COMCAST CORPCMCSA
COMCAST CORP Debt Disclosure
Note 6: Debt | ||
Debt Outstanding | ||||||||||||||||||||
| December 31 (in billions) | Weighted-Average Interest Rate as of December 31, 2025(a) | Weighted-Average Interest Rate as of December 31, 2024(a) | 2025(b) | 2024(b) | ||||||||||||||||
| Term loans | 2.5 | % | 3.2 | % | $ | 3.2 | $ | 3.1 | ||||||||||||
| Senior notes with maturities of 5 years or less, at face value | 3.3 | % | 3.4 | % | 25.4 | 26.7 | ||||||||||||||
| Senior notes with maturities between 5 and 10 years, at face value | 4.2 | % | 3.6 | % | 18.7 | 18.1 | ||||||||||||||
| Senior notes with maturities greater than 10 years, at face value | 3.8 | % | 3.9 | % | 55.4 | 55.4 | ||||||||||||||
| Finance lease obligations and other | 2.1 | 1.9 | ||||||||||||||||||
| Debt issuance costs, premiums, discounts, fair value adjustments for acquisition accounting and hedged positions, net | (5.9) | (6.0) | ||||||||||||||||||
| Total debt | 98.9 | 99.1 | ||||||||||||||||||
| Less: Current portion | 6.0 | 4.9 | ||||||||||||||||||
Noncurrent portion of debt | $ | 93.0 | $ | 94.2 | ||||||||||||||||
(a)Represents the weighted-average interest rates based on the stated coupon rate. The weighted-average effective interest rate for total debt, including the effects of amortization of debt issuance costs, premiums, discounts and fair value adjustments for acquisition accounting and excluding finance lease obligations and the effects of our derivative financial instruments, was 4.0% as of both December 31, 2025 and 2024.
(b)As of December 31, 2025, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £3.3 billion, €8.0 billion and ¥22.3 billion RMB. As of December 31, 2024, included in our outstanding debt were foreign currency denominated senior notes and term loans with principal amounts of £3.3 billion, €8.5 billion and ¥22.3 billion RMB.
Our senior notes are unsubordinated and unsecured obligations and are subject to parent and/or subsidiary guarantees. As of December 31, 2025 and 2024, substantially all of our debt obligations were fixed-rate debt and our debt had an estimated fair value of $90.3 billion and $89.8 billion, respectively. The estimated fair value of our publicly traded debt was primarily based on Level 1 inputs that use quoted market value for the debt. The estimated fair value of debt for which there are no quoted market prices was based on Level 2 inputs that use interest rates available to us for debt with similar terms and remaining maturities.
Principal Maturities of Term Loans and Senior Notes | |||||
| (in billions) | |||||
| 2026 | $ | 5.8 | |||
| 2027 | $ | 4.9 | |||
| 2028 | $ | 5.6 | |||
| 2029 | $ | 4.7 | |||
| 2030 | $ | 4.8 | |||
Revolving Credit Facility and Commercial Paper Program
In May 2024, we entered into a new $11.8 billion revolving credit facility with a syndicate of banks, due May 17, 2029, that may be used for general corporate purposes. We may increase the commitments under the facility up to a total of $14.8 billion, as well as extend the expiration date to no later than May 17, 2031, subject to the approval of the lenders. The interest rate consists of a benchmark rate plus a borrowing margin that is determined based on Comcast’s credit rating. As of December 31, 2025, the borrowing margin for borrowings based on the Adjusted Term SOFR Rate, as defined in the agreement, was 0.875%. The facility requires that we maintain a certain financial ratio based on debt and EBITDA, as defined in the agreement. In connection with our entry into the new credit facility, we terminated our prior credit facility dated as of March 30, 2021. Our commercial paper program is supported by this revolving credit facility and provides a lower cost source of borrowing to fund short-term working capital requirements. As of December 31, 2025 and 2024, we had no borrowings outstanding under this revolving credit facility or our commercial paper program. As of December 31, 2025, amounts available under this revolving credit facility, net of amounts outstanding under our commercial paper program and outstanding letters of credit and bank guarantees, totaled $11.8 billion.
Letters of Credit and Bank Guarantees
As of December 31, 2025, we and certain of our subsidiaries had undrawn irrevocable standby letters of credit and bank guarantees totaling $313 million to cover potential fundings under various agreements.
Versant Financing
In October 2025, Versant entered into a credit agreement with respect to a $1.0 billion senior secured Term A Loan Facility due January 2031 and a $750 million Revolving Credit Facility due January 2031. As of December 31, 2025, the Term A Loan Facility was not funded and the Versant Revolving Credit Facility was undrawn. Versant also entered into an indenture pursuant to which Versant issued $1.0 billion aggregate principal amount of 7.25% senior secured Notes due January 2031. As of December 31, 2025, the net proceeds from the Notes issuance, plus accrued and unpaid interest, were held in an escrow account and reported as restricted cash within our consolidated balance sheet due to a special mandatory redemption provision that would have required the Notes to be redeemed if the Separation of Versant from Comcast had not been consummated by March 2, 2026.
On January 2, 2026, before the Distribution, Versant entered into a credit agreement with respect to a $1.0 billion Term B Loan Facility due January 2031, and each of the Term A Loan Facility and the Term B Loan Facility was funded. Versant’s $3.0 billion aggregate principal amount of indebtedness consisting of the Notes and borrowings under the Term A Loan Facility and Term B Loan Facility ceased to be consolidated indebtedness of Comcast in connection with the Separation. See Note 16 for additional information on the Separation.
Derivatives and Hedging
We use financial instruments designated as hedging instruments primarily to manage exposures to (1) foreign exchange rate fluctuations resulting from certain foreign currency denominated debt obligations and intercompany funding arrangements and from the consolidation of our foreign operations; and (2) interest rate risk relating to our debt. Our objective is to manage the financial and operational exposure arising from these risks by offsetting gains and losses on underlying exposures with gains and losses on the instruments used to hedge them.
December 31, 2025 | December 31, 2024 | ||||||||||||||||
| (in billions) | Designation | Notional | Net Derivative Asset (Liability) | Notional | Net Derivative Asset (Liability) | ||||||||||||
| Foreign Exchange Risk | |||||||||||||||||
| Foreign Currency Denominated Debt | |||||||||||||||||
| Cross-currency swaps | Fair value hedge | $ | 2.1 | $ | 0.1 | $ | 1.9 | $ | (0.1) | ||||||||
| Cross-currency swaps | Cash flow hedge | 0.8 | (0.2) | 0.8 | (0.2) | ||||||||||||
| Intercompany Loans | |||||||||||||||||
| Foreign currency forwards | Fair value hedge | 1.5 | — | 1.7 | 0.1 | ||||||||||||
| Net Investments in Foreign Subsidiaries | |||||||||||||||||
Foreign currency denominated debt(a) | Net investment hedge | 7.3 | 7.3 | ||||||||||||||
| Cross-currency swaps | Net investment hedge | 1.0 | 0.2 | 1.7 | 0.4 | ||||||||||||
| Interest Rate Risk | |||||||||||||||||
| Fixed-to-variable interest rate swaps | Fair value hedge | $ | 2.5 | $ | (0.1) | $ | 2.5 | $ | (0.2) | ||||||||
(a)Our foreign currency denominated debt designated as net investment hedges are non-derivative instruments and amount shown is the value of debt designated as a hedge.
The fair value of our derivative financial instruments are primarily measured using Level 2 inputs using a market-based approach. Net cash received or paid related to our derivative instruments is classified in our consolidated statements of cash flows based on the objective of the instrument and the classifications of the applicable underlying cash flows.
Changes in the fair value of derivative instruments accounted for as fair value hedges are primarily recorded within earnings and changes in the fair value of cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) until the hedged items affect earnings. The earnings impacts are recorded within the same line item as the item being hedged. The table below summarizes the impact of our hedged foreign currency denominated debt and intercompany loans and the associated derivative contracts on the other income (loss) component of investment and other income (loss).
Year ended December 31 (in billions) | 2025 | 2024 | 2023 | ||||||||||||||
| Foreign currency transaction gains (losses) | $ | (0.3) | $ | — | $ | (0.2) | |||||||||||
| Derivative gains (losses) | $ | 0.4 | $ | 0.1 | $ | 0.3 | |||||||||||
Transaction gains and losses resulting from currency movements on debt and changes in the fair value of cross-currency swaps designated as net investment hedges are recorded within the currency translation adjustments component of accumulated other comprehensive income (loss). The table below summarizes the amount of pre-tax gains (losses) related to net investment hedges recognized in the cumulative translation adjustments component of other comprehensive income (loss).
Year ended December 31 (in billions) | 2025 | 2024 | 2023 | ||||||||||||||
| Effect of net investment hedges | $ | (1.0) | $ | 0.9 | $ | 0.3 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 3, 2026 | Showing above |
| 2024 | Jan 31, 2025 | |
| 2023 | Jan 31, 2024 | |
| 2022 | Feb 3, 2023 | |
| 2021 | Feb 2, 2022 | |
| 2020 | Feb 4, 2021 | |
| 2019 | Jan 30, 2020 | |
| 2018 | Jan 31, 2019 | |
| 2017 | Jan 31, 2018 | |
| 2016 | Feb 3, 2017 | |
| 2015 | Feb 5, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.