Added10-Q 2026-10-22 vs 10-K 2026-02-03
We are subject to risks related to our intention to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky.
Risk factors in the latest filings
4 new paragraphs in the 10-K, 6 new in the latest 10-Q
New in the 10-K
Paragraphs with nothing like them in last year's 10-K
4 paragraphs in Risk Factors of the 10-K filed Feb 3, 2026 with nothing like them in the 10-K filed Jan 31, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 18 Communication companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
The number of entertainment choices available to consumers, including DTC streaming service providers and aggregators, social networking and user-generated content platforms, and gaming and virtual reality products and services, continues to increase, intensify audience fragmentation and disaggregate how content traditionally has been distributed to and viewed by consumers. The popularity of many of these content distribution platforms has changed, and we expect will continue to change, consumers’ expectations of video content, video aggregation services and the value of our video services, their willingness to pay for such content and services, their perception of quality entertainment and their tolerance for commercial interruptions.
Read in the 10-K ↗
If the Separation does not qualify as non-taxable, we and/or holders of our common stock could be subject to significant tax liability.
We have received an opinion of Davis Polk & Wardwell LLP that the Separation qualified as non-taxable for U.S. federal income tax purposes. Notwithstanding the opinion, the IRS or a court could determine that the Separation should be treated as taxable.
If the Separation does not qualify as non-taxable, we and/or holders of our common stock could be subject to substantial U.S. and/or applicable non-U.S. taxes as a result, and we could incur significant liabilities under applicable law. If the failure to qualify is caused by any action taken by Versant, Versant is required to indemnify us for any resulting tax liabilities.
Read in the 10-K ↗
New in the latest 10-Q
Paragraphs in the 10-Q filed Oct 22, 2026 that were not in the one before
6 paragraphs in the 10-Q filed Oct 22, 2026 with nothing like them in the 10-Q filed Jul 23, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
(c) See Note 2 for additional information on other revenue and intersegment revenue transactions.
Read in the 10-Q ↗
In June 2025, we sold our 33 % interest in Hulu following the finalization of a third-party appraisal of Hulu’s fair value performed pursuant to the terms of our put right exercised in November 2023. We received total cash proceeds of $ 9.6 billion for our interest, consisting of $ 439 million in the second quarter of 2025 and a $ 9.2 billion advance received in the fourth quarter of 2023. We recognized a pre-tax gain of $ 9.4 billion in other income (loss), net in our consolidated statement of income and we also recorded a receivable of $ 792 million within other current assets and other noncurrent assets, net, relating to our right to receive 50 % of the estimated future tax benefits resulting from the transaction.
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Estimated Amortization Expense (in billions) Remaining three months of 2026 $0.3 2027 $0.7 2028 $0.7 2029 $0.6 2030 $0.6
Read in the 10-Q ↗
(a) Transaction costs are incremental costs directly related to effectuating the Versant Separation and the proposed NBCUniversal Spin-off and primarily include advisory, legal and audit fees, as well as legal entity separation costs. The three and nine months ended September 30, 2026 include $22 million of transaction costs related to the proposed NBCUniversal Spin-off. The nine months ended September 30, 2026 also include $51 million of transaction costs related to the Versant Separation. The three and nine months ended September 30, 2025 include $26 million and $82 million, respectively, of transaction costs related to the Versant Separation.
Read in the 10-Q ↗
Item 6
10.1* Comcast Corporation 2002 Deferred Compensation Plan, as amended and restated effective July 13, 2026.
Read in the 10-Q ↗
Show the other 1
10.2* Comcast Corporation 2005 Deferred Compensation Plan, as amended and restated effective July 13, 2026.
Read in the 10-Q ↗
10-Q against the 10-K
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 22, 2026 against Item 1A of the 10-K filed Feb 3, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Read in the 10-Q ↗
Except as presented below, there have been no material changes from the risk factors previously disclosed in Item 1A of our 2025 Annual Report on Form 10-K.
Added10-Q 2026-10-22 vs 10-K 2026-02-03
In June 2026, we announced our intention to separate into two independent publicly traded companies through a tax-free spin-off of NBCUniversal and Sky to better position each company to pursue its own strategic priorities, invest for growth and create long-term shareholder value as independent entities. The NBCUniversal Spin-off will be subject to the satisfaction of customary conditions, including obtaining final approval by our Board of Directors, receipt of tax opinions and regulatory approvals, and completion of financing arrangements. The failure to satisfy all of the required conditions, as well as additional factors such as conditions in the equity and debt markets and other external conditions, could delay completion of the NBCUniversal Spin-off relative to our expected timeline or prevent it from occurring at all. There is no guarantee that the NBCUniversal Spin-off, if completed, will be successful in meeting its objectives or achieving its intended benefits. Because completion of the NBCUniversal Spin-off will result in two companies that are smaller, each company will incur separate ongoing costs that may be shared today and may become more vulnerable to changing market conditions, which could adversely affect their respective businesses, financial condition and results of operations. In addition, we cannot predict whether the market value of our Class A common stock and the Class A common stock of NBCUniversal after the NBCUniversal Spin-off will be, in the aggregate, less than, equal to or greater than the market value of our Class A common stock prior to the NBCUniversal Spin-off. In addition, although we intend for the NBCUniversal Spin-off to be tax-free to our shareholders for U.S. federal income tax purposes, there can be no assurance that the NBCUniversal Spin-off will qualify as tax-free and, if the NBCUniversal Spin-off is ultimately determined to be taxable, we and/or holders of our common stock could be subject to substantial U.S. and/or applicable non-U.S. taxes as a result, and we could incur significant liabilities under applicable law.