Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 75 $ 94
Prepaid expenses and other current assets 286 218
Total current assets 1,059 1,098
Property and equipment, net 2,272 2,260
FCC licenses 8,610 8,610
Other intangible assets, net 1,424 1,455
Goodwill 12,390 12,390
Equity method investments 910 941
Other long-term assets 482 483
Total assets 27,147 27,237
Current liabilities:    
Accounts payable and accrued expenses 1,139 1,290
Accrued interest 73 171
Current portion of deferred revenue 974 976
Current maturities of debt 59 1,058
Total current liabilities 2,412 3,653
Long-term deferred revenue 93 92
Long-term debt, including $597 and $579 measured at fair value at March 31, 2026 and December 31, 2025, respectively (Note 11) 9,688 8,648
Deferred tax liabilities 2,255 2,238
Other long-term liabilities 968 1,043
Total liabilities 15,416 15,674
Commitments and contingencies (Note 14)
Stockholders’ Equity:    
Common stock, par value $0.001 per share; 900 shares authorized; 336 and 335 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively 0 0
Accumulated other comprehensive loss, net of tax (50) (50)
Additional paid-in capital 13 0
Treasury stock, at cost; zero and 45 thousand shares of common stock at March 31, 2026 and December 31, 2025, respectively 0 (1)
Retained earnings 11,768 11,614
Total stockholders’ equity 11,731 11,563
Total liabilities and stockholders’ equity 27,147 27,237
Nonrelated Party    
Current assets:    
Receivables, net 673 761
Current liabilities:    
Other current liabilities 47 47
Related Party    
Current assets:    
Receivables, net 25 25
Current liabilities:    
Other current liabilities $ 120 $ 111