AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 29/10/2026
Moat38
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Installed infrastructure and repeatedly licensed owned content provide identifiable advantages. Library breadth and recent film success support differentiation. Competing network deployment and falling broadband penetration limit economic protection; no comparative cost study or margin-based inference establishes a stronger company-wide moat.
durability · 2/4 · Physical infrastructure and protected content libraries support persistence, but network upgrades require continuing capital and European sports rights typically renew through competitive three-to-five-year auctions. Recent content success does not demonstrate resilience across many cycles. The proposed separation adds uncertainty about Comcast's future asset perimeter.
customer dependency · 1/4 · June domestic broadband penetration fell to 47.9% from 49.7%, alongside broadband and video customer losses. September commentary confirms continuing competitive pressure. Growing wireless lines and Peacock subscriptions demonstrate demand elsewhere, but do not establish strong switching friction or dependence on Comcast's combined offering.
erosion resilience · 1/4 · Residential Connectivity & Platforms third-quarter Adjusted EBITDA fell 5.8% and its margin declined 90 basis points year over year, following customer erosion. Peacock and Studios provide demonstrated offsets, but improved retention from the broadband pricing pivot remains an expectation rather than established resistance to substitution.
Pricing power44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 1/4 · An implemented free-wireless promotion represents a pricing concession, while first-half domestic broadband revenue and customers declined. This supports fragile pricing economics without attributing the entire revenue decline to price. The stated negative ARPU effect remains forward-looking; content growth does not isolate realized pricing from volume or mix.
retention · 2/4 · Indirect demand evidence is mixed: first-half broadband and video losses moderated but customer bases still contracted; September wireless lines reached 10.6 million and Peacock paid subscribers reached 48 million. Net additions and subscriber totals combine acquisition and retention, so they do not establish cohort renewal or churn rates.
margin resilience · 2/4 · Peacock's second consecutive profitable quarter provides a meaningful improvement, while residential and business connectivity margins declined year over year in the third quarter. First-half Media earnings also fell sharply as programming costs increased. The overall evidence is mixed, with sporting-event timing limiting straightforward period comparisons.
contractual freedom · 2/4 · Comcast exercised discretion to simplify broadband pricing and offer a free wireless line. Broadcast stations can choose retransmission consent and negotiate compensation. Distribution renewals remain constrained by market conditions, regulation and consolidation; the passages establish some pricing discretion rather than comprehensive or unconstrained contractual freedom.
Predictability94
5 consecutive published annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 1.75
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 2.21
- observedAnnualPeriods
- 5.00
Financial strength27
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or reported pretax profit plus reported gross interest expense. Reported EBIT is distinct from GAAP operating income and gross interest. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 49.73
- netDebtEbitGrade
- 13.45
- interestCoverageGrade
- 33.53
- currentRatioGrade
- 10.56
- Debt / FCF (x)
- 4.52
- Net debt / operating income (x)
- 4.33
- Interest coverage (x)
- 4.69
- Current ratio (x)
- 0.88
Capital allocation88
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or EBIT calculated from reported pretax profit plus reported gross interest expense; the issuer-reported EBIT is distinct from GAAP operating income and gross interest; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. ROIC remains undefined for nonpositive invested capital; the explicit asset-return alternative does not change the ROIC chart. Missing financial inputs alone never trigger an alternative. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 12.69
- 3-year average dilution (%)
- -7.65
- 3-year average SBC / revenue (%)
- 1.03
- cashConversionGrade
- 100.00
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · 2025 operating cash flow of $33.643 billion funded capital expenditures and intangible investment, leaving $19.235 billion of disclosed free cash flow. Nine-month 2026 operating cash flow declined to $22.886 billion and repurchases were suspended. Funding capacity is demonstrated, tempered by substantial obligations and unestablished project returns.
incentive alignment · 2/4 · Actual three-year PSU metrics include ROIC, relative adjusted EPS growth and relative TSR. The applied negative TSR modifier demonstrates a functioning shareholder-return link. Nevertheless, the resulting payout was 108% of target despite 14th-percentile relative TSR, supporting mixed alignment rather than exceptional performance accountability.
execution · 2/4 · Completed Versant separation, Epic Universe's opening, wireless growth, successful films and two profitable Peacock quarters demonstrate delivery. Continuing broadband pressure and weaker residential connectivity earnings offset these achievements. Operating results provide indirect execution evidence; neither the proposed separation nor adequate lifetime returns on every investment are demonstrated.
governance · 2/4 · Independent committee membership, lead-director powers, annual elections and clawback policies support oversight. Unequal Class A and Class B voting rights weaken proportional accountability. June results confirm compensation advisory approval and rejection of an independent-chair policy; nominee independence statistics remain distinct from demonstrated election outcomes.
Evidence
Cable Franchise Rights Our cable franchise rights assets result from agreements we have with state and local governments that allow us to construct and operate a cable business within a specified geographic area.
2025 Form 10-K, filed 2026-02-03; cable franchise rights definition · Filed 03/02/2026
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.
2025 Form 10-K, filed 2026-02-03; page 49, Connectivity & Platforms capital expenditures and network investment · Filed 03/02/2026
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.
2025 Form 10-K, filed 2026-02-03; Business, broadband competition · Filed 03/02/2026
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.
2025 Form 10-K, filed 2026-02-03; Business, wireless broadband competition · Filed 03/02/2026
20 Table of Contents Connectivity & Platforms Customer Metrics Net Additions / (Losses) June 30, Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 2026 2025 Residential Connectivity & Platforms Customer Relationships(a) Domestic Residential Connectivity & Platforms customer relationships 30,179 30,746 (166) (223) (261) (427) International Residential Connectivity & Platforms customer relationships(b) 17,539 17,573 (64) (102) 40 (113) Total Residential Connectivity & Platforms customer relationships(b) 47,718 48,318 (230) (325) (221) (540) Domestic Residential Broadband Domestic broadband residential customers 28,486 28,989 (167) (201) (233) (384) Domestic residential passings(c) 59,443 58,356 Domestic broadband residential penetration of residential passings(d) 47.9 % 49.7 % Domestic Wireless Domestic wireless lines(e) 10,187 8,527 448 378 883 701 Domestic Video Domestic video customers 10,668 11,771 (280) (325) (601) (751) (a)Residential Connectivity & Platforms customer relationships generally represent the number of residential customers that subscribe to at least one of our services.
June 2026 Form 10-Q, filed 2026-07-23; page 20, customer metrics and customer-relationship definition · Filed 23/07/2026
Our customer relationship net additions/(losses) continue to be negatively impacted by an increasingly competitive environment.
September 2026 Form 10-Q, filed 2026-10-22; MD&A, realized competitive impact on customer relationships · Filed 22/10/2026
In 2025, we simplified our broadband pricing structure and began offering a free wireless line for one year to new and existing domestic broadband customers, which we expect will improve customer retention and strengthen our ability to compete for new customers, but will negatively impact average domestic broadband revenue per customer.
September 2026 Form 10-Q, filed 2026-10-22; MD&A, implemented pricing changes and expected effects · Filed 22/10/2026
Revenue is generated primarily from the worldwide licensing of our owned film and television content and from the worldwide distribution of our produced and acquired films for exhibition in movie theaters.
2025 Form 10-K, filed 2026-02-03; Studios, owned-content licensing and theatrical distribution · Filed 03/02/2026
After their initial release, we distribute films globally to different customers over multiple licensing windows.
2025 Form 10-K, filed 2026-02-03; Studios, multiple licensing windows · Filed 03/02/2026
We license films, including recent films and selections from our film library, which is comprised of more than 6,500 movies in a variety of genres, to linear television networks and DTC streaming service providers, and to video on demand services provided by multichannel video providers.
2025 Form 10-K, filed 2026-02-03; Studios, film library and licensing customers · Filed 03/02/2026
Other Areas of Regulation Intellectual Property Copyright, trademark, unfair competition, patent, trade secret and other proprietary-rights laws of the United States and other countries help protect our intellectual property rights.
2025 Form 10-K, filed 2026-02-03; intellectual-property protection · Filed 03/02/2026
•Peacock Delivered EBITDA of $261 Million, Increasing $478 Million Year-over-Year; Paid Subscribers Increased 17% Year-over-Year to 48 Million
1
•The Odyssey Premiered in July and Became Universal's Highest Grossing Film of All Time with Nearly $1.8 Billion in Worldwide Box Office Year-to-Date; Universal Became the First Studio to Reach $5 Billion at the Global Box Office in 2026; Studios EBITDA Increased 18.6% to $402 Million
Third-quarter 2026 earnings release, filed 2026-10-22; Peacock subscribers and earnings, film performance and Studios earnings · Filed 22/10/2026
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.
2025 Form 10-K, filed 2026-02-03; European sports-rights auctions and contract duration · Filed 03/02/2026
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.
2025 Form 10-K, filed 2026-02-03; entertainment alternatives and audience fragmentation · Filed 03/02/2026
Residential Connectivity & Platforms
$6,110
$6,484
(5.8
%)
(5.8
%)
Business Services Connectivity
1,478
1,454
1.7
%
1.7
%
Total Connectivity & Platforms Adjusted EBITDA
$7,588
$7,938
(4.4
%)
(4.4
%)
Connectivity & Platforms Adjusted EBITDA Margin
Third-quarter 2026 earnings release, filed 2026-10-22; Connectivity & Platforms Adjusted EBITDA, third-quarter 2026 versus 2025, dollars in millions · Filed 22/10/2026
Residential Connectivity & Platforms
35.9
%
36.8
%
(90) bps
(90) bps
Business Services Connectivity
55.9
%
56.4
%
(50) bps
(50) bps
Total Connectivity & Platforms Adjusted EBITDA Margin
38.6
%
39.3
%
(70) bps
(70) bps
Change percentages represent year/year growth rates.
Third-quarter 2026 earnings release, filed 2026-10-22; Connectivity & Platforms Adjusted EBITDA margins and year-over-year changes · Filed 22/10/2026
24 Table of Contents Media Segment Results of Operations Three Months Ended June 30, Change Six Months Ended June 30, Change (in millions) 2026 2025 % 2026 2025 % Revenue Domestic advertising $ 2,163 $ 1,395 55.0 % $ 5,616 $ 2,863 96.2 % Domestic distribution 1,993 1,632 22.1 4,276 3,299 29.6 International networks 1,330 1,254 6.1 2,621 2,403 9.1 Other 204 261 (21.9) 457 505 (9.5) Total revenue 5,691 4,543 25.3 12,970 9,069 43.0 Costs and Expenses Programming and production 3,699 2,759 34.1 10,003 6,042 65.6 Marketing and promotion 289 285 1.6 694 591 17.3 Other 994 816 21.8 1,991 1,646 21.0 Total costs and expenses 4,983 3,860 29.1 % 12,688 8,279 53.3 % Adjusted EBITDA $ 708 $ 683 3.7 % $ 282 $ 790 (64.3) % Media Segment – Revenue Revenue increased for the three months ended June 30, 2026 compared to the same period in 2025, including the impact of the FIFA World Cup in the second quarter of 2026.
June 2026 Form 10-Q, filed 2026-07-23; page 24, Media results and FIFA World Cup comparability · Filed 23/07/2026
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.
2025 Form 10-K, filed 2026-02-03; piracy and copyrighted-content risks · Filed 03/02/2026
10 Table of Contents Comcast Corporation Note 3: Revenue Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025(a) 2026 2025(a) Domestic broadband $ 6,280 $ 6,649 $ 12,618 $ 13,327 Domestic wireless service 1,007 882 1,984 1,732 Domestic wireless equipment 404 313 821 587 International connectivity 1,246 1,219 2,486 2,351 Video 6,092 6,605 12,347 13,206 Advertising 962 951 1,913 1,850 Other 1,133 1,219 2,277 2,452 Total Residential Connectivity & Platforms Segment 17,124 17,839 34,446 35,504 Total Business Services Connectivity Segment 2,671 2,575 5,311 5,071 Domestic advertising 2,163 1,395 5,616 2,863 Domestic distribution 1,993 1,632 4,276 3,299 International networks 1,330 1,254 2,621 2,403 Other 204 261 457 505 Total Media Segment 5,691 4,543 12,970 9,069 Content licensing 1,799 1,805 4,772 3,979 Theatrical 972 284 1,088 570 Other 269 343 605 709 Total Studios Segment 3,040 2,432 6,466 5,259 Total Theme Parks Segment 2,413 2,349 4,744 4,226 Versant revenue(b) — 1,770 — 3,539 Other revenue 771 885 1,792 1,802 Eliminations(c) (1,771) (2,081) (4,333) (4,270) Total revenue $ 29,940 $ 30,313 $ 61,396 $ 60,199 (a) Beginning in the first quarter of 2026, commission revenue from the sale of certain direct to consumer (“DTC”) streaming services is presented in broadband revenue or video revenue based on whether a customer is entitled to receive the DTC streaming service through a broadband or video service offering.
June 2026 Form 10-Q, filed 2026-07-23; Note 3 revenue, including broadband presentation footnote · Filed 23/07/2026
Our owned local broadcast television stations must elect, with respect to retransmission by certain multichannel video providers, either “must-carry” status, in which we require the provider to carry the station without paying any compensation to us, or “retransmission consent,” in which we give up our right to mandatory carriage and instead seek to negotiate the terms and conditions of carriage, including the amount of compensation, if any, paid to us by such provider.
2025 Form 10-K, filed 2026-02-03; broadcast retransmission carriage and compensation choices · Filed 03/02/2026
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.
2025 Form 10-K, filed 2026-02-03; distribution agreement renewal constraints · Filed 03/02/2026
A-1 2026 Proxy Statement Table of Contents RECONCILIATION FROM NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW ($ in millions) YEAR ENDED DECEMBER 31, 2025 2024 Net cash provided by operating activities 33,643 27,673 Capital expenditures (11,750 ) (12,181 ) Cash paid for capitalized software and other intangible assets (2,658 ) (2,949 ) Free Cash Flow 19,235 12,543 2026 Proxy Statement A-2 Table of Contents Table of Contents w SCAN TO VIEW MATERIALS & VOTE VOTE BY INTERNET Before The Meeting - Go to www.proxyvote.com or scan the QR Barcode above Use the Internet to transmit your voting instructions up until 11:59 P.M.
2026 proxy, filed 2026-04-24; Appendix A-2, 2025 and 2024 operating cash flow to free cash flow reconciliation · Filed 24/04/2026
Operating Activities
Components of Net Cash Provided by Operating Activities
Nine Months Ended
September 30,
(in millions)
2026
2025
Operating income
$
14,616
$
17,184
Depreciation and amortization
11,252
12,023
Noncash share-based compensation
1,134
1,014
Changes in operating assets and liabilities
(250)
(783)
Payments of interest
(2,646)
(2,682)
Payments of income taxes
(1,497)
(2,378)
Proceeds from investments and other
276
423
Net cash provided by operating activities
$
22,886
$
24,802
The variance in changes in operating assets and liabilities for the nine months ended September 30, 2026 compared to the same period in 2025 was primarily related to the timing of amortization and related payments for our film and television costs, including the timing of sports, and the timing of third-party transferable tax credits purchases, partially offset by increases in accounts receivable and decreases in deferred revenue.
September 2026 Form 10-Q, filed 2026-10-22; nine-month operating cash flow and timing explanations · Filed 22/10/2026
In connection with the proposed NBCUniversal Spin-off, we suspended our share repurchase program as of the beginning of the third quarter of 2026.
September 2026 Form 10-Q, filed 2026-10-22; actual suspension of share repurchases · Filed 22/10/2026
Share Repurchases Under Share Repurchase Program Authorization and Dividends Paid and Weighted-Average Number of Common Shares Outstanding - Diluted ($ in billions and shares in millions) Contractual Obligations The following table summarizes our most significant contractual obligations as of December 31, 2025: As of December 31, 2025 (in billions) Total Within the next 12 months Beyond the next 12 months Debt obligations(a) $ 104.8 $ 6.0 $ 98.8 Programming and production obligations(b)(c) 93.8 18.3 75.5 51 Comcast 2025 Annual Report on Form 10-K Table of Contents (a)Amounts represent the face value of debt and exclude interest payments.
2025 Form 10-K, filed 2026-02-03; contractual obligations at December 31, 2025, including debt-definition footnote · Filed 03/02/2026
PSUs are earned based on our performance over a cumulative three-year period against two relative performance metrics relating to Adjusted Earnings Per Share (“EPS”) growth and Total Shareholder Return (“TSR”), as well as an absolute Return on Invested Capital (“ROIC”) performance metric.
2026 proxy, filed 2026-04-24; actual three-year PSU performance metrics · Filed 24/04/2026
The combined PSU payout percentage based on the above levels of ROIC and Relative Adjusted EPS Growth achievement was 144%, which, after applying a Relative TSR Modifier of -25% based on a 14th percentile ranking relative to the S&P 100 Index, resulted in the 108% total payout.
2026 proxy, filed 2026-04-24; realized PSU payout and relative TSR modifier · Filed 24/04/2026
•there are risks related to our intention to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky
Table of Contents
PART I: FINANCIAL INFORMATION
ITEM 1: FINANCIAL STATEMENTS
Comcast Corporation
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions, except per share data)
2026
2025
2026
2025
Revenue
$
29,298
$
31,198
$
90,695
$
91,397
Costs and Expenses:
Programming and production
7,515
8,655
26,789
24,646
Marketing and promotion
2,119
2,196
6,540
6,435
Other operating and administrative
10,645
10,795
31,498
31,109
Depreciation
2,385
2,353
7,108
6,934
Amortization
1,314
1,666
4,144
5,089
Total costs and expenses
23,978
25,665
76,079
74,213
Operating income
5,320
5,534
14,616
17,184
Interest expense
(962)
(1,128)
(3,108)
(3,283)
Investment and other income (loss), net
88
61
283
9,705
Income before income taxes
4,446
4,468
11,791
23,607
Income tax expense
(1,084)
(1,218)
(2,983)
(6,017)
Net income
3,362
3,249
8,807
17,590
Less: Net income (loss) attributable to noncontrolling interests
(87)
(83)
(341)
(241)
Net income attributable to Comcast Corporation
$
3,448
$
3,332
September 2026 Form 10-Q, filed 2026-10-22; proposed NBCUniversal and Sky separation risk and consolidated income statement · Filed 22/10/2026
Board Independence/Composition • Strong Lead Independent Director, with defined role and responsibilities, including authority to review and approve agendas, materials and meeting schedules for Board meetings • Lead Independent Director is appointed by independent directors annually • Nine of 11 director nominees are independent • Added four new independent directors within past three years; average independent director tenure is nine years • Director tenure considered in annual Board director independence determinations • All members of Board committees are independent • Opportunity for executive sessions at every Board and committee meeting • Compensation Committee directly retains independent compensation consultant Board Performance • Annual Board and committee evaluations • Board/committee oversight of strategy, significant company risks and corporate responsibility matters • Annual Board and Compensation Committee discussion of succession planning for co-CEOs and other senior executives • Director education on key Company topics and issues, including as requested by independent directors Corporate Governance • Independent director retirement policy at age 75 • Director “overboarding” policy • Robust shareholder engagement program • Annual director elections • Proxy access bylaw • Recoupment (“clawback”) policy for executive compensation • No automatic acceleration of vesting in connection with a change in control Succession Planning Ensuring that we have the appropriate senior management talent to successfully pursue our strategies is one of the Board’s primary responsibilities.
2026 proxy, filed 2026-04-24; existing board oversight arrangements, governance policies and conditional nominee composition · Filed 24/04/2026
As of the record date, each holder of Class A common stock is entitled to 0.07949 votes per share and each holder of Class B common stock is entitled to 15 votes per share.
2026 proxy, filed 2026-04-24; voting rights as of the April 8, 2026 record date · Filed 24/04/2026
Note 6: Significant Transactions Versant Separation On January 2, 2026, we completed the previously announced separation of Versant into an independent, publicly traded company with its Class A common stock listed on The Nasdaq Stock Market under the ticker symbol “VSNT.”
June 2026 Form 10-Q, filed 2026-07-23; Note 6, completed Versant separation on January 2, 2026 · Filed 23/07/2026
• Universal theme parks increased revenue by 14.2% and Adjusted EBITDA by 4.5%, driven by the successful opening of Epic Universe in May 2025.
2026 proxy, filed 2026-04-24; 2025 theme-park revenue and earnings growth and Epic Universe opening · Filed 24/04/2026
In Content & Experiences, Peacock delivered its second consecutive profitable quarter, generating $261 million in Adjusted EBITDA on $1.8 billion in revenue, driven by strong growth in distribution, while Universal surpassed $5 billion at the global box office, led by the record-breaking success of The Odyssey, now Universal's highest-grossing film of all time.
Third-quarter 2026 earnings release, filed 2026-10-22; management commentary reporting Peacock's second consecutive profitable quarter · Filed 22/10/2026
•Domestic Wireless Customer Line Net Additions Were 368,000 and 1.6 Million Over the Last 12 Months; Total Wireless Lines Increased to 10.6 Million, Reaching Nearly 18% Penetration of Our Domestic Residential Broadband Customers and 7% of Total Addressable Wireless Lines in Our Footprint
Third-quarter 2026 earnings release, filed 2026-10-22; wireless net additions, total lines and penetration denominators · Filed 22/10/2026
For
Against
Abstain
Broker Non-Votes
217,159,284
154,472,928
887,255
22,027,820
(4)A shareholder proposal to adopt a policy to have an independent chair, as described in the proxy statement, was not approved.
Annual-meeting results Form 8-K, filed 2026-06-12; compensation advisory-vote results and rejection of independent-chair proposal · Filed 12/06/2026
(c)Subsequent to December 31, 2025, certain content license agreements, or parts thereof, including sports rights agreements, were transferred to Versant in connection with the Separation, thereby reducing our programming and production obligations by $5.9 billion, of which $1.5 billion was due within the next 12 months and $4.4 billion was due thereafter.
2025 Form 10-K, filed 2026-02-03; programming obligations transferred to Versant after year-end · Filed 03/02/2026
Free Cash Flow has certain limitations, including that it does not represent the residual cash flow available for discretionary expenditures since other non-discretionary payments, such as mandatory debt repayments, are not deducted from the measure.
Third-quarter 2026 financial-measure explanation, filed 2026-10-22; free cash flow excludes mandatory debt repayments · Filed 22/10/2026
