Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 94 $ 162
Prepaid expenses and other current assets 218 290
Total current assets 1,098 1,149
Property and equipment, net 2,260 2,109
FCC licenses 8,610 8,610
Other intangible assets, net 1,455 1,579
Goodwill 12,390 12,390
Equity method investments 941 1,043
Other long-term assets 483 641
Total assets 27,237 27,521
Current liabilities:    
Accounts payable and accrued expenses 1,290 1,284
Accrued interest 171 172
Current portion of deferred revenue 976 1,050
Current maturities of debt 1,058 61
Total current liabilities 3,653 2,731
Long-term deferred revenue 92 82
Long-term debt, including $579 and $594 measured at fair value at December 31, 2025 and December 31, 2024, respectively (Note 12) 8,648 10,314
Deferred tax liabilities 2,238 2,220
Other long-term liabilities 1,043 1,100
Total liabilities 15,674 16,447
Commitments and contingencies (Note 15)
Stockholders’ Equity:    
Common stock, par value $0.001 per share; 900 shares authorized; 335 and 339 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 0 0
Accumulated other comprehensive loss, net of tax (50) (46)
Additional paid-in capital 0 0
Treasury stock, at cost; 45 thousand and 26 thousand shares of common stock at December 31, 2025 and December 31, 2024, respectively (1) (1)
Retained earnings 11,614 11,121
Total stockholders’ equity 11,563 11,074
Total liabilities and stockholders’ equity 27,237 27,521
Nonrelated Party    
Current assets:    
Receivables, net 761 676
Current liabilities:    
Other current liabilities 47 48
Related Party    
Current assets:    
Receivables, net 25 21
Current liabilities:    
Other current liabilities $ 111 $ 116