines in video revenue as a result of domestic customer net losses due to shifting video consumption patterns and the competitive environment, although customer net losses typically mitigate the impact of continued rate increases on programming expenses, as well as continued declines in other revenue related to declines in wireline voice revenue.
Comcast 2024 Annual Report on Form 10-K 36 Table of Contents Connectivity & Platforms — Supplemental Costs and Expenses Information Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our network in the United States.
Comcast 2025 Annual Report on Form 10-K 38 Table of Contents Connectivity & Platforms — Supplemental Costs and Expenses Information Connectivity & Platforms supplemental costs and expenses information in the table below is presented on an aggregate basis across the Connectivity & Platforms segments as the segments use certain shared infrastructure, including our network in the United States.
We had 36 million and 31 million paid subscribers of Peacock as of 2024 and 2023, respectively. Peacock paid subscribers represent customers from which we recognize distribution revenue, including both customers that pay us directly and customers receiving the service through arrangements with companies who sell Peacock on our behalf.
We had 44 million and 36 million paid subscribers of Peacock as of 2025 and 2024, respectively. Peacock paid subscribers represent customers from which we recognize distribution revenue, including both customers that pay us directly and customers receiving the service through arrangements with companies who sell Peacock on our behalf.
Amortization expense from acquisition-related intangible assets totaled $2.7 billion and $2.3 billion in 2024 and 2023, respectively.
Amortization expense from acquisition-related intangible assets totaled $3.3 billion and $2.7 billion in 2025 and 2024, respectively.
(e) Customer service expenses primarily consists of the personnel and other costs associated with customer service and certain selling activities.
(e) Customer service expenses primarily consist of the personnel and other costs associated with customer service and certain selling activities.
Comcast 2024 Annual Report on Form 10-K 34 Table of Contents Segment Operating Results Our segment operating results are presented based on how we assess operating performance and internally report financial information. See Note 2 for additional information on our segments.
Comcast 2025 Annual Report on Form 10-K 36 Table of Contents Segment Operating Results Our segment operating results are presented based on how we assess operating performance and internally report financial information. See Note 2 for additional information on our segments.
Comcast 2024 Annual Report on Form 10-K 40 Table of Contents International networks revenue primarily consists of revenue generated by our networks operating predominantly outside the United States, including the Sky Sports networks in the United Kingdom and Italy.
Comcast 2025 Annual Report on Form 10-K 42 Table of Contents International networks revenue primarily consists of revenue generated by our networks operating predominantly outside the United States, including the Sky Sports networks in the United Kingdom and Italy.
Business Services Connectivity • Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers. • Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses. • Adjusted EBITDA margin decreased from 57.2% to 56.7%.
Business Services Connectivity • Revenue increased due to an increase in revenue from enterprise solutions offerings and small business customers. • Adjusted EBITDA increased due to an increase in revenue, partially offset by increased costs and expenses. • Adjusted EBITDA margin decreased from 56.7% to 55.9%.
In particular, we may repurchase varying amounts of our outstanding public notes and debentures with short to medium term maturities through privately negotiated or market transactions. See Notes 6 and 7 for additional information on our financing activities.
In particular, we may repurchase varying amounts of our outstanding public notes and debentures with short to medium term m aturities through privately negotiated or market transactions. See Notes 6 and 8 for additional information on our financing activities.
Consolidated investment and other income (loss), net increased in 2024 compared to 2023 .
Consolidated investment and other income (loss), net increased in 2025 compared to 2024.
Our Studios segment generates revenue primarily from third parties and from licensing content to our Media segment. While results of operations for our Studios segment are not impacted, results for our total Content & Experiences business may be impacted as the Studios segment licenses content to the Media segment, including for Peacock, rather than licensing the content to third parties.
While the results of operations for our Studios segment are not impacted, results for our total Content & Experiences business may be impacted as the Studios segment licenses content to the Media segment, including for Peacock, rather than licensing the content to third parties.
Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunction with, the consolidated financial stateme nts and related notes (“Notes”) to enhance the understanding of our operations and our present business environment.
Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunctio n with, the consolidated financial statements and related notes (“Notes”) to enhance the understanding of our operations and our present business environment.
(b) Business Services Connectivity customer metrics are gener ally counted based on the number of locations receiving services, including locations within our network in the United States, as well as locations outside of our network both in the United States and internationally.
(b) Business Services Connectivity customer metrics are generally counted based on the number of connections receiving services, including connections within our network in the United States, as well as connections outside of our network both in the United States and internationally.
In addition, we expect to continue investment in existing and new attractions at our Universal theme parks, including Epic Universe.
In addition, we expect to continue investment in existing and new attractions at our Universal theme parks.
Including the effects of our derivative financial instruments, as of December 31, 2024, our debt had a weighted-average interest rate based on the stated coupons of 3.7% and the percentage of our debt obligations that were fixed-rate debt was 98%.
Including the effects of our derivative financial instruments, as of December 31, 2025, our debt had a weighted-average interest rate based on the stated coupons of 3.8% and the percentage of our debt obligations that were fixed-rate debt was 95%.
As of December 31, 2024 and 2023, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of $53 billion and $104 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $10 billion and $14 billion, respectively.
As of December 31, 2025 and 2024, Comcast and Comcast Holdings, the combined issuer and guarantor of the guaranteed subordinated debt, have noncurrent senior notes payable to non-guarantor subsidiaries of $71 billion and $53 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $11 billion and $10 billion, respectively.
The table below summarizes the capital expenditures we incurred in our segments in the Connectivity & Platforms business in 2024 and 2023. 47 Comcast 2024 Annual Report on Form 10-K Table of Contents Year ended December 31 (in millions) 2024 2023 Customer premise equipment $ 2,013 $ 2,234 Scalable infrastructure 3,024 3,161 Line extensions 2,691 2,333 Support capital 557 514 Total $ 8,286 $ 8,241 We expect our capital expenditures in 2025 will continue to be focused on investments in the Connectivity & Platforms business in scalable infrastructure as we increase capacity and continue to execute our plans to upgrade our network to deliver multigigabit symmetrical speeds, in line extensions for the expansion of homes and businesses passed, and in the continued deployment of wireless gateways.
The table below summarizes the capital expenditures we incurred in our segments in the Connectivity & Platforms business in 2025 and 2024. 49 Comcast 2025 Annual Report on Form 10-K Table of Contents Year ended December 31 (in millions) 2025 2024 Customer premise equipment $ 2,192 $ 2,013 Scalable infrastructure 3,156 3,024 Line extensions 2,689 2,691 Support capital 686 557 Total $ 8,723 $ 8,286 We expect our capital expenditures in 2026 will continue to be focused on investments in the Connectivity & Platforms business in scalable infrastructure as we increase capacity and continue to execute our plans to upgrade our network to deliver multigigabit symmetrical speeds, in the continued deployment of next generation wireless gateways, and in line extensions for the expansion of homes and businesses passed.
As of December 31, 2024 and 2023, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $88 billion and $136 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $14 billion and $18 billion, respectively. This financial information is that of the Guarantors presented on a combined basis with intercompany balances between the Guarantors eliminated.
As of December 31, 2025 and 2024, the combined Guarantors have noncurrent notes payable to non-guarantor subsidiaries of $107 billion and $88 billion, respectively, and noncurrent notes receivable from non-guarantor subsidiaries of $14 billion for both periods. This financial information is that of the Guarantors presented on a combined basis with intercompany balances between the Guarantors eliminated.
Amounts are affected by the periodic broadcast of the Olympic Games, including the Paris Olympics in 2024. Refer to Note 2 for additional information on transactions between our segments.
Eliminations of transactions between segments within Content & Experiences are presented separately. Amounts are affected by the periodic broadcast of the Olympic Games, including the Paris Olympics in 2024. Refer to Note 2 for additional information on transactions between our segments.
Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in domestic distribution and international networks revenue. • Adjusted EBITDA increased primarily due to an increase in revenue, partially offset by an increase in programming and production costs driven by the Paris Olympics. • Peacock generated revenue and costs and expenses of $4.9 billion and $6.7 billion in 2024 , respectively, including the Paris Olympics, compared to $3.4 billion and $6.1 billion in 2023, respectively.
Excluding $1.9 billion of incremental revenue associated with this event, revenue increased due to increases in international networks, domestic distribution and other revenue, partially offset by a decrease in domestic advertising revenue. • Adjusted EBITDA increased primarily due to a decrease in programming and production costs driven by the Paris Olympics, partially offset by a decrease in revenue. • Peacock generated revenue and costs and expenses of $5.4 billion and $6.5 billion in 2025 , respectively, compared to $4.9 billion and $6.7 billion in 2024, respectively, including the Paris Olympics .
Eliminations Year ended December 31 (in millions) 2024 2023 Change 2023 to 2024 Revenue $ (2,798) $ (2,800) (0.1) % Costs and expenses (2,880) (2,877) 0.1 Adjusted EBITDA $ 82 $ 77 5.9 % Amounts represent eliminations of transactions between segments in our Content & Experiences business, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses.
Eliminations Year ended December 31 (in millions) 2025 2024 Change 2024 to 2025 Revenue $ (2,699) $ (2,798) (3.5) % Costs and expenses (2,886) (2,880) 0.2 Adjusted EBITDA $ 186 $ 82 (127.9) % Amounts represent eliminations of transactions between segments in our Content & Experiences business, the most significant being content licensing between the Studios and Media segments, which are affected by the timing of recognition of content licenses.
We expect to continue to incur significant costs related to content and marketing at Peacock. Revenue and programming expenses are also impacted by the timing of certain sporting events, including the Olympics in the third quarter of 2024 and our acquisition of NBA rights, which begin in 2025.
We expect to continue to incur significant costs related to content and marketing at Peacock. Revenue and programming expenses are also impacted by the timing of certain sporting events, including the Paris Olympics in the third quarter of 2024 and the NBA beginning in the fourth quarter of 2025.
Excluding incremental revenue associated with this event, domestic advertising revenue remained consistent in 2024 primarily due to a decrease in revenue at our linear television networks, offset by an increase in revenue at Peacock.
Excluding incremental revenue associated with this event, domestic advertising revenue decreased in 2025 primarily due to a decrease in revenue at our linear television networks, partially offset by an increase in revenue at Peacock.
Debt and Guarantee Structure December 31 (in billions) 2024 2023 Debt Subject to Cross-Guarantees Comcast $ 94.6 $ 91.9 NBCUniversal (a) 1.6 1.6 Comcast Cable (a) 0.9 0.9 97.1 94.4 Debt Subject to One-Way Guarantees Sky 3.0 3.6 Other (a) 0.1 0.1 3.1 3.8 Debt Not Guaranteed Universal Beijing Resort (b) 3.4 3.5 Other 1.4 1.5 4.8 5.0 Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net (6.0) (6.1) Total debt $ 99.1 $ 97.1 (a) NBCUniversal Media, LLC (“NBCUniversal”), Comcast Cable Communications, LLC (“Comcast Cable”) and Comcast Holdings Corporation (“Comcast Holdings”), which is included within other debt subject to one-way guarantees, are each consolidated subsidiaries subject to the periodic reporting requirements of the SEC.
Debt and Guarantee Structure December 31 (in billions) 2025 2024 Debt Subject to Cross-Guarantees Comcast $ 93.3 $ 94.6 NBCUniversal (a) 1.6 1.6 Comcast Cable (a) 0.9 0.9 95.8 97.1 Debt Subject to One-Way Guarantees Sky 2.7 3.0 Other (a) 0.1 0.1 2.9 3.1 Debt Not Guaranteed Universal Beijing Resort (b) 3.6 3.4 Other (c) 2.5 1.4 6.1 4.8 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 Comcast 2025 Annual Report on Form 10-K 52 Table of Contents (a) NBCUniversal Media, LLC (“NBCUniversal”), Comcast Cable Communications, LLC (“Comcast Cable”) and Comcast Holdings Corporation (“Comcast Holdings”), which is included within other debt subject to one-way guarantees, are each consolidated subsidiaries subject to the periodic reporting requirements of the SEC.
Based on these assessments, we concluded that it was more likely than not that the estimated fair values of our reporting units were substantially higher than their carrying values and that the performance of a quantitative impairment test was not required. We performed a quantitative assessment in 2024 for goodwill in our Media segment.
Based on these assessments, we concluded that it was more likely than not that the estimated fair values of our reporting units were substantially higher than their carrying values and that the performance of a quantitative impairment test was not required.
Changes in market conditions, laws and regulations, and key assumptions made in future quantitative assessments, such as expected cash flows, competitive factors, discount rates, and value indications from market transactions, including the proposed Spin-off of businesses within our Media segment, could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge.
Changes in market conditions, laws and regulations, and key assumptions made in future quantitative assessments, such as expected cash flows, competitive factors, discount rates, and value indications from market transactions, including the separation of Versant, could negatively impact the results of future impairment testing and could result in the recognition of an impairment charge.
In January 2025, our Board of Directors approved a 6.5% increase in our dividend to $1.32 per share on an annualized basis and approved our first quarter dividend of $0.33 per share, to be paid in April 2025. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.
In January 2026, our Board of Directors approved a dividend consistent with the prior year of $1.32 per share on an annualized basis and approved our first quarter dividend of $0.33 per share, to be paid in April 2026. We expect to continue to pay quarterly dividends, although each dividend is subject to approval by our Board of Directors.
Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments includes each segment’s direct costs and an allocation of shared costs. 2023 to 2024 (in millions) 2024 2023 Change Constant Currency Change (g) Costs and Expenses Programming (a) $ 16,881 $ 18,067 (6.6) % (7.1) % Technical and support (b) 7,617 7,416 2.7 2.3 Direct product costs (c) 6,607 6,146 7.5 6.0 Marketing and promotion (d) 4,772 4,720 1.1 0.6 Customer service (e) 2,732 2,783 (1.9) (2.3) Other (f) 9,828 9,830 — (0.6) Total Connectivity & Platforms costs and expenses $ 48,438 $ 48,962 (1.1) % (1.7) % (a) Programming expenses, which represent our most significant operating expense, are the fees we incur to provide video services to our customers, and primarily include fees related to the distribution of television network programming and fees charged for retransmission of the signals from local broadcast television stations.
Costs and expenses information reported separately for the Residential Connectivity & Platforms and Business Services Connectivity segments includes each segment’s direct costs and an allocation of shared costs. 2024 to 2025 Year ended December 31 (in millions) 2025 2024 Change Constant Currency Change (g) Costs and Expenses Programming (a) $ 16,007 $ 16,881 (5.2) % (6.1) % Technical and support (b) 7,610 7,617 (0.1) (0.7) Direct product costs (c) 7,576 6,607 14.7 12.8 Marketing and promotion (d) 5,085 4,772 6.6 5.8 Customer service (e) 2,755 2,732 0.9 0.2 Other (f) 9,532 9,828 (3.0) (3.8) Total Connectivity & Platforms costs and expenses $ 48,563 $ 48,438 0.3 % (0.7) % (a) Programming expenses, which represent our most significant operating expense, are the fees we incur to provide video services to our customers, and primarily include fees related to the distribution of television network programming and fees charged for retransmission of the signals from local broadcast television stations.
Capital Expenditures • Total Connectivity & Platforms capital expenditures remained consistent at $8.3 billion, reflecting increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure. • Revenue increased primarily due to the impact of the Paris Olympics in 2024.
Capital Expenditures • Total Connectivity & Platforms capital expenditures increased 5.3% to $8.7 billion, reflecting increased spending on customer premise equipment, scalable infrastructure and support capital. • Revenue decreased primarily due to the impact of the Paris Olympics in 2024.
We entered into a new revolving credit facility in May 2024 (see Note 6). We maintain significant availability under our revolving credit facility and our commercial paper program to meet our short-term liquidity requirements. Our commercial paper program generally provides a lower-cost source of borrowing to fund our short-term working capital requirements.
We maintain significant availability under our revolving credit facility and our commercial paper program to meet our short-term liquidity requirements. Our commercial paper program generally provides a lower-cost source of borrowing to fund our short-term working capital requirements.
As of December 31, 2024, we had $7.0 billion remaining under the authorization, and in January 2025, our Board of Directors terminated the existing program and approved a new share repurchase program authorization of $15 billion, which has no expiration date.
Share Repurchases and Dividends In January 2024, our Board of Directors approved a new share repurchase program authorization of $15.0 billion and in January 2025, our Board of Directors terminated the existing program and approved a new share repurchase program authorization of $15.0 billion, effective as of January 31, 2025, which has no expiration date.
Other expenses increased in 2024 primarily due to an increase in costs related to Peacock and higher severance charges in 2024. * * * Media segment total costs and expenses included $6.7 billion and $6.1 billion related to Peacock in 2024 and 2023, respectively, including amounts related to the Paris Olympics in 2024. 41 Comcast 2024 Annual Report on Form 10-K Table of Contents Studios Segment Results of Operations Year ended December 31 (in millions) 2024 2023 Change 2023 to 2024 Revenue Content licensing $ 8,063 $ 8,231 (2.0) % Theatrical 1,693 2,079 (18.6) Other 1,335 1,315 1.5 Total revenue 11,092 11,625 (4.6) Costs and Expenses Programming and production 7,257 7,958 (8.8) Marketing and promotion 1,483 1,579 (6.1) Other 947 818 15.7 Total costs and expenses 9,687 10,356 (6.5) Adjusted EBITDA $ 1,404 $ 1,269 10.7 % Studios Segment – Revenue C ontent licensing r evenue primarily relates to the licensing of our owned film and television content in the United States and internationally 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.
Other expenses remained consistent in 2025 primarily due to higher severance charges in 2024, offset by an increase in costs related to Peacock. * * * Media segment total costs and expenses included $6.5 billion and $6.7 billion related to Peacock in 2025 and 2024, respectively, including amounts related to the Paris Olympics in 2024. 43 Comcast 2025 Annual Report on Form 10-K Table of Contents Studios Segment Results of Operations Year ended December 31 (in millions) 2025 2024 Change 2024 to 2025 Revenue Content licensing $ 8,199 $ 8,063 1.7 % Theatrical 1,621 1,693 (4.3) Other 1,465 1,335 9.7 Total revenue 11,286 11,092 1.7 Costs and Expenses Programming and production 7,441 7,257 2.5 Marketing and promotion 1,773 1,483 19.5 Other 973 947 2.7 Total costs and expenses 10,186 9,687 5.2 Adjusted EBITDA $ 1,099 $ 1,404 (21.7) % Studios Segment – Revenue C ontent licensing r evenue primarily relates to the licensing of our owned film and television content in the United States and internationally 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.
Advertising also includes revenue where we enter into representation agreements under which we sell advertising on behalf of third parties and from our advanced advertising businesses. Advertising revenue increased in 2024 primarily driven by an increase in domestic political advertising, partially offset by lower domestic nonpolitical advertising.
Advertising also includes revenue where we enter into representation agreements under which we sell advertising on behalf of third parties and from our advanced advertising businesses. Advertising revenue decreased in 2025 primarily driven by lower domestic political and nonpolitical advertising, partially offset by the positive impact of foreign currency.
Our most significant capital expenditures are within the Connectivity & Platforms business, and we expect that this will continue in the future. Connectivity & Platforms’ capital expenditures remained consistent in 2024 compared to 2023 primarily due to increased spending on line extensions and support capital, offset by decreased spending on customer premise equipment and scalable infrastructure.
Our most significant capital expenditures are within the Connectivity & Platforms business, and we expect that this will continue in the future. Connectivity & Platforms’ capital expenditures increased in 2025 primarily due to increased spending on customer premise equipment, scalable infrastructure and support capital.
Comcast 2024 Annual Report on Form 10-K 38 Table of Contents Business Services Connectivity Segment Results of Operations (in millions) 2024 2023 Change 2023 to 2024 Revenue $ 9,701 $ 9,255 4.8 % Costs and expenses 4,201 3,964 6.0 Adjusted EBITDA $ 5,500 $ 5,291 3.9 % Business services connectivity revenue primarily consists of revenue from our service offerings for small business locations in the United States, which include broadband, wireline voice and wireless services, as well as our enterprise solutions offerings, and our business connectivity service offerings in the United Kingdom.
Comcast 2025 Annual Report on Form 10-K 40 Table of Contents Business Services Connectivity Segment Results of Operations Year ended December 31 (in millions) 2025 2024 Change 2024 to 2025 Revenue $ 10,237 $ 9,701 5.5 % Costs and expenses 4,512 4,201 7.4 Adjusted EBITDA $ 5,725 $ 5,500 4.1 % Business services connectivity revenue primarily consists of revenue from our service offerings for small business locations in the United States, which include broadband, wireline voice and wireless services, as well as our enterprise solutions offerings, and our business connectivity service offerings in the United Kingdom.
Video revenue decreased in 2024 due to declines in the overall number of video customers, partially offset by an overall increase in average rates.
Video revenue decreased in 2025 due to declines in the overall number of video customers, partially offset by an overall increase in average rates and the positive impact of foreign currency.
Year ended December 31 (in millions) 2024 2023 Change 2023 to 2024 Total revenue $ 28,148 $ 25,355 11.0 % Olympics 1,906 — NM Total revenue, excluding Olympics $ 26,242 $ 25,355 3.5 % Total domestic advertising revenue $ 10,008 $ 8,600 16.4 % Olympics 1,432 — NM Domestic advertising revenue, excluding Olympics $ 8,576 $ 8,600 (0.3) % Total domestic distribution revenue $ 11,826 $ 10,663 10.9 % Olympics 473 — NM Domestic distribution revenue, excluding Olympics $ 11,353 $ 10,663 6.5 % Percentage changes that are considered not meaningful are denoted with NM.
Year ended December 31 (in millions) 2025 2024 Change 2024 to 2025 Total revenue $ 27,090 $ 28,148 (3.8) % Olympics — 1,906 NM Total revenue, excluding Olympics $ 27,090 $ 26,242 3.2 % Total domestic advertising revenue $ 8,382 $ 10,008 (16.2) % Olympics — 1,432 NM Domestic advertising revenue, excluding Olympics $ 8,382 $ 8,576 (2.3) % Total domestic distribution revenue $ 11,613 $ 11,826 (1.8) % Olympics — 473 NM Domestic distribution revenue, excluding Olympics $ 11,613 $ 11,353 2.3 % Percentage changes that are considered not meaningful are denoted with NM.
International connectivity revenue primarily consists of revenue from sales of broadband services, including equipment and installation services, wireless services and wireless devices to residential customers in the United Kingdom and Italy, as well as commission revenue from the sale of certain third-party DTC streaming services.
International connectivity revenue primarily consists of revenue from sales of broadband services, including equipment and installation services, wireless devices and wireless services to residential customers in the United Kingdom and Italy.
(e) Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed. 2023 to 2024 2024 2023 Change Constant Currency Change (a) Average monthly total Connectivity & Platforms revenue per customer relationship $ 130.57 $ 129.43 0.9 % 0.4 % Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship $ 52.75 $ 51.39 2.7 % 2.5 % (a) Constant currency is a non-GAAP financial measure.
(f) Penetration is calculated by dividing the number of domestic customers located within our network by the number of domestic homes and businesses passed. 2024 to 2025 2025 2024 Change Constant Currency Change (a) Average monthly total Connectivity & Platforms revenue per customer relationship $ 131.77 $ 130.57 0.9 % 0.3 % Average monthly total Connectivity & Platforms Adjusted EBITDA per customer relationship $ 52.71 $ 52.75 (0.1) % (0.3) % (a) Constant currency is a non-GAAP financial measure.
The decrease in income tax expense in 2024 was primarily driven by a tax benefit from an internal corporate reorganization completed in 2024, as well as lower domestic income before income taxes. See Note 5 for additional information on our income taxes.
The increase in income tax expense in 2025 was primarily driven by a tax benefit in the prior year from an internal corporate reorganization completed in 2024 and higher domestic income before income taxes in the current year. See Note 5 for additional information on our income taxes.
Residential Connectivity & Platforms Media • Revenue remained consistent due to decreases in video and other revenue, offset by increases in domestic broadband, domestic wireless, international connectivity and advertising revenue. • Adjusted EBITDA increased primarily due to a decrease in programming expenses, while revenue remained consistent. • Adjusted EBITDA margin increased from 37.5% to 38.2%.
Residential Connectivity & Platforms Media • Revenue decreased due to decreases in video, other and advertising revenue, partially offset by increases in domestic wireless and international connectivity revenue. • Adjusted EBITDA decreased primarily due to a decrease in revenue and an increase in other costs and expenses, partially offset by a decrease in programming expenses. • Adjusted EBITDA margin decreased from 38.2% to 37.7%.
Connectivity & Platforms Overview 2023 to 2024 Year ended December 31 (in millions) 2024 2023 Change Constant Currency Change (b) Revenue Residential Connectivity & Platforms $ 71,574 $ 71,946 (0.5) % (1.0) % Business Services Connectivity 9,701 9,255 4.8 4.8 Total Connectivity & Platforms revenue $ 81,275 $ 81,201 0.1 % (0.3) % Adjusted EBITDA Residential Connectivity & Platforms $ 27,338 $ 26,948 1.4 % 1.2 % Business Services Connectivity 5,500 5,291 3.9 4.0 Total Connectivity & Platforms Adjusted EBITDA $ 32,838 $ 32,239 1.9 % 1.7 % Adjusted EBITDA Margin (a) Residential Connectivity & Platforms 38.2 % 37.5 % 70 bps 80 bps Business Services Connectivity 56.7 57.2 (50) bps (50) bps Total Connectivity & Platforms Adjusted EBITDA margin 40.4 % 39.7 % 70 bps 80 bps (a) Our Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue.
Connectivity & Platforms Overview 2024 to 2025 Year ended December 31 (in millions) 2025 2024 Change Constant Currency Change (b) Revenue Residential Connectivity & Platforms $ 70,704 $ 71,574 (1.2) % (1.9) % Business Services Connectivity 10,237 9,701 5.5 5.5 Total Connectivity & Platforms revenue $ 80,940 $ 81,275 (0.4) % (1.1) % Adjusted EBITDA Residential Connectivity & Platforms $ 26,653 $ 27,338 (2.5) % (2.8) % Business Services Connectivity 5,725 5,500 4.1 4.1 Total Connectivity & Platforms Adjusted EBITDA $ 32,377 $ 32,838 (1.4) % (1.6) % Adjusted EBITDA Margin (a) Residential Connectivity & Platforms 37.7 % 38.2 % (50) bps (30) bps Business Services Connectivity 55.9 56.7 (80) bps (80) bps Total Connectivity & Platforms Adjusted EBITDA margin 40.0 % 40.4 % (40) bps (20) bps (a) Our Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue.
Corporate, Other and Eliminations Corporate and Other Results of Operations Year ended December 31 (in millions) 2024 2023 Change 2023 to 2024 Revenue $ 2,933 $ 2,763 6.1 % Costs and expenses 4,308 4,098 5.1 Adjusted EBITDA $ (1,376) $ (1,335) (3.1) % Corporate and Other primarily consists of overhead and personnel costs; Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the We lls Fargo Center arena in Philadelphia, Penn sylvania; and Xumo, our consolidated streaming platform joint venture.
Corporate, Other and Eliminations Corporate and Other Results of Operations Year ended December 31 (in millions) 2025 2024 Change 2024 to 2025 Revenue $ 3,044 $ 2,933 3.8 % Costs and expenses 4,518 4,308 4.9 Adjusted EBITDA $ (1,474) $ (1,376) (7.1) % Corporate and Other primarily consists of overhead and personnel costs; 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.
At the time of our previous quantitative assessment in 2022, which was pursuant to our practice of performing quantitative assessments of cable franchise rights approximately once every four years, the estimated fair values of our franchise rights substantially exceeded their carrying values.
In 2025, we performed a qualitative assessment of our cable franchise rights. At the time of our previous quantitative assessment in 2022, which was pursuant to our practice of performing quantitative assessments from time to time, the estimated fair values of our franchise rights substantially exceeded their carrying values.
Year ended December 31 (in millions) 2024 2023 Equity in net income (losses) of investees, net $ (680) $ 789 Realized and unrealized gains (losses) on equity securities, net (313) (130) Other income (loss), net 502 592 Total investment and other income (loss), net $ (490) $ 1,252 The change in equity in net income (losses) of investees, net in 2024 compared to 2023 was primarily due to our investment in Atairos.
Year ended December 31 (in millions) 2025 2024 Equity in net income (losses) of investees, net $ (591) $ (680) Realized and unrealized gains (losses) on equity securities, net (20) (313) Other income (loss), net 10,114 502 Total investment and other income (loss), net $ 9,503 $ (490) The change in equity in net income (losses) of investees, net in 2025 compared to 2024 was primarily due to our investments in Atairos and Hulu.
Content & Experiences Headquarters, Other and Eliminations Headquarters and Other Results of Operations Year ended December 31 (in millions) 2024 2023 Change 2023 to 2024 Revenue $ 50 $ 64 (21.7) % Costs and expenses 881 1,010 (12.8) Adjusted EBITDA $ (831) $ (946) 12.2 % Headquarters and Other expenses primarily consists of overhead, personnel and other costs necessary to operate the Content & Experiences business.
Content & Experiences Headquarters, Other and Eliminations Headquarters and Other Results of Operations Year ended December 31 (in millions) 2025 2024 Change 2024 to 2025 Revenue $ 46 $ 50 (6.7) % Costs and expenses 1,142 881 29.6 Adjusted EBITDA $ (1,095) $ (831) (31.8) % Headquarters and Other expenses primarily consist of overhead, personnel and other costs necessary to operate the Content & Experiences business.
Consolidated Net Income (Loss) Attributable to Noncontrolling Interests The changes in net income (loss) attributable to noncontrolling interests in 2024 compared to 2023 was primarily due to our regional sports networks.
Consolidated Net Income (Loss) Attributable to Noncontrolling Interests The changes in net income (loss) attributable to noncontrolling interests in 2025 compared to 2024 were primarily due to our regional sports networks and Universal Beijing Resort.
When performing a quantitative assessment, we estimate the fair values of our cable franchise rights primarily based on a discounted cash flow analysis that involves significant judgment, including the estimate of future cash flows and the selection of discount rates. In 2024, we performed a qualitative assessment of our cable franchise rights.
Comcast 2025 Annual Report on Form 10-K 54 Table of Contents When performing a quantitative assessment, we estimate the fair values of our cable franchise rights primarily based on a discounted cash flow analysis that involves significant judgment, including the estimate of future cash flows and the selection of discount rates.
Theme Parks Segment Results of Operations Year ended December 31 (in millions) 2024 2023 Change 2023 to 2024 Revenue $ 8,617 $ 8,947 (3.7) % Costs and expenses 5,668 5,602 1.2 Adjusted EBITDA $ 2,949 $ 3,345 (11.8) % Comcast 2024 Annual Report on Form 10-K 42 Table of Contents Theme parks segment revenue primarily relates to guest spending at our theme parks, including ticket sales and in-park spending, and to our consumer products business.
Theme Parks Segment Results of Operations Year ended December 31 (in millions) 2025 2024 Change 2024 to 2025 Revenue $ 9,836 $ 8,617 14.2 % Costs and expenses 6,756 5,668 19.2 Adjusted EBITDA $ 3,080 $ 2,949 4.5 % Comcast 2025 Annual Report on Form 10-K 44 Table of Contents Theme parks segment revenue primarily relates to guest spending at our theme parks, including ticket sales and in-park spending, and to our c onsumer products business.
Wh en performing this analysis, we also consider multiples of earnings from comparable public companies and recent market transactions. 51 Comcast 2024 Annual Report on Form 10-K Table of Contents We performed qualitative assessments in 2024 for goodwill in our Residential Connectivity & Platforms, Business Services Connectivity, Studios and Theme Parks segments in connection with our annual impairment testing.
When performing this analysis, we also consider multiples of earnings from comparable public companies and recent market transactions. We performed qualitative assessments in 2025 for goodwill in our Residential Connectivity & Platforms, Business Services Connectivity, Media and Theme Parks segments in connection with our annual impairment testing.
In 2024, we repurchased a total of 212 million shares of our Class A common stock for $8.6 billion under our authorization programs. We did not purchase any shares outside of these programs.
In 2025, we repurchased a total of 205 million shares of our Class A common stock for $6.8 billion under our authorization programs. We did not purchase any shares outside of these programs. As of December 31, 2025, we had $8.9 billion remaining under the authorization.
The agreement provides us with a right to remove certain licenses from the transaction, which will result in total cash consideration between $1.2 billion and $3.3 billion. The sale is expected to close in 2028 subject to various conditions and approvals. Capital Expenditures Capital expenditures remained consistent in 2024 compared to 2023.
In 2023, we entered into an agreement with T-Mobile to sell certain of our spectrum licenses. The agreement provides us with a right to remove certain licenses from the transaction, which will result in total cash consideration between $1.2 billion and $3.3 billion. The sale is expected to close in 2028 subject to various conditions and approvals.
Liquidity and Capital Resources Year ended December 31 (in billions) 2024 2023 Cash provided by operating activities $ 27.7 $ 28.5 Cash used in investing activities $ (15.7) $ (7.2) Cash used in financing activities $ (10.9) $ (19.9) December 31 (in billions) 2024 2023 Cash and cash equivalents $ 7.3 $ 6.2 Debt $ 99.1 $ 97.1 Our businesses generate significant cash flows from operating activities.
Liquidity and Capital Resources Year ended December 31 (in billions) 2025 2024 Cash provided by operating activities $ 33.6 $ 27.7 Cash used in investing activities $ (16.2) $ (15.7) Cash used in financing activities $ (14.3) $ (10.9) December 31 (in billions) 2025 2024 Cash and cash equivalents $ 9.5 $ 7.3 Restricted cash included in other current assets and other noncurrent assets, net $ 1.1 $ 0.1 Debt $ 98.9 $ 99.1 Our businesses generate significant cash flows from operating activities.
Marketing and promotion expenses primarily consists of the costs associated with promoting our television networks, Peacock and other digital properties. Marketing and promotion expenses increased in 2024 primarily due to increased costs associated with the Paris Olympics, partially offset by lower costs related to marketing for entertainment programming.
Programming and production costs decreased in 2025 primarily due to costs associated with the Paris Olympics in 2024, partially offset by an increase in sports programming costs for our international television networks and the impact of foreign currency. Marketing and promotion expenses primarily consists of the costs associated with promoting our television networks, Peacock and other digital properties.
Comcast 2024 Annual Report on Form 10-K 48 Table of Contents The chart below summarizes share repurchases and dividend payments. In addition, we paid $463 million and $291 million in 2024 and 2023, respectively, related to employee taxes associated with the administration of our share-based compensation plans and excise taxes related to share repurchases.
The chart below summarizes share repurchases and dividend payments. In addition, we paid $371 million and $463 million in 2025 and 2024, respectively, related to employee taxes associated with the administration of our share-based compensation plans and excise taxes related to share repurchases.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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The estimated fair value approximate s the amount of payments to be made or proceeds to be received to settle the outstanding contracts, excluding accrued interest. See Notes 1 and 6 for additional information.
The estimated fair value approximate s the amount of payments to be made or proceeds to be received to settle the outstanding contracts, excluding accrued interest. See Notes 1, 6 and 16 for additional information.
The results of our analysis indicate that such a shift in exchange rates would not have a material impact on our 2024 net income attributable to Comcast Corporation. Counterparty Credit Risk Management We manage the credit risks associated with our derivative financial instruments through diversification and the evaluation and monitoring of the creditworthiness of counterparties.
The results of our analysis indicate that such a shift in exchange rates would not have a material impact on our 2025 net income attributable to Comcast Corporation. Counterparty Credit Risk Management We manage the credit risks associated with our derivative financial instruments through diversification and the evaluation and monitoring of the creditworthiness of counterparties.
We have analyzed our foreign currency exposure related to our foreign operations as of December 31, 2024, including our hedging contracts, to identify assets and liabilities denominated in a currency other than their functional currency. For those assets and liabilities, we then evaluated the effect of a hypothetical 10% shift in currency exchange rates, inclusive of the effects of derivatives.
We have analyzed our foreign currency exposure related to our foreign operations as of December 31, 2025, including our hedging contracts, to identify assets and liabilities denominated in a currency other than their functional currency. For those assets and liabilities, we then evaluated the effect of a hypothetical 10% shift in currency exchange rates, inclusive of the effects of derivatives.
As of December 31, 2024 and 2023, we were not required to post collateral under the terms of these agreements, nor did we hold any collateral under the terms of these agreements. 55 Comcast 2024 Annual Report on Form 10-K Table of Contents
As of December 31, 2025 and 2024, we were not required to post collateral under the terms of these agreements, nor did we hold any collateral under the terms of these agreements. 57 Comcast 2025 Annual Report on Form 10-K Table of Contents
The effect of our interest rate derivative financial instruments to our consolidated interest expense was an increase of $49 million in 2024, a decrease of $56 million in 2023 and a decrease of $66 million in 2022. Interest rate derivative financial instruments may have a significant effect on consolidated interest expense in the future.
The effect of our interest rate derivative financial instruments to our consolidated interest expense was an increase of $45 million in 2025, an increase of $49 million in 2024 and a decrease of $56 million in 2023. Interest rate derivative financial instruments may have a significant effect on consolidated interest expense in the future.
We estimate interest rates on variable rate swaps using the relevant average implied forward rates through the year of maturity based on the yield curve in effect on December 31, 2024, plus the applicable borrowing margin.
We estimate interest rates on variable rate debt and swaps using the relevant average implied forward rates through the year of maturity based on the yield curve in effect on December 31, 2025, plus the applicable borrowing margin.
The table below summarizes by contractual year of maturity the principal amount of our debt, notional amount of our interest rate instruments, effective rates, and fair values subject to interest rate risk maintained by us as of December 31, 2024. We had no variable rate debt outstanding as of December 31, 2024.
The table below summarizes by contractual year of maturity the principal amount of our debt, notional amount of our interest rate instruments, effective rates, and fair values subject to interest rate risk maintained by us as of December 31, 2025.
Comcast 2024 Annual Report on Form 10-K 54 Table of Contents Foreign Exchange Risk Management We have significant operations in a number of countries outside the United States, and certain of our operations are conducted in foreign currencies. The value of these currencies, primarily including the British pound, euro, Japanese yen and Chinese yuan, fluctuates relative to the U.S. dollar.
Foreign Exchange Risk Management We have significant operations in a number of countries outside the United States, and certain of our operations are conducted in foreign currencies. The value of these currencies, primarily including the British pound, euro, Japanese yen and Chinese yuan, fluctuates relative to the U.S. dollar.
As part of our overall strategy to manage the level of exposure to the risk of foreign exchange rate fluctuations, we enter into derivative financial instruments related to a significant portion of our foreign currency exposure for transactions denominated in currencies other than the functional currency of the transacting entity.
Comcast 2025 Annual Report on Form 10-K 56 Table of Contents As part of our overall strategy to manage the level of exposure to the risk of foreign exchange rate fluctuations, we enter into derivative financial instruments related to a significant portion of our foreign currency exposure for transactions denominated in currencies other than the functional currency of the transacting entity.
(in billions) 2025 2026 2027 2028 2029 Thereafter Total Estimated Fair Value as of December 31, 2024 Debt Fixed-rate debt $ 4.9 $ 4.9 $ 5.7 $ 7.0 $ 4.8 $ 77.7 $ 105.1 $ 89.8 Average interest rate (a) 2.9 % 1.7 % 3.3 % 4.0 % 3.7 % 3.8 % 3.6 % Fixed-to-Variable Interest Rate Swaps Notional amount (b) $ — $ 1.3 $ 0.3 $ 1.0 $ — $ — $ 2.5 $ (0.2) Average pay rate — % 6.5 % 6.3 % 6.8 % — % — % 6.6 % Average receive rate — % 3.3 % 3.6 % 4.2 % — % — % 3.7 % (a) Includes the effects of our fixed-to-fixed cross-currency swaps, which are discussed further below under the heading “Foreign Exchange Risk Management.” (b) Notional amounts are used to calculate the interest to be paid or received and do not represent our exposure to credit loss.
(b) Includes the effects of our fixed-to-fixed cross-currency swaps, which are discussed further below under the heading “Foreign Exchange Risk Management.” (c) Notional amounts are used to calculate the interest to be paid or received and do not represent our exposure to credit loss.
Added
(in billions) 2026 2027 2028 2029 2030 Thereafter (a) Total Estimated Fair Value as of December 31, 2025 Debt Fixed-rate debt $ 5.9 $ 5.0 $ 5.7 $ 4.8 $ 4.8 $ 75.4 $ 101.6 $ 87.1 Average interest rate (b) 2.1 % 2.9 % 4.0 % 3.5 % 3.4 % 4.0 % 3.8 % Variable-rate debt $ — $ — $ — $ 0.1 $ 0.1 $ 3.0 $ 3.2 $ 3.2 Average interest rate 2.5 % 2.5 % 2.5 % 2.5 % 2.5 % 2.5 % 2.5 % Fixed-to-Variable Interest Rate Swaps Notional amount (c) $ 1.3 $ 0.3 $ 1.0 $ — $ — $ — $ 2.5 $ (0.1) Average pay rate 6.1 % 5.9 % 6.4 % — % — % — % 6.2 % Average receive rate 3.3 % 3.6 % 4.2 % — % — % — % 3.7 % (a) Subsequent to December 31, 2025, Versant’s $1.0 billion aggregate principal amount of 7.25% fixed-rate senior secured notes due January 2031 was removed from our consolidated balance sheet as a result of the Separation.

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