Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.26.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenue:        
Total revenue $ 2,153 $ 2,159 $ 6,404 $ 6,365
Cost of services:        
Subscriber acquisition costs 107 107 316 314
Sales and marketing 179 186 554 561
Product and technology 64 62 189 191
General and administrative 121 119 379 407
Depreciation and amortization 166 141 482 406
Impairment, restructuring and other costs 10 9 22 164
Total operating expenses 1,674 1,666 4,999 5,120
Income from operations 479 493 1,405 1,245
Other income (expense), net        
Interest expense (109) (115) (333) (348)
Other income (expense), net 46 10 (18) 24
Total other expense (63) (105) (351) (324)
Income before income taxes 416 388 1,054 921
Income tax expense (99) (91) (253) (215)
Net income $ 317 $ 297 $ 801 $ 706
Net income per common share:        
Basic (in USD per share) $ 0.94 $ 0.88 $ 2.38 $ 2.09
Diluted (in USD per share) $ 0.78 $ 0.84 $ 2.32 $ 1.99
Weighted average common shares outstanding:        
Basic (in shares) 337 337 337 338
Diluted (in shares) 363 356 361 357
Subscriber revenue        
Revenue:        
Total revenue $ 1,630 $ 1,629 $ 4,880 $ 4,860
Advertising revenue        
Revenue:        
Total revenue 456 455 1,317 1,281
Equipment revenue        
Revenue:        
Total revenue 36 43 113 130
Cost of services:        
Cost of services 1 2 4 6
Other revenue        
Revenue:        
Total revenue 31 32 94 94
Revenue share and royalties        
Cost of services:        
Cost of services 726 721 2,145 2,130
Programming and content        
Cost of services:        
Cost of services 143 154 439 458
Customer service and billing        
Cost of services:        
Cost of services 109 116 325 339
Transmission        
Cost of services:        
Cost of services $ 48 $ 49 $ 144 $ 144