Q2 2026 Earnings

Segment Adjusted EBITDA

$2.05B

Segment Results of Operations The Company evaluates the operating performance of its segments based on financial measures such as revenues and Adjusted EBITDA. Adjusted EBITDA is defined as operating income excluding: •employee share-based compensation; •depreciation and amortization; •restructuring and facility consolidation; •certain impairment charges; •gains and losses on business and asset dispositions; •third-party transaction and integration costs; •amortization of purchase accounting fair value step-up for content; •amortization of capitalized interest for content; and •other items impacting comparability. 39 The CODM uses this measure to assess the operating results and performance of the segments, perform analytical comparisons, identify strategies to improve performance, and allocate resources to each segment. The Company believes Adjusted EBITDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses. The Company excludes employee share-based compensation, restructuring, certain impairment charges, gains and losses on business and asset dispositions, and transaction and integration costs from the calculation of Adjusted EBITDA due to their impact on comparability between periods. Integration costs include transformative system implementations and integrations, such as Enterprise Resource Planning systems, and may take several years to complete. The Company also excludes the depreciation of fixed assets and amortization of intangible assets, amortization of purchase accounting fair value step-up for content (which is included in consolidated costs of revenues), and amortization of capitalized interest for content, as these amounts do not represent cash payments in the current reporting period. Reconciliation of segment adjusted EBITDA to loss before income taxes Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Streaming $ 512 $ 293 $ 950 $ 632 Studios 96 863 871 1,122 Global Linear Networks 1,446 1,512 3,080 3,305 Segment Adjusted EBITDA 2,054 2,668 4,901 5,059

Streaming Adjusted EBITDA

$512.0M

Segment Results of Operations The Company evaluates the operating performance of its segments based on financial measures such as revenues and Adjusted EBITDA. Adjusted EBITDA is defined as operating income excluding: •employee share-based compensation; •depreciation and amortization; •restructuring and facility consolidation; •certain impairment charges; •gains and losses on business and asset dispositions; •third-party transaction and integration costs; •amortization of purchase accounting fair value step-up for content; •amortization of capitalized interest for content; and •other items impacting comparability. 39 The CODM uses this measure to assess the operating results and performance of the segments, perform analytical comparisons, identify strategies to improve performance, and allocate resources to each segment. The Company believes Adjusted EBITDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses. The Company excludes employee share-based compensation, restructuring, certain impairment charges, gains and losses on business and asset dispositions, and transaction and integration costs from the calculation of Adjusted EBITDA due to their impact on comparability between periods. Integration costs include transformative system implementations and integrations, such as Enterprise Resource Planning systems, and may take several years to complete. The Company also excludes the depreciation of fixed assets and amortization of intangible assets, amortization of purchase accounting fair value step-up for content (which is included in consolidated costs of revenues), and amortization of capitalized interest for content, as these amounts do not represent cash payments in the current reporting period. The table below presents our Adjusted EBITDA for each of the Company’s reportable segments, corporate, and inter-segment eliminations (in millions). Three Months Ended June 30, Six Months Ended June 30, 2026 2025 % Change 2026 2025 % Change Streaming $ 512 $ 293 75 % $ 950 $ 632 50 % Studios $ 96 $ 863 (89) % $ 871 $ 1,122 (22) % Global Linear Networks $ 1,446 $ 1,512 (4) % $ 3,080 $ 3,305 (7) % Corporate $ (298) $ (316) 6 % $ (567) $ (549) (3) % Inter-segment eliminations $ 123 $ (399) NM $ (252) $ (452) (44) %

Studios Adjusted EBITDA

$96.0M

Segment Results of Operations The Company evaluates the operating performance of its segments based on financial measures such as revenues and Adjusted EBITDA. Adjusted EBITDA is defined as operating income excluding: •employee share-based compensation; •depreciation and amortization; •restructuring and facility consolidation; •certain impairment charges; •gains and losses on business and asset dispositions; •third-party transaction and integration costs; •amortization of purchase accounting fair value step-up for content; •amortization of capitalized interest for content; and •other items impacting comparability. 39 The CODM uses this measure to assess the operating results and performance of the segments, perform analytical comparisons, identify strategies to improve performance, and allocate resources to each segment. The Company believes Adjusted EBITDA is relevant to investors because it allows them to analyze the operating performance of each segment using the same metric management uses. The Company excludes employee share-based compensation, restructuring, certain impairment charges, gains and losses on business and asset dispositions, and transaction and integration costs from the calculation of Adjusted EBITDA due to their impact on comparability between periods. Integration costs include transformative system implementations and integrations, such as Enterprise Resource Planning systems, and may take several years to complete. The Company also excludes the depreciation of fixed assets and amortization of intangible assets, amortization of purchase accounting fair value step-up for content (which is included in consolidated costs of revenues), and amortization of capitalized interest for content, as these amounts do not represent cash payments in the current reporting period. The table below presents our Adjusted EBITDA for each of the Company’s reportable segments, corporate, and inter-segment eliminations (in millions). Three Months Ended June 30, Six Months Ended June 30, 2026 2025 % Change 2026 2025 % Change Streaming $ 512 $ 293 75 % $ 950 $ 632 50 % Studios $ 96 $ 863 (89) % $ 871 $ 1,122 (22) % Global Linear Networks $ 1,446 $ 1,512 (4) % $ 3,080 $ 3,305 (7) % Corporate $ (298) $ (316) 6 % $ (567) $ (549) (3) % Inter-segment eliminations $ 123 $ (399) NM $ (252) $ (452) (44) %

Domestic Linear Subscribers YoY Change

-10.0%

Unless otherwise indicated, the discussion of percent changes below is on an ex-FX basis. Revenues Distribution revenue decreased 9% and 8% for the three and six months ended June 30, 2026, respectively, primarily attributable to a 10% decline in domestic linear subscribers for both periods, partially offset by 1% and 2% increases in domestic affiliate rates for the three and six months ended June 30, 2026, respectively. Declines in linear subscribers are expected to continue. Advertising revenue decreased 27% and 20% for the three and six months ended June 30, 2026, respectively, primarily attributable to audience declines in domestic networks of 17% and 13%, respectively, which were impacted by the absence of the NBA in 2026 and had a negative impact to advertising revenue of $414 million and $547 million for the three and six months ended June 30, 2026, respectively. Additionally, advertising revenue benefited from the broadcast of the NCAA Final Four and championship game in the current year quarter.