Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 210 $ 94
Prepaid expenses and other current assets 232 218
Total current assets 1,191 1,098
Property and equipment, net 2,338 2,260
FCC licenses 8,610 8,610
Other intangible assets, net 1,363 1,455
Goodwill 12,390 12,390
Equity method investments 844 941
Other long-term assets 455 483
Total assets 27,191 27,237
Current liabilities:    
Accounts payable and accrued expenses 1,205 1,290
Accrued interest 109 171
Current portion of deferred revenue 936 976
Current maturities of debt 1,250 1,058
Total current liabilities 3,670 3,653
Long-term deferred revenue 93 92
Long-term debt, including $613 and $579 measured at fair value at September 30, 2026 and December 31, 2025, respectively (Note 11) 8,066 8,648
Deferred tax liabilities 2,314 2,238
Other long-term liabilities 901 1,043
Total liabilities 15,044 15,674
Commitments and contingencies (Note 14)
Stockholders’ Equity:    
Common stock, par value $0.001 per share; 900 shares authorized; 337 and 335 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively 0 0
Accumulated other comprehensive loss, net of tax (55) (50)
Additional paid-in capital 61 0
Treasury stock, at cost; 23 thousand and 45 thousand shares of common stock at September 30, 2026 and December 31, 2025, respectively (1) (1)
Retained earnings 12,142 11,614
Total stockholders’ equity 12,147 11,563
Total liabilities and stockholders’ equity 27,191 27,237
Nonrelated Party    
Current assets:    
Receivables, net 723 761
Current liabilities:    
Other current liabilities 46 47
Related Party    
Current assets:    
Receivables, net 26 25
Current liabilities:    
Other current liabilities $ 124 $ 111