v3.24.4
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information
Note 2: Segment Information
We are a global media and technology company with five segments: Residential Connectivity & Platforms, Business Services Connectivity, Media, Studios and Theme Parks. Our segments align to our primary business operations and how our Chairman and Chief Executive Officer, the chief operating decision maker, reviews our operating results. See Note 3 for a description of the various products and services within each segment.
Our segments generally report transactions with one another as if they were stand-alone businesses in accordance with GAAP, and these transactions are eliminated in consolidation. When multiple segments enter into transactions to provide products and services to third parties, revenue is generally allocated to our segments based on relative value. Transactions between our segments generally include intercompany profit consistent with third-party transactions. The Residential Connectivity & Platforms and the Business Services Connectivity segments use certain shared infrastructure, including our network in the United States, and each segment is presented with its direct costs and an allocation of shared costs, as well as revenue from its customers.
Our financial data by segment is presented in the tables below. We do not present asset information for our segments as this information is not used to allocate resources. 
Year Ended December 31, 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 promotion1,473 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)
(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 promotion1,389 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), net1,252 
Income before income taxes
$20,478 
Year Ended December 31, 2022
(in millions)
Residential Connectivity & Platforms
Business Services Connectivity
Media
Studios
Theme Parks
Total
Revenue from external customers$72,177 $8,798 $22,147 $8,294 $7,541 $118,957 
Intersegment revenue(a)
208 21 4,572 3,963 1 8,765 
72,386 8,819 26,719 12,257 7,541 127,722 
Reconciliation of Revenue
Other revenue(b)
2,737 
Eliminations(a)
(9,032)
Total consolidated revenue$121,427 
Less segment expenses:(c)
Programming and production$18,500 $17,650 $8,778 
Marketing and promotion1,520 1,699 
Other(d)
27,775 3,759 3,951 819 4,858 
Segment Adjusted EBITDA(e)
$26,111 $5,060 $3,598 $961 $2,683 $38,414 
Reconciliation of total segment Adjusted EBITDA
Media, Studios and Theme Parks headquarters and other(f)
(881)
Corporate and other(b)(e)
(1,021)
Eliminations
(66)
Depreciation(8,724)
Amortization(5,097)
Goodwill and long-lived asset impairments(g)
(8,583)
Interest expense(3,896)
Investment and other income (loss), net(861)
Income before income taxes
$9,284 
(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 Wells Fargo Center 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; direct product costs; marketing and promotion; customer service; 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)Refer to Note 9 for a discussion of impairment charges in 2022 related to goodwill and long-lived assets.