COMCAST CORPCMCSA
COMCAST CORP Segments Disclosure
Note 2: Segment Information | ||
We are a global media and technology company with five segments: Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios and Theme Parks. Our segments align to our primary business operations and how our , the chief operating decision maker, reviews our operating results. See Note 3 for a description of the various products and services within each segment.
Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. Transactions between our segments generally include intercompany profit consistent with third-party transactions. The Residential Connectivity & Platforms and the Business Services Connectivity segments use certain shared infrastructure, including our network in the United States, and each segment is presented with its direct costs and an allocation of shared costs, as well as revenue from its customers.
Our financial data by segment is presented in the tables below. We do not present asset information for our segments as this information is not used to allocate resources.
Year Ended December 31, 2025 | ||||||||||||||||||||
| (in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total | ||||||||||||||
| Revenue from external customers | $ | 70,599 | $ | 10,214 | $ | 22,168 | $ | 8,080 | $ | 9,835 | $ | 120,896 | ||||||||
Intersegment revenue(a) | 104 | 23 | 4,922 | 3,205 | 1 | 8,256 | ||||||||||||||
| 70,704 | 10,237 | 27,090 | 11,286 | 9,836 | 129,152 | |||||||||||||||
Reconciliation of Revenue | ||||||||||||||||||||
Other revenue(b) | 3,090 | |||||||||||||||||||
Eliminations(a) | (8,535) | |||||||||||||||||||
| Total consolidated revenue | $ | 123,707 | ||||||||||||||||||
Less segment expenses:(c) | ||||||||||||||||||||
| Programming and production | $ | 16,007 | $ | 17,866 | $ | 7,441 | ||||||||||||||
| Marketing and promotion | 1,463 | 1,773 | ||||||||||||||||||
Other(d) | 28,044 | 4,512 | 4,565 | 973 | 6,756 | |||||||||||||||
Segment Adjusted EBITDA(e) | $ | 26,653 | $ | 5,725 | $ | 3,196 | $ | 1,099 | $ | 3,080 | $ | 39,753 | ||||||||
Reconciliation of total segment Adjusted EBITDA | ||||||||||||||||||||
Media, Studios and Theme Parks headquarters and other(f) | (1,095) | |||||||||||||||||||
Corporate and other(b)(e)(g) | (1,975) | |||||||||||||||||||
Eliminations | 200 | |||||||||||||||||||
| Depreciation | (9,327) | |||||||||||||||||||
| Amortization | (6,884) | |||||||||||||||||||
| Interest expense | (4,409) | |||||||||||||||||||
| Investment and other income (loss), net | 9,503 | |||||||||||||||||||
Income before income taxes | $ | 25,766 | ||||||||||||||||||
Year Ended December 31, 2024 | ||||||||||||||||||||
| (in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total | ||||||||||||||
| Revenue from external customers | $ | 71,401 | $ | 9,678 | $ | 23,463 | $ | 7,832 | $ | 8,615 | $ | 120,990 | ||||||||
Intersegment revenue(a) | 173 | 23 | 4,685 | 3,259 | 1 | 8,142 | ||||||||||||||
| 71,574 | 9,701 | 28,148 | 11,092 | 8,617 | 129,132 | |||||||||||||||
Reconciliation of Revenue | ||||||||||||||||||||
Other revenue(b) | 2,982 | |||||||||||||||||||
Eliminations(a) | (8,383) | |||||||||||||||||||
| Total consolidated revenue | $ | 123,731 | ||||||||||||||||||
Less segment expenses:(c) | ||||||||||||||||||||
| Programming and production | $ | 16,881 | $ | 18,968 | $ | 7,257 | ||||||||||||||
| Marketing and promotion | 1,473 | 1,483 | ||||||||||||||||||
Other(d) | 27,355 | 4,201 | 4,577 | 947 | 5,668 | |||||||||||||||
Segment Adjusted EBITDA(e) | $ | 27,338 | $ | 5,500 | $ | 3,130 | $ | 1,404 | $ | 2,949 | $ | 40,322 | ||||||||
Reconciliation of total segment Adjusted EBITDA | ||||||||||||||||||||
Media, Studios and Theme Parks headquarters and other(f) | (831) | |||||||||||||||||||
Corporate and other(b)(e)(g) | (1,346) | |||||||||||||||||||
Eliminations | (47) | |||||||||||||||||||
| Depreciation | (8,729) | |||||||||||||||||||
| Amortization | (6,072) | |||||||||||||||||||
| Interest expense | (4,134) | |||||||||||||||||||
| Investment and other income (loss), net | (490) | |||||||||||||||||||
Income before income taxes | $ | 18,673 | ||||||||||||||||||
Year Ended December 31, 2023 | ||||||||||||||||||||
| (in millions) | Residential Connectivity & Platforms | Business Services Connectivity | Media | Studios | Theme Parks | Total | ||||||||||||||
| Revenue from external customers | $ | 71,739 | $ | 9,233 | $ | 20,734 | $ | 8,308 | $ | 8,948 | $ | 118,962 | ||||||||
Intersegment revenue(a) | 207 | 22 | 4,621 | 3,317 | (1) | 8,166 | ||||||||||||||
| 71,946 | 9,255 | 25,355 | 11,625 | 8,947 | 127,128 | |||||||||||||||
Reconciliation of Revenue | ||||||||||||||||||||
Other revenue(b) | 2,827 | |||||||||||||||||||
Eliminations(a) | (8,383) | |||||||||||||||||||
| Total consolidated revenue | $ | 121,572 | ||||||||||||||||||
Less segment expenses:(c) | ||||||||||||||||||||
| Programming and production | $ | 18,067 | $ | 16,921 | $ | 7,958 | ||||||||||||||
| Marketing and promotion | 1,389 | 1,579 | ||||||||||||||||||
Other(d) | 26,932 | 3,964 | 4,091 | 818 | 5,602 | |||||||||||||||
Segment Adjusted EBITDA(e) | $ | 26,948 | $ | 5,291 | $ | 2,955 | $ | 1,269 | $ | 3,345 | $ | 39,808 | ||||||||
Reconciliation of total segment Adjusted EBITDA | ||||||||||||||||||||
Media, Studios and Theme Parks headquarters and other(f) | (946) | |||||||||||||||||||
Corporate and other(b)(e) | (1,318) | |||||||||||||||||||
Eliminations | 105 | |||||||||||||||||||
| Depreciation | (8,854) | |||||||||||||||||||
| Amortization | (5,482) | |||||||||||||||||||
| Interest expense | (4,087) | |||||||||||||||||||
| Investment and other income (loss), net | 1,252 | |||||||||||||||||||
Income before income taxes | $ | 20,478 | ||||||||||||||||||
(a)Our most significant intersegment revenue transactions include distribution revenue in Media related to fees from Residential Connectivity & Platforms for the rights to distribute television programming, and content licensing revenue in Studios for licenses of owned content to Media. Revenue for licenses of content from Studios to Media is generally recognized at a point in time, consistent with the recognition of transactions with third parties, when the content is delivered and made available for use. The costs of these licenses in Media are recognized as the content is used over the license period. The difference in timing of recognition between segments results in an Adjusted EBITDA impact in eliminations, as the profits (losses) on these transactions are deferred in our consolidated results and recognized as the content is used over the license period.
(b)Includes the operations of our Sky-branded video services and television networks in Germany; Comcast Spectacor, which owns the Philadelphia Flyers and the Xfinity Mobile Arena in Philadelphia, Pennsylvania; and Xumo, our consolidated streaming platform joint venture with Charter Communications. Corporate and other also includes overhead and personnel costs for Corporate.
(c)The significant expense categories and amounts align with the segment-level information that is regularly provided to our chief operating decision maker. Intersegment expenses are included in the amounts shown.
(d)Other for each segment primarily includes:
Residential Connectivity & Platforms and Business Services Connectivity: technical and support expenses; direct product costs; marketing and promotion expenses; customer service expenses; administrative personnel costs; franchise and other regulatory fees; fees paid to third parties where we sell advertising on their behalf; bad debt; and other business, headquarters and support costs, including building and office expenses, taxes and billing costs necessary to operate the Residential Connectivity & Platforms and Business Services Connectivity segments. Our chief operating decision maker uses aggregate expense information to manage the operations of the Business Services Connectivity segment.
Media and Studios: salaries, employee benefits, rent and other overhead expenses.
Theme Parks: theme park operations, including repairs and maintenance and related administrative expenses; food, beverage and merchandise costs; labor costs; and sales and marketing costs. Our chief operating decision maker uses aggregate expense information to manage the operations of the Theme Parks segment.
(e)We use Adjusted EBITDA as the measure of profit or loss for our segments. For each of our segments, our chief operating decision maker uses Adjusted EBITDA to measure operational strength and performance, assist in the evaluation of underlying trends, and allocate resources in the annual budget and forecasting process. Adjusted EBITDA is also a significant performance measure in our annual incentive compensation programs. From time to time we may report the impact of certain events, gains, losses or other charges related to our segments within Corporate and other.
(f)Includes overhead, personnel costs and other costs necessary to operate the Media, Studios and Theme Parks segments.
(g)The years ended December 31, 2025 and 2024 include $483 million and $7 million, respectively, of transaction and transaction-related costs associated with the Separation of Versant.
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.